Member Info for mulledwine

Old Mutual Buy 22-Jun-12 £76,142.71 Reuel Khoza 5,600 @ 1,359.69p

April 2012 figures. PERFORMANCE Net asset value in the year increased by £4.0m to £218.9 million as at 31 December 2011. Of this total net asset value, £112.6 million represented the fair value of investments made by the Company into the Limited Partnership and £32.6 million was investments made directly to the Limited Partnership's portfolio companies in the form of mezzanine finance and senior loan notes. The balance of £73.7 million was held by the Company as cash and cash equivalents and other assets. Whilst the Company does not generally invest directly in the portfolio companies, other than by the provision of debt finance, it is possible to "look through" the Limited Partnership to understand the impact of the performance of those portfolio companies on the investment values attributed to the Limited Partnership in the Company. The total fair value of the portfolio company investments have increased both from inception and within the year, approximately 65% of which gets reflected in the Company (through its investment in the Limited Partnership). Fair values as at 31 December 2011 have been established in accordance with The International Private Equity and Venture Capital Valuation Guidelines. The fair value of the underlying portfolio investments in the Limited Partnership attributable to the Company has increased by £38.1 million to £107.2 million at 31 December 2011. Of this, £35.9 million arose as a result of additional investment by the Limited Partnership in new acquisitions or follow-on investments in existing portfolio companies. The balance of £2.2 million represents the net increase in the assessed fair values of the portfolio companies attributable to the Company arising from performance considerations. In addition to its investments in the Limited Partnership, the Company has provided debt finance directly to a number of the Limited Partnership's portfolio companies. These typically take the form of mezzanine loans with fixed interest rates of 15%. The Company may also provide secured senior debt to the portfolio companies at interest rates typically of 8.5%. These investments in loan instruments increased by £12.8 million from £19.8 million as at 31 December 2010 to £32.6 million at 31 December 2011, due principally to new loans being issued in connection with the Intergenia and Time Out New York acquisitions. The Company held cash and cash equivalents of £70.1 million at 31 December 2011. On 28 October 2010, the Company made a capital commitment in the amount of £83.5 million (€100.0 million) in Oakley Capital Private Equity II L.P., a successor fund to the Limited Partnership. To date there have been no capital calls in respect of this commitment.

Laurence Blackall, a non-executive director of Oakley Capital Investments, a Bermuda-based investment firm, has purchased 200,000 ordinary shares at 118p a pop. The £236,000 purchase is currently the director's only holding in the firm, equal to around 0.2% of the total voting rights. At the end of December, the company's net asset value was £1.71 per share was up from £1.68 last year, an increase of 2.0%, achieved on the back of a year of significant progress.

+18%

Commenting on the transaction Group Chief Executive, David Dutro, said: "This acquisition represents significant progress in extending our reach into the fast growing and increasingly sophisticated Latin America coatings market. Watercryl has a strong presence in Brazil in terms of its product portfolio and manufacturing capabilities and has established an impressive reputation over the past 20 years for exceptional technical service, making it an excellent addition to our Specialty Products Division. Listening to customers' needs and doing whatever it takes to meet them is a philosophy that Watercryl and Elementis share. This acquisition is in perfect sync with our strategy, the opportunity to leverage an expanded, high value and innovative product portfolio to our Latin America customers provides an enviable platform for growth. This is an exciting time for Elementis and we will continue to drive profitable growth both organically and by continuing to look for attractive investment opportunities in the higher growth regions around the world."

Elementis - Acquisition of Watercryl Quimica Ltda for $24 million Elementis plc (ELM.L) ("Elementis" or the "Company") today announces that it has agreed, through its wholly owned subsidiary Elementis Holdings Limited, to purchase Watercryl Quimica Ltda ('Watercryl'), a Brazilian coatings additives company, for a cash consideration of $24 million. Watercryl was established in 1993 and is a leading supplier of additives to the Brazilian coatings industry, with manufacturing and technical facilities based in Palmital, São Paulo. The acquisition of Watercryl will significantly increase the Company's presence in Latin America and provide a platform for its Specialty Products business to accelerate growth in the region. For the 12 months ended 31 May 2012 Watercryl reported, on an unaudited basis, sales of $9.3 million and EBITDA of $2.3 million. Further growth will be driven by combining the market positions, technical capabilities and product portfolios of the two businesses, to expand sales of Watercryl products beyond Brazil and to accelerate the growth of Elementis products in Brazil. The transaction is expected to close during the second half of 2012.

http://www.investegate.co.uk/Article.aspx?id=201206260700211160G

22/06/12 Evil Knievils opinion .... Where I am confident that I ought to make money is on my short of Carpetright (CPR). For this is palpably the most overvalued stock quoted on the LSE. The interesting thing is that everybody knows this already and that, therefore, the short position is, relative to the size of the company, massive and forever standing in the way of a decline. Many would advise that a short is therefore folly. But the emperor's boxer shorts have yet to be stripped off until the results statement in a week's time. Who knows what we will find then? A prime Harris pork banger? Or merely a depressed and depressing chipolata? We shorts can yet profit. Now 680p.

Singer Capital remains a "buyer" of Vectura Group (VEC) with a 120p target price as the European Medicine Agency adopted a 'positive opinion' for Vectura's new chronic obstructive pulmonary disease therapy, Seebri. First approval is expected within the next three months, which will trigger a milestone payment of 10 million dollars from partner Novartis. The broker believes the product could be strongly positioned versus key competitor Spiriva by virtue of a faster action and lower incidence of dry mouth.

Tempus also has some sympathy for the management team at real estate investment trust, Segro, which is selling non-core assets, reducing debts and maintaining dividends. The trouble is, property is a tough place to be and Segro shares have lost a lot of value in the last five years (97% down, including three share splits). Unfortunately Tempus doesn’t think they’re on the rise anytime soon.

Tempus in The Times is rather keen on construction and services group Kier. It’s digging the tunnels for London’s huge Crossrail project and has already secured most of its projected revenues for 2013. Operating margins are disappointing in construction and service contracts from the public sector are not easy to come by but the stock only trades on eight times 2011/2012 earnings and Tempus thinks they could soon rise. Buy.

Outlook In TFP, current demand in the aerospace sector remains strong through USA supply routes, whilst other sectors remain somewhat unpredictable as short term buying patterns prevail. In Speciality Papers, the new financial year has opened in a similar way to how last year ended. The economic uncertainty, which led to the significant loss of confidence amongst customers in many export paper markets in the second half of last year, shows no immediate sign of lifting. In the home market we have been successful in winning some business in new areas which has helped to fill the capacity gap. In Converting, sales of mount board and digital printing grades in the new financial year are broadly in line with the same period last year, whilst display board sales are on an improving trend. Although the troubles in the Euro-zone economy are a particular challenge, I am confident that our competitiveness will improve over the coming year as a consequence of our specialist capabilities, products and excellent service levels coupled with our recent investments and the restructuring process. We are also reorganising and strengthening our commercial teams across the Group, not least in response to the significant business development opportunities available to our businesses in spite of the economic climate. Identifying and converting these opportunities are the key to our future prosperity.

Mark Cropper, Chairman, commented: "Although the troubles in the Euro-zone economy are a particular challenge, I am confident that our competitiveness will improve over the coming year as a consequence of our specialist capabilities, products and excellent service levels coupled with our recent investments and the restructuring process". "We are also reorganising and strengthening our commercial teams across the Group, not least in response to the significant business development opportunities available to our businesses in spite of the economic climate. Identifying and converting these opportunities are the key to our future prosperity".

CHAIRMAN'S REVIEW Against the background of a challenging economic climate, the Group has made major strategic investments in its capabilities and has announced a significant restructuring of its UK workforce during the year. After allowing for major project expenditure and redundancy costs, profit before tax was £843,000 compared to £1,694,000 in 2010/11 (prior to the IAS 19 pension adjustment). Profit after the IAS 19 pension adjustment but before tax was £971,000 compared to £11,086,000 in 2010/11. Major project expenditure expensed against profit was £1,444,000. This sum included costs associated with the consolidation of Technical Fibre Products ("TFP") US activities onto one site. A provision relating to redundancy costs of £800,000 has been recognised in the financial statements for the year ended 31 March 2012. Group turnover relating to continuing operations for the financial year was £78,223,000, down 6% on last year. Both UK and export sales were down 6%. Exports represented 51% of turnover. The weakening US$ had an adverse impact on the £Sterling value of TFP and Converting sales and a broadly favourable impact on Speciality Papers. The average exchange rate for the year was US$1.60/£ compared to US$1.55/£ in the previous year, a weakening of 3%. Diluted Earnings per Share of the continuing operations, before the adjustment for IAS 19 curtailment was 9.5 pence compared to 33.3 pence in the previous year.

http://www.investegate.co.uk/Article.aspx?id=201206260700130787G

Another Company that should have a blue day today in "normal" circumstances

Commenting on the outlook, Ben Stocks, Chief Executive, said: "Porvair's strategic direction and operating objectives remain consistent and continue to produce good results. We focus on regulated markets with sound structural growth drivers. In line with general economic commentary, the Group is seeing stronger demand in North America and a slight weakening of demand in China and certain markets in Europe. In the Metals Filtration division margins continue to improve, market demand has increased and steady market share gains are being made with newer products. In the Microfiltration division, aerospace revenues and schedules are particularly strong as new programmes come on stream and aircraft production increases. In other Microfiltration markets the order book and pipeline of potential opportunities remain robust. Acquisitions made in the first half of the year will contribute to performance in the second half of the year. As a result of all these factors, management's expectation for profitability for the year has been increased."

Half yearly results for the six months ended 31 May 2012 Porvair plc ("Porvair" or "the Group"), the specialist filtration and environmental technology group, today announces its half yearly results for the six months ended 31 May 2012. Highlights · Revenues grew by 15% (14% in constant currency) to £35.9m (2011: £31.1m). · Profit before tax increased by 48% to £2.4m (2011: £1.6m). · Earnings per share up 48% to 4.0 pence (2011: 2.7 pence). · £3.5m invested in three small acquisitions. All have been integrated and will contribute to performance in the second half. · Net debt reduced by £3.1m to £5.8m (2011: £8.9m) over last 12 months. · Metals Filtration: o Good performance driven by patented products and stronger demand in end markets; o Operating profit margins improving. · Microfiltration: o Aerospace revenues up 29% with healthy schedules for the second half; o Order position strong; o Seal Analytical revenues up 8%. · Interim dividend of 1.0 pence (2011: 1.0 pence) declared. · Management's expectations for profitability for the full year have been increased.

http://www.investegate.co.uk/Article.aspx?id=201206260700130964G

CONT As previously indicated, our financial performance (including revenue growth, margin progression and free cash generation) will be weighted to the second half of the year when we expect a strong financial result. This reflects excellent performance over the last few months in securing new contract awards that will flow through to organic revenue growth; the successful conclusion of our change programme; and the benefit of recent acquisitions. Serco will release its 2012 half year results on Wednesday 29 August 2012. As previously described, our reporting will now reflect the new corporate structure, comprising the Global Services division, alongside a single UK & Europe division, and our Americas and AMEAA divisions. Segmental income statement information for the comparable reporting periods is published today on www.serco.com.