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http://www.investegate.co.uk/Article.aspx?id=201205280700191884E

CONT Whilst we have not yet reached the point of concluding an investment or acquisition, the social media sector continues to demonstrate extremely strong growth despite the wider economic uncertainties and the number and range of potential investments is expanding commensurately. Moreover, the rationale for flotation - namely both the access to dealflow and the proven track record of the board - remains unaltered and we continue to evaluate potential deals on a regular basis. I therefore remain confident that we will be able to identify one or more suitable transactions reasonably quickly and look forward to reporting good news to you at the appropriate time. In the meantime, your board maintains its steadfast determination to minimise costs and conserve its cash resources. As is to be expected, the results of this first period largely reflect the costs of the Company's incorporation and IPO but, as at 31 December, the Company had cash balances and shareholders' equity of approximately £10.5m, equivalent to approximately 6.14p per share. We will maintain a watchful eye on both costs and safeguarding cash. I would like to thank the hard work of all those who have helped bring Jellybook into life and remain excited that your Company is a pioneer in this sector. Whilst forging a new path can come with pitfalls along the way, your board is committed to the hard work of realising the potential value that we all see in social media.

CHAIRMAN'S STATEMENT I am pleased to announce the issue of Jellybook's first Financial Statements describing the opening ten months of the Company's life and activity. The first few months of the year were concerned with establishing the Company and then the application to be admitted to trading on AIM, a feat successfully accomplished when the Company's shares began trading on 22 June 2011, raising an additional £11m of equity funds, before expenses. Jellybook is the UK's first publicly traded company dedicated to investing in the high-growth European social media sector, seeking out tomorrow's champions that have innovative, low cost and scalable technologies and the potential to attain a significant market share. Having been admitted to AIM, there has been no let up in the hard work, as your board continues to search out suitable investment or acquisition opportunities. Over these past months, we have followed a rigorous process for evaluating potential transactions, a process I am overseeing myself. We are well aware of the potential risks in this market, for example, valuations demanded remain stretched and your board has refused to overpay for transactions which would not deliver requisite long term shareholder benefits. In the period following our IPO, we have received and reviewed a number of potential investment and/or acquisition opportunities. The majority of these were pre-revenue and/or not of a suitable size and scale, although a handful progressed to the heads of terms stage. Of these, one was sufficiently appealing as to warrant the engagement of professional advisers in order to conduct detailed financial and legal due diligence but, ultimately, negotiations fell down due to a disconnect between the target's expectations post-acquisition and your board's responsibility to you as shareholders to ensure that the Company does not overpay or otherwise dilute potential returns to an unacceptably low level.

PRELIMINARY ANNOUNCEMENT FOR THE PERIOD 1 MARCH 2011 TO 31 DECEMBER 2011 Jellybook Limited, the AIM listed investment company focussing on the social media sector, is pleased to announce its preliminary results for the period ended 31 December 2011. HIGHLIGHTS · Completed successful admission to AIM in June 2011 · Cash resources of £10.5 million as at 31 December 2011 · Company conserving cash resources in uncertain environment · Rigorous acquisition evaluation process being undertaken

http://www.investegate.co.uk/Article.aspx?id=201205280700192067E

F&C Asset Management Buy 24-May-12 £176,599.99 Edward Bramson 250,000 @ 70.64p

Investec Securities kept its "sell" stance on Mothercare (MTC) with a target price of 125p. The childrenswear retailer performed in-line with the broker's forecasts, reporting adjusted pre-tax profits of 1.6 million pounds for the 2012 financial year, while suffering an massive exceptional charge of 105 million pounds. Investec pointed to the group's struggling UK business, incurring a 24.1 million pound operating loss, and does not expect profitability to improve in 2013.

Shore Capital retained its "buy" recommendation for Dairy Crest (DCG), as the milk and cheese company continues the restructuring of its business. The broker was impressed by the firm's 27% EBIT growth in the cheese division, for the year ended 31st March 2012, to 35.5 million pounds, noting strong demand for its Cathedral City brand. Shore added that if the group sold its French St. Hubert business it would significantly deleverage the business, providing room to make complementary acquisitions.

Panmure Gordon reiterated its "sell" recommendation for Wolseley (WOS) with a 1,500p target price. The broker remained concerned over difficult trading conditions in Europe, with poor weather and fears over the future of the Eurozone reducing building activity. However, Panmure noted that the building materials distributor benefited from an improving outlook in the US. The broker added that the shares trade on a prospective earnings multiple of 10.8 times for 2012, a premium to its peer group, while offering a modest dividend yield of 2.7%

James Fisher, the provider of specialist equipment and support for oil tankers, has warned investors that its strong performance in the first four months of the year should not necessarily be taken as a general indicator for the full year. After the group's trading update at the start of May, the shares jumped to almost 600p. They have already been as high as 615p this year. However, resurgent eurozone troubles have prompted a broad-based sell-off and the shares are now significantly below this level. There is no company-specific reason for the fall, other than the general market backdrop. Indeed, analysts have some punchy price targets on the shares, with the average forecast of the four analysts monitored by Bloomberg on this measure being 706¼p. Trading on a December 2012 multiple of 10.3 times, falling to 9.6, the shares remain a buy.

LB - battered is an understatement !

Nomura has cut its target price for FTSE 250 miner Bumi from 1,000p to 860p and maintained its neutral rating after reviewing the impact of lower estimated prices on the Australian coal industry. "In the near term, the risk is that coal growth projects are pushed back, as the majors can afford to be more disciplined. Ultimately, this could lead to higher long-term prices; yet, in the short term, we see headwinds," the broker said in a research note on Wednesday.

UBS has upgraded its rating for chip designer ARM Holdings from neutral to buy, saying that the stock now offers 'quality at a reasonable price'. "ARM’s analyst day provided a useful reminder that ARM has substantial opportunities to further penetrate the semi [conductor] industry and it is comforting that using management expectations and assuming market growth of 3-5% into our model would result in c130p of upside to our valuation," the broker said. Now trading in line with its historical average, the broker now recommends to buy to stock and, reflecting a lower tax charge long term, has lifted its target price from 620p to 630p.

Brewer and pub owner Young & Co doesn’t fare any better. Tempus likes the fact it owns almost all its 80 strong estate and thinks it could do well out of the Olympics but trading on 18 times earnings means investors means investors could find better value elsewhere in the pub sector.

Tempus in the Times looks at Electrocomponents which supplies a vast range of electrical components at a days notice. The nature of the business means it has zero visibility on forward earnings but the growth curve is flattening in response to the downturn and that may force a lowering of price and a reduction in margin. Tempus concludes the stock is a leave on current uncertainties

N+1 Brewin maintained its "buy" rating for Telecom Plus (TEP) with a target price of 925p. The multi-utility provider beat the broker's full year (ended 31st March) forecasts, reporting pre-tax profits of 30.7 million pounds against an expected 30.2 million pounds. Brewin also noted a 12% rise in customer numbers which it attributed to the group's strategy of providing discounts and bonuses for using multiple services. In light of Telecom Plus' strong performance, the broker raised its 2014 earnings forecasts by 11% to 44.4p, putting the shares on a prospective multiple of 15.9 times

Daniel Stewart initiated coverage of Energetix (EGX) with a "buy" rating and target price of 52p. The broker said that the micro combined heat and power company has shifted from relying on large UK utility firms to sell its products, instead opting to target customers directly. Additionally, Daniel Stewart believes that the group's free boiler offer will allow it to build its presence in the UK boiler replacement market, which sees 1.5 million boilers installed every year.

Northland Capital reiterated its "buy" recommendation for Bovis Homes Group (BVS) with a 550p target price. The housebuilder enjoyed strong growth in the first 19 weeks of 2012, beating the broker's forecasts, with 33% more private reservations than in 2011's comparable period. Northland added that the firm may be helped by government schemes allowing buyers to make a deposit of only 5% to gain access to a mortgage. The broker also expects the company to improve its operating margin from 10% in 2011 to 12% as it increases the amount of projects built on new higher margin land

Investec Securities retained its "sell" stance on Marks & Spencer (MKS) with a 295p target price. The broker was unimpressed by weak growth from the food and clothing retailer for the financial year ended 31st March, noting particular concern over a decline in womenswear market share. Investec added that the company's new floor layout is unorthodox, while the use of niche international brands may fail to appeal to UK customers. As a result, the broker lowered its 2013 pre-tax profit forecast from 692 million pounds to 690 million pounds, and cut its 2014 target by 2% to 755 million pounds

Jefferies may have retained its hold rating and 33p target price for telecoms group Cable and Wireless Communications, but has said that its full-year results announced Thursday give more stability in the outlook for the current year. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the year ended March 31st came in at $901m, some 2% ahead of consensus forecasts. With EBITDA expected to be unchanged in the fiscal year ending 2013, the broker says that it "reflects encouraging developments in Jamaica telecom legislation".