Member Info for mulledwine

CONT More recently, in March of this year our newest mine at Noche Buena was commissioned. Again this was completed on time and within budget and it is already performing strongly, giving us the confidence to increase our targets. Having already exceeded our original goal for attributable gold production set at the time of the IPO at 400,000 ounces by 2018, our aim now is to grow this level of production to 500,000 attributable ounces of gold by 2018, as well as 65 million attributable ounces of silver, with reserves of 5.0 million ounces of gold and 650 million ounces of silver. So far in 2012, we continue to make progress towards these goals. Although metals prices will remain volatile until global macroeconomic imbalances are properly addressed, the approach of our Board is to take the long view, with a value creation strategy that does not change with unpredictable short-term shifts in the market. Thus investing in exploration across price cycles will continue to be a hallmark of our strategy, as will the disciplined development of new, value-creating projects. Fundamental to this strategy is the social license to operate, which is earned by a profound and unwavering commitment to sustainable development and to the wellbeing of our personnel. Our Board has focused on a number of these issues but none more important than in the areas of safety and risk management. Safety issues continue to receive Board priority and we consider it of critical importance that the entire organisation reinforces its commitment to safety as its first concept. The Company's Health, Safety, Environment and Community Relations Committee is monitoring the implementation of new practices. While progress is clearly being made, one fatality has been reported in 2012 and we must continue to work diligently to improve our performance. Partly in response to the new requirements of the UK Corporate Governance Code and also in order to reinforce the Company's approach and management of risk, we undertook an extensive review to explicitly define our risk appetite and tolerance in achieving the Group's strategic objectives. I am pleased to see broad support for this process across the organisation as I believe it strengthens our controls and risk-awareness culture. In 2011 the Board also commissioned an independent review of Board effectiveness. The report was positive in general and, in the spirit of continuous improvement, we have implemented the recommendations coming out of this exercise.

Annual General Meeting Statement Fresnillo PLC will hold its Annual General Meeting today at 11am in London, and Mr Alberto Baillères, Chairman, will make the following statement: "2011 was an exceptional year for precious metals miners. Gold and silver prices increased significantly over the 2010 figures as a result of strong investment demand for both metals, as well as growing industrial use for silver. The latter part of the year saw greater volatility and concern about the fundamentals supporting these prices. This has continued into the early months of 2012 and the forecast of metals prices for the rest of the year is subject to significant uncertainties. In the context of a favourable price environment, Fresnillo plc achieved adjusted revenue of US$2,307.4 million, up 56.6% over 2010, and EBITDA of US$1,538.5 million, up 62.8%. Attributable net profit, excluding the Silverstream revaluation effects, was US$787.3 million, up 48.3%. This enabled us to significantly increase the dividends paid out during the year. This was achieved as our Company continued to strengthen its operations and deliver on development projects, resulting in increased gold and stable silver production. This included the start-up of the Saucito mine, which was delivered on schedule and under budget. In July 2011, the President of Mexico, Felipe Calderón, joined in the dedication of this new mine, which will become an important contributor to the growth of Fresnillo plc.

http://www.investegate.co.uk/Article.aspx?id=201205181030016199D

The quoted SP spread( 6.00 - 8.00) is horrendous but I suspect the actual spread will not be so large

Figures not so bad actually...worth a wee look.

Commenting on the results Bill Douie, Chairman, said: "Our strategic plan has identified significant opportunities to build on our expertise in managed service operations globally, in development of our presence in India, in the services to SME industrial clients through our branch network in England and in labour supply in the UK. Implementation of the management development and re-structuring programme has given us a team capable of pursuing those opportunities."

HIGHLIGHTS - Group revenue from continuing operations of £29.5m (2010: £19.6m) - Group operating loss from continuing operations before exceptional items of £87,000 (2010: £492,000) - Loss for the year attributable to equity holders of £611,000 (2010: £958,000) - Loss per share from continued and discontinued operations of 5.10p (2010: 10.62p) - Dividends the Board believes that it would not be prudent to use financial resources to declare a final dividend at this time (2010: nil) - Recruitment made an operating profit before exceptional items of £211,000 (2010: £210,000) - Conferencing made an operating profit of £35,000 (2010: loss £277,000)

http://www.investegate.co.uk/Article.aspx?id=201205180700105998D

Shore Capital reiterated its "sell" recommendation on accountant RSM Tenon (TNO). the broker thinks that as transaction based activities continue to slow there remains no clarity to the company's future. Shore Capital added that there has been no recent comments on the firm's overall level of debt or its expiry point, currently October 2012, which casts doubt over the its funding position with Lloyds. Meanwhile, its move to eliminate 14 million pounds of employment costs, currently 75% complete, is a sign of a company under pressure.

Panmure Gordon retained its "hold" recommendation and 38p price target on cruise ship operator All Leisure Group (ALLG) describing the recent purchase of Page and Moy Travel as a "sensibly strategic acquisition" but that the its takeover may hinder profits for the current year. Although Page and Moy is anticipated to be earnings enhancing in its first full year of ownership, significant integration costs will be incurred, and thus it is unlikely there will be any dividend payments for the foreseeable future. The broker did however add that the deal reduces the firm's exposure to the currently challenging cruise market

Organic growth initiatives In line with its strategy of growing the business organically, subject to suitable opportunity and economic circumstances, SIG has opened 10 new branches so far this year, of which 3 were in the UK, 3 in Germany and 4 in France. Financial position There has been no material change to the financial position of the Group since the beginning of 2012. Outlook Based on trading levels and trends in the first 4 months, the Group maintains its view that market volumes will be slightly down overall in 2012, with demand patterns during the year likely to be uneven and not helped by the continuing wet weather in early May. Although the macroeconomic environment and exchange rates remain uncertain, SIG has a solid platform on which to build and is continuing to target further market outperformance this year.

AGM and Interim Management Statement SIG plc ("SIG" or "the Group") is a leading distributor of specialist building products in Europe, with strong positions in its core markets of insulation & energy management, interior fit out and roofing products. Today the Group issues its Interim Management Statement for the period from 1 January 2012, ahead of its Annual General Meeting to be held today at 12 noon at Aston Hotel, Britannia Way, Catcliffe, Sheffield, S60 5BD. Trading Group sales per day in constant currency for the first 4 months of 2012 were just under 1% ahead of strong prior year comparatives, notwithstanding severe winter conditions across Mainland Europe in February and the wettest April on record in the UK. Both periods of adverse weather resulted in reduced activity in the outside building trades, particularly impacting sales in the Group's roofing businesses. As a result of the weakening Euro, total Group sales in Sterling during the period fell by slightly less than 1%. The overall gross margin has shown some improvement compared with the same period in 2011, although markets remain highly competitive. In Mainland Europe, sales per day on a constant currency basis grew by c.3%, with France and Benelux performing particularly well, and Germany marginally ahead of last year. With 2 extra trading days in the UK compared with prior year and 1 additional day in Ireland, total sales in UK & Ireland were broadly flat. On a sales per day basis, UK turnover was c.1% down, mainly due to a disappointing weather-related performance in the Exteriors division in April. Sales in Ireland, which represents c.2% of the Group's total turnover, were significantly lower than prior year.

http://www.investegate.co.uk/Article.aspx?id=201205180700105939D

18/05/12 Statement re Share Price Movement The Company knows no reason for the recent share price fall but takes this opportunity to announce that, further to the Company's announcement on the extension of the Joint Development Agreement with Procter & Gamble ("P&G"), its discussions with P&G are nearing an outcome and the Company expects to be in a position to update the market on or before the date of the Company's interim results to be published on 24 May 2012.

The Company has reduced the size of its project at Sinner in Maharashtra by 10.5 MW to 18.9 MW, from the previously announced 29.4 MW, and is replacing the project at Hanumanthappa, Karnataka (25.2 MW) with an alternative site. In order to partially offset this within the Company's portfolio, Mytrah Energy has increased the size of the project at Kaladonger, Rajasthan, by 21 MW, from 75.6 MW to 96.6 MW. The Board believes that the ability to adjust its portfolio demonstrates one of the significant advantages of the Company's business model, as the turnkey nature of its contracts and the diversified nature of its project portfolio enables the Company to adjust the size of individual projects as circumstances change. In addition, and again due to the turnkey nature of its contracts, the Company does not incur an increase in the cost of the projects. The Maharashtra State Electricity Board has recently increased its tariff from Rs. 5.37 per kWh to Rs. 5.67 per kWh and all three of the Company's projects under development in Maharashtra will benefit from this increase in tariff providing a significant increase in the overall return on these projects. In addition, the Company anticipates both Rajasthan and Andhra Pradesh to increase their tariffs in the near term. In light of an expected tariff increase in Andhra Pradesh, the Company intends to wait to continue the development of its first project with Gamesa at Burgula (79.9 MW), in order to benefit from the expected higher tariff. The Company is pleased with the progress at its sites and the Board is confident that Mytrah Energy is set to become the largest wind energy IPP in India over the next few months. In addition, the Company has now secured all the senior debt financing required for its projects under development, and is in the final stages of identifying the sites for its roll-out through 2012 and 2013.

Operational Update The Board of Directors of Mytrah Energy (the "Board") is pleased to provide an update regarding the progress of its current installations. Since the Company's announcement of 23 March 2012, Mytrah Energy has increased its total installed and commissioned assets to 224.2 MW. This includes 106.2 MW of fully completed projects being: Tejva, Rajasthan (42 MW); Mahidad, Gujarat (25.2 MW) and Chakala, Maharashtra (39 MW). The remaining 118 MW are at four sites that once fully completed will total 231 MW. These projects are Kaladonger, Rajasthan (with a total project size of 96.6 MW - increased from the previous announced total of 75.6 MW); Jamanwada, Gujarat (52.5 MW); Vajrakarur, Andhra Pradesh (63 MW) and Sinner, Maharashtra (18.9 MW). Mytrah Energy is currently seeing good progress at these sites and expects these projects to be completed and commissioned in phases over approximately the next 60 days. Following the completion of these sites, the Company will have 337.1 MW commissioned and connected to the grid.

http://www.investegate.co.uk/Article.aspx?id=201205180700156242D

Harry Hyman, Managing Director of PHP commented: "Market conditions continue to present PHP with attractive investment opportunities. As a result we have a strong pipeline of opportunities at various stages of negotiation and we continue to carefully target acquisitions which we believe will deliver long-term shareholder value. The successful refinancing of our debt facilities this year underlines the importance the Board places on maintaining conservative balance sheet leverage. As such, equity is required to exploit the opportunities currently available to PHP and we are delighted our shareholders have demonstrated their continued support through participating in today's capital raise."

Cash placing to raise £19million Introduction PHP announces today that it is raising £19million (approximately £18.4million net of commissions and expenses) through a placing of 6,229,509 new ordinary shares of 50 pence each (the "Placing Shares") at a price of 305 pence per Placing Share (the "Placing Price") with institutional investors (the "Placing"). The Placing Price represents a discount of 6.2 per cent. to the closing middle market price of 325.25 pence per ordinary share on 17 May 2012, being the latest date prior to this Announcement. The full terms and conditions of the Placing are set out in the Appendix to this Announcement.

http://www.investegate.co.uk/Article.aspx?id=201205180700176426D