Member Info for mulledwine

Invensys Rail North America Announces Positive Train Control (PTC) Acquisition Invensys Rail North America has today announced the acquisition of privately-held PHW Inc. for up to $24 million. Based in Pittsburgh, PHW is a leading manufacturer of cab signaling systems and other safety electronic train control systems for the North American mainline and mass transit industries. The acquisition of PHW and its onboard PTC products enhances Invensys Rail's existing range of trackside PTC products, strengthening further the company's position in North America.

http://www.investegate.co.uk/Article.aspx?id=201205101530111073D

http://www.edisoninvestmentresearch.co.uk/researchreports/beazley100512flash.pdf

Distribution of cash following redemption of bond Rapid Realisations Fund Limited (AIM: RRF), announces that on 10 May 2012 it fully redeemed its convertible bond in Providence Resources Plc, an Irish based upstream oil and gas company active in Ireland and the United Kingdom, receiving £4.345 million in cash. As a result of this transaction, Rapid will use the sale proceeds to return capital to shareholders and the board have resolved to return to shareholders 8p per Share by way of a bonus issue of B Shares to Shareholders on the Company's register on the record date of 18 May 2012. The Company's Shares will be marked ex-dividend on 16 May 2012. Following their issue the B Shares will be immediately redeemed by the Company on a pro rata basis. The redemptions will have an anticipated settlement date of 23 May 2012.

Oriel Securities upgrades Prudential from add to buy target price raised from 820p to 900p.

Credit Suisse has slashed its target price for engineering group Weir to just 1,700p, from 2,350p previously, following this week's first-quarter statement. "Drivers of our downgrade are solely Upstream Oil & Gas derived and reflect more cautious management guidance and our view that a pricing headwind will materialise for both pressure pumping OE and aftermarket in 2013E," the broker said.

Satellite firm Inmarsat gets the cold shoulder in The Times. An embarrassing situation in the US - where its mobile broadband offering started interfering with other networks, like, er, the military’s - has seen a decent source of revenue dry up.

Tempus in the Times puts an amber light above one of the oldest companies on the FTSE 250, F&C Asset Management - once called Foreign and Commonwealth. Edward Bramson, an activist investor, forced his way into the Chief Executive position last year but the shares have gone down since. His big idea is to cut costs and focus on the high margin products that are doing well. Will he sell Thames River Capital, are the strategic joint ventures with insurance companies going to dwindle? These are significant uncertainties but Tempus notes the shares trade on just nine times earnings and the dividend is a decent 4.5% - interesting, but “highly speculative”.

Petra Diamonds, the diamond miner is still catching the eye of Questor in the Telegraph, who has been banging on about the stock for ages (it’s currently tip of the year). There are slight worries about the grades of rock ore at some of its mines (this means how many diamonds are found per tonne of rock). On the other hand, the shares are currently at just eight times 2013 predicted earnings (although with no dividend). Questor sticks to his guns and says carry on buying

Commenting on the project, CEO Greg Hawkins said: "As we move through 2012, we are now seeing the results from two years of investment in our portfolio of high quality assets. We have extended the life of Tulawaka, announced a 4.6Moz resource at Nyanzaga and we are now advancing the first of an expected series of brownfield projects. This low risk brownfield project adds near term production at our flagship mine and provides significant flexibility as we look to further grow the production base of this world class asset" The decision to commit to the low risk brownfield development follows the successful conclusion to a feasibility study into the construction of a new 2.4 million tonnes per annum ("Mtpa") CIL circuit which will process both historic tailings from the tailings storage facility ("TSF") and current tailings from the flotation circuit.

Bulyanhulu Process Plant Expansion 10 May 2012 African Barrick Gold plc (the "Company" or "ABG") Board Approval for Bulyanhulu Process Plant Expansion * Demonstrates delivery on organic growth * Adds over 40,000 ounces of gold per annum for first six years of project * Low cost additional production from tailings retreatment * Construction to begin H2 2012 with first gold production in H1 2014 * Creates significant further growth possibilities at Bulyanhulu ABG is pleased to announce that it has received Board approval to proceed with the construction of a new Carbon in Leach ("CIL") circuit at the process plant at Bulyanhulu. The project will add production in excess of 40,000 ounces ("Koz") of gold per annum for the first six years of the project from H1 2014 and further incremental production for the remainder of the life of mine ("LOM"). This is an important step in the development of Bulyanhulu and significantly increases our optionality as we look at further increasing production from the mine.

http://www.investegate.co.uk/Article.aspx?id=20120510070000P14A8

CONT We are pleased to report that new margin has been maintained in the period. Our support businesses of Pinewood, Quickco and Leasing are continuing to perform in line with expectations and continue to provide a strategic advantage over our competitors. Financial Update The Group is operating at a lower average debt level in 2012, consequently we are pleased to report a £3m reduction in our interest costs as expected. We are expecting Net Debt and our Debt : Underlying EBITDA ratio to be in line with expectations at the half year. In the first quarter of this year we have sold empty surplus property with disposal proceeds of £3m and a further £10m of surplus property is under offer and in the process of disposal, the proceeds of which will be used to further reduce borrowings. Outlook The Group continues to make good progress in its key strategic areas. Used performance continues to be a significant growth area for the Group and is differentiating us from our peer Group. We are encouraged by our aftersales performance despite the difficult market conditions and the new car sector has benefited from some key new product launches in the first quarter. The Group is on track to continue the momentum from 2011 and quarter one and remains in line with expectations for the full year.

Interim Management Statement The AGM of Pendragon PLC will be held at 11.30am today. The Chairman will report at the AGM the following Interim Management Statement by Pendragon PLC covering the period from 1 January 2012 to 9 May 2012. Unless otherwise stated, figures quoted in this statement are for the three months ended 31 March 2012. Summary The Group is making good progress in quarter one and is in line with expectations. The Group continues to significantly outperform in the Used car sector with double digit growth in the first quarter and is further benefiting from a lower interest charge in 2012 due to its lower debt profile. Trading Update Aftersales is our principal area of profitability in the Group. In the first quarter of 2012, like for like service retail sales were maintained at last year's level. Service retail sales is the core area of activity within aftersales and this result is encouraging given that the market opportunity in this area has decreased as a result of the reducing nearly new vehicle car parc. The Group continues to implement and enhance its Vehicle Health Check programme which is driving this performance. Like for like gross profit margin for aftersales improved again, by 70 basis points versus quarter one in 2011. The Group's key area of growth continues to be in the Used car sector and we are delighted to report double digit growth for the first quarter. Our like for like used volume growth of 11.4% continued to significantly outperform the national market volumes. During the quarter used retail margin has been improving steadily since the start of the year. Whilst used retail margin declined on a like for like basis by 90 basis points, this was against a strong comparator in the first quarter of 2011. However due to the significant improvement in volume, like for like used retail gross profit again increased by a further 1.8%. The key contributors to this performance are the on-going investment in our used car initiatives and our Stratstone.com and Evanshalshaw.com website growth. Visits to our websites are up by 24% in the first quarter of 2012. The new car sector is an important component of the Group's activities. We continue to work together with our manufacturing partners to achieve the sales and customer goals that we both strive to achieve. UK new car market registrations in quarter one were up by 0.9% whereas our performance was up 15.7% on a like for like basis. For the brands we represent within Stratstone, national retail registrations increased by 7.2% in the quarter, whereas our new retail sales increased by 13.8%. The Group has particularly benefited from new product activity from Range Rover Evoque, BMW 1-series and BMW 3-series. For the brands we represent within Evans Halshaw, national retail registrations increased 5.9% in the quarter whereas our new retail sales increased by 3.1%. We are pleased to report that new margin has been maintained in the per

http://www.investegate.co.uk/Article.aspx?id=201205100700120058D

Chairman's Statement Griffin's Chairman, Mladen Ninkov, commented: "The acquisition of an overwhelming majority interest in the Caijiaying Mine and the extension of the joint venture to 2037 with full management control, has been the dream which management and shareholders have held since production first began at Caijiaying in 2005. It is a credit to the directors and management of the company and a testament to the harmonious relations Griffin has maintained with all levels of government, community, employees and citizens in China that this transaction has been able to be achieved. We look forward to the ensuing decades and the continuing expansion of resources and production at Caijiaying. I could not be more delighted for our shareholders."

Increase in interest in Caijiaying Mine to 88.8% Extension of Joint Venture by 25 years to 2037 10th May 2012 Griffin Mining Limited ("Griffin" or "the Company") is delighted to announce that it has entered into an agreement to purchase the majority of the Zhangjiakou Caijiaying Lead Zinc Mining Company Limited's (the "ZJK Mining Company") interest in Hebei Hua Ao Mining Industry Company Limited ("Hua Ao"), the owner of the Caijiaying Zinc-Gold Mine and surrounding tenements, for Rmb 700 million (approx $110 million) in cash. When the transaction is completed, Griffin's interest in Hua Ao will increase from 60% to 88.8% and the joint venture will operate under an extended 25 year term through to 2037. The ZJK Mining Company will retain an 11.2% interest in Hua Ao. The purchase is conditional upon the approval of and registration by the relevant Chinese authorities. It is estimated that the approvals will take up to two months to complete. The purchase will be financed from undistributed retained dividends in Hua Ao, committed banking facilities in China and Griffin's existing cash resources.

http://www.investegate.co.uk/Article.aspx?id=201205100700120098D

The Corporate Governance Statement contained within the Company's annual report for the period ended 31 December 2011 reported that the Company did not presently have a diversity policy. The Company did however state in the Corporate Governance Statement as follows: "The Group employs a broad mix of individuals reflecting its philosophy of hiring the best candidate for all positions at all levels irrespective of race, religion or gender. In terms of the composition of the Board and Board nominations, the Remuneration and Nomination Committee regularly reviews the composition of the Board and will consider the requirements of the Davies Report and the Australian Stock Exchange Principles as part of the process of determining the composition of the Board that is the most appropriate for the group" A Diversity Policy had not been formalized during the year as the Company was still in the process of reviewing and ensuring that various stakeholder groups across all jurisdictions, namely Papua New Guinea, the Solomon Islands, Australia, The United Kingdom and Canada are considered in preparing such a policy. Whilst a formal policy was not in place, the Company operated in accordance with the philosophy stated above and in the Corporate Governance Statement.

Quarterly Report for the March Quarter 2012 The Quarterly Report contained a quote from Mr Frank Terranova the Managing Director and Chief Executive Officer of Allied, which advised that the Company has over 3.0Moz reserves and 8.0moz resources. This statement should be read with reference to the following Reserves and Resource Table: