Member Info for mulledwine

Outlook IFL looks forward to enjoying the better European and US spot prices in Q2, due to the expected tightening of the European and US markets caused by the reduction in South African production. According to CRU, 24 out of the 52 furnaces in South Africa will be switched out until 31 May 2012, and we expect this to have a significant impact on the market. Seasonal shut downs in South Africa are expected to occur throughout the winter-tariff period due to the higher electricity costs over that period. IFL notes the discussions around the South African chrome ore export duty and would welcome the introduction of this levy; the Company will monitor this situation closely for any further developments.

Interim Management Statement to 25 April 2012 and Production Report for the three months to 31 March 2012 Highlights: · Alloy sales of 52,930 tonnes achieved in the quarter, down 9% from the previous quarter but up 9% on prior year corresponding period · Moved back into overall profitability on a monthly basis for March, operations cash generative · Financially beneficial Eskom electricity buy-back agreement from 1 March to 31 May 2012 · Eskom-related furnace shutdowns reduced ferrochrome ("FeCr") production to 48,762 tonnes for the quarter, down 10% on previous quarter and down 5% on prior year corresponding period · Sky Chrome mining operations produced 122,000 tonnes run-of-mine ore for the quarter, flat on previous quarter · Co-generation plant produced 7.6GWh of electricity for the quarter, 3.8% of total requirement ramping up to 10% in March · UG2 Chrome Recovery Plant ("CRP") delivered 10,000 tonnes of concentrate in March · 37.5% of targeted production cost savings achieved for the quarter; up from 27.5% for H1 · Net borrowings decreased from ZAR458 million at 31 December 2011 to ZAR421 million at 31 March 2012 · ZAR23 million capex for the quarter · Zero fatality track record maintained and further significant improvement in overall safety performance Post period highlights: · Benchmark European FeCr price increased by 20¢ to US$1.35/lb for the quarter ending June 2012 · Furnace 2 shut down on 1 April 2012 under the Eskom electricity buy-back agreement · UG2 CRP on track to deliver 15,000 tonnes of concentrate in April · Expected Eskom price increase of 25.9% under the 3 year multi-year price determination programme reduced to 16%

http://www.investegate.co.uk/Article.aspx?id=201204250700119795B

Ore extraction and processing rates at Asacha, Russia, were some way off targets for the first quarter of 2012 according to Trans-Siberian Gold (TSG), the precious metal miner blaming the non-availability of one its trucks. Mined ore comprised of approximately 33,500 tonnes against a target of 34,700, while an average of 9,626 was processed through the plant each month, more than 10% off the target of 10,835 tonnes. The shares fell 9.5p to 59p, with the company's market cap falling by 10.5 million pounds.

Commenting on today's Interim Management Statement, Colin Day, Chief Executive, said: "With Q1 revenue ahead 8% on a like-for-like basis and 22% at constant exchange, the Company has not only maintained its positive organic growth trend into 2012 but is also progressing well with the integration of recent acquisitions. We are also pleased to have completed the acquisition of Jae Yong, a value-creating transaction in Porous Technologies which enhances both the product range and the geographic presence of the division. Given this strong start to the year, Filtrona remains well-positioned to deliver further balanced growth in 2012 and to continue to make progress towards its Vision 2015 objectives of at least mid single-digit like-for-like revenue growth and double-digit adjusted EPS growth at constant exchange."

Sales at Filtrona (FLTR) rose 21% year-on-year in the quarter ended 331st March as it achieved a 61% increase in revenues from its protection and finishing products division, helped by the acquisitions of Reid Sully and Richco. The plastic, fibre and foam products supplier also announced the acquisition of South Korean pen nibs and tubes manufacturer Jae Yong, increasing the group's presence in Asia. Filtrona shares crept up by 2.9p to 463.2p.

Lord Harris of Peckham, Chairman and Chief Executive, said: "The fragile confidence of our customers continues to produce a weak and volatile floorcoverings market. We are encouraged to see the UK floorcoverings business return to like-for-like sales growth and are cautiously optimistic that this trend will continue in to the new financial year. "In contrast to this, bed sales, while still showing growth, have been below management expectations and tougher trading conditions in The Netherlands and Belgium have also contributed to a weaker Group result for the final quarter."

Shares in Carpetright (CPR) lost 9p to 598p after the beleaguered flooring specialist saw sales drop 4.2% in the 11 weeks ended 14th April, although like-for-like sales rose by 1.4%. The firm noted that its 32 refurbished stores are outperforming its other shops and added that it closed nine stores during the period. The group expects to achieve cost savings of 7 million pounds in the full financial year, with net debt of 45 million, down 31.5% from the end of the 2011 financial year.

Investec Securities maintained its "sell" rating for Daisy Group (DAY) with a 95p target price. The broker is not overly impressed with the internet and telecommunications company's acquisition of Worldwide Group, which it noted has a lower EBITDA margin that Daisy's existing network services business, at around 11%. Investec added that the group has significantly slowed its acquisitional growth and the broker believes that there is limited scope for organic growth in the near term. The shares climbed 0.5p to 111.5p.

Shore Capital upgraded its stance on Dairy Crest (DCG) from "hold" to "buy", with a target price of 350p. The broker feels that the cheese and milk producer has been oversold as investors reacted to the sharp decline in margins in the UK liquid milk industry. However, Shore noted the proposed sale of its French St. Hubert business could generate between 325 million and 375 million pounds and also noted the strength of Dairy Crest's brands such as Cathedral City. The shares advanced by 4.5p to 294.9p

Online gaming company 888 Holdings says marketing initiatives have paid off after announcing a near doubling of active users for its casino and poker offerings. In the three months to the end of March the number of active users reached 566,000, an 87% increase on the same point of 2011. Total group revenues were $94m, an increase of 25% year-on-year and a 4% increase compared to the final three months of 2011. The company provides both its own business to consumer (B2C) channels and provides solutions for other companies (B2B). B2C is by far the bigger operation, with revenues in the first quarter at $83m, up 29% on the same period of 2011. B2B is not moving at such a quick pace, with revenues of $11m, an increase of just 3% year-on-year - although this reflects the fact 888 has taken over certain B2B brands.

Quite an encouraging update

Outlook The current UK economic outlook appears stable and we have had the long awaited introduction of NewBuy albeit that it has got off to a slow start. Our sales per outlet are at the top end of industry comparables and like for like reservations are ahead of last year. The overseas launches of our first major Central London site have been well received and we expect our active outlets to be on target at the end of June. As a consequence, we expect this year's results to continue to show good progress.

cont The number of active outlets has increased from 73 at the end of December to 76 currently, and we continue to expect to have 80 active outlets at the end of June 2012. Overall house prices remain stable, as they have been for some time now. We have had a good run of forward land planning successes, which will deliver around 3,000 plots to the current land bank. The land, which is spread over eight locations, will be drawn down over the next 12-18 months. Harrow Estates has been particularly active in the year to date with a number of new sites purchased at a total cost of £50m. The largest of the sites is the former Woodford Aerodrome in Cheshire, where pre-planning consultations are currently taking place with a view to an application for a Garden Village for 800 homes. Net debt has risen during the period to c.£120m (2011: £80m) due to ongoing investment in land. We continue to expect net debt to increase during the remainder of the calendar year. The long needed builder and Government backed NewBuy Scheme was launched in March 2012 providing Mortgage Indemnity Guarantees (MIGs) to enable customers with low deposits to obtain 95% loan to value mortgages for new build homes. As we have previously commented, the success or otherwise of this scheme will be entirely dependent on the lenders offering mortgages at competitive interest rates relative to the risks they are taking. At present the rates being offered by the lenders are disappointing and as a consequence, the take up of the scheme to date has been limited

Interim Management Statement Redrow plc is releasing the following Interim Management Statement regarding trading for the period from 1 January 2012 to 20 April 2012. Sales activity since the beginning of January has been encouraging, particularly against the backdrop of a strong first quarter of calendar 2011. The volume of net private reservations for the 16 week period to 20th April was 843 homes, up 2% on a like for like basis and 9% including London. The Average Selling Price of private reservations for the period was up 12% at £207k excluding London and up 20% at £223k including London. The value of the private net reservations for the period was £188m, up 14% on a like for like basis and 32% including London. We broadly welcome the recently announced NPPF and the Government's commitment to housing a rising population. However there are a number of areas where lack of clarity leads to some ambiguity. We do not expect to see the planning process speed up in the short term, as there are many varying interpretations regarding what is sustainable development, windfalls, the extent of the additional buffer to the 5 year housing land supply and the local interpretation of the effective use of brownfield land. As a result, we anticipate that the appeals process will be heavily utilised for the next two years until some clarity on these and other issues is obtained. In March, we launched our first major Central London development (One Commercial Street) in Asia. The response was excellent with over 50 apartments being sold.

Redrow Buy 24-Apr-12 £11,017.26 Barbara Richmond 8,730 @ 126.20p Redrow Buy 24-Apr-12 £11,017.26 Barbara Richmond 8,730 @ 126.20p

Bunzl Sell 23-Apr-12 £199,394.95 Michael J Roney 19,530 @ 1,020.97p Bunzl Sell 23-Apr-12 £109,662.12 Patrick Larmon 10,741 @ 1,020.97p Bunzl Sell 23-Apr-12 £101,912.97 Brian May 9,982 @ 1,020.97p

Bernstein initiates market perform on Standard Life, target price 230p.

Bernstein initiates market perform on Resolution, target price 265p.

N + 1 Brewin downgrades Superglass Holdings from buy to hold, target price cut from 38p to 20p.