Member Info for mulledwine

Commenting on today's announcement, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter, said: "The acquisition of Trimac Acceptance and Trimac Exit demonstrates further our ability to provide attractive exit solutions for captive owners who have put their captives in run-off or are contemplating ceasing writing new business. Following this acquisition, as outlined above, we will optimise operational and capital efficiency through a novation to a Group owned cell within our Bermudian captive management operations. "

Randall & Quilter Investment Holdings plc Acquisition Randall & Quilter Investment Holdings plc ('R&Q' or the 'Group') is pleased to announce that it has agreed to acquire the entire issued share capital of Trimac Acceptance Limited ('Trimac Acceptance') and its wholly owned subsidiary, Trimac Exit Insurance Limited, ('Trimac Exit') a Barbados domiciled captive insurer, from Trimac Investments Limited Partnership. Trimac Exit has been in run-off since 1996 and wrote general liability risks for the Trimac group's US operations. The net reserves relating to workers' compensation claims were c. $118k as at 31 December 2011, the date of the latest available management accounts. The adjusted Net Asset Value based on the same management accounts is $2.9m. The consideration, payable by Randall & Quilter in cash from existing resources is $2.7m, subject only to a final $ for $ net asset adjustment based on the final completion accounts. We are currently awaiting Barbadian regulatory change of control approval, expected within the next few weeks. Following completion, we will novate the outstanding liabilities to a newly formed R&Q owned cell within R&Q Quest (SAC) Limited, our Group cell company in Bermuda and will receive a fee for this novation from the Trimac group. The Trimac group will also transfer sufficient cash into the cell to cover held reserves and collateral requirements and will provide the cell with a full indemnity for any future claims deterioration. Following the novation, we will seek to wind-up the Trimac Acceptance and Trimac Exit companies as soon as practicably possible.

http://www.investegate.co.uk/Article.aspx?id=201204190702136485B

Commenting on the results, Ken Randall, Chairman and Chief Executive Officer of the Group said: "It is pleasing to report a rise in Group profit (prior to goodwill impairment) during the year compared to 2010. Our expectation of a much stronger second half of the year was realised, especially in the Insurance Services Division which benefited from the anticipated increase in profit commission on syndicate 3330 and a second half revenue bias in certain of our operating subsidiaries. The Insurance Investments Division produced an excellent result for the year, driven by a strong performance in the UK portfolios and run-off syndicate 102 and more modest deterioration than we had feared in investment income and adverse loss development in R&Q Re (US). The Underwriting Management Division had a more mixed performance. Whilst operational progress was encouraging, the division generated an operating loss. This was attributable to the continued weak premium rating environment which held back the income development of the MGAs and the costs and business disruption brought about by the preparations for Solvency II. A combination of these factors also impacted our ability to launch new 'Turnkey' syndicates. The outlook is however encouraging with two MGAs added to the Group's portfolio since the beginning of 2012, one of which has a particularly significant renewal book. We are also exploring ways in which we can expand upon our live syndicate management activities. The Captives Division's operating result was subdued once again as the Nordic venture was closed and on-going investment in other jurisdictions impacted the result. We have however laid strong foundations for future profits, which should start to emerge in the current year. Our market presence is also enabling us to identify opportunities to acquire a number of "end of life" Captives. 2011 saw a satisfactory end to the long running Seaton & Stonewall litigation and a recovery of legal costs, which benefited the 'Other Corporate' result. We also carried out an extensive share repurchase programme of 5 million ordinary shares during the summer of 2011 and subsequently rebased the Group's per share progressive distribution policy to benefit all shareholders with immediate effect. We look forward to the future with confidence. Whilst the business and investment environment is still challenging in some areas, the organic growth and improvements to the operational efficiency of our service businesses continue and we are now beginning to reap the benefits of our investment in Captives and Underwriting Management. In the Insurance Investments Division, there is continued potential for further reserve releases in our owned company portfolios but US asbestos still poses a risk and investment returns in high quality fixed income securities remain subdued. Our acquisition of further insurance assets is set to continue with a significantly increased de

Final results for the year ended 31 December 2011 The Board of Randall & Quilter (AIM: RQIH), the specialist non-life insurance investor, service provider and underwriting manager, is pleased to announce the Group's final results for the year ending 31 December 2011. FINANCIAL HIGHLIGHTS • Total Group income of £36.8m (2010: £32.8m), an increase of over 12% • Adjusted* profit before tax of £8.8m (2010: £7.5m) • Return of cash of 4.9p, through a G and H share scheme** , bringing the total cash distribution to shareholders to 8.1p for the year (2010: 7.35p) • Upwards rebasing of the Group’s progressive distribution policy following the completion of a share repurchase and subsequent cancellation of 5 million ordinary shares • Undiscounted net tangible asset value per share of 107.3p (2010: 95.9p), an increase of 11.9% • Tax credit of £4.2m due to UK tax profits being offset by brought forward tax losses, favourable tax treatment of Seaton & Stonewall legal cost recoveries and a recovery of tax paid in prior years by US subsidiaries. * Excludes the goodwill impairment previously announced ** Details of which will be announced shortly DIVISIONAL PERFORMANCE • Insurance Investments Division - A very pleasing result with strong contributions from the non US insurance companies and run-off Syndicate 102, producing an operating profit of £8.3m (2010: £7.4m). • Insurance Services Division - A satisfactory performance following a much stronger second half, with operating profit for the year of £5.6m (2010: £5.8m) • Captives Division - An operating profit prior to the Nordic Venture write-off of £0.3m (2010: £0.2m) again impacted by on-going investment • Underwriting Management Division - Good operational progress but performance impacted by the challenging premium rating environment, preparations for Solvency II and weak trading in our Canadian MGA resulting in an operating loss of £1.1m for the year (2010: £(1.0)m) • An ‘Other Corporate’ charge, which includes parent company overheads, of £2.1m, (2010: £4.5m), reduced by the inclusion of the one-off legal cost recoveries in respect of the Seaton and Stonewall litigation as well as lower acquisition related costs during the year compared to 2010.

http://www.investegate.co.uk/Article.aspx?id=201204190700236484B

UBS has reiterated its buy rating for insurance group Prudential, saying its division Prudential Corporation Asia (PCA) compares favourably to pan-Asian life insurance rival AIA due to its structural advantages. The Swiss broker says that PCA's exposure to Indonesia should drive returns in the medium term, while its less mature book implies structural higher ROEVs (return on enterprise values) and more rapid profit growth in the longer term. "A stronger bancassurance platform and richer product mix have enabled PCA to grow its top line more rapidly than AIA while expanding margins," UBS said.

Jefferies has raised its recommendation for engineering group IMI from hold to buy, saying that while the group isn't exactly geared for high growth, it does provide high returns. "IMI is a curate's egg of a stock in some respects. A conglomerate with five divisions, it seldom fires on all cylinders and is by no means a high growth business (in terms of sales or earnings), but RoS [return on sales] and ROCE [return on capital employed] are high and the shares are good value, we believe," said analyst Andy Douglas. The target price is hiked from 840p to 1,150p.

Bullabulling Gold Limited (BAB:ASX, BGL:AIM) has today been notified that on 18 April 2012 Jeffrey Malaihollo purchased 75,000 ordinary shares at £0.187 per share. Following the above transaction Dr. Malaihollo has the following shareholding in Bullabulling Gold Limited:

KMG EP completes the sale of its interest in the LLP «Kazakhstan Petrochemical Industries Inc.» Astana, 19 April 2012. JSC KazMunaiGas Exploration Production («KMG EP» or «the Company») announces the closing of the transaction to sell a 51% stake in the LLP «Kazakhstan Petrochemical Industries Inc.» («KPI») that operates the construction of the first integrated petrochemical complex in Atyrau region to the LLP «United Chemical Company», which has managed the KMG EP's stake in the project since 2009. The deal was approved by the Board of Directors of KMG EP on 2 March 2012. The value of the transaction is 4.86bn tenge (USD 33.5m (based on the exchange rate on the day of payment). As investments were previously fully impaired , KMG EP will receive net gain of 4.86bn tenge as a result of this transaction. No tax consequences as initial investment was equal to the amount of sale. The sale of the stake in KPI is a part of the Company's Strategy 2020, which includes divestment of non-core assets, including those related to petrochemicals.

http://www.investegate.co.uk/Article.aspx?id=201204190910416550B

The full story http://www.investegate.co.uk/Article.aspx?id=201204190700226339B

Leanne Metcalf, Assistant Director of Research at Asthma UK, says: "This has the potential to be one of the biggest breakthroughs in asthma treatments in the past 20 years. We are incredibly excited by the possibilities this research could bring to reduce hospital admissions and deaths as a result of asthma attacks. Over 80% of asthma attacks are triggered by cold and flu viruses, and until now we haven't had any effective treatments that can stop this from happening. This clinical trial demonstrates the potential of this anti-viral drug to prevent asthma attacks for thousands of people with severe asthma. We are incredibly proud to have played a part in the realisation of this research programme which should benefit people with asthma in a really significant way."

IP Group plc - Portfolio company Synairgen announces positive Phase II asthma clinical trial data IP Group plc (LSE: IPO) ("IP Group" or "the Company" or "the Group"), the developer of intellectual property based businesses, is pleased to note that Synairgen plc ("Synairgen") has today announced positive data from its Phase II clinical trial that has been described by Asthma UK as having the potential to be one of the biggest breakthroughs in asthma treatments in the past 20 years. Synairgen is a spin-out company from the University of Southampton in which IP Group and its managed funds together hold an 18.2% beneficial interest. IP Group has a 10.8% beneficial interest, while IP Venture Fund, a specialist venture capital fund managed by the Group, holds a further 7.4%. Synairgen's trial investigated the potential for SNG001 (inhaled interferon beta) to protect asthmatics from respiratory virus infections (principally the common cold) that can spread to the lung, which are a major cause of worsening asthma symptoms. It is estimated that viral infection is associated with up to eight out of ten asthma-related emergency department visits. The study investigated SNG001 in a population of 134 adult asthma patients, representing 'mild-moderate' through to 'severe' asthmatics, who caught a cold. Patients with 'difficult to treat' asthma, being approximately half of the patients in the trial, benefited significantly from SNG001 treatment. This category of patient is estimated to represent between 10% and 20% of all adult asthma sufferers. There are 5.4 million asthmatics in the UK (Asthma UK) and 25.7 million in the USA (Centers for Disease Control and Prevention).

http://www.investegate.co.uk/Article.aspx?id=201204190905296547B

Espirito Santo initiates buy on Premier Farnell, target price 262

Espirito Santo initiates buy on Premier Farnell, target price 262

Espirito Santo initiates buy on Diploma, target price 481p

Shore Capital maintained its "buy" stance on NCC (NCC) which achieved revenue growth of 25% during the first three quarters of the financial year ending 31st May, ahead of the broker's full year forecast of 24%. The security software developer's order book is up 0.8 million pounds on March 2011 levels at 24.7 million pounds and Shore expects this to increase with the impending renewal of a number of testing services contracts providing revenue visibility beyond May 2013. The broker added that the group's debt levels are holding steady at around 25.4 million pounds, with credit facilities of 35 million pounds, and pointed to the company's strong cash generation.

Singer reiterated its "buy" recommendation for Trifast (TRI) with a 52p target price. The nuts and bolts manufacturer said that the integration of its Power Steel acquisition is progressing in-line with expectations and the broker believes that further capacity utilisation will be achieved in the 2013 financial year. Singer's earning forecasts put the shares on a prospective multiple of 10.8 times for the 2012, falling to 9.7 times in 2013, which the broker noted is a 15% discounted to the UK capital goods sector