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http://www.investegate.co.uk/Article.aspx?id=201204030700146671A

Broker Jefferies says the bolt-on acquisition of specialist temperature control equipment rental provider Topp Construction Services has come too late to have much effect on Ashtead's profits for the current financial year, but should provide a small fillip to fiscal 2012/13.

Geoff Drabble, chief executive commented: "We are delighted to conclude this acquisition in line with our long term strategy of developing high value added speciality businesses which broaden our product offering and the markets we serve"

Acquisition of Topp Construction Services Inc ("Topp") Ashtead Group PLC ("Ashtead") announces that its US subsidiary, Sunbelt Rentals Inc, has acquired Topp Construction Services, Inc and its related company, Precision Steel Works, LLC ("Precision") for a consideration¹ of US$33.5m which was paid in cash at closing². Topp, based in Philadelphia with 15 other branches located in or near key population centres across the US, is a specialist rental provider of portable air conditioning, heating and dehumidification equipment. Precision runs a small assembly and manufacturing facility in support of Topp's business. In the year to 31 December 2011, on a combined basis, Topp & Precision reported pre-tax profits of $4.5m and combined gross assets of $10.5m.

http://www.investegate.co.uk/Article.aspx?id=20120403070000P565A

Nomura has looked at the possibility of a tie-up between the diamond businesses of BHP Billiton and Rio Tinto, both of which have been put up for sale. BHP's and Rio's diamond units are valued at $2.2bn and $1.9bn, respectively, and only represent around 1% of each company net present value. As they both contribute less than 1.5% of total group earnings before interest, tax, depreciation and amortisation (on 2012 forecasts), Nomura says they are no longer material contributors. Nomura says that the diamond businesses of both companies still have growth potential, but given the parent companies' growth pipelines in bulk commodities, energy and base metals ("which have higher potential returns and earnings impact"), the diamond divisions might "find it hard to compete for both capital and management focus". As for the parent companies, Nomura keeps a buy recommendation for both stocks.

CONT AIOG AIOG aims to grow into a world-scale iron ore producer by focusing on the infrastructure needed to unlock the huge untapped resources of West and Central Africa to help satisfy the needs of China's steel industry. AIOG provides a powerful combination of proven expertise in Africa, coupled with innovative practices in capital and project structuring, and partnership with world-class suppliers of technical and marketing services. The firm is led by Chairman Ethelbert Cooper, who is best known for being the main founder of Afren, the leading FTSE 250-listed pan-African oil and gas producer which from modest beginnings in 2005 now owns assets in Africa and the Middle East and is capitalized at £1.4 billion. IMIC announced a Relationship Agreement with AIOG on 2nd April 2012 to acquire, finance and develop iron ore mining and related infrastructure projects in Africa. The main points are that: IMIC and AIOG are to swap 10% holdings, AIOG will underwrite 5% of IMIC's first capital raise in excess of $5 million limit (up to a maximum of $2 million), 25% annual interest rate paid on money lent by IMIC to AIOG projects which can be converted into equity in the SPV formed, for IMIC to become the equity funding partner of AIOG in infrastructure projects and an option to acquire the remaining 90% of AIOG in 2017. Valuation Mining companies have been struggling to produce enough iron ore to keep pace with demand for steel for use in housing, infrastructure and industry. It expected that population growth and increased urbanisation will drive steel demand for the coming decades. China imports around 70% of the world's seaborne iron ore and is seeking to gain influence over 50% of iron ore to control supply and pricing; and so it is not surprising that the Chinese are highly supportive of AIOG's initiative and very interested in doing deals with them. With such a powerful strategic partner and the opportunity to take a stake in the Simandou South project, it is clear that IMIC could be well on the road to becoming a highly successful African iron ore investment and infrastructure vehicle. The current £1.1 million market capitalisation looks to be a derisory valuation for a company that is set to benefit from the wealth that will be created as one of the largest undeveloped iron ore deposits in the world which should go into production in 2015. With IMIC shares trading at 25.5p, our recommendation is Speculative Buy

CONT Board The highly impressive board is led by Chairman Haresh Kanabar, a Director of AIM-quoted Aurum Mining and Gasol. The Finance Director is Chartered Accountant James Ward, who specialises in the natural resources sector and was the FD of Global Coal Ltd. January 2012 saw the appointment of some real heavy weight Non-Executive Directors with enviable connections in Africa in the form of Dr Rilwanu Lukman KBE, Dr Babcar Ndiaye and Andrew Macaulay. Dr Rilwanu Lukman KBE is a former President and Secretary General of OPEC as well as the ex-Nigerian petroleum minister. Dr Babcar Ndiaye is the Ambassador at large of Senegal and an ex-President of the African Development Bank. Andrew Macaulay has over thirty years' experience in the African oil and gas and natural resources and is the founder and Executive Chairman ASX and AIM-listed Continental Coal. African governments are concerned that their countries have not benefitting sufficiently from the boom in metal prices, and are seeking to gain more benefit from projects. Both IMIC and AIOG are movers in this new way of doing business in partnership with governments; and the Non-Executive Directors, not highly paid, believe in the strategy and want to help the African nations. Strategic guidance is provided by the Advisory Board which brings a strong network of global contacts, particularly in Asia and the financial and mining sectors. In December 2011 the board announced the appointment of Andrew Buxton (Chairman), John Negroponte, Magnus Ericsson and Carson Wen to the advisory board. Andrew Buxton needs little introduction as he was the Chairman of Barclays. John Negroponte served in the Bush Administration as US permanent representative to the UN and was Ambassador to Iraq as well as being Deputy Secretary of State. Magnus Ericsson is Professor of Mineral Economics at the leading European Luleå University of Technology in Sweden - an iron ore expert that helps governments develop mineral policies and founder of the Raw Materials Group. Carson Wen is a Partner in the Hong Kong office of Jones Day, one of the world's biggest single partnership law firms, and is a three-term Deputy to the National People's Congress of China.

International Mining & Infrastructure Corporation (IMC) is seeking to take strategic stakes in important mining and related infrastructure projects in the African iron ore sector. While IMIC has been keeping a low profile over the past year, the team has been busy assembling the key elements of a successful strategy. A series of announcements over recent months have started to hint at the potential here with news of the appointments of heavy weight Non-Executive Directors including the ex-head of OPEC and an Advisory Board led by the former Chairman of Barclays. IMIC has become a strategic partner and a 10% shareholder in African Iron Ore Group Limited (AIOG) which has well developed plans to supply China from large untapped iron ore resources of Africa and hence will benefit from AIOG's value creation. This is a genuine partnership that the team has been working on for two years and through AIOG, IMIC is now becoming involved in a $10 billion mining and infrastructure project in Guinea. IMIC is clearly delivering on its strategy inherent in its name “Mining & Infrastructure” as the critical pieces are put in place. Strategy The first step in IMIC's investment strategy was unveiled on 2nd April 2012 and saw the company involved in a project that will catapult Guinea to become the world's third largest iron ore exporter. IMIC will be involved in a joint-venture between AIOG and the Government of Guinea which is being formed to assist with the development and financing of the infrastructure for the Simandou South iron ore mining project. Simandou South will be the largest integrated iron ore and infrastructure project ever developed in Africa, with the construction of a 650 kilometre trans-Guinea railway and deepwater port. The mine and infrastructure project is being developed by Rio Tinto, where the government of Guinea has up to 35% option in the mine and up to a 51% option in the Special Purpose Vehicle (SPV) to build, own and operate the railway and port. The overall project cost including the infrastructure is expected to be $10bn with Simandou South planned to be fast tracked into production by mid-2015 and ultimately 95 million tonnes of iron ore will produced annually. In December, AIOG announced an agreement with the government of Guinea to form a joint-venture company for the development and financing of infrastructure related to the Simandou South iron ore mining project; where IMIC is now involved and sharing in the value that is to be unlocked.

3rd April 2012 Analyst: Dr. Michael Green Email: michael.green@gecr.co.uk Tel: 0207 562 3350 International Mining & Infrastructure Corporation – African iron ore vehicle delivers on its strategy. Speculative Buy at 25p

SP deserves a little more reaction than it is getting - although order book has not improved from Feb albeit it is at record levels

Sean Nutley, Group CEO, said: "This has been another period of encouraging progress for the Group. In recognition of the need to create a strong platform for further growth, we have strengthened and improved the operational efficiency of our divisions while enhancing our management team capability. These measures will help give us the resources we need to continue to execute our growth strategy and we look forward to the future with confidence."

Trading Update and New Contract wins Silverdell PLC (AIM: SID), the Environmental Support Services group, issues a trading update in advance of its interim results for the six months ended 31 March 2012 which will be announced on Wednesday 13th June 2012. Revenues for the six months ended 31st March 2012 are expected to be approximately 5% ahead of last year, with a very strong performance by our Consulting division. Our business remains second half weighted, especially so this year in our remediation business, due to the timing of certain key contracts that are underway. Consequently we look forward to a firm and committed pipeline in the second half of the year. Gross margins have been maintained across the Group. We have continued with our strategy of developing our capabilities by the introduction of additional senior key staff which has had an initial impact on EBITDA in this period; however, we are now seeing the effect of these changes by the progressive reduction of our cost base as we integrate our contracting divisions, Kitsons and Silverdell. The order book of £117m stands at a record level for the Group, 70% higher than previous year, which, coupled with further contract wins and maintaining our policy of securing long term contracts with existing and new blue chip customers gives the Board confidence of meeting full year expectations. Contract Wins Since our trading update of 29 February 2012 we have secured a number of new contracts including: · £3m of cumulative work for high street retailers, · £1m p.a. three year Gatwick Airport term maintenance contract, · £1m industrial services contract at an onshore gas plant in the North West, · £0.5m of major rail infrastructure works in the South East.

http://www.investegate.co.uk/Article.aspx?id=201204030700136607A

Arvind Gupta, Chief Executive commented: "The tariff changes are the first such updates in several years in response to a clearly unsustainable position for the TNEB. The tariff increases and the adoption of a quarterly fuel surcharge represent a structural shift in the pricing environment. The regulator has signalled an intention to improve the financial health of TNEB and to provide an environment conducive to investment in the power sector. The regulator will also, henceforth, require and conduct annual reviews of the tariff. "Recent federal budget pronouncements that reduce counter-veiling duty on imported coal from 5% to 1% and eliminate customs levies altogether for two years are expected to favourably impact our fuel costs in 2012-13. More importantly, these changes in our view reinforce the intent of policymakers at various levels to support the sector. With 113 MW in generation and over 300 MW in new capacity to be rolled out over the next couple of years in Tamil Nadu alone, we look forward to the Company benefiting significantly from these changes over the medium term."

Tamil Nadu State Electricity Tariff Order OPG is pleased to provide an update following the issue of a tariff order for 2012-13 by Tamil Nadu Electricity Regulatory Commission ("TNERC") on 30th March 2012. The new tariffs take effect from 1st April, 2012 and will be valid until 31st March 2013. Selected key features of the TNERC order are as follows: · An increase in regulated tariffs for virtually every category of consumer is expected to raise Tamil Nadu Electricity Board's ("TNEB") revenues by 37%, reducing its projected deficit; · Tariffs for high tension industrial users have effectively increased by INR 1.55 per Kwh or 34.5%; · An increase in transmission & wheeling charges of INR 0.32 per Kwh; · A fuel surcharge, the Fuel Price Adjustment Charge (FPAC), is to be established quarterly by TNEB in accordance with specific formulae and passed on to its customers; · TNEB is to make applications for any required tariff revisions on an annual basis in future. This is not a comprehensive list of the changes introduced by the TNERC order and the full text of the order can be found at www.tnerc.gov.in The Board is pleased with these developments and expects the contents of the tariff order to result in overall improved pricing for the Company's sales in 2012-13 with the level of expected impact becoming clearer as existing supply contracts are renewed and new contracts signed over the next two to three months.

http://www.investegate.co.uk/Article.aspx?id=201204030700136563A

Lord Rothschild, the Chairman of RIT said: "Agora was only established just over 2 years ago. The achievement of the management team since then has been a remarkable one. We're proud and delighted to have been their founding partner, and wish them every possible success in the next phase of their development with Cairn." The transaction is subject to approval from the relevant regulatory authorities in the UK and Norway.

RIT Capital Partners plc announces sale of Agora Oil and Gas to Cairn Energy PLC RIT Capital Partners plc ("RIT") announces the proposed sale of Agora Oil and Gas ("Agora" or the "Company"), a private Norwegian company with oil and gas assets in the United Kingdom and Norwegian North Sea to Cairn Energy PLC ("Cairn"). The proposed sale of the Agora business is for total consideration of $450 million (m) to be satisfied in cash and Cairn shares. RIT's co-investors in Agora include Lord Rothschild's family interests & philanthropic foundation, as well as Agora's management & employees. RIT's anticipated cash proceeds from the transaction will be £114m, against its investment of £41m. This represents a total profit of £73m, and an increase of £47m from the carrying value. RIT backed the experienced Agora team in November 2009. The team has over 250 years of accumulated exploration experience from the North Sea Basin and a proven ability to create and identify new play concepts and prospects. In the two years since RIT's initial investment, Agora has participated in 10 low-risk exploration and appraisal wells to date, resulting in only 1 dry hole, building up reserves and resources of 22 million barrels 2C contingent resources (95% oil weighted) and 55 million barrels (mean risked) prospective resources.

http://www.investegate.co.uk/Article.aspx?id=201204030700156688A