Member Info for mulledwine

http://www.investegate.co.uk/Article.aspx?id=201203220700168288Z

Outlook Buoyed by strong 2010 results, we expected another year of financial progress in 2011. Instead, we essentially matched the prior year performance. The principal reason was a fall in license revenues. We attribute this drop-off in part to strong demand from our client base for extension business, which absorbed the attention of our sales team and diverted energy from winning new clients. We have since reorganized our sales resources to ensure a more focused attention to both areas. We believe this will be reflected in improved license performance in 2012, building on our service and maintenance income streams, which are now each at run-rates of around £1m a quarter. Accordingly, we remain positive about the growth outlook for the business. We entered 2011 looking to take advantage of an improving business climate. This included controlled expansion of staff levels in key areas. As previously reported, we also took action in late 2010 to improve our working capital position to provide the Group with flexibility to react to any new, viable market opportunities that arose. This strategy has enabled continued investment where it is judged necessary to near- and mid-term business performance. Accordingly, we are maintaining staffing levels and in fact making further controlled investments in sales and services resources to stimulate and support future growth. Notwithstanding this stance, we are fully conscious of the need to remain vigilant in matching costs to revenue expectations, not least due to the continued uncertainty in the global economy. Looking ahead, our sales pipeline remains very active and includes a number of substantial opportunities from both new and existing customers - including some accounts that signed initial business in 2011 - and which we expect to bear fruit in 2012.

Barry Mence, Chairman, commented: "Although our top line results do not demonstrate the growth we had hoped for, we are pleased that EBITDA remains in line with market expectations. We are further encouraged that visibility is already well ahead of last year at more than £6.0m. Looking ahead, our sales pipeline remains very active and includes a number of substantial opportunities from both new and existing customers - including some accounts that signed initial business in 2011 - and which we expect to bear fruit in 2012"

PRELIMINARY AUDITED RESULTS FOR THE YEAR TO 31 DECEMBER 2011 Sopheon plc, the internationalprovider of software and services that help organizations generate more revenues and profits from new products, announces its results for the year ended 31 December 2011 together with an outlook for the current year. Highlights: · Revenue for the year was £10.3m (2010: £10.5m). Full year revenue visibility for 2012 already stands above £6.0m, compared to £5.2m at the same time last year. · EBITDA for the year was £1.5m (2010: £1.5m). · 54 new and extension license orders secured during the year. · Customer base contributed 79% (2010: 62%) of non-recurring sales during the year. The recurring revenue base stands at £3.9m (2010: £3.9m). · Completed technology refresh of core Accolade platform which is now wholly ".net" based.

http://www.investegate.co.uk/Article.aspx?id=201203220700178304Z

Commentary Keith Evans, Chief Executive, commented: "The past two years have been a period of transformation for Tribal. We have restructured the business, focusing on our core strengths in the education, learning and training markets. Our cost base is leaner, we have simplified our organisational structure, and our strategy to build on our market leading technology assets and strong service related intellectual property is clear. "Whilst the macro-economic environment has been uncertain during 2011, our products and services demonstrated resilience in mixed market conditions. Our financial performance improved and, with revenue growing by 4% and adjusted operating margins rising to over 10%, we concluded 2011 with trading performance ahead of our earlier expectations. "Our UK markets are responsive to our product and service propositions, and we have identified good opportunities to develop new products and services over the medium term. We have also established strong positions in our chosen international markets, and are seeing good opportunities for continued growth. "Our current trading is in line with our expectations for 2012, which will continue to be a period of investment in our products, people and our international presence. As a result of seasonality in our business, and our programme of investment, we anticipate our profits will be weighted towards the second half of the year, and Tribal has good potential to make further progress over the medium term."

Preliminary results for the year ended 31 December 2011 Summary · Restructuring complete, following disposal of non-core activities and cost reduction programme · Simplified two-division structure established · Continuing business profitability increased · Good underlying cashflow in continuing business · Net debt reduced · New strategy in place

http://www.investegate.co.uk/Article.aspx?id=201203220700188316Z

Dr. Yves Cheze of Peninsular Gold commented: " The recent results of the regional exploration of our highly prospective grounds are very exciting especially with the recent discovery at Kekabu of a new mineralised intrusive similar in size and close to Tersang, and located along the 8 km lineament hosting the Tersang and Tenggelan deposits currently being explored by the Company. This new discovery, combined with the recent identification of the extension at depth of Tersang and the presence of several stream-sediments anomalies not yet explored , reveals the exceptional potential of this portion of the Company's grounds. At Raub, the latest drilling results below the oxide ore confirm the existence of significant mineralised sections of primary ore inside the envelope of the old underground mining. These recent encouraging results will support the new detailed geo-structural review of the whole Raub deposit designed to define the best deep drilling targets."

Operations and Exploration Update Highlights · Q4 2011 production of 2,926 ozs of gold from 243,337 tonnes of tailings throughput · Processing of in-situ oxide ore has now commenced · Q1 2012 showing significant improvement in gold production to date (3,408 ozs for the two month period to end Feb) · Ongoing front end and crushing and milling circuit review to cope with more clay-rich oxide material · New 2,000m by 500m mineralised body discovered 2km north of Tersang

http://www.investegate.co.uk/Article.aspx?id=201203220700138012Z

James Menzies, Chief Executive of Salamander, commented: "Following our farm-in to block G4/50 surrounding our Bualuang production licence area, we are now in a position to take on drilling rigs under long-term contract to explore, appraise and exploit our expanded acreage base in the Gulf of Thailand. The signing of this long term drilling contract is a significant step forward for the Group in its plans to unlock the material upside in the Greater Bualuang area. We can now plan our operations with greater certainty and avoid the traditional frustration of rig delays. In the near term, we look forward to the arrival of the Ensco-53 rig and the start of the 1H development and exploration drilling on the Bualuang field and surrounding prospects."

Thai Drilling Update Salamander Energy plc is pleased to announce an update on its drilling programme in the Gulf of Thailand, one of its three core focus areas. B8/38 Drilling Programme The Ensco-53 jack up rig will be under contract with Salamander from 24th March and will mobilise immediately to the B8/38 licence. The rig arrival has been delayed due to a combination of weather downtime and slippage in the previous operator's drilling programme. A four well programme is planned in the B8/38 licence, comprising two development and two exploration wells. Management has elected to initially drill the two development wells in order to benefit from prevailing oil prices. Exploration drilling is expected to follow in May. Atwood Mako Rig Contract The Group has signed a contract with a subsidiary of Atwood Oceanics for use of the Atwood Mako jack up rig across its licences in the Greater Bualuang area, Gulf of Thailand. The Atwood Mako is a new build rig that is currently being constructed in Singapore and is expected to be delivered in September 2012. It is being contracted for an initial period of 12 months with a provision for a mutually agreed extension for a period of up to a further 12 months. The Atwood Mako will be capable of drilling in water depths of up to 400 ft and drilling depths of 30,000 feet. The signing of a rig on long term contract will provide the Group with both greater certainty in the timing of its planned drilling activity in the Gulf of Thailand and also flexibility in selecting development, appraisal or exploration locations. The initial plans are for the rig to drill 16 development wells from the Bravo Wellhead Platform, in the main field and the East Terrace, and to drill exploration wells on the G4/50 licence.

http://www.investegate.co.uk/Article.aspx?id=201203220700188327Z

Peel Hunt initiates buy on Promethean World, target price 100p.

Commenting on the Acquisition, Thomas F. Motamed, Chairman and Chief Executive of CNA said: "We are delighted to have reached this agreement. Hardy is a specialist insurer and reinsurer with a respected brand and a long and distinguished history of disciplined underwriting in the Lloyd's market. While Hardy's recent results reflect the extraordinary level of natural catastrophe losses across the global insurance industry, the Hardy franchise is built on a strong foundation and has a bright future. The proposed Hardy acquisition significantly expands CNA's global capabilities and aligns well with our specialized underwriting focus." "Hardy and CNA share similar underwriting and management philosophies. We are pleased that Barbara Merry, Chief Executive, and Patrick Gage, Director of Underwriting, will continue to lead their outstanding team", Motamed continued. Commenting on the Acquisition, David Mann, Chairman of Hardy said: "Since announcing our strategic review in December 2011, a thorough and transparent process has been conducted. The interest shown in Hardy during the strategic review process demonstrates the underlying quality of Hardy's business, people and franchise. CNA is a highly regarded insurer with an international presence and a strong reputation for delivering outstanding client service. The Board believes that CNA's offer represents the most attractive outcome for our shareholders and will enhance Hardy's business in the interests of our customers, partners and employees."

HARDY UNDERWRITING BERMUDA LIMITED BY CNA FINANCIAL CORPORATION (to be implemented by way of a merger under the Bermuda Companies Act with CNA Bermuda SPV, a wholly-owned subsidiary of CNA) Summary · The boards of CNA Financial Corporation ("CNA") and Hardy Underwriting Bermuda Limited ("Hardy") are pleased to announce that they have reached agreement on the terms of a recommended cash acquisition for the entire issued and to be issued share capital of Hardy by CNA (the "Acquisition"). It is intended that the Acquisition will be implemented by way of a Merger under the Bermuda Companies Act. · Under the terms of the Acquisition, Hardy Shareholders will be entitled to receive 280 pence in cash for each Common Share (the "Acquisition Price") which values the entire issued and to be issued share capital of Hardy at approximately £143 million. · The Hardy Directors, who have been so advised by Rothschild and Peel Hunt, consider the terms of the Acquisition to be fair and reasonable. In providing their advice, Rothschild and Peel Hunt have taken into account the commercial assessment of the Hardy Directors. · Accordingly, the Hardy Directors will unanimously recommend that Hardy Shareholders vote to approve the Acquisition at the Special General Meeting (or, in the event that the Acquisition is implemented by way of a Takeover Offer, to accept or procure acceptance of such offer), as the Hardy Directors who are also Hardy Shareholders have irrevocably undertaken to do in respect of their own (and, where applicable, of their connected persons') beneficial shareholdings of 2,264,687 Common Shares representing approximately 4.43 per cent. of the existing issued share capital of Hardy. · In addition, CNA has received irrevocable undertakings to vote in favour of the Acquisition from certain institutional Hardy Shareholders in respect of a total of 10,518,735 Common Shares, representing approximately 20.57 per cent. of the existing issued share capital of Hardy. · CNA has therefore received irrevocable undertakings to vote in favour of the Acquisition from Hardy Shareholders in respect of a total of 12,783,422 Common Shares, representing approximately 25.00 per cent. of the existing issued share capital of Hardy. · A Circular, setting out the details of the Acquisition and the procedures to be followed to approve the Acquisition, will be posted to Hardy Shareholders as soon as practicable and in any event by 18 April 2012. The Special General Meeting is expected to be held in April 2012, and, subject to obtaining the required regulatory consents without delay, the Acquisition is expected to become effective by the end of June 2012.

The Daily Telegraph Energy network operator National Grid and oil services company Petrofac have joined with US developer Summit Power to enter a £1bn government competition to build a carbon capture and storage project. The consortium said it proposed to build a low-carbon coal power station at the Port of Grangemouth, west of Edinburgh on the Firth of Forth in Scotland. A previous high-profile government competition to award the £1bn funding allocated to the development of a commercial scale CCS project ended in failure last year, but a new competition is due to be launched in coming weeks. The proposed bid announced today would be known as the Caledonia Clean Energy Project. The power plant would run on coal feedstock and would have more than 90% carbon capture, Summit Power said.

The Times’s Tempus column ponders whether to move in on office space provider Regus. Pre-tax profits were up 93% in 2011 as the company looks to build more space overseas. Occupancy in the UK is a problem, down at just 81% versus the 86.1% for the group as a whole. The stock dropped yesterday by 7.8%, Tempus thinks it has further to go. Buy.

Gem Diamonds, the huge diamond miner, shot up like a rocket yesterday after announcing a 112 per cent rise in operating profit during 2011. Questor, in the Telegraph, has tipped Gem’s rival Petra repeatedly but has been burnt by Gem in the past as the diamond price has been highly volatile. With plans to possibly sell its Ellendale mine and supply deals with the likes of Tiffany, Gem looks strong. The recommendation is buy on weakness.