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14 November 2012 Best quarterly production ever Yet again Caledonia (CMCL) released an impressive set of operational results. In Q312, the Blanket Mine produced 12,918oz of gold, 12% higher than in Q212 (11,560oz) at cash costs of US$508/oz, 7% lower than Q212 (US$547/oz). Indeed this was the Blanket’s highest quarterly production rate since opening in 1906. Net cash flow from operations (before capex) was C$12.4m (vs C$8.6m in Q212). An exceptional charge was recorded of C$14.1m as CMCL vendor facilitated the sale of 41% of the Blanket Mine to Indigenous Zimbabweans, resulting in an attributable net loss after tax of US$7.2m. CMCL’s cash and cash equivalents increased 34% to C$24.6m (from C$18.3m at end Q212).

http://www.edisoninvestmentresearch.co.uk/researchreports/CMCLFlash141112.pdf

Commenting on trading, Ray Kelvin CBE, Founder and Chief Executive said: "The Group has delivered a good result over the period, in line with our expectations. We are very encouraged by the reaction to the brand and collections in our new markets where we are investing for the longer term development of the brand and further new store openings are planned for the coming months, including our first store in Toronto, Canada, further stores in Shanghai, China as well as a new store in Heathrow Terminal 3. Whilst we are pleased with our performance to date, full year results will as always be dependent on trading over the key Christmas period." We intend to make our next trading statement covering the period 11th November 2012 to 5th January 2013 in mid-January.

Wholesale sales for the period were 14.2% above the same period last year reflecting continued growth in our US wholesale business and a good performance from our UK wholesale business, which includes our wholesale export business. We expect Group wholesale sales for the full year to be some 12% ahead of last year. Gross margins were, as anticipated, in line with last year. The good performance seen from both our product and the territorial licences in the first half of the year has continued and further licensed store openings are planned in Kuwait later in the year.

Interim Management Statement For the 13 week period from 12th August 2012 to 10th November 2012 'Good performance across all channels reflecting strength of brand and collections' Ted Baker, the British designer brand is pleased to announce a 22.1% increase in Group revenue for the 13 week period from 12th August 2012 to 10th November 2012 (the "period"), compared to the same period last year. Retail sales for the period were 24.6% above the same period last year and average retail square footage rose by 13.7% over the period to 269,942 sq.ft. (2011: 237,446 sq.ft.). We were pleased with our overall performance, particularly in the UK and also in the rest of Europe where we have opened further concessions in leading department stores in the Netherlands, Ireland and Spain as well as our first concessions in Germany. Our e-commerce business also continued to perform very well. Our development into Asia continued with the opening of our first store in Beijing, China and we are encouraged by the reaction to the brand and our collections in these new markets. In the US, we opened further concessions through a leading department store, although our momentum was disrupted by the effects of Hurricane Sandy towards the end of the period.

http://www.investegate.co.uk/ted-baker-plc-(ted)/rns/interim-management-statement/201211150700101698R/

Shares are fairly valued for now The regulatory and economic background for decontamination and sterilisation services is conducive for outsourcing and Synergy Health is well placed to capitalise on these trends. Add the undoubted potential of the geographic expansion under way and a solid investment case appears. The balance sheet is geared (EV is £723m) but the net debt of £180m is well covered. However, the age of austerity is affecting things in subtle ways and, at these levels (based on FY13e, EV/EBITDA is 7.2X and PEG is 1.31x), the shares do appear fairly valued in the near term

http://www.edisoninvestmentresearch.co.uk/researchreports/SynergyHealthQV141112.pdf

Thats a very impressive target from current SP

Valuation: £7/share GDG has trended broadly flat in recent months and continues to sell at a discount to book value of £2.9/share, suggesting very depressed expectations. We maintain our valuation of £7/share based on a sum-of-the-parts calculation

http://www.edisoninvestmentresearch.co.uk/researchreports/GDGupdate091112.pdf

Valuation focused on threats and ignoring opportunity The share price reacted poorly to the statement and is now c 35% below the March high and although the negative operating environment has gone on for longer than expected, the underlying issues have not materially changed. Even without a rebound in market activity, cost cuts and ICAP’s electronic platforms, in broking and post trade, should support market share gains and support future earnings

http://www.edisoninvestmentresearch.co.uk/researchreports/ICAPQV151112.pdf

Outlook While we have made strong progress towards the delivery of our strategy and continue to work hard to drive improved performance across our business, we are cautious on the macroeconomic outlook. The private equity market is facing a number of headwinds and activity levels remain well below historical levels. More broadly, concerns over the sovereign debt of a number of Eurozone countries and over the banking sector in Europe will likely create ongoing uncertainty. With a clear strategy, strong management focus on execution, a solid balance sheet and access to permanent capital to invest, we are confident that we can drive improved performance and re-build and deliver shareholder value over the coming years.

Simon Borrows, 3i's Chief Executive, commented: "Since the announcement of 3i's future strategy in June, we have wasted no time in implementing the significant organisational and cultural changes that are needed. "As a result, we have made strong and measurable progress against the immediate priorities and targets that we set out in June, and the Group has delivered steady overall performance in the first half in what remain challenging economic conditions and subdued markets. "There is much more to do and we will continue to work hard to drive improved performance across our business. "Our strategic goal is to be a leading international investor in mid-market private equity, infrastructure and debt management, and to deliver top quartile cash investment returns over the longer-term."

3i Group plc announces Half-yearly results to 30 September 2012 Key highlights § Strong and measurable progress in implementing the restructuring announced in June § On track to meet the announced cost and debt reduction targets § Steady overall returns, driven by improved performance in Private Equity and steady contributions from Infrastructure and Debt Management, partly offset by restructuring costs § Realisations and investment activity has been low in subdued M&A markets § NAV per share has been resilient at 273p at 30 September 2012 compared to 279p at 31 March 2012 § Interim dividend of 2.7 pence per share, same level as last year.

http://www.investegate.co.uk/3i-group-plc-(iii)/rns/half-yearly-report/201211150700091693R/

UTLOOK In the UK, as we work through the final stages of Ofgem's RIIO process, our focus is on successfully implementing a number of RIIO readiness initiatives, led by the ongoing development of our new UK operating model. In the US, our priority remains to improve overall returns through improved customer service and efficiency, combined with securing appropriate rate case outcomes in key jurisdictions. Our actions in the first six months to deliver our strategic priorities and improve performance combine with a sustained drive to improve safety, reliability and customer service across our businesses. As a result, we are well positioned to deliver another year of good operating and financial performance.

Steve Holliday added: "This good first half year performance reflects increased net regulated revenues driven by our growing asset base and tight control over operating cost growth. Increased investment in both our UK and US operations is in line with our forecast. In the UK, as we work through the final stages of Ofgem's RIIO process, our focus is on successfully implementing a number of RIIO readiness initiatives, led by the ongoing development of our new UK operating model. In the US, our priority remains to improve overall returns through improved customer service and efficiency, combined with securing appropriate rate case outcomes in key jurisdictions. Overall, we are well positioned to deliver another year of good operating and financial performance."

Outlook and priorities unchanged · Sustain focus on improving returns and securing appropriate regulatory outcomes · Implement new UK operating model, aligning activities to deliver optimal outcomes under RIIO · Restoration expenses following 'Superstorm' Sandy, outside LIPA, not expected to exceed £100m