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Merchant Securities retained its "sell" stance on Misys (MSY) with a target price of 220p. The broker noted concern over a poor second quarter performance from the banking software developer, with the Sophis portfolio management division reporting disappointing revenues. Additionally, Merchant pointed out that free cash flows were impacted by exceptional items and cost capitalisation

In the Times, Tempus tests the currents for National Grid. The firm’s 8% dividend growth promise will expire this year, to be replaced by a 4% commitment. This will not please investors thinks Tempus The company’s attempts to grow in the US are also dawdling, with National Grid finding it hard to make investments stateside worth the bother. Nevertheless, taking inflation into account the 4% promise will see dividend grow to 6.5% this year - that’s not bad says Tempus. The conclusion: hold. Over at the Telegraph, National Grid gets a more sympathetic hearing. Questor thinks the sustainability of the new 4% dividend growth promise is key. If the company can maintain that, and a return on equity of 7.2%, then investors will enjoy the ride. Questor says buy.

Summarising today's announcement Alison Cooper, Chief Executive, will say: "Our continued focus on realising opportunities from our total tobacco portfolio supported by innovation and price optimisation has delivered underlying tobacco net revenue growth of 3 per cent in the first quarter. "Combined stick equivalent volumes of our key strategic brands Davidoff, Gauloises Blondes, West and JPS were up 3 per cent and net revenues up 10 per cent with our focus on consumer relevant innovation and new formats driving growth in these brands in cigarette in emerging markets and fine cut tobacco in the EU. "Delivering the planned acceleration in our underlying sales momentum whilst continuing to realise cost and cash opportunities remain our priorities such that we are well placed to create further value for our shareholders this year."

INTERIM MANAGEMENT STATEMENT Ahead of the Annual General Meeting to be held later today Imperial Tobacco Group PLC confirms that the overall financial position and operational performance of the Group for the financial year to 30 September 2012 is in line with the Board's expectations. Performance Overview · Underlying* sales momentum with good progress in emerging markets and EU gains · Underlying* stick equivalent volumes down 1 per cent, with tobacco net revenues up 3 per cent reflecting strengthening price/mix · Specific factors impacted reported stick equivalent volumes, down 7 per cent with tobacco net revenues down 1 per cent Total tobacco supporting sales growth momentum · Good performance from key strategic brands; stick equivalent volumes up 3 per cent and net revenues up 10 per cent · Luxury Cuban cigar volumes up 14 per cent in emerging markets · Snus volumes up 76 per cent * Excluding the impacts of Syria, Spain, USA and Ukraine referred to below

http://www.investegate.co.uk/Article.aspx?id=201202010700205678W

Sort the funding here and there will be good gains on the SP

Funding The Board has reviewed the funding position of the Company and believes no new funds are required for the purpose of securing the business. However, the Directors note that the current cash resources of the business are highly constrained and the business does remain vulnerable to adverse trading swings. Cash at 31 December was GBP0.22 million and the Directors forecast that cash headroom levels will remain tight going forward in 2012. The Company is seeking to raise GBP0.5 million to develop the business and the Directors note that should trading fall short of expectations and funds are raised then any such funds could be used to support the business although there can be no guarantee that such funds would be sufficient. Emphasis of Matter/Going Concern The Directors draw the attention of the reader to the going concern statement in the Notes to the Financial Statements for the year to 31 March 2011 and the Audit Report itself, which contains two emphasis of matter statements. An extract from the going concern statement follows: "The Group's ability to continue as a going concern depends on its ability to increase sales over the next three months. The main sales increase is projected to come from the PathFinderRF product, which is a new product acquired in June 2011. The first order for PathFinderRF was received in December 2011 and the second order received in January 2012, but because this is a new product there can be no certainty over the level of future sales. Therefore, significant uncertainty exists over the Group's ability to meet its forecast. This situation indicates the existence of a material uncertainty which may cast significant doubt on the company's ability to continue as a going concern." Outlook The Directors expect to record revenues for the 12 months to 31 March 2012 in the range of GBP2.2 million to GBP2.5 million.

Restoration of Trading and Posting of Accounts The Board announces that audited accounts for the year to 31 March 2011 have been sent to shareholders in accordance with AIM Rule 19 and, having clarified the Company's financial position, the Directors will seek the restoration of trading in its securities on AIM. Restoration is expected to occur at 07.30am on 1 February 2012. The Directors draw the attention of the reader to the announcement of 30 January 2012 (Final Results 31 March 2011). Investors are encouraged to read that announcement in full.

http://www.investegate.co.uk/Article.aspx?id=201202010730035222W

Outlook: The global outlook remains uncertain but there are some grounds for cautious optimism. There are indications of improvement in the US economy and European government and institutional activity has improved liquidity conditions. As certainty and confidence return, so will our customers' willingness to transact. Commenting on the third quarter and outlook, Michael Spencer, Group Chief Executive Officer of ICAP, said: "Like everyone else we saw a significant reduction in risk appetite in November and December. In January we saw encouraging signs of activity starting to return, albeit cautiously in some markets. "ICAP is well placed to capitalise on the rapidly changing shape of the wholesale financial markets and to serve our customers' needs. The financial strength of our business means we can continue to invest in the technology, markets and products that will drive future growth. Our market-leading electronic fixed income platform, BrokerTec, will benefit from a significant upgrade in March leading to improved processing speed and expanded capacity. "The wholesale markets play a vital part in the efficient flow of capital around the global economy and ICAP will continue to play a leading role in helping our customers manage and mitigate their risks."

ICAP plc Interim Management Statement London, 1 February 2012 - ICAP plc (IAP.L), the world's leading interdealer broker, today issues its Interim Management Statement for the period from 1 October 2011 to 31 January 2012 and the outlook for ICAP's financial year ending 31 March 2012. As previously indicated, the third quarter ended 31 December 2011 was less active than the first half with Group revenue from continuing operations for the nine months to 31 December lower by 2% compared with the same period in the previous year. For the third quarter, Group revenue from continuing operations fell by 7% compared with the strong third quarter of 2011. The continued uncertainty in the Eurozone and constraints on market liquidity, together with customers reducing risk before the year-end, led to more subdued volumes. Our post trade businesses however continued to perform strongly throughout the period. It is still relatively early in 2012 but we have seen signs of an encouraging recovery in voice broking revenue. Volumes on our electronic platforms however, while up on December, are down 19% compared to a busy January 2011 due mainly to very low volatility in yen and Swiss FX as a result of central bank actions. In response to market conditions, we have also been realigning our business to match customer demand by reducing headcount in areas of lowered profitability, while investing and hiring in growth areas such as financial futures and commodities. To date we have reduced our cost base by a net £20 million compared to the prior year. As a result, we expect pre-tax profits for the year to 31 March 2012 to be towards the upper end of the current analyst range of £336 million to £358 million. The Board has today appointed John Sievwright as its Senior Independent Director.

http://www.investegate.co.uk/Article.aspx?id=201202010700205689W

Influential shareholder group PIRC has urged investors not to back a controversial £100m property transaction planned by transport group Stobart. The company has announced it is to buy a portfolio of properties from directors and shareholders Andrew Tinkler and William Stobart. Under the terms of the deal released in a shareholder circular, Stobart will pay a total of £103.8m to buy a portfolio of properties valued at £93.5m. A second valuation carried out under "special assumptions of no purchaser's costs" produced a higher figure of £98.9m. The company used the second valuation in its stock market announcement on the acquisition. PIRC claimed there were "inherent conflicts of interest in the transaction" and raised concerns that the "independent directors had provided no basis to their conclusion that the acquisition had a fair price," The Telegraph writes.

"This is an important breakthrough in our strategy to gain global market penetration for our products" said John Brady, CEO of Plant Health Care. "ASP Chile is a major player in its local market and this relationship is a significant stepping stone towards achieving further deals in the important agricultural countries of South America. "We are convinced that our customers will benefit from this new cooperation," said Laura Etchegorry, General Manager of ASP Chile. "This partnership with Plant Health Care is an extension of the outstanding work that PHC developed in the United States. This cooperation enables ASP Chile to continue to provide to Chilean farmers, best solutions to make their businesses more profitable, clean and efficient".

PLANT HEALTH CARE ANNOUNCES DISTRIBUTION DEAL WITH AGRIUM SUBSIDIARY Plant Health Care (AIM: PHC), a leading provider of naturally derived products to the agriculture and horticulture industries, announces that it has signed an exclusive, multi-year agreement with ASP-Chile ("ASP"), a wholly owned subsidiary of Agrium Inc, one of North America's largest fertilizer manufacturers that supplies North and South America and Australia with all of the major agriculture nutrients. No financial details are disclosed. Plant Health Care will supply ASP with its Myconate and Harpin products for use on all crops in Chile. Harpin will be marketed for all foliar uses while Myconate may be applied by seed treatment or ground application. Plant Health Care will work with ASP whilst it tests the products in order for them to be registered in Chile, after which the products can be available for sale, expected to begin within the next two years. Chile is an important agricultural producer with more than six million acres under production and it is a major supplier of off-season produce to Europe and North America. ASP is one of Chile's leading providers of chemicals and specialty nutrients for agriculture. This deal marks a significant milestone in that it represents the first time in the South American market that Plant Health Care has entered into a major supply agreement in which its products are able to be used on all crops. Myconate is a patented, synthetic compound that encourages plant growth by stimulating existing mycorrhizal fungi in the soil and creating a bigger root mass. More than six years of successful field trials provide product efficacy with increased yields, during tests, of up to 30% depending upon crop and location. Plant Health Care's aim is that that Myconate will become a standard element of farmer's seeding and nutrition programmes on a global basis. Harpin is a patented, specific protein that activates a plant's innate ability to protect itself and, at the same time, enhances growth and yield. In addition, the technology offers an important range of post-harvest benefits such as improved fruit quality and extended shelf-life. This is an important factor in Chile which has to ship fresh produce over long distances to reach important markets.

http://www.investegate.co.uk/Article.aspx?id=201202010700295493W

Suspension on ASX Norseman Gold, the AIM-listed and ASX-listed Australian gold production and exploration company, announces that it has today requested and been granted a voluntary suspension of its shares from trading on the Australian Stock Exchange. The Company's shares have not been suspended from trading on AIM. Under ASX rules a trading halt can only last 48 hours and then the company must seek a suspension of its shares if the conditions which originally brought about the trading halt still apply. As referred to in the announcement of 30 January, the Company had previously anticipated making an announcement with respect to its operations and corporate restructuring at Central Norseman Gold Company Ltd by today but now expects to do so by 6 February 2012.

http://www.investegate.co.uk/Article.aspx?id=201202010700094814W

Wayne Money, Eruma CEO said, "The second half of 2011 has been positive for Eruma as we continue to develop our sales pipeline through both our operating divisions. We continue to expand the Security Blinds scope of operation further afield and have already secured a strategic partnership in South Korea and we expect to extend this model to other territories particularly in the Middle East. This will help us to build on our recent export record, where we have successfully conducted business across the world including Russia, Germany, The Netherlands, Lebanon, Pakistan, Iraq, Yemen and Switzerland."

Eruma plc ('Eruma' or ' the Company') Trading Update Eruma plc, the AIM traded specialist provider of counter terrorism, intruder prevention products and intelligent lighting, is pleased to provide the following trading update:- The Company has made good progress in the second half of its financial year with an order book as at 31 December 2011 (which represents orders received but not yet delivered) approaching £1 million, which is more than double the comparative figure for the previous year. The Company has also completed a significant number of existing contracts during the financial year to 31 December 2011. Working capital has been a significant challenge throughout the year, and with little assistance from the banks will continue to be an important focus for the Company throughout 2012. The board is currently considering working capital funding options to successfully implement the continuing anticipated growth via high value contracts. The Company's lighting division, Illuminex, has enjoyed a strong second half in 2011 and there are several high value opportunities currently building in its pipeline. The strategic partnership forged with Concept Energy continues to deliver results. The Security Blinds division has enjoyed its best year since the inception of Eruma. Large contracts have been obtained and fulfilled and again this division's pipeline looks healthy, significantly ahead of the same period last year.