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http://www.investegate.co.uk/Article.aspx?id=201112160713261234U

Arbuthnot Securities reiterated its "buy" recommendation for RWS Holdings (RWS), with an increased target price of 511p, from 470p. The intellectual property support services provider delivered a strong full year performance, with revenues up 8% at 65.4 million pounds, which the broker attributes to a good performance from its core patent translations business and strong growth in China. Arbuthnot's target price increase is based on expected overhead cost reductions and beneficial foreign exchange movements. RWS shares declined 16.63p to 465p.

http://www.investegate.co.uk/Article.aspx?id=201112140700189053T

Morgan Sindall (MGNS) kept its "buy" rating from Panmure Gordon, with a 640p target price. The construction company remains in-line with expectations and the broker believes the order book remains above 3 billion pounds. Panmure notes stable affordable housing markets, helping to offset a slow new build sector. Additionally, the broker believes that the firm's shift towards regeneration projects will help boost performance in the medium term. The broker forecasts full year pre-tax profits of 46 million pounds, with a cash position of around 75 million pounds. The shares inched down 4p to 555.5p.

http://www.investegate.co.uk/Article.aspx?id=201112150700160066U

Coverage Shares in Pursuit Dynamics (PDX) collapsed 110.25p to 93p as the renewable energy technology company raised 9.38 million pounds via the placing of 9.38 million shares at 100p, a 50.8% discount to the pre-issue price. The company argued that the commercialisation of its reactor and atomisation technology had been lower than expected, giving rise to a need for additional funding. This is the second time the company has raised funds in 2011, following on from an 8 million pound placing in April. The placing tied in with the release of interims results for the six months ended September, in which revenue growth of 282% to 490,000 pounds did nothing to compensate for heavily increased operating expenses, which saw pre-tax losses widen almost 70% to 15.34 million pounds. Cenkos Securities and Mirabaud forecasts for the full year look more than a little embarrassing now as both brokers laid down estimations of circa 6.5 million pounds for the twelve months to March. To rub salt into investors' wounds, Pursuit announced that chief executive Roel Pieper has resigned with immediate effect to return to his venture capital activities.

China Food Company plc (AIM: CFC), a leading Chinese manufacturer of cooking and dipping sauces, today provides an update on trading. Further to the announcement of 18 November 2011, the Company is pleased to announce that: ● Overall revenues for the year to 31 December 2011 are expected to reach £40 million (2010: £35.9 million) ● Revenues from the Company's core soya sauce products are expected to show growth of in excess of 20% ● China Food remains profitable after accounting for launch of 'Xaka' soya sauce and the Company's branding and launch investment spend of approximately £3.5 million in the last three months, which is in addition to the £0.9 million of preparatory marketing expenses that was incurred in H1 2011 ● After allowing for these costs, the Board now expects profit before interest and tax for the year ending 31 December will not be less than £1 million ● Cash at bank at 31 October 2011 of £7.6 million, and net debt of £10.1 million ● The Company paid a maiden dividend in November 2011 ● Net assets at 31 October 2011 were approximately £37 million ● The Company now expects to have 92 regional distributors for its 'Xaka' soya sauce by the year end (up from 71 in mid-November) ● Rollout of 'Xaka' continues to be well received and gross margins remain in line with management expectations ● The Company remains in discussions regarding the disposal of its animal feed business ● The Board is currently reviewing the management team with a view to continuing to strengthen it The Company expects to start 2012 with good momentum and will update shareholders on further progress and the outlook for 2012 following Chinese New Year in late January.

http://www.investegate.co.uk/Article.aspx?id=201112150700149800T

Credit provider International Personal Finance (IPF) warned that profits will be 14% lower than expected, resulting from volatile foreign exchange movements and a weakening of its trading currencies against sterling. However, the group said that credit issued had increased by 4% in its final quarter to date. The firm also noted the Hungarian Government's decision to repeal the planned reduction of the corporate tax rate from 19% to 10% from 2013, which will result in a one-off reduction in the company's effective tax rate in 2012. Shares in International Personal Finance crashed 16.8p to 165p.

http://www.investegate.co.uk/Article.aspx?id=201112150700159998T

Real estate group Hammerson (HMSO) sold the freehold of 60 Threadneedle Street in London for 176 million pounds, after deducting rental top-ups. Of this, 5 million pounds will be deferred until 2013, subject to the achievement of certain conditions. Last valued at 165 million pounds on 30th June 2011, the property generated rental revenue of 8.8 million pounds and cost the company 124 million pounds to build. The shares moved up 5.8p to 354.5p.

http://www.investegate.co.uk/Article.aspx?id=201112150700290353U

Shares in Old Mutual (OML) jumped 12.7p to 123.7p on news that it will sell its Nordic business Skandia Insurance for 22.5 billion Swedish kronor (2.1 billion pounds). The funds will be used to further its goal of reducing its net debt by at least 1.5 billion pounds by the end of 2012, adding that excess capital will be returned to shareholders. The move will also reduce the group's complexity, allowing it to focus on its long-term savings business.

http://www.investegate.co.uk/Article.aspx?id=201112150700260182U

http://www.investegate.co.uk/Article.aspx?id=201112150700440183U

Shore Capital reiterated its "buy" recommendation for soft drinks manufacturer Nichols (NICL). In a rather convoluted story, the broker notes that Coca-Cola has agreed to buy 50% of Saudi Arabian beverage company Aujan, to which Nichols has licenced the production and sale of its Vimto drink. Shore estimates that Vimto accounts for 20% of Aujan's revenues and is encouraged by the involvement of Coca-Cola which has the potential to growth the brand using its global distribution and marketing capabilities. Nichols shares rose 14.25p to 521.25p

Panmure Gordon initiated coverage of Lok'n Store (LOK) with a "buy" recommendation and target price of 126p. The self storage company has a resilient business model, says the broker, and has been able to increase its prices by 3.3% per annum for the last six years, despite the challenging economic environment. Panmure approves of the recent acquisition of data storage company Saracen which it believes offers good synergistic expansion. Lok'n Store shares were unchanged at 102.5p.

Apologies if the last 2 posts have already been submitted

As reported on Friday, the company's financial position is as follows: - Private equity portfolio as at 30 June 2011 of approximately £149.9m or 60.0 pence per share (unaudited, including portfolio company year end valuations and cash balances) - Clearly this figure is open to speculation given that it is a year-end valuation, but there is plenty of NAV cover (vs 22p share price) even assuming the portfolio has suffered a significant devaluation. · Carbon portfolio of £(16.0m) or (6.4) pence per share (unaudited) based on carbon prices as at 6 December 2011 · Company cash balances as at 6 December 2011 of £50.2m or 20.1 pence per share (unaudited, including restricted cash of £21.5m) - In addition to these cash balances the company is also due to receive repayment of a loan of €17.7m from a portfolio company in early 2012. · Hedging: Cash value as at 6 December 2011 of £15.2m or 6.1 pence per share (unaudited) · Other liabilities as at 30 June 2011 of £7.7m or 3.1 pence per share (unaudited) - The unhedged exposure to carbon obligations is c.13.5m tonnes of pre December 2012 delivery CERs (carbon emissions reductions), "with a maximum theoretical liability to the company of £77.3m in the unlikely event that the price of carbon was to fall to zero". The company is not contractually obliged to purchase post December 2012 CERs. The company stresses that it "has sufficient cash resources to meet its current obligations and as previously announced the Board is overseeing the orderly realisation of the assets of the Company in line with its investment policy and will update shareholders in due course".

Trading Emissions (TRE) is a closed end investment company that specialises in renewable energy projects and emissions instruments such as carbon credits. As readers are no doubt aware, the carbon credit market is subject to considerable uncertainty and volatility, and I would never have been attracted to such a stock in the normal scheme of things. However, back in 2010 Trading Emissions decided to do the sensible thing and unwind its exposure to carbon credits - and hopefully net shareholders a considerable return on the way. To these ends the company appointed advisers to explore the sale of assets within its private equity portfolio and it soon emerged that the company had attracted potential buyers both for its private equity portfolio and its carbon credit portfolio. However, the significant falls in carbon credit prices has scuppered these deals of late and TRE's share price has crashed. Even in a worst case scenario - which assumes the carbon price goes to zero, private equity were written down by a further 50% and wind-up costs were £10 million - broker Peel Hunt has estimated that NAV would still be 28p per share. The broker added, "It is possible that TRE might be able to declare force majeure on a dysfunctional carbon market (could add 20p / share at its best), or the carbon market could rebound as a result of government action (floor price / taxation / change to terms), although the latter is looking increasingly unlikely." The broker's target price is 38p per share. I also note the recent purchase by Simon Shaw of TRE investment manager EEA Fund Management of 250,000 shares at 26.5p. Assuming that the worst case scenario is unlikely, there could be some serious upside here in due course.