Member Info for mulledwine

http://www.investegate.co.uk/ubc-media-group-plc-(ubc)/rns/half-year-results-to-30-september-2012/201211120700068131Q/

UBC Media Group (UBC) has been awarded a contract to supply digital video content to Yahoo UK and Ireland in a new partnership deal. UBC's media entertainment division will supply Yahoo with tailor made showbiz videos seven times a day in addition to other updates from the world of film, music and television. As a result, UBC will receive an undisclosed revenue share from advertising around the videos sold by Yahoo. Shares in the company shot up by 0.125p to 2.25p as it also announced operating losses were reduced by 28% to 355,000 pounds in the six months to September.

MACAU OVERVIEW · Sands China opened its Cotai Central phase two in September. The launch featured the opening of the world's largest Sheraton Macao Hotel. Together with the Conrad and Holiday Inn which opened in April, it comprises 5,700 rooms, 400 gaming tables, 1,100 slot machines, 70 retail shops and over 40 F&B outlets.More recently, the Group was granted a three-year extension to build its fifth property by April 2016 on "Parcel 3". Upon completion, it will feature a 225 metre tall Eiffel Tower replica. Other developments on Cotai strip include MGM China's US$2.5 billion casino project which received government approval in October and which is expected to complete by end-2015. The property will feature 500 gaming tables, 2,500 slot machines and 1,600 hotel rooms. In late-October, SJM was granted land in Cotai, paving the way for it to build its first casino hotel there. The development is expected to feature 700 gaming tables, 1,000 slot machines and 2,000 hotel rooms. · GDP growth for the second quarter was 7.3% (vs 18.6% in Q1). For the first half of the year, GDP expanded by 12.6%. Economist Intelligence Unit forecasts GDP growth for the full year to be 9.8% and 13.5% for 2013. · VIP gaming revenue amounted to US$6.4 billion in Q3, a 1.1% decrease YoY - the first quarter this year that VIP gaming recorded a negative growth - whilst mass-market gaming revenues continue to post healthy growth of 26.8% to US$2.9 billion. According to Morgan Stanley, mass market growth could continue to outpace VIP, given that gaming revenue growth has been coming from Cotai, which is becoming increasingly centred on mass-market gaming. This growth could also be further boosted by Sands China eventually getting 200 new tables dedicated to mass-gaming in early 2013. · China's Central Government has recently announced that it will ease Individual Visitor Scheme (IVS) restrictions to Macau for people living in the six big Mainland cities of Beijing, Chongqing, Guangzhou, Shanghai, Shenzhen and Tianjin. It is anticipated that this announcement will further boost Macau's economy - visitor arrivals from Mainland China increased 0.8% YoY to 1.3 million in September, with those travelling to Macau under the IVS rising by 11.4% YoY to 500,395. In the first nine months of 2012, visitor arrivals totalled 20.9 million, representing a YoY growth of 1.0%

PROPERTY MARKET OVERVIEW · The Macau Government announced a series of property cooling measures in October to prevent overheating of the real estate market. 1. Mortgage lending rules have been further tightened for completed and pre-sale flats, particularly for the non-Macanese. For more information on the measures that came into place on 12 October 2012, please refer to http://www.amcm.gov.mo/rules_and_guidelines/laws/bank/Cir%20022_B_2012_English.pdf. 2. The Special Stamp Duty (SSD) - implemented in June last year on residential transactions - will be extended to include commercial properties, offices and car parks. Sellers will have to pay a duty amounting to 20% of the transaction price for properties sold within a year of their purchase, and 10% for those sold between one and two years of their purchase. 3. Targeted at foreign buyers, an additional buyer stamp duty of 10% will be imposed on the purchase of residential properties by companies and non-Macanese, on top of the current 3.15% stamp duty. This tax will not be applicable to Macanese residents. The extension of the SSD and the additional buyer stamp duties came into effect on 30 October 2012. Other cooling measures include limiting the reduction of property tax for Macau residents such that non-residents will shoulder full property taxes, introducing four new public housing projects to create an extra 4,000 flats by 2015 and new guidelines for pre-sale properties to better protect consumers, redeveloping certain public facilities to make more space for public housing and streamlining timelines for approval of construction plans. We do not expect the new property cooling measures to have a significant impact on MPO's portfolio and in the case of The Waterside, they could help drive rental values. MPO's prime luxury assets, The Sky House and The Green House, may experience some slower growth in capital values, but these only constitute 15% of total portfolio value. · A total of 11,120 homes worth US$5.7 billion were sold in the first eight months of 2012. Housing prices reached a new high at US$720 per square foot in August. · On the retail side, a total property transaction sales volume of 180 valued at US$230 million was recorded in August. Although the transaction volume was slightly lower compared with July, the increase in value was 11% month-on-month and 190% YoY. With the imposition of SSD on commercial properties, offices and car parks, market supply, especially in the prime locations, will be limited but prices and yields are expected to remain under upward pressure

OPERATING HIGHLIGHTS · Rental growth atThe Waterside (ultra-luxury residential) remains strong. Latest effective rents achieved for standard and special units increased 17% and 9% year-on-year (YoY) respectively with average net yields standing at 2.4% per square foot. Occupancy currently stands at 84% based on total gross floor area. Our overriding focus is to increase rental growth further and maintain strong occupancy by attracting new tenants, to retain existing tenants and to improve tenant profiles. · Superstructure work at The Fountainside (niche, low-density residential development) has now topped-out with internal fit-out and finishing well underway. The second wave of marketing and sales activities is expected to be launched once the project is completed early next year. · Construction of MPO's flagship retail development, Senado Square, is expected to commence by end-2013 following the receipt of all necessary approvals and the project should be completed by end-2015. · The first development phase of APAC Logistics Centre (warehousing/logistics) is due to be finalised by year-end. Cove Residence (entry-level residential) is scheduled for completion by March 2013.

Interim Management Statement and Net Asset Value Update Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, today announces its Interim Management Statement and Net Asset Value update covering the three months to 30 September 2012. FINANCIAL HIGHLIGHTS · Unaudited Adjusted Net Asset Value (Adjusted NAV) per share was US$3.07, representing an uplift of 2%. In Sterling terms this was 190p (based on US$/£ exchange rate of 1.617 as at 30 September 2012), a fall of 0.79% due to exchange rate fluctuations. · Property portfolio value up 2.6% to US$385 million. · Cash balance of US$34.6 million, of which US$6.7 million was pledged as collateral for the Company's banking facilities. Unrestricted cash was US$27.9 million. · Based on the Company's portfolio value as at 30 September 2012 and assuming a full drawdown of its committed loan facilities, MPO's total loan-to-value ratio (LTV) stood at 26% (versus 27% as at end-June). · MPO continues to hold the view that its share price remains significantly undervalued and does not accurately reflect the quality and positioning of MPO's portfolio and potential for further NAV growth. The Board therefore remains actively committed to buying back shares at attractive levels of discount of share price to Net Asset Value. The Fund has repurchased 2,570,250 of its own shares for cancellation from May 2012, bringing the total number of shares repurchased since mid-2011 to 5,070,250 (representing c. 5% of the Company's issued share capital). The Company has been in a close period ahead of the release of this report and has therefore been restricted from repurchasing any of its shares in the recent past.

http://www.investegate.co.uk/macau-prop-opp-fund-(mpo)/rns/interim-management-statement-and-nav-update/201211120700078217Q/

Macau Property Opportunities Fund (MPO) announced the value of its property portfolio increased by 2.6% to $385 million (242 million pounds) over the three months ended 30th September 2012. The value of its portfolio was boosted by an increase in demand for its ultra luxury residential apartment complex in Macau,"the Waterside", as rents for standard and special units increased by 17% and 9% respectively year-on-year. The shares closed up by 4p at 111p.

"These additions to ore reserves are very important for the Company as they allow us to extend the life-of-mine of both Khakanja and Omolon by 2 years while materially improving the grade outlook compared with other remaining reserves at these operations" said Vitaly Nesis, CEO of Polymetal. "Such results demonstrate excellent returns on investment in our brownfield exploration activities and we expect further reserve additions at Khakanja and Omolon in 2013".

http://www.investegate.co.uk/polymetal-int-plc-(poly)/rns/reserves-and-resources-results-announcement/201211120700058532Q/

Russian precious metal company Polymetal International (POLY) reported a 7% increase in proven and probable gold reserves to 15.3 million ounces of gold equivalent as at 1st July 2012. The estimate relates to 4 deposits; the Tsokol and Avlayakan deposits which are already in production and the Ozerny and Dailny deposits which are expected to start producing ore and generating cash flows in the next 18 months. The shares grew by 35p to 1,149p.

Shore Capital has kept to its "buy" stance on insurance provider Lancashire Holdings (LRE), citing an "excellent" level of pre-tax profits of 49.1 million pounds as part justification of its rating. The broker also believes that the insurance group is in a better position than others in the industry to manage losses due to Hurricane Sandy as it holds a loss warranty for extra cover in the event of a $20 billion (12.6 billion pounds) loss. The shares were down by 2.5p at 851p.

Canaccord Genuity maintained its "buy" recommendation on Cairn Energy (CNE) with a target price of 375p. The broker is impressed with the way the energy firm rebalanced its portfolio during 2012 and is convinced that the shares are trading at a substantial discount to fair value. Canaccord believes this discount will narrow as the reinvestment risk subsides. The shares fell by 1.5p to 277.5p.

Seymour Pierce reiterated its "buy" recommendation on Electronics company Dewhurst (DWHA) with a target price of 380p. This comes amid the potential acquisition of 70% of the Australia based firm Dual Engraving, a lift car manufacturer, for 1.88 million pounds. The broker believes this is a positive step towards making sales in the region more secure and recognises that the transaction is well within the company's means as Dewhurst has 9.98 million pounds on its balance sheet and no debt. The shares remained flat at 325p.

Nomura has raised its target price for beverages giant Diageo from 2,000p to 2,100p and retained its 'buy' recommendation for the stock, following last week's deal to buy a stake in Indian spirits group United Spirits Limited (USL). The broker said: "Announcement of this deal ahead of Diwali next week means that the celebrations can really begin, with the company gaining control whilst retaining a significant local minority interest."

Valuation: Sector consolidation keeps the stock in focus On a cash-adjusted basis, the stock trades on 15.5x our earnings in FY12 and 14.3x in FY13. This looks attractive given the strong industry drivers and potential upgrades to our forecasts from cross-selling the group’s products. Further, the enlarged group trades on c 2.0x FY13 sales, which is well below recent deals in the sector

http://www.edisoninvestmentresearch.co.uk/researchreports/bradyupdate121112.pdf

Valuation: Value rating with dividend growth BPIs share price ran up to 410p in mid-October – with no discernibly different macro trends save for oil prices being sustained at lower levels – and has retraced by almost 10% since then. At the 372p level (and on unchanged forecasts) we have previously noted healthy cover ratios and the expectation of progression from a reasonable dividend base. These comments still hold pending a recovering volume scenario, which would further strengthen the buy case.

http://www.edisoninvestmentresearch.co.uk/researchreports/BPI121112Update.pdf

ARM Holdings Sell 09-Nov-12 £596,433.62 Young K Sohn 84,000 @ 710.04p