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Bob Ivell, Executive Chairman, commented: "This is a resilient set of results despite a challenging year with a difficult consumer environment, board changes and a takeover approach. Mitchells & Butlers is a good business and our ambition is to make it a great business. We have a number of initiatives in place to do this including the simplification of our central support functions to enhance business performance. Overall, this gives us confidence in successfully growing the business in the year ahead."

Total sales up 4.9% including food sales up 7.8% - Operating profit up 1.1% and operating margin at 16.3% - EBITDA returns of 21% achieved on expansionary capex invested over the last two years - Net debt reduced by over £400m; net debt:EBITDA now at 4.7 times - Like-for-like sales in FY 2011 of +2.6% with food like-for-like sales of +4.8% - Like-for-like sales growth of 2.0% in first 8 weeks of FY 2012

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John Weston, Torotrak's newly appointed Chairman said: "Torotrak's technology has matured at a critical time. Vehicle manufacturers must deliver ever more fuel-efficient vehicles, and Torotrak has developed a range of practical, cost effective and patented solutions to help achieve this. Legislative pressure means that maintaining the status quo in automotive technology is no longer an option. This is all resulting in increasing opportunities for Torotrak. With Torotrak's high quality customer base, strong cash balances and engaged industrial partners, I see exciting opportunities opening up for Torotrak and its shareholders".

Financial highlights ● Positive operating cash flow of £0.7 million (2010: £2.5 million outflow) ● Cash balance of £8.8 million (31 March 2011: £8.3 million; 30 September 2010: £10.0 million) ● Revenue reduced by £1.2 million to £0.8 million (2010: £2.0 million) reflecting timing of licence fees ● Operating costs reduced by £0.8 million as a result of a re-focused operating structure, with higher levels of prototype engineering activity now undertaken by licensees rather than Torotrak

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Sergio Morandi, Chief Executive Officer of MOG, commented: "We are extremely pleased to have commenced 3D seismic acquisition offshore Malta with Fugro-Geoteam, a world class operator. The new 3D seismic data should enable the Company to complete the assessment of the exploration potential of Area 4, Offshore Malta."

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non-executive director of both broadband provider TalkTalk and mobile phone seller Carphone Warehouse has made a double purchase, phoning in orders for shares in both firms. John Allwood bought 10,000 shares at 134.80p for a total of £13,480 in TalkTalk, and 3,500 shares at 311.00p in Carphone Warehouse, which he joined last year, for £10,885. Earlier this month the Carphone Warehouse announced that it is to close its 'big-box' Best Buy stores in the UK, sell off its interest in Best Buy Mobile and return a chunk of money to shareholders.

non-executive director of both broadband provider TalkTalk and mobile phone seller Carphone Warehouse has made a double purchase, phoning in orders for shares in both firms. John Allwood bought 10,000 shares at 134.80p for a total of £13,480 in TalkTalk, and 3,500 shares at 311.00p in Carphone Warehouse, which he joined last year, for £10,885. Earlier this month the Carphone Warehouse announced that it is to close its 'big-box' Best Buy stores in the UK, sell off its interest in Best Buy Mobile and return a chunk of money to shareholders.

Strategy and Outlook The tanker market has shown a strong negative development in the last two years. Rates are currently at operating cost levels with no contribution to capital and vessel values have fallen approximately 25-50 percent, depending on age, during the last year. If the weak market continues it is likely to lead to significant financial problems for the whole tanker industry. At September 30, 2011 Frontline was, after minimum value clause prepayments of $13.3 million on two loan facilities in October, in compliance with all of its financial covenants and had cash and cash equivalents of $191 million. The negative operating cash flow, the funding of the newbuilding program and the additional decrease in values in the fourth quarter creates a challenging situation. If the current market does not improve, the Company is likely to need additional funding in the first part of 2012 in order to meet the Company's cash obligations. There are also significant uncertainties regarding the Company's ability to comply with certain of its financial covenants at the end of the fourth quarter 2011. The Company has received committed financing for two of its seven newbuildings, while five newbuildings remain unfinanced. The remaining installments to be paid as of September 30, 2011 amounts to $437.9 million, with expected payments of approximately $13.5 million in 2011, $175.7 million in 2012 and $248.7 million in 2013. The Board has in view of this difficult situation started to consider ways to improve the Company's maneuverability. Certain assets have already been sold in order to reduce the Company's liabilities. In the period to come the Board will seek discussions with the Company's creditors and counter parts. The target is to find a restructuring solution which reduces the Company's overall liabilities, reduces the cash break even rates and get relief in the Company's financial covenants and debt repayments. The Board anticipates that any such solution will be dependent on a significant new equity contribution or anr asset sale and will, in view of the seriousness of the situation, explore all possible alternatives with the preferred target of finding a solution prior to December 31, 2011. If the current weak market continues and no solution can be found there are significant uncertainties linked to Frontlines sustainability in the present form. The Company's major shareholder Hemen Holding has expressed a positive view in order to contribute to an overall solution. The full report is available for download in the link enclosed and from the Company's website www.frontline.bm.

FRO - Third Quarter and Nine Months 2011 Results Highlights Frontline reports a net loss, excluding vessel impairment losses, attributable to the Company of $44.7 million for the third quarter of 2011, equivalent to a loss per share of $0.57. Frontline reports a net loss, excluding vessel impairment losses, attributable to the Company of $64.5 million for the nine months ended September 30, 2011, equivalent to a loss per share of $0.83. Frontline records vessel impairment losses of $121.4 million in the three and nine months period ended September 30, 2011, equivalent to a loss per share of $1.56. Frontline disposed of the Suezmax tankers Front Fighter, Front Hunter and Front Delta. Frontline agreed to terminate the charter parties for its three remaining single hull VLCCs Titan Orion, Titan Aries and Ticen Ocean and expects to receive compensation payments totalling $26.1 million. Frontline agreed with Ship Finance to terminate the long term charter party between the companies for the OBO carrier Front Striver. The Company expects to record a loss of approximately $9.3 million in the fourth quarter Frontline will not pay a dividend for the third quarter of 2011.

http://www.investegate.co.uk/Article.aspx?id=20111122070238H5587

Never good when you miss out on repeat business

BAE Systems HR Contract Expiry Xchanging plc ('Xchanging'), the business process and technology services provider and integrator, today confirms that BAE Systems has informed Xchanging HR Services ("XHRS") that they do not intend to renew the existing HR outsourcing contract when it expires at the end of 2012.

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Björn Rosengren, Chief Executive Officer, Wärtsilä Corporation, commenting on the Acquisition said: "We believe strongly in marine gas markets and in the opportunities in the rapidly evolving environmental market. Combining our resources with Hamworthy, we will be able to offer customers a broader portfolio of economically efficient, reliable and environmentally sustainable products and systems. We recognise the success achieved to date by Hamworthy and we are confident that our global presence, scale and resources will enable Hamworthy to accelerate its growth and fulfil its potential, particularly in early stage environmentally sustainable technologies. We look forward to working with the management and employees of Hamworthy to combine our expertise and experience for the benefit of our customers around the globe as well as for the benefit of our shareholders." Gordon Page, Non-Executive Chairman, Hamworthy plc, commenting on the Acquisition said: "The Board believes this is an attractive offer for Hamworthy shareholders, reflecting the strengths of Hamworthy's global positions and its growth prospects. Hamworthy is an innovative, global engineering company, providing high technology products, systems and services to the marine and oil and gas sectors. The combination with Wärtsilä represents a strategic transaction, and Wärtsilä has committed to providing continued stability and opportunity for our employees within the Wärtsilä group and the continued development of Hamworthy's extensive product and service offering for Hamworthy's customers. I would like to thank all the Hamworthy directors and employees for their contribution to the success of the company, which I am confident will continue under Wärtsilä's ownership."

RECOMMENDED CASH OFFER BY WÄRTSILÄ TECHNOLOGY OY AB FOR HAMWORTHY PLC (TO BE EFFECTED BY MEANS OF A SCHEME OF ARRANGEMENT) Summary · The Boards of Wärtsilä Technology Oy Ab and Hamworthy plc are pleased to announce that they have reached agreement on the terms of a recommended cash offer for the entire issued and to be issued share capital of Hamworthy. It is intended that the Acquisition will be effected by means of a scheme of arrangement under Part 26 of the Companies Act. · Under the terms of the Acquisition, Hamworthy Shareholders will be entitled to receive, for each Hamworthy Share held, 825 pence on the basis that Hamworthy Shareholders will not receive an interim dividend for Hamworthy's financial year ending 31 March 2012. If a dividend were to be declared the Offer Price would be adjusted downwards on an equivalent basis. · The Acquisition values the entire issued and to be issued share capital of Hamworthy at approximately £383 million. · The Offer Price represents an attractive premium of approximately: - 56.2 per cent. to the average Closing Price of 528 pence per Hamworthy Share for the twelve months ended on 16 November 2011, being the last Business Day prior to the commencement of the Offer Period; and - 50.2 per cent. to the average Closing Price of 549 pence per Hamworthy Share for the three months ended on 16 November 2011, being the last Business Day prior to the commencement of the Offer Period.

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