Member Info for mulledwine

http://www.investegate.co.uk/Article.aspx?id=201109210700096097O

Share Repurchases During the period under review, the Board made no share repurchases. However, it continues to maintain its active monitoring of the conditions for buybacks, in order to enhance the asset value per share and minimise the absolute level and volatility of the discount on the Company's shares. The discount, with debt at fair value, has ranged between 9.73% and 13.75% in the period from 1st February 2011 to 16th September 2011, with the average discount during the period of 11.58%. Board Appointment I am pleased to announce the appointment of Helen James as a Director of the Company with effect from today. As a founder of Investis, in 2000, and previously Head of Pan-European Equity Sales at Paribas, she brings a wealth of complimentary experience to the Board. Outlook With global growth slowing, markets volatile and the European Sovereign debt problem still unresolved, we remain cautious and as at the date of this report the Company is not fully invested, taking into account amounts receivable as proceeds from cash bids for companies in the portfolio. However, the valuations of many stocks look attractive on a medium term view; generally companies' balance sheets are now strong and dividend yields attractive. The Company is well placed to take advantage of opportunities as they present themselves. For and on behalf of the Board Hamish Leslie Melville Chairman

Chairman's Statement Performance and Market Review The Company's net asset value total return in the first six months to 31st July 2011 was -0.3% which was 2.5% behind the return of 2.2% from our benchmark index, the FTSE All-Share, excluding FTSE 100 constituents and investment trusts. Whilst this is a disappointing result, it has to be viewed against the backdrop of economic and political uncertainty, which has resulted in the portfolio underperforming against the Managers' expectations. This is explained in the Investment Managers' Report. The use of gearing at times during the period was also a factor in the loss of value against the Company's benchmark. Revenue The income received from investments in the first half is above that of the half year ended 31st July 2010, showing a small increase overall in dividend payments. Dividends A second interim dividend of 6.0 pence per share has been declared by the Board, payable on 1st November 2011 to shareholders on the register at close of business on 30th September 2011. Together with the first interim dividend of 6.0 pence paid on 1st August 2011 this brings the total dividend for the year to date to 12.0 pence (2010: 12.0 pence) and the Board expects that there will be a third dividend of 6.0 pence paid in early February 2012. As ever, the Board's decision as to the quantum of the fourth interim dividend will depend on the progress of the portfolio's dividend receipts for the balance of the year. The extent to which the Board may feel able to pay a partially uncovered fourth dividend will also depend on the outlook for the future dividend receipts by the Company as well as the Company's existing revenue reserves.

http://www.investegate.co.uk/Article.aspx?id=201109211512036725O

Informa: UBS keeps buy rating, target upped from 460p to 520p.

Jefferies International upgrades SABMiller from hold to buy, target price raised from 2279p to 2530p.

Following a sector de-rating, Swiss investment bank UBS has cut its target price for FTSE 100 insurance group Legal & General from 114p to 95p. "The sector has de-rated by some 9% in the market turmoil since June. Our 2012E shareholders' equity forecast reduced by 5% at interims. We are therefore reducing our price target," said analyst James Pearce. A neutral rating is maintained.

Credit Suisse has cut its target price for power provider Drax from 400p to 350p, highlighting uncertainties surrounding regulation and the economy. While Credit Suisse has upped its 2012 earnings per share forecasts by 29%, it believes that dark spreads have peaked: “We do not see much further upside potential for UK gas prices, but we are bullish on coal, and the CO2 floor - introduced by the government from 2013 - will progressively raise costs.”

Commenting on the acquisition, Mike Hickey, CEO of Wolfson, said: "We are delighted to welcome Dynamic Hearing's highly skilled team of employees into the Wolfson family. This acquisition secures important intellectual property, adds to our customer base and supports our leadership position in delivering HD Audio solutions for the consumer electronics market." Anthony Shilton, CEO of Dynamic Hearing, said: "This is a great opportunity for Dynamic Hearing to become part of a leading global audio solutions company. We will have an expanded capacity to market and deploy our existing intellectual property and software around the world. Our team here in Australia are looking forward to developing industry-leading software to complement and enhance Wolfson's HD Audio solutions."

Wolfson Enhances its Noise Cancellation Leadership Position with the Acquisition of an Enhanced Speech Intelligibility and Voice Communications Software Company Wolfson Microelectronics plc ("Wolfson" or "the Company"), a global leader in the supply of mixed-signal semiconductor HD Audio solutions for the consumer electronics market, today announces that it has signed a binding agreement, subject to certain customary closing conditions, to acquire the entire issued share capital of Australian-based software solutions company, Dynamic Hearing PTY Ltd ("Dynamic Hearing") for a consideration of up to AUD 5.0m (USD 5.2m), payable in cash. Dynamic Hearing is a leading provider of high quality audio processing software for personal communication devices such as mobile phones, Bluetooth headsets and hearing aids. Having traded profitably in the year to June 2011, it has a proven track record of repeat business with established customers, all of which are leaders in their respective markets. Since it was founded in 2002, Dynamic Hearing has built a successful business from its base in Melbourne, Australia. The 22 employees will now become part of the Wolfson team and will continue to serve Dynamic Hearing's existing customers as well as provide sound processing software for Wolfson's HD Audio solutions. Working closely with the Wolfson team during the past 18 months, Dynamic Hearing has developed and supplied a suite of audio enhancing transmit noise reduction and Acoustic Echo Cancellation (AEC) algorithms to run on Wolfson's Audio Hub products. Wolfson's WM2200, launched earlier this year, was the first product combining Dynamic Hearing's multi-microphone transmit path / voice capture noise reduction and AEC technologies, with Wolfson's unique receive Ambient Noise Cancellation (ANC) technology. This combination of audio processing technologies provides a complete platform-agnostic turnkey transmit and receive noise reduction solution. This will be further deployed across Wolfson's Audio Hub products for mobile phones and tablet PC applications.

http://www.investegate.co.uk/Article.aspx?id=201109211100486501O

http://www.growthcompany.co.uk/news/1655278/global-energy-attracts-us-investor.thtml

20/09/11 Radiant Growth Investments Limited (RADG) completed its first day of dealings on AIM after completing a 6.32 million pound placing. The company's policy is to invest in or acquire one or more companies, and to participate in a joint-ventures in the Asia-Pacific region, in the mining, oil and gas and palm oil sectors. The shares closed even at 13.625p, valuing the company at 14.06 million pounds.

http://www.investegate.co.uk/Article.aspx?id=201109200700075206O

Commenting on the results, Norcon's Chairman, Trond Tostrup, said: "Our ongoing contracts and high levels of client retention have given us a solid base on which to successfully expand our activities into new clients and territories in this first half of 2011. Whilst many of our new contract wins are currently small in volume terms, they represent important new beachheads for us into key expansion markets and have the potential to grow into larger long term relationships over time. We have good visibility through the fourth quarter of 2011 and we look forward to another profitable outcome for the year as a whole whilst remaining focused for the long term on developing and diversifying our business."

For the six month period ended 30 June 2011 Norcon plc (LSE/AIM: NCON), the global communications network specialist announces unaudited interim results for the six months ended 30 June 2011 (the "Interim Period"). These results reflect an improved revenue performance from the Company's business. FINANCIAL HIGHLIGHTS: · Revenue of US$35.9m (H1 2010: US$34.2m) · Gross profit of US$6.0m (H1 2010: US$6.6m) · Profit after tax of US$2.4m (H1 2010: US$2.8m) · Net cash of US$1.1m (30 June 2010: US$5.0m net cash) o Significant proportion of outstanding balances collected post period end o Net cash improved by more than US$7.0m since period end · Pro forma earnings per share of US$0.05 (H1 2010: US$0.06)* · Strengthened balance sheet with the current ratio increasing to 4.1 (30 June 2010: 2.6) * see note r OPERATIONAL HIGHLIGHTS: · Secured new client engagements in target expansion geographies · Strong client retention and competitive position in core markets maintained · Long-term market drivers remain firmly in place · New hires bringing expanded client relationships and contacts

http://www.investegate.co.uk/Article.aspx?id=201109210700136211O

TRADING UPDATE Imperial Tobacco Group PLC (Imperial Tobacco) confirms that the overall anticipated financial performance and position of the Group for the financial year to 30 September 2011 remains in line with the Board's expectations. We continue to focus on driving growth through our total tobacco portfolio in EU and non-EU markets. Tobacco net revenues* are expected to be up around 2 per cent with particularly strong performances in our Eastern Europe, Asia-Pacific and Rest of EU regions. Stick equivalent volumes are expected to decline around 2 per cent. Excluding Spain and the impact of a change in timing of a price increase in the UK, Tobacco net revenues are expected to increase by around 3 per cent and stick equivalent volumes to decline by less than 1 per cent. In Spain, recent price increases will benefit our Tobacco and Logistics operations. These benefits will offset the impact of the change in timing of the UK price increase. Imperial Tobacco expects to release its results for the year ending 30 September 2011 on Tuesday 1 November 2011.

http://www.investegate.co.uk/Article.aspx?id=201109210700086366O

Nick Clarke, Chief Executive Officer, commented "This has been a productive period for the Company and I am extremely pleased with the progress made at Kounrad, where we are targeting completion of construction by the end of 2011. We have consistently remained on track to deliver the 10,000 tonne per annum SX-EW facility on budget. The focus of management continues to be on Kazakhstan where commissioning of Kounrad will commence during Q1 2012 and we anticipate that within six months the SX-EW plant will be up to full production of 10,000 tonnes per annum of copper cathode. We expect to complete negotiations for the sale of copper cathode from Kounrad via an off-take contract, which will provide a source of cash flow for the Company from 2012 onwards