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M&B's low-ball bid By Algy Hall, 14 September 2011 A low-ball approach for pub group Mitchells & Butlers – a nil premium to the closing price on 26 August of 224p – highlights a genuine conundrum for shareholders. On the one hand, the initial approach from Monaco-based billionaire and 23 per cent M&B shareholder Joe Lewis looks derisory; as does the 230p to which he is considering increasing the offer. But were Mr Lewis's bid to fail without the appearance of a rival bidder, shareholders would face the unpleasant prospect of continued boardroom turbulence coupled with the possible onset of a trading downturn, as consumers' disposable incomes are eroded. We recently retracted all our buy recommendations on stocks in the sector, due to our fears of a trading downturn coupled with cost increases.

Geoff Wilmot, CEO said: "This is an encouraging set of results with adjusted profits, earnings and cash generation all significantly improved. The 18% increase in the dividend is both a recognition of these results and a signal of our confidence that we now have in place a stronger platform for growth. "We have restructured our business into three distinct operating units: business publishing, business information and exhibitions. We have made a number of senior management appointments. We have made small, but important bolt-on acquisitions as well as disposals, as we optimise our portfolio. "Centaur has acquired momentum and is well placed as a preferred provider of business information and services to our professional and commercial markets of choice."

Centaur Media plc (LSE: CAU), the business information and events group, has published its full year results for the year to 30 June 2011. Financial · Revenue up 14% to £68.3m (FY10 £59.9m) · Adjusted EBITDA up 50% to £9.9m (FY10: £6.6m) · Adjusted EBITDA margins increased from 11% to 14% · Adjusted profit before tax up 63% at £6.5m (FY10: £4.0m) · Loss before tax of £30.3m (FY10: profit £2.6m) includes non-cash impairment charge of £32.2m and exceptional charge of £3.4m · Adjusted basic EPS up 55% to 3.4p (FY10: 2.2p) · Proposed full year dividend up 18% to 2.0p (FY10: 1.7p) · Cash conversion 125% (FY10: 112%)

http://www.investegate.co.uk/Article.aspx?id=201109150700202660O

Ryanair is to force customers take out the airline's own pre-paid payment card if they want to avoid card charges that add as much as £48 to the cost of return flight for a family of four.The low-cost airline yesterday launched the Ryanair Cash Passport and confirmed that it will soon become the only payment method by which passengers can avoid the card charges, the Daily Mail reports.

The billionare stalking Mitchells & Butlers will launch a formal 230p-a-share offer for the pub and restaurant company in days, The Times has learnt. Joe Lewis’s bid, valuing the Harvester and All Bar One operator at £942 million, or £2.85 billion including debt, will offer investors the option of receiving shares in an unlisted M&B controlled by his Piedmont vehicle, the Independent paper says

BNP Paribas downgrades BAE Systems from neutral to underperform, target price cut from 310p to 250p

Jim Mellon, Non-Executive Chairman of the Company said: "We are delighted that the AIM flotation of the Company has now been completed successfully. We believe that recent progress in medical research is opening up opportunities for biopharmaceutical companies to develop new treatments for many of the diseases that impact on life expectancy and life quality. The Company will invest in both quoted companies, which offer the benefits of liquidity, and also in unquoted companies which offer the attraction of additional capital gains upon completion of a successful IPO."

Admission to AIM & first day of dealing Port Erin, a company focused on investing in the biotechnology and biopharmaceutical sectors, is pleased to announce the admission today of its ordinary shares to trading on the AIM market of the London Stock Exchange ("Admission") and the commencement of dealings in the ordinary shares under ticker symbol PEBI. HIGHLIGHTS · Successfully raised £3m via a placing at 10p per ordinary share. · Experienced Board with strong investment expertise. · Focused on investing in companies that have the potential to generate substantial revenues through the development of biopharmaceutical drugs. The Company has raised £3,000,000 before expenses via a placing at 10p per share. The placing comprises the issue of 30 million new ordinary shares and the grant of 30 million warrants exercisable at 12.5p per ordinary share to subscribers of the placing shares. The ordinary shares being offered pursuant to the placing will represent 90.9 percent of the enlarged share capital of the Company.

http://www.investegate.co.uk/Article.aspx?id=201109150804592894O

Very upbeat and I like · Board confident of achieving significant revenue growth, ahead of market expectations

Outlook for FY 2011 · Increase in revenues expected to continue across all segments · Further expansion into new markets, including ballast water, and territories to deliver increased sales · Irrigation segment continuing to grow · Ongoing impact of raw material prices and currency fluctuation · Board confident of achieving significant revenue growth, ahead of market expectations Commenting on the results, Arik Dayan, Chief Executive Officer of Amiad, said: "As we have stated previously, 2010 was a landmark year that laid the strategic foundations for future progress. The first half results demonstrate the strength of this strategy with growth in all segments and territories resulting in revenues and profits exceeding market expectations. "Looking ahead, we entered the second half of 2011 with a greater backlog than at the same time last year as demand for clean water - for drinking, irrigation and industrial use - continues to increase throughout the world. As a result, Amiad is well-positioned to achieve significant revenue growth for the full year 2011 ahead of market expectations."

Operational Summary · The Company's revenues grew in all territories · Return to growth in the irrigation segment in the United States · Operational progress in new and growing geographies and segments, including: o Secured new projects in the municipal segment in East Europe and Russia, and for provision of drinking water in Vietnam o Successfully commissioned a pre-filtration system, based on Arkal disc technology, at a desalination plant in Adelaide, Australia o In the oil & gas industry, secured new projects in Singapore and the second phase of an existing project in Central Europe o Providing SpinKlin Disc Filters, part of the Arkal family of products, for the Aquapolo tertiary wastewater treatment plant in São Paulo, Brazil o Experienced increased interest in the ballast water industry, particularly in the United States · Strategic: o Acquired the remaining issued share capital of the Company's subsidiary in France, established "Amiad Europe" and, post period end, established "Amiad Brazil" as a wholly-owned subsidiary o Post period end, adopted Amiad Water Systems Ltd as the Company's name, reflecting the development and expansion of Amiad's offering

Results for the six months to 30 June 2011 Amiad, a leading global producer of water treatment and filtration solutions, announces its interim results for the six months to 30 June 2011. Financial Summary · Revenue increased by 56% to $59m (H1 2010: $37.9m; H2 2010: $51.5m) · Operating profit was $5.5m (H1 2010: $2.1m; H2 2010: $2.1m) · Profit before tax was $4.9m (H1 2010: $1.1m; H2 2010: $2.3m) · Gross margins at 44% (H1 2010: 45%; H2 2010: 42%) · Fully diluted earnings per share was $0.18 (H1 2010: $0.04; H2 2010: $0.103) · Interim dividend of $0.049 per share (H1 2010: $0.02; H2 2010: $0.058) · Cash and cash equivalents at 30 June 2011 were $15.0m (31 December 2010: $11.3m)

http://www.investegate.co.uk/Article.aspx?id=201109150700212688O

Kier Group chief executive Paul Sheffield commented: "We are delighted to have been selected as Scape's delivery partner for our unique approach. Delivering through our nationwide network of local offices means we can create work for local SMEs who in turn can offer local employment and apprenticeship opportunities. This, coupled with our national buying power and resources, will ensure that our local authority clients get value for money on all our Scape Minor Works projects, invigorating local economies, benefitting the SME supply chain and the local communities where we work." Mark Robinson, chief executive officer at Scape added: "This is Scape's first £1bn framework and the only one in the UK to deliver a national offering for projects up to £2m. At a very challenging time for public sector budgets this framework has been created to help drive down building procurement costs to help maximise savings."

Kier named to deliver up to £1bn framework Kier has been named as sole contractor to deliver a range of construction projects throughout the UK on behalf of Scape. The Scape National Minor Works framework will run for four years and is valued between £750m and £1bn. Scape is a local authority controlled company, its remit being to bring economy and efficiency to the whole building process - including for new buildings and refurbishment projects - and it achieves this through the development of standard designs and strategic procurement arrangements. It is estimated that Kier will be carrying out over 2,500 projects valued under £500,000 and over 350 projects valued between £500,000 and £2m. Projects will include refurbishment and new build works on every public sector building type including schools, town halls, leisure and community buildings, police and fire stations, in fact the framework can be accessed by any public body. The UK-wide projects, due to start before the end of the year, will be delivered through Kier's regional businesses which form a strategically placed network of locally based and managed offices throughout the UK.

http://www.investegate.co.uk/Article.aspx?id=201109150800042675O

Commenting on the contract, Roel Pieper, CEO of PDX, said: "This contract demonstrates the value of PDX technology to the food and beverages market, and the success that Heinz-Juergen Kroner (General Manager, Brewing and Food) and his team are having in establishing PDX's offering in this sector."

PDX announces food contract PDX is pleased to announce a contract win to supply a PDX fully-integrated food system to one of Europe's leading food producers. The producer, which manufactures some of the UK's best-known food brands, is a returning customer. The contract is worth approximately £400,000, with the revenue being recognised in stage payments over the next three months. This contract demonstrates the growing strength of PDX's offering in the food and beverage sector and our ability to deliver process and energy efficiencies to large-scale producers.