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Goldman Sachs initiates neutral on Kentz Corporation, target price 610p.

Espirito Santo initiates sell on International Consolidated Airlines, target price 130p.

Kepler upgrades WPP from hold to buy, target price unchanged at 800p.

Current Trading and Outlook In H1 2011, NextGen has completed multiple biomarker projects and has further projects in the pipeline. The company has begun to introduce to the market its 'off-the-shelf' assays targeting Oncology and CNS diseases. A key element to gaining market presence and overcoming the technology adoption hurdles is the release and marketing of our own 'assay panels'. It is clear from orders received that the plasmadiscovery41 assay panel is enabling the business to derive high margin revenues. We anticipate a similar response to the csfdiscovery43 product. These products are also enabling the business to open doors and gain traction within the target market segments. The key next stage will be to deliver further discovery and qualification (testing) projects to customers with our 'off-the-shelf' assays' and to publish/present that work in the public domain so as to clearly demonstrate the value proposition. Delivery of our 'off-the-shelf' assays' and demonstration of value through delivering qualification projects will enable the company to present a strong argument to the pharmaceutical and biotech market regarding the 'niche' role the company's technology can play in their pre-clinical and clinical development programs and also in their drive to develop companion diagnostics for their drug products. NextGen's ability to narrow the funnel from large numbers of potential biomarkers to small, manageable number of qualified biomarkers in a 6-month time window presents a real competitive advantage. This capability also presents NextGen with the opportunity to identify, play a role in and invest in projects that will develop and deliver diagnostic, stratification and progression biomarker assays. NextGen is currently evaluating opportunities to create a 'diagnostics' business that can utilize the technical expertise of the current business to enable development of an Intellectual Property (IP) portfolio and to access revenues through licensing of IP and assays. Currently, because of the nature and stage of the Group's business and the services it seeks to provide, the timing of cash inflows continues to be unpredictable. This, together with the Group's plans for growth, may necessitate alternative funding levels and the directors constantly review the need for such additional funds. During the period ending 30th June 2011, $1.5 million was raised in order to strengthen the funds in the Company and to allow the Company to fulfill its commercial strategies, by the issuance of 927 million shares. The convertible loan of €500,000 originally expired 31th July 2011. The loan period has been extended until 31th March 2012.

Financial review The loss after tax was $1,591,937 for the six months ended 30th June 2011 compared to $1,742,008 for the period ended 30th June 2010. This translates to a loss per share from continuing operations of $0.0002 for the six month period ended 30th June 2011 compared to a loss per share of $0.0004 for the period ended 30th June 2010. Group turnover (excluding turnover for discontinued operations) for the six months ended 30th June 2011 was $948,279 compared to $708,831 for the period ended 30th June 2010, an increase of 33.7%. Total operating charges including Cost of Goods increased by 4.6% from $2,348,247 for the period ended 30th June 2010 to $2,455,178 for the six months ended 30th June 2011 (excluding operating charges for discontinued operations). In the six months ended 30th June 2011 the Company has completed a placing of new ordinary shares of 0.1 pence each raising £927,410 ($1.5 million). This funding provided general working capital for the Company, which the Directors believe would be sufficient for its current requirements. The shares issued in the year were under a placing of 927,410,000 ordinary shares of 0.1 pence each (the "Placing Shares") with an existing shareholder in the Company at par value. In addition, for every Placing Share issued pursuant to the Placing, the Company has granted a warrant over 1 ordinary share of 0.1 pence each (the "Ordinary Shares") with an exercise price of 0.1 pence per share. The Warrants shall be exercisable for 3 years from the date of grant.

Highlights · New business plan written to focus on scalable and profitable products that will enable the business to increase its therapeutic relevance as a route to promoting market access and growing sales. Core product focus on protein biomarker discovery, assay development and biomarker qualification · Operational restructure of NGS completed to enable effective development and launch of products defined with the business plan · Focus on Oncology and CNS (central nervous system) therapeutic areas. The first stages in developing two new product lines have been achieved. o plasmadiscovery41 assay panel for biomarker discovery and qualification (testing) targeting oncology (prostate, colorectal and breast cancer as focus areas) was launched in March 2011. o csfdiscovery43 assay panel for biomarker discovery and qualification targeting CNS diseases (Alzheimer's, Parkinson's and multiple sclerosis as focus areas) was launched in June 2011. · Core market focus is on pharma, biotech and translational medicine centers for developing diagnostic, predictive and stratification (personalized) biomarkers · Multiple custom biomarker discovery, assay development and biomarker qualification projects delivered and in progress · NGS delivers its qualification (testing) services under a controlled quality environment (document change control system and standard operating procedures). This is the first phase in an on-going progression in being able to offer services to a GLP/GCP standard. · Sales in the period were $948,279 (2010: $708,831). · Funding of $1.5 million received in January through share issue.

http://www.investegate.co.uk/Article.aspx?id=201109091555449854N

Posting of Offer Document On 16 June 2011, HKN announced the terms of a mandatory cash offer to be made by HKN for all the issued and to be issued ordinary shares in Global ("Global Shares") not already held by HKN and persons deemed to be acting in concert with it (the "Offer"). On 15 July 2011, the Directors of HKN and the Independent Directors of Global announced that they had agreed, with the consent of the Takeover Panel, to postpone the posting of the Offer Document until the conditions to completion of the acquisition of the Global Shares which had triggered the obligation to make the Offer (the "Acquisition") were satisfied and Lyford had completed the Acquisition. On 31 August 2011, the Directors of HKN and the Independent Directors of Global announced that the conditions to the Acquisition had been satisfied and that the Offer Document would be posted as soon as practicable and in any event, no later than 9 September 2011. The Directors of HKN and the Independent Directors of Global accordingly announce that the Offer Document is being posted to Global Shareholders today. As the Concert Party is now interested in Global Shares representing more than 50 per cent. of Global's issued share capital carrying more than 50 per cent. of the voting rights of Global's issued share capital, there is no minimum acceptance condition or any other conditions precedent to the Offer and the Offer is unconditional in all respects. The closing date of the Offer is 1.00 p.m. on 30 September 2011. The Offer will not be revised or extended and the Offer will not therefore be capable of acceptance after such date. Global Shareholders are reminded that the Independent Directors of Global, who have been so advised by Matrix, consider the terms of the Offer to materially undervalue the Company and do not therefore consider the terms of the Offer to be fair and reasonable. In providing its advice, Matrix has taken into account the Global Independent Directors' commercial assessments. Accordingly, the Global Independent Directors recommend that Global Shareholders do not accept the Offer.

http://www.investegate.co.uk/Article.aspx?id=201109091531299929N

9th September 2011 Analyst: Steve Moore Email: steven.moore@gecr.co.uk Tel: 0207 562 3370 Empresaria Group* - Interim Results comment. 'Speculative Buy' at 25p; Target Price 38.4p

DelcamBUY 01/09/2011 Miles Nolan Delcam (DLC) has not disappointed since our advice to buy the shares in May – indeed, strong demand for its niche CAM software products has helped drive record interim results. Improved trading conditions buoyed sales in the six months to June by 13% to £20.1m, which led to an 87% leap in pre-tax profits to £1.5m. Recurring revenue from software maintenance and support jumped 10% to £6.6m, and this high-margin business now accounts for a third of sales. Delcam develops software for designing complex 3-D products. It delivered a robust performance in its key markets of Germany and the US, while it also achieved strong growth in Asia, particularly in China, Korea, India and Indonesia. The AIM firm plans to step up its sales efforts, with particular emphasis on exhibiting at major shows. Though well known for its work in the aerospace and automotive markets, Delcam is focusing on new areas such as healthcare, composites, robot machinery and power generation. It also plans to further its global sales network of 80 countries by selling its newer products. Net cash now stands at £10m, so investors are to be rewarded with a 30% dividend hike to 1.75p. The final quarter is always the key period, but chief executive Clive Martell says, 'We have not seen any significant impact on the business despite the recent market turmoil.' Broker WH Ireland forecasts 2011 pre-tax profits of £2.8m and EPS of 31.6p. We urged readers to buy at 430p, so the recent rise to 447.5p is pleasing. Trading at an unjust discount to its peers, shares in Delcam have further to go. Buy.

http://www.investegate.co.uk/Article.aspx?id=201109090700089444N

Investec to snap up Evolution for £233m By Benjamin Chiou Date: Friday 09 Sep 2011 LONDON (ShareCast) - Investec, the FTSE 100 South African banking titan, has made a recommended offer for Evolution Securities, beating rival bidder Cannacord in their race to snap up the investment banking and stockbroking firm. Investec announced on Friday morning that it has reached an agreement with Evolution's board on terms of a recommended share offer, valuing the company at £233.2m. Canaccord, the Toronto-listed wealth management business, which announced on 16 August that it was in preliminary discussion with Evolution, said last night that it now no longer intends to make a firm offer. Evolution shareholders will receive 0.23124 new Investec shares in exchange for each Evolution share they hold, which equates to the value of 100.24p per Evolution share, a 44.7% premium to the three-month trading average to 2 August of 69.2p. "Investec's offer provides shareholders with a very attractive valuation for their investment in Evolution and the opportunity to remain invested in a well-capitalised specialist financial institution," said Evolution's chief executive Alex Snow. "Investec is an excellent home for the two main businesses within Evolution providing an excellent cultural fit for both employees and clients," Snow said. "This fits very well with our strategy to build non-lending revenues. The group has seen strong growth in third party assets under management and the acquisition of Evolution will add further momentum. The transaction strengthens our position in the UK, giving us greater scale in both private client wealth management and investment banking," said Investec's chief executive Stephen Koseff.

11.84 dummy sell with Halifax - not that they are getting them off me!

Commenting on the results, Christopher Getley, Chief Executive said: “Westhouse's focus on growing its business towards substantial profitability has been demonstrated during the first half of 2011. The strong growth in corporate client numbers, growth in revenues and quick and successful integration of the new teams give the Board reason to be encouraged. Equally, recognising the uncertainties that are affecting equity markets generally, the Board has sought to remain risk averse through maintaining appropriate market exposure and bearing down on unnecessary expenditure.”

Highlights Operating revenues increased by 163% to £5.18 million (2010 £1.97 million) Reduced loss after tax of £0.2 million (2010 £0.6 million) Total assets increased to £12.9 million (2010 £8.2 million) Strong cash position of £3.8 million (2010 £0.6 million) Costs have risen due to the addition of the Investment Funds team and the Smith's Corporate Advisory team both of which have been integrated successfully Growth in corporate client numbers at Westhouse Securities from 28 to 36 with an average market capitalisation of £69 million.

http://www.westhousesecurities-ir.co.uk/investors/latest_results.asp

Grolsch and Peroni beer giant SABMiller is set to launch a formal £6.2billion takeover bid for Foster’s after regulators rejected its claim that the Australian brewer had made “misleading and deceptive” statements over its future earnings and debt levels. The FTSE 100 firm had turned more aggressive in its determination not to overpay for Foster’s but suffered a setback as Australia’s Takeovers Panel ruled it would not investigate as “there was no reasonable prospect it would make a declaration of unacceptable circumstances," writes the Daily Express.

Figures in July from Premier Farnell for the first quarter, which indicated some slowdown after previous sharp growth, prompted a 20 per cent crash in the share price — a collapse that has continued since, says the Tempus column in the Times. Premier shares are now back to the level they were at the start of 2010, which seems perverse. The electronics components company yesterday announced its best-ever quarter, the second since a transformation programme aimed at cutting costs and moving sales onto the internet started four years ago. Yet Premier shares fell by 13½p to 158p yesterday, with analysts taking a largely negative view on prospects. The shares sell on about nine times this year’s earnings. This would appear to factor in a fall in profits, rather than a more likely flat outcome, and there is that dividend yield. The shares look cheap long term if you are not too pessimistic on global economic trends, though it may take the market some time to come around to this way of thinking, suggests the Times.

Defence Group BAE Systems has also seen its shares decline recently, driven down by weakening sentiment and concern about global defence budgets, notes the Questor column in the Telegraph. The falls mean that the shares are now yielding an impressive 6.8pc, rising to 7.1pc next year, offering a great opportunity for income seekers. The prospective dividend cover is more than the group target of about two times, so the payment appears secure. Defence budgets are under pressure in austerity times but, taking a longer-term view, the world is unlikely to become any safer. The shares are trading on a December 2011 earnings multiple of 6.9, falling to 6.5, which appears derisory, especially when US peer Lockheed Martin is trading on a multiple of 9.7, falling to 8.3. Shares in BAE Systems remain a buy, says the Telegraph