Member Info for mulledwine

http://www.investegate.co.uk/Article.aspx?id=20110819112104M6467

John Whittaker, Non Executive Director, bought 100,000 shares in the company on the 18th August 2011 at a price of 317.60p. The Director now holds 172,425,767 shares.

asewar - its a nice result for you - either take the price just now or wait until its all official and your shares will be taken at the offer ( assuming it does go through and no hitches) - the market are offering you slighlty less than the 2550 as they are hoping that they can pick up shares at 2490 and then sell at 2550 when deal complete - Personally I would take the deal at price offered today if I was holding unless you believe the offer will be bettered but as it appears that AU. are recommending the offer be taken, a further enhanced offer is very unlikely but if in doubt consult your broker as davidbrent advises. GL.

Goldman Sachs downgrades Regus from buy to neutral - target price from 143p to 105p

Goldman Sachs downgrades Travis Perkins from neutral to sell - target price from 1117p to 780p

Benefits of the Possible Offer Picton believes that the Possible Offer would have the following material benefits for Invista and Picton shareholders, particularly given the overlap of shareholders with holdings in both companies: · The enlarged group is expected to provide: o a significant enhancement in the liquidity of the enlarged group's shares over that of either Invista or Picton currently; o greater economies of scale resulting in a lower total expense ratio ("TER") (note 3) given a reduction in central corporate and investment management costs; and o increased attraction to a wider investor base as a result of improved index inclusion prospects. · The internalised management structure of the enlarged group will: o allow shareholders to benefit from a more efficient cost structure than in an externally managed vehicle where management fees increase in line with net assets; and o allow for the full alignment of the interests of both the executive management team and shareholders. · The cost benefits identified will result in materially enhanced dividend cover for Invista shareholders.

Picton Property Income Limited for Invista Foundation Property Trust Limited The Board of Picton Property Income Ltd ("Picton") notes the announcement by Invista Foundation Property Trust Limited ("Invista" or the "Company") concerning the ongoing merger talks between Picton and Invista (the "Possible Offer") and the appointment of Schroder Property Investment Management Limited as manager of Invista's assets pending the conclusion of discussions with Picton. Background Following Invista's announcement on 22 March 2011 that it had given notice to terminate the investment management agreement with Invista Real Estate Investment Management Limited, Picton approached the Invista Board proposing a merger of the two companies. Following ongoing discussions between Picton and Invista, Picton made a formal non-binding indicative proposal (the "Indicative Proposal") to the Invista Board on 29 July 2011. Discussions are continuing between the parties and good progress is being made. Picton's Indicative Proposal The Indicative Proposal envisages that the Possible Offer would be structured as a recommended share for share merger based on the respective Formula Asset Values ("FAV") (note 1) of Invista and Picton. Picton reserves the right to vary the form and/or mix of consideration and/or introduce other forms of consideration.

http://www.investegate.co.uk/Article.aspx?id=201108190838576788M

Tony Brewer, Headlam's Group Chief Executive, said: "The individual autonomous businesses have succeeded in producing a strong performance in the first half, in what are generally considered to be challenging market conditions. This has been achieved through a constant programme of product development, combined with sales and marketing activities, with support from a comprehensive logistics service. Due to the benefit of our supplier relationships and continued positive trading from our customers, revenue achievement since the period end has given a good start to the second half. Whilst market conditions remain challenging, we are currently confident of achieving our revised objectives for the year."

Key points · UK revenues increased by 7.4% on a like for like basis · Indicators suggest UK performance ahead of the market · Profit before tax increased by 17.3% · Earnings per share increased by 19.2% · Dividend increased by 12.3% to 4.30p

http://www.investegate.co.uk/Article.aspx?id=201108190700106418M

Sage Group hit the headlines this week when it was reported to have outbid private equity for the Australian software company MYOB, a specialist in accounting and bookkeeping software. If the deal completes, Sage would be catapulted instantly into a market-leading position in Australia. However, there are market whispers that Sage may be wavering and the A$1.4 billion (£880 million) takeover may not take place. Sage refused to comment on whether the purchase was in the bag or if it might walk away. Sage, which is valued at less than 12 times projected profit this year, may decide to mind its own business in Australia but it looks set for a new era of takeovers, which could trigger uncharacteristic interest in the stock. With organic growth restored and debt well under control, any lull in the shares could provide a good entry point, says the Times.

Soco's business is set to be transformed early next month by the development of its TGT oilfield, offshore Vietnam; yet the stock continues to trade at a substantial discount to our estimated 597p-a-share net asset value. We think this FTSE 250 constituent is one of the least expensive stocks in our international universe. TGT phase one is scheduled to come onstream at the start of September and production should hit 55,000 barrels-per-day (b/d) by year-end; a second phase of development activity could increase output to an estimated 90,000b/d in late 2012. We think the stock looks undervalued on a cash flow metric, too. Buy, recommends the Scotsman.

The last time The Independent looked at Savills, it opted to buy, reasoning that its international reach, coupled with exposure to the resilient upper end of the UK market, gave it an edge. Yesterday's half-yearly results confirmed the paper's confidence. The group said revenues in the six months to the end of June had climbed by 10 per cent, with pre-tax profits surging by nearly 40 per cent, as it drew strength from activity in the prime central London property segment and from the Asia-Pacific region, which remains buoyant. Also reassuring is the fact that, despite showing resilience, Savills trades on multiples of around 11.6 times forward earnings for this year, and on under 10 times on the estimates of next year, according to UBS. At the same time, it boasts dividend yields of more than 4 per cent. Buy, suggests the Independent.

"Charles Taylor Consulting's business performance in the first half of the year was steady and we have seen progress in our professional services businesses. Our new CEO, David Marock, and the entire business are focused on delivering profitable growth and he has commenced a thorough business planning initiative to do so." Rupert Robson Non-executive chairman

Business highlights · Overall business performance steady · The professional services businesses - Management, Adjusting and Insurance Support Services - delivered combined robust adjusted operating profit of £5.4 million (2010 - £5.1 million) · Adjusted earnings per share 9.51 pence (2010 - 10.02 pence), adjusted profit before tax £4.5 million (2010 - £6.8 million) · Statutory earnings per share 4.68 pence (2010 - 7.38 pence), statutory profit before tax £2.6 million (2010 - £5.7 million) · Interim dividend of 3.25 pence in line with 2010 year-end re-basing · David Marock joined as Group chief executive officer and plan for profitable growth being developed

http://www.investegate.co.uk/Article.aspx?id=201108190700116491M

Edward Bonham Carter, Chief Executive, commented: "A year on from Listing, Jupiter continues to deliver strong performance for both clients and shareholders. Assets have increased 25 per cent. since the Listing to nearly £25bn, supported by net inflows of £0.7bn in the first half of 2011; investment performance has been steady with two thirds of our mutual funds ranked above median over three years; and we have captured the benefits of our scalable operating model. These factors have helped grow EBITDA 18 per cent. and further reduce net debt. Given this strong financial performance, we are pleased to report an interim dividend of 2.5p. "With considerable uncertainty over sovereign debts and global growth on both sides of the Atlantic, financial markets are likely to remain volatile. Despite this, with our strong investment performance record, product set and adherence to our strategy of generating outperformance across a wide range of products, we are confident that we can grow the business and provide further returns for our clients and shareholders."

Highlights § Net inflows of £0.7bn driving increase in AUM to £24.8bn § Continued delivery of benefits of scalable operating model, with EBITDA margin increasing to 55 per cent. § Operational cash generation reducing net debt to £36.0m § Maiden interim dividend of 2.5p per share

http://www.investegate.co.uk/Article.aspx?id=201108190700116494M