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Wincanton announces the disposal of its remaining operations in Mainland Europe 15 August 2011 Wincanton plc ("Wincanton" or the "Group"), the leading provider of supply chain solutions, today announces that it has signed a conditional agreement for the disposal of its remaining operations in Mainland Europe (the "Disposal") to Rhenus AG & Co. KG ("Rhenus") via the disposal of Wincanton's Mainland Europe Holding Company. The Disposal operations comprise Wincanton's German Intermodal and Contract Logistic activities, which operate from 38 locations, and Wincanton's businesses in France, which provide contract logistics and transport services and operate from 30 locations. Collectively, these businesses employ approximately 3,000 employees who will transfer to Rhenus upon completion of the Disposal. Consideration from the Disposal will be approximately €44m (pre transaction costs). In addition, Rhenus will assume a net pension deficit of c.€30m resulting in an enterprise value of €74m. The consideration will be payable in cash upon completion of the Disposal. The Disposal will be implemented by way of a share sale. The transaction is subject to, inter alia, the approval of Wincanton's shareholders and a circular outlining the terms of the Disposal, including a Notice of General Meeting, will be sent to shareholders in due course. The Disposal is also subject to anti-trust clearance and approvals. Wincanton will be consulting with relevant employee representative bodies. In the twelve months to 31 March 2011, these activities generated revenue of approximately €558m, and operating profit of approximately €4.1m. At 31 March 2011 Gross assets were approximately €181m. Completion of the transaction will mark the exit of all of Wincanton's Mainland Europe activities. The net proceeds of the Disposal will be used to reduce net indebtedness of the Group.

http://www.investegate.co.uk/Article.aspx?id=20110815070000H8352

Charles Stanley upgrades Wincanton from hold to buy, target price raised from 122p to 150p.

John Tiner, CEO of Resolution Operations LLP, commented: "We announced strategic and financial objectives for Friends Life in February. Four months into this programme, the business is showing signs of delivery in a number of areas that demonstrate it is on a path to deliver against its targets in full. Market conditions remain unsettled but the Group's robust balance sheet and disciplined risk management underpin our confidence in achieving these targets."

Strategy on-track · The Company remains on-track to deliver previously announced 2013 financial targets · Integration of acquired businesses in line with expectations, run-rate of £24 million synergies delivered as at 30 June 2011 · Value of new business of £66 million (H1 2010: £81million), impacted by lower volumes in the non-UK businesses · UK new business strategy being implemented in line with February announcement Focused on delivery of UK Life Project · A circular detailing the proposed changes to the Operating Agreement and other related agreements is expected to be provided to shareholders in October and will reflect previously announced confirmation that Resolution Limited does not expect to undertake any other project until after the completion of the UK Life Project

Resolution Limited Performance for the half year ended 30 June 2011 · IFRS based operating profit before tax of £390 million (H1 2010: £151 million) (includes net benefit to in-force of £201 million from capital synergies) · MCEV operating profit before tax of £180 million (H1 2010: £180 million) · Operating free surplus generation (excluding capital synergies) of £122 million supporting full year cash target of £400 million · £100 million of capital synergies delivered towards £235 million 2011 target · Interim dividend per share of 6.47 pence up 18.5% (H1 2010: 5.46 pence per share) Cash delivery and capital efficiency · Cash available to shareholders £793 million after payment of cash dividend of £141 million · £250 million share buy-back commenced, of which £34 million achieved by 30 June 2011 (£97 million achieved by 12 August 2011) · Reaffirmed intention of further £250 million cash return in the first half of 2012 and full year 2011 dividend guidance · Robust capital position maintained, IGCA surplus as at 30 June 2011 of £2,027 million

http://www.investegate.co.uk/Article.aspx?id=201108160700144114M

Tribal (TRB) kept its "buy" rating from Shore Capital, at 44.5p, after a major restructuring of the group - making way for a specialist education systems and services business. The broker voices expectations of management to now concentrate on the cost base, increase cash flow and further strengthen the balance sheet in order to achieve sustainable growth and dividends. Shore Capital notes that revenues from continuing operations have increased 10% in the first half to 57.2 million pounds, and urges buying as it expects the group to continue its strong progress, referring to Tribal as "something of a special situation." The shares gained 1.375p to 45.75p

Commentary John Ormerod, Tribal's Chairman, commented: "The first half of 2011 has been a period of continued change for Tribal. We successfully completed the sale of our Health, Government and Resourcing businesses, and the uncertainty surrounding our future ownership was brought to an end. As a result, Tribal is now focused on developing its activities in the education, learning and training markets. "Following these disposals we have organised our business into two clear divisions: Technology and Services. As part of the re-organisation we are also well advanced in the implementation of a further cost reduction programme targeted on management de-layering and central overhead reduction. We expect this programme to deliver annualised savings of approximately £5.1 million. "Throughout this period of change, our staff have remained focussed on delivering excellent service for our clients. I am very grateful for the support and professionalism our staff have demonstrated during this time. "With some continuing uncertainty in our UK market, we have focussed our business development efforts on selective international markets and have made good progress with significant contract wins in Australia, New Zealand and the US. This activity, combined with continuing progress in the UK, has sustained our high levels of committed income at £180.2 million. "Corporately, we have refreshed our banking facilities which are now committed to February 2015, and reduced our level of debt to £17.3 million. "Based on half year revenue of £57.5 million, and adjusted profit before tax of £2.8 million, we have declared an interim dividend of 0.4p per share. We are trading in line with management's expectations for the full year. We emerge from the first half year with a focussed, well structured business, and a growing confidence in our market position which together offer the potential to make progress over the medium term."

Half year results for the six months ended 30 June 2011 Summary § Successful completion of the sale of Health, Government and Resourcing businesses § Business now focused on the education, learning and training markets § Cost reduction programme well advanced, targeting annualised savings of £5.1m § Encouraging development of opportunities in international markets § Sustained high levels of committed income at £180.2m (December 2010: £186.1m) § Bank facilities refreshed and committed to February 2015 § Net debt reduced to £17.3m (December 2010: £18.5m) § Revenue of £57.5m (2010: £52.4m) § Adjusted profit before tax of £2.8m (2010: £3.1m) § Interim dividend of 0.40p (2010: 1.85p)

http://www.investegate.co.uk/Article.aspx?id=201108160700134099M

ignore the last post - twitchy fingures! Evolution Securities increased its recommendation for Eastern Platinum (ELR) from "sell" to "neutral", with a target price of 49p. The broker was unsurprised at the first half performance from the mining company, which showed pre tax losses of 18.8 million dollars (11.4 million pounds), suffering from high operational costs. With the shares falling by over 60% since the beginning of the year, Evolution believes they will go no lower assuming the group makes its second half targets. The broker also notes that many consider the Eastern Limb projects cause for a "buy", but remains sceptical based on the difficult terrain in the area. Shares in Eastern Platinum climbed 1.125p to 45.625p.

John Menzies (MNZS) retained its "buy" rating from Singer Capital with a target price of 632p, after achieving 25.1 million pounds in interim pre-tax profits, a 30% increase, year-on-year. The result is expected to boost full year consensus estimates to 55 million pounds, which exceeds the brokers previous forecast of 53 million pounds. Singer acknowledges that revenues from distribution are weak, but points out that this is more than compensated for by a 10.5% rise in aviation revenue to 332.7 million pounds. The success of the aviation department can be attributed to the increase in passengers and a number of contract wins, demonstrating the company’s growing reputation, says Singer. The shares jumped 50.5p to 505.5p.

Summary of results for the three months ended June 30, 2011 ("Q2 2011"): /T/ -- Eastplats recorded a net loss attributable to equity shareholders of the Company of $7,951,000 ($0.01 loss per share) in the quarter ended June 30, 2011 compared to earnings of $3,448,000 ($0.01 per share) in the quarter ended June 30, 2010 ("Q2 2010"). -- EBITDA decreased to ($4,280,000) in Q2 2011 compared to $9,757,000 in Q2 2010. -- PGM ounces sold decreased 33% to 20,528 ounces in Q2 2011 compared to 30,820 PGM ounces in Q2 2010. -- The U.S. dollar average delivered price per PGM ounce increased 10% to $1,113 in Q2 2011 compared to $1,015 in Q2 2010. -- The Rand average delivered price per PGM ounce decreased 1% to R7,557 in Q2 2011 compared to R7,643 in Q2 2010. -- Rand operating cash costs net of by-product credits increased 67% to R8,119 per ounce in Q2 2011 compared to R4,866 per ounce in Q2 2010. Rand operating cash costs increased 55% to R10,287 per ounce in Q2 2011 compared to R6,639 per ounce in Q2 2010. -- U.S. dollar operating cash costs net of by-product credits increased 85% to $1,196 per ounce in Q2 2011 compared to $646 per ounce achieved in Q2 2010. U.S. dollar operating cash costs increased 72% to $1,515 per ounce in Q2 2011 compared to $882 per ounce in Q2 2010. -- Head grade decreased to 3.9 grams per tonne in Q2 2011 from 4.1 grams per tonne in Q2 2010. -- Average concentrator recovery decreased to 76% in Q2 2011 compared to 80% in Q2 2010. -- Development meters increased by 11% to 3,562 meters and on-reef development increased by 33% to 2,090 meters compared to Q2 2010. -- Stoping units decreased 37% to 31,828 square meters in Q2 2011 compared to 50,573 square meters in Q2 2010. -- Run-of-mine ore hoisted decreased by 32% to 203,166 tonnes in Q2 2011 compared to 297,186 tonnes in Q2 2010. -- Run-of-mine ore processed decreased by 30% to 201,986 tonnes in Q2 2011 compared to 290,028 tonnes in Q2 2010. -- The Company's Lost Time Injury Frequency Rate (LTIFR) improved to 0.63 in Q2 2011 compared to 2.78 in Q2 2010. -- At June 30 2011, the Company had a cash position (including cash, cash equivalents and short term investments) of $327,773,000 (December 31, 2010 - $350,292,000).

http://www.investegate.co.uk/Article.aspx?id=20110815132601M3505

John Menzies (MNZS) retained its "buy" rating from Singer Capital with a target price of 632p, after achieving 25.1 million pounds in interim pre-tax profits, a 30% increase, year-on-year. The result is expected to boost full year consensus estimates to 55 million pounds, which exceeds the brokers previous forecast of 53 million pounds. Singer acknowledges that revenues from distribution are weak, but points out that this is more than compensated for by a 10.5% rise in aviation revenue to 332.7 million pounds. The success of the aviation department can be attributed to the increase in passengers and a number of contract wins, demonstrating the company’s growing reputation, says Singer. The shares jumped 50.5p to 505.5p.

Cracking figures

Iain Napier, Chairman said: "The Group has had a good first six months, underlying profit before tax is up 30% and I am pleased with the performance of both divisions. Menzies Aviation continues to prosper and for the first time was the larger profit contributor. The first half benefited from a large number of contract gains, demonstrating the division's position as the quality player in its market, and also the reversal of the financial loss relating to the volcanic event that occurred in April 2010. Menzies Distribution continues to perform robustly. Although profit was behind last year this was attributable to the benefit received in 2010 from World Cup collectables. Excluding the World Cup effect the business was largely flat, a commendable result in difficult markets. Growth opportunities exist and we will continue to invest in new projects that deliver sustainable returns. As a Group we are focussed on driving shareholder value."

§ John Menzies plc delivers further growth after strong first half - Underlying profit before tax up 30% - Menzies Aviation continues on its growth path with profit up 52% - Underlying operating profit maintained at Menzies Distribution - Interim dividend increased by 40% to 7p

http://www.investegate.co.uk/Article.aspx?id=201108160700114052M