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Panmure Gordon upgrades NetPlay TV from hold to buy.

Jefferies International downgrades Kofax from buy to hold, target price cut from 598p to 410p.

bonker - she is still dropping!

Graham Picken, Chairman of HICL Infrastructure Company Limited, said "The Directors are pleased with the Company's performance. We welcome the acquisitions made in the period, which complement the existing portfolio. Individual investments have performed as expected, with no material operating issues. Consequent upon the successful acquisitions made in May and June, the Company was able to manage the share premium to net asset value by issuing additional shares into the market, thereby raising further equity capital on terms at a premium to net asset value per share. With the recent publication of HM Treasury's updated guidance on PFI, which reflects the review of the Romford PFI project, the Investment Adviser is now using these latest findings, together with the good practice already developed on other investments to assist public sector clients who seek to enhance the performance of their projects. This work will continue and we are confident of making good progress and of meeting our investment objectives."

Highlights · Five new UK PFI investments acquired and three additional stakes in existing investments made during the period, for a total consideration of £70.35m · Net Asset Value per share at 30 June 2011 was circa 112.8p, positively impacted by higher UK inflation and acquisitions made · 22.8m shares placed for cash at a price of 115p raising £26.2m before costs · The £30.0m Kemble Water junior loan redeemed in April at par · Investment portfolio performance and cashflow in line with projections · The Investment Adviser's team has been proactive in assisting public sector clients to evaluate and deliver efficiency savings within existing projects · New investment opportunities which meet the Group's Investment Strategy continue to be assessed · The second interim dividend of 3.425p per share was paid on 30 June 2011 and there was an 11.07% take up of the scrip dividend alternative

http://www.investegate.co.uk/Article.aspx?id=201108010700094286L

David Thorpe, Chairman of Arena Leisure Plc, commented: "Despite the challenging back drop of reduced industry funding and the slow economic recovery, the consumer-driven operations of Arena's business have performed exceptionally well; most notably, posting attendance growth of over 11% in the period. Our trading performance since 30 June 2011 is in line with the Company's expectations. The media rights uplift from 2012 onwards is now on the horizon. "The Government is in consultation on a reform of the Levy scheme and we are encouraged by its recent statements on licensing and taxation of off-shore gaming. We believe that the nature of Arena's racecourse estate, in particular the all-weather assets, will be advantageous in the event of a Levy replacement that is predicated on a commercial relationship with bookmakers."

Recent developments and future growth: · The Government is currently consulting on the future options for the Levy with regard to remedying the current structural deficiencies. Arena has participated in this process and considers the recent Government statements on licensing and taxation of off-shore bookmaking as a positive step. · The new five-year SIS media rights agreement, with an estimated total value of £106.0m and an uplift in annual value of £10.0m, will commence on 1 January 2012. · In February 2011, Arena successfully tendered to The London Organising Committee of The Olympic Games and Paralympic Games Ltd to provide catering services at Eton Dorney and Greenwich Park venues in 2012, with an estimated net profit contribution of £0.5m to £1.0m. · In July 2011, Shepway District Council published the Local Development Framework Core Strategy (Proposed Submission Document) for public consultation that identifies Folkestone Racecourse as a strategic site for a mixed-use development incorporating up to 820 residential units. · In June 2011, the Board announced a review of possible options to increase value for its shareholders. This process is ongoing. · Trading performance since 30 June 2011 is in line with the Company's expectations.

Operations: · The Group staged 189 fixtures in the period (2010: 188) and is scheduled to stage 353 fixtures in the full year (2010: 352). · Arena continues its track record of significantly outperforming the industry as a whole with attendances up 11.7% to 315,000 (2010: 282,000), average attendance up by 11.3% at 1,667 (2010: 1,498), and hospitality attendance increasing by 8.2% to 18,400 (2010: 17,000). · Revenue from catering increased by £0.8m (18.9%) to £4.9m and from hotels by £1.1m (137%) to £1.9m including a full period of the Lingfield Park Marriott Hotel and Country Club. · Contribution from At The Races continues to grow, both from royalties received and equity share.

Results for the six months ended 30 June 2011 Arena Leisure Plc ('Arena' or the 'Group'), the UK's leading operator of horseracing fixtures which owns and operates seven racecourses in the UK comprising Doncaster, Royal Windsor, Lingfield Park, Wolverhampton, Southwell, Folkestone and Worcester, today announces its results for the six month period from 1 January 2011 to 30 June 2011 (the 'period'). Financial: · Revenue (excluding Levy income) grew by £3.0m (15.3%) to £22.5m (2010: £19.5m), reflecting the progress of the consumer business and increasingly diversified revenue streams. Total revenue decreased by £1.9m to £28.2m (2010: £30.1m) after the impact of the previously announced reduction in Levy funding received by the Group of £4.9m. · Profit before interest and tax decreased by £0.6m to £1.4m (2010: £2.0m) primarily as a result of a £1.3m net impact from the reduced Levy income. It also reflects a £0.6m improvement in operating performance and a £0.1m increased contribution from At The Races. · Profit before tax was £0.4m lower at £0.5m (2010: £0.9m). Basic earnings per share were 0.16 pence (2010: 0.28 pence). · Net bank borrowings at 30 June 2011 had reduced to £34.8m. These have since reduced further by the receipt in July 2011 of the final advanced payment of £7.0m from SIS under the terms of the new media rights agreement.

http://www.investegate.co.uk/Article.aspx?id=201108010700104362L

http://www.investegate.co.uk/Article.aspx?id=201108010700124437L

Telecity confirms talks to buy Irish rival Date: Monday 01 Aug 2011 LONDON (ShareCast) - Europe’s largest data centre operator Telecity Group’s shares jumped after the company confirmed that it is in early stage talks to buy Ireland-based Data Electronics Group. In response to recent media speculation, the company confirmed the discussions with Data Electronics’ shareholders and said that if an acquisition was agreed upon then the deal would be funded out of the group’s existing debt facilities. On July 31, the Financial Times, without citing its source, had reported Telecity was in early stage discussions to buy Data Electronics for approximately £100m. Data Electronics provides carrier-neutral data centres in the Republic of Ireland. However, Telecity warned that the talks may not lead to an acquisition. Shares of the company, which have risen about 2.7% in the last five days, advanced 0.6% to 556p in early morning trading in London.

Open books to Melrose, says Charter's second largest investor Date: Monday 01 Aug 2011 LONDON (ShareCast) - Charter International is facing pressure from its second largest shareholder, Schroders, to open its books to engineering conglomerate Melrose to conduct due diligence, despite Charter’s attempts to stay away from the clutches of Melrose’s takeover offer. Schroders’ head of equities Richard Buxton, who owns 8% of Charter International, in a letter to chairman Lars Emilson said he was “underwhelmed” by the company’s new turnaround plan and raised concerns over the company’s management. In his letter seen by the Financial Times, Buxton also warned that he would shoot down any firesale of the industrial fan business, Howden. Schroders is not the first investor to raise an eyebrow at the company. Aviva’s David Lis, who owns 5.2% in Charter, has pointed the finger at the company’s board, saying that there was no reason for Charter to refuse Melrose access to its books. Melrose made a 780p-a-share approach on 29 June and an 840p-a-share bid on 15 July, both of which were rebuffed by Charter’s board on the grounds that they undervalue the firm and its prospects. After reporting disappointing results, Charter disclosed plans to cut £38m in costs and outlined plans to get its troubled welding operations, EASB, back on track, but failed to bolster confidence in the company. Shares of Charter have dropped nearly 5% since the start of the year. Its shares were trading up 0.4% at 803p in London.

Goldman Sachs upgrades Persimmon from neutral to buy, target price raised from 508p to 626p.

RBS initiates hold on Rentokil Initial, target price reduced from 102p to 97p.

Collins Stewart initiates buy on International Personal, target price 425p.

Espirito Santo downgrades Reed Elsevier from hold to sell, target price 380p

Senior buoyed by increased aerospace production Date: Monday 01 Aug 2011 LONDON (ShareCast) - Engineer Senior posted an 18% increase in half yearly pre-tax profit as increased production at its aerospace division continues. Pre-tax profit rose 18% to £35.6m in the half year to 30 June 2011. Revenue rose 10% to £315.6m during the period. Senior said it saw a strong performance from large commercial aircraft, military aerospace, and medium and heavy-truck programmes. Its aerospace division saw revenue increase by £23.8m on a constant currency basis to £187.9m. Two of Senior's largest customers Boeing and Airbus both ramped up production rates in the last few months. Commenting on the results chairman Martin Clark said, "While macroeconomic concerns remain, the outlook is encouraging which gives the board confidence to recommend an increase in the interim dividend of 15% to 1.15p." "Elsewhere across the group, the outlook appears generally positive." Net debt was reduced by £24m to £62.9m.

http://www.investegate.co.uk/Article.aspx?id=201108010700104364L