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http://www.investegate.co.uk/Article.aspx?id=20110715120000PD045

Xanth - that was a good BUY - sure to give you a decent return at some point! although the way the markets are goodness knows when that will be ! Im not in here just now - but if it does drop to 220 then I will take some holding back !

http://www.investegate.co.uk/Article.aspx?id=201107150700074333K

Thai drilling disappointment for Salamander Date: Friday 15 Jul 2011 LONDON (ShareCast) - Southeast Asia-focused oil and gas group Salamander is abandoning its Dao Ruang-3 well off Thailand after analysis of data from drilling showed it “would have limited potential as a producer.” However, chief executive James Menzies said that the well data, together with other seismic data, would be used to analyse the company’s wider position in the area. “Dao Ruang is clearly a very large, gas-bearing structure, though we have not been able to find effective reservoir,” he said. He said the focus of Salamander’s drilling programme now moves to offshore Vietnam, with progress expected from the Cat Ba well later this month.

The boss says it all. Luc Gerard, Executive Chairman of PetroLatina, commented: "I am extremely pleased to welcome Shell E&P Colombia as our partner in respect of the VMM-28 contract, who's deep and complex drilling capability and experience in conventional and non-conventional reservoirs will be invaluable. The farm-out agreement provides us with exposure to exploration activity on the VMM-28 block, including the technology and expertise of Shell, whilst enabling us to focus our resources on the development of the other promising assets in our Colombian portfolio, including the Putumayo-4 E&P block. The funds received, following the receipt of ANH approval, will assist with the financing of our ongoing Colombian work programme whilst we maintain the flexibility of exercising an option to participate in the promising VMM-28 block in the future. This agreement serves to demonstrate the level of industry interest in VMM-28 and more generally in Colombia. We continue to believe in the potential of both our asset portfolio and Colombia and look forward to demonstrating and realising such potential as our work programme progresses."

Highlights: Farm-out agreement entered into with Shell Exploration and Production Colombia GmbH ("Shell E&P Colombia"), an affiliate of the Royal Dutch Shell group of companies, in respect of the Company's VMM-28 exploration block. The agreement is subject to the approval of the Agencia Nacional de Hidrocarburos ("ANH"). Under the agreement, Shell E&P Colombia will obtain an 85% participating interest in the block. PetroLatina's Colombian operating subsidiary will retain a 15% legal interest with an option to participate in the block on expiry of an agreed exclusivity period and reimbursement of its share of Shell E&P Colombia's total sunk costs to the date of exercise of the option. Upon exercise of the option, PetroLatina shall pay, its share of the ongoing costs, expenses and liabilities associated with the block. PetroLatina will receive a fee of US$15 million in cash, US$3 million on execution of the agreement and the balance of US$12 million on receipt of the requisite regulatory approval. Shell E&P Colombia will become operator of the contract and be granted exclusive operating rights to the contract for a period of 6 years or, if earlier, until Declaration of Commerciality (the "Exclusivity Period"). Shell E&P Colombia will pay for 100% of the costs, expenses and liabilities associated with the work obligations for the VMM-28 block during the Exclusivity Period.

Good news indeed - but missed the boat concentarting elsewhere.!! grrr

Holding well considering legal fees - will give it a few trading days and contemplate a speculative buy

F&C Asset Management face £12m bill following legal defeat Date: Thursday 14 Jul 2011 LONDON (ShareCast) - F&C Asset Management, the FTSE 250 investment manager, has lost a high court case and is now liable for a £12.3m payout. The court case arose from a dispute with the founder members of its subsidiary: F&C Alternative Investment Holdings. The two founders wanted to exercise an option to sell their stakes (a so called “put option”) in the fund, which is now being wound up; F&C tried to stop that happening. After several years of legal argument the High Court has found in favour of the founder members who will now expect a £7.8m payout plus their legal costs which F&C estimate to be around £4.5m. The firm says it has already provisioned £2.4m in readiness for this outcome although clearly this is far short of what the eventual cost appears to be, with the difference to be charged to F&C's income statement. Investors appeared non-plussed at the legal defeat, with shares in F&C down just 0.33%.

14/07/11 A growing customer base at property fund manager Fletcher King (FLK) created pre-tax profits of 414,000 pounds for the year ended 30th April 2011, up 68% on 2010. Chairman David Fletcher admitted the coming year will be challenging, but that the group continues to grow its assets under management, whilst seeking growth in its investment broking arm. The group's shares flew 3p to 31.5p.

Commenting on the results, David Fletcher, chairman of Fletcher King plc said: "The coming year will be challenging and it will not be easy to match the performance of this year. We have started the new year with a good level of investment sale instructions, the majority of which are in the "difficult to sell" sector. Rating remains strong but the Banks are lending very little into the sector and our valuation business remains subdued. We are working hard to grow assets under management and we are looking for some growth in investment broking. This year's results have not been achieved without a considerable amount of very hard work from our Directors, staff and the continuing loyalty of our valued clients and I thank them."

FLETCHER KING PLC Preliminary Results for the Year Ending 30th April 2011 Highlights · Revenue for the year of £3.175m (2010: £2.832m) · Profit before tax and exceptional items of £414,000 (2010:£288,000) · Profit for the year of £331,000 (2010: £242,000) · Basic and diluted earnings per share of 3.59p (2010: 2.63p) · Final dividend of 0.75p per share. An interim dividend of 0.75p per share was paid and therefore the total ordinary dividend for the year will be 1.50p per share (2010: 1.00p)

http://www.investegate.co.uk/Article.aspx?id=201107140700103645K

With the magazine distributor on track to deliver forecast results for the year ending August Singer Capital Markets retained its "buy" rating for Smiths News (NWS), with a target price of 108p, based on a sum of parts valuation. Despite the cancellation of the News of the World, the broker believes the company will be able to compensate through substitution of other newspapers (and the possibility of the 'Sun on Sunday' replacing it) as well as implementing cost cutting measures. Furthermore, Singer notes that the business is trading at a 5.6x price-to-earning ratio, which is lower than its historical average.

meth - yes a little sideline for him in these hard times!

William Hill (WMH) retained its "buy" rating from Evolution Securities with a target price of 285p. The broker expects strong first half results from the bookmaker, whose profits should have been boosted by increased gambling over Ascot and the Grand National, anticipating it will outperform rivals Ladbrokes (LAD). Evolution states that the company has considerable online growth potential and is encouraged by its low leverage. Separately, the broker believes that the business will deliver key improvements to the three US sportsbooks it bought between April and May 2011 and notes that the American market has strong growth potential.

Seymour Pierce reiterated its "sell" stance on Mothercare (MTC) with a target price of 359p as the company continues to struggle in the UK. Like-for-like sales are below the broker's full year expectations and first quarter sales are down 1.8% from last year's comparative period. The broker notes that the expectant mothers retail specialist is fairing better in Europe, with sales up 15.2% in the first quarter, but believes that this is overshadowed by its performance in Britain

Commenting on the acquisition, Timeweave CEO, David Craven, said today: "We are delighted to bring SportingWins into Timeweave; it is a unique business offering exciting potential for strong growth with a low working capital requirement. The Group offers complimentary skills and resources to support development of the SportingWins Business into a scalable, global proposition."

Timeweave plc ("the Group") Acquisition of the business and assets of SportingWins Limited (the "SportingWins Business") The Board of Timeweave plc is pleased to announce the acquisition of the SportingWins Business. SportingWins Limited writes financial contracts, "hedging agreements", to cover financial risks of corporate clients which are dependent on the results of professional sports events. Since inception in October 2006, the SportingWins Business has signed contracts with over 40 clients across 15 countries covering more than £100m of risk. The Group has acquired all business, assets and undertakings owned by SportingWins Limited as a going concern for a nominal consideration. The existing liabilities of the vendor and the SportingWins Business have not transferred to the Group. The SportingWins Business is cyclical at its current scale. In the year ended 31 July 2010 the operating profit attributable to the SportingWins Business was £1.3 million. For the eleven months to 30 June 2011, the operating profit was £13,000. The Timeweave Board intends to grow and develop SportingWins. Sam Dibb, the vendor and manager of SportingWins Limited, will be joining Timeweave Group to manage the business. Sam's terms of employment include an incentive plan under which, dependent on the performance of the business, he may receive a cash bonus in 2016 of up to £2 million

http://www.investegate.co.uk/Article.aspx?id=201107150700084472K