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The farce engulfing the takeover of Mecca Bingo owner Rank Group took another twist on Tuesday when the company’s two top executives both resigned suddenly. Ian Burke, chief executive of Rank since March 2006, and Paddy Gallagher, who has been finance director since June 2008, both quit the board with immediate effect prompting the company to admit: “The board is convening urgently to discuss these latest developments with its advisers and a further announcement will be made shortly,” says the Guardian.

House broker Westhouse Securities predicts 2011 pre-tax profis of £1.41 million and EPS of 1.49p. Shares in Densitron were recommended in Growth Company Investor this month at 10.5p, so the 17 per cent increase in the price to 14p today is pleasing. Densitron remains undervalued.

Densitron in upbeat mood 28/06/2011 Miles Nolan Electronic displays specialist Densitron (DSN) has issued a bullish trading update, thanks to strong demand for its products. The AIM counter has reported that order intake in the first half of 2011 is up 9 per cent to £10.6 million. Of more significance Densitron has increased both its sales and profits 'substantially' with revenues of £11 million and gross profits of £3.2 million - compared to £8.6 million and £3.2 million respectively last year. The result of this is that pre-tax profits in the first half will now equal what was achieved for 2010 as a whole. Aside from the strength in core trading Densitron also owns a 1.25 acre piece of land in Blackheath, as expected its attempts for planning permission were recently rejected by the council. An appeal is planned, however the likely realisation of value is unlikely to be achieved in the short term. Densitron is confident that robust demand provides good levels of visibility, therefore providing comfort it will hit market expectations. The sales office it opened in Italy last year is opening doors for potential new orders, further out there are plans to replicate this model in India later in the year and potentially China in 2012.

Morgan Stanley downgrades Wolfson Microelectronics to equal weight from overweight, target price cut from 300p to 185p.

Citigroup downgrades Berkeley Group Holdings from buy to hold, target price raised from 1250p to 1375p.

Goldman upgrades St James's Place from sell to neutral, target price raised from 300p to 335p.

Espirito Santo downgrades Wolfson Microelectronics from buy to hold, target price cut from 280p to 175p.

Ahead of expectations - looking good to date

Outlook The Group's strong first half performance, together with a generally healthy outlook for the remainder of the year, now leads the Board to expect 2011 full year adjusted profit before tax(1) to be ahead of its previous expectations. Looking further ahead, the underlying fundamentals of the business remain healthy. The large commercial aerospace industry is anticipated to be strong for a number of years with Boeing and Airbus increasing build rates and the Boeing 787 due to be delivered to customers starting in the third quarter of this year. Elsewhere across the Group, the outlook appears generally positive with the regional and business jet manufacturers forecasting build rates to gradually improve from the current low levels, Senior's main military platforms expected to remain relatively solid and the North American truck market showing some signs of recovery. Whilst the macro economic outlook remains uncertain, the Group's industrial businesses are well positioned to benefit from growth in their end markets when this occurs. Overall, the outlook for Senior remains encouraging for the remainder of the year and over the long term. 2011 First Half Results The results for the six-month period to 30 June 2011 will be announced on Monday 1 August 2011.

Trading The Group continued to trade strongly in the second quarter and the Board now expects adjusted profit before tax(1) for the first half of 2011 to be ahead of its previous expectations. Cash generation has been healthy, but net debt is expected to be slightly higher at the end of the first half than the £63.7m level reported at the end of 2010, principally due to the acquisition of Damar Aerosystems ("Damar") for £15.3m at the end of March. Markets and Operations First half revenues are running marginally higher than anticipated with the recovery in the global truck markets benefiting Senior's North American and German Flexonics operations and the acquisition of Damar, together with increased production of the C130J military transport aircraft and the Boeing 787, benefiting the Group's Aerospace Division. Elsewhere, demand has been broadly in line with expectations, except for the European car market which has been slightly weaker. The overall revenue increase, and the Group's ongoing focus on operational excellence, is expected to result in first half operating margins for both Divisions being ahead of those reported for the first half of 2010. 2011 has seen further positive news for the large commercial aerospace market (the most significant market segment for Senior), with Boeing and Airbus announcing further increases in the build rates for their main platforms, such that they now jointly anticipate delivering over 40% more aircraft in 2014 than they did in 2010. Their confidence is underpinned by order books of nearly seven years and strong order intake in the first half, as evidenced by announcements at last week's Paris Airshow.

http://www.investegate.co.uk/Article.aspx?id=201106290700143148J

Exillon Energy plc (EXI.LN), a UK-listed FTSE 250 independent oil producer with assets in two oil-rich regions of northern Russia, Timan-Pechora ("Exillon TP") and West Siberia ("Exillon WS"), is pleased to announce preliminary results from Exploration Well 4 (EWS-10274). Exploration Well 4 was designed to test an area between the EWS I and EWS II fields. Preliminary results of wire line logging confirmed the presence of 6.7 meters of effective net oil pay in an area that has not been previously studied. These results have expanded the management's understanding of the outline of the EWS fields in a manner which may support further reserve growth. The well encountered the Jurassic reservoir at 1,883 meters, and is currently being drilled deeper to assess the potential for further oil pay within the Pre Jurassic. Testing of the well is expected to be completed by the end of Q1 2012.

http://www.investegate.co.uk/Article.aspx?id=201106290700163319J

Overall Outlook With an operational footprint of over 30 sites globally positioned and an increasing range of products and services, Hunting remains well placed to take advantage of the increased investment in new oil and gas resources around the globe. Following receipt of the £84.5m from the Gibson Energy Warrant redemption, the company continues to be well capitalised with a strong balance sheet and net cash of approximately £280m. The Group continues to assess a number of acquisition opportunities."

Trading Update Hunting PLC (LSE:HTG) the international energy services group today provides an update on trading ahead of its Half Year Results to be announced on Thursday 25 August 2011. Dennis Proctor, Hunting's Chief Executive said, "Since the start of 2011, the business environment for oil services and products has seen an increase in momentum with oil prices remaining near US$100 per barrel and rig counts increasing over 8% as we reach the half way point. Activity is recommencing in the Gulf of Mexico, which will see new orders being placed, while our European businesses remain resilient despite the increase in taxation on North Sea activities. With the momentum seen during H1 2011, the Board remains confident of trading in line with its expectations for the year as a whole. Well Construction Within the Well Construction division, the majority of our business units are performing well, with a notably strong demand for our premium connections. Hunting Innova reports a strong order book for its products and the Group's three new Drilling Tool facilities in Conroe, Latrobe and Casper are now fully commissioned providing greater reach into shale oil and gas drilling across North America. Well Completion Within the Well Completion division, our manufacturing unit is showing good momentum, despite a challenging market, as we reach the end of the half year. Construction of a new facility in Houma, Louisiana to serve the Gulf of Mexico is proceeding on schedule and the grand opening of the Group's 300,000 sq. ft. facility in Wuxi, China took place on 22 June. Well Intervention Within the Well Intervention division, activity is gaining momentum with National Coupling benefiting from the increasing offshore drilling activity levels throughout the world. The expansion at National Coupling, which will see a doubling of capacity, also remains on schedule for completion in Q4 2011.

http://www.investegate.co.uk/Article.aspx?id=201106290700092945J

Max Property (MAX), the investment vehicle run by property entrepreneur Nick Leslau, has in joint-venture acquired the freehold to St Katharine Docks in London for £156.3 million. St Katharine Docks is a popular estate located next to the Tower of London which includes 500,000 square feet of offices, restaurants and shops, together with Central London's only marina. The Docks currently generate £12.6 million in annual rents and have a 12% vacancy rate. Max said that it will have £35 million of uncommitted cash for future investments following the deal. The shares advanced by 2.5p to 119p.

It was the first day of dealings on AIM for Music Festivals PLC (MFP). The company, run by Vince Power, the founder of live music giant Mean Fiddler, raised 6.5 million pounds on admission. The rights to five music festivals will be acquired tomorrow, including the Benicassim festival in Spain and the Hop Farm Music Festival in Kent. The firm is looking to further expand its festival portfolio and will cater for a range of audiences. The shares closed the first day of dealings up by xp at xp.

http://www.investegate.co.uk/Article.aspx?id=201106280700122171J

Canaccord Genuity maintains its "buy" recommendation for stockbroker and investment management group Charles Stanley (CAY) with an increased target price of 467p, up from 460p, following a strong year-to-date performance. According to Canaccord, attractions of the investment case, beyond an undemanding valuation, include continued growth in assets under management, a track record of dividend increases, a strong balance sheet and the growing financial services division. Shares in Charles Stanley ended the day down by 0.5p at 323.5p.