Member Info for mulledwine

Misys PLC Statement re Possible Offer 21 June 2011 Misys plc The Board of Misys plc notes the recent speculation regarding a possible offer and confirms that it has received a preliminary approach that may or may not lead to an offer being made for the company.

http://www.investegate.co.uk/Article.aspx?id=20110621092536P6D59

Dunedin announces a dividend increase Date: Monday 20 Jun 2011 LONDON (ShareCast) - Dunedin Smaller Companies Investment Trust has today announced its results for the six months through April 2011. For the period in question its share price gained 13.1% while its NAV per share improved by 7.7%.During the last twelve months the trust´s shares have risen by 35.8% versus 13.7% achieved by the FTSE SmallCap Index (ex Investment Companies). The objective of Dunedin is to achieve long-term growth from a portfolio of smaller companies in the United Kingdom. In consonance with the greater dividend pay-outs that it has been experiencing of late Dunedin has today announced that it is declaring an increase in its interim dividend to 1.95p (2010 - 1.85p). Lastly, and also of interest, the trust has indicated that, “The economic outlook for the UK continues to be uncertain although company profitability is benefiting from both historic cost cutting and higher volumes. Investors however remain nervous (…) However, these potential storm clouds, particularly in the UK, should not detract from the exposure of our portfolio to more robust foreign markets - approximately 45% of the sales generated by the portfolio's holdings are into overseas markets. If markets remain volatile, these conditions will present opportunities and we are well-placed to invest in good quality companies which offer robust balance sheets, transparent profitability and strong cash flows.”

Foster's rejects SABMiller's £7.3bn offer By Benjamin Chiou Date: Tuesday 21 Jun 2011 LONDON (ShareCast) - Australian brewing giant Foster's Group has rejected a A$4.90 per share proposal from SABMiller, saying that the offer "signifcantly undervalues the company". "The Board of Foster's believes that the proposal significantly undervalues the company in the context of a change of control and, as such, it does not intend to take any further action in relation to it," Foster's revealed in a press release. Foster's share price jumped by 13% after the announcement on the Australian Securities Exchange. The cash offer, confirmed by SABMiller on Tuesday, represents an enterprise value for the target of A$11.2bn (around £7.30bn), which the London-based brewer believes is attractive to Foster's shareholders. The offer price represents a premium of 14.5% to the trading price of Foster's before bid speculation arose (2 June). "We continue to believe that the proposal price is attractive and offers good value to Foster's shareholders. SABMiller can conclude a transaction quickly and will continue to seek engagement with the Board of Foster's to put an agreed proposal to Foster's shareholders," said SABMiller's chief executive officer Graham Mackay. He said that the aim of the acquisition is to strengthen the Foster's brand portfolio, which includes Foster's lager and Bulmers Original cider. "Australia has a profitable beer market in which Foster's is the leading brewer with 7 of the top 10 beer brands, a national distribution platform and scale production," the group said. ---

Whitbread gets a caffeine kick, sales rise 9% in Q1 By Benjamin Chiou Date: Tuesday 21 Jun 2011 LONDON (ShareCast) - Strong sales growth at Costa coffee shops helped hotel and restaurant group Whitbread to offset subdued activity in its restaurant division to grow total sales by 9.2% in first quarter. The group said that the trading momentum during the 13 weeks to 2 June was consistent with the outlook at its full-year results, with like-for-like (LFL) sales up 1.7%, "although our business was adversely affected by the extended Easter and Royal Wedding holiday," said chief executive Andy Harrison. Total sales at Costa jumped by 22.5% with LFL sales in UK equity stores growing by 4%. The chain opened 73 new stores in the period, and plans to add another 300 worldwide in 2011/12. "We will also rebrand 500 units to Costa Express and add a further 200 new units taking the total Costa Express/Coffee Nation estate to around 1,100 units," the group said. Sales at Premier Inn were also strong, growing by 8.1% (LFL: +3%), with revenue per available room (revpar) up by 2.4%. "Premier Inn revpar is continuing to benefit from a stronger London market, whereas in the provinces our Restaurants are being impacted in a more difficult casual dining market," Harrison said. Total sales from Whitbread's restaurants - which include the Beefeater Grill and Brewers Fayre chains - edged just 0.2% higher, while LFL sales fell by 1.4%. "We are confident that investing in our strong brand propositions of Premier Inn and Costa and introducing further value offers in Restaurants will enable us to win market share and deliver good returns for our shareholders."

http://www.investegate.co.uk/Article.aspx?id=201106210700087835I

CEO on BBC business news

§ Steady state profit synergies related to Superfos acquisition anticipated of £15m to £25m together with £20m of working capital cash synergies. Commenting on the results, Jamie Pike, Chairman, said: "It is very pleasing to report another record performance ahead of market expectations. The RPC 2010 programme was successfully concluded thereby ensuring that the Group has the earnings capacity to deliver an average ROCE of at least 15% across the economic cycle. The Superfos acquisition will enhance profitability with the integration progressing well. The Group is well positioned to deliver on its growth strategy. In light of the Group's financial performance and prospects, the Board is proposing to increase the final dividend per share to 8.1p, implying a full year increase of 37%."

RPC Group Plc, Europe's leading supplier of rigid plastic packaging, announces today its results for the year ended 31 March 2011. Highlights: § Sales increased by £99.3m to £819.2m due to 9% growth on a like-for-like basis and the inclusion of £37.5m Superfos turnover as from the 18 February acquisition date; § Adjusted operating profit improved by 36% to a record £55.8m (2010: £40.9m); § Adjusted EPS increased to 29.9p (2010 restated: 21.1p); § Net profit improved by 94% to a record £25.6m (2010: £13.2m); § Strong cash performance with a free cash flow of £50.9m (2010: £60.1m); § Net debt increased to £178.7m (2010: £80.2m) with £115.5m additional debt assumed to fund the Superfos acquisition; § Final dividend of 8.1p recommended giving a total year dividend of 11.5p (2010 restated: 8.4p); § RPC 2010 programme successfully concluded with the like-for-like ROCE rising to 14.6% compared with 9.1% in the year preceding the programme;

http://www.investegate.co.uk/Article.aspx?id=201106210700067706I

17JUNE Finally, Avesco (AVS) reported yesterday in a very upbeat manner. The stock came off 15p to around 114p. This was because the statement warned that the appeal hearing against Disney might take two years. And indeed it might. But, equally, Disney might just sober up and settle. It is worth noting that Disney may have in effect got a $300m loan where it is probably liable to pay derisory interest and perhaps $1m at most by way of legal fees. So it has a powerful incentive to drag its feet. Even so, Avesco reckon that, as matters stand, there is a cash injection of 140p on the way. Given that Avesco has won and that most appeals are thrown out this 140p must be worth north of 100p now. That gives a share price for Avesco of at least 200p now. So I bought some more. Who would not? An extract from the diaries of infamous bear raider Evil Knievil

Peter Byrom, Chairman, commented "I am pleased to report an increase in sales of 8 per cent against a strong prior year comparative. Volumes of our newer technology products, Thermal Transfer and Thermal Inkjet, were both significantly ahead of last year and sales of our new Continuous Inkjet and Laser printers have made good progress since their full launch at the end of the first quarter. Demand for our fluids, consumables and other after market products remains strong. "We have invested in 100 new sales, marketing and service personnel over the last twelve months, increasing the capacity of our sales channels to sell and support our new printer ranges. We have continued to invest in Research and Development and, following the successful debut of our new printer ranges in Paris earlier in the financial year, we introduced further new products in early May at Interpack, the major international packaging show in Germany. "Many countries are now either introducing or contemplating new legislation aimed at food safety. In April we announced an investment in TEN Media, a company established with our partners NewMarket Impressions to develop and supply compliance and food safety systems to the fresh egg industry. We are excited by this opportunity and the potential for the further development of compliance systems for use across the fresh produce sector. "While there remain some uncertainties in global economies we continue to see customers invest and believe we are well placed to develop and grow the business. The Board remains confident in the prospects for the Group."

Highlights q Strong growth in Thermal Transfer and Thermal Inkjet products q Successful introduction of new Continuous Ink Jet and Laser printer ranges q Profit before tax of £27.1 million, 13 per cent ahead of prior year q Investment in sales capacity supports future growth opportunities q Investment in Research and Development increased by 12 per cent q Investment of $50 million in TEN Media; focus on food safety q Interim dividend increased by 20 per cent to 6.58 pence

http://www.investegate.co.uk/Article.aspx?id=201106210700067692I

SABMiller plc proposal to acquire Foster's Group Limited SABMiller plc ("SABMiller") notes the announcement today by Foster's Group Limited ("Foster's") and confirms that it has made a non-binding, conditional proposal to the Board of Directors of Foster's to acquire all of Foster's shares for A$4.90 per fully paid share[1] in cash. The proposal to acquire Foster's is in line with SABMiller's strategy to create an attractive global spread of businesses, with a focus on developing strong and successful brand portfolios. Australia has a strong, wealthy and growing economy with consistent long term population growth in key demographics, and is well positioned to benefit from continued economic growth in Asia. Australia has a profitable beer market in which Foster's is the leading brewer with 7 of the top 10 beer brands[2], a national distribution platform and scale production. SABMiller has a proven track record of integrating brewing companies and improving the operating and financial performance of acquired businesses. SABMiller would use its expertise, best operating practices, management experience and global scale to enhance Foster's leadership position, strengthen and develop Foster's brand portfolio and improve Foster's operations and profitability. .............................................

http://www.investegate.co.uk/Article.aspx?id=201106210700097870I

Andrew Williams, Chief Executive of Halma, commented: "In 2010/11 we achieved our objective of significant organic growth and higher rates of return. We made substantial investments in acquiring businesses and developing new products and markets. This will remain a strategic focus for the year ahead to ensure we continue to position the Group's activities into markets offering growth and high returns. We are pleased with the momentum we have coming into 2011/12 and are looking forward to making further good progress in the year ahead."

Halma, the leading safety, health and sensor technology group, today announces its preliminary results for the 52 weeks to 2 April 2011. Highlights include: ● Pre-tax profit (1) from continuing operations up 21% to £104.6m (2010: £86.2m) on revenue up 13% to £518.4m (2010: £459.1m). ● Strong organic growth, reflecting Halma's commitment to investing in management development, innovation and emerging markets: Organic profit growth(2) of 19%, Organic revenue(2) up 11%. ● Successful acquisition of seven businesses totalling £82m (2010: £2m). ● High and increased level of returns achieved with Return on Sales(3) of 20.2% (2010: 18.8%), Return On Total Invested Capital(2) of 15.5% (2010: 13.6%) and Return on Capital Employed(2) of 71.9% (2010: 61.3%). ● All three sectors reported increased revenue and profit. Health & Analysis is now Halma's largest sector, Infrastructure Sectors made good progress and Industrial Safety achieved high profit growth and Return on Sales. ● Revenue outside the UK/Europe and the USA reached 24% (2010: 21%) of total revenue: good progress towards the Group's strategic objective for 30% of revenue to come from markets in the rest of the world by 2015. ● Order intake growth momentum maintained throughout the year. ● Adjusted earnings per share(4) from continuing operations up 21% to 20.49p (2010: 16.89p). Statutory earnings per share up 19% to 19.23p (2010: 16.10p). ● A record dividend of 9.1p, increased by 7%, marking the 32nd consecutive year of dividend increases of 5% or more. ● Strong balance sheet with net debt of £37m (2010: £9m net cash) and borrowing facilities of £165m in place until 2013, providing significant headroom for M&A in 2011/12.

http://www.investegate.co.uk/Article.aspx?id=201106210700067741I

SECONDARY PLACING OF ORDINARY SHARES BY DIRECTORS AND EMPLOYEES OF JUPITER FUND MANAGEMENT PLC ("JUPITER" OR THE "COMPANY") Jupiter announces a secondary placing of up to 31.3 million existing ordinary shares of 2p each in the Company (the "Placing Shares") to institutional investors to be effected by way of an accelerated bookbuild (the "Placing"). The Placing represents up to 6.8% of Jupiter's issued share capital. The Placing Shares are being offered for sale by a group of directors and employees of Jupiter and (in some cases) their spouses (together, the "Selling Shareholders"); such group includes Edward Bonham Carter, John Chatfeild-Roberts, Philip Johnson, Matteo Dante Perruccio, Adrian Creedy, Chris Crawford, Anthony Nutt and Philip Gibbs. Shares held by directors and certain employees of Jupiter are subject to the provisions of the vesting and lock-in agreements entered into prior to the Company's IPO in June 2010 (the "Vesting and Lock-in Arrangements"). A full description of the Vesting and Lock-in Arrangements was included in Jupiter's Price Range Prospectus, published on 2 June 2010. Today is the one year anniversary of Jupiter's admission to the premium listing segment of the Official List of the UK Financial Services Authority and, under the Vesting and Lock-in Arrangements, the first tranche of shares has vested and those shares that were subject to a 12-month lock-in have been released, as a result of which a total of 65.9 million shares have today vested or been released from lock-in. The remaining independent directors and certain other employees of Jupiter have elected not to offer shares for sale in the Placing but have agreed to certain lock-in arrangements in order to facilitate the Placing (such individuals, together with the Selling Shareholders, the "Lock-in Participants"). Immediately prior to the launch of the Placing, the Lock-in Participants held, in aggregate, 116.8 million ordinary shares of 2p each in the Company ("Jupiter shares") shares, of which 46.1 million have vested or been released from the IPO lock-in. Any Jupiter shares held by Lock-in Participants which have vested or been released from the IPO lock-in and which are not sold in the Placing will be subject to a 90-day lock-in. ..............