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Capital Pub spurns Fuller's offer Date: Friday 17 Jun 2011 LONDON (ShareCast) - London-based pub operator Capital Pub Company has rejected a takeover proposal from its bigger rival Fuller, Smith and Turner. Fuller’s, which operates in London and the Southeast of England, said it wrote to Capital’s board in March about a possible all-cash offer of 175p a share, which was rejected, as was an offer worth 200p a share the following month. Fuller’s pointed out that its offer represented a 29% increase to Capital’s closing price on Thursday and added that Capital’s growth strategy is likely to require further equity assistance. “Fuller's considers that there are considerable risks associated with the successful execution of this strategy that could dilute the overall quality and attractiveness of Capital's estate and which could have a negative impact on valuation over time,” Fuller’s said “In contrast, any offer by Fuller's of 200 pence per Capital share would provide Capital shareholders with the certainty of a cash exit in the near term at a substantial premium.” Capital Pub operates a group of non-branded and non-themed pubs in and around Greater London. Fuller’s operates pubs across the South of England and brews beers such as London Pride and Discovery.

"ARM and Obsidian Software have had a long relationship which started with early work on Cortex™-A8" said Mike Inglis, GM and EVP, Processor Division, ARM. "The technology and people that will come with this acquisition are a significant addition to our capabilities in maximizing quality and reducing time to market of ARM-based SoCs." "Obsidian Software has a long history of building advanced verification tools for the ARM architecture and enabling ARM partners" said Eric Hennenhoefer, President of Obsidian Software. "The ARM ecosystem will be extended by the addition of Obsidian Software's verification solutions, which will accelerate the success of the ARM architecture in the marketplace."

ARM Acquires OBSIDIAN SOFTWARE CAMBRIDGE, UK , Jun. 17, 2011-- ARM® [(LSE:ARM); (Nasdaq:ARMH)], today announced that it has acquired Obsidian Software, a market leader in verification and validation used in the design of increasingly complex processors. Obsidian Software is a privately-owned company, with offices in Austin, Texas. As System on Chip (SoCs) and processors grow in complexity there is an increasing need to develop more sophisticated verification strategies. This acquisition augments ARM's drive in matching its verification strategies with the rate of change in its high performance, complex SoC IP components.

http://www.investegate.co.uk/Article.aspx?id=201106170700116130I

A consortium led by Stagecoach co-founder and chief executive Sir Brian Souter has snapped up a Turkish ferry group in a deal worth $86m (£538m). The transport mogul’s family investment vehicle Souter Investments will own 30% of the firm, Istanbul Deniz Otonuslen, with co-investors including his sister and fellow Stagecoach founder Ann Gloag, Scottish businessman Sir Angus Grossart and a clutch of Turkish companies Tepe, Alden and Sera, says the Daily Express.

The chairman of Santander and 12 members of his family — including the woman who runs the bank’s British business — are under investigation for income tax evasion, a Spanish judge said yesterday. Ana Patricia Botín, 50, who is the head of Banco Santander UK, and her father, Emilio Botín, 76, are at the centre of the investigation into Spain’s most illustrious banking family, reports the Times.

Standard Chartered has warned that the Chancellor’s array of banking reforms will not do their job unless the new Financial Policy Committee is prepared to intervene directly to stop markets overheating. Richard Meddings, the bank’s highly respected finance director, said Asian regulators had protected their economies as Britain and the US had let markets boom before the crisis, the Independent says.

Mikhail Ivanov, Chief Executive of Volga Gas commented: "The acquisition of Gazneftedobyche in April was a turning point for Volga Gas; not only did it resolve a difficult commercial situation, but the additional assets have enabled the Group's financial performance to rise to a new level and enabled us to move towards bringing the Vostochny Makarovskoye field into full production. "The increasing production levels, continuing development drilling and exploration activities provide us with a platform to significantly grow our business in terms of reserves, future production and cash flow. We also stay alert and focused on acquisition opportunities that may arise in the region."

OPERATIONAL UPDATE Following its recent Annual General Meeting, Volga Gas Plc ("Volga Gas" or the "Company" or the "Group"), the oil and gas exploration and production group operating in the Volga Region of Russia,is pleased to provide an update on current activities. Highlights · Acquisition of Dobrinskoye gas field and plant was completed during April 2011 and began contributing to revenues as of 1 April 2011. · Total production in May 2011 averaged 3,485 boepd, providing revenues of US$3.9 million for the month. · Vostochny Makarovskoye test production continues and the wells are to be connected to the gas plant during the summer of 2011. · At 31 May 2011 the Company has US$14.4 million in cash and debt of US$9.0m.

http://www.investegate.co.uk/Article.aspx?id=201106170800016056I

PureCircle to book one-off cost of up to $15m Date: Friday 17 Jun 2011 LONDON (ShareCast) - Sweetener maker PureCircle said it expects to book one off costs of $10-15m in 2011 after it scaled down production and reduced inventory levels to match current demand and to improve operating cashflows. Group operating cashflows and net debt at 30 June 2011 are expected to be in line with expectations and the actions being taken are expected to improve operating cashflow by more than $20m in the period to 30 June 2012. Inventory reductions are being achieved across the supply chain from leaf to finished goods, it said in a company update. Second half sales and cashflows, which are both currently in line with expectations. Commenting on the one-off charges, CFO William Mitchell said, "The reduction in production levels is temporary as we align inventory to the current market and further improve operating cashflows. The reconfiguration of some production assets provides for flexibility to produce an enlarged product portfolio which is expected to improve future earnings".

Price of CSR's Zoran acquisition slashed Date: Friday 17 Jun 2011 LONDON (ShareCast) - The price bluetooth chip specialist CSR is to pay for US video streaming outfit Zoran has been slashed to reflect a worse than expected trading performance by Zoran in the second quarter. It has been an eventful period since the merger was originally announced, what with the supply chain effects caused by the Japanese earthquake and subsequent tsunami, and the decision by network equipment firm Cisco to abandon its Flip digital video camera line, all of which has had a negative impact on Zoran's trading. As a result of this, the terms of CSR's have been revised. Zoran shareholders will now receive $6.26 in cash plus 0.589 CSR shares (in the form of American Depositary Shares, or ADSs) for each Zoran share held. Previously, Zoran shareholders were set to receive 1.85 CSR shares for every Zoran share in a deal that valued Zoran at $680m. The new terms value Zoran at around $484m. Net of Zoran's cash balance of $251m as at 31 March 2011, the transaction value implies an enterprise value of $233m. Following completion, Zoran shareholders will own around 16.5% of the combined group on a fully diluted basis and CSR will no longer proceed with the the share buyback programme announced on 21 February 2011. CSR chief executive Joep van Beurden commented, "I am delighted that we have been able to reach an agreement on revised terms." "I am also pleased to report that our second quarter business is trading in line with previous guidance released on the 10 May 2011 for second quarter revenues of $185m - $200m and we can now update our guidance for second quarter revenues of $190m - $195m," van Beurden added. Dr. Levy Gerzberg, co-founder, president and chief executive officer and director of Zoran, said the revised terms would provide Zoran shareholders with "increased certainty of value through the inclusion of a significant cash component, while still retaining upside in the combined group and its larger scale and synergies through the stock component." Zoran confirmed previously announced guidance for second quarter revenues of $80m to $85m. -- jh

Outlook The early months of the current year have seen continuing good progress. The commercial progress made by 2K in 2010 has led to new enquiries from potential partners both from within the UK and internationally during 2011. ERT is now in a position to extend its business model both in terms of increasing the patent portfolio and the number of commercial partners to exploit the benefits of the PIM process technology. We look forward to the coming year with optimism and believe that over the next 12 months, new exciting opportunities will arise.

Preliminary Results for the year ended 31 December 2010 Environmental Recycling Technologies plc ("ERT" or the "Company") (AIM: ENRT), which has developed and is exploiting the patented rights to the Powder Impression Moulding ("PIM") process capable of converting mixed waste plastics into commercially viable products, announces its preliminary results for the year ended 31 December 2010 Highlights · A year which has seen important and successful progress in pursuit of our strategy to maximise the commercialisation of the patented rights to the Powder Impression Moulding ("PIM") process. · 2010 saw the first full scale commercialisation of the PIM process by 2K Manufacturing ("2K"), our current principal licensee. 2K commenced commercial production at its Luton facility of "EcoSheet", its award winning sustainable alternative to plywood. 2K is installing a second PIM production line at Luton and has signed sub licences to allow the international roll out of the PIM process in Spain, France, Belgium, Holland, Sweden and Switzerland. · Extension of current working relationship with ARUP, the leading global consulting engineers, to identify commercial opportunities for the development of products using the PIM process from recycled plastic in the construction and engineering sectors. · Continuation of ERT's patent protection programme with grant of European patents covering a further 21 territories in the EU and Western Europe and patents successfully granted in Australia, Canada and New Zealand, and patents have also been granted in Singapore and China. · Revenue together with other income for the year ended 31st December 2010 was £1.02 million (2009: £1.21 million). Reflecting continued investment in the development of the business, the group returned a loss on operations of £2.80 million (2009: £3.55 million).

Was lookig at these the other day - not too sure what to make of results - needs a re -read - lots of debt equity swapping going on!

positive RNS indeed

Trading Update H&T Group plc ("H&T" or "the Group") has traded strongly in the first five months of the current financial year. Accordingly, the Board expects strong first half results and to deliver full-year profit before taxation above the top end of current market expectations, despite the costs of the continuing new store expansion programme, with 10 new stores having opened so far this year. Strong like-for-like lending, driven predominantly by the continued rise in the gold price supporting an increased average loan, and a marginal improvement in redemption has contributed to the Group's core income stream, the Pawn Service Charge, exceeding Board expectations. In addition, the Group has experienced a good performance from its recent store openings with the pledge book build being better than expected. Gold purchasing profits have also remained strong and the Board expects that profits and margins for H1 11 from this segment to be broadly in line with H2 10. H&T expects to report its interim results for the six months to 30 June 2011 on 23 August 2011.

http://www.investegate.co.uk/Article.aspx?id=201106170700106069I

Dr. Levy Gerzberg, Co-Founder, President, CEO and Director of Zoran, added: "Both companies agreed that it was in our mutual best interests to revise the deal terms. Under the Revised Terms, Zoran stockholders will receive increased certainty of value through the inclusion of a significant cash component, while still retaining upside in the combined group and its larger scale and synergies through the stock component. The combination of our extensive portfolio of proprietary technologies and market leading products with CSR's leading technologies and market-leading products will enable us to create new and compelling propositions for our customers and to create a new generation of products which merge imaging and video, with connectivity, location and audio capabilities. We believe this merger is the best alternative for Zoran's shareholders, customers and employees."

Chief Executive Joep van Beurden commented, "I am delighted that we have been able to reach an agreement on revised terms. This transaction has strategic logic as it brings together our expertise in connectivity and location with Zoran's extensive capabilities in imaging and video, increasing our addressable markets. It is financially compelling as it drives economies of scale and is strongly earnings enhancing. This is a key step forward as we pursue our strategy of expanding our business both organically and through selected acquisitions. "I am also pleased to report that our second quarter business is trading in line with previous guidance released on the 10 May 2011 for second quarter revenues of US$185 million - US$200 million and we can now update our guidance for second quarter revenues of US$190 million - US$195 million."