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CSR plc and Zoran Corporation agree to revised terms for proposed transaction creating a global leader in connectivity, location, imaging and audio CSR and Zoran confirm previous revenue guidance for Q2 2011 CSR plc (LSE: CSR.L, "CSR") and Zoran Corporation (NASDAQ: ZRAN,"Zoran") today announced that the Boards of Directors of CSR and Zoran have approved amendments to the terms for CSR's proposed merger with Zoran (the "Transaction") previously announced on 21 February 2011. In addition, CSR and Zoran have today announced that they are confirming previous revenue guidance for Q2 2011 contained in their respective Q1 2011 results released on 10 and 9 May 2011..................................

http://www.investegate.co.uk/Article.aspx?id=201106170700116280I

Commenting on the one-off charges, William Mitchell, the Group CFO 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".

PureCircle (LSE: PURE), the world's largest producer and marketer of high purity stevia products, will announce its full year results for the year ended 30 June 2011 (FY2011) on Wednesday 21 September 2011. Prior to entering its close period, the Group plans to make an interim management statement in the week of 4 July 2011 to brief the market on its second half sales and cashflows, which are both currently in line with expectations. After scaling its production in FY 2010 to demonstrate successfully that it can support large brand adoption of high purity stevia, the Group has temporarily reduced its production levels to run down its inventory to better match current demand and to improve operating cashflows. Inventory reductions are being achieved across the supply chain from leaf to finished goods. In addition, the Group is reconfiguring its production capacity to better suit its portfolio of products, now enlarged with the launch of the new PureCircle Flavors product line, including NSF-02. In the FY 2011 results, the Group is expecting to book one-off costs relating to these changes of $10-15m, not all of which is cash. Group operating cashflows and net debt at 30 June 2011 are expected to be in line with expectations. The actions being taken are expected to improve operating cashflow by more than $20m in the period to 30 June 2012.

http://www.investegate.co.uk/Article.aspx?id=201106170700116115I

Peter Buchanan, CEO of Valiant, commented: "We would like to take this opportunity to thank the outgoing Sagex board of directors for their hard work and professionalism over the past few months, which has made Valiant's offer for Sagex possible. We look forward to working towards successful completion of the Offer with both Sagex's management team and new board of directors."

Sagex Petroleum Offer and Drilling Update Valiant Petroleum plc ("Valiant") is pleased to provide the following update with regard to its offer to the shareholders of Sagex Petroleum ASA ("Sagex" or the "Company") to acquire the entire issued and to be issued share capital of Sagex for a total consideration of NOK 64.1 million (£7.1 million) (the "Offer"). As at the close of the Offer on 10 June 2011 Valiant had received acceptances in excess of 94% of the total number of voting shares in Sagex on a fully diluted basis, significantly in excess of the two thirds acceptance condition. Working in close collaboration, Valiant and Sagex have also made progress on seeking all necessary corporate, third party and regulatory consents, which remain key conditions to the Offer. Valiant remains confident that the transaction will reach completion ahead of the long stop date of 31 August 2011. Reflecting the significant progress on moving the Offer towards completion, an interim board of directors of Sagex was elected via an Extraordinary General Meeting on 14 June 2011 comprising representatives of two of Sagex's major shareholders and Sandy Shaw, an executive director of Valiant. Valiant has also been informed by Sagex that the first of its two planned Norwegian exploration wells is anticipated to commence operations on License P471 by early August 2011. The well will be drilled by the Borgland Dolphin semi-submersible rig and target Chamonix, a potentially large Cretaceous stratigraphic prospect, and the secondary Cortina target of Jurassic age. Sagex holds a 20% working interest and the licence partners are OMV (50%, operator) and Noreco (30%). Further updates on the Offer will be provided in due course.

http://www.investegate.co.uk/Article.aspx?id=201106170700105944I

Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, commented: "I am pleased to report the successful completion and initial testing of the Dzheitune (Lam) 28/156 development well, the fifth well to have been completed within the 2011 drilling programme. We continue to optimize well locations to ensure good potential while accessing different areas of the reservoir."

Drilling Update Dzheitune (Lam) 28/156 well tested at initial rate of 3,038 bopd Dragon Oil plc (Ticker: DGO), an international oil and gas exploration and production company, announces the completion and initial testing of the Dzheitune (Lam) 28/156 development well. The Dzheitune (Lam) 28/156 well reached a depth of 2,000 metres and was completed as a single producer by the NIS rig. The initial test result from the well was 3,038 barrels of oil per day ("bopd"). The NIS rig has skidded to the next slot to spud the Dzheitune (Lam) 28/158 well shortly. The Iran Khazar rig is currently drilling the Dzheitune (Lam) B/157 well.

http://www.halifaxmarketwatch.co.uk/rns.cgi?username=&ac=&action=news&rns=1&view=full&story_id=4300280

Update on trading Trading since the end of March (excluding Handset Antennae) has continued to follow the trends seen in the first quarter. For the year ended 31 December 2010, Performance Materials had revenue of £287.4 million, an increase of over 25% over 2009 (2009: £230.0 million); underlying operating profit was £38.7 million, an increase of 40% over 2009 (2009: £27.6 million); and a return on sales margin of 13.5%. Wireless Systems (ex Handset Antennae) would have had revenue of £130.9 million, an increase of 54% over 2009 (2009: £84.9 million); underlying operating profit of £10.3 million, an increase of 194% over 2009 (2009: £3.5 million); and a return on sales margin of 7.9%(1). Overall the return on sales margin in 2010 (excluding Handset Antennae and Mechanisms) was 10.1%(2). Laird's like-for-like revenue (excluding Handset Antennae) in the second quarter of 2011 is expected to be higher than the first quarter of 2011 and also for the same period than in 2010. We expect the closure of the Handset Antennae business, together with associated restructuring, to be cash positive in the region of £20 million. In addition, a non-cash impairment charge will be taken at the Half Year. The Board's expectations for the full year remain unchanged despite the decline of the Handset Antennae business and our resultant decision to exit. We continue to benefit from the improved demand in our end user markets, the diversification of our customer base, and the strength of our underlying business.

Exit from Handset Antennae business and Update on Trading Laird PLC ("Laird"), a leader in the design and supply of performance critical components and systems for wireless and other advanced electronic applications, today announces the exit from its Handset Antennae business and an update on trading. Exit from Handset Antennae business Following the review of the strategic options for the Handset Antennae business, announced in the Interim Management Statement on 6 May 2011, the Board of Laird has decided to exit the business and monetise the remaining assets held within it. Despite the restructuring actions taken, the Handset Antenna business ran only at breakeven during the first quarter and revenues continued to decline thereafter, reflecting reduced demand from the major customer. In 2010 this customer accounted for 70% of the business' revenues. After consideration of a number of strategic options and discussions with the major customer, the Board has decided to close the Handset Antennae business. Existing contractual order obligations will be fulfilled during 2011 and 2012 but the closure process will start immediately. Following the closure of the Handset Antennae business, Laird's revenues generated from what was historically its largest customer, are expected to be minimal. This decisive action will allow us to focus better on the rest of our businesses and to concentrate on continuing to strengthen our leading positions in high growth markets, in line with our overall strategy. Laird is well placed to benefit from the further demand growth that industry commentators are projecting in end markets which continue to require more of the technology and solutions that Laird supplies.

http://www.investegate.co.uk/Article.aspx?id=201106170700116274I

Arbuthnot commented on Umeco (UMC), the aerospace and defence focused distributor and supply chain manager. The broker said that, in view of the strengthened balance sheet and better characteristics of the Composites business, whether the disposal of the supply chain business is really value enhancing will depend on how quickly resources can be redeployed and if the market is happy to re-rate the shares. That said, Arbuthnot added that given the 14.5% under-performance of the shares against the FTSE All-Share index in the last month, it may not be justified to maintain its previous "reduce" recommendation. The shares lost 37p to 378p.

UBS reiterates buy on Experian, target price reiterated at 900p.

UniCredit raises target price on Reckitt Benckiser from 3400p to 3500p.

Panmure recommends buy Micro Focus, target price raised from 427p to 450p.

Explosion at Hoeganaes facility, Gallatin, USA On Friday 27 May 2011, there was an explosion at the GKN Hoeganaes Corporation plant in Gallatin, Tennessee, USA. Gallatin produces atomized metal powders for use in manufacturing sintered metal products and has revenues of around $250 million per year from sales to sinter metals customers. Five employees were hurt in the incident, two of whom have sadly died of their injuries and a third remains in a critical condition. Two employees were slightly injured and were released from hospital the same day. The Company is providing the families with every means of comfort and support at this difficult time. GKN has implemented a full plant safety review, supported by two independent organisations, to ensure that it fully understands the cause of the incident and implements appropriate measures to prevent a recurrence. We are also co-operating with the relevant authorities (US Chemical Safety Board and Tennessee OSHA) to establish the cause and, although investigations continue, initial indications suggest a hydrogen gas leak. Production at the Gallatin facility has been suspended since the incident on 27 May 2011. It is expected that limited production will recommence next week, with the plant being brought back to full production over the next several weeks as the safety review and any remedial works from the incident are completed....................................................

http://www.investegate.co.uk/Article.aspx?id=20110616160519P2925