Member Info for mulledwine

http://www.investegate.co.uk/Article.aspx?id=20121018070100PF58D

Despite the threat of higher government taxes in the African countries in which it mines for gold, Rangold Resources has a strong investment case argues Questor in The Telegraph. The miner expects to produce about 845,000 ounces of gold this year, up from 700,000 ounces last year. Indeed, analysts have pencilled in a one-third rise in earnings per share in 2012 and a 30% increase in 2013. As its price is tracks that of gold, the question is can gold move higher? Bill Goss of Pimco and HSBS think it will. Indeed, HSBC thinks gold will rally to $1,900 an ounce by the year end. Trading on an earnings multiple of 23 in the current year, falling to 17 in 2013, the shares remain a buy.

International International grew retail sales by 15.2% in constant currency while reported retail sales, impacted by adverse currency moves, were up 10.8% during the first half of the year. Asia Pacific and the Middle East & Africa continue to perform strongly and at the top end of our expectations while Europe remains weaker, particularly across our Eurozone markets. We opened a net 70 stores during the first half of the year and had 1,098 stores at the end of the period. Our full year goal of 150 stores and circa 16% space growth remains on track. UK Our strategy to transform the UK is based on improving product, customer service and availability while at the same time achieving targeted cost savings and cash margin. We now operate from 280 stores (203 Mothercare and 77 ELC) in the UK, having closed 31 stores versus our full year target of circa 50. Total UK sales were down 8.3% reflecting the impact of these closures, while UK like-for-like sales grew 0.3% during the second quarter, with a decline of 3.4% for the half year. In addition, following the transition to a new online platform, Direct in Home has returned to growth, up 11.0% for the second quarter and up 0.9% for the half year.

Group sales Worldwide network sales strengthened during the second quarter to deliver growth of 2.1% for the first half of the year. International retail sales grew by 10.8% over the same period. Our forward orders and store opening plans for International indicate ongoing growth opportunities across the 60 territories in which we currently trade. This growth is offset by a UK sales decline of 8.3% and reflects our UK (and predominantly ELC focussed) store closure programme. Group sales, which include UK retail sales and receipts from our franchise partners, were down 5.9%. Working capital and cash have been tightly controlled.

MOTHERCARE PLC PRE-CLOSE TRADING STATEMENT Transformation and Growth plan on track Mothercare plc, the leading international mother and baby retailer, today announces its pre-close statement for the first half of the year covering 28 weeks to 13 October 2012. Simon Calver, Chief Executive of Mothercare plc, summarised: "Our strategy outlined in May this year is showing early signs of progress. In the UK, we have put the customer back at the heart of what we do. This is already beginning to have a beneficial impact on like-for-like sales, which along with our online business have returned to growth. International continues to grow despite difficult trading conditions in the Eurozone and adverse currency movements. We recognise that our most important quarter which includes Christmas is still ahead of us. We are confident about delivering against the targets we set out in our three-year plan."

http://www.investegate.co.uk/Article.aspx?id=20121018070038H0107

Valuation: NPV of £18.8m per 2,500bopd plant Based on current economics suggested by management, a single 2,500bopd plant generates an NPV of £18.8m. With each 2,500bopd plant capturing 0.01% of the potential addressable market, the current EV is implying a 0.4% chance of securing 10% of the addressable market. Given the positioning this seems low relative to other industries (oils, biotech) where probabilistic evaluation is used.

http://www.edisoninvestmentresearch.co.uk/researchreports/OxfordCatalystsOutlook171012.pdf

A leading Standard Chartered banker involved in making a $1bn (£620m) loan to the Indonesian chairman of the London-listed miner Bumi has quit after the bank struggled to get other lenders on board. Samin Tan used the funds to buy a stake in the coal-miner only to see the investment plunge in value from $1bn to $230m as the board was rattled by rifts between key shareholders, including the financier Nat Rothschild and Indonesia's influential Bakrie group. More recently, Bumi launched an investigation into alleged financial irregularities at its Indonesian units. The loan is secured, reducing the British bank's risk, but so far it has sold down just $230m of the loan, leaving $770m on its books. Sources told Reuters Peter Kay, the global head of leveraged finance syndication at Standard Chartered, was pushed out of the bank, The Independent reports.

The chairman of crisis-hit Bumi faces questions over whether he was working on a controversial “divorce” deal with the mining group’s Indonesian backers months before it was announced. Emails seen by The Daily Telegraph appear to show that as early as July, chairman Samin Tan was in talks with the Bakries, the powerful Indonesian family, over a £750m proposal announced last week to buy back Bumi’s coal assets. Financier Nat Rothschild, another major investor in the FTSE 250’s Bumi, is fighting the deal, on Monday announcing his surprise resignation from the board and accusing Mr Tan of being “complicit” in the “oppression” of shareholders.

I previously sold out way too early with these bad boys !...its an impressive graph

In September 2012 STB became the first bank in the UK to be awarded the Customer Service Excellence Award. This award was introduced by the Cabinet Office in 2010 to replace the former Charter Mark. Then, in October 2012 STB was awarded a 4 star Fairbanking Mark for its current account. These positive achievements mark the culmination of 18 months of hard work to improve the way in which STB interacts with its customers and the quality of the range of services it provides. Everyday Loans has been successfully integrated with the Group. A new branch has now opened in Middlesbrough and others will follow reflecting our growth plans for this business. The costs associated with opening new branches are relatively modest and they typically become profitable within 12 months. STB continues to work on a diverse pipeline of organic and external business opportunities as it progresses its growth strategy.

Update on third quarter trading Secure Trust Bank PLC ("STB") traded well during the quarter ending 30 September 2012. Demand for lending and deposit products remained strong. Cycle finance in particular has seen positive new business levels undoubtedly as a consequence of the Olympics. The bank continues to enjoy favourable funding conditions. Indeed the most recent deposit raising was successfully concluded after raising over £36 million in the first 8 days in August. STB is progressing an application to be included within the Funding for Lending Scheme and is giving due consideration to the extent, if any, it accesses the discounted funding available, noting it remains highly liquid at this time. In its interim results statement on 26 July 2012 STB reported that, when it released the White Paper on 14 June 2012, the Government signalled that it recognised the competitive challenges facing smaller banks. STB is now engaged with the Government's Banking Reform Team and the Treasury to help them to understand better these issues. In common with other banks, and as previously disclosed, STB is being inundated with entirely spurious claims originated by claims management companies (CMCs). The operational impact of having to respond to huge volumes of baseless claims is an unwelcome distraction.

http://www.investegate.co.uk/Article.aspx?id=201210180701029451O

Richard Glynn, Chief Executive, commented: "Consistent growth of both machine and OTC net revenue, as well as a robust control of costs reinforces the resilience and strong cash generation of our UK Retail business. Despite having fully annualised last year's launch of the Global Draw terminals, we remain confident that our focus on player and machine yields, as well as an increase in machine density, will generate further growth. We are now delivering against a clear programme to complete the rollout of the digital sportsbook and migration of customers by the end of Q1 2013, whereupon we will focus increasingly on enhanced CRM. Enhancements in trading are leading to early signs of an improvement in the quality of turnover, with further developments in pricing and liability management still to come. Though the economic outlook remains uncertain, we remain confident in our delivery and are in line with the Board's expectations for 2012."

UK Retail · Continued growth in shop net revenue with machines up 11.5% and OTC ahead 0.6% in the period · OTC gross win margin of 16.9% (Q3 2011: 16.0%) · Reduction in OTC amounts staked of 4.9% in part reflects increase in weather affected horseracing cancellations (38 versus 2), effect of the Olympics and impact of trading enhancements · Operating costs well controlled and within guidance Digital · Website development on plan, first iterations of new online sportsbook successfully released · Transfer of active and new customers on track for end Q1 2013, in line with interims guidance · 21.8% growth in sportsbook net revenue with stronger margin and continued growth in actives · Bet in Play now 66%(3) of sportsbook stakes (Q3 2011: 50%) with events now expected to exceed plan of 60,000 in 2012

CONTINUED GROWTH IN RETAIL, SPORTSBOOK ROLLOUT ON TRACK Group · Net revenue(1)up 3.9% · Operating profit of £49.2 (1)(2) million 0.4% up year over year (2011: £49.0 million after amortisation) · Recently implemented trading enhancements driving accuracy of pricing and reduction in unprofitable turnover · Trading developments set to continue; Andy Wright, new trading director, now on board

http://www.investegate.co.uk/Article.aspx?id=201210180700089523O

Commenting on the results, Charles Wilson, Chief Executive of Booker, said, "Our plan to Focus, Drive and Broaden Booker Group is on track. We improved choice, price and service for our customers, which increased sales by 3.3%. Booker Direct, Ritter Courivaud and Classic are performing well and Chef Direct has got off to a great start and the increase in the interim dividend is evidence of the Board's confidence in the outlook for Booker. Subject to competition clearance Booker and Makro will be able to improve choice, prices and service for caterers, retailers and small businesses in the UK. Once integrated, Makro will prove a good addition to the Booker Group."

Operating Highlights · Customer satisfaction has improved which has driven like-for-like sales · Conversion of another 3 branches into the 'Extra' format, taking the total number of 'Extra' branches to 145 · Internet sales +10.7% to £332m (2011: £300m) · Booker Direct, Ritter Courivaud and Classic are performing well · Chef Direct is becoming the new force in foodservice · Following competition clearance, Booker and Makro will seek to become the UK's leading wholesaler to caterers, retailers and small companies · Our 3 branches in India are on track and we expect to open 2 more branches in the second half Outlook Group turnover in the second half to date (excluding Makro) is ahead of the same period last year. Working capital levels and costs are in line with plan. Overall, Booker Group plc continues to trade in line with management expectations.