Member Info for mulledwine

Shares in I-design (IDG) rose 4.75p to 29.75p on news the ATM advertiser signed a major new banking customer agreement with Barclays Bank. The contract, to supply atmAd, covers Barclays' entire UK estate of approximately 4,000 ATMs & kiosks and helps to underpin market forecasts for the current financial year.

International Personal Finance plc ("IPF") Update on trading At today's Annual General Meeting, the Chairman of IPF, Christopher Rodrigues, will make the following statement: "Further to our Quarter 1 Interim Management Statement issued on 19 April 2011, IPF continues to perform well and in line with our expectations. During the important Easter trading period we have delivered a strong sales performance with growth in credit issued increased from 9% for the first quarter of 2011 to almost 13% for the four months to the end of April, including a much improved performance in Mexico. Alongside this strong sales performance credit quality and impairment remain good. The Group remains confident of further good progress in 2011." The interim results for IPF will be published on Wednesday 20 July 2011.

International Personal Finance (IPF) continues to perform well and in line with expectations, the international home credit business announced in its annual general meeting as it remains confident of further progress in 2011. The group delivered a strong sales performance during the important Easter trading period with growth in credit issued increased from 9% for the first quarter of 2011 to almost 13% for the four months to the end of April. The group added that alongside this, credit quality and impairment remain good. The shares moved up 25.2p to 375.5p.

Panmure Gordon maintained its "buy" recommendation for Marshalls (MSLH), the producer of patios, with a 145p target price. The broker believes the group is a good quality, well-invested business, led by a highly capable management team, and notes that the decisive action taken during the recession has left the business "well positioned to respond to better market conditions". Operational gearing should mean that profits recover significantly, Panmure added, as sustained sales improvements flow through. Marshalls shares rose 1.75p to 123.5p.

Andes quadruples profits Date: Wednesday 11 May 2011 LONDON (ShareCast) - Profits at Argentinian energy firm Andes Energia leapt 450% in 2010, due primarily to the performance of its stake in an electricity distributor. The group recorded a profit before tax of $22m on revenue of $171m for the year. This compared to a profit before tax of $4m on revenue of $139m in 2009. Andes said in a statement that the revenue increase came from an increase in tariffs at electricity distributor EDEMSA, the pass through of increases in the cost of energy purchased and an increase in demand. Energy consumption in Argentina in 2010 increased by 5.9% year-on-year, while the volume of energy sold by EDEMSA during 2010 in the firm's concession area in Mendoza grew 6.7%, Andes said. EDEMSA raised tariffs on average by 12% on 1 August 2009 and 12% on 1 December 2009. "We are very pleased with the results for the year and believe we are now in a strong position to accelerate the growth strategy of our oil and gas assets over the coming months," said chief executive, Luis Alvarez Poli. The profit after tax attributable to equity shareholders was $4m compared to a loss of $1m in 2009. Basic and diluted earnings per share was 3.55 cents for the year compared to a basic and diluted loss per share of 0.45 cents in 2009. The company reiterated its position that it would pay no dividends.

Evolution Securities downgraded its recommendation on Hammerson (HMSO), the European real estate company, from "neutral" to "buy" with a 480p target price. The broker said reduced development exposure and some measured acquisitions heralded a de-risked business model with increasing focus on earnings and income quality. Evolution added that the dominant retail exposure, though high quality and well managed, may hold back short term price performance. Shares in Hammerson, which has a real estate portfolio in the UK and France of around 5.3 billion pounds, edged down 4.2p to 468.3p.

Trading statement tomorrow hopefully -

Restoration to Trading Beale PLC announces that following the publication of the Prospectus in connection with the proposed acquisition of 19 department stores from Anglia Regional Co-operative Society Limited (the "Acquisition"), as announced on 21 April 2011, the Company's shares will be restored to trading with effect from 12 May 2011. As previously notified, the Acquisition is subject to approval by shareholders at the Extraordinary General Meeting to be held on Tuesday 17 May 2011. If approved the Acquisition is expected to complete on 22 May 2011 ("Completion"). Subject to approval of the Acquisition and Completion the UK Listing Authority will cancel the listing of the Company's ordinary shares ("Ordinary Shares") and applications will be made by the Company to the UK Listing Authority and the London Stock Exchange at the appropriate time for the Ordinary Shares to be readmitted to listing on the Official List and to trading on the London Stock Exchange's Main Market for listed securities ("Readmission"). Readmission is expected to occur on 24 May 2011. Readmission will not require new share certificates to be issued and the Company name and the ticker will remain BAE.

http://www.investegate.co.uk/Article.aspx?id=201105111549404200G

http://www.investegate.co.uk/Article.aspx?id=201105111643374244G

Demand for Sage Group stock soared yesterday amid speculation that an overseas predator was lining up a £6bn bid approach. Hopes for further deals in the software sector have been fuelled by a recent approach – thought to be from a US buyout firm – for Micro Focus International. Another UK mid-cap, Misys, has also been talked up this week as a potential merger candidate. Traders heard rumours of a 450p-plus approach for Sage, up 10.25p to 296p. US giant Oracle and Germany’s SAP were tipped as likely suitors, according to the Daily Express

CAUTIONARY ANNOUNCEMENT Shareholders of ZCCM Investments Holdings Plc ("ZCCM-IH") are advised that there are circumstances and developments relating to some companies where ZCCM-IH Plc has a shareholding, the full impact of which are currently being determined and which may have a material effect on the price of the company's securities. The developments relate to the following:- Offer by Barrick Gold Corporation: · Barrick Gold Corporation of Canada has offered to purchase all outstanding common shares of Equinox Minerals Limited ("Equinox") by way of a negotiated take-over bid as detailed in the announcement posted on the Equinox website [http://www.equinoxminerals.com]. Equinox currently owns 100% shares in Lumwana Mining Company Limited which operates in Zambia. Offer by Vale Limited: · Vale Limited has issued an announcement of a firm intention to acquire the entire issued and to be issued ordinary share capital of Metorex Limited ("Metorex") as detailed in the announcement posted on the Metorex Limited website [http://www.metorexgroup.com]. Metorex owns 85% shares in Chibuluma Mines Plc which operates in Zambia. Investors and the general public are hereby informed that ZCCM-IH has a circa 2% shareholding in Equinox Minerals Limited and a 15% shareholding in Chibuluma Mines Plc. Accordingly shareholders are advised to exercise caution when dealing in the company's securities until a full announcement is made.

http://www.investegate.co.uk/Article.aspx?id=201105111352504012G

CONT Welcome though the new revenue from this output is to the Melrose management, the bulk of production still comes from Egypt and here the news is less neutral. As previously reported the North East Abu Zahra-1 gas production well experienced water breakthrough in December and subsequently the well rate declined rapidly until it ceased to flow in April. The company now plans to drill a replacement production well in the field at the crest of the structure (the original well was located down-dip on the flank of the reservoir) after completing the current West Dikirnis horizontal well. This will result in the deferral of production but has no implication with respect to the field reserves. Based largely on these operational considerations, the company is reducing its 2011 production guidance from 44,000 barrels of oil equivalent day on a working interest basis. This primarily due doe to the North East Abu Zahra-1 well performance and the impact of the decision initially to complete the latest West Dikirnis horizontal producer as a vertical well coupled with other minor production variances. The decision to revise the production forecast disappointed the market a bit and the shares fell 2.5 per cent on the day to 273p. Against this Melrose is looking at a new horizon with the announcement that drilling operations have started on the South West Kanun-1 exploration well, which is located in southern Turkey on the South Mardin concession in which Melrose holds a 66.7 per cent working interest. The well is expected to take approximately 75 days to drill and will test a four-way dip closed structure with oil potential structure with oil potential in two geological formations, namely the Ordovician and the Cretaceous. The Ordovician has gross un risked P50 prospective resources of 27 mmbbl with a chance of success of 21 per cent and the Cretaceous has prospective resources of 28 mmbbl with a chance of success of 17 per cent. Commenting on all this, Melrose CEO David Thomas accentuates the positive, saying the company is encouraged by the strong production performance of both the new fields in Bulgaria. Thomas also says the company is please to have spudded the South West Kanun-1 well in Turkey, which in the event of success has the potential to open up a new exploration play.

May 10, 2011 Melrose Resources Provides An Operational Update And A Revised 2011 Production Forecast The latest operations update and production forecast from Edinburgh-based Melrose Resources is a mixed bag. The news about Bulgaria is broadly neutral. The word from Egypt is mildly disappointing. The report concerning Turkey is promising. In Bulgaria the Kaliakra and Kavarna gas fields have been on stream for six months. On the Kavarna field, the pressure data suggests that the existing production well (Kavarna-2) is in good communication with the entire reservoir and the ultimate proved pus probable reserves estimate has been increased to 27 bcf, compared to the pre-production estimate of 25 bcf. The reserve estimate for the adjacent Kavarna East field, which is scheduled for development in 2012, remains unchanged at 10 bcf. On the Kaliakra field, the pressure data suggest that the existing production well (Kaliakra-2) is in communication with gas contained in the central and eastern parts of the field. It appears though that any gas contained in the western area of the field is either poorly connected to the well bore or that the western part is structurally deeper than previously thought and may contain only minor gas volumes. Further performance data and technical studies will be required to resolve the Kaliakra reservoir uncertainties. Once this work is complete the company will be able to judge whether further reservoir appraisal drilling may be justified on the western flank of the structure. In the interim a preliminary view of the ultimate reserves which may be recovered by the Kaliakra-2 production well alone is approximately 33 bcf, compared to the pre-production full field reserves estimate of 49 bcf. The Kaliakra pressure data will have no impact on the company’s exploration plans for the Galata concession which includes the drilling of the Kaliakra East prospect, targeting prospective resources of 59 bcf with a 34 per cent chance of success. As for current production during the six months the gas fields have been on stream the company has monitored the production performance and reservoir pressure trends closely. Both fields continue to exhibit good production characteristics and are producing at combined rate of 46 million cfpd (mmcfpd).

Melrose started with outperform rating at Credit Suisse, target price 400p

Restaurant Group cautious on consumer confidence By Benjamin Chiou Date: Wednesday 11 May 2011 LONDON (ShareCast) - Garfunkel's and Frankie & Benny's owner The Restaurant Group said it is trading 'in line' after a "satisfactory" performance in the first 18 weeks of 2011, but has expressed its caution in regards to the full year as consumer spending remains restricted. "Trading conditions during 2011 look set to continue to be similarly challenging to those we experienced during 2010, with consumer sentiment remaining cautious and household inflation and disposable income still under pressure," said chairman Alan Jackson. Total sales during the first 18 weeks were 5.5% ahead of last year, while like-for-like sales increased by just 0.5%. Over the past eight weeks, the pub restaurant division has performed strongly, while its "restaurants located at cinema and retail parks have traded satisfactorily, although footfall at these locations has been more variable," said Jackson. The firm opened two new Frankie & Benny's restaurants and one new Chiquito restaurant during the period, which are said to be trading ahead of expectations. The firm is on track to open between 22 and 27 new restaurants during 2011. Shares fell lower on Wednesday as a number of brokers downgraded their rating s: Peel Hunt cut its recommendation to 'hold', from 'buy'; while Evolution reduced its rating from 'buy' to 'neutral'. --- BC

CONT After a very strong 2010, our performance at the beginning of 2011 confirms that our strategy is delivering value to our shareholders. We will continue to implement our strategy with discipline, allocating capital to the most attractive markets and products, while managing risk and capital prudently, but proactively. Cash remittances and free surplus generation remain strong and we remain well positioned to achieve the objectives we have set ourselves for 2013."

Tidjane Thiam, Group Chief Executive, said: "We have delivered good results in the first quarter of 2011, with double digit growth in both profits and sales against the very strong comparatives of 2010, itself a record year for Prudential on all metrics. In the first quarter, new business profit across the Group was £498 million, an increase of 17 per cent over 2010 (£427 million), and APE new business was £888 million, an increase of 10 per cent over 2010 (£807 million). In Asia, our business continues to grow fast and profitably, with nine markets recording double digit growth. Our new business profit in the region at £213 million grew 16 per cent in total over 2010 (£183 million) and 57 per cent over 2009 (£136 million), the baseline for our 2013 objectives. We believe Asia continues to offer the most attractive opportunity in the global life insurance market today and we expect our momentum to continue, particularly in our preferred markets of South-East Asia. The one exception in this context is India, as we indicated last year. The Indian market is going through a period of adjustment following regulatory changes. Ex-India in Asia new business profits grew by 22 per cent and our sales by 17 per cent. We believe that after the period of adjustment, the potential for profitable growth in India remains substantial in the medium term. In the US, the quality of Jackson's distribution and of its operational and financial management ensured that our strong performance continued. The retiring 'baby boomers' have a strong appetite for protection and are favouring providers who have had a consistent presence in the market, through the crisis, and who have a strong financial position and balance sheet. These specific market conditions have helped our 2010 performance to continue into 2011. We will continue to closely monitor developments in this market with a clear focus on profitability rather than market share. In the UK, we remain focused on our strengths in the with-profits and annuity market segments. Our strategy is unchanged - putting value ahead of volume - and is delivering attractive returns on the capital employed. In asset management, M&G saw strong and positive net fund flows in the first quarter after a record performance in 2010. As expected, the market is returning to more normal conditions this year. M&G net flows, although lower than last year (£1,677 million vs. £1,889 million), remain historically high. In our asset management business in Asia, net flows increased by 25 per cent, from £171 million to £214 million, excluding the highly volatile money market flows, illustrating the significant upside potential of this business.

http://www.investegate.co.uk/Article.aspx?id=201105110915043384G