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Filtrona trading in line Date: Thursday 14 Apr 2011 LONDON (ShareCast) - Speciality plastic and fibre products supplier Filtrona said trading in the first quarter of 2011 was in line with management expectations, though judging by the share price reaction, the market was pleasantly surprised. Company revenue rose 8% from the first quarter of 2010, or by 9% on a constant exchange rates (CER) basis. Revenue in the Protection & Finishing Products division was up 21% year on year (23% using CER), while the Porous Technologies arm’s turnover advanced 5% (CER: 8%). Coated & Security Products revenue rose 9% (CER: 10%), leaving Filter Products as the only division letting the side down, with a 4% slide in turnover. Net debt as at 2 April was £87m. Broker Panmure Gordon said: “Top line growth was slightly below our expectations with Filters unexpectedly going backwards, though Protection & Finishing delivered much better growth on the back of better volumes. As a higher margin division than Filters this more than underpins our profit expectations, and should assist further decent progress both this year and next.” With the share price at its current level the broker sticks with its “hold” recommendation.

http://www.investegate.co.uk/Article.aspx?id=201104140700088695E

The restaurant group Tasty served up its maiden profit yesterday after bucking the slowdown in consumer spending. The AIM-listed company, which operates 14 restaurants under the DimT and Wildwood banner, cooked up a pre-tax profit of GBP244,000 for the 53 weeks to 2 January, following a loss of GBP2.08m the year before. While it trades on a forward earnings multiple of more than 30 times after yesterday’s jump, the Independent thinks that over the long term, the stock will prove true to its name as an investment proposition and recommends buying the shares.

Apologies last post on wrong board

shares in blue-chip copper play Antofagasta have been sent much higher than expected by soaring copper prices – with expansion projects and its cash pile being further attractions.The shares are trading on a December 2011 multiple of 10.5, falling to 10 next year. However, based on current forecasts, the earnings multiple actually rises to 10.9 in 2013. The shares appear to be fully valued and now looks like a good time to bank those profits. The Telegraph says sell.

14th April 2011 Analyst: Philip Morrish Email: philip.morrish@gecr.co.uk Tel: 0207 562 3662 Conygar Investment Company: Initiate Coverage at 109.75p with a Target Price of 146.5p and Recommendation of Buy

Asian Plantation posts first revenues Date: Thursday 14 Apr 2011 LONDON (ShareCast) - Asian Plantation posted its first revenues in the year to 31 December, but the palm oil plantation developer saw losses widen as it ramped up investment in land and planting of seedlings. The firm, which operates in Sarawak, Malaysia, said pre-tax losses widened to $3.8m from $1.4m over the same period the previous year, while revenues totalled $314,000. “2010 has been a transformational year for the company,” joint chief executive Dennis Melka said. “Following on from the successful completion of the Company's first acquisition in 2009, doubling our land bank in Sarawak, Asian Plantations has now significantly enlarged that land bank by acquiring Fortune Plantation.”

Dennis Melka, Asian Plantations' Joint Chief Executive Officer, commented: "2010 has been a transformational year for the Company. Following on from the successful completion of the Company's first acquisition in 2009, doubling our land bank in Sarawak, Asian Plantations has now significantly enlarged that land bank by acquiring Fortune Plantation Sdn Bhd. We are confident of achieving our strategic objectives stated at the Company's admission to trading on AIM. "The Company has continued to grow and develop in a sustainable and responsible manner throughout 2010, and considerable resources have been devoted to our community outreach initiative to those communities surrounding our land. "Excellent progress has been made in the first three months of 2011 and we currently have over 845,000 seedlings in our three nurseries. We expect to complete the planting fully at our BJ estate this year and complete plantings at Fortune and Incosetia by 2012. "The next 18 months promise to be exciting and challenging phase for the Group, as we continue to consolidate neighbouring land parcels selectively, complete the planting works on our existing parcels and open our milling complex. We look forward to providing further updates on our progress in the months ahead."

Highlights · Initiation of first-ever fresh fruit bunch ("FFB") sale of USD314,000. · Completion of the acquisition of Fortune Plantation Sdn Bhd, significantly enlarging the Company's land bank to 15,645 hectares and an important step towards achieving the Company's stated objective of owning in excess of 20,000 hectares of Malaysian titled land within two years of listing. · Planting programme on track, with over 4,051 hectares planted at as year-end 2010 and three nurseries in operation. · Successful completion of two Company sponsored direct placings: - on 13 August 2010, the issue of £4.26 million in new equity capital at 110 pence per share, a 46.7% premium to the Company's 30 November 2009 AIM Admission price of 75 pence per share. - on 19 November 2010, the issue of USD1,000,000 unsecured four year convertible debt to Asian Agri Capital ("AAC"), an existing shareholder in the Company, via Asian Agriculture Fund III, at a conversion price of 201 pence per share. The conversion price represented a 21.8% premium to the closing price on 18 November 2010. Post Balance Sheet Events · The raising of approximately £16.0 million, before expenses, through the issue of 7,272,728 new shares at a price of 220 pence per share to new and existing investors

http://www.investegate.co.uk/Article.aspx?id=201104140700068488E

Reckitt shares dive as Becht steps down Date: Thursday 14 Apr 2011 LONDON (ShareCast) - Shares in Reckitt Benckiser took a sharp dive after the FTSE 100-listed maker of household products announced the retirement of its chief executive Bart Becht. The Dutchman, who has been at the helm of the firm since it was formed from the merger of UK company Reckitt & Colman and Dutch firm Benckiser , will hand over the reins to Rakesh Kapoor, currently in charge of the company’s ‘Powerbrands’ strategy, on 1 September. Becht will act as a ‘part-time adviser’ to Kapoor until September next year. Reckitt’s ‘Powerbrands’ include Finish dishwasher tablets and Vanish stain remover. The firm enjoyed strong profit growth in 2010 as developing markets offset a decline in Europe. “The board is delighted that someone of Rakesh Kapoor's calibre is able to step into the role of chief executive,” said chairman Adrian Bellamy. “His close involvement in the drivers of success at RB and significant achievements to date are reassurance that the excellent performance for which RB has become renowned is set to continue.”

Commenting on today's announcement, Adrian Bellamy, Chairman, said: "The Board is delighted that someone of Rakesh Kapoor's calibre is able to step into the role of CEO. His close involvement in the drivers of success at RB and significant achievements to date are reassurance that the excellent performance for which RB has become renowned is set to continue. "Consistent with its succession plan, the Board was unanimous in its choice of Rakesh as he has the necessary drive, strategic thinking and operational experience coupled with a more than intimate understanding of and capability to improve RB's financial performance and earnings model. He is supported by an excellent team of senior executives." "On behalf of the Board, I would like to thank Bart Becht for his outstanding contributions to Reckitt Benckiser at its helm and the performance delivered over the last 16 years. It is testament to his leadership that we are so well placed in terms of succession and depth of senior management strength." Commenting on today's announcement, Bart Becht, Chief Executive Officer, said: "I am honoured to have been CEO of Reckitt Benckiser, and to have had the opportunity to work with such an entrepreneurial, talented and innovative group of people who have created what I believe is the leading global home, health and personal care company. After 16 years in the role, I believe now is the right time to retire. We have the strongest senior management cadre we have ever had, our new CFO has bedded-in excellently and our SSL integration is on track and by September will be all but completed." "It gives me great pleasure to see Rakesh as the new CEO of RB. He has an outstanding track record of performance over many years, with broad experience across developing and developed markets, and all categories. I have seen his considerable leadership and commercial skills in operation and he will be a strong leader for RB in the future." Rakesh Kapoor, CEO designate, also commented: "I am delighted to take on this role and very much look forward to leading the business to its next stage of growth and performance, supported by an excellent senior management team."

Reckitt Benckiser Group plc Bart Becht to retire as Chief Executive Officer Rakesh Kapoor of RB to be appointed as new CEO The Board of Reckitt Benckiser Group plc (RB) today announces the retirement of Bart Becht as CEO and is pleased to announce the appointment of Rakesh Kapoor as CEO designate. Rakesh Kapoor has a 25 year career with RB and is currently executive vice president global category development at RB and an Executive Committee member Rakesh Kapoor becomes CEO effective 1 September 2011 with Bart Becht staying on as part time adviser to Rakesh and the Board until September 2012 to ensure a smooth transition. Rakesh Kapoor joined RB in India in 1987 and was appointed to the Executive Committee in 2006 to lead the two key drivers of RB's continued above industry-average growth - its global Powerbrand strategies and innovations. Prior to this Rakesh had a highly successful career in RB, including leading the UK and Northern Europe business to the best financial performance these businesses have ever delivered. He has extensive experience of the household, health and personal care categories, and an intimate knowledge and understanding of consumers and retailers in both developing and developed countries. Having led the pan-European and largest health care business in RB, when also leading Northern Europe, he was one of the architects of the Boots Healthcare International acquisition in 2006 which transformed RB into a global consumer health care company. He has been equally involved in the recent SSL and Paras India acquisitions.

http://www.investegate.co.uk/Article.aspx?id=20110414080000P6515

Currency hedging boost for Ashmore Date: Thursday 14 Apr 2011 LONDON (ShareCast) - Assets under management (AUM) at emerging markets asset manager Ashmore Group grew again in the first quarter of 2011, with the group seeing good inflows across of a range of local currency accounts. AUM grew 8% in the first three months of 2011 to $50.3bn from $46.7bn at the end of 2010. Net inflows totalled $2.3bn while there was a $1.3bn uplift caused by positive investment performance. The external debt portfolio rose by 4% to $21.5bn from $20.7bn at the end of 2010. while the local currency portfolio's value improved by 16% to $9.2bn from an end-year figure of $7.9bn. The best performance, however, was in what the group terms its “Other” themed mandate, which includes the group's currency hedging/overlay strategy; this portfolio saw a 25% rise in value to $7.0bn from $5.6bn. The acquisition of a majority stake in EMM LLC, announced on 24 February 2011, is on schedule to complete on 31 May 2011 and will be included in the group's fourth quarter (April to June) AuM figures. Trading conditions are in line with management expectations and the group remains confident of its prospects for the current year.

http://www.investegate.co.uk/Article.aspx?id=201104140700108811E

Rank upbeat as the punters flock in Date: Thursday 14 Apr 2011 LONDON (ShareCast) - Casino and online betting operator Rank said it made a positive start to the year as customers and customer visits rose strongly. Rank, which operates Mecca Bingo chain the second largest in Britain, said revenue from its Mecca bingo halls increased 4% in the 15 weeks to 10 April 2011 as visitors spent more per visit. "Despite the challenges facing our businesses, the group remains confident in its prospects for the year and the achievement of its longer-term ambitions," the group said in a company statement. Meanwhile revenue from Rank's Spanish bingo chain, Top Rank Espana, sank 20% after it was negatively affected by the introduction of a full smoking ban on 2 January 2011. Rank said it was in the process of implementing a plan to mitigate the effect of the ban on its two Belgian casinos. The Belgium government has announced that a full ban on smoking in enclosed public places, including casinos, will be implemented 1 July 2011. Rank Interactive saw a 23% increase in revenue due to strong growth from Bluesq.com and Meccabingo.com. Rank also said it received a tax and interest charge rebate worth around £154m from Her Majesty's Revenue and Customs (HMRC). CJ

http://www.investegate.co.uk/Article.aspx?id=201104140700098747E

Dunelm suffers like-for-like sales fall Date: Thursday 14 Apr 2011 LONDON (ShareCast) - Out-of-town home furnishings retailer Dunelm posted a fall in like-for-like sales in the quarter to 2 April and said conditions are likely to remain tough. Like-for-like sales were down by 1.3% during the period, which is in line with the decline experienced in the year so far. Total sales were up by 9.4% though, due to the contribution of new stores. “Trading conditions remained challenging through the third quarter, with favourable year on year weather patterns in January largely offset by the timing of Easter,” the company said. However, it added that it is continuing to win market share and that price increases were helping it to lift margins. “Cost price pressures are likely to continue over the coming months,” the company said. “In the current inflationary environment, the strong rate of increase in gross margin which the group has achieved over recent years is unlikely to be maintained.” Chief executive Nick Wharton said: “Looking forward, although we expect the consumer environment to remain very challenging, we are confident of delivering further growth thanks to the strength of our proposition, the launch of new and refitted stores and our multi-channel developments."

http://www.investegate.co.uk/Article.aspx?id=201104140700108817E