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Tanfield sees 2011 as a transition year Date: Tuesday 05 Apr 2011 LONDON (ShareCast) - Tanfield Group, the leading manufacturer of aerial work platforms, lost altitude after it promised nothing more than moving closer to break even in 2011. Its turnover in 2010 rose 0.9% to £43.5m, while its operating margin improved to 29%, from 26% previously. Despite the above, it suffered an operating loss before impairments of £15.8m, a slight improvement on 2009’s loss of £16.02m. Its net cash position worsened at the end of last year to £3.6m, versus £5.4m at the end of 2009. By the end of the first quarter of 2011, however, it had improved to £4.8m. Not surprisingly, given the loss making nature of the business, the company preferred to focus on the improved outlook for this year. The company has seen a strong rise in orders for its main division in the first three months of 2011, but management has indicated that, “it is too early to say whether the current levels will be sustained as it is likely that some of the recent orders contain some short term replenishment of inventory at dealers”. The firm also explained that, “the prolonged recession has severely impacted our supply chain's capabilities to react and ramp up production and this will restrict the pace of our growth during 2011”. “As the market for aerial lifts is now beginning to return to growth, we expect that 2011 will be a transitional year, where we move closer to a break-even position. With a healthy cash balance and no debt, I believe Tanfield is on the right path to recovery and a secure future,” said company chairman, Jon Pither. Shares fell as low as 35.75p in the morning session on the day of the results, giving back a good part of the year’s gains so far. Of note, Digital Look technical analysts point out support at the 35 pence area. ab

5th April 2011 Analyst: Philip Morrish Email: philip.morrish@gecr.co.uk Tel: 0207 562 3362 We continue to value Symphony on a 2011 Enterprise Value/EBITDA multiple of 16, which is only slightly ahead of the 2010 watershed multiple of 15.6 times, and suggests that the shares could trade at 31.8p.Therefore, with the shares are 17.25p and with a target price of 31.8p we reiterate our recommendation of buy.

Marketing software provider Alterian issued a profit warning on Monday, causing Peel Hunt to chop its forecasts by 50% and downgrade its recommendation. The broker now gives the group a ‘sell’ rating, from ‘buy’, after it announced that a single large contract deferral which meant that revenues would be 10% under expectations. Chief executive David Eldridge also resigned as a result of the miss. Peel Hunt has now cut its pre-tax profit estimate for the year ended 31 March to GBP4m, from GBP8.5m. The target price is cut to 160p, from 200p.

My last post says 500 to 500 which is what the article states although I believe this should be 500 to 550.

RBS upgrades power and gas grid operator National Grid to a ‘hold’, from ‘sell’, now that Ofgem has sweetened its initial approach to price regulation. The broker originally identified GBP650m of cashflow at risk from the ‘RIIO’ (performance-based model) UK price controls, but it notes that Ofgem’s latest ‘Decision on Strategy’ proposal makes half of this amount safe. With now only a 10% hit to operating profit, the broker ups its target price from 500p to 500p.

He adds: "Kalahari remains fully supportive of Extract and its development initiatives for Husab. The true scale of the wider project and its potential to support multiple mining operations is only just starting to be appreciated. "We believe that the reality is that Husab already represents a hugely significant strategic asset in the context of supply for the nuclear industry, which has now been significantly de-risked, and we believe that there is still significant upside in terms of scale." Indeed the group's stance was recently endorsed by the £756 million takeover bid for Kalahari by a subsidiary of China Guangdong Nuclear Power - known as CGNPC-URC. Kalahari believes that CGNPC-URC is still looking to satisfy the pre-conditions of the bid.

LONDON (Proactive Investors) - Kalahari Minerals (LON:KAH) chairman Mark Hohnen told investors that the findings of a new definitive feasibility study on the Husab uranium project (formerly known as Rossing South due to its proximity to Rio Tinto's existing Rossing uranium mine in Namibia) is an endorsement of the group's faith in the project. The group's 42.79 percent owned associate Extract Resources (ASX:EXT, TSE:EXT) announced the DFS on Zones 1 and 2 of the Husab project. "The results of the DFS yet again prove that Husab is the most exciting new uranium project in the world today," Hohnen said. "The base case development map is now in place for Zones 1 & 2 to transform these into one of the three largest uranium mines in the world, producing 15 million pounds (Mlb) of uranium (U3O8) per annum via conventional open pit mining and a proven process flow sheet. "This is, in isolation, already a fantastic achievement and endorses our investment faith in the project. Ambrian Capital, Kalahari's broker highlighted, that with the DFS Extract has defined a base case mine plan and process plant, which includes plans for delivery of the infrastructure necessary to support the project and to develop it into one the three largest uranium mines in the world. Overnight Extract said that the DFS supports the maiden reserve estimate for Zones 1 and 2, which gave it has 225 million pounds of contained uranium - from 205 million tonnes grading 497 parts per million. The DFS put capital costs - including initial mine fleet, process plant and supporting infrastructure - at US$1.48 billion, while production costs - excluding royalties, marketing and transport - were estimated at US$28.5 per pound. Hohnen added: "it has to be emphasised that the study is only a base case and Extract has set up the Mine Optimisation and Resources Extension programme (`M.O.R.E.') to increase the mine life and to investigate opportunities to add significant additional value through optimisation of the mine plan and process modifications, and to enhance the project's expected mine life, operating and financial performance." The Kalahari chairman also emphasised that he was also looking forward to the new resource upgrade, which is expected in the second quarter of 2011. Hohnen said the new resource will include the infill drilling on Zones 1 and 2 and it is expected to convert inferred resources into the indicated category, as well as adding additional resources. All in all Hohnen stressed that there is huge scope for proving up additional resources at Husab. "Additionally, the study, being based only on the defined resources at Zones 1 & 2, does not include the highly prospective areas of Middle Dome, which recently yielded the second highest grade-width intersection in the entire Husab exploration (non-resource) drilling database, Zones 3, 4, 5, Salem, Ida Dome and Pizzaro," Hohnen said.

http://www.investegate.co.uk/Article.aspx?id=201104050700082882E

BTG bang in line Date: Tuesday 05 Apr 2011 LONDON (ShareCast) - Specialist healthcare company BTG said results for the year to end-March will be in line with previously stated guidance. Revenue is expected to fall somewhere in the range of £108m to £114m, with recurring revenue accounting for around £98m to £102m of that. Market consensus for fiscal 2010/11 revenue is £110m. BTG also expects to report cash and cash equivalents at the period end in the range £68m-£73m. The group said the integration of the Biocompatibles business it bought in January is proceeding well, with significant progress made towards achieving the targeted cost savings of £3m a year. The company has completed the restructuring of its US companies, and said it expects to make increased use of existing tax losses relating to these companies which will offset any future profits made in its US business. “Our new acute care field force is performing well, and we expect to see the full financial benefits of selling CroFab and DigiFab ourselves in the year ahead,” said Louise Mann, BTG’s chief executive officer. “Varisolve and Voraxaze are moving forwards as planned, and among our partnered programmes in the year ahead we anticipate the potential approval of abiraterone acetate for prostate cancer and the potential submission of a regulatory application for alemtuzumab in multiple sclerosis," she added.

A row has broken out at bus and train group National Express after it rebuffed a rebel investor’s demand for a shake-up of growth strategy. National Express urged investors to throw out a drive by the activist hedge fund Elliott Advisors to get three of its candidates onto the board as non-executive directors, says the Daily Express.

Kalahari Minerals plc / Ticker: KAH / Index: AIM / Sector: Mining & Exploration 5 April 2011 Kalahari Minerals plc (`Kalahari') Extension of Husab Uranium Licence Kalahari Minerals plc, the AIM listed resource company, is pleased to announce that Extract Resources Ltd (`Extract' or `the Company'), in which Kalahari's subsidiary, Kalahari Uranium Limited, holds a 42.79% interest, has announced that it has been granted a two year extension for EPL 3138, which covers the world class Husab Uranium Project area (`Husab'). Kalahari's Executive Chairman, Mark Hohnen, said, "This extension is excellent news for Extract, which enables the Company to continue its rapid exploration programme at Husab. This exploration programme will focus on the newly delineated targets of Zones 3, 4 and 5 of Husab, Middle Dome, Salem and Pizzaro, in addition to further in-fill drilling at Zones 1 and 2, the latter of which has already demonstrated its viability to host one of the three largest uranium mines globally. The potential for Extract to deliver considerable further upside to its current Resource and Reserve inventory is evident, and we look forward to receiving further updates from Extract as it continues to prove up further Resources."

http://www.investegate.co.uk/Article.aspx?id=20110405095000P2DA3

Jeff Malaihollo, Managing Director of GGG Resources Plc, said: "The gold results continue to be both consistent and encouraging. It is therefore with confidence that we are now looking to expand considerably the Bullabulling work programme. We are delighted that we already have in place the finance necessary to fund this ambitious enlarged drilling programme."

- Drill highlights include: - 1m@23.8 g/t Au from 34m in BJ0118 - 3m@9.3 g/t Au from 158m in BJ0106 - 2m@8.4 g/t Au from 94m in BJ0154 - 1m@11.7 g/t Au from 128m in BJ1059 - 1m @ 12.0 g/t Au from 62m in BJ0160 - 3m@6.8 g/t Au from 155m in BJ1072 - 7m@24.5 g/t Au from 36m, including 1m@164 g/t Au from 38m in BJ0180 - 5m@7.6 g/t Au from 78m in BJ0207 - 6m@7.3 g/t Au from 90m in BJ0208 - 2m@13.3 g/t Au from 29m in BJ0210 - New zones of mineralisation continue to be intersected outside the resource model both below and along strike from known mineralisation - Most holes continue to return intersections similar to those predicted by the resource model and about a quarter are intersecting new mineralisation not in the resource model - A Programme of Works has been submitted to the West Australian Department of Mines to allow a total of 194,000m to be drilled in the coming year or as required

April 2011 Western-Australian mining exploration and development company GGG Resources is pleased to announce an update on its Bullabulling project, the former producing gold mine in the Coolgardie Goldfield. The update includes results from an additional 105 drill holes of the current resource drilling programme. Bullabulling, a large tonnage, low grade deposit with high grade shoots, is being re-developed by GGG Resources with Auzex Resources Limited. Highlights: - 105 new drill holes totalling 15,575m completed during February and March 2011, bringing the overall total drilled to 30,854m in 227 drill holes - Drill results continue to confirm and expand the current resource model and include new high grade intersections - Approximately 66% of mineralised intersections returned similar or better grades and/or widths than expected from the resource model and 22% of reported mineralised sections are outside the current resource model

http://www.investegate.co.uk/Article.aspx?id=20110405094940PC0F4

http://www.investegate.co.uk/Article.aspx?id=20110405072500H3423

Tony Quinlan, Finance Director at Drax said: "We are delighted to have brought these complex matters to a conclusion. We would like to thank HMRC for their professionalism and commitment which has allowed an efficient resolution to this process. "We are pleased that we now have certainty in this area, enabling us to release £117 million of cash to the business today, and in the region of £63 million over the coming years as we realise the remaining losses. "If we receive appropriate regulatory support, this cash will form an integral part of the capital required to deliver our biomass strategy, which in turn will provide the UK with cost effective, reliable and flexible renewable electricity."

http://www.investegate.co.uk/Article.aspx?id=201104050700072849E

Drax celebrates tax deal Date: Tuesday 05 Apr 2011 LONDON (ShareCast) - Coal-fired power station operator Drax is to get £180m cash in tax relief after reaching an agreement with the UK tax man. Drax and Her Majesty’s Revenue and Customs (HMRC) have settled an issue relating to Drax’s Eurobond financing structure. As a result, £117m of cash ring fenced on the balance sheet pending the resolution of the issue will now be released, while further tax losses valued in the region of £63m have been agreed, and these will be offset against tax charges over the coming years. "If we receive appropriate regulatory support, this cash will form an integral part of the capital required to deliver our biomass strategy, which in turn will provide the UK with cost effective, reliable and flexible renewable electricity,” said Tony Quinlan, finance director of Drax.