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Randgold Resources (LON:RRS) has unrealistic expectations amidst operational, political and macroeconomic issues according to Societe Generale analyst Abhishek Shukla. The analyst reckons the major gold producer is overvalued and as such initiates coverage with a ‘sell’ recommendation with a £34.00 a share target. “Any further delays in the ramp-up of underground mining or continued instability in Ivory Coast are likely negative catalysts for RRS shares”, Shukla said. Instead the analyst’s preferred stock is Anglo American (LON:AAL).

http://www.proactiveinvestors.co.uk/companies/news/26897/african-aura-says-it-already-has-40-pct-of-votes-in-favour-of-split-26897.html

http://www.proactiveinvestors.co.uk/companies/news/26894/ggg-resources-ruxton-says-group-is-fully-funded-and-set-to-grow--26894.html

SALE OF FORT DODGE On 30 March 2011 we sold our ethanol facility at Fort Dodge, Iowa to Cargill for a cash consideration of US$57 million (£36 million). Following the impairment taken in the year to 31 March 2010, which took the book value of the facility to £17 million, and after additional costs of approximately £3 million, the sale leads to an accounting gain on disposal of around £16 million. Additionally, £20 million of the £25 million exceptional charge booked in the first half of the current financial year in respect of long term contracts relating to the facility will be reversed. Thus we expect an exceptional credit of £36 million in the second half of the current financial year and an exceptional credit for the full year of £11 million. The sale crystallises tax losses of around £65 million, the bulk of which we expect to recover in cash over the coming two financial years; the reported tax rate will not change as a result of the sale as a deferred tax asset was booked at the time of the impairment charge. BALANCE SHEET As discussed at the half year results and again at the Interim Management Statement in February, working capital demands on the business have been increased by our decision to keep our US silos full in response to the anticipated tight supply situation running up to the next harvest. In February, we expected that net debt at 31 March 2011 would be at a similar level to that reported at 30 September 2010. With the sale of Fort Dodge, accordingly we now expect the year end net debt to be lower.

STATEMENT ON ENTERING CLOSE PERIOD In line with our usual practice, Tate & Lyle PLC issues the following update for the year ended 31 March 2011 ahead of the announcement of the full year results on 27 May 2011. OPERATING PERFORMANCE – CONTINUING OPERATIONS The Group continued its encouraging performance through the year with operating performance similar to market expectations, except that corn price rises drove a further increase in co-product income in the final quarter. We have continued to deliver global volume growth in Speciality Food Ingredients across all the major product categories through the year. Within Bulk Ingredients, sweetener volumes remained strong and margins improved in industrial starches, particularly in Europe where the market has tightened following a poor potato harvest. The higher co-product income primarily benefits the Bulk Ingredients division.

http://www.investegate.co.uk/Article.aspx?id=20110331070000Z7512

Tate & Lyle continues encouraging performance Date: Thursday 31 Mar 2011 LONDON (ShareCast) - Food ingredients firm Tate & Lyle said that operating performance in the year to end-March was in line with market expectations, save for the company receiving a late boost to co-product income from the rise in corn prices. The group has seen global volume growth in Speciality Food Ingredients across all the major product categories through the year. Within Bulk Ingredients, sweetener volumes remained strong and margins improved in industrial starches, particularly in Europe where the market has tightened following a poor potato harvest. The higher co-product income primarily benefits the Bulk Ingredients division. As a result of the sale of its ethanol facility at Fort Dodge in Iowa and a consequent reversal of exceptional charges booked in the first half of the current financial year, Tate & Lyle expects to record an exceptional credit of £36m in the second half of the financial year, and an exceptional credit for the full year of £11m. The Fort Dodge sale crystallises tax losses of around £65m, the bulk of which should be recovered in cash over the coming two financial years. The sale of Fort Dodge means that net debt at the end of the year is expected to be lower than the previously indicated level.

http://www.investegate.co.uk/Article.aspx?id=201103310700119675D

ICAP helped by volatile final quarter Date: Thursday 31 Mar 2011 LONDON (ShareCast) - Interdealer broker ICAP enjoyed a “solid” fourth quarter as uprisings in North Africa and the Middle East and the earthquake in Japan increased volatility in global financial markets. Ahead of full-year results on 18 May, the firm said it had made “substantial” progress at its electronic and post trade services businesses, and increased market share. “The political and economic uncertainties in the Middle East and North Africa as well as the tragic events in Japan have contributed to volatility in global financial markets,” chief executive Michael Spencer said. “Our quarterly performance benefited from the strength of our emerging markets businesses, continuing turbulence in the world's commodity markets, significant euro denominated bond issuance and rising concerns about higher inflation.” ICAP still expects to make a pre-tax profit of between £333m and £357m for the 12 months to 31 March 2011.

Giles Frost, Director, International Public Partnerships Limited, said: "I'm delighted to announce another robust set of full year results, underpinned by a steady growth in both profits and revenue for the Company. The portfolio has continued to perform well against a backdrop of political change and spending cuts. Our success in entering the offshore transmission market has been particularly pleasing and we look forward to the healthy pipeline of investment opportunities already outlined for 2011." The Board of Directors of International Public Partnerships Limited, commented: "An excellent set of results has once again highlighted the group's unique portfolio diversification and unrivalled asset management capability. INPP's strong long-term relationships with its public sector clients has been crucial amidst political change and I'm delighted that the group can once again provide shareholders with an increase in dividend and steady capital growth."

Highlights · Net Asset Value (NAV) of £541.9 million as at 31 December 2010 (£420.2m - 31 December 2009) · NAV per share of 113.1p (112.1p - 31 December 2009) · Profit before tax of £15.9m (£11.4m - 31 December 2009) · Full Year Dividend of 5.70p per share (5.55p per share - 31 December 2009) · Successful raising of over £100m of additional capital during 2010 · Six investments completed in 2010 with an exceptional pipeline of further opportunities for 2011 · £23m of new investments completed in 2011 to date, including the pathfinder Ofgem offshore transmission project at Robin Rigg and nine new investments announced separately today · Total shareholder return since inception of 40.7% (FTSE 250 - 24.4%)

http://www.investegate.co.uk/Article.aspx?id=201103310700129688D

Giles Frost, Director, International Public Partnerships Limited, commented: "I'm delighted to announce nine further acquisitions today which are closely aligned with the key investment criteria of the Company and will complement our existing portfolio well. The projects further underline our long-term commitment to investing in UK social infrastructure and the excellent investment pipeline in place for INPP."

Acquisition of Nine Investments International Public Partnerships Limited (INPP), the listed infrastructure investment company, which invests in global public infrastructure projects developed under the public private partnerships (PPP) and private finance initiative (PFI) procurement methods, today announces the acquisition of nine investments in the UK. The nine projects include the Liverpool Central Library, one of the flagship legacy projects for the Liverpool City Council in 2008, as part of the Liverpool European Capital of Culture programme, as well as eight NHS LIFT projects. The Liverpool Central Library involves the refurbishment and replacement of the 1950's/1970's library facility. The project was awarded to Amber (80.1%) and Shepherd Construction (19.9%) in October 2009 and reached financial close in July 2010. Construction is now underway and is on schedule for completion in December 2012. The project meets the Company's key investment criteria including: · Long-term, 25 year concession term ending in 2037 · Majority (80.1%) ownership and pre-emptive rights over the remaining stake held by the project partner, Shepherd Construction · Debt facility in place, and 100% swapped at a fixed rate for the life of the concession · Indexation of relevant operating costs. In addition, the Company is also acquiring interests in eight UK LIFT projects: three new projects including South Bristol Community Hospital, Goscote Palliative Care Centre, and Harrow Neighbourhood Resource Centres; as well as additional interests in five existing NHS LIFT projects. The total acquisition price for all nine projects is £10.8m which represents a 6.2% discount to the independent valuation carried out on behalf of the INPP Board.

http://www.investegate.co.uk/Article.aspx?id=201103310700119676D

Intl. Public Partnerships in 9 new investments Date: Thursday 31 Mar 2011 LONDON (ShareCast) - Infrastructure investment group International Public Partnerships (INPP) saw its net asset value (NAV) per share stuck in cement in 2010, a year characterised by concerns about spending cuts. NAV per share at the end of 2010 stood at 113.1p, up a penny from a year earlier. This was despite total net assets rising to £541.9m at the end of the year from £420.2m at the end of 2009; the company issued equity on a number of occasions during 2010, raising more than £100m, which diluted the net asset value per share. “The portfolio has continued to perform well against a backdrop of political change and spending cuts,” said director Giles Frost. Profit before tax surged to £15.9m from £11.4m in 2009. The full year dividend has been increased to 5.70p from 5.55p in 2009. The company completed six investments in 2010 while in 2011 it has already pumped £23m into new investments, and has announced another nine new investments, comprising the Liverpool Central Library project, plus eight NHS Local Improvement Finance Trust (LIFT) projects. The total acquisition price for all nine projects is £10.8m, representing a 6.2% discount to the independent valuation carried out on behalf of the INPP board. “Our success in entering the offshore transmission market has been particularly pleasing and we look forward to the healthy pipeline of investment opportunities already outlined for 2011,” Frost added.

Peter Long, Chief Executive of TUI Travel PLC, commented: ''Since our last update, trading has been in line with our expectations against a tough comparative period. "Following the political events in Egypt and Tunisia our experience has been that customers continue to want to go on holiday with us, albeit to alternative destinations. The flexibility we have in our business model has allowed us to actively re-shape our programmes across all our source markets to satisfy this demand and we have moved significant capacity to a number of other destinations including Spain, Greece and Turkey. We are also working closely with our suppliers in Egypt and Tunisia to ensure that the programmes which are on sale offer extremely good value for our customers. "We have very few holidays left to sell for the winter. As we approach the summer season, having re-shaped our programmes and in the light of recent geo-political events, we are pleased with our trading particularly for differentiated products where demand is high and which tend to achieve higher margins."

Highlights · Satisfactory underlying trading · Continued out-performance of differentiated products · Winter programmes almost fully sold, with planned load factors achieved outside of Egypt and Tunisia · Destination capacity re-mixed to match consumer demand · Booking volumes for summer remain higher than the prior year in key markets with margins in line with our expectations · Egypt and Tunisia impact in Q2 expected to be in line with previous guidance · Turnaround plans progressing well · Jet fuel requirements almost fully hedged for 2011

http://www.investegate.co.uk/Article.aspx?id=201103310700159853D

TUI has 'satisfactory' half Date: Thursday 31 Mar 2011 LONDON (ShareCast) - Tour operator TUI Travel says underlying trading has been “satisfactory” during the last six months and, like Thomas Cook on Tuesday, has not changed its estimate of the cost of trouble in North Africa. Uprisings in Egypt and Tunisia are expected to have cost the company between £25m and £30m in the second quarter, as flagged last month. "Since our last update, trading has been in line with our expectations against a tough comparative period,” chief executive Peter Long said. "Following the political events in Egypt and Tunisia our experience has been that customers continue to want to go on holiday with us, albeit to alternative destinations. We have very few holidays left to sell for the winter.” TUI is also pleased with trading for the summer season. Booking volumes are up 18%, 52% and 23% in the UK, Nordics and Germany respectively. LW