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....at a major French bank: Http://www.lombardrisk.com/wp-content/uploads/2015/02/Major-French-bank-selects-Lombard-Risk-for-Canadian-regulatory-reporting.pdf "MAJOR FRENCH BANK SELECTS LOMBARD RISK FOR CANADIAN REGULATORY REPORTING Bank to automate its regulatory reporting to the OSFI New York, USA – 10 February 2015: Lombard Risk International (USA) Inc., a wholly-owned subsidiary of Lombard Risk Management plc (Lombard Risk), a leading provider of integrated regulatory reporting, collateral management and compliance solutions for the financial services industry, is pleased to announce that a major French banking organization has selected Lombard Risk’s automated regulatory reporting solution for its Canadian reporting requirements to the OSFI (Office for the Superintendent of Financial Institutions). Vincent Raniere, Managing Director, Head of Regulatory – Americas & APAC of Lombard Risk commented: “Improving regulatory reporting is an important issue as more and more regulations are being imposed and closely monitored by various agencies on a global basis. Currently, the burden is placed on the banks to adapt to these changes manually. Banks are searching for an automated solution that is maintained by an outside provider and delivers clear, auditable reports– our solution meets and exceeds these needs.” REG-Reporter, Lombard Risk’s US and Canadian automated regulatory reporting solution, provides an efficient, accurate and streamlined regulatory reporting process–enabling users to save time and resources. Designed and maintained by experienced business practitioners for end-to-end financial reporting, REG-Reporter addresses the requirements of both domestic and international banks and financial institutions by automating compliance with mandated reports to the Federal Reserve Bank, OSFI and other regulatory agencies."

This is dated 3rd February 2015 - take it as you will :o)) Http://www.top10forex.net/autos-and-car-parts-trades-to-place-in-february.html "Autos and Car Parts Trades to Place in February You are always going to find at least a handful of companies that are listed in the Autos and Car Parts market sectors that have been earmarked as either buy or sell recommendations by industry trading experts every single month of the year. If you are planning your trading diary for February then please allow us to introduce to you and highlight several companies that we have found to have been pencilled in and marked up as either strong buy or sell recommendations for February 2015. The following companies are therefore likely to be the ones that the most movement will be found in their respective share price if those industry experts are proved right, as is often the case, and as such these are companies all worth placing Binary Options trades on throughout the weeks ahead." "Surface Transforms – One company that a lot of traders are getting quite excited about in the Autos ad Cr parts market sector at the current moment in time is Surface Transforms, it is expected that the share price of this company will start to rocket in value very soon, and as such this is one company that has been classified as a very strong buy recommendation by many experts and experienced traders. "

Since Ruffer are almost completely out a big overhang has now been cleared. We should hopefully get an RNS or two to find out who's been buying up all the shares - interesting to find out who.

Cheers Sam, makes great reading. The RNS just out is good to read too - XLM are evidently on the brink of further acquisitions. TLV Media looks like an excellent acquisition target - take a look at their selected partners, the likes of Microsoft, Omnicom, Netflix, Havas etc: Http://www.tlvmedia.com/web/pdf/TLVMedia_MediaKit_2014.pdf At any point within the £8m-£16m price range the acquisition would be very earnings-enhancing with $2.8m historic EBITDA, paid for out of cash.

Paying a maximum £4.5m for £1m of annual EBITDA plus £1.2m of net assets (£3.2m gross). You don't get much cheaper than that...and there should be great synergies with Divex etc: Http://www.investegate.co.uk/fisher--james---fsj-/rns/acquisition-of-the-national-hyperbaric-centre/201502100700094584E/ "NHC operates hyperbaric testing chambers which are used for testing equipment for the subsea industry. Its services include reception of personnel for decompression, subsea equipment testing, training services to the diving industry and hyperbaric welding trials to customers worldwide. It also operates a hyperbaric chamber for patients of the NHS Grampian. Mr David Smith the current owner and Managing Director will step down as Managing Director and all other employees will remain with the business. NHC will become a division of JFD, which was formed by the merger of JF Defence and JF Divex in 2014..... .....Mike Howarth, Managing Director of JFD, said: "I am delighted with the acquisition of NHC, which further extends our range of services to the subsea industry and consolidates our world leading position in the design, manufacture, testing and operation of hyperbaric reception facilities and other subsea equipment.""

If the capital reorganisation doesn't go through, then there will simply be not enough historic distributable reserves in the group holding company with which to debit the dividend. This is therefore an accounting matter only, and is not to do with cash. IMO anyway. The pension deficit makes the problem worse, but - once again - if it was material then it would have had to be reported in a trading statement. As it is, it's being reported now because it's a matter which may get in the way of the approval of the capital reorganisation. The share price went up because CAR are trading ahead of expectations, and because the Atmel write-off has been long expected and priced in by the markets. The capital reorganisation is however an accounting consequence of that write-off, and one which has to be dealt with in Court in order to legally pay a dividend out of distributable reserves - and this is something which many, many listed companies do every year.

Hardman's monthly review for February is just out, including a page on LRM. They retain their forecasts of 1.8p EPS to March'15, with a 0.085p dividend: Http://www.hardmanandco.com/sites/default/files/research_papers/February%202015.pdf?utm_source=Email+Campaign&utm_medium=email&utm_campaign=29208-271342-Feb+Monthly+15+ Most importantly: "A global business in a growth market: We anticipate further details of the strategic collaborative agreement announced 21st November. Genpact Limited ("Genpact"), is to provide the Company's COLLINE® collateral management product for a new product solution. Genpact will integrate its Collateral Agreement and Reference Data Services (CARDS) with Lombard Risk's COLLINE®. Genpact is big. It is a New York based company with a global client base providing intelligent business operating solutions to many of the world's leading corporations, traded on the NYSE capitalised at approaching US$4bn. This is a large market. Just taking one bank: HSBC’s compliance and risk bill has been publicly stated as $800m (as of August 2014), up ‘around one-third’ on the previous year (City A.M.). Lombard Risk addresses certain segments but alliances with much larger global operators (Genpact is not the only alliance) are a window on the potential. Lombard Risk, as an established strategy, is investing heavily in its software development."

Definitely some accumulation going on. You can only buy maximum 15k online at the full 5p offer, whereas you can currently sell 100,000 at 4.77p, above the mid-price!

Forecasts are 13.8c EPS for 2015 and 15.1c EPS for 2016. That's 9.2p EPS and 10p EPS respectively. Together with 6.9c and 7.6c dividends - 4.6p and 5.1p respectively. CHGT is a major US medical billing services provider. Finncap have initiated with a 212p price target. They've already announced that 2015 results will be slightly ahead of expectations: Http://www.investegate.co.uk/constellation-health--cht-/rns/trading-update/201501220700168134C/ The $13.5m of IPO money is to be reinvested in acquisitions - and the existing forecasts don't include anything for such acquisitions, which of course would make CHT even cheaper. Plus Orion was only acquired in 2013 so should continue to grow the top line whilst improving overall margins. And the transfer of outsourcing employees from the USA to India will continue - this increases acquired profits 300%.

CHT are "headed for the stars" according to Finncap: Http: //www.proactiveinvestors.co.uk/companies/news/76708/constellation-healthcare-headed-for-the-stars-says-broker--76708.html "Constellation Healthcare headed for the stars, says broker By Ian Lyall January 28 2015, 2:19pm finnCap's analyst report assessed the potential of newly-listed Constellation. The broker finnCap has initiated coverage of AIM-newcomer Constellation Healthcare Technologies (LON:CHT) with a 212p price target, which represents a 60% premium to its current market valuation. The company is an RCM, or a revenue cycle management company, that works for US medics booking, billing and collecting monies owed by government, insurers and patients. Under chief executive Paul Parmar the plan is to use the £9.6mln raised at IPO with a mix of debt and equity to buy smaller businesses in the same space. Scale and the ability to outsource the work to India will ensure the firm’s ongoing profitability. Regulation, in the form of President Obama’s Affordable Care Act, is pushing many of the smaller ‘mom-and-pop’ operations close to the brink of failure. Consolidation opportunities are therefore coming thick and fast. “As acquisitions are made and organic contract wins are secured, there is the potential for very significant earnings upgrades,” said finnCap’s Guy Hewitt in a note to clients. The potential of Constellation’s model is illustrated by some quick, back-of-the-envelope maths by the analyst. Hewitt says if the proceeds of the London listing are spent buying businesses at around seven times earnings before interest tax and depreciation (EBITDA), then the firm’s per share earnings could grow at 69% a year over the next three years. On this basis the 2016 price-to-earnings multiple drops to a cheap-as-chips 10.2-times. Hewitt’s forecasts currently exclude the impact of deals. Even so, he is predicting EBITDA will grow at quite a clip organically - to US$13.5mln this year (from US$7mln in 2013) and then to US$17mln and US$18.5mln. The finnCap stock picker points out that Constellation is tapping into a large and growing market. Medical billing turns over around US$37bn a year and is growing currently at 7% annually, but with 55% of physicians still handling this mission critical operation in-house, there is a huge opportunity. Consellation, which has around 3,500 customers, is understood to want to grow that base to around 25,000 medics. This, on the surface, may look a little ambitious until you realise it is a fraction of the 1mln or so medics in the US."

N+1 Singer have increased their forecast for the year about to end to 7.5p EPS, with a 2.7p dividend. They forecast 10.6p EPS for 2015/16, with a 3p dividend. On that basis there is nothing in the current m/cap for the large potential of CDS - or indeed the entire CIT/printed electronics operation. And one could argue that the core operation, given its apparently excellent growth trajectory for the next few years, deserves a P/E multiple of anything from 15 to 20 on its own.

LRM's new US partner Genpact's post-results conference call had a very nice mention for LRM. Genpact are a $4.7 billion m/cap company, so for little ol' LRM to be mentioned as a highlight is quite a compliment: Http://seekingalpha.com/article/2886026-genpacts-g-ceo-tiger-tyagarajan-on-q4-2014-results-earnings-call-transcript?part=single "we continue to use strategic partnerships and alliances to enhance our capabilities. In the fourth quarter, we announced the collaboration with Lombard Risk Management to provide a new solution to help financial services firms optimize their collateral management operations. The collaboration between Genpact and Lombard Risk addresses major pain points in the industry and significantly improves margin and collateral management efficiencies with an end-to-end solution". LRM were also mentioned in Genpact's excellent results yesterday: Http://www.techmarketview.com/ukhotviews/archive/2015/02/05/genpacts-new-bookings-jump-50 Extract: "Partnering is also becoming increasingly important. In November Genpact formed a partnership with mobile imaging player Top Image Systems, which has applications in emerging tech like Google Glass (see here). It has now announced a new partnership with UK-based regulatory and compliance solutions provider Lombard Risk Management (see Risk Rewards Lombard Risk Management). This is to provide a new solution to help financial services firms optimize their collateral management operations."

HAYT have a new substantial shareholder, with Oryx going above 3% with 1.5m shares: Http://www.investegate.co.uk/hayward-tyler-group--hayt-/rns/holding-s--in-company/201502060700092402E/

LRM hiring in Asia due to expansion in the area "to meet the customer project demands": Http://hk.jobsdb.com/HK/EN/Search/JobAdSingleDetail?jobsIdList=100003003441691&sr=1 "Lombard Risk International (Hong Kong) Limited We are a leading provider of collateral management and regulatory compliance software solutions to banks and financial institutions on a worldwide basis. We are currently seeking aJunior Technical Consultant, to be based in our Hong Kong office to be responsible for providing consultancy to our clients for our products. Due to the expansion of the business activities in Hong Kong and Asia Pacific, we are in need of additional consultants to meet the customer project demands. Lombard Risk provides regulatory solutions for many countries: USA, China, Hong Kong, Singapore, Japan and Ireland, and has recently acquired an American Regulatory software provider who are the largest supplier of solutions to overseas banks in the USA." In addition, LRM's new American partner Genpact had excellent results last night: Http://www.techmarketview.com/ukhotviews/archive/2015/02/05/genpacts-new-bookings-jump-50 Extract: "Partnering is also becoming increasingly important. In November Genpact formed a partnership with mobile imaging player Top Image Systems, which has applications in emerging tech like Google Glass (see here). It has now announced a new partnership with UK-based regulatory and compliance solutions provider Lombard Risk Management (see Risk Rewards Lombard Risk Management). This is to provide a new solution to help financial services firms optimize their collateral management operations."

Interesting commentary from EK last night: Http://www.spreadbetmagazine.com/blog/the-evil-diaries-in-tray-sentimentality.html "I got a call from Pablo Marcet, the exploration geologist at Orosur (OMI), this morning. He was in effect part of the package that comprised Waymar the Colombian prospect acquired by Orosur last year. Dealing with Colombia first, it is clear that Pablo reckons that there is a really good mine in waiting. However, and being realistic, the well trodden steps of establishing a resource, preparing a feasibility study and financing production equipment and plant is a long way off and might cost $50m to $100m. So, in cash output terms, Colombia will just have to wait. Continuing the approach to Nirvana, and over in Chile, Anilo could throw up summat - at least Orosur is not on the hook financially. However, Pantanillo is a different project in that it could be 1m+ ounces. There is the problem that it is up 4,000 metres, which makes it expensive to develop, and, in the end, some form of joint venture financing partner will be required - it is perhaps $50m to bring into production. But Pablo clearly thinks that, gold price permitting, it will happen. Finally, and back on the money button, San Gregorio should be seen quite differently to how the market now sees it. Currently it is seen as having, say, 3-5 years production in reserves. But Pablo reckons that he can see the life of the mines extended further than current production absorbs reserves. This is because the gold is held in a “granite greenstone” form and could (I am not making this up) go on for centuries. Please note that there is a provision in Orosur’s balance sheet of the order of $5m to cover tidying up matters on closing down operations: perhaps this provision is not required. All this underlines my point that, given the probable price of gold, Orosur shares are very cheap at 12p."

Http://www.edisoninvestmentresearch.com/research/report/entertainment-one-1 "The highlight of the positive Q3 trading update was the strong performance by Peppa Pig and we have increased our FY15e profit estimates by c 5%. eOne is continuing to invest to grow, particularly in television, with the recent Mark Gordon JV creating an exciting new US content platform. The FY15e EV/EBITDA is only 10.6x and the valuation is underpinned by a library independently valued at over $800m (£530m)." And the content library has now been increased via the Mark Gordon acquisition - from memory this adds another £130m to the valuation.

The comment that CAR "is well positioned to deliver strong growth in the next financial year and beyond" is particularly encouraging. In addition, CDS is making "very good progress". Finally, I would assume that the fall in energy prices is greatly adding to profitability given much reduced manufacturing costs and is likely to continue for some time. I'd expect consensus forecasts of around 10.4p EPS - with a 3p dividend - for the year about to start will start to come into focus now. We may even see some increased forecasts.

New Edison note - confirms 12.5p EPS for the year just ending, with a 4.1p dividend. And 13.2p EPS next year, with a 4.4p dividend. Plus over £9m net cash... Http://www.edisoninvestmentresearch.com/research/report/creston11 "Valuation: Discount persists The group has strong cash flow characteristics and should end FY15 with net cash over £9m (£7.7m after contingent deferred consideration) despite spending £1.6m on the share buyback. With a growing dividend stream and the prospects for moving earnings forward improving, a discount of over 20% to other UK smaller agency groups on CY14e EV/EBITDA seems harsh."

Trading ahead of expectations......now likely to be say a minimum of 7.5p EPS, and perhaps a fair bit more: Http://www.investegate.co.uk/carclo-plc--car-/rns/interim-management-statement/201502050700210964E/ And CAR now able to make their own decisions as to CIT, XSense etc. XSense was already written off in the market's mind anyway, so Atmel's decision shouldn't be a surprise to anyone still awake.

Nice - a buyback of £180,000 of stock at 300p...and just before the closed period for the results starts. If I was a betting man I'd say the results will be good and VLE want to buy in shares beforehand to maximise value: Http://www.investegate.co.uk/volvere-plc--vle-/rns/transaction-in-own-shares/201502050700140877E/