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Importantly from IAE's results today is the comment relating to Athena post-Q1: "The field continues to produce "dry" oil"..... This is terrific news - confirmation that as of today there's still no water contact. The cash continues to roll in for TRAP, yet the m/cap remains a paltry £25m with net cash at from memory £20m-£21m and increasing at £2m per month..... Also for the record for Q1: "Production during the quarter was in the upper range of that anticipated by the 2013 annual guidance range of 6,000 to 6,700 boepd. The Ithaca operated Athena field had another strong quarter, with the field continuing to produce "dry" oil at a stable gross daily production potential of between 10,000 and 11,000 bopd, 2,250 to 2,475 bopd net to Ithaca."

TRAP are a conservative bunch - they'll presumably farm it out as they have before. Mind you, TRAP will soon have so much cash they won't have to worry about these things assuming Athena continues to perform so well :o))

The further £4.2m just received, plus the £9m at 31/12/12, plus the £2m per month from Athena, must give TRAP around £20m net cash. Plus today's other RNS re the partnership with Abu Dhabi's national oil company and Itochu is huge too - who knows how far this could lead.... Hugely undervalued now imho with that £2m per month of Athena cash coming in like clockwork for the next 2-3 years at least.

10.4m shares just gone through in two trades - clearance of an overhang perhaps, particularly as the share price is now moving up?

Good comments about Breezhaler in Novartis' results this morning: http://www.investegate.co.uk/novartis-ag-chf0-50-regd---68ct-/one/novartis-delivered-solid-performance-in-the-fir---/20130424060126H5630/ Most importantly: "Arcapta Neohaler/Onbrez Breezhaler (USD 43 million, +48% cc), a once-daily long-acting beta2-agonist for patients with chronic obstructive pulmonary disease, grew strongly worldwide." And: "Growth products including Gilenya, Afinitor, Tasigna, Galvus, Lucentis, Xolair, Arcapta Neohaler/Onbrez Breezhaler and Jakavi grew 14% to USD 4.2 billion or 30% of Group net sales for the quarter." "Excluding the impact of patent expiries, underlying sales grew 7%. This was fueled by growth products such as Gilenya, Afinitor, Tasigna, Galvus, Lucentis, Xolair, Arcapta Neohaler/Onbrez Breezhaler and Jakavi, which together contributed USD 4.2 billion or 30% of Group net sales, up 14% over the prior-year period." "Growth products - including Gilenya, Afinitor, Tasigna, Galvus, Lucentis, Xolair, Arcapta Neohaler/Onbrez Breezhaler and Jakavi - continued to drive sales expansion and rejuvenate the portfolio."

Lots going on! I gather that Novartis will report Q1 results tomorrow, and they should update on progress with Seebri Breezhaler "following the launch in November", which "should increase confidence in the outlook" per today's Canaccord note. Hopefully more good news tomorrow then. I'm trying to get hold of the new Canaccord note.

Here's a summary of the Reckitt contract win - and it just happens to be Havas who TMW will be working alongside..... :o)) Coincidence? Perhaps not.... http://www.thedrum.com/news/2013/04/19/reckitt-benckiser-uk-consolodates-digital-advertising-activity-tmw "19 April 2013 - 10:14am | posted by Stephen Lepitak | 0 comments Reckitt Benckiser UK consolodates digital advertising activity into TMW Reckitt Benckiser UK, one of Britain’s largest advertisers has appointed TMW to handle its digital advertising activity across its brand portfolio, including Finish, Vanish, Dettol and Nurofen. The appointment will see TMW work alongside Havas Worldwide as Reckit Benckiser consolidates its digital advertising activity. Jerome Lemaire, UK marketing director for Reckitt Benckiser commented: “As one of the UK’s major advertisers with some of the country’s best known brands, digital has become an increasingly important part of the overall marketing mix. Up to now we have used a variety of digital agencies across the brands and while this has resulted in the creation of some memorable and effective campaigns we felt the time was right to bring in one agency who could give us consistency across the portfolio.” He added that the appointment of TMW did not affect the position of Havas Worldwide as its lead agency in the UK."

Canaccord have also today reiterated their Buy and 120p valuation for VEC (Citigroup have 141p): http://utahpeoplespost.com/2013/04/vectura-group-rating-reiterated-by-canaccord-genuity-vec/ "Vectura Group Rating Reiterated by Canaccord Genuity (VEC) Posted by Seth Barnet on Apr 23rd, 2013 // No Comments Vectura Group (LON: VEC)‘s stock had its “buy” rating reaffirmed by research analysts at Canaccord Genuity in a report released on Tuesday, StocKRatingsNetwork.com reports. They currently have a GBX 120 ($1.83) target price on the stock. Separately, analysts at Citigroup reiterated a “buy” rating on shares of Vectura Group in a research note to investors on Wednesday, April 3rd. They now have a GBX 140.62 ($2.14) price target on the stock."

Very good news announced this morning by Novartis re QVA149 - an RNS to follow today from VEC I assume: http://www.investegate.co.uk/novartis-international-ag--0hke-/one/novartis-once-daily-qva149-shows-superior-effic---/20130423061626H5176/ "Tuesday 23 April, 2013 Novartis International AG Novartis once-daily QVA149 shows superior effic... Novartis International AG / Novartis once-daily QVA149 shows superior efficacy in reducing exacerbations, improving lung function and quality of life in COPD patients . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement. • SPARK results published in Lancet Respiratory Medicine showed that dual bronchodilator QVA149 significantly reduced the rate of moderate or severe COPD exacerbations compared to glycopyrronium 50 mcg • QVA149 significantly reduced the rate of all COPD exacerbations compared to open-label tiotropium 18 mcg and glycopyrronium • QVA149 also demonstrated significant improvements in lung function and health-related quality of life Basel, April 23, 2013 - Results from the 64-week SPARK study published today in Lancet Respiratory Medicine showed that investigational once-daily dual bronchodilator QVA149 (indacaterol maleate 110 mcg / glycopyrronium 50 mcg) was more effective at reducing all chronic obstructive pulmonary disease (COPD) exacerbations compared to glycopyrronium 50 mcg and open-label (OL) tiotropium 18 mcg[1] a treatment with established efficacy in preventing exacerbations[2],[3],[4],[5]. This is the first study to evaluate the effect on exacerbations of dual bronchodilation with a fixed-dose combination of a long-acting beta2-agonist (LABA) and a long-acting muscarinic antagonist (LAMA), versus single LAMA therapies. "We are delighted that results from SPARK demonstrated that QVA149 reduced the overall rate of exacerbations in patients with severe and very severe COPD. For physicians and their patients, these findings offer hope of a new effective treatment to prevent debilitating COPD exacerbations and improve health-related quality of life," said Tim Wright, Global Head of Development at Novartis Pharma AG. SPARK was a 64-week, multi-center, double-blind, parallel-group, active controlled study with the primary objective to show superiority of QVA149 (indacaterol maleate 110 mcg / glycopyrronium 50 mcg) versus glycopyrronium 50 mcg for the rate of moderate to severe COPD exacerbations in 2,224 patients with severe to very severe COPD. The key secondary objective was to show superiority of QVA149 compared with OL tiotropium 18 mcg with respect to the rate of moderate or severe COPD exacerbations during the treatment period. Patients aged >=40 years with >=1 COPD exacerbation in the year before were randomized to receive either once-daily QVA149, glycopyrronium or OL tiotropium 18 mcg[1]. The study met its primary endpoint demonstrating

The year end trading statement is out and is pretty good: http://www.investegate.co.uk/creston-plc--cre-/rns/trading-statement/201304220700078378C/ - core trading is in line with expectations, i.e probably 10-5p-11p EPS - net cash is over £10m! This against a £51m m/cap.... - the UK Government appointment more than offsets the Sanofi client loss in the USA, since this will now become a top 5 client - new acquisition is performing well - Insight division recovering nicely Overall then, CRE looks cheap at this level imho.

Excellent contract win news today..... http://www.prnewswire.co.uk/news-releases/double-contract-award-for-kentz-in-saudi-arabia-202437741.html "Double Contract Award for Kentz in Saudi Arabia AL-KHOBAR, Suadi Arabia, April 11, 2013 /PRNewswire/ -- Kentz Engineering International Co. Ltd (KEIL), alongside its partners Ali Khudair Al-Harbi and Ahmed Omar Radi Engineering Consultancy (RGC) have been awarded a further technical services contract by the Royal Commission for Jubail and Yanbu in the Kingdom of Saudi Arabia. As with the related award in December 2012, Kentz will execute this contract through its Technical Support Services (TSS) business unit. The latest contract is to provide energy and communications systems for Jubail-II, including its residential districts. This contract, which lasts for five years, includes design and engineering works for electricity and communication facilities for King Fahd Industrial Port and Jubail Commercial Port. Work on the first contract involved the planning, design and complete engineering services for the preparation of primary and secondary infrastructure of residential community, industrial, park and shoreline developments. This included design and engineering services for major facilities and systems such as highways, roads, bridges and interchanges, seawater pipelines, potable and irrigation pump stations, telecom and underground electrical distribution systems. The work also involved changes to and/or additions to existing facilities, as well as undertaking studies and reports on specific engineering problems and issues. In addition, the preparation of complete construction bid packages, including engineering services in support of existing construction activities, as required by the Royal Commission. The Royal Commission emphasised the role of the twin industrial cities of Jubail and Yanbu in boosting the Kingdom's economy and improving the quality of life for Saudi people. Seamus Malynn, Global Manager, Technical Support Services for Kentz, commented: "Kentz has been operating in Saudi Arabia now for over 35 years and is pleased to be involved in key projects such as these. The award of these contracts underpins our commitment to the growth of our business in the Middle East region, through supporting key clients, building on existing relationships and consistent delivery." "

Canaccord today retain their Buy and 60p valuation: http://investing.thisismoney.co.uk/broker-views/

Finncap retain their 15p price target today: http://investing.thisismoney.co.uk/broker-views/

Excellent update today: - £2.5m EBITDA in line with expectations - £7.9m net cash - I made it a 5% divi yield at 30% of £2.5m on 148m shares - "strong" trading in H2 Not bad against an £18m m/cap :o))

Pleasing production and reduced costs for the quarter. Good stuff, with further initiatives outlined to optimise production and cost reduction. They've confirmed production target of 63-68k and that the Arenal ramp is complete, ready for higher grade ore production this month Plus "good grades" at Sobresaliente etc. And net debt/cash has improved by £1.7m over the quarter. Hopefully this improvement will now accelerate in line with the new strategy.

OMI's m/cap at £27m or so is ridiculously cheap imho. Today's news is another solid brick in the wall, with more drilling news to come soon. The market seems to like it... http://www.investegate.co.uk/orosur-mining--omi-/bus/orosur-mining-inc--announces-update-on-explorat---/20130409070000Z9844/ "Tony Shearer, OMI’s Chairman, commented: “We are very pleased with the results of the CSMAT geophysics which have identified high priority drill targets at Anillo which we plan to start drilling in May. At the same time, the re-evaluation of Quebrada Pantanillo as a high sulfidation gold system is an encouraging step in improving the economics of the Pantanillo project.” "

A rather bullish statement.today, with an increased dividend, start of Chinese produiction etc: http://www.investegate.co.uk/tricorn-group--tcn-/rns/trading-statement/201304090700048296B/ The figures suggest an adjusted PBT of around £1.6m and EPS of 3.8p or so, with a possible dividend of 0.25p-0.3p. Not bad against a mere 22.75p share price. This compares to the forecast from Westhouse of £1.35m PBT and EPS of 3.1p... Very promising comments on the Aerospace division and of course on the new global reach of the newly expanded company. And all achieved from internal resources too, with no dilution or borrowings.

I agree that a re-rating is just a question of time as long as VLK continue to trade to expectations. And of course it's ISAble too... Anyway, this week should be rather good - David Schwartz has tipped VLK in his Saturday column in the FT: http://www.ft.com/cms/s/0/25b7628c-9d0d-11e2-a8db-00144feabdc0.html#axzz2PiAnqJxH "Turning to my own trades, I recently topped up my shares in Vislink (VLK), a provider of secure communications in areas like broadcasting and law enforcement. My original purchase of these shares was in January 2012 when they were in the 21p area. Prices have gained around 50 per cent since then and I believe they have much further to run. Vislink went through a downturn a few years ago after some major contracts ended, and the previous management failed to reduce overhead expenses. A new management team is now in place. Shares began to rise around the time that Vislink announced the results of its strategic review 18 months ago. It committed itself to raising revenues to £80m by 2014, up from £43m in 2010, and to improve operating margins as well. Its 2012 financial results suggest the company remains on track to deliver on its commitments. Revenues rose sharply and a post-tax profit of £2.1m compares favourably with a £3.1m loss the year earlier. Edison Investment Research forecasts a further 64 per cent profits increase by 2014. The company recently acquired a privately held company that produces wireless and microwave products that compliment Vislink’s own product portfolio. The company admits to be actively seeking additional bolt-on acquisitions. Its £8m cash pile will allow it to move quickly when an opportunity presents itself. Adding to the good news, Vislink offers a 4 per cent dividend yield."

From today's Independent: http://www.independent.co.uk/news/business/sharewatch/market-report-changes-starting-to-work-at-supergroup-8559226.html "Another rumour still doing the rounds after murmurs last week concerned the baggage handler and support group Babcock International's interest in the Aim-listed decontamination and environment expert Silverdell. Yesterday Babcock updated the market on trading and said new contracts including running baggage handling at Heathrow would help it to meet City expectations for the year to April. Some traders speculated that Babcock could be interested in Silverdell, which has been expanding in Canada since it bought Environmental Support Services last year and won a contract from Hydro Québec, Canada's largest electricity generator, earlier this year. But the shares were moving in the wrong direction: Silverdell down 0.38p to 16.63p, and Babcock losing 10p to 1,093p."

KENZ will push on to 450p and upwards this time rather than resuming its prior trading pattern. Brokers have target prices around 600p and all say Buy - sooner or later the dam will break. Nice summary here: http://www.irishexaminer.com/business/kentz-building-on-its-success-226911.html "Kentz building on its success Saturday, March 30, 2013 By John Daly With a blue chip client base of some of the world’s top oil, gas and mining companies, and with its work backlog valued at $2.73bn, engineering group Kentz is confident about its growth plans, CEO Christian Brown tells John Daly AS a modern Irish success story, Kentz, founded in Co Tipperary, continues to develop its commercial footprint in an arc that now touches every continent. An organisation employing 14,500 people across 30 countries, the company can trace its origins back to 1919 when it started life as a local electrical contractor based in Clonmel. Listed on the London Stock Exchange and a member of the FTSE 250, it serves a blue-chip client base, primarily in the oil and gas, petrochemical and mining and metals sectors, for more than 90 years. Kentz’s global business units are spread across engineering, procurement, construction and technical support services engaged in complex projects in some of the most remote locations on earth. The company has operations in Australia, Africa, the Middle East, Europe and the Americas. Its clients include BP, Saudi Aramco, Chevron, Qatar Petroleum and Exxon Mobil. Earlier this week Kentz reported a 32% jump in pre-tax profits to $104.8m (€81.5m). It ended 2012 with a gross cash balance of $223.3m, down by $15m on 12 months, with its work backlog valued at $2.73bn. Earnings per share rose 19% over the period to 58 cents, from 49 cents in 2011. Kentz paid out a final dividend of 9 cents a share, making a total dividend payment for the whole of 2012 of 14.5 cents a share, an increase of 18% on 2011. “The group continues to maintain a very healthy financial position with net assets increasing by 18% during the year,” said CEO Christian Brown. “We have ended the year with an enhanced backlog of $2.57bn along with a very significant pipeline of prospects of $13.2bn that provides considerable confidence for our future growth plans.” He added that 78% of the company’s backlog comprises cost reimbursable contracts, offering a low level of risk. Client relationships built over many years remain fundamental to its success story, he believes. “We are a company that prides itself on delivery, safety, quality and responsibility. The great benefit of Kentz’s strong client relationships is the level of repeat business that we obtain, and that, to me, is the cornerstone of our success.” In 2012, approximately 72% of the company’s revenues came from ten clients, all the result of repeat business. etc"