Tullow Oil partners with Maersk in exploration of Greenland oil October 15, 2012 BRITISH explorer Tullow Oil yesterday acquired a 40 per cent interest in a block belonging to Maersk Oil offshore Greenland. Maersk Oil will continue to act as operator of the Tooq licence in Baffin Bay, an area of North West Greenland, with a 47.5 per cent interest. The Tooq licence, which covers an area of [...]
Language software outfit SDL shares drop on legal warning October 15, 2012 SHARES in British translation software firm SDL plummeted yesterday as the firm counted the cost of a lawsuit resulting from its 2005 acquisition of Trados. SDL said litigation from a former Trados shareholder could cost the firm up to $3m (£1.9m). The announcement, along with a host of City analyst downgrades, sent SDL’s share price [...]
Aveva beats flat IT spending to bring shares to all-time highs October 15, 2012 SHARES in IT systems group Aveva hit a record high yesterday as the company said it had beaten a general slowdown in computer spending and difficult currency headwinds in the six months to October. The company said it had seen “good revenue growth over the same period last year”, suggesting it had outperformed the sector [...]
HarbourVest pays back $12m in September to reduce debt pile October 15, 2012 HARBOURVEST Global Private Equity, the London-listed investment company, yesterday posted a small uptick in fund value and a slowdown in fund commitments for September as it reduced its debt pile. The fund, which is run by Boston-based fund of fund manager HarbourVest Partners, increased the estimated net asset value of the fund by 0.8 per [...]
Analyst Views | What were the highlights from Fresnillo’s production update? October 15, 2012 JONATHAN GUY RBC CAPITAL MARKETS The weakness in silver was offset by stronger-than-expected gold production. Annual targets are expected to be met, with gold targets likely to be exceeded, in our view. There was good progress recorded at key development projects as well as with brownfield exploration. CAILEY BARKER NUMIS SECURITIES Another strong quarter with [...]
Talvivaara warns on nickel target October 15, 2012 Finnish miner Talvivaara yesterday warned it would miss its nickel production target for 2012, sending its shares on a downward spiral. The miner said historically heavy rainfall at its Sotkamo mine had impacted its ability to deliver a target of 17,000 tonnes of the base metal. The miner produced 4,030 tonnes of nickel in the [...]
Filtrona sales up in third quarter October 15, 2012 Foam products supplier Filtrona yesterday said trading in the third quarter was in line with the board’s expectations, with revenue up by 26 per cent compared to the same period last year. Like-for-like sales for the three months were up 10 per cent on last year. Chief exec Colin Day said the firm’s aim for [...]
Quindell acquires law firm October 15, 2012 Insurance outsourcing firm Quindell Portfolio yesterday announced the acquisition of personal injury claims specialist Pinto Potts for an initial payment of £1.5m, with a further £1.5m and shares to follow. Fast-growing Quindell has been on a spending spree, snapping up four firms in the last month. Yesterday it reported turnover for the first nine months [...]
City Moves | Who’s switching jobs October 15, 2012 Alvarez & Marsal Taxand The tax advisory firm has appointed Stephen Labrum as a managing director and global head of transfer pricing. He joins after 13 years at Ernst & Young, where was a transfer pricing partner. Allianz Global Investors The asset management firm has appointed Andy Wiggins to the newly-created role of head of [...]
Best of the Brokers October 15, 2012 OPTOS Panmure Gordon has upgraded the retinal imaging firm to “buy” from “hold”after a strong trading statement. The broker has also raised its target price to 320p from 230p. LLOYDS BANKING GROUP Shore Capital has upgraded the bank from “hold” to “buy” with a target price of 53p, saying that central bank action and a [...]
