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    <title>Edison Investment Research - recent research</title>
    <link>http://www.edisoninvestmentresearch.co.uk</link>
    
    <dc:language>en</dc:language>
    <dc:rights>Copyright 2009</dc:rights>
    <dc:date>2009-07-03</dc:date>
    

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      <title>Check strategic health</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Assura Group</link>
      <headline>Check strategic health</headline>
      <description><![CDATA[Pharmaceutical & Healthcare - Assura Grou (AGR): Assura has reported full year results and reported on its progress in undertaking a strategic transition that will take several years to come to fruition. The move from a &#163;354m asset property business with &#163;22m rental income to an NHS primary care service provider is not straightforward. The GP provider company (GPCo) model has given 55 actual or potential contracts. Pharmacy will grow from 38 to 42 stores and could become profitable in this financial year. However, NHS services run on narrow, volume-dependant margins and Assura has high overheads: &#163;7m for medical and &#163;11m for pharmacy. The shares are at a discount to the 67p NAV.<br />]]></description>
      <dc:date>2009-07-03T10:15:06+00:00</dc:date>
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    <item>
      <title>The catalyst arrives</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Byotrol</link>
      <headline>The catalyst arrives</headline>
      <description><![CDATA[Basic Industries - Byotro (BYOT): Byotrol featured on the front page of last Saturday&#146;s The Daily Telegraph newspaper, which highlighted the successful results from an 11-month trial of Byotrol&#146;s products at Manchester Royal Infirmary. As we stated in our Update note of January, a catalyst such as successful trial results could cause Byotrol&#146;s share price to rally. The shares closed on Monday up 103% at 28.5p. They have sold off slightly today to 24.5p which still represents an upside of 74% from Friday&#146;s close. With further trial results to come, potential NHS orders and the prospect of over a dozen more hospitals in the US experimenting with Byotrol&#146;s products, we believe any short-term weakness in the share price from profit taking will yield to longer-term value creation as orders are realised.<br />]]></description>
      <dc:date>2009-07-03T09:04:54+00:00</dc:date>
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      <title>Renaissance</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Minster Pharmaceuticals</link>
      <headline>Renaissance</headline>
      <description><![CDATA[Pharmaceutical & Healthcare - Minster Pharmaceutical (MPM): Minster&#146;s investment case hinges on its ability to capture value though a licensing deal for tonabersat &#150; probably for migraine with aura &#150; and/or sabcomeline for cognitive impairment associated with schizophrenia. If successful, this would transform Minster and turn it into a vehicle able to acquire, develop and out-license pharmaceutical R&D programmes in CNS and other therapy areas. The shares currently trade below cash value, reflecting the market&#146;s loss of confidence following the failure of the TEMPUS study, although this seems unduly harsh. <br />]]></description>
      <dc:date>2009-07-02T15:06:48+00:00</dc:date>
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      <title>A growing production base</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Faroe Petroleum</link>
      <headline>A growing production base</headline>
      <description><![CDATA[Oil & Gas - Faroe Petroleu (FPM): Faroe recently announced its entry into the Barents Sea with a new licence operated by BG and an asset swap in Norway which gives it an additional 800bbl/d of production. With seven committed and fully funded wells over the next two years, there is potential for substantial share price appreciation over the next 18 months.<br />ISIN: GB0033032904]]></description>
      <dc:date>2009-07-02T14:27:09+00:00</dc:date>
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      <title>Cost benefits come in</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/British Polythene Industries</link>
      <headline>Cost benefits come in</headline>
      <description><![CDATA[Basic Industries - British Polythene Industrie (BPI): An indication that profits are &#147;comfortably above expectations&#148; in H1 confirms the positive trends seen since the beginning of the year on the cost side of the equation. With a fairly stable volume outlook we are raising our forecasts modestly. Such evidence of improvement in profit and cash argues strongly for a much better rating.<br />]]></description>
      <dc:date>2009-07-02T13:02:21+00:00</dc:date>
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      <title>Falling market</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Hallin Marine Subsea International</link>
      <headline>Falling market</headline>
      <description><![CDATA[Oil & Gas - Hallin Marine Subsea Internationa (HMS): Hallin yesterday announced that increased competition has caused a narrowing of margins and lower utilisation rates for non-specialist assets. None of Hallin&#146;s orders have been deferred or cancelled, but order books have been slower to build up than anticipated and demand for engineering services has been muted. We are cutting our 2009 forecast revenues by $23m (15%) and underlying EBIT by $5.7m (22%). We release our 2010 numbers with profits returning to growth (4% operating profit 
y-o-y) as older assets are replaced by newer higher margin assets which are still seeing strong demand. 
<br />]]></description>
      <dc:date>2009-07-02T10:07:15+00:00</dc:date>
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      <title>Challenging background</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Empresaria</link>
      <headline>Challenging background</headline>
      <description><![CDATA[Support Services - Empresari (EMR): It is still too early to look for signs of recovery in recruitment markets and sector estimates continue to be pared back. We have adjusted our Empresaria forecasts to reflect a wider range of potential outcomes. The low end of the range assumes no significant improvement in permanent placements in 2009 and continued pressure on margins. However, the group&#146;s geographically and sectorially diversified portfolio and its greater exposure to temporary placements make it comparatively attractive.<br />]]></description>
      <dc:date>2009-07-02T08:51:25+00:00</dc:date>
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      <title>Military focus</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Protonex Technology Corporation</link>
      <headline>Military focus</headline>
      <description><![CDATA[Electronics & Electrical Equipment - Protonex Technology Corporatio (PTX/PTXU): At analyst meetings in London Protonex continues to demonstrate its technology. Management communicated that the potential development contract pipeline is the best it has ever been with unit sales discussions continuing for all products. The company believes that initial orders of its M250-CX military system could come as early as next year when the RV-focused lower-cost consumer version, the M250-B, should also come to market. Given continued slow contract movement due to the change in government and the moving back of the M205-B launch by a year, we have marginally reduced our 2010 revenues and expect Protonex to raise funds within the next year.<br />]]></description>
      <dc:date>2009-07-01T08:24:30+00:00</dc:date>
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      <title>Further radio win</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Sarantel Group</link>
      <headline>Further radio win</headline>
      <description><![CDATA[Technology - Sarantel Grou (SLG): Sarantel has announced that Harris Corporation, a leading global supplier of secure radio communication systems for military, government and commercial organisations, has selected Sarantel&#146;s LBS Pro miniature GPS antenna for the new Unity XG-100 portable multiband public safety radio. <br />]]></description>
      <dc:date>2009-07-01T08:03:18+00:00</dc:date>
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      <title>Wins outpace revenues</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/K3 Business Technology Group</link>
      <headline>Wins outpace revenues</headline>
      <description><![CDATA[Technology - K3 Business Technology Grou (KBT): While some order slippage was perhaps inevitable &#150; and we have adjusted numbers accordingly &#150; K3 has continued to benefit from new order wins during H1. Combined with strong levels of recurring income, this highlights the resilience of the business model. Cash flow remains robust and forecast year end net debt in FY09 is expected to come in below &#163;9m (&#163;13m FY08). <br />]]></description>
      <dc:date>2009-07-01T07:40:39+00:00</dc:date>
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      <title>NVA237 into Phase III</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Vectura</link>
      <headline>NVA237 into Phase III</headline>
      <description><![CDATA[Pharmaceutical & Healthcare - Vectur (VEC): Novartis has begun a Phase III trial of one of Vectura&#146;s key products, NVA237, for chronic obstructive pulmonary disease, triggering a $7.5m milestone payment to Vectura. NVA237 (glycopyrronium) could become the second long-acting antimuscarinic to reach the COPD market, after Boehringer Ingelheim/Pfizer&#146;s blockbuster Spiriva (tiotropium), and Vectura expects Novartis to make a regulatory filing for NVA237 in calendar 2011.<br />]]></description>
      <dc:date>2009-06-30T10:30:30+00:00</dc:date>
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      <title>Targeted profit</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Communisis</link>
      <headline>Targeted profit</headline>
      <description><![CDATA[Support Services - Communisi (CMS): Communisis is benefiting from the trend to more targeted direct mail, which is much more profitable than mass-mailing, and from the convergence between transactional and marketing communication, which requires an integrated service. This should counter the effect of heavy financial services exposure by giving resilience to 2009 earnings and a resumption of growth thereafter. Historically low net debt allows the funding of large high-margin contracts and pension concerns. <br />]]></description>
      <dc:date>2009-06-30T08:46:52+00:00</dc:date>
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      <title>A new Vernalis emerges</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Vernalis</link>
      <headline>A new Vernalis emerges</headline>
      <description><![CDATA[Pharmaceutical & Healthcare - Vernali (VER): A simplified and slimmed-down business led by a new senior management team, with near-term news flow expected on clinical trials and/or partnering activity, underlines the investment case for Vernalis. A &#163;22m fund-raising has given the restructured company sufficient cash to fund the next two years of operations &#150; even excluding expected milestone payments from licensees.<br />]]></description>
      <dc:date>2009-06-30T07:46:35+00:00</dc:date>
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    <item>
      <title>Delivering on the strategy</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Entertainment One</link>
      <headline>Delivering on the strategy</headline>
      <description><![CDATA[Media & Entertainment - Entertainment On (ETO): In just two years E1 has successfully built a large international entertainment content and distribution business. Its scale and financial strength bring competitive advantages in its core markets. 2008/09 normalised EPS grew by 12.5% despite tough trading in the US. The current high level of content investment depresses short-term margins but underpins strong medium-term organic growth forecasts, which are likely to be augmented by complementary acquisitions. As E1 continues to deliver there is scope for a significant improvement in the share rating.<br />]]></description>
      <dc:date>2009-06-26T12:24:34+00:00</dc:date>
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      <title>Resilient growth</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Micro Focus International</link>
      <headline>Resilient growth</headline>
      <description><![CDATA[Technology - Micro Focus Internationa (MCRO): Record annual results for Micro Focus at the top end of market expectations confirmed solid underlying growth and the successful integration of recent acquisitions. After the recent share price appreciation, earnings based multiples have expanded, albeit the long-term prospects and counter cyclical features still make for a sound investment case.<br />]]></description>
      <dc:date>2009-06-26T10:10:34+00:00</dc:date>
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      <title>A big overhaul</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Trifast</link>
      <headline>A big overhaul</headline>
      <description><![CDATA[Engineering - Trifas (TRI): Trifast had reached a low point in early 2009 and profit, as expected, fell sharply in the year to March 2009. A new management team installed in March has embarked on a programme to rebuild the company through a series of measures, which should better position Trifast to benefit from eventual economic recovery, although 2010 remains challenging.<br />]]></description>
      <dc:date>2009-06-26T09:29:44+00:00</dc:date>
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      <title>Cautious optimism</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/WorkPlace Systems International</link>
      <headline>Cautious optimism</headline>
      <description><![CDATA[Technology - WorkPlace Systems Internationa (WSI): While management is beginning to sense renewed interest in the traditional software business, purchases have been small and we have yet to see a revival in any major orders. However, WorkPlace has been seeing a healthy interest in its new SaaS product &#150; WorkPlace OnLine. This web-based application has generated encouraging demand, with mid-sized business such as multi-format stores and security firms buying the service. <br />]]></description>
      <dc:date>2009-06-26T08:11:04+00:00</dc:date>
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      <title>Down but not out</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Titanium Resources Group</link>
      <headline>Down but not out</headline>
      <description><![CDATA[Mining - Titanium Resources Grou (TXR): The sinking of Titanium Resources Group&#146;s (TRG) second dredge (D2) in July last year has delayed the company&#146;s ambitious expansion plans. While an undisclosed portion of the D2 insurance claim has already been paid out, the final payout, if any, remains outstanding. Nevertheless, TRG continues to mine with its primary dredge (D1) and is focused on reducing costs with the introduction of a new heavy fuel oil (HFO) power station as well as a reduction in employee numbers. Provided there is a significant reduction in the cost base and production from D2 is restarted, the business should return to profitability. However, TRG may need to refinance the $45.1m owed to the government of Sierra Leone.<br />]]></description>
      <dc:date>2009-06-25T11:39:20+00:00</dc:date>
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      <title>Focus on profitability</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Celsis International</link>
      <headline>Focus on profitability</headline>
      <description><![CDATA[Pharmaceutical & Healthcare - Celsis Internationa (CEL): Celsis specialises in providing diagnostic products and laboratory services to the pharma and consumer products industries, and its business has proved relatively resistant to recent market turbulence. A restructuring has eliminated a loss-making division and placed Celsis in a strong position to address higher-margin products, especially as customers&#146; internal R&D budgets come under pressure.<br />]]></description>
      <dc:date>2009-06-25T11:07:26+00:00</dc:date>
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      <title>New data on LifePort</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Lifeline Scientific</link>
      <headline>New data on LifePort</headline>
      <description><![CDATA[Pharmaceutical & Healthcare - Lifeline Scientifi (LSI): Data presented at the recent American Transplant Congress show Lifeline&#146;s LifePort device to be superior to traditional cold-storage in the transplantation of kidneys from non-heart-beating donors and donors older than 65, groups whose organs are normally considered unsuitable for transplantation. The data should help drive adoption of the LifePort device and may help extend the pool of donor organs. We maintain our financial forecasts and expect Lifeline to reach profitability in 2009.<br />]]></description>
      <dc:date>2009-06-25T09:35:29+00:00</dc:date>
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