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    <title>Edison Investment Research &#45; recent research</title>
    <link>http://www.edisoninvestmentresearch.co.uk</link>
    
    <dc:language>en</dc:language>
    <dc:rights>Copyright 2012</dc:rights>
    <dc:date>2012-02-08</dc:date>



    <item>
      <title>Park Plaza Hotels &#45; Continued strength</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/park-plaza-hotels</link>
      <headline>Continued strength</headline>
      <description>Edison Investment Research - <![CDATA[Travel & Leisure - Park Plaza Hotels: Park Plaza has impressively bucked industry slowdown with maintained like-for-like double-digit RevPAR growth in Q4. Consequently, full-year results (due early March) are likely to be better than expected although only slightly we believe, so no change in our forecasts at this stage. 2012 should benefit from further underlying growth, driven by room rate on historically high occupancy, strict cost control and improved returns from recent investments. <br />ISIN: GG00B1Z5FH87]]></description>
      <dc:date>2012-02-08T16:00:30+00:00</dc:date>
    </item>


    <item>
      <title>Thales &#45; A tricky year navigated</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/thales</link>
      <headline>A tricky year navigated</headline>
      <description>Edison Investment Research - <![CDATA[Aerospace & Defence - Thales: Thales&#8217; full year revenues and order intake aptly demonstrate the dichotomy of defence spending pressures and a buoyant civil aerospace market. With its balance of businesses, the flat organic revenues and book to bill ratio of over 1x show that where others with defence exposure are struggling, Thales is holding up, reflecting its combination of niche electronics exposure and diversified geographic spread. While uncertainty continues in Europe and the US, Thales&#8217; Probasis restructuring plan is generating efficiencies that should allow the 2011 target EBIT margin of 5% to be met. <br />ISIN: FR0000121329]]></description>
      <dc:date>2012-02-08T12:13:12+00:00</dc:date>
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      <title>Brady &#45; Growing energy footprint</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Brady</link>
      <headline>Growing energy footprint</headline>
      <description>Edison Investment Research - <![CDATA[Technology - Brady: In its largest acquisition to date, Brady is purchasing Navita Systems for &#163;17.1m. It is also raising &#163;16.7m (net) through a share placement with institutions to fund the acquisition. The deal boosts Brady&#8217;s annual revenues by c 50% and highlights the support from institutional investors. We view Navita as another excellent fit, further strengthening the group&#8217;s ECTRM standing, broadening the solutions it can offer clients in the energy vertical, and boosting the customer base to c 250. <br />ISIN: GB00B0188P35]]></description>
      <dc:date>2012-02-07T13:21:32+00:00</dc:date>
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      <title>Gasol &#45; African LNG optimisation</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/gasol</link>
      <headline>African LNG optimisation</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Gasol: Gasol&#8217;s strategy, updated in 2011, is to monetise stranded gas assets in Nigeria and around the Gulf of Guinea and to seek additional routes to optimise gas value. It targets the West African gas-to-power market via a liquefied natural gas (LNG) monetisation route. <br />ISIN: GB00B068Y168]]></description>
      <dc:date>2012-02-07T11:00:48+00:00</dc:date>
    </item>


    <item>
      <title>Allocate Software &#45; A game of two halves</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/allocate-software</link>
      <headline>A game of two halves</headline>
      <description>Edison Investment Research - <![CDATA[Technology - Allocate Software: Allocate substantially solidified its position in H1. It now supplies 45% of all NHS trusts, all of the Australian army and is a market leader in the Australian healthcare market. Year-on-year comparisons suffer due to exceptional licensing performance last year, but the situation should reverse in H2 as the Australian Defence Force (ADF) deal drops in. Our earnings estimates are largely unchanged on a nudged-up top line, but there remains scope to exceed. <br />ISIN: GB0004368766]]></description>
      <dc:date>2012-02-06T15:09:20+00:00</dc:date>
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    <item>
      <title>Helius Energy &#45; FY11 in line</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/helius-energy</link>
      <headline>FY11 in line</headline>
      <description>Edison Investment Research - <![CDATA[Alternative Energy - Helius Energy: 2011 was a year in which Helius reshaped its business, reducing costs and strengthening the balance sheet. 2012 should see a move towards commercial operation of Rothes and the financial close of Avonmouth. If Helius successfully generates a profit relating to development fees from Avonmouth, it could translate into significant upside for the shares as this is not being valued by the market. <br />ISIN: GB00B1GF9F36]]></description>
      <dc:date>2012-02-06T14:06:45+00:00</dc:date>
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    <item>
      <title>TiGenix &#45; Cells and marketing</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/tigenix</link>
      <headline>Cells and marketing</headline>
      <description>Edison Investment Research - <![CDATA[Pharmaceutical & Healthcare - TiGenix: TiGenix&#8217;s stem cell therapy, Cx601, is entering Phase III to treat perianal fistulas. Relapsed or Remicade-unresponsive Crohn&#8217;s patients have few other treatment options; excellent Phase II data with the earlier (autologous) product was obtained. TiGenix also has the only EMA approved cell therapy, ChondroCelect, to repair damaged knee cartilage. This could give a strong commercial advantage and might deliver a major sales boost in 2013 if strict ATMP regulations are enforced by the EU. <br />ISIN: BE0003864817]]></description>
      <dc:date>2012-02-06T12:32:57+00:00</dc:date>
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      <title>AB Science &#45; Improving masitinib outlook</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/ab-science</link>
      <headline>Improving masitinib outlook</headline>
      <description>Edison Investment Research - <![CDATA[Pharmaceutical & Healthcare - AB Science: AB Science&#8217;s (AB) investment case is dependent on the successful development of masitinib. Impressive Phase II results showing that the tyrosine kinase inhibitor (TKI) beat Pfizer&#8217;s Sutent in extending overall survival in Gleevec-resistant <a href= <br />ISIN: FR0010557264 ]]></description>
      <dc:date>2012-02-06T11:24:23+00:00</dc:date>
    </item>


    <item>
      <title>Agennix AG &#45; Sepsis trial stopped</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/agennix-ag</link>
      <headline>Sepsis trial stopped</headline>
      <description>Edison Investment Research - <![CDATA[Pharmaceutical & Healthcare - Agennix AG: Agennix has stopped the Phase II/III OASIS trial, following the advice of the study Data Safety Monitoring Board (DSMB). It had observed that the 28-day mortality was greater in patients receiving talactoferrin than those being given placebo. No other unexpected, serious adverse events were observed. Talactoferrin is also in development for non-small cell lung cancer (NSCLC), a very different indication to sepsis, so halting the OASIS trial should not affect the likely outcome of the FORTIS-M Phase III trial in NSCLC in Q212. Our valuation is lowered to &#8364;230m. <br />ISIN: DE000A1A6XX4]]></description>
      <dc:date>2012-02-03T15:11:14+00:00</dc:date>
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      <title>MagForce &#45; Nanomedicine player</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/magforce</link>
      <headline>Nanomedicine player</headline>
      <description>Edison Investment Research - <![CDATA[Pharmaceutical & Healthcare - MagForce: MagForce is aiming to raise &#8364;4.5m through a shareholder rights issue to support the next phase in commercialising its NanoTherm therapy. NanoTherm gained EU approval in 2010 for use in all 27 countries as a treatment for brain tumours but it has taken time to establish treatment centres as well as the required reimbursement procedures. MagForce is now planning a post-approval clinical trial in Germany to help strengthen awareness and experience of the product among key opinion leaders (KOLs), which should eventually drive commercial sales. <br />ISIN: DE000A0HGQF5]]></description>
      <dc:date>2012-02-03T12:05:49+00:00</dc:date>
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      <title>Sangamo BioSciences &#45; Genome editor</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/sangamo-biosciences</link>
      <headline>Genome editor</headline>
      <description>Edison Investment Research - <![CDATA[Pharmaceutical & Healthcare - Sangamo BioSciences: Sangamo shares gained 21% following the announcement of a significant deal with Shire to research novel approaches to treat haemophilia and other monogenic diseases. This provides a welcome vote of confidence in Sangamo&#8217;s core technology of zinc finger DNA-binding proteins (ZFP) after the disappointment in October 2011 when lead candidate SB-509 failed a Phase IIb trial in diabetic neuropathy. The $13m upfront fee will add to already healthy cash reserves of $85m. Phase II data from SB-728 in HIV/AIDS provides a near-term catalyst. <br />ISIN: US8006771062]]></description>
      <dc:date>2012-02-03T11:52:53+00:00</dc:date>
    </item>


    <item>
      <title>Wits Gold &#45; Cheap acquisition</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/wits-gold</link>
      <headline>Cheap acquisition</headline>
      <description>Edison Investment Research - <![CDATA[Mining - Wits Gold: Since the arrival of CEO Philip Kotze on 1 August 2011, Wits Gold has redefined its strategies on exploration and project building to include acquisitions. The announcement on 30 January 2012 that it would acquire the operating Evander Gold Mine from Harmony for ZAR1.7bn (US$219m) in a 50:50 partnership with Pan African Resources is a case in point. In qualitative terms, it gives Wits Gold a 50% stake in an operating mine and forecast positive cash flow. In quantitative terms, it buys 1.3m measured, 22.7m indicated and 10.4m inferred ounces at a cost of US$6.37 per average ounce (at US$= ZAR7.75). This is 18% of, and an 82% discount to, the US$36.27/oz value of average Witwatersrand basin ounces, on which basis alone the transaction looks good value. The acquisition follows the 10 January announcement of a 27% increase in indicated gold and uranium resources at DBM, with the associated pre-feasibility study (PFS) now fast-tracked for completion in May 2012. <br />ISIN: ZAE000079703]]></description>
      <dc:date>2012-02-03T11:10:44+00:00</dc:date>
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    <item>
      <title>Amur Minerals Corporation &#45; District scale nickel?</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/amur-minerals-corporation</link>
      <headline>District scale nickel?</headline>
      <description>Edison Investment Research - <![CDATA[Mining - Amur Minerals Corporation: While Amur pursues final approval for its Kun-Manie mining licence with the Russian authorities, recent exploration results achieved over its lease area have led management to believe that what might be at stake is not the exploitation of three discrete deposits (as stated in the November 2007 SRK PFS), but the mining of a new and incredibly rare nickel sulphide district. Although Amur&#8217;s licence area is not known to contain massive nickel sulphide, the extent of pervasive lower grade nickel mineralisation at surface lends itself to numerous shallow open pits being mined and, in all likelihood, a call for a new and improved revised feasibility study being completed. <br />ISIN: VGG042401007]]></description>
      <dc:date>2012-02-03T10:54:13+00:00</dc:date>
    </item>


    <item>
      <title>Slater &amp;amp; Gordon &#45; Common law partners</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/slater-gordon</link>
      <headline>Common law partners</headline>
      <description>Edison Investment Research - <![CDATA[Consumer Support Services - Slater & Gordon: Slater & Gordon (SGH) is poised to enter the UK consumer legal marketplace with an agreement to acquire the prominent and complementary law firm Russell Jones & Walker (RJW) for &#163;53.8m (c A$80m), subject to regulatory approval. We think there is significant potential for SGH to enhance the ongoing growth of its Australian business by building a similar base in the UK, where its target market is four to five times larger. The UK is also in the early stages of deregulation which, in our view, will transform the industry and see the emergence of larger, industry leading champions. SGH is very strongly placed to become one of these champions. <br />ISIN: AU000000SGH7]]></description>
      <dc:date>2012-02-03T10:20:45+00:00</dc:date>
    </item>


    <item>
      <title>Lo&#45;Q &#45; Virtual queuing innovator</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/lo-q</link>
      <headline>Virtual queuing innovator</headline>
      <description>Edison Investment Research - <![CDATA[Technology - Lo-Q: Lo-Q has established an attractive niche with its virtual queuing solutions. New product launches broaden the addressable market beyond theme parks and the recent deal with MasterCard should strengthen the proposition. Strong recent deal flow underpins estimates and should support growth beyond our forecast period. <br />ISIN: GB0001771426]]></description>
      <dc:date>2012-02-03T10:02:41+00:00</dc:date>
    </item>


    <item>
      <title>Newmark Security &#45; International potential</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/newmark-security</link>
      <headline>International potential</headline>
      <description>Edison Investment Research - <![CDATA[Industrial Support Services - Newmark Security: Newmark continued to be affected by tough trading conditions in H1 but sees scope for a stronger second half. The long-awaited SATEON has been launched and has won its first competitive tender, and the new Grosvenor subsidiary in the US has developed partnerships with key customers, paving the way for stronger sales in FY13. A sustained revenue recovery will be the trigger for share price appreciation. <br />ISIN: GB0006596406]]></description>
      <dc:date>2012-02-03T09:22:38+00:00</dc:date>
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    <item>
      <title>ProMetic Life Sciences &#45; Revenue receipts roll in</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/prometic-life-sciences</link>
      <headline>Revenue receipts roll in</headline>
      <description>Edison Investment Research - <![CDATA[Pharmaceutical & Healthcare - ProMetic Life Sciences: Confirmation of near-term purchase orders and service revenues from key customers means that ProMetic Life Sciences has improved visibility on near-term revenue predictability. The company is now emerging from a period where there was a gap in major orders, and expects 2012 to be a stronger year for revenues. This view is supported by the trigger of a $1m upfront payment related to the $2.5m H112 purchase order under its Octapharma supply agreement, and also the achievement of a key milestone with an undisclosed multinational company, leading to confirmed service revenues in 2012 and a potential long-term resin supply agreement. <br />ISIN: CA74342Q1046]]></description>
      <dc:date>2012-02-03T09:06:43+00:00</dc:date>
    </item>


    <item>
      <title>Mondo TV &#45; Tough times</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/mondo-tv</link>
      <headline>Tough times</headline>
      <description>Edison Investment Research - <![CDATA[Media & Entertainment - Mondo TV: Mondo TV made good progress in 2011, operationally and financially, but economic headwinds have prompted management to revise its business plan for 2012-13. We have consequently reduced our estimates, particularly for 2012. As we have previously written, the timeline of deliveries still points to a big payback in 2013. The proposed capital increase of &#8364;11.3m, partially guaranteed by the major shareholder, will strengthen the balance sheet but overhangs the shares until resolved. <br />ISIN: IT0001447785]]></description>
      <dc:date>2012-02-03T08:52:53+00:00</dc:date>
    </item>


    <item>
      <title>Walker Greenbank &#45; Amazing year</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Walker-Greenbank</link>
      <headline>Amazing year</headline>
      <description>Edison Investment Research - <![CDATA[General Industrials - Walker Greenbank: Walker Greenbank has experienced an amazing year, with progress in all aspects of group operations despite the severe UK consumer trading climate. The record underlying profits (slightly ahead of City expectations) indicated in the year-end trading statement fully endorse the management strategy of consistent investment in quality of design, colour and, of course, the end product. The shares have performed well since our <a href= <br />ISIN: GB0003061511]]></description>
      <dc:date>2012-02-03T08:39:20+00:00</dc:date>
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      <title>Avon Rubber &#45; Filtering opportunities</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/avon-rubber</link>
      <headline>Filtering opportunities</headline>
      <description>Edison Investment Research - <![CDATA[Aerospace & Defence - Avon Rubber: Avon&#8217;s IMS not only shows that the business continues to deliver despite the wider climate, but that the strategy to expand product lines and end markets is showing through in both divisions. With 2012 mask revenues already covered by orders, Avon is less susceptible to order delays than many, while substantial filter wins and Milk-Rite success secure the long-term future of the business. While a competitor has protested the recent filter contract, we believe this should simply result in a slight delivery delay to the first order, producing a stronger H2 weighting. <br />ISIN: GB0000667013]]></description>
      <dc:date>2012-02-03T08:21:24+00:00</dc:date>
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