Friday's most followed: Lonmin, Premier Oil, EXPANSYS, Porta Communications, Rank Group, Innovation Group, AEA TechnologyReported by Proactive Investors on Friday, 17 August 2012 (on August 17, 2012)
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Apart from oil and gas groups *Petroceltic (LON:PCI )* and *Melrose Resources (LON:MRS)*, which today announced a merger deal, the most searched for UK stocks on Google Finance included*Lonmin (LON:LMI)*.
Traders searched for the latest information about the situation at the group’s Marikana mine in South Africa, where striking miners clashed with police on Thursday, resulting in more than 30 deaths.
Police reportedly started shooting at the protesters, which were armed with clubs and machetes, after failing to disperse them.
Shares in Lonmin, a constituent of the FTSE 250 index, fell two percent to 634.5 pence this morning. Before the protests turned violent earlier this month, Lonmin was worth more than 750 pence per share.
In a statement yesterday, the company told the markets that the situation had been quiet, but “matters remained tense”. It also noted that the striking rock drill operators remained armed and away from work, which it said was illegal under the labour relations act.
“Lonmin welcomes the increased presence of the South African Police Services (SAPS) at the site of the mine, and is cooperating fully with the authorities to help restore a safe and secure environment for its employees as quickly as possible,” said Lonmin.
As a result of the strike, Lonmin is likely to miss its full year target of 750,000 ounces of platinum.
Broker Panmure Gordon – which currently has a ‘buy’ recommendation on the stock - expects the group to sell 730,000 ounces of platinum this year assuming that the strike can be resolved in two weeks.
Another popular Google search was *Premier Oil (LON:PMO)*, which today revealed that it has plugged and abandoned the him Sao North West appraisal well, CS-3X, in Vietnam Block 12W.
This well was drilled to determine whether the Chim Sao North West discovery extended into a separate fault segment to the north. While 135 metres of sandstone reservoir were penetrated in the Upper Dua interval, there was no indication of hydrocarbons
In the Middle Dua interval 165 metres of sands were drilled, but only oil shows were encountered, the company told investors today.
Shares in Premier tumbled in early trade, but recovered later in the session after Goldman Sachs upgraded the stock to ‘buy’ from ‘hold’ on the back of its acquisition of a 60 percent interest in the Sea Lion discovery in the Falklands.
Goldman added that the upgrade was also due to the potential upside for the Luno II prospect in the event that reservoir quality is similar to that discovered in the nearby Johan Sverdrup.
Meanwhile, today’s most read RNS statements included a contract win by online retailer of wireless and consumer technology *EXPANSYS (LON:XPS)* and *Porta Communications’ (LON:PTCM)* acquisition of marketing communications agency WFCA.
EXPANSYS has secured a new contract from Everything Everywhere (Orange), the largest UK network by customer numbers.
The group’s subsidiary eCommerce services subsidiary PJMedia will now provide compulsory top-up services to UK Pre-Pay customers for Everything Everywhere.
PJMedia, which specialises in specialises in multi-channel telecommunications software, has previously provided similar services to other large mobile networks.
“The contract win with Everything Everywhere is strategically important for PJMedia and the EXPANSYS Group, as it further demonstrates the relevance of our services for mobile network operators and MVNOs,” said chief executive of EXPANSYS Anthony Catterson.
“Our focus and investment in mobile specific propositions has begun to reap rewards and we are excited by the opportunity to support more mobile networks globally.”
Porta, which is building an international communications and marketing business via acquisition and start-up ventures, has agreed to buy WFCA for £1.49 million in an all-share deal.
WFCA shareholders will receive one Porta share for each 21 shares they holds, which values the group at a premium of 2.5 percent to yesterday’s close.
The group has received acceptances of WFCA directors and shareholders covering 83 percent of WFCA’s issued share capital.
The idea of acquiring WFCA was initially put forward by Bob Morton, chairman of WFCA and a significant shareholder in both WFCA and Porta. He will now serve as non-executive chairman of the enlarged group, while David Wright, Porta chairman and chief executive, will be named CEO.
Other popular stock exchange announcements included full year results from Mecca Bingo owner *Rank Group (LON:RNK)*and a trading update from *Innovation Group (LON:TIG)*, while *AEA Technology (LON:AAT)* also generated interest as it emerged among the top performers in London markets.
Innovation Group reported that its performance has been positive in the period since April 1 despite challenging economic as well as weather conditions and it remains on track to hit its full year targets.
The group, a global provider of business outsourcing and software solutions to the insurance, fleet, automotive and property industries, added that it continues to generate good levels of cash from its operations, and the conversion rate of EBITDA to operating cash flow remains strong.
Progress with Innovation’s Insurer software has been positive with orders secured in the UK, Australia and the US.
The full year report from Rank showed a 3.4 percent increase in revenues to £601 million for the year to end June as visitor numbers rose five percent, resulting in an increase in pre-tax profits to £62 million from £56 million.
Rank said the improvement in its financial results was due to a strong performance at Grosvenor’s Casinos and by its online service meccabingo.com.
“While the current economic conditions remain challenging we have continued to increase the popularity of our brands and we look forward to the future with optimism,” said chairman of Rank Group Ian Burke.
In the meantime, AEA jumped 30 percent before trimming gains to 16 percent despite again telling investors that it does not expect to receive any takeover offers and all of the strategic options it is considering to fix its debt woes will result in little or no value to shareholders.
The climate change consultancy, which was spun out of the Atomic Energy Authority in the 1990s, also reported that its performance since April 1 has been in line with expectations and that it is making good progress in implementing its business plan despite tough trading conditions.
Earlier this month, AEA said it had secured short term funding “to allow the board to continue to consider all strategic options to realise value”.
Links:  Full news story
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