TheChek News Flow

bofAml

* BAML Real Estate Conference starts here today, through to Friday.............

* CONVATEC - Upsized deal to 375m shrs. Priced at 260p/shr; BAML/GS/UBS........

SANOFI - Sentiment +ve. FDA approves Dupixent for atopic dermatitis (85.2)+1-2%

GPOR - All positive. Refinances 5.3% debt with new 7yr 2.15% debt (637).....+1%

TUI - Inline.Ex Turkey bookings are up 7%.Reit guidance of 10% growth (1146)+1%

MINERS - Copper unch, Iron Ore fut -0.5% with BHP OZ +0.29%, RIO OZ +0.7%...+1%

MEDIASET - Asks AGCOM to freeze Vivendi stake at 10%;Sole24Ore reports (3.9)u/c

ROCHE - FDA approves Genentech’s OCREVUS for multiple sclerosis (253.1).....u/c

VIVENDI - Mediaset asks regulator AGCOM to freeze Vivendi stake at 10%(17.4)u/c

STAGECOACH - Expectation for EPS has not changed since interim results (199)u/c

SAGA - Inline with EBITDA 246.1 v 246.6 cons. Had a good run of late (208)..-1%

Investec:
UK
* ALLIANCE PHARMA-FY.#'s sml miss.Current yr has started well...............-1%
* BILLITON-8 coal mines now halted prod. due to Cyclone Debbie.............unch
* CENTAUR MEDIA-FY.#'s I/L but outlook remains weak.Expect c25% EPS D/G....-15%
* GREAT PORTLAND-£175m refinance.Further 15k sq.ft leasing in Broadwick St.unch
* IMAG.TECH-Tsinghua Unigroup(3% holder of IMG)secures $22b new finance(FT).+1%
* MIDWICH-Acquires 88% stake in Earpor. Earning enhancing.U/G FY17/18&19....+2%
* SAGA-FY-In-line,started CY well,to launch memebership scheme in H2.Dull...-1%
* SANNE-FY-In-line,25% EPS growth,strong pipeline,current trading in-line...+1%
* STAGECOACH-T/U-no change to FY est's,most divisions improving,UK Bus weak.+2%
* TUI-Update.Summer Booking +4%(TCG yday +10%) Reits FY earnings..........-1-2%
* WORKSPACE-exercises option to buy Fitzroy St property for £98.5m.........unch

EU
* AKZO-investors representing 24.6% stake call for PPG tlks(FT)...........+0.5%
* ORPEA-FY rev,div in line,net well ahead(1 off?),reit o/look,strong into...U/C
* LAGARDERE-denies reports it is looking for partner for Relay stores.......-1%
* ROCHE-the FDA approved MS drug Ocrevus.....................................1%
* SCOUT24-FY16 look fine, div better,‘robust’ o/look, shs +5% last 2 days...-2%
* SIEMENS-$4.1bn US contract win.CEO considers partial healthcare spinoff...+2%
* SOLVAY-to sell 25% National Peroxide stake to Wadia(ET). No price.........+1%
* STADA-releases delayed results, no surprises, no update on talks..........U/C
* TUI-pre close-reits outlook,bookings not quite as good as TCG LN y’day....U/C


Winterflood:
********** FTSE350 **********

* CONVATEC (CTEC) M/P; 2 of biggest shareholders have sold 19.95% of the company to Novo A/S (arm of Novo Nordisk). They have sold at 260p. In addition to this they are placing a further 300m shares via bookbuild done by GS, UBS and Merrills.

* GREAT PORTLAND (GPOR) +1-2%; Announces further 15,725 sq.ft of lettings at 30 Broadwick Street with an average ERV 9.9% YoY. Company has also refinanced £175m debt with group of US investors, reducing the interest rate to approx 2.7% from 3.7% DEC16.

* SAGA (SAGA) unch; Trading EBITDA miss est in a small way, DIVI in line with expectations, confident statement re the start of the year, had a decent rally from Feb lows, can't see PM's rushing to add to their holdings this morning...

* STAGECOACH (SGC) +1-2%; FY EPS expectations unch, UK bus division weaker, improvements in the US. UK rail has seen improvement in growth rates but remain low by historical standards. More colour in the prelims due on 28 June.

* TUI AG (TUI) +2%; Bookings +4% and rev +9%. Facing some macroeconomic and geopolitical challenges and continuing low demand for Turkey and North Africa but maintain guidance and trading in line.

********** Small Cap / AIM **********

* ALLIANCE PHARMA (APH) +2%; Transformational year. Successful integration of Sinclar Pharma products. Current year has started well.

* AVANTI COMMS (AVN) unch; Partnership with Millicom.

* CAMBRIDGE COGNITION (COG) +5%; Prelims. Strong growth which delivers a maiden profit. Revs +37%. High product launch despite lower R&D spend. +VE 2017 outlook but keeping an eye on marco developments in the EU and US pharma mkt.

* CENTAUR MEDIA (CAU) -5%; Rev £72.5m vs £70.5m. Pre-tax loss £4.4m vs loss £5.6m. Div in line with last year. The fall in high margin advertising revenues will result in a 2017 profit reduction which is expected to reverse in 2018. Looking to sell The Home Interest segment.

* CIRCLE HLDS (CIRC); 30p cash bid announced today (private healthcare provider).

* COLLAGEN SOLUTIONS (COS) unch; Granted Aussie patent.

* DX GROUP (DX/) +20%; Major £10m rolling 3 year contract with Avon. WE ARE BUYERS.

* EDEN RESEARCH (EDEN) unch; Extension of patent protection in Greece.

* ENTU PLC (ENTU) +2%; Restructuring going well, ¼ 17 ahead of plan. Should return to growth in 2018.

* FAIRPOINT (FRP) +5%; £1.2m disposal of medical records business.

* FARON PHARMACEUTICALS (FARN) +2%; Finals, inline with expectations with exciting news flow coming this year.

* FLYBE GROUP (FLYB) -10%; Seat capacity growth 10% vs 12.7%. Passenger rev 9.8% vs 13.5%. Upgrading its core systems, which could impact profits by £5m to £10m. Summer trading to date is in line with expectations. Competitive conditions in the market continues.

* HARDIDE PLC (HDD) +5%; Completion of Airbus industrial qualification now makes them official supplier.

* HML HOLDINGS (HMLH) unch; £2.7m acquisition of Faraday Property Management.

* JAMES HALSTEAD (JHD) -1%; Interims only slightly higher than last year, benefiting as an exporter but also facing raw material import costs. Remains a solid profitable business but doesn't look strong enough to us to advance the share price.

* MIDWICH GROUP (MIDW) +2%; Acquisition of majority stake in EarPR S.A.

* OMEGA DIAGNOSTICS (ODX) +5%; The company has CE marked its malaria test range. Additionally the manufacturing plant in India has been passed as fully compliant until 2021.

* PETARDS (PEG) +10%; Contract win worth £4.3m from Stadler Bussnang fot its CCTV and automatic select door opening systems.

* PRESIDENT PETROLEUM (PPC) +5%; Better flow rates from recent worked over well negated a bit by slight delay caused by heavy rains.

* SABIEN TECH (SNT) -50%; Need to raise funds to stay alive, news promised later today, will heavily dilute existing 62m shares in issue.

* SANNE PLC (SNN) +2%; Full yr results. REV £63.8M V £45.6M. PBT £15M V £2.4M. DIV 9.6P V 7P. Trading has continued in line with the statement in Jan. Business performing well and confident of growth in the year ahead.

* SEPURA PLC (SEPU) -5%; Competition approval. UK department of business is considering initiating a review of the acquisition. Sepura continues to evaluate the implications if the review is implemented.

* SHORE CAPITAL GROUP (SGR) +3%; Solid set of numbers accompanied by board changes. 5p dividend announced too.

* TELFORD HOMES (TEF) +2%; Sold Build-to-Rent project in Stratford for £53m.

* TRANSENSE TECH (TRT) -10%; Second payment of £250k due from GE but dissappointing figs. H2 forecast to be weaker.

Commerz:
*DBK +0.5% Upgraded by S&P on German law change from BBB+ to A-
*G24 –1.8% To propose first IPO dividend of €0.3
*GMM +2.7% Proposes div of €1.3 for 2016 vs €0.75 in 2015
*LEO –1.1% Mainfirst cuts to Neutral – PT €50 (38)
*LHA –0.5% Germanwings lawsuit tossed two years after suicide crash
*SAX +1.1% HSBC initiates with Buy, PT €58 / Barclays with Overweight, PT €56
*SAZ –1.4% Accounting issue sheds c. €7m off FY adj. EBITDA
*SIE +0.1% Kaeser sees partial spinoff possible for Health-Care unit
*S92 +0.8% Sells Railway Tech unit and confirms forecast for 2017
*TTI –1.5% Montega raises to Buy (Hold) – PT €10.5 (5.5)
*TUI1 –0.4% Stick to FY earnings outlook, 48% of summer program sold
*UN01 –2.2% GS cuts to Neutral (Buy) – PT €17


CS:
Banks +0.5-1% US 10yr back above 2.42%

Generali +1-2% CS UPGRADE to NEUTRAL (Cash flow and solvency)

Heidelcement -1-2% Schwenk Deal May Be Blocked, Reuters

Miners +2-3% Copper +0.30%, Brent -0.15%, Iron Ore +2.45%, China +0.20%

Orpea M/P Property portfolio was revalued by 19%

Nostrum +1-2% CS UPGRADE to OUTPERFORM (change of analyst)

Oils +0.5% US API build of 1.91m barrels, Brent -15bps to $51.5

Roche +1% Ocrevus won U.S. FDA approval for multiple sclerosis

Saga M/P FY Pretax 1.5% ahead, dividend 1% ahead

Sanne M/P Revs inline £63.8m vs cons £63.3m, Pretax small ahead

Scout24 -3-5% 2017 guidance, high single digit rev growth vs CS at 9.4%

Siemens +1% Awarded max $4.13bn radiology pact by US Defence Dept

Stagecoach +1% UK Bus tough, North America trading inline, sticking to FY

Tui +1% Summer bookings +4%, prices +5%, reiterate guidance

Citi:
EU
* SMA Solar - sells SMA railway tech unit,confirms fy,Q1 guid light -1%
* Roche - multiple sclerosis drug Ocrevus won US FDA approval +1%
* Orpea - fy revs in line,net beat,forecasts higher revenue +1%
* Scout24 - fy revs in line,ebitda light,2017 robust outlook unch


RBC:
*CONVATEC: -2% placing of 375M @ 260p per share, demand strong.

*JRP: -2% placing of 95M shares @ 130p per share, demand strong.

*ROCHE: +2% wins FDA approval for OCREVUS, MS drug.

*SAGA: -1% FY'16 EBITDA miss.

*SANNE: +2% FY'16 org growth better, numbers in line, FY'17 outlook positive.

*SCOUT24: +1% FY'16 strong, proposes first post-IPO dividend.

*STADA: -1% Q4'16 adj net income -4%, FY'17 confirmed.

*STAGECOACH: +2% FY'17 earnings expectations unch, focus on turn around in NA.

*TUI: +1% summer '17 trading in line, FY'17 outlook reiterated.


Macquarie:
* Atlantis Res ARL- Gets agreement to develop Tidal Power in Indonesia. +1%

* Aviva AV/- Press Spec that it’s in talks to sell Friends Provident Intl Unit. +0.5%

* Jackpot Joy JPJ-First set of Results post move- Rev’s up 15%, Ebitda up 19% high end of market guidance. Forecasting 10% revenue growth for 2017. +3%

* JRP Group- Cinven & Permira placed 95m shs (8% of co.) at 130p.Placing upsized from 75m shs.-5%

* Saga- Results inline, Started Financial Year well. Unch

* SIG Grp SHI- Meinie Oldersma appointed CEO, Chairman also stepping down. Unch

* Tullow Oil TLW- Said to be close to selling North Sea to Independent Oil : Betaville. +2%