TheChek News Flow

Filings, Offerings and Pricings

Filings:

* DARA BioSciences (DARA) filed for a 5.1 mln share common stock shelf offering by selling stockholders. * Builders Firstsource (BLDR) filed for a ~24.86 mln share common stock offering by selling stockholders. * CytRx (CYTR) filed for a ~6.44 mln share common stock offering issuable upon the exercise of its outstanding August 2011 warrants. * ZaZa Energy (ZAZA) filed for a $10 mln debt offering consisting of Senior Unsecured Notes Due 2024. * Magnum Hunter (MHR) filed for a ~17.03 mln share common stock shelf offering upon the exercise of warrants issued. * US Geothermal (HTM) filed for a $50 mln mixed securities shelf offering. Stereotaxis (STXS) filed for a $75 mln mixed securities shelf offering.

Offerings:

* Harvest Natural (HNR) announced issuance of ~1.7 mln shares of common stock for ~$5.37 mln. * Intellipharmaceutics (IPCI) announced approximately 5.305 million share at-the-market offering of common shares. * Avalon Rare Metals (AVL) announced that it has entered into a share purchase agreement with Lincoln Park Capital Fund, pursuant to which the Company may sell up to $30 mln worth of common shares in the capital of the Company over the 36 month term of the Purchase Agreement. * Organovo (ONVO) late Wednesday entered into 4 mln share equity distribution agreement.

Early premarket gappers

Gapping up: ZOOM +149.6%, FRO +22%, DSS +21.3%, HNR +9.1%, RIO +5.4%, DRYS +5.2%, VALE +3.6%, JCP +2.4%, MT +2%, CLF +1.8%, GOLD +1.7%, AUY +1.5%, SLV +1.4%, ABX +1.2%, GLD +1.1%, AEM +1.1%, BHP +1%, TSL +1%

Gapping down: RENN -13.1%, IPCI -10.7%, ONVO -8.3%, VJET -3.8%, FTNT -3%, PXD -1.6%

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Schneider Electric Wins EU Approval for Invensys Takeover 2013-11-29 11:50:00.1 GMT

By Peter Chapman Nov. 29 (Bloomberg) -- Schneider Electric SA, a maker of low- and medium-voltage equipment, wins EU approval to acquire Britain’s Invensys Plc to add industrial software and control systems. * “The transaction would not raise any competition concerns, because the activities of the two companies are complementary and the merged entity would continue to face several strong competitors in the affected markets,” European Commission says in e-mailed statement * SEE: Schneider Electric Offers $5 Billion for Invensys Takeover (3) {NSN MPTU4K6K50ZB <go>}

Link to Company News:{EMR US <Equity> CN <GO>} Link to Company News:{ISYS LN <Equity> CN <GO>} Link to Company News:{SU FP <Equity> CN <GO>}

For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story: Peter Chapman at +32-2-285-4318 or pchapman10@bloomberg.net

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CGG Near to Winning 15,000 km2 Seismic Deal Off Brazil: Upstream 2013-11-29 09:53:52.610 GMT

By Mikael Holter Nov. 29 (Bloomberg) -- Co. “close to picking up” contract in Barreirinhas basin, where BG Group is biggest acreage holder, Upstream weekly reports today, w/out saying where it got information. * CGG “may also be ahead” in tender for >10,000 km2 contract sponsored by Total in Foz de Amazonas basin; PGS also bidding: Upstream * Statoil contract in Espirito Santo basin to probably be for more than 8,000 km2

For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>

To contact the reporter on this story: Mikael Holter in Oslo at +47-22-00-8209 or mholter2@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at +44-20-7073-3603 or wkennedy3@bloomberg.net

ECB's Coeure (France): Outright asset purchases are a tool the ECB can use to implement monetary policy; but not warranted to resort to large scale as seen by the BOJ or Fed - Financial press - QE easing like that in Japan or US is not right for the Euro Area - Current inflation is low but no deflation seen at this time

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BN 11/29 08:47 *PROBABLY ENOUGH GAS FOR 3 TRAINS IN TANZANIA: COO MIKE FISCHER BN 11/29 08:47 *OPHIR SECURED RIG FOR GABON TO ARRIVE EARLY FEB.: FISCHER BN 11/29 08:46 *CORRECT: OPHIR COO MIKE FISCHER SEPAKS AT CAPE TOWN CONFERENCE BN 11/29 08:40 *SALE OF BLOCKS TO PAVILION ENERGY EXPECTED COMPLETION 1Q 2014 BN 11/29 08:32 *MLINZI PROSPECT DRILLING RESULTS EXPECTED EARLY NEXT YEAR BN 11/29 08:31 *OPHIR EXPECTS TO DRILL HIGH-RISK PROSPECTS OFFSHORE TANZANIA

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Ophir Expects to Drill High-Risk Prospects Offshore Tanzania 2013-11-29 08:50:44.371 GMT

By Paul Burkhardt Nov. 29 (Bloomberg) -- Probably enough gas for 3 trains in Tanzania, Ophir Energy COO Mike Fischer says in presentation at Africa Oil Week conference in Cape Town. * Mlinzi prospect drilling results in Tanzania expected early next yr; “We are watching that one with great anticipation,” Fischer says * Co. secured rig for Gabon to arrive early Feb.: Fischer * Equatorial Guinea exploration, appraisal campaign planned for next yr: Fischer * Sale of blocks to Pavilion Energy expected completion 1Q 2014

Link to Company News:{0898723D SP <Equity> CN <GO>} Link to Company News:{OPHR LN <Equity> CN <GO>}

For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: {NH BFW<GO>}

To contact the reporter on this story: Paul Burkhardt in Johannesburg at +27-11-286-1924 or pburkhardt@bloomberg.net

To contact the editor responsible for this story: Hilton Shone at +27-11-286-1928 or hshone@bloomberg.net

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BN 11/29 08:15 *S&P AFFIRMS CHINA RATINGS AT 'AA-/A-1+'; OUTLOOK STABLE

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*S&P AFFIRMS CHINA RATINGS AT ’AA-/A-1+’; OUTLOOK STABLE 2013-11-29 08:15:35.727 GMT

See {NSN MX0MXH3PWT1C <GO>} for the Standard & Poor’s CreditWire press release.

See {PRCH CH Equity CN <GO>} for company news. See {^PRCH CH Equity CN <GO>} for company news.

-0- Nov/29/2013 08:15 GMT

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SAP 2014, 2015 Forecast May Miss Consensus, Deutsche Bank Says 2013-11-29 07:55:13.616 GMT

By Claudia Rach Nov. 29 (Bloomberg) -- SAP’s 2014, 2015 sales, margin outlook have potential to undershoot consensus, Deutsche Bank says in note. * Investor feedback suggests some skepticism on co.’s current 2015 forecast of >EU20b rev., 35% margins * Says new guidance could imply rev. EU18b-EU19b; ~34% adj. margins, implying up to 8% downside risk to 2015 consensus EPS * Says accelerating cloud adoption impacts license growth * Rates stock hold; PT EU55 * NOTE: SAP debates whether to accelerate shift to cloud, co- CEO Snabe said Nov. 22 * NOTE: Stock down 1.5% YTD vs DAX up 23% vs SX8P up 26% * NOTE: 45 analyst ratings 71% buy, 22% hold, 7% sell; avg PT EU66: Bloomberg data

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--Editor: Jurjen van de Pol

To contact the reporter on this story: Claudia Rach in Berlin at +49-30-70010-6219 or crach1@bloomberg.net

To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net

* Accelerating cloud adoption impacts license growth, see 8% EPS CAGR Accelerating SaaS/cloud migration will in our view impact license growth (DBe 1-2% decline) in turn slowing 2013-15 revenue (+4%) and EPS CAGR's (8%) for SAP. Long-term higher vendor fragmentation suggests a risk of market share leakage in the transition to the cloud for SAP. Its 'hybrid' cloud/on-premise strategy seems sensible to mitigate this but we also expect more cloud M&A going forward. With 8% downside to 2015 EPS consensus, we would expect the recent performance 'catch up' to slow into Q114 and maintain HOLD.

* Assessing the SaaS/cloud impact – license growth assumptions lowered Accelerating SaaS/cloud adoption is a well-understood trend, but investor uncertainty as to how it impacts SAP’s longer-term growth & margin trajectory seems high. Our detailed analysis concludes that 1) The negative P&L mechanics of SaaS vs on-premise delivery will likely impact SAP’s license revenues (25% of group), which we expect to slightly decline from here (-1.6% 2014-15 CAGR). 2) We estimate gross NPV parity/‘cross-over’ of a SaaS/cloud vs on-premise customer in year 8, suggesting several years of potential P&L volatility. 3) The main long-term risk is that SAP cannot maintain its dominant on-premise market share in a more fragmented ERP SaaS/cloud environment. The company’s ‘hybrid’ strategy seems sensible to lower this risk but we would also expect further SaaS/cloud M&A going forward.

* Estimates lowered, 2014&15 guidance likely to undershoot consensus Our more cautious view on SAP’s license outlook leads us to nudge down 2014-15 EPS by 1 to 4%, implying a 2013-15 EPS CAGR of ~8%. We expect SAP’s 2014 & 2015 revenue and margin guidance to potentially undershoot consensus. For 2014 we model 6% SSRS revenue growth vs consensus of 10% putting DB 3% below consensus EPS. Investor feedback suggests some skepticism on the company’s current 2015 guidance of >E20bn revenues and 35% margins. We believe new guidance could imply a revenue range of E18 to E19bn (DBe E18.2bn, consensus E20bn) and ~34% adj. margins (DBe 34.3% cons 34.5%), implying up to 8% downside risk to 2015 consensus EPS.

* Target price maintained at E55, risks Our E55 target price is unchanged reflecting lowered forecasts offset by multiple/valuation rollover to 2014/15. Our target price is based on a blend of 1) a DCF of E56/share, 2) 14x 2015 P/E (E55/share) in line with expected P/E to EPS CAGR of global enterprise software peers, and 3) applying a 7.1x maintenance multiple, SAP’s 5-year historical average. Key risks include changes in macro/demand and/or market share, and value-destructive M&A.

Link to article : {http://reut.rs/198ERWx}

(Reuters) - A multi-billion dollar organization controlled by Iran's supreme leader shook up the management of its charity division, appointing as its new chief a man involved in the confiscation of thousands of properties from Iranian citizens.Aref Norozi was named director general of the Barakat Foundation, Iran's state news agency reported on Wednesday. The foundation is a unit of a massive business empire controlled by Ayatollah Ali Khamenei that is known as Setad Ejraiye Farmane Hazrate Emam. The report by the Islamic Republic News Agency stated that Setad's president, Mohammad Mokhber, had ordered the appointment of Norozi, who once headed Setad's real-estate division and served on the boards of several Setad-linked companies. As a result of Norozi's professional experience, the report said, "It is expected that the Barakat Foundation's activities will be more extensive than before." Reuters this month published a three-part series entitled Assets of the Ayatollah (here) detailing how Setad has become one of the most powerful institutions in Iran through the systematic seizure and sale of thousands of properties belonging to ordinary Iranians. The series reported Norozi had stated at a press conference in 2008 that Setad's properties were then worth about $52 billion. Setad's total worth is difficult to pinpoint because of the secrecy of its accounts. But its holdings of real estate, corporate stakes in a variety of industries and other assets total about $95 billion, Reuters has calculated. Through Setad, Khamenei has at his disposal financial resources whose value rivals the holdings of the shah, the late Western-backed monarch who was overthrown in 1979. Setad also controls the Barakat Foundation, a charity focused on economic development projects in rural areas and that has stakes in the country's pharmaceutical industry. A Setad official said in April that through Barakat, Setad had spent more than $1.6 billion in the past five years on development projects. But Setad's claims about its charity spending are impossible to verify because its accounts are not publicly available. IRNA last week denounced the Reuters series as "disinformation" intended to undermine public trust in the Islamic Republic's institutions. A Reuters spokesperson said the news agency stood by the accuracy and fairness of its stories. IRNA said that in the past five years Barakat has been involved in numerous economic development projects, including building schools, roads, housing units and mosques, as well as providing water and electricity. According to IRNA, Barakat was created following an order Khamenei gave to the head of Setad. "Solving the problems of the deprived has been on my mind," IRNA quoted Iran's supreme leader as saying. "For example, solve the problems of 1,000 villages. It would be good to develop 1,000 places or to build 1,000 schools. Prepare this organisation for this task." A spokesman for Setad did not respond to a request for comment about Norozi's appointment.