(FENR.L) Fenner PLC Buy/Sell

By Victoria Bryan

LONDON, June 29 (Reuters) - Shares in mid-cap UK industrial engineers, major gainers from a strong rally between March and May, have fallen away as fears have grown over delays to an anticipated economic recovery.
London-listed industrial engineers gained 38 percent over March, April and May, outperforming the FTSE All share index, which was up 26 percent over the same period.
The gains in companies such as Charter, Melrose and Weir were part of a rally in European cyclical industrials reflected, for example, in Germany's DAX bluechip index.
Since the start of June, however, the sector has wiped out this outperformance and is now up just 15 percent over the year.
Is it a good time to buy into these companies, which make products from pumps, tool-making equipment and valve control systems to drinks dispensers, or should investors be wary following Charter's surprise profit warning at the start of June?

"There was a sense of disappointment post Charter that the rally was just not going to materialise," said analyst Dominic Convey at KBC Peel Hunt, adding that people had reappraised their expectations of a recovery.
Conveyor belt maker Fenner, pump and valve maker Weir and steel specialist Delta all gave relatively upbeat statements in May, suggesting customers were ready to start placing orders again.
Convey said that previous downturns had stripped some of the weaker players out, meaning the sector was more resilient this time around.
"In general, I think the quality threshold within the UK engineers is much higher than it has been previously. There's been a lot of natural selection through the last two downturns."
Convey said that now is an attractive entry point for those investors willing to take a longer-term view.
"We have been prudent and valued these earnings on a mid-cycle multiple (rather than the more traditional peak)," he said.
"On this basis we see healthy percentage upside for stocks including Charter and Senior, with more limited upside from current levels for Halma, Rotork, Spirax Sarco, Fenner and Renishaw," he and fellow KBC analyst Jonathan Hurn wrote in a note.

Some analysts take a different view, however.
"I think earnings forecasts for this year and next are still too high, generally speaking, both on the analyst and company side," said one London-based analyst who did not wish to be named.
The analyst said talk of customers starting to place orders again was overdone because they were only buying stock at very low levels, adding "I think there's still bad news lurking out there."
"Everybody we speak to is struggling to be anything other than pretty negative. It still remains a mystery as to why these industrials have held up until pretty much the last week," he said.
He tempered this by saying that although the short-term is challenging, some of the British industrials are in great shape long-term.

Panmure Gordon's Oliver Wynne-James felt now was a good time to invest for those with patience and a longer-term view.
"We ask for patience as we forecast an improving industrial environment from September 2009 and for a degree of trust in the ability of management teams to cut costs and navigate through the revenue storms," he wrote in a note.
He said the broker has identified two buying opportunities: during the current sell-off and during the July, August reporting season, when, he said, dire results would prompt downgrades.
"I think now is an ideal time to go back in," he said, adding he believed the first half of this year would be the trough for revenue and margin declines.
Although he believed a recovery would come later this year, he cautioned it would not happen overnight.
"The management teams are not staying still, but it will take 6-8 months for the oil tanker to turn around."
For more Reuters BUY or SELL stories, click on
(Editing by Sitaraman Shankar) Keywords: BRITAIN INDUSTRIALENGINEERS/BUY OR SELL,CORRECTED

(victoria.bryan@thomsonreuters.com; +44 207 542 9688; Reuters Messaging: victoria.bryan.thomsonreuters@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

By Victoria Bryan

LONDON, June 26 (Reuters) - Shares in mid-cap UK industrial engineers, major gainers from a strong rally between March and May, have fallen away as fears have grown over delays to an anticipated economic recovery.
London-listed industrial engineers gained 38 percent over March, April and May, outperforming the FTSE All share index, which was up 26 percent over the same period.
The gains in companies such as Charter, Melrose and Weir were part of a rally in European cyclical industrials reflected, for example, in Germany's DAX bluechip index.
Since the start of June, however, the sector has wiped out this outperformance and is now up just 15 percent over the year.
Is it a good time to buy into these companies, which make products from pumps, tool-making equipment and valve control systems to drinks dispensers, or should investors be wary following Charter's surprise profit warning at the start of June?

"There was a sense of disappointment post Charter that the rally was just not going to materialise," said analyst Dominic Convey at KBC Peel Hunt, adding that people had reappraised their expectations of a recovery.
Conveyor belt maker Fenner, pump and valve maker Weir and steel specialist Delta all gave relatively upbeat statements in May, suggesting customers were ready to start placing orders again.
Convey said that previous downturns had stripped some of the weaker players out, meaning the sector was more resilient this time around.
"In general, I think the quality threshold within the UK engineers is much higher than it has been previously. There's been a lot of natural selection through the last two downturns."
Convey said that now is an attractive entry point for those investors willing to take a longer-term view.
"We have been prudent and valued these earnings on a mid-cycle multiple (rather than the more traditional peak)," he said.
"On this basis we see healthy percentage upside for stocks including Charter and Senior, with more limited upside from current levels for Halma, Rotork, Spirax Sarco, Fenner and Renishaw," he and fellow KBC analyst Jonathan Hurn wrote in a note.

Some analysts take a different view, however.
"I think earnings forecasts for this year and next are still too high, generally speaking, both on the analyst and company side," said one London-based analyst who did not wish to be named.
The analyst said talk of customers starting to place orders again was overdone because they were only buying stock at very low levels, adding "I think there's still bad news lurking out there."
"Everybody we speak to is struggling to be anything other than pretty negative. It still remains a mystery as to why these industrials have held up until pretty much the last week," he said.
He tempered this by saying that although the short-term is challenging, some of the British industrials are in great shape long-term.

Panmure Gordon's Oliver Wynne-James felt now was a good time to invest for those with patience and a longer-term view.
"We ask for patience as we forecast an improving industrial environment from September 2009 and for a degree of trust in the ability of management teams to cut costs and navigate through the revenue storms," he wrote in a note.
He said the broker has identified two buying opportunities: during the current sell-off and during the July, August reporting season, when, he said, dire results would prompt downgrades.
"I think now is an ideal time to go back in," he said, adding he believed the first half of this year would be the trough for revenue and margin declines.
Although he believed a recovery would come later this year, he cautioned it would not happen overnight.
"The management teams are not staying still, but it will take 6-8 months for the oil tanker to turn around."
For more Reuters BUY or SELL stories, click on
(Editing by Sitaraman Shankar) Keywords: BRITAIN INDUSTRIALENGINEERS/

(victoria.bryan@thomsonreuters.com; +44 207 542 9688; Reuters Messaging: victoria.bryan.thomsonreuters@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

RNS Number : 2543U Fenner PLC 22 June 2009

Financial Services Authority

1. Identity of the issuer or the underlying issuer Fenner Plc

of existing shares to which voting rights are attached:

2. Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights Yes

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached.

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to the Legal & General Group Plc (L&G)

notification obligation:
4. Full name of shareholder(s) Legal & General Assurance (Pensions Management) Limited
(if different from 3.): (PMC)
17th June 2009

5. Date of the transaction and date on which the threshold is crossed or reached:

6. Date on which issuer notified: 19th June 2009
7. Threshold(s) that is/are crossed or From 3% - 4% (L&G)

reached:

8. Notified details:

A: Voting rights attached to shares
Class/type of Situation previous Resulting situation after the triggering transaction
shares to the triggering
transaction

if possible using the ISIN CODE
Number Number Number of voting % of voting rights
of of Number rights
Shares Voting of shares
Rights
Direct Indirect Direct Indirect
ORD 6,918,841 6,918,841 7,094,564 7,094,564 4.05

25p

B: Qualifying Financial Instruments Resulting situation after the triggering transaction
Number of voting
Type of financial Expiration Exercise/ rights that may be % of voting
instrument date Conversion Period acquired if the rights
instrument is
exercised/ converted.

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction

Type of financial Exercise price Expiration date Exercise/ Number of voting rights instrument refers to % of voting rights
instrument Conversion period
Nominal Delta

Total (A+B+C)
Number of voting rights Percentage of voting rights
4.05
7,094,564

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Legal & General Group Plc (Direct and Indirect) (Group) Legal & General Investment Management (Holdings) Limited (LGIMH) (Direct and Indirect) Legal & General Investment Management Limited (Indirect) (LGIM) Legal & General Group Plc (Direct) (L&G) (7,094,564 -4.05 % = LGAS, LGPL &

Legal & General Investment Legal & General Insurance Holdings Limited

Management (Holdings) Limited (Direct) (LGIH) (Direct) (LGIMHD) (6,559,748 -3.75 % = PMC)
Legal & General Assurance Legal & General Assurance Society Limited
(Pensions Management) Limited (LGAS & LGPL)

(PMC) (6,559,748 -3.75% = PMC)
Legal & General Pensions Limited (Direct)

Proxy Voting:
10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease

to hold:

12. Date on which proxy holder will cease to hold

voting rights:

13. Additional information:
Notification using the total voting rights figure of
174,770,029
14. Contact name:
Debra Bradbury
15. Contact telephone number:

This information is provided by RNS The company news service from the London Stock Exchange

HOLUUAWRKVRNURR

RNS Number : 2189U Fenner PLC 19 June 2009

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuer FENNER PLC

of existing shares to which voting rights are attached: ii 2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
3. Full name of person(s) subject to the Invesco Limited

notification obligation: iii 4. Full name of shareholder(s) (if different from 3.):iv
5. Date of the transaction and date on 18 June 2009

which the threshold is crossed or reached: v
6. Date on which issuer notified: 19 June 2009
7. Threshold(s) that is/are crossed or 5%, 4%

reached: vi, vii 8. Notified details: A: Voting rights attached to shares viii, ix
Class/type of Situation previous Resulting situation after the triggering transaction
shares to the triggering
transaction

if possible using the ISIN CODE
Number Number Number Number of voting % of voting rights x
of of of shares rights
Shares Voting
Rights
Direct Direct xi Indirect xii Direct Indirect
Ordinary 25p Shares 9,317,603 9,317,603 8,549,892 4.89%

B: Qualifying Financial Instruments Resulting situation after the triggering transaction
Type of financial Expiration Exercise/ Number of voting % of voting
instrument date xiii Conversion Period xiv rights that may be rights
acquired if the
instrument is
exercised/ converted.

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi Resulting situation after the triggering transaction
Type of financial Exercise price Expiration date xvii Exercise/ Number of voting rights instrument refers to % of voting rights xix, xx
instrument Conversion period xviii
Nominal Delta

Total (A+B+C)
Number of voting rights Percentage of voting rights
8,549,892 4.89%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi

Brown Brothers Harriman (New Jersey) - 77,267 Bank of New York - 6,111,430 JP Morgan Chase - 606,909 Citibank - 1,747,310 Invesco PowerShares Capital Management LLC - 6,976

Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:
14. Contact name: Debra Bradbury
15. Contact telephone number: 01482 626511

This information is provided by RNS The company news service from the London Stock Exchange

HOLUKVSRKARNAAR