(LAD.L) Ladbrokes PLC Buy/Sell

Daily Telegraph

MORRISONS: NO SUCCESSION RUSH

Sir Ian Gibson, the non-executive chairman of WM Morrison , has said that the company hopes to have a successor to the poached chief executive Marc Bolland in place "early in the new year", but claimed that Morrisons was not in a rush and there was no deadline. Gibson made the remarks as the supermarket chain released results showing that like-for-like sales growth declined to 4.3 per cent during the 13 weeks to November. The figures were disappointing compared to City predictions of 4.6 per cent and the 7.8 percent growth seen in the first half of 2009.

INVESTEC CHIEF CONFIDENT ON RECOVERY

Investec has reported a 10 per cent fall in its pre-tax profits to 204 million pounds during the first half of 2009. The chief executive Stephen Koseff, however, noted that the bank's bad debts appear to be diminishing compared to last year. Although bad debts rose from 76 million pounds to 134 million pounds in the last six months, they had reached as high as 180 million pounds during the final half of 2008. Koseff expressed optimism for the future, whilst doubting that all the damage done by the financial crisis would be undone.

LADBROKES TO CLOSE CALL CENTRES DUE TO TAX

The bookmaker Ladbrokes is to close its call centre at Aintree, threatening 263 jobs. Employees are to be offered a chance to relocate, in order to reduce the number of redundancies. The company blamed its decision on tax regulations placed on telephone betting operators in the UK. "Telephone betting is a very competitive market", stated the Ladbrokes spokesman Ciaran O'Brien, "and one that is becoming increasingly difficult for UK-based operators, who face significantly higher levels of tax than those operating from offshore jurisdictions." Revenue fell 41.3 per cent to 9.1 million pounds during the first half of 2009.

QUESTOR

National Grid (Buy)

BG Group (Buy)

The Guardian

TESCO RINGS THE CHANGES WITH PLANS TO OFFER HOME PHONE.

Tesco is planning to increase its stake in the telecoms market, saying it sees more opportunities for big returns from mobile phone and broadband users. Tesco has recently announced a five-year deal with Cable and Wireless for it to supply Tesco with wholesale broadband packages, which it intends to supply to customers in bundled deals with its other products. Tesco is aiming to double its number of phone shops to 200 by the end of 2010.

BLUE-BLOOD CAZENOVE JOINS THE BLUE CHIPS

Cazenove has been bought-out by JP Morgan for one billion pounds. Most of Cazenove's shares were owned by current and former employees - David Mayhew, the chairman of Cazenove, stands to make 20 million pounds from the deal, with JP Morgan offering 535p a share. Mayhew has been at Cazenove for 40 years, and there have been speculations about his retirement for over a decade. He is to stay on as chairman but will no longer have a role in the management of the business.

OLIGARCHS BACK RUSSIAN NOVICE AS NEW CHIEF OF TNK-BP GROUP

In a move that proves the dominance of Moscow shareholders in the TNK-BP group, an inexperienced favourite of the Russian investors has been chosen as the new chief executive. Maxim Barsky, 36, will be trained at BP's headquarters in London for five months before assuming the position in 2011. BP has insisted that it was not steamrollered into the decision. BP's chief executive Tony Hayward said that he was "pleased" by the development.

The Times

LEGAL & GENERAL LINES UP EX-WOOLWICH BOSS AS CHAIRMAN

Legal & General, the UK's third-largest insurer, is set to appoint former Barclays chief executive John Stewart as its new chairman. L&G has been searching for almost a year for a replacement for Rob Margetts, who has served as chairman for almost ten years. L&G senior independent director Sir David Walker has begun canvassing shareholders over the prospective appointment, and the insurer is expected to announce next week that Stewart will take up the position from January.

BURBERRY TARGETS INDIA'S BRAND-AWARE MIDDLE CLASS

British fashion firm Burberry has applied for government clearance to launch a joint venture with Indian fashion retailer Genesis Colors. Burberry is hoping that it can match in India the growth it has achieved in China, where the company operates 44 stores and is enjoying double-digit percentage revenue growth. Burberry chief executive Angela Ahrendts said: "India is on a different curve. We only have about two stores there now but I see the same growth potential."

TRINITY MIRROR BIDS FOR NORTH EAST SLOT IN ITV LOCAL NEWS

Publisher Trinity Mirror is bidding alongside the Press Association and television producer Ten Alps for the chance to make an ITV regional news bulletin for the North East. Trinity Mirror is already the owner of several newspapers in the region and hopes that these would form the basis for a new Tyne-Tees news service, to be part-funded by public money. ITV has complained that regional news bulletins will become uneconomic when the UK switches to digital television, and Labour ministers are keen for money from the BBC licence fee to be used to help fund regional news on ITV.

TEMPUS

National Grid (A solid hold)

PayPoint (Too soon to check out)

AEA Technology (Take profits)

The Independent

SAB MILLER RAISES A GLASS TO UK SALES

SAB Miller has reported that volumes increased amongst its leading beer brands in the UK during the six months to 30 September. The brewer's UK business, Miller Brands, grew volumes of Peroni Nastro Azzurro by 35 per cent over the period and increased volumes of Pilsner Urquell by 26 per cent. The brewer reported earnings before interest, tax, depreciation and amortisation were down two per cent to 2.19 billion dollars over the half year period, with pre-tax profits falling to 1.5 billion dollars, after exceptional charges of 239 billion dollars.

HALFORDS PROFITS SOAR BY 24 PER CENT

Halfords has reported a 24 per cent increase in pre-tax profits to 60.9 million pounds for the 26 week period to October 2, driven by a 2.1 per cent increase in underlying sales during the second quarter and tight cost controls. David Wild, chief executive of the bike and car parts retailer, said: "We can certainly continue sales for the remainder of this quarter, but we are a bit more nervous about the first quarter of next year with VAT going up, unemployment rising and the impact of sterling on buying products from overseas."

KIER NAMES SUCCESSOR TO VETERAN CHIEF EXECUTIVE

Paul Sheffield has been appointed as the successor to Kier chief executive John Dodds when he stands down from the construction and engineering services group next April. Mr Sheffield is currently Kier's head of construction, infrastructure and overseas business, and has been with the group since joining as a graduate engineer in 1983. Out-going chief executive Dodds said: "I've worked with Paul Sheffield for over 25 years and I'm absolutely convinced that he is the right man to lead Kier into the future. Paul is highly talented and I look forward to working with him to ensure a seamless transition during the lead up to my retirement."

INVESTMENT COLUMN

National Grid (Buy)

Unite Group (Buy)

Huntsworth (Hold)

Prepared for Reuters by Durrants
Keywords: PRESS DIGEST British business Nov 20

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 : 7121C Ladbrokes plc 18 November 2009
TR-1: notification of major interests in shares
1. Identity of the issuer or the underlying issuer of Ladbrokes plc

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 X

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An event changing the breakdown of voting rights Other (please specify):
3. Full name of person(s) subject to the notification Eminence Capital, LLC
obligation: Ricky C. Sandler
4. Full name of shareholder(s) (if different from 3.): Goldman Sachs & Co
Vidacos Nominees Limited
5. Date of the transaction (and date on which the 13 November 2009

threshold is crossed or reached if different):
6. Date on which issuer notified: 17 November 2009
7. Threshold(s) that is/are crossed or reached: 7%

8. Notified details:

A: Voting rights attached to shares
Class/type of shares Situation previous to the Triggering Resulting situation after the triggering transaction
if possible using the ISIN transaction

Number of Shares Number of Voting Number of shares Number of voting rights % of voting rights
Rights
Direct Indirect Direct Indirect

Eminence Capital, LLC
54,640,000 54,640,000 63,275,644 63,275,644 7.01%
Ordinary Shares

Ricky C. Sandler
Ordinary Shares 54,643,200 54,643,200 63,278,844 63,278,844 7.01%

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

Total (A+B) Number of voting rights % of voting rights

Eminence Capital, LLC
63,275,644 7.01%

Ricky C. Sandler
63,278,844 7.01%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Ricky C. Sandler is the Managing Member of Eminence Capital, LLC and therefore may be deemed to have indirect voting power with respect to the shares directly owned by the funds managed by Eminence Capital, LLC, and individually with respect to shares over which Mr. Sandler has investment discretion.

Proxy Voting:
10. Name of the proxy holder: N/A
11. Number of voting rights proxy holder will cease to hold: N/A

12. Date on which proxy holder will cease to hold voting rights: N/A

13. Additional information:

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

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09:10GMT 18Nov2009-Ladbrokes higher as BoA/Merrill upgrades

Shares in bookmaker Ladbrokes rise as much as 5.5 percent to 134 pence, hitting a four-week high, after Bank of America-Merrill Lynch upgrades the stock to 'buy' from 'underperform' and raises its price target to 160 pence from 140 previously.
The broker says the worst news is over after a run of punter-friendly football results impacted margins, causing the stock to hit an all-time low.
"Since the last trading update football results have normalised. The proportion of draws has risen through the season which should lead to a normalisation of margins," say BoA/Merrill analysts in a research note.
Rival William Hill gains 1.6 percent to 190.3 pence.

Reuters messaging rm://matthew.scuffham.reuters.com@reuters.net
08:31GMT 18Nov2009-Cadbury up on hopes of Hershey-Ferrero rival bid

Cadbury shares rise as much as 1.8 percent on hopes chocolate makers Hershey Co and Ferrero SpA will mount a joint bid for he British confectioner, which could help it fend off a hostile takeover by Kraft Foods Inc . Analysts said they were unlikely to rush into any move, however.
A source familiar with the talks between U.S.-based Hershey and Italy's Ferrero told Reuters on Tuesday that discussions between the two sides were at a preliminary stage, giving the strongest signal yet of a possible rival bid to Kraft's $16.7 billion offer, which Cadbury has rejected as "derisory".
"A combination of Hershey and Nestle was initially talked about and Ferrero has been mentioned this week so perhaps they have got together, which would probably be good news for Cadbury, but it could be wishful thinking," said FinnCap analyst Charles Pick.
"But there could be something in it and if there is they (Hershey and Ferrero) would have plenty of time and could just wait and see how events unfold and look at the offer document when it's released."
For more, click on

Reuters messaging rm://rhysl.jones.reuters.com@reuters.net
08:24 GMT 18Nov2009-FTSE small caps up 0.2 pct at the open

The FTSE Small Cap Index gains 0.2 percent in early trade, taking its cue from London's blue chips which also add 0.2 percent, while the FTSE 250 rises 0.4 percent.
Building-maintenance firm Rok Plc rises 6.4 percent, topping the small cap risers in early on, after the firm announces it has been awarded Preferred Bidder as part of consortium in Oldham Housing Project worth 130 million pounds.
British driving services firm Trafficmaster Plc falls 1.6 percent after the company reports a fall in consumer services revenues and decreased visibility over the timing of future revenues for its business services division, but says it is on track to deliver a similar level of operating profit in 2009 as in the previous year.

Reuters Messaging rm://david.brett.reuters.com@reuters.net

Keywords: MARKETS UK STOCKSNEWS

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.

LONDON, Nov 18 (Reuters) - Ladbrokes Plc: