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Capital Markets Asset Management Private Banking Investment Banking Property Investments Wealth & Investment

Investec Bank plc (Reg.no. 489604) and Investec Asset Management Limited (Reg.no. 2036094) are authorised and regulated by the Financial Services Authority and are members of the London Stock Exchange. Registered at 2 Gresham Street, London EC2V 7QP.

The seasons hot ticket.The spotlight is on winning company, head-turning style and, of course, powerful racing.

Success through experience, skill and determination is what drives those who take part. Its what propels us too.

Investec Derby Day. Unbridled excitement. www.investec.com/derby

Wear to be seen this seasonInvestec Derby Day, Epsom Downs Racecourse, 4 June 2011

UK racing

shaken byTote verdict

THE UKs racing community was left bruised yesterday after the govern-ment rejected its choice to run the

Tote betting group and chose book-maker Betfred instead.

The highly-anticipated decisionsaw the rival bidder, Sir MartinBroughtons in vestment vehicSports Investment Partners, lose outon the prize in a tightly-fought race.

But it goes against the wishes of UKracing, which last month publicly

backed Sir Martin over Betfred onconcerns that a bookmaker may notrespect the Totes stakeholder part-nership principles.

Gambling and racing minister JohnPenrose said it had bent over back-

wards to deliver a good deal for rac-ing.

Betfred founder Fred Done said hewas thrilled and excited at the deal,which will see Betfred pay 265m forthe Tote including 90m to the

Treasury and 90m to racing.Buying the Tote has been an ambi-

tion for years, so I am absolutelydelighted, he said.

British Horseracing Authoritychairman Paul Roy said the industry

would work with the winner despitethe snub.

Naturally todays announcementwas not our preferred outcome, but we will now work with Betfred and

the government to ensure their com-mitments are delivered upon, hesaid.

MORE ON TOTE: P14

BY ALISON LOCK

TOTE

All eyes will be on Carlton House this afternoon

Carlton House, the horse bidding togive the Queen her very first Derby

winner, was last night finally giventhe green light to line-up on EpsomDowns this afternoon.

The favourite for the world's pre-mier horse race has reportedly fullyrecovered from an injury he pickedup to his near-fore that had threat-ened his participation in today's race.

Her Majesty's racing manager JohnWarren said that after a very difficult week all was now on track. TheDante Stakes winner picked up theknock in a routine piece of work onMonday, but the small piece of fillingthat appeared in the joint has nowgone.

"He's done a nice couple of cantersand a bit of light work", added

Warren. "I think now the emphasishas moved away from the issue andinto the excitement of the event."

However, while Carlton Houselooks virtually assured a run thisafternoon, the same cannot be saidof jockey Kieren Fallon, who is sweat-

ing on a court appeal as to whetherhe can take the ride on secondfavourite Recital.

Ibrahim Araci, the owner of NativeKhan, is attempting to have Fallon

banned from riding in the race afterthe former champion jockey opted to

BY BILL ESDAILEEPSOM DERBY

www.cityam.comSaturday 4 June 2011 FREE

Certified Distribution

04/04/11 - 01/05/11 is 103,899

DERBY SPECIAL

BUSINESS WITH PERSONALITY

CARLTON HOUSEGETS GREEN LIGHTswitch from his horse on Monday.

His case is built on the groundsthat Fallon supposedly broke a prom-ise to ride his horse and under theterms of a 'retainer' agreementshouldn't be allowed to partner anyother.

Lord Justice Jackson and LordJustice Elias will decide Fallon's fateat 9am this morning.

The Investec Derby, one of the mosteagerly awaited events in the Britishracing calendar, is due off at 4pmthis afternoon and Epsom is expect-ing crowds on the Downs in excess of120,000.

Jockey Club Catering, the joint ven-ture between Jockey ClubRacecourses and the Compass Group,have prepared 1.5 tonnes of beef, notto mention 10,000 rounds of sand-

wiches.15,000 bottles of champagne are

on ice, while a further 44,000 pints ofbeer are ready to be poured.

Carlton House's presence in the 13-strong field is expected to help dra-matically drive up last year's viewingfigures from two million, while theBBC is distributing footage to 140

countries worldwide. All that means this afternoon'srace will have an estimated world-

wide audience in excess of one bil-lion.

LESTER PIGGOTT INTERVIEW P6FULL DERBY ANALYSIS: P10-11

BUT KIEREN FALLON STILL SWEATING ON LATE COURT DECISION

The Capitalist

AT EPSOM p3

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News2 CITYA.M. 4 JUNE 2011

Derby Day is unique

At 4pm this afternoon you willhear the deafening roar thatgreets the start of the greatestflat race in the world, as

Britains biggest one day sportingcrowd signal the start of the InvestecDerby, one of the worlds iconic sport-ing moments. It is quite simply spinetingling!

Marketing and promoting thisoccasion is the key to the success andpopularity of the event and we areproud to enjoy the support of Britishracings premier stable of corporatepartners.

Our innovative title sponsorInvestec are now and for years to

come supported by Audemars Piguet(Timing), Jaguar (Automotive), Pol

Roger (Champagne), William Hill(Betting) and this publication, CityA.M. as Official Newspaper of theInvestec Derby Festival.

We are extremely proud of ourassociation with City A.M.which notonly delivers us a daily audience ofthe nations key decision makers, butallows us to spread the wordabout this fabulous event, but givesus a communication platform for ourpartners and the opportunity toimprove your customer journey toBritains biggest day out featuringthe worlds greatest flat race.

I hope that many racegoers whoread City A.M. and todays ground

breaking Investec Derby Special willcontinue to support the publication,

just like they are supporting us andthe sport of horseracing.

Today is unique in the sporting cal-endar the first Saturday in June is

always Investec Derby Day, so makesure to add it to your diary now fornext year and join us to celebrate TheQueens Diamond Jubilee.

Saturday 4 June 2011 is particularlyspecial because of one horse, Carlton

House, who will line up at 4pm thisafternoon for his owner Her MajestyThe Queen, providing perhaps her bestopportunity in her 10th attempt at

winning the Blue Riband of the turf. The Sir Michael Stoute trained

three-year-old colt has dominatedthe headlines since winning the Danteat York on 12 May and will be riddentoday by Ryan Moore, last yearsInvestec Derby winner on Workforce.

We are delighted to welcome youto the 232nd Investec Derby Day and I

wish you all a wonderful experience.If you are looking for that winning

tip on the way to the course todaythen I recommend that you down-load our new iPhone App, which isavailable by searching for EpsomDowns on your iPhone, where youcan use our Predictor to pick your

winners, learn about the history ofthe Derby, read up to date event infor-

mation and much much more.Good luck!

Theres high fashion andhigh stakes at the Derby

7th Floor, Centurion House,24 Monument Street, London, EC3R 8AJTel: 020 7015 1200 Fax: 020 7283 5334Email: news@cityam.com www.cityam.com

EditorialEditor Allister HeathDeputy Editor David HellierNews Editor David CrowNight Editor Katie HopeBusiness Features Editor Marc SidwellLifestyle Editor Zoe StrimpelSports Editor Frank DalleresArt Director Craig GaymerPictures Alice HeppleRacing Editors Bill Esdaile

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Distribution helplineIf you have any comments about the distributionof City A.M. Please ring 0207 015 1230, or emaildistribution@cityam.com

The Epsom crowdgo through all theemotions at yester-days proceedings

Welcome to Londons business paper

WELCOME to our first ever Saturdayedition to celebrate the greatest andmost exciting sporting event of the

year. Here atCity A.M., we are truly pas-sionate about the Investec Derby as

well as horse-racing in general. Ourgrowing numbers of readers in andaround London work very hard butthey also love to play hard, and thatmeans they have a keen interest in rac-ing, a pursuit that has always beenclosely followed in the City.

For those of who you who dont cur-rently read City A.M., Londons busi-ness newspaper, let me tell you a little

about us. Every single day, we distrib-ute over 100,000 copies of our paper atstations and offices at a growing num-

ber of locations in and around

London. Our editorial line is as clear atit is distinct. We like the City, we lovebusiness and finance and we supportLondons business and financial com-munity: professionals in firms, largeand small investors and entrepre-neurs. We support capitalism and themarket economy, honesty, hard work,ambition, entrepreneurialism, meri-tocracy and progress. We always tell itas it is, never sensationalising or exag-gerating the news and providing all ofour content in a concise and well illus-trated format deliberately designedfor our time-poor readers.

We are committed to providingbusiness folk with all the key stories,facts, analysis and opinion that reallymatter to their professional lives. Wealso help our readers manage andgrow their wealth. Just as importantly,

we do our best to guide them when itcomes to spending their hard-earned

cash to enjoy themselves. We there-fore have a particular interest in horseracing and almost uniquely wepublish a brilliant Punter section on

Fridays, as well as our daily must-readsports section. At a time when othermedia have cut their racing coverage,

we are proud to have done the oppo-site and to have recruited Britains topcommentators.

This is a special edition of ourpaper, focusing on todays races. On aregular working day, City A.M.s dailynews section is made up of corporate,financial and economic stories, as wellas key political and regulatory stories.

The paper regularly runs interviews ofbusiness leaders. The news pages alsocontain a variety of corporate and eco-nomic comment. Our brilliant dailydiary column The Capitalist chron-icles the social lives of the Citys mostcolourful figures. Our daily businessfeatures section is dominated byinvestment, trading and wealth man-agement pieces but also includes arange of articles on other business top-

ics. Our daily lifestyle pages cover avast range of subject matters, includ-ing travel, restaurant reviews, food,fashion, technology, books, arts, enter-

tainment, motoring and property. Thedaily sport section reports and com-ments on all the major events andgames, with a bias towards sports ofinterest to London-based professionals and that includes, needless to say,horse racing, augmented by ourFriday Punter pages.

If you dont live in our ever-growingdistribution areas in London and theHome Counties, dont worry: we areabout to launch apps for iPads andiPhones, to be followed by apps forother hand-held devices. So make sure

you monitor Apples app store closely.In the meantime, turn to our websiteat www.cityam.com or subscribe toour free mid-morning markets andcorporate news email on our site. CityA.M. is Londons business newspaper make it your paper.

allister.heath@cityam.comFollow me on Twitter: @allisterheath

EDITORS LETTER

ALLISTER HEATH

EPSOM MANAGING DIRECTOR

RUPERT TREVELYAN

The Investec Derby Festival 2011is set over two days, 3 and 4

June, and has a proud historythat goes back to 1780.

Held on Epsom Downs for over 200years, the Derby remains the greatestflat race in the world.

It has a worldwide following, cele-brating determination, ambition, per-formance and joy. Watched the worldover by an estimated audience of one

billion across 140 countries, thissparkling attraction is attended bymore than 125,000 people.

The Investec Derby Festival is an

eagerly anticipated feature of theBritish social calendar. It is a social

season hot ticket and Investec LadiesDay on Friday 3 June is an absolutemust for fun, fashion and perhaps alittle flutter.

2011 is the third year of our spon-sorship and we are proud to be associ-ated with such an exciting andenjoyable sporting occasion. We saw agreat opportunity to become involvedin an event which has such great her-itage. The Investec Derby also touchespeople emotionally, given that it is anevent with heart. We committed to afive-year sponsorship of The InvestecDerby, with the hope of more tocome.

It is such an eagerly anticipated fea-ture of the British social calendar and

we knew we needed time to help raisethe profile even more. Year-on-yearthe partners and stories around theevent get more exciting.

The fact that this year we may havea Royal winner adds real magic to analready momentous occasion.

With high fashion and high stakesthe Investec Derby Festival is more

than just a race meeting, it's an eventthat is truly out of the ordinary.

HEAD OF GLOBAL MARKETING, INVESTEC

RAYMOND VAN NIEKERK

We are extremely proudof our association with

City A.M.

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3EDITED BY

HARRIET DENNYSGot A Story? Emailthecapitalist@cityam.comFollow The Capitaliston Twitter: @citycapitalist

The Capitalist

THE SUN shone and the crowdsgathered at Epsom racecourse yesterday so inevitably theCapitalist boarded the 10.30 amout of Waterloo to soak up theatmosphere.

As you would expect onLadies Day there was anarray of well-dressed spec-tators who headed to theracecourse not just forthe racing but for thefun of being there.

The fitness of the

Queens horse was atopic of conversation, of

course, but Im sure Iheard more about the

different hats, bags anddresses on show. Not to

mention the matchingshoes. The pictures onthe page reflectsome of the fashionson show. Im sure to be back, even bet-ter -dressed,next year.

Wear to stand out(above) while othersenjoy some refresh-ment

Winner of the Styleon the Downs con-test (left) MimiTheobald

Photocall for the 10 Style on the Downs finalists

Ladies gather for an afternoon chat during the races Pictures:

Micha Theiner/City AM

They didntonly come forthe racing.

Epsom is alsoknown for itsStyle on theDowns con-test

CITYA.M. 4 JUNE 2011

FASHION TO THE FOREAS THE LADIES CAME

OUT TO PLAY AT EPSOM

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Punter | Races 1 & 24 CITYA.M. 4 JUNE 2011

Less exposed is Trojan Heights, but, while William Haggas has mapped outthis race for some time, the colts Riponmaiden win took a knock when runner-up Sir Francis Drake was beaten in anoth-er ordinary maiden back over Yorkshiresgarden course on Wednesday.

Sylvester Kirk and Mick Channon eachboast two runners apiece. Charles Camoin

was putting in all his best work at the fin-ish when runner-up over a mile atSandown, so the step up in distance has to

be a plus and that gives him the edge overKirks other representative, Great Shot.Gottany OS definitely looks the better ofChannons pair, but none of this quartethas the profile of Tanfeeth, Rain Mac orBoogie Shoes.

THE Investec Horses Help the HeroesHandicap (1.40pm) is often a step-ping-stone to stardom, withConduit and Dandino just two

examples of progressive horses goingthrough the ranks en route to Group cele-

brations.Dandino, who was allowed to start at

17/2 last year, has never stopped improv-ing, so much so that he climbed intoGroup 2 company last time out and wonthe Jockey Club Stakes at NewmarketsGuineas meeting. We need to look for asimilar type of improver to solve this puz-zle.

Malthouse is a typical Mark Johnstonhorse who loves to bowl along in frontand will take some pegging back - Id besurprised if back-to-lay punters on Betdaq

werent able to lock in a profit roundingTattenham Corner.

However, he won off a mark of 83 atboth Sandown and Newmarket and he isnow 15lb higher for his hat-trick bid

which might find him out, so I suggest welook further down the scale for the key tothis race.

One who definitely fits the bill is EdDunlops TANFEETH, who, having bumpedinto one of John Gosdens most promisingthree-year-olds in Colombian at Chester the pair pulled 10 lengths clear of the rest broke his maiden in style at Sandown.He beat Almagest that day, who is alsohigh up in the pecking order at Gosdens,and is worth an each-way interest at 10/1

with William Hill.Rain Mac is another who Gosden thinks

could win a decent handicapthis year. I liked the way he buckled downto win his maiden at Newmarket last sea-son, and, though beaten into third placeon his comeback at York last month,I am told that he has improved since, so hecould be the chief danger to the selection.

You always have to keep stables-in-formon your side, and Roger Varians team arein terrific nick, so we have to respect thechances of Boogie Shoes, who, thoughonly a 20,000 guineas horse, looked one

with a real future when winning his firsthandicap at Salisbury. He has been raised7lb, but, unlike some, the fast ground

wont be a problem for him.

James Given, successful 12 months ago with Dandino, saddles Sergeant Ablett,whose fourth to Buthelezi at Newmarketwas given a boost when the Gosden horsefinished second in listed company back atHQ last Saturday.

However, Sergeant Ablett is fullyexposed and is probably a few pounds toohigh at the weights.

Tanfeeth: a decent price at 10/1 togive Ed Dunlop victory in first race

W

HEREAS the quality two-year-olds wait for Royal Ascot, the

whizz-bang youngsters invari-ably head for the WoodcoteStakes (2.10pm) over the fastest six fur-long downhill dash in Britain. With alleight runners being previous winners, weare looking at ready-made material ratherthan scopey individuals who might makeup into Group winners.

Mark Johnston has won this race in thepast and he could again be on the mark

with FULBRIGHT, who is all about speed, being a son of the Aussie trailblazerExceed And Excel and closely related toDiadem Stakes runner-up Baltic King.Fulbright was beaten two lengths byCaspar Netscher on his debut at Beverley,

but it was a lack of experience which brought about his downfall, and heshowed how much he had learned fromthat when bolting up at Musselburgh 10days later.

Caspar Netscher, subsequently beatenby Misty Conquest when favourite to fol-

low-up at Newmarket, will struggle toconfirm the Beverley form with our selec-

tion, who has made great strides since.There is bound to be plenty of pace on

from the start, and the race could be runto suit Norse Gold, who came from a mileback to win on his debut at Kempton. He was led out unsold from the sales ring,having only attracted a bid of 2,400guineas as a yearling, but Norse Dancerhas made an impressive start to his stal-lion career and people forget that he, too,

won first time out as a two-year-old. He isalso very well regarded by trainer DavidElsworth.

It is always tough for a filly to beat acolt so early in the season, but Kevin Ryanhas come out of the blocks firing on allcylinders and he had On The Dark Side

well tuned up for her debut at Catterick,where, though making hard work of justi-fying favouritism, she was only idling infront. There is certainly more to comefrom this daughter of Kheleyf.

Mick Channons Princess Banu will def-initely be the smallest in the field, but sheshowed that she has an engine when beat-

ing subsequent winner Royal Blush atNewmarket. She then probably bit off

more than she could chew against MissWork Of Art in a Listed race at York, but

last time out she was only beaten a neck by a hotpot of Richard Faheys atNewcastle. Because of her size, or lack ofit, this could be her FA Cup Final.

Stan Moore, who paid only 3,500 Eurosfor Evervescent, got him ready for theBrocklesby at Doncaster, only to have topull out because of ringworm.Evervescent built on a promisingGoodwood debut to win at Haydock, andhe might be better than just a sharp earlyseason sort.

We can forget Miss Muga,who, though a dual winner,has only won a seller and aclaimer, but plating kingBill Turner has a money-spinner in Hes So Cool,

who either side of winningat Doncaster andNewcastle, was onlythree lengths off Royal

Ascot-bound Lilys

Angel at Chester hav-ing missed the break.

Ed Dunlop (secondleft) has a decentchance in the openerwith Tanfeeth

One who fitsthe bill isTanfeeth....who brokehis maiden instyle atSandown

Its looking so bright for Johnston on the Downs

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Nine-time Derbywinning jockeyLester Piggott tellsGeoff Lester howEpsom Racecourseshould be ridden

EPSOM is a unique racecourse where

jockeys can encounter more trafficproblems than you will find duringthe rush hour on the M25, but one

man who never had any trouble findinghis way around the historic Surrey Downs

was Lester Piggott, hero of a record nine

Derby victories between 1954 and 1983.Lester, though now 75, has a racing

brain works as if manufactured byGillette, and, while the sometimes mono-syllabic Ryan Moore, who rides theQueens Carlton House in todays Investec-sponsored classic, is a chatterbox com-pared to The Long Fellow, Lester still sleeps

with a formbook on his bedside table.Despatched to Newmarket to track

down the great man, I found him in terrif-ic form and, having already backedCarlton House before his impressive trial

victory in the Dante Stakes at York, I cameaway with Lester having convinced me totop up my wager.

Then disaster struck, with CarltonHouse injuring his near-fore after a rou-tine canter on Monday morning. The set-

back could not have come at a worse timefor punters.

However, Lester insists that if anybodycan turn what has been a nightmare fewdays into racing's greatest fairytale, it isfive-times Derby winning trainer SirMichael Stoute, who overcame a similarmountain in 2003 when Kris Kin bruised afoot treading on a stone a few days beforehis Blue Riband triumph.

When I asked Lester to pass on somepearls of wisdom as to how to ride thisunique course, you could almost see themaestro turning the clock back in hishead, from Never Say Die to Teenoso, as hemulled over those magical moments inthe saddle.

He said: I always liked to be one off therail and in the first six turning for home.

Willie Carson got lucky when comingfrom a mile back on Troy (1979) andErhaab (1994), and Pat Eddery did a simi-lar Houdini job on Golden Fleece, but if

you get behind it can sometimes be anightmare trying to wriggle your waythrough. Epsom is not the type of track

where you want to be asking too manyquestions.

People make a lot about horses nothandling the course, and I rode plenty

who fell down the hill, but I always foundthat the good horses coped no problemand if you are riding one who travels dur-ing the race you usually find that the gaps

will open when you want them. Its theslow ones who give you the headaches.

Lester was not only peerless in the sad-dle but he could assess the various form-lines of a race in an instant, and he hasno doubt that had this been a level play-

ing-field for Carlton House it would be no-contest.

He added: Strictly judged on form andtemperament, you can shuffle the packany way you like, but you always end up

with Carlton House on the top.You have to respect Aidan OBrien and I

would find it hard to split Recital andSeville. Many professionals knocked Recital

when he won the Derrinstown Stud Trial atLeopardstown, mainly because of his highhead-carriage, but, though its true that hedid hang badly in the closing stages, he hadhis race won by that stage. I would not

expect him to hang at Epsom, where Kieren[Fallon], who will know him that much bet-ter now, will probably delay his challengethat bit longer.

Recital won his Group 1 in France lastyear on only his second appearance on aracecourse, while Seville beat all exceptCasamento in the Racing Post Trophy atDoncaster. But Carlton House put Seville inhis place at York, and you cant argue withthe formbook, so, though they are probably

Aidans best, maybe they are just horses.I cant see Native Khan staying the trip,

which just leaves Pour Moi, who won aslow-run trial in France. Andre Fabre is agreat trainer and he seems keen on PourMoi, so maybe he is the danger.

However, the Dante is the best trial,and Carlton House was so impressive at

York. There was not a lot of room for himto challenge between Seville and PiscoSour, but when Ryan asked him to gothrough the gap the horse did not hesi-

tate. The way he went through the gearssuggested to me that he not only has the

necessary speed but that he is also brave.True, he pulled hard early on at York, butit was a slow-run trial and he will settlefine when they go that much faster, asthey always do in the Derby.

I asked Lester how important it was fora horse to get through those nail-bitingpreliminaries without getting into amuck-sweat with which he replied: In myday, you used to have to walk across theDowns to the start and it was a severe testof some horses temperaments. Plenty

boiled over when they heard all the noisefrom the funfair and Vincent [OBrien]

took the trouble to put cotton wool in TheMinstrels ears in 1977, so he did not startto worry.

It can be a particular problem on a hotday, but it is a lot easier these days, as oncethe parade in front of the stands is overthe horses are given clearance to canterstraight down to the stalls.

More of a worry would be the no-hop-ers getting in your way as they start todrop back, and I do think that it is a dis-grace that they are being allowed to runCastlemorris King. He is a 500-1 shot andonly rated 52, and he has no right to be inthe Derby.

Carlton Houses setback isnt ideal, buthe looked special at York and I really hopehe wins for The Queen. Its ironic, she hastried so many times with home-breds, andhere she is with the favourite, a gift horsefrom Sheikh Mohammed. Amazing!

The Investec Derby is part of the QIPCO British

Champions Series(www.britishchampionsseries.com).

I think its adisgrace thatthey areallowed to run

CastlemorrisKing. He is a500/1 shot,only rated 52,and has noright to be

in the Derby

Why the legendary Lester Piggott ispinning his hopes on Carlton House

DERBY SPREAD BETTING

If you take a gentle stroll downthe high street, or even surf theweb, you wont find many book-makers offering you four places onthis afternoons Investec Derby. Infact, you wont find any.

That is, of course, all except forsports spread betting outfitSporting Index who actually offerthat elusive fourth place each-way backers of Jan Vermeer 12months ago take note. Sportingoffer an index on the race wherepoints are allocated for filling eachof the first four positions home.

The winning horse is allotted 50points, the runner-up 30, the third

20 and the fourth 10 points. Onthat basis, Sporting make a predic-tion on how many points eachhorse is likely to end up with justafter 4pm today. Four horses willscore points and the remainingnine will end up with nothing.

They are predicting that CarltonHouse will finish with between 23-26 points (if you think hell finishfirst or second you buy at 26, ifyou think hell fare worse you sellat 23) and Pour Moi will end upwith around 17-20 points.

There are bound to be plenty ofsellers of Carlton House on theback of his injury scare, but if he is

fully fit, a sell at 23 may well be arisky proposition. Incidentally,Treasure Beach makes plenty ofappeal as a buy at 5 with 10 pointsup for grabs for fourth place.

Sporting also offer match betsbetween pairs of horses in the race it doesnt matter where they fin-ish, you are just betting on the gapbetween them at the end. There isa cap of 12 lengths which is a nicesafety net to have if youre beatenthe length of a county. CarltonHouse is expected to finish alength in front of Pour Moi that may be asking a lot if hes notfully fit.

Punter | Interview6 CITYA.M. 4 JUNE 2011

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TODAY I will be strong and wont just backanything. I will keep to a plan. No devia-tion. Yesterday was painful top filly,working brilliantly, just needed to turn up.

She must have been due at a different track!Must learn from my mistakes. Will CARLTONHOUSE be a mistake? Top trainer, top jockey andthe Queen. Surely this is it? However there is aworry about the horse's well being. Should welisten? Have we not heard it all before?

I didn't back Kris Kin when he rose from the

dead to win the Derby in 2003 (he had a stonebruise and looked certain to miss the race in the

days before), but I know someone who said itwas their best bet of the year. I'm going totreat the Queens horse as my best bet of theday. Of course, I'm frightened of Recital andthink Vadamar might hit the frame, but thenagain they won't beat Stoute's best. Surely not?

The Woodcote isn't the strongest two-year-oldlisted race so far this season and we will have towait for Royal Ascot to see the main players. Sofar fillies have dominated the colts and it may wellcontinue, but my money will be on CASPAR

NETSCHER. Beaten at Pontefract by MistyConquest, I expect him to turn the tables for the

colts and geldings. Ridden by Johnny Murtagh hecan ease his way around Tattenham Corner bal-anced and poised ready to strike.

Bit worried about the Dash. Had put up LaFortunata as my tip but have now decided toback FATHOM FIVE. Just have the feeling thateverything has dropped right.

YORGUNNABELUCKY if you manage to pick aforecast at a big meeting, and if you do, youwere probably BOURNE lucky! But today mightbe the day. Put them together (in the 4.50pm),

but back Cumani to give Fallon a pick-me-upafter losing the Derby.

INSIDERthe

Punter | Race 3CITYA.M. 4 JUNE 2011 7

Mickael Barzalona in the saddle. However, hisform so far isnt up to this level and theresevery chance he will need the run.

Marco Botti hasnt made the quickest startto the season and Fanunalter is another whomay just need a couple of runs before hesready to strike. He put up a couple of decentperformances in Dubai over the winter, buthis form is some way behind that of PremioLoco and Rio De La Plata.

St Moritz has done incredibly well so farthis campaign and he is definitely one to con-

sider. David Nicholls hasnt been banging inthe winners with his customary force, butthis fellow has won three strong races alreadysince moving from Mark Johnstons yard overthe winter. He was a progressive handicapper

last term, finishing third in the Royal HuntCup and winning the Bunbury Cup, and heshould make his presence felt in this grade.

It would be absolutely wonderful to see theold boy Mac Love win this for a second timeafter his gutsy success in 2009. Hes the onlyone in the field to have won at Epsom, buthes a 10-year-old now and his performancesat Meydan over the winter dont inspire confi-dence.

The final contender is John GosdensNationalism who was well-fancied for last

years Cambridgeshire before being handed ahorrible draw and never really holding achance. He should prove to be a decent ani-mal but this looks a step too far at this stageof his career.

THERE have been a few upsets overthe years in the Group 3 InvestecDiomed Stakes with just one win-ning favourite in the past decade.

Its a difficult race for punters to weigh upas they have to decide whether to side

with improving handicappers, or thosedropping back in class from Group 1 or 2level.

The obvious place to start is with theimmensely talented Rio De La Plata, whois one of Frankie Dettoris favourite race-horses in training. The Godolphin-ownedsix-year-old won the Group 1 Prix Jean-LucLagardere as a juvenile and finishedfourth to New Approach in that seasonsDewhurst Stakes. Theres no doubt thathes a top class animal on his day, but heshad plenty of injury problems in the past,has been off the track since November andhas a 7lb penalty to shoulder.

Mark Johnstons Awzaan has becomerather frustrating since his unbeaten two-

year-old season which culminated in aclassy win in the Group 1 Middle Park. Hehasnt won a race since then and is easilypassed over until showing signs that heretains some of his old ability.

The one that really stands out is theChris Wall-trained PREMIO LOCOwho wonthe Group 2 Summer Mile at Ascot last

July and put in a gallant performance tofinish third to Canford Cliffs in the Group1 Lockinge last time. He was fourth

behind Skysurfers at Meydan in theGodolphin Mile and even though hesnever run at Epsom, I like the fact thathes won at Goodwood which is anothertesting undulating track. A record of 11

wins from 25 career starts is not to besniffed at, especially seeing as the majori-ty of his recent runs have been in Group 1or 2 company.

Looking at the others and hardly any ofthem make much appeal at all. That said,Godolphins supposed second string

Vesuve shouldnt be ignored, especially with promising young French pilot

Premio Loco a diamond

bet in Investec Diomed

GOING: GOOD (Good to firm in places on sprint course; Light watering;GoingStick: Derby 7.8, Sprint 8.2; Home Str: Stands side 8.1, Far Side 7.8)

(Rail at innermost configuration - all race distances as advertised)

BBC1: 1.40, 2.10, 2.40, 3.15, 4.00 ; Racing UK:Sky 432, Virgin 536

DRAW: High to middlebest over 5f.No significant bias on round course, although

high hasgood recordin bigfieldsover 1m4f

[V] visor [B] blinkers [P] cheekpieces [E] eye-shields [T] tonguestrap [H] 1st-time

2.40 INVESTEC DIOMED STAKES (GROUP 3) (1)1m 114y28,385

1 171211-RIO DELA PLATA (209)(D) 6 9-11 L Dettori

[6] S bin Suroor Godolphin

2 0339-3 AWZAAN (14) 4 9-4 R Hills

[3] M Johnston Hamdan Al Maktoum

3 8771-23 FANUNALTER (86)(BF) 5 9-4 A Kirby

[1] M Botti Scuderia Rencati Srl

supplied by RACING POST

4 50-0607 MACLOVE (106)(CD) 10 9-4 N Callan

[4] S Higgins Vimal Khosla

5 221107- NATIONALISM (217)(D) 4 9-4 W Buick

[2] J Gosden George Strawbridge

6 1328-43 PREMIO LOCO (21) 7 9-4 G Baker

[7] C Wall Bernard Westley

7 50-1121 ST MORITZ (23) 5 9-4 A Nicholls

[8] D Nicholls Billy Hughes

8 821415- VESUVE (232) 5 9-4 M Barzalona

[5] S bin Suroor Godolphin

S.P. FCAST: 7-4 Premio Loco, 11-4 Rio De La Plata, 4 Vesuve,8 Awzaan, 10 St Moritz, 14 Fanunalter, 25 Mac Love, Nationalism.

THE DIOMED STAKES live on BBC 1

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Punter | Race 48 CITYA.M. 4 JUNE 2011

3.15 INVESTEC ENTREPRENEURIAL CLASS DASH

HANDICAP (2)5f 46,733

1 421-622 CAPTAIN DUNNE [P] (20)(D) 6 9-10 D Allan

[9] T Easterby Middleham Park Racing XV & Partners

2 1700-31 MASAMAH (14)(D) 5 9-9(4ex) J P Spencer

[8] K ARyan Dr Marwan Koukash

3 94-0066 MASTA PLASTA (21)(D) 8 9-1 A Mullen

[2] D Nicholls Lady OReilly

4 6916-03 ARCTIC FEELING (8)(D) 3 9-0 J Mitchell

[15] R Fahey Percy/Green Racing 2

5 0520162 FALASTEEN (23)(CD) 4 8-11 W Buick

[12] D Nicholls Dr Marwan Koukash

6 77534-0 FATHOM FIVE (31)(CD) 7 8-10 A Nicholls

[17] D Nicholls Middleham Park Racing LXIII & B D Haynes

7 111118- PERFECT BLOSSOM (289) (CD ) 4 8 -10 A Ryan (3)

[6] K ARyan Mrs Ann Morris

8 190-440 CONFESSIONAL [E] (14)(D) 4 8-10 P Mulrennan

[13] T Easterby T G & Mrs M E Holdcroft

9 1-32930 BEAT THE BELL (14)(D) 6 8-9 G Gibbons

[7] T D Barron D Pryde & J Cringan

supplied by RACING POST

10 615035- CRIMEA (309)(D) 5 8-5 NON-RUNNER

[14] D Nicholls Middleham Park Racing Xvi

11 138-609 SOHRAAB (21)(D) 7 8-3 K ONeill (5)

[1] H Morrison Pangfield Racing

12663-27 STRIKE UP THE BAND [BH](10)(D) 8 8-3 Cathy Gannon

[11] D Nicholls Barker Moser Nicholls Short

13 00-3217 OLDJOESAID (21)(D) 7 8-2 S De Sousa

[3] K A Ryan Mrs Angie Bailey

14 677-004 BERTOLIVER (22)(CD) 7 8-2 Luke Morris

[4] S C Williams Mrs A Shone

15 36-7308 INDIAN TRAIL [V] (14)(CD) 11 8-1 P M Quinn

[16] D Nicholls Martin Love

16 3270-43 JAMESWAY(29)(D) 3 8-0 J Quinn

[5] R Fahey Middleham Park Racing Xix

17 11229-8 LA FORTUNATA (39)(D) 4 7-13 A Atzeni

[10] M Murphy James Patton

S.P. FCAST: 6 Captain Dunne, 7 Masamah, 8 Falasteen, Fathom Five,

12 Indian Trail, Perfect Blossom, 14 Arctic Feeling, 16 Beat The Bell,

Bertoliver, Confessional, Oldjoesaid, Strike Up The Band,20 Jamesway, La Fortunata, 25 Masta Plasta, Sohraab.

THE DASH live on BBC 1

Easterby duo are

the best bets inInvestec Dash

THE Investec Entrepreneurial ClassDash (3.15pm) is widely regarded asthe quickest five furlong sprint any-

where in the world. You need a horsethat can break quickly, hold its position onthe downhill run and then power clearentering the final half furlong. However,there arent many other contests wherethe draw can have more of a bearing thanin this race and you really need to bedrawn high if you are to hold any chance.

Last year the first three home weredrawn 15-14-16 and the winners of the pre-

vious four contests were housed in stalls18, eight, 15 and 17. The fact that only twohorses from single-figure draws have madethe frame in the last five years underlineshow big the bias is and they were both ineight, so you can all but discount thosedrawn lower.

David Nicholls is the sprint king and haswon this race four times in the last nineyears, so all of his runners have to be close-ly examined. He always comes to theseraces mob-handed and he saddles five ofthe 16 runners this afternoon. The one I

was most interested in a few days ago wasMasta Plasta, as he ran a stormer to finishfifth in this race last year from stall two.Remarkably he has been given exactly thesame berth and that should put paid to his

chances.The rest of Nicholls runners have beenrather more fortunate as Falasteen (12),Fathom Five (17), Strike Up The Band (11)and Indian Trail (16) are all in double fig-ures. Strike Up The Band has been a mag-nificent servant but he isnt getting any

younger and it would be a surprise if hewas good enough. Indian Trail has a crack-ing draw, and won this race two years ago,

but he isnt far from collecting his pensionnow aged 11 and will surely struggle to live

with some of the younger ones.Fathom Five has to be of interest as he

has won twice over course and distance.That said, he was drawn 18 in this last yearand could finish only seventh after missingthe break. His comeback run at Chester

was also disappointing, so he is passedover. Falasteen, on the other hand, was ahugely impressive winner of the sprinthere at the spring meeting and the key tohim is breaking quickly from the traps. His

hood needs to be removed very late, as he isa bit of a monkey, and he could be one for

in-running Betdaq punters if he does blastout of the stalls.

Im going to dodge the Nicholls battal-ion, though, as I think Tim Easterby canspoil the party. CAPTAIN DUNNE is a hugelyimproved animal and he was desperatelyunlucky not to win a Group 3 atLongchamp last time. Prior to that he fin-ished a close second to Doctor Parkes atChester with todays rival Masamah 1 lengths back in third. He is 3lb better off

with that rival and I fancy him to confirmthe form. His draw in eight isnt ideal, butit isnt the worst, either, and he was only

beaten a short-head in this race two yearsago, so we know he handles the track.

I would also advise backing Easterbysother runner CONFESSIONAL each-way. Heis better drawn than his stablemate in 13and there were excuses for his poor show-ing at York last time. He won a hot sprint atHaydock in September and was only just

behind Captain Dunne and Masamah atChester last month. This is exactly the typeof horse his trainer excels with and he is

worthy of an each-way interest at 16/1 withWilliam Hill.

Going back to Masamah and you reallycant leave him out of your calculations.Following his Chester run, he went on toreverse the form with Doctor Parkes at

York and Kevin Ryans yard is absolutelyflying. Hes 7/1 with William Hill and thatis probably the right price, but I just thinkhe will struggle to beat Captain Dunne.Ryans other runners Oldjoesaid (3) andPerfect Blossom (6) are both live outsiders,

but they havent been lucky with the draw.Last years winner Bertoliver can race off

the same mark but his trainer Stuart Williams wont be happy with stall four.Richard Fahey is always a man to follow inthese events and his Arctic Feeling looks tohave a better chance than Jamesway. Hes

well housed in 15 compared with his sta- blemate in five, but his form this year isnothing to write home about.

Beat The Bell ran well to finish second toFalasteen here in April, so isnt out of itfrom stall seven for the in-form DavidBarron, but Hughie Morrisons Sohraab hasa mountain to climb from trap one. LaFortunata has sneaked in at the bottom ofthe weights and has finished second in

both her visits here, so wouldnt be with-out a chance from the 10 box.

Captain Dunne (left)has been in top formof late and goes wellat Epsom.

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Carlton House

Red-hot favouritewho was subject to alast minute injuryscare following animpressive win in theDante.He showed terrificbravery that day bymuscling his waythrough a tiny gapand can give SirMichael Stoute hissixth Derby win and,more importantly, theQueen her first! Theone to beat.

Punter | Race 510 CITYA.M. 4 JUNE 2011

Carlton all setto bring theHouse downC

ARLTON House, the horse gifted tothe Queen as a yearling by SheikhMohammed, can brush aside hisrecent injury scare and finally land

the worlds most famous race for his mostpassionate of owners.

As far as the classics are concerned, HerMajesty has done far better with filliesthan with colts. Her first success at thislevel came in the 1957 Oaks and she was toland the same race, and the St Leger, 20 years later with Dunfermline. Pall Mallhas been her only classic winning colt, butover 50 years have passed since the 1958

2000 Guineas and she has not been able tobetter Aureoles second place finish in thisrace back in 1953.

However, in Carlton House, she appearsto have found the key to racings biggestprize in her 86th year. The Sir MichaelStoute-trained colt was only second on hisracecourse debut at Salisbury at the back-end of last season, but looked the real dealon his next start. He spread-eagled adecent looking field in a Newbury maidenthat day on his final outing as a two-year-old and the Investec Derby became a veryreal dream.

He reappeared this season in the Dante,traditionally the most informative ofDerby trials, and showed acceleration andbravery when barging his way through atight gap to see off Seville.

The only negatives that day were hisreluctance to enter the stalls initially andhis inability to settle in the early stages.Yet, his trainer is a master at ironing outthose sorts of quirks and will be confidentof registering his sixth Derby success andthe Queen's first.

The recent injury scare has to be a slight

worry, but its hugely unlikely that con-nections would risk such a talented horseand I expect him to win at shorter thanthe 3/1 currently on offer with WilliamHill. Anyway, it has to be remembered thatthe same stable encountered a similar lastminute hitch (a bruised foot) with Kris Kinback in 2003, but the history books showhe brushed aside that problem.

Looking at his opposition and the mar-ket suggests he has the most to fear fromthe French-trained Pour Moi. However,Andre Fabre doesnt have a great Epsomrecord and only has Visindar's fifth place

finish in 2006 to show from nine attemptsin 30 years. Admittedly, Fabre has gone onrecord saying that this fellow is the bestchance he has ever had, but he is short at6/1 with Hills for a horse who doesnt havethat much in the way of form in the book.

I reckon his biggest threat is the AidanOBrien trained Recital who won theGroup One Criterium de Saint-Cloud byfive lengths on only his second racecourseappearance. Its also significant that jock-ey Kieren Fallon has jumped off 2000Guineas third Native Khan to take theride.

Fallon was on board when he won theDerrinstown, a race O'Brien has tradition-ally used as the stepping stone for hisnumber one Epsom contender, but helooked a tricky ride.

Worryingly, he had also looked difficultto steer when losing his unbeaten recordin his previous start under Ryan Moore inthe Ballysax. However, he does have bun-dles of talent and will surely be right inthe mix.

Finally, the one horse I feel can take ahand in the finish, at a decent price, is

Chester Vase winner Treasure Beach. Hisstamina and bravery can make up for apossible lack of true class. There wont bemany finishing the race stronger.You can follow me live from Epsom on Twitter@Bill Esdaile

Castlemorris King

Not even the applica-tion of a first timevisor will be enoughto prevent him fromfinishing last.Yet to finish in thefirst three in any ofhis five starts and theonly hope is that hedoesn't interfere withthe serious con-tenders when hebegins to backpedal.Bookies make him a500/1 chance butshould be 5000/1!

Marhaba Malyoon

The most inexperi-enced of these withonly two runs underhis belt.Won a decent Bathmaiden on his onlystart as a two-year-old, but you couldhave thrown a blan-ket over the first fourthat day.Finished a remotelast in the LingfieldDerby Trial and lookscompletely out of hisdepth here.

Masked Marvel

Created a goodimpression when win-ning on his debut lastSeptember, butsomewhat blotted hiscopybook next time.Didnt set the worldalight on his reap-pearance, but lookeda different proposi-tion at Goodwoodrecently. Has alwaysbeen held in highregard by his trainer,but unlikely to be hissecond Derby winner.

Memphis Tennessee

It would be a fairy-tale for Aidan O'Brienif he could win thisrace for a third timewith a horse riddenby his son.However, the stablehave several moreimpressive bullets tofire in Recital, Sevilleand Treasure Beachand it would be ahuge surprise if hebeat his stablemates,let alone the rest ofthe field.

Native Khan

Arguably brings thebest form to the tablehaving finished thirdto Frankel in the2000 Guineas and ifhe stays the Derbytrip, he will surely bein the mix.However, that reallyis a big 'if' as thereisn't much in the wayof stamina on hisdam's side.Kieren Fallon jumpedoff him on Mondayand that says it all.

l Bill Esdailes 1-2-3: 1. Carlton

Horse-By-Horse Guide

8/6/2019 Cityam 2011-06-04

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4.00 INVESTEC DERBY (GROUP 1) (1) 3YO 1m4f 10y709,625

1 21-1 CARLTON HOUSE (23) 9-0 R L Moore

[13] Sir M Stoute The Queen

2 0568-5 CASTLEMORRIS KING [VH] (33) 9-0 M Coumbe

[11] M Attwater C OConnell

3 1-6 MARHABA MALYOON (28) 9-0 J P Spencer

[8] D Simcock AhmadAl Shaikh

4 16-51 MASKED MARVEL (17) 9-0 W Buick

[5] J Gosden B E Nielsen

5 51-2 MEMPHIS TENNESSEE (27) 9-0 J OBrien

[6] A OBrien Ire MrsJohnMagnier, M Tabor& D Smith

6 114-13 NATIVE KHAN (35) 9-0 J Murtagh

[3] E Dunlop V I Araci

7 5-11 OCEAN WAR (35) 9-0 L Dettori

[10] M AlZarooni Godolphin

supplied by RACING POST

8 91128-3 PISCO SOUR (23) 9-0 J Fortune

[1] H Morrison Michael Kerr-Dineen

9 81-31 POUR MOI (28) 9-0 M Barzalona

[7] A Fabre FR Mrs John Magnier, M Tabor & D Smith

10 11-31 RECITAL (27) 9-0 K Fallon

[4] A OBrien Ire Mrs Magnier/Tabor/Smith/Mordukhovitch

11 212-2 SEVILLE (23)(BF) 9-0 C Soumillon

[2] A OBrien Ire M Tabor,D Smith & MrsJohn Magnier

12 21123-1 TREASURE BEACH (30)(D) 9-0 C ODonoghue

[12] A OBrien Ire D Smith, Mrs J Magnier, M Tabor

13 61-13 VADAMAR (28)(BF) 9-0 C Lemaire

[9] A De Royer-Dupre FR HH Aga Khan

S.P. FCAST: 15-8 Carlton House, 7-2 Pour Moi, 9-2 Recital, 7 Seville,10 Native Khan, 14 Ocean War, 16 Vadamar, 20 Memphis Tennessee,25 Masked Marvel, Treasure Beach, 66 Pisco Sour, 200 MarhabaMalyoon, 500 Castlemorris King.

THE DERBY live on BBC 1

Punter | Race 5 11CITYA.M. 4 JUNE 2011

Beach looks Treasure of a betin William Hills Ballydoyle Derby

Hats off to theodds compil-ers at WilliamHill for com-

ing up with somefantastic novelty mar-kets on this after-noon's Investec Derby.

Normally, the racingtrading teams at the majority of bookmakers use occasions likethese to offer odds on the ridicu-lous, but Hills Kate Miller hascome up with a sensible list withsome potential beauties.

First up, I'm a fan of TreasureBeach and think he is over-priced at9/1 to be the first Aidan O'Brien-trained horse home. Yes, Recital(evens) is the most likely of his

quartet to be first back inthe showers, but if thereare any chinks in hisfragile armour, I expectTreasure Beach to takeadvantage.

I'm also keen onb a c k i n g

C as t le m or r i sKing to be beat-en by morethan 75lengths at13/8 he wasnearly beat-en that farat Warwicklast time!

Another hotday is fore-

cast and a lightning pace will see themstrung out like the washing.

Recital looks terrific value at evens to beat Pour Moi in a straight match bet,while Seville (4/6) should comfortably seeoff Native Khan.

Looking at the more unusual ones andit wouldn't be a huge surprise if theEpsom crowd suddenly burst into a rendi-tion of the National Anthem as HerMajesty collects the trophy I can think ofplenty worse 7/2 shots.

I also think there is a very real chance ofher giving a 'thumbs-up' as Carlton Housecrosses the line in front and wouldn't putanyone off taking some of the 8/1 avail-able. I'm pretty certain it's more likelythan a Tiger Woods/Tim Henman style fistpump, which incidentally is only twopoints bigger.

ngndenrtd. a

hisngth

ign-enofnt

Pisco Sour

The joint most experi-enced runner in thefield who out-ran hisodds of 40/1 by fin-ishing third to CarltonHouse in the Dante.He was only beatenfour lengths by thewinner that day, buthad the run of therace and there is noreason to think hecan reverse thatform. Will show upwell in the earlystages before fading.

Pour Moi

Andre Fabre may wellhave 22 FrenchTrainer Championshiptrophies on his side-board at home, buthas yet to win theEpsom Derby.However, he has goneon record saying thatthis fellow is the bestchance he has everhad and that has tocount for something.He also seemed atease on the track in arecent spin.

Recital

He looked difficult tosteer when losing hisunbeaten record inthe Ballysax and hasthe most awkward ofhead carriages.Yet, even thoughthere is a naggingdoubt that Epsomisn't the ideal venuefor him, he has plentyof star quality andsurely must take ahand.Fallon will find out at9am if he rides.

Seville

Travelled ominouslywell in the Dante andlooked the winnerturning for home. Themajority of the sta-ble's runners build ontheir first run andthere is no reason toexpect anything dif-ferent from this fel-low.However, he wasbrushed aside byCarlton House andmight be more of a StLeger type.

Treasure Beach

Hugely consistentand battled-hardenedBallydoyle third (orarguably fourth)string, who has beenplaced in all six careerstarts to date.He may lack the classof his more fanciedstablemates, but I'mconvinced his stami-na, bravery and turnof foot will stand himin great stead aroundhere and he seemsover-priced at 33/1.

Vadamar

French raider whofinished third behindPour Moi at Saint-Cloud last time.Interestingly, he wasfavourite to win thatday, so is obviouslyheld in high regard byAndre Fabre. He hasbeen the subject ofgood support allweek, but its still dif-ficult to see himreversing the formwith his French coun-terpart Pour Moi.

e 2. Recital 3. Treasure Beach

the Investec Derby

8/6/2019 Cityam 2011-06-04

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300 YEARS OF THE WORLDSMOST FAMOUS RACECOURSE

Punter | Interview12 CITYA.M. 4 JUNE 2011

Ben Cleminson travelled to Thirty AcreBarn in Epsom to visit John Mortonsthriving racing and bloodstock yard

THERE are few better feelings than

watching the horse you own run atthe races. Racehorse ownershiphas often been regarded as a pur-

suit of the mega rich yet there are now anumber of opportunities available toshare the cost of owning a horse withfriends, family, colleagues, or evenstrangers, but still enjoy the experienceand the winning.

Epsoms thriving Thirty Acre Barn,owned by European Wealth ManagementGroup founder John Morton, is one such

venue where horseracing fans can enjoythe thrill of racehorse ownership at manydifferent levels.

Whilst Sole Ownership allows you to bethe exclusive owner of the horse with allcosts and profit being yours alone,there are a variety of co-ownershipopportunities where these are split.

With Company Ownership the horseis owned by the companys shareholdersproviding a unique opportunity to pro-mote your business.

Joint Ownership allowsbetween two and 12 indi-viduals to have a share inthe horse, where it canrun in either a jointownership name orthe name of oneowner.

For thosenot wantingthe capitaloutlay of pur-chasing ahorse, youcan lease aracehorse for a set peri-od of time or join aRacing Club, therebyallowing for leasing ofan ownership interest.

The Club itself may

own any number of horses, which will runin the colours of the Club. To join a RacingClub you need to pay a joining and/or amembership fee for a specific period.

For those wanting to avoid the adminis-tration hassles then a Racing Partnershipmay be best.

Consisting of betweentwo and 20 individuals, Trainer ManagedPartnerships or Social Partnerships are run

and set up by the trainer or amember of the partnershiprespectively, thus providinghassle free ownership forother members.

The picturesque yarditself was first establishedas a racing stable in the

1930s with CecilLanglands fol-lowed by Staff

Ingham and GeoffLewis through tothe late 1990s, becoming one ofEpsoms most suc-

cessful yards.In 2005 the

property was bought by John

Morton who teamedup with Roger Teal,the trainer, in 2007.

Commenting onthe first four seasons,

Morton said: Wealways intended to use

the first four to five yearsto build a foundation andreputation for excellence.Roger and I are now hop-ing to maximise the closeproximity of Thirty AcreBarn to London to attract

City professionals to get

more involved in rac-

ing. Roger Teal, the trainer at Thirty AcreBarn, is proud of what has been achievedin a short space of time.

He says: We are a small yard with 20horses in training, but weve had sometremendous winners over the past few

years and its a beautiful and tranquil set-ting that is perfect for training horses.

Were a 30 minute walk from the gal-lops which is fantastic for the health ofthe horses. Just like human athletes, hors-es need to warm up before exercising andcool down afterwards.

He adds: We follow the traditionaltraining methods where the horse tells

you what they want to do and that hasbeen key to our success, allowing us to getthe very best out of the horses that wetrain.

Roger Teal and the bloodstock team at Thirty Acre Barn have had great successover the past four years with the seven-time winning Highly Regal, owned by a

City-based syndicate, a particular high-

light and bought for just 25,000 guineas.Cochabamba cost 9,000 guineas and wenton to win over 38,000 in her first season,

while the top class Steele Tango was bought for 30,000 guineas and has won just under 330,000 both in the UK andDubai earlier in 2011.

The most recent two-year-old runners toraise the eyes of the industry were RedLarkspur, who was purchased for 4,000guineas and won on her second start earli-er in May, while Charlotte Rosina could beRoyal Ascot-bound after winning a decentlooking maiden at Sandown on her firststart a few weeks ago.

Roger and the bloodstock team wouldbe pleased to help where they can on pur-chasing or discussing the syndicates

which are available with some of the cur-rent horses in training.

More information can be found awww.thirtyacre.co.uk and the team can be

contacted on info@thirtyacre.co.uk

John Morton (above

left) and Roger Teal atThirty Acre Barn.Stable star SteeleTango (left).

8/6/2019 Cityam 2011-06-04

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Punter | Races 6 & 7 13CITYA.M. 4 JUNE 2011

EEPSOM handicaps are alwaysfiendishly difficult and theInvestec Surefooted Handicap isno different. Regular readers of

The Punter will know that I tippedZuider Zee last weekend at Haydock

but he was a non-runner due to thefast ground. He could be a doubtfulstarter again today, unless clerk ofthe course Andrew Cooper gets his

watering can out overnight, but JohnGosden was satisfied with the stateof the Derby course when he walkedit on Wednesday.

He is definitely the one they allhave to beat as he travelled beautiful-ly at Ascot on his seasonal reappear-ance before traffic problems broughthim to a virtual halt. He is a typicalGosden improver, but they are oftenover-bet and this looks a stronger

race than the one he was due to runin at Haydock. He also tends to findtrouble in running and thats not

what you want at this track.Luca Cumani is always to be feared

in this type of race and Bourne mustgo close with Kieren Fallon in theplate. He has won three of his lastfour starts and is the type to contin-ue progressing this season, but hes

been doing his winning on flattracks and Epsom isnt certain toplay to his strengths.

One trainer who always targetsthis meeting is Mark Johnston andhis string continues to be in f ine fet-tle. He runs Fox Hunt andYORGUNNABELUCKYand the latter did

well to win at Newmarket last time. That was 1m6f and its debatablewhether the drop back to a mile anda half is what he wants, but thisshould be run at a fast and furiouspace and he will be staying on at thedeath. He notched three quick victo-ries last summer, including a gutsyperformance in the Shergar Cup andhe is a fair price at around 11/1.

There are a whole host of otherlive dangers headed by the quirky

but talented Berling. John Dunlopsfour-year-old looked all over the win-ner in the Ascot race where ZuiderZee finished fourth, when he trav-elled up powerfully on the outside.However, not for the first time, hehung violently towards the standsside and threw away any chance. Thecamber at Epsom means hes unlike-

ly to do that this afternoon andthere is definitely mileage in hishandicap mark.

Amanda Perrett has won two ofthe last five runnings of this race, soLife And Soul is another to consider.He ran a number of solid races lastseason, including a second toDandino at this meeting 12 monthsago. That form would give him a bigchance here and his seasonal reap-pearance third behind Times Up wasfranked when the winner bolted upat York last time.

Of the others, Plaisterer, Press TheButton and Coin Of The Realm have

both run well at the track, whileRamona Chase (ran here yesterday) is

something of a course specialist.Aurorian would have a chance on hisbest form, but he finds it difficult toget his head in front, and the Richard

Hannon stable isnt really firing atthe moment.

Double Handful is a rare flat run-ner for Venetia Williams and has a

squeak from the foot of the weights, but Blizzard Blues, The GallopingShoe and Chilly Filly look to have toomuch on their plate.

Yorgunnabelucky if you followin-form Mark Johnston runner

THE finale to this years DerbyFestival is the Investec SpecialistBank Handicap and its anothercomplicated puzzle to unravel.

Last year the old boy Flipando came with a rattle under Philip Makin tolead near the finish and GrahamGibbons will be trying to repeat thetrick on the evergreen 10-year-old.

Horses tend to go too quickly in sixfurlong races at Epsom which meansthat hold-up runners can often pickthem off in the closing stages.Obviously there is a major risk indoing this as Epsom isnt the easiestcourse to negotiate through gaps, butit can pay to be patient.

Kevin Ryans PARISIAN PYRAMID

finished a gallant fifth in this race 12months ago and I fancy him to landthe prize this time. The yard isabsolutely flying at the moment andit has to be a positive sign that theyhave just the one runner in the race.

The five-year-old was unlucky atGoodwood last time as the slow pace

wouldnt have suited and he will haveto come fast and late from his widedraw. Jamie Spencer is the perfectpartner and we just have to hope hegets the breaks at the right time.

Flipando shouldnt be dismisseddespite his age and he has already

won a couple of decent races thisterm. His trainer David Barron isanother in cracking form, but itshard to imagine that a 10-year-oldsprint handicapper will be findingmuch improvement.

David Nicholls won this four yearsstraight between 2002 and 2005, and

similarly to the Dash, he runs five inthis. Tajneed normally saves his best

for Ripon and he has a lot of weight,but Joseph Henry has been in decentform so far this season and KierenFallon takes the ride. However, theinteresting one for me is CAPE VALE

who ran well at Newcastle the otherday from a poor draw and is worth

backing as well as Parisian Pyramid at12/1 with William Hill. Adrian

Nicholls is back on board, he is welldrawn and should be more than com-petitive off this mark.

Sonny Red and Esprit de Midas arelively outsiders from the Nicholls yard

but greater dangers to our selectionscome in the shape of Piazza SanPietro, Swiss Cross and Secret

Witness. The former has been in

decent form, but tends to do better insmall fields and is becoming some-thing of a Brighton specialist. SwissCross has taken a sharp hike in the

weights, but is progressive, and SecretWitness has each-way possibilities.

Robert Cowells Lui Rei looks to becoming to hand nicely and would def-initely have a chance, while Love

Delta, Fireback and Baby Strange aresolid yardsticks and wouldnt be outof it. The final word goes to Olynard

who is a rare flat runner for the in-form Dr Richard Newland, after mov-ing from Ralph Becketts yard in the

winter, and she could go well at adecent price.

Parisian Pyramid set to strike for red hot Ryan

Parisian Pyramid(grey horse) inaction.

Picture: PA

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BETFRED agreed to pay 265m to buygovernment-owned betting pool the

Tote yesterday, a substantial step upfrom previous estimates of 230m.

The sweetened offer gave the UKsfourth-largest bookmaker victory inthe race to own the 82-year-old Toteand exclusively operate the pool bet-ting operations at all UK racecoursesfor the next seven years.

Betfreds bid states that it will pay both the Treasury and the racingindustry an upfront 90m each. It hascommitted to paying off 60m of the

Totes debt; making a 25m lumpcontribution to its pension fund, andpaying racing a generous 11m in thefirst year and 9m per year in thenext six years.

While Betfred will fund the dealwholly from bank debt, it has said ithas partnership banks with the fund-ing ready to go when needed.

That clarity of funding, as well asits large proposed cash payments, wasa significant factor in gaining govern-ments support.

Betfred, founded in 1968 by broth-ers Fred and Peter Done, remains inprivate hands, but its 2010 accounts

show it generated revenues of 3.5bnin the year to March 2010, while itsannual pre-tax profit is about 10m.

It says it expects to make 4bn inrevenue this year.

Sir Martin Broughtons newlyformed investment vehicle, SportsInvestment Partners, had set out analternative vision of floating the Toteon the London Stock Exchange toraise 100m equity capital to fund thedeal. It had offered the racing indus-try a ten per cent stake in the public

Tote though racing would have towaive its 50 per cent of the proceedsof the Tote sale in return.

However, Betfred was thought to bea stronger bidder on most financialcounts, while SIPs bid also ran intoconcerns over EU state aid laws.

Betfred has also said the total 65min annual revenue it will pass to theindustry over the seven years of the

Tote licence outweighs the cash bene-fits racing would have received fromSir Martin.

Done was clear about his determi-nation to win the Tote despite thelack of industry support. But he haskept his pledge to create an advisory

board for the Tote, the Tote RacingDevelopment Board, where the rac-ing industry will be represented.

FRED Done has risen from Salfordbookie to one of the UKs biggest business hitters with his steadyleadership of Betfred and withthe Tote win he has staked hisclaim on the UKs racing establish-ment.

Dones personal determinationto win the Tote auction has beenapparent throughout the race andhis joy at succeeding is real. Whenhe says he is absolutely delight-ed, the sentiment is genuine.

Since founding Betfred in 1967at the age of 16, he reached the100-shop milestone thirty years on

and now boasts 840 betting shopsincluding flagship stores inManchester and LondonsChinatown. It may be the UKsfourth-biggest bookie, but it is thelargest independent one in the

world.The sustained success is a testa-

ment to his dedication but Done isalso known for introducing inno-

vative business practices and head-line-grabbing gimmicks.

Known as the bonus king for being the first UK bookmaker tooffer early payouts, his incentivesto customers have boosted his pro-

file but also left him in hot waterfrom time to time.

A lifelong Manchester Unitedfan, in 1998 Done paid out earlyon all bets on the team winningthe Premier League, subsequentlylosing hundreds of thousands ofpounds when Arsenal against allodds beat them to the title by justa single point.

But such innovative tricks and aconsistent stream of firsts haveseen Betfreds popularity and prof-itability grow. With the Tote inhand, Done is poised to push it,and himself, still further.

POP music mogul Simon Cowell hascalled in the police over allegations ,

first spread over the internet, that hisfirm groomed a contestant on"Britain's Got Talent" and that thepopular TV show is therefore fixed,police said yesterday.

Cowell's lawyers made the com-plaint to officers after an anonymous

blogger on a web-site calledJustPaste.It alleged that Ronan Parke,the 12-year-old favourite to wintomorrow's final, had been secretlyadvised by his company for two years.

The blogger claimed Parke alreadyhas a management deal with Cowell'scompany Syco and had received guid-ance on his hairstyle, clothing andmannerisms. London police have yet

to decide if they will take action overthe complaint. A Scotland Yard spokesman said:

"An allegation of malicious commu-nications was made to Kensingtonand Chelsea police on Thursday June2. "The allegation is being consid-ered."

The schoolboy, who bears a passingresemblance to teenage heartthrobsinger Justin Bieber, won the viewers'

vote on Monday, putting him straight

through to tomorrows show.Syco and Sony Music said they

would take legal action to "preventfurther publication of these unfound-ed allegations".

Syco said in a statement: "There hasbeen speculation on the Internet thatBritain's Got Talent finalist RonanParke (pictured right) was known toand worked with Syco/Sony Music

before entering the show. There is notruth in this story whatsoever.

"Ronan first came to Syco/Sony'sattention when he entered this year'scompetition."

Parke's mother Maggie also dis-missed claims that he was auditioned

by talent scouts after being spottedperforming at a birthday party for afriend of his parents.

"It's laughable, to be perfectly hon-est with you, and it couldn't be fur-

ther from the truth," she told BBCradio. "There's no foundation in itwhatsoever."

Cowell has endured a turbu-lent few weeks after Britishpop star Cheryl Cole wasdropped from the judgingpanel of the US version ofanother of his shows, "The XFactor", reportedly because

American audiences could notunderstand her accent.

Britains Got Talent finds itself in a fixBYHARRY BANKS

SHOWBUSINESS

CADBURY apologised to supermodelNaomi Campbell yesterday after shecomplained that an advert likeningits chocolate bars to her containedracist slurs.

The advert for Cadburys Blissrange of Dairy Milk bars used thestrapline: Move over Naomi, theres anew diva in town, with an image ofthe chocolate bar sat on a pile of dia-monds.

The advert was designed to be a

play on her reputation for diva-liketantrums but unwittingly invoked

racist connotations aroundCampbells skin colour.

Campbell described the advert asinsulting and hurtful.

I am shocked, she said. Its upset-ting to be described as chocolate, not

just for me, but for all black people.We would never deliberately pro-

duce any marketing material we feltmight cause offence to any section ofsociety,Cadbury said.

It was not our intentionthat this campaign should offendNaomi, her family or anybody else,

and we are sincerely sorry that it hasdone so.

Cadbury apologises to Campbellafter chocolate comparison slur

RETAIL

Betfreds bid

boosted bycash strengthBYALISON LOCK

RACING

News14 CITYA.M. 4 JUNE 2011

Rough diamond with gem in hand

THE City of London yesterday hit outat English Heritages decision to rec-ommend listing the Broadgate estate,saying that such a listing woulddamage the Citys reputation as aglobal financial centre.

The comments, made by the City ofLondons policy chairman StuartFraser, follow a long-awaitedannouncement by English Heritage

yesterday. The City of London isactively promoting new develop-

ments .English Heritage dealt a blow to

plans for investment bank UBS' new340m headquarters at Broadgate byrecommending the listing of the two

buildings on the site. British Land isdeveloping the 5 Broadgate schemefor the Swiss bank but the architec-ture watchdog has recommendedthat Culture Secretary Jeremy Huntpreserve Eighties-built 4 and 6Broadgate.

English Heritage claims the devel-opment is among the best of its typeand period "where commercial build-ings and 'people places' harmonious-

ly co-exist". Hunt will now considerthe matter.

City of London blasts EnglishHeritage over Broadgate move

PROPERTY

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GROUPONS three founders are set tobecome dollar billionaires when theonline coupon phenomenon lists onthe New York Stock Exchange.

In the latest blockbuster dotcomlisting, Groupons planned sale of$750m (459m) to $1bn of its stockassumes an overall company value ofabout $20bn only slightly smallerthan Google when it listed in 2004,raising $1.67bn.

A successful IPO would leave thefounders chief executive AndrewMason and serial entrepreneurs EricLefkofsky and Brad Keywell holdinga total of $7bn in stock between them.

Mason, who owns about 7.7 percent of its Class A stock will see hisstake valued at about $1.5bn.

Lefkofsky, Groupons biggest share-holder with 21.6 per cent, would seehis stake valued at $4.3bn whileKeywells 6.9 per cent stake would be

worth about $1.4bn. The three founded Groupon in

2008 when Lefkofsky, then Masonsemployer at his Chicago printing busi-ness InnerWorkings, persuaded himto leave his graduate school place and

start a business.The prospectus also revealed more

about Groupons finances. Revenue isgenerated by offering customers adaily money-off deal coupon andkeeping half the coupons face valuein each sale.

Described as one of the fastest-grow-ing companies in history, the prospec-tus showed its revenue in 2010 was$713.4m a 2241 per cent increase onits $30.47m revenue in 2009.

However, it has not yet turned aprofit and made a $389.6m loss in2010. While revenue in the first quar-ter of 2011 was $644.7m, it posted anet $146.5m loss in the period.

Mason said Groupon was spendingthe money on its future growth.

We spend a lot of money acquir-ing new subscribers because we canmeasure the return and believe in thelong-term value of the marketplace

were creating, he said in the f iling.In the past, weve made invest-

ments in growth that turned ahealthy forecasted quarterly profitinto a sizable loss.

When we see opportunities toinvest in long-term growth, expectthat we will pursue them regardlessof certain short-term consequences.

Groupon float

to make threebillionairesBYALISON LOCK

TECHNOLOGY

Groupon foundersBrad Keywell (left),Eric Lefkofsky (mid-dle) and AndrewMason (right)

News 15CITYA.M. 4 JUNE 2011

THE DOT COM WORLD By Annamarie Gregory

LINKEDINThe most recent of the blockbuster dotcomIPOs, professional-networking siteLinkedIn saw its share price more thandouble in value on its listing date of May 19.Shares rose as much as 171 per cent in thefirst days trading on the New York StockExchange and closed at $94.25, 109 percent above the $45 start price.

RENRENChinas equivalent of Facebook raised$743.4m in its New York IPO in May thatvalued it at $5.1bn. Its shares rose 56.6 percent above its $14 IPO price in its first dayof trading before closing at $18.01, or 28.6per cent, higher.

GOOGLEValued at $23bn (14.1bn)in August 2004when it raised $1.67bn in its New York IPO.

Shares were priced at $85 each but rose toclose at $100.34 after the first days trad-ing. Groupons letter to potential sharehold-ers mimics the approach taken by Googlein its own IPO documents.

FACEBOOKThe worlds most successful social-net-working site is expected to go public in thenext 12 months. Its $500m fundraising inJanuary valued it at a total $50bn but sec-ondary market sales since have given it anestimated market value of $70bn makingit worth more than firms such as Boeing.

TWITTERFounded in 2006 by Jack Dorsey and BizStone, the micro-blogging site is worth anestimated $10bn (6.12bn). However, inMarch Stone denied claims that the web-site could go public soon.

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UK STOCKS crashed within minutes ofreceiving shock US employment fig-ures showing a bigger-than-expectedslowdown in job creation yesterday.

The FTSE 100 fell more than 50points to 5,820 shortly after 13:30 yes-terday before recovering later as thegovernments non-farm payroll datashowed private sector payrolls grewjust a quarter as much as anticipatedin May.

Total new employment was just54,000, compared with a consensusforecast for 190,000 new additions.Mays figure was also a significant fallfrom the 232,000 new payroll addi-tions in April.

The news prompted a sell-off in UKstocks as traders interpreted it assigns of underlying weakness in theUS economy.

The market reaction was quickand fierce. The FTSE 100 fell 50 pointsalmost immediately to trade at a newone week low before finding somesupport above the 5,800 level, CityIndex market strategist JoshuaRaymond said.

With the week being a really badweek in terms of US economic data,

one cannot blame traders for off load-ing stocks and downsizing riskahead.

The low level of job creation andcontinued shedding of public sectorpositions meant US unemploymentremained unchanged at 9.1 per cent. The US private sector added just83,000 new jobs compared with213,000 in April and local govern-ment jobs fell by about 28,000.

Retail sector payrolls a critical sec-tor as consumer spending makes upabout 75 per cent of US economicgrowth fell to 9,000 from 64,000 inApril.

While weak data has sparked talkabout the need for the Fed to extendits $600bn (367bn) quantitative eas-ing programme when it expires thismonth, analysts believe policymakerswill take the soft payrolls report instride.

It is likely that this will be a softpatch in the coming months but over-all it will probably be a soft patchrather than a double-dip recession orsomething worse, said SeanIncremona, at 4CAST in New York.The payroll report provides one of thebest early reads on the health of theUS economy and regularly sets thetone for global financial markets.

OIL explorer Cairn Energy starteddrilling two wells off the coast ofGreenland, it said yesterday, a dayafter environmental protesters wereremoved from its rig in the Arctic.

Cairn said earlier in the week thatGreenpeace activists who suspendedthemselves from the Leiv Eirikssondrilling rig for four days had not

delayed its schedule. Harsh weathermeans there is a narrow summer

window for Arctic exploration.The Edinburgh-based company on

Thursday filed a lawsuit againstGreenpeace to deter it from disrupt-ing its drilling plans in Greenland.

Cairn, which plans to drill a total offour wells in Greenland this summer,said drilling operations commencedat one well on its Atammik Block andone well on its Lady Franklin Blockoff the coast of West Greenland.

Greenpeace also tried to disrupt

Cairns drilling plans in 2010. It believes tackling an offshore spill in

the Arctic would be difficult due tothe harsh conditions and remoteness.

Cairn Energy starts drilling off coast ofGreenland despite green protestors

FOUR people were killed and one wasseriously injured in an explosion atan oil refinery in southwest Wales,the plant's owner Chevron said yester-day.

The blast occurred at the 220,000barrel per day Pembroke refinery onThursday. A Chevron spokeswomansaid the refinery remained fully oper-ational.

Police said a fire had broken outafter an explosion in a storage tank

during maintenance. An adjacentstorage tank was also damaged.

The fire service said it sent 10 emer-gency vehicles to the scene and theambulance service said it responded with three ambulances and an airambulance.

"We will take every step possible todetermine the series of events thatled to this tragic incident," U.S.-basedChevron said.

Chevron put the refinery up forsale last year to lower its exposure tothe refining business.

Four killed in blast atChevrons Welsh refinery

OIL PRODUCTION

MAJOR high street retailers LauraAshley and John Lewis both yesterdayreported falls in sales over the pastfour months.

Home and womenswear retailerLaura Ashley said total sales fell 4.5per cent and like-for-like sales fell 1.3per cent in the four months to theend of May as falling real incomesand price rises deterred shoppers.

The chain has closed 19 loss-mak-ing stores and is refurbishing othersto improve its sales profile. However,it said the high street environmentimproved in the second half of theperiod and was still better than itsperformance at the start of 2010.

It also said online sales grew by 6.7per cent in the 17-week period.

John Lewis, which operates bothdepartment stores and upmarketsupermarket Waitrose, said its salesfell 0.8 per cent year-on-year in theweek to 28 May, and by three per centexcluding VAT.

Department store sales grew just1.3 per cent in the four months to 28May, while excluding VAT they fell by0.6 per cent. That was substantiallybelow the 9.9 per cent overall groupgrowth rate in the six months to January, IHS Global Insight chiefeconomist Howard Archer said.

This suggests that consumers havegenerally become more circumspectin their spending again after splash-ing out a bit in April, he added.

High Streetretailers see

falling salesRETAIL

BICYCLE and car parts retailerHalfords is facing a 7.5m charge fol-

lowing the collapse of the Focus DIYgroup, it admitted yesterday.The charge stems from lease guar-

antee made by Halfords when it andPayless DIY now part of Focus werepart of the same group.

Halfords said the non-recurringexpense would be included in itsresults for the year ended 1 April2011.

This non-recurring expenserelates to the creation of a provision

for the potential liabilities arisingfrom guarantees provided byHalfords prior to July 1989, it said ina statement.

An estimate of the potential liabil-

ity relating to these guarantees waspreviously disclosed as a contingentliability. The guarantees were provid-ed to landlords of properties leased byPayless DIY (now part of Focus DIY)when both Halfords and Payless DIY were under the ownership of theWard White Group.

It is anticipated that the cash out-flow relating to the guarantees willbe incurred over the next three years.

The group is taking mitigating

actions to reduce these liabilities.The shares fell a few pence to 393p

and Ardens retail analysts said hewas looking for a 400p price targetafter the news.

Halfords hit by Focus collapseBYHARRY BANKS

RETAIL

Weak US jobs

data sparkstalk of easingBYALISON LOCK

ECONOMY

BYHARRY BANKS

ENERGY

News16 CITYA.M. 4 JUNE 2011

NEWS | IN BRIEF

Stephen Patrick joins RothschildRothschild boosted its consumer andretail practice yesterday with the addi-tion of former Colgate-Palmolive execu-tive Stephen Patrick. Patrick, who wasColgates global chief finance officer from1996 until January before becoming vicechairman, served in senior finance rolesin Canada, Europe and Latin America forthe company. He joins Rothschild in NewYork as a senior adviser and will adviseits clients on global consumer and retailM&A and financial advisory issues.

Canada regulator gives LSE nodThe London Stock Exchange and TMXGroup yesterday said Canadian competi-tion authorities will not challenge the

proposed merge of two exchange opera-tors.

The no action letter from the regulatorsatisfies a condition of the 9 Februaryagreement by the two stock exchangesto join forces in a $3bn (1.8bn) deal.In a further review, under theInvestment Canada Act, the federalindustry minister will decide whether ornot the merger will bring a net benefit tothe country.

Investec lends more to industryInvestec has increased its lending to UKmanufacturers after its research showedsignificant growth in the sector, it saidyesterday. It found that the value of UKmanufacturing exports rose 15.4 per centbetween 2009 and 2010, led by London,where exports rose 32.2 per cent, and

Yorkshire and Humberside, whereexports grew 15.8 per cent.

ANALYSIS lCairn

450

440

430

420

10 May31 May 17 May 24 May 1 Jun

425.003 June

ANALYSIS lHalfords

410

400

390

10 May31 May 17 May 24 May 1 Jun

395.303 June

8/6/2019 Cityam 2011-06-04

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News 17CITYA.M. 4 JUNE 2011

Britain's top share index, bruised

by concerns over the globaleconomy in the previous twosessions, rebounded from lows

following poor US jobs numbers yes-terday to close marginally higher.

US non-farm payrolls increased by54,000 in May, the weakest readingsince September, while the joblessrate rose to 9.1 per cent. Economistshad expected payrolls to rise 150,000.

"The (non-farm payrolls) are reallydisappointing and point to a numberof issues going forward and theprospect of a double-dip, but I thinkin the UK it's a case of 'we priced in alot of it from falls yesterday and

Wednesday'," Will Hedden, sales trad-er at IG Index, said.

The FTSE 100 ended up 7.09 points,or 0.1 per cent, at 5,855.01, havingdived to a session low of 5,802.67 justafter the jobs report. Volumes were

thin, with traders citing investor cau-tion on account of the data.

The index fell heavily on

Wednesday and Thursday, sheddingaround 140 points over the course ofthe two days, pressured by gloomy USdata which heightened concernsabout the global economy.

The FTSE 100's ability to hold abovethe 5,800 level -- its 200-day movingaverage -- was seen by traders as a bull-ish sign.

"If we can keep finding support at5,800, then that should prop the mar-ket in the short term really. We seethat as quite a critical level," Ed

Woolfitt, head of trading at GalvanResearch, said.

IG Index's Hedden cautioned that ifthe index were to drop below 5,800,"we could be moving considerablydown, maybe another 100 or 200points".

U.S. blue chips were off 0.8 per centby London's close.

The raft of weak US data was

reflected in the big fallers on the UK blue-chip index on yesterday, withmining stocks and integrated oilsdented by demand worries.

On the upside, British softwaregroup Autonomy rose 4 per cent, top-ping the FTSE 100 leader board, as it

completed the acquisition of digitalassets from Iron Mountain, a dealannounced mid-May.

Johnson Matthey firmed 1.9 per-cent, as both Deutsche Bank and

JPMorgan raised their target pricesfor the supplier of catalytic convert-ers after its full-year results on

Thursday.Upbeat broker sentiment also

helped insurance buy-out specialistResolution, up 1.6 percent, withInvestec Securities repeating its buyrating on the company ahead of aninvestor update scheduled for June 7.

UK shares recover from shock of poor US data

THELONDON

REPORT

ANALYSIS l FTSE 100

6,100

6,000

5,900

5,800

5,700

5,600

5,5007 Mar 25 Mar 14 Apr 10 May 31 May

5,847.923 Jun

3i Group 281 -3.50 340 2 543i Infrastructure 123.75 0 125.25 106.50A.B. Foods 1077 0 1182 940

Aberdeen Asset.Man. 231.75 0.50 240 123Admi ra