Replace the camshaft position sensor with a new one.
The old one has lost its magneticity. See:
http://forums.bimmerforums.com/forum/showthread.php?1444690
http://forums.mg-rover.org/showthread.php?s=db62e439b46992b898b85709543dea11&t=151543&page=2
Let us know that this has cured it.
ChicksFan, February 2014