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Shard Capital Stockbrokers T +44 (0) 207 186 9950 rd 23 Floor, F +44 (0) 207 186 9979 20Fenchurch St, E [email protected] London, EC3M 3BY W shardcapitalstockbrokers.com BROKER UPGRADES AND DOWNGRADES & KEY UK CORPORATE SNAPSHOTS 21 July 2017 UK Broker Upgrades / Downgrades Please contact us for more information Code Company Broker Recomm. From Recomm. To Price From Price To Upgrades OTB On the Beach Group Plc Peel Hunt Buy Buy 450 500 Downgrades OSB OneSavings Bank Plc Peel Hunt Add Add 505 425 Initiate/Neutral/Unchanged AGK Aggreko Plc Credit Suisse Underperform Underperform AVV Aveva Group Plc Credit Suisse Outperform Outperform BRBY Burberry Group Plc Credit Suisse Neutral Neutral DC. Dixons Carphone Plc Credit Suisse Outperform Outperform DRX Drax Group Plc Credit Suisse Outperform Outperform ELM Elementis Plc Credit Suisse Outperform Outperform EMG Man Group Plc Credit Suisse Outperform Outperform ENQ EnQuest Plc Barclays Capital Underweight Underweight 35 35 ETO Entertainment One Ltd Credit Suisse Neutral Neutral GLEN Glencore Plc Credit Suisse Outperform Outperform GSK GlaxoSmithKline Plc Credit Suisse Neutral Neutral https://www.shardcapitalstockbrokers.com/trading-platform/ https://www.shardcapitalstockbrokers.com/trading-platform/ https://www.shardcapitalstockbrokers.com/trading-platform/ https://www.shardcapitalstockbrokers.com/trading-platform/ https://www.shardcapitalstockbrokers.com/trading-platform/ BROKER UPGRADES AND DOWNGRADES & KEY UK CORPORATE SNAPSHOTS Code Company Broker Recomm. From Recomm. To Price From Price To Initiate/Neutral/Unchanged HMSO Hammerson Plc Credit Suisse Outperform Outperform HTG Hunting Plc Credit Suisse Outperform Outperform Imagination Technologies Group IMG Credit Suisse Neutral Neutral Plc IMI IMI Plc Credit Suisse Outperform Outperform INF Informa Plc Credit Suisse Neutral Neutral INTU Intu Properties Plc Credit Suisse Underperform Underperform ITV ITV Plc Credit Suisse Outperform Outperform IWG IWG Plc Credit Suisse Outperform Outperform JRP JRP Group Plc Credit Suisse Neutral Neutral LSE London Stock Exchange Group Plc Credit Suisse Outperform Outperform MDC Mediclinic International Plc Credit Suisse Neutral Neutral MONY Moneysupermarket.com Group Plc Credit Suisse Neutral Neutral MONY Moneysupermarket.com Group Plc Barclays Capital Equal weight Equal weight 335 335 NG. National Grid Plc Credit Suisse Underperform Underperform 850 850 OCDO Ocado Group Plc Credit Suisse Outperform Outperform PMO Premier Oil Plc Barclays Capital Equal weight Equal weight 72 72 PRU Prudential Plc Barclays Capital Overweight Overweight 1949 1949 ROR Rotork Plc Credit Suisse Neutral Neutral RSA RSA Insurance Group Plc Credit Suisse Outperform Outperform S32 South32 Ltd Barclays Capital Overweight Overweight SDR Schroders Plc Credit Suisse Outperform Outperform SN. Smith & Nephew Plc Credit Suisse Neutral Neutral SPI Spice Plc Credit Suisse Underperform Underperform SSP Solid State Plc Goldman Sachs Neutral 512 TLW Tullow Oil Plc Barclays Capital Overweight Overweight 210 210 UBM UBM Plc Credit Suisse Outperform Outperform ULVR Unilever Plc Credit Suisse Neutral Neutral VCT Victrex Plc Credit Suisse Outperform Outperform VOD Vodafone Group Plc Credit Suisse Outperform Outperform WEIR Weir Group Plc/The Credit Suisse Outperform Outperform WPP WPP Plc Credit Suisse Outperform Outperform Zero Preference Growth Trust ZPG Credit Suisse Outperform Outperform Plc/The 2 BROKER UPGRADES AND DOWNGRADES & KEY UK CORPORATE SNAPSHOTS Key UK Corporate Snapshots Today AIM Beowulf Mining Plc (BEM.L) Announced that Copenhagen Economics has been awarded a contract to study the local and regional economic benefits of a modern and sustainable mining operation at Kallak ("the Project"). The project will build on the work carried out to date, by the company and others, including the 2015 independent socio-economic study initiated by Jokkmokks Kommun, completed by consultants Ramböll, which in its findings concluded that a mining development at Kallak would create direct and indirect jobs, increase tax revenues and slow down population decline, and the 2010 study by the Economics Unit of Luleå University of Technology, 'Mining Investment and Regional Development. Catalyst Media Group (CMX.L) Announced, in its trading update in respect of Sports Information Services (Holdings) Limited, that SIS had been unsuccessful in acquiring two greyhound tracks and that as a result, there was risk to SIS maintaining a viable greyhound service and that future operating results could therefore be impacted. Therefore, SIS has focused on securing the future of its greyhound business and has announced the acquisition of a number of greyhound track media rights, including the extension of media rights from Ladbrokes Coral's greyhound tracks, thereby ensuring that SIS now has a significant and viable Greyhound Service over the next five years. Further, SIS has confirmed that it has also secured supply agreements for its Greyhound and Horseracing content to all of the Major UK bookmaking groups for the next five years. Deltex Medical Group Plc (DEMG.L) Announced that it has placed 16,296,296 new ordinary shares at 1.0p each in the company (Ordinary Shares) (the Placing) with existing and new private shareholders to raise £550,000 and that the net proceeds will be applied to working capital. Furthermore, the company stated that Turner Pope Investments (TPI) Ltd (TPI) acted as placing agent for the Placing and will be appointed as Joint Broker to the Company on admission of the new Ordinary Shares to trading on AIM. Separately, the company, in its trading update for the six months ended 30 June 2017, announced that overall revenue growth of £0.2 million to £2.9 million has been achieved in the period. Its US revenues were ahead by £0.3 million, while its international sales were £0.1 million lower and UK revenues marginally reduced at 3.0% for the period. Moreover, the company mentioned that four additional major accounts were added in the period with approvals in place at two more. The company’s Cash at 30 June was £0.2 million. Empresaria Group Plc (EMR.L) Announced, in its trading update ahead of announcing its interim results on 22 August 2017, that it delivered a record first half performance, with net fee income up approximately 26% on the comparable H1 2016 period, with the strongest trading in the UK, Continental Europe and Asia Pacific regions. As such, the board confirms that the group remains on course to meet market expectations for the full year. In line with the Group's strategy to invest in its leading brands, Empresaria has invested in new staff and is bringing together certain brands. The benefits of both are expected to be demonstrated over the coming period. Gama Aviation Plc (GMAA.L) Announced the signature of two new maintenance support agreements with European fleet operators. The deals cover ten aircraft in total, covering a range of services from inspections to AOG support for the two highly utilised fleets that include five Bombardier Globals, two Bombardier Challengers, two Hawkers and one Beech. Gfinity Plc (GFIN.L) Announced that it has signed a contract with Eleven Sports to broadcast its newly launched Elite Series, which commenced on 7 July at the Gfinity Arena in London. Eleven Sports will broadcast the content on their TV channels in the United States of America, Belgium, Luxembourg, Italy, Poland, Singapore and Taiwan, bringing the action into more than 70 million homes. Eleven Sports will show live and on-demand coverage of the competition along with preview and review shows, behind the scenes footage, documentary and magazine content and industry interviews and features. Koovs Plc (KOOV.L) Announced an update on its intention to raise capital as previously announced on 22 May 2017. The company proposed to raise up to £18.9 million via the issue of secured convertible loan notes. Learning Technologies Group Plc Announced, in its trading update for the half year ended 30 June 2017, that the board expects the Group to achieve (LTG.L) record revenues of not less than £20.8 million for the first half compared to £12.8 million in the first half of 2016, an increase of 62.5%. The Board is pleased to report that the integration of NetDimensions into the Group has been successfully completed on time. Together with NetDimensions, the Group continues to build recurring revenues and to diversify our business outside of the UK market. LTG continues to drive strong operating cash flows. The Group's Interim results will be announced on 18 September 2017. Magnolia Petroleum Plc (MAGP.L) Announced the divestment of 19 new wells in North Dakota and Oklahoma via two separate transactions for a total of US$411,000. This divestment will raise funds for the company and assists in realigning its forthcoming well investments into core counties. Further, in the first transaction, the company has agreed to farm-out its interest in six Marathon Oil- operated wells targeting the Bakken and Three Forks Sanish formations in North Dakota for an upfront cash consideration of US$150,000 and in the second transaction the company has divested its interest in the thirteen Sympson wells, which it acquired in Q4 of 2015, for an upfront cash consideration of US$261,000. Mayan Energy Limited (MYN.L) Announced operational developments at its Zink Ranch and Shoats Creek fields in the United States as well as the addition Dr. David S. Kahn, a seasoned oil and gas professional to its advisory team. It revealed in its update the commencement of process of obtaining the regulatory approvals and engaged vendors necessary to implement the work program announced in conjunction with the approximately $2 million farm out of interest in its Zink Ranch and Mathis assets. Re-start of operations of the Lutcher Moore #20 (LM20) well are currently underway. After further evaluation of the Lutcher Moore #14 well, the company has elected to move forward with installation of an inter-meter on the Lutcher Moore #14 well to produce the well on gas lift on an intermittent basis as downhole pressure permits.
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