Broker Upgrades and Downgrades & Key Uk

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BROKER UPGRADES AND DOWNGRADES & KEY UK CORPORATE SNAPSHOTS 23 November 2017

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Code Company Broker Recomm. From Recomm. To Price From Price To Upgrades ESUR Esure Group Plc HSBC Buy Buy 320 325 HSTG Hastings Group Holdings Ltd HSBC Reduce Reduce 230 260 LGEN Legal & General Group Plc HSBC Buy Buy 290 295 PHNX Phoenix Group Holdings HSBC Hold Hold 810 820 RDSA Royal Dutch Shell 'A' AlphaValue Sell Reduce SLA Standard Life Aberdeen Plc HSBC Buy Buy 470 475 STJ St James's Place Plc HSBC Buy Buy 1350 1380 WINE Majestic Wine Plc Peel Hunt Buy 380 450 Downgrades ADM Admiral Group Plc HSBC Hold Hold 2100 2045 AV. Aviva Plc HSBC Hold Hold 550 535 JUP Jupiter Fund Management Plc HSBC Buy Hold 575 610 MDC Mediclinic International Plc Macquarie Neutral Underperform 660 500 MRO Melrose Industries Plc Liberum Capital Buy Buy 260 235 RDSA Royal Dutch Shell 'A' HSBC Buy Hold

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Code Company Broker Recomm. From Recomm. To Price From Price To Downgrades RSA RSA Insurance Group Plc HSBC Buy Buy 745 736 SHI SIG Plc Canaccord Genuity Buy Hold 190 180 SSE SSE Plc Berenberg Buy Buy 1650 1600 Initiate/Neutral/Unchanged AO. AO World Plc Peel Hunt Buy Buy 145 145 AUTO Auto Trader Group Plc Macquarie Underperform Underperform 295 295 BDEV Barratt Developments Plc Deutsche Bank Buy Buy BKG Berkeley Group Holdings Plc Deutsche Bank Buy Buy BVS Bovis Homes Group Plc Deutsche Bank Buy Buy BWY Bellway Plc Deutsche Bank Hold Hold CBG Close Brothers Group Plc Peel Hunt Buy Buy 1600 1600 CBG Close Brothers Group Plc Macquarie Underperform Underperform 1138 1138 CRST Crest Nicholson Holdings Plc Deutsche Bank Hold Hold DLG Direct Line Insurance Group Plc HSBC Buy Buy 440 440 ETO Entertainment One Ltd Peel Hunt Hold Hold 260 260 LLOY Lloyds Banking Group Plc Macquarie Neutral Neutral 67 67 LRE Lancashire Holdings Ltd HSBC Buy Buy 863 863 MCS McCarthy & Stone Plc Deutsche Bank Buy Buy NXG NEX Group Plc Barclays Capital Overweight Overweight 700 700 PSN Persimmon Plc Deutsche Bank Hold Hold RDW Redrow Plc Deutsche Bank Hold Hold SGE Sage Group Plc/The Barclays Capital Equal weight Equal weight SGE Sage Group Plc/The Deutsche Bank Hold Hold 740 740 SSPG SSP Group Plc Barclays Capital Overweight Overweight 650 650 STB Secure Trust Bank Plc Macquarie Neutral Neutral 1800 1800 TW. Taylor Wimpey Plc Deutsche Bank Buy Buy

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Key UK Corporate Snapshots Today

AIM Altona Energy Plc (ANR.L) Announced that it has raised £735,000 before expenses through a placing of 147,000,000 new ordinary shares at an issue price of 0.5p per share. The net proceeds of the Placing will primarily be used for further exploration that the company expects to be identified by the recently commissioned report by Runge Pincock Minarco Global.

Amphion Innovations Plc (AMP.L) Announced a further update regarding its partner company Polarean Imaging Limited, in which it currently has an interest of circa 26%. Polarean's proposed IPO and admission to AIM is now expected to complete in Q1 2018. Following publication of the Northland Research Report, the management of Polarean is now seeking interim funding to ensure there are adequate financial resources to complete the proposed IPO and gain the best result for Polarean's shareholders.

Angle Plc (AGL.L) Announced that it has established a collaboration with Philips to develop liquid biopsy solutions. Philips has successfully secured a European Union research grant worth €6.3 million, of which £0.4 million will flow to ANGLE. The collaboration with Philips comes shortly after ANGLE's announcement of its co-marketing agreement with QIAGEN and is part of ANGLE's strategy to establish partnerships with a wide range of large companies for the commercialisation of ParsortixTM.

Bagir Group Limited (BAGR.L) Announced a proposed strategic partnership with Shangdong Ruyi Technology Group Ltd, a leading Asian global textile manufacturer, alongside a proposed investment of $16.5 million to acquire c.54%1 of the company's enlarged issued share capital.

Blur Group Plc (BLUR.L) Announced, in its trading update, that the company is making steady progress. The company’s gross profit and revenue in Q3 2017 are ahead of H1 2017, the Q4 2017 revenue and gross profit are expected to be ahead of Q3 2017 and the cash balance as at 22 November 2017 was £2.71 million.

Cloudcall Group Plc (CALL.L) Announced the launch of its updated and enhanced software solution for Bullhorn and added that the updated solution significantly improves user interface and provides a more intuitive user journey and feedback from customers who have trialled or beta tested the new integration has been highly positive.

Directa Plus Plc (DCTA.L) Announced that it has collaborated with Iterchimica S.r.l., an established producer and distributor of specialised additives for asphalt. Moreover, the collaboration with Iterchimica is focused on developing a graphene-enhanced asphalt additive, which is patent-pending, that can significantly improve the durability and sustainability of asphalt road surfaces. The new additive incorporating the company's Graphene Plus (G+) has been launched by Iterchimica as Eco Pave.

Eco (Atlantic) Oil and Gas Limited Announced, in its results for the six months ended 30 September 2017, that its reported revenue stood at £1.3 million, (ECO.L) compared to £3.5k in the same period of the preceding year. Net loss was £4.0 million compared to net loss of £1.8 million. The company's basic and diluted net loss per share was 0.03p, compared to basic and diluted net loss per share 0.02p.

Edenville Energy Plc (EDL.L) Announced its trading update on the recently commenced commercial coal production and the Company's coal-to- power project. Following the start of washed coal production, announced on 9 October 2017, processed coal is currently being delivered on commercial terms to many customers in Tanzania and neighbouring countries. These initial, "test shipments", currently totalling over 1,000 tonnes, are to parties that have expressed interest in placing long-term coal orders with the Company, subject to finalising pricing and quality, that in total could exceed the initial planned output of 10,000 tonnes per month, which is targeted to be achieved by the end of January 2018.

First Property Group Plc (FPO.L) Announced, in its final results for the six months to 30 September 2017, that its reported revenue stood at £12.09 million, compared to £11.12 million in the preceding year. Operating profit stood at £5.76 million, compared to £5.62 million. Profit after tax was £3.86 million compared to £3.25 million. The company’s diluted earnings per share was 2.84p, compared to 2.40p.

Fox Marble Holdings Plc (FOX.L) Announced that it has made further shipments under its agreement with Simsekler and has shipped more than €200,000 of marble to the company till date, as part of the sales agreement for a minimum of €400,000, signed in April 2017. Furthermore, the company also announced that it has shipped and received payment on an order from US-based Granite Planet LLC. The company, which is in the process of ordering two further containers this month, has indicated their intention to purchase a further six containers of marble prior to the end of 2017.

Georgian Mining Corp (GEO.L) Announced, in its operational update for Kvemo Bolnisi East Project, that new discovery 150m to the west of the GZ2 Mineral Resource indicates scope for significant growth in tonnage. Further, the core logging indicates that two additional holes drilled at GZ3 have intersected the same mineralisation style extending the strike length in the process. Geochemical multi element data between GZ2 and GZ3 drill holes indicate that the two zones may be connected at depth and new linear gold in soil anomaly and drill target that may increase the KB gold Resource highlighted by gold in soil geochemical surveys to the south of the KB Mineral Resource.

Gfinity Plc (GFIN.L) Announced that Andy MacLeod, Garry Cook and Preeti Mardia have been appointed as Non-Executive Directors of the company with immediate effect. Also, the company stated that Non-Executive Directors Jon Varney, Phil Shuldham- Legh and David Yarnton have stepped down from the Board with immediate effect, while current Executive Director, Paul Kent, will also leave the Board in order to take on additional operational responsibilities within the executive team,

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leading the development of the Group's esports programmes and technology solutions.

Great Western Mining Corporation Plc Announced an update on its M1 Copper-Gold prospect and other operations in Mineral County, Nevada, USA. The M1 (GWMO.L) prospect consists of 164 full and 12 fractional claims covering approximately 15km². Further, ground conditions made core recovery difficult, and in some places the core was fractured. Anomalous gold intersects were found in both holes.

Gusbourne Plc (GUS.L) Announced that it has been awarded IWSC 'English Wine Producer of the Year' for the third time in the past five years. Further, the company announced that the 2017 harvest is now complete and has been the most successful harvest to date in terms of quality with a yield that exceeded expectations.

Ideagen Plc (IDEA.L) Announced that the company has secured a contract from a global leader in the petrochemical industry worth an initial $1.6 million. It is expected that 90% of the revenue including $1.1 million of licence will be recognised in the current financial year. The contract is for the supply of company's flagship Quality Management System Q-Pulse to the customer's North American business, covering 13 sites with 2,500 users. The contract has been awarded following the successful deployment of Q-Pulse in other geographical regions.

IronRidge Resources Limited (IRR.L) Announced the commencement of the 2017/2018 field programme at the company's wholly-owned Dorothe Project in Chad, Central Africa and added that a 30 tonne excavator was mobilised to site on 14th November and is expected to arrive on site this week with trenching expected to continue until Q1, 2018.

K&C REIT Plc (KCR.L) Announced that the proposed Placing has been delayed by investor request. As a result, the board of K&C have taken the decision to defer the proposed Placing whilst they negotiate and carry out due diligence on such an acquisition. The General Meeting convened for 24 November will still be taking place in expectation of such a transaction in the future. The Company's 5,275,182 consolidated ordinary shares of 10p each will be admitted to trading on AIM on 27 November, subject to shareholder approval at the General Meeting, under the name KCR Residential REIT plc.

Keras Resources Plc (KRS.L) Announced that it has completed an initial review of its recently expanded land holdings and has generated numerous high priority gold targets. Moreover, ASTER imagery received, initial review shows main Klondyke gold bearing structure readily identified via alteration signature, while CSIRO initial structural geology site visit highlighted that the Klondyke area has high potential to host deposits that extend at depths significantly greater than the current resource. Moreover, Hyperspectral and XRF commenced on drill core and chips with CSIRO mineral vector work planned for 2018. Aimed at supporting rapid assessment of ground holdings using ASTER imaging signatures and portable XRF (pXRF) by Calidus staff. Furthermore, the company announced that Mr Brenton Siggs has been appointed by Calidus to accelerate review of extensive holdings and priority shear and conglomerate targets.

Majestic Wine Plc (WINE.L) Announced, in its half year results for the 26 weeks ended 02 October 2017, that revenues rose to £217.4 million from £205.6 million posted in the same period preceding year. The company’s profit before tax stood at £3.1 million, compared to a loss of £4.4 million reported in the previous year. The basic and diluted earnings per share stood at 2.2p. The company further stated that the board has approved an interim dividend of 2.0p per share.

Medaphor Group Plc (MED.L) Announced that it has been awarded a conditional grant offer of £464,000, from Innovate UK to fund the development of a new augmented reality imaging device to improve ultrasound-guided needling.

Mobile Streams Plc (MOS.L) Announced, in its final results for the year ended 30 June 2017, that revenues fell to £5.7 million from £12.9 million posted in the preceding year. The company’s loss before tax stood at £1.5 million, compared to a loss of £0.737 million reported in the previous year. The basic loss per share stood at 2.6p, compared to a loss of 3.5p reported in the previous year. The company’s cash and cash equivalents stood at £2.3 million (2016: £1.4 million).

Mountfield Group Plc (MOGP.L) Announced, in its trading update for the year to date, that the Board expects the net profit for the period to likely exceed that achieved in both the first half of the year to 30 June 2017 and the second half of the year to 31 December 2016. It expects the value of Group's secured work at the beginning of 2018 to be at least £8.1 million.

Netcall Plc (NET.L) Announced that it will be holding its Annual General Meeting in London on 23 November 2017. At the meeting Michael Jackson, Chairman of the company, will make statement about the performance of the company.

Nostra Terra Oil & Gas Company Plc Announced that its well located in Mitchell County, Texas in the Permian Basin, (the Twin Well), has been successfully (NTOG.L) drilled and logged with oil shows in all of the target formations. The Twin Well was drilled to a total depth of 3,200 feet encountering the following formations as expected, the Upper San Andres, Lower San Andres, Glorietta, Upper Clear Fork, Middle Clear Fork, and Lower Clear Fork Formations. The well intersected more than 113 feet of gross oil pay in aggregate across the target objectives. In addition, logging indicated potential commercial quantities of pay below the main target zone in the Lower Clear Fork Formation.

Oilex Limited (OEX.L) Announced that the company’s 190,535,385 unlisted options with an exercise price of £0.0035 and an expiry date of 22 November 2017 have expired unexercised.

Osirium Technologies Plc (OSI.L) Announced that a leading law firm has signed a contract for a minimum of twelve months. The customer is one of the leading providers of legal and claim-handling services to the UK general insurance sector, with offices in Manchester, Cardiff, Liverpool, London, Sheffield and Southampton. Under the terms of the contract, the company will deliver its full PxM product offering of Privileged Account Management and Privileged Session Management modules and associated consultancy services.

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Premaitha Health Plc (NIPT.L) Announced that it has signed an agreement with a new laboratory partner to offer an NIPT screening solution in a new East Asian territory for Premaitha. The installation of the laboratory is set to be completed in H1 2018. The Partner will be operating in an already established NIPT market with attractive market dynamics and growth prospects.

Telit Communications Plc (TCM.L) Announced that it has appointed Richard Kilsby as Non-Executive Chairman with immediate effect. Simon Duffy has been appointed the senior independent Non-Executive Director and Chairman of the Audit Committee, with immediate effect. Yosi Fait, who has been interim Chief Executive since August, has been appointed Chief Executive Officer and Yariv Dafna, currently Chief Operating Officer, joins the Board as Finance Director, both with immediate effect. Enrico Testa is stepping down as Chairman but will remain on the Board as an Executive Director. Davidi Gilo, Non-Executive Director, will step down from the Board on 31 December 2017. Furthermore, the Board remains committed to delivering a significant rationalisation of the Group's product lines and a reduction in its cost base, the benefits of which will be achieved in the coming financial year to 31 December 2018, and following years.

Tiziana Life Sciences Plc (TILS.L) Announced that milciclib, a small molecular pan-inhibitor of cyclin dependent kinases has fulfilled its primary endpoints in the two phase II clinical trials in patients with thymic carcinoma and thymoma. Further, the treatment regimen with milciclib was safe and well-tolerated in these patients with continuing exposure of up to 5 years.

Trinity Exploration & Production Plc Announced an update regarding the proposed sale of its West Coast Assets. On 11 August 2017, it announced that it had (TRIN.L) entered into an agreement to sell its interests in the West Coast Assets. Therefore, the company announced that without regulatory approvals the sale of the West Coast Assets to Range will not complete, and the deposit of $4.55 million, currently held in escrow, is expected to be released to Range under the terms of the SPA and related escrow agreement.

FTSE 100 Bunzl Plc (BNZL.L) Announced that the acquisition of Hedis, Comptoir de Bretagne and Générale Collectivités, that was announced on 20 July 2017, has been completed following clearance of the transaction by the French Competition Authority. Separately, the company has also recently acquired Interpath in Australia and entered into an agreement to acquire Talge in Brazil.

Centrica Plc (CNA.L) Announced, in its trading update for 2017, that the company continues to make good progress in the implementation of its strategy and portfolio repositioning and remains on track to achieve the 2017 targets set out at its 2016 preliminary results in February. However, trading conditions continue to be highly competitive and performance delivery since mid- year within the Centrica Business energy supply businesses has been disappointing. Meanwhile, the company stated that 2017 full year adjusted earnings per share are expected to be around 12.5p, including a 0.8p impact from the North America Business one-off non-cash charge.

GlaxoSmithKline Plc (GSK.L) Announced the filing of a supplemental New Drug Application (sNDA) with the US Food and Drug Administration (FDA) for the use of Trelegy Ellipta for an expanded indication for the maintenance treatment of airflow obstruction and reduction of exacerbations in patients with chronic obstructive pulmonary disease (COPD). Further, the company noted that approval of this sNDA means FF/UMEC/VI could be used by physicians to treat a wider population of patients with COPD who are at risk of an exacerbation and require triple therapy.

Royal Dutch Shell Plc (RDSA.L) Announced that the reference share price in respect of the third quarter interim dividend of 2017, which was announced on 2 November 2017 at $0.47 per A ordinary share and B ordinary share and $0.94 per American Depository Share. The reference share price used for calculating a participating shareholder's entitlement under the scrip dividend programme is $30.925.

Severn Trent Plc (SVT.L) Announced, in its interim results for the six months to 30 September 2017, that revenues rose to £850.4 million from £820.0 million reported in the same period last year. The company’s profit before tax stood at £296.1 million compared to a profit of £296.7 million reported in the previous year. The basic earnings per share from continuing operations stood at 62.6p compared to earnings of 78.4p in the previous year. The company’s board proposed an interim dividend of 34.63p per share, payable on paid on 5 January 2018 to shareholders on the register at 1 December 2017.

FTSE 250 Caledonia Investments Plc (CLDN.L) Announced, in its half-year results for the six months ended 30 September 2017, that total revenues dropped to £40.6 million from £125.8 million recorded in the same period a year ago. Profit after tax narrowed to £28.7 million from £113.7 million. The board has declared an interim dividend of 15.5p, a rise of 4.0%.

Cineworld Group Plc (CINE.L) Announced, in its trading update for the period 1 January 2017 to 19 November 2017, that revenue growth of 10.6% has been achieved. Moreover, the Group has made significant progress with its expansion and refurbishment programme. During the second half of the year the Group has opened seven sites with a total of 83 screens. Additionally, the Group continues to proactively manage its existing estate through the refurbishment and selective closure of certain sites.

Grainger Plc (GRI.L) Announced that it has exchanged contracts with Blackswan Property Limited to forward fund and acquire a private rented sector (PRS), build to rent development, Gilder's Yard in Birmingham, comprising 156 new purpose built PRS

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homes, for approximately £28.0 million. Moreover, the company noted that Blackswan Property Limited will develop the site and Shaylor, a Midlands based contractor, will construct the scheme.

Mitchells & Butlers Plc (MAB.L) Announced, in its full year results for the year ended 30 September 2017, that revenues rose to £2,180.0 million from £2,086.0 million recorded in the prior year. Profit after tax narrowed to £63.0 million from £89.0 million. For the FY 2017 financial year the Board has recommended a final dividend of 5.0p per share (full year 7.5p per share) which will be paid on 6 February 2018 to shareholders on the register at the close of business on 15 December 2017.

Paragon Banking Group Plc (PAG.L) Announced, in its full year results for the year ended 30 September 2017, that net interest income rose to £232.6 million from £223.2 million recorded in the previous year. Profit after tax widened to £117.2 million from £116.0 million. The Board proposed a final dividend of 11.0p per share which, when added to the interim dividend of 4.7p, gives a total dividend of 15.7p per share for the year.

Rotork Plc (ROR.L) Announced, in its trading update covering the third quarter and the year to 29 October 2017, that Group order intake in the third quarter increased by 11.8%, or 7.9% on an organic constant currency (OCC) basis, while revenue increased by 5.1% (+0.9% OCC). Furthermore, the Group continues to be highly cash generative with a strong balance sheet and net debt of £39.0 million at 29 October 2017 (£55.0 million at 31 December 2016). The company stated that it due to shipments in the remaining two months of the year, and a slightly reduced tailwind from currency, results for the full year remain in line with management expectations.

The Edinburgh Investment Trust Plc Announced, in its interim results for the six months ended 30 September 2017, that net income rose to £12.4 million from (EDIN.L) £93.9 million posted in the same period preceding year. The company’s profit before tax stood at £7.9 million, compared to a profit of £89.3 million reported in the previous year. The basic earnings per share stood at 3.8p, compared to earnings of 45.4p reported in the previous year. The Board has declared a first interim dividend of 5.8p per share.

TR Property Investment Trust Plc Announced, in its final results for the half year ended 30 September 2017, that its total income stood at £124.6 million, (TRY.L) compared to £119.4 million in the preceding year. Operating profit stood at £117.1 million, compared to £114.9 million. Profit after tax was £115.62 million compared to £112.44 million. The company’s earnings per share was 36.43p, compared to 35.41p. Further, the company, declared an interim dividend of 4.65p per share.

Unite Group Plc (UTG.L) Announced that it has arranged a new five-year unsecured debt facility of £500 million, providing it with reduced financing costs, a greater level of flexibility and ability to diversify sources of funds to support ongoing growth. The new loan facilities comprise a five-year £350 million revolving credit facility and a one year £150 million bridge loan, replacing a £280 million secured debt facility. The Group intends to replace the bridge loan during the first half of 2018 with longer term unsecured debt to further extend its maturity profile and diversify its sources of finance. The Group also announced that it has been assigned an investment grade corporate rating of BBB from Standard & Poor's and Baa2 from Moody's.

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