Broker Upgrades and Downgrades & Key Uk

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BROKER UPGRADES AND DOWNGRADES & KEY UK CORPORATE SNAPSHOTS 23 March 2018

UK Broker Upgrades / Downgrades Please contact us for more information

Code Company Broker Recomm. From Recomm. To Price From Price To Upgrades CZA Coal of Africa Ltd Peel Hunt Buy Buy 86 88 MTO Mitie Group Plc Barclays Capital Underweight Overweight 174 180 Downgrades NWF NWF Group Plc Peel Hunt Hold 185 185 TPK Travis Perkins Plc Liberum Capital Buy Buy 1720 1525 Initiate/Neutral/Unchanged AUTO Auto Trader Group Plc Liberum Capital Buy Buy BOWL Hollywood Bowl Group Plc Liberum Capital Buy Buy BRW Brewin Dolphin Holdings Plc Liberum Capital Buy Buy CARD Card Factory Plc Liberum Capital Buy Buy EIG EI Group Plc Liberum Capital Hold Hold FERG Ferguson Plc Liberum Capital Buy Buy FGP Firstgroup Plc Liberum Capital Buy Buy FLYB Flybe Group Plc Liberum Capital Hold Hold 36 36 FSTA Fuller Smith & Turner Liberum Capital Hold Hold

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Code Company Broker Recomm. From Recomm. To Price From Price To Initiate/Neutral/Unchanged GNK Greene King Plc Liberum Capital Buy Buy HFD Halfords Group Plc Liberum Capital Hold Hold HLMA Halma Plc Liberum Capital Sell Sell LMP Londonmetric Property Plc Liberum Capital Hold Hold MAB Mitchells & Butlers Plc Liberum Capital Sell Sell MARS Marston's Plc Liberum Capital Buy Buy MTO Mitie Group Plc Liberum Capital Buy Buy NTG Northgate Plc Peel Hunt Buy Buy 500 500 OXIG Oxford Instruments Plc Liberum Capital Buy Buy PAG Paragon Group of Cos Plc Liberum Capital Buy Buy QQ. QinetiQ Group Plc Liberum Capital Hold Hold RMG Royal Mail Plc Liberum Capital Sell Sell SNN Sanne Group Plc Liberum Capital Hold Hold 745 745 TATE Tate & Lyle Plc Liberum Capital Buy Buy 850 850

BROKER UPGRADES AND DOWNGRADES

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Key UK Corporate Snapshots Today

AIM Beowulf Mining Plc (BEM.L) Announced, in its preliminary drilling results for its Aitolampi graphite project, that 10 holes have been completed and 1577.6m. The longest hole drilled, AITDD18014, was 235.3m, and intercepted a total length of graphite mineralisation of 127.4m, including a single intercept of 44.9m. Mineralisa tion started 24.4m from the collar. This hole tested all three conductive zones including the north-western strike extension of the higher- grade parallel graphite zones intersected in hole AITDD17006 in last year's drilling programme.

Cenkos Securities Plc (CNKS.L) Announced, in its annual results for the year ended 31 December 2017, that revenues rose to £59.5 million from £43.7 million recorded in the previous year. Profit after tax widened to £7.2 million from £2.5 million. The board proposed a final dividend of 4.5p per share (2016: 5.0p per share) which brings the total dividend for the year to 9.0p per share (2016: 6.0p per share).

Condor Gold Plc (CNR.L) Announced, in its final results for the year ended 31 December 2017, that its loss after tax was £3.02 million compared to loss after tax of £7.68 million. The company’s diluted loss per share was 5.04p, compared to loss per share of 14.52p.

Crawshaw Group Plc (CRAW.L) Announced that Noel Collett, Chief Executive Officer, has informed the company of his intention to step down but will remain in his role until a replacement CEO is appointed to ensure an orderly hand over. The company also announced that Alan Richardson, Chief Financial Officer, has notified the company of his intention to leave the business in early May. Further, the company announced in its trading update for the year ended January 2018, that the trading for the period remains unchanged and the full year results will be announced in April. Trading in the first 6 weeks of the new financial year has been challenging, exacerbated by the recent poor weather but the factory shop format continues to perform well.

Flowtech Fluidpower Plc (FLO.L) Announced that Malcolm Diamond has been recognised at the prestigious 2018 Non-Executive Director Awards, winning the award in the FTSE AIM category.

Gaming Realms Plc (GMR.L) Announced that it has sold its affiliate portals, bingoport and freebingohunter, for a total consideration of £2.4 million to 1ST Leads Ltd. Further, the 1st Leads has paid £2 million on closing, and a maximum of £400,000 will be payable on 31 December 2018. Additionally, the firm announced, in its trading update for twelve months to 31 December 2017, that it revenue stood at £31.6 million, compared to £32.0 million in the preceding year. It generated adjusted EBITDA of £0.7 million.

Grafenia Plc (GRA.L) Announced, in its trading update, that the company continues to experience headwinds with transactional print. Wholesale prices for print have continued to decrease, despite increasing costs of raw materials. Volume and margins in the company’s trade divisions were below budget in December and January and are sharply down in February. Whilst there is oversupply and discounting in the market it is difficult to see this trend chang ing. However, the company has been executing its strategy to become less reliant on these print volumes. A greater proportion of the firm’s revenues now come from licence fees, signage and website sales. Grafenia is scaling. It anticipate its full year 201 8 revenues to be just under £15m - approximately 40% higher than last year. As a result of revenues being slightly behind management expectations and weaker print margins, the company expects its EBITDA and pre-tax loss for the year ending 31 March 2018 to be around a similar level to last year. The firm expects net debt to be circa £2.85m at the year end. The company generates healthy levels of cash through our operations and we forecast that to continue.

Gunsynd Plc (GUN.L) Announced that it has been informed by Horse Hill Developments Ltd (HHDL), the operator of Horse Hill licenses PEDL137 and PEDL246, containing the Horse Hill -1 (HH-1) oil discovery, that it has now received final decision notices from Surrey County Council (SCC), discharging all of the pre-commencement conditions. HHDL has received the necessary permission from the Environment Agency and is now awaiting approval from the Oil and Gas Authority.

Immupharma Plc (IMM.L) Announced that the company has been informed by Simbec-Orion, the contract research organisation conducting its Lupuzorpivotal Phase III trial study, that 'database lock' is expected on 6 April 2018, with top line results announced by mid-April 2018.

Kellan Group (The) Plc (KLN.L) Announced, in its final results for the year ended 31 December 2017, that its reported revenue stood at £22.0 million compared to £21.9 million in the preceding year. Operating profit stood at £0.69 million compared to a loss of £2.1 million. Profit before tax was £0.4 million compared to a loss of £2.4 million in the previous year. The company’s diluted earnings per share was 0.13p, compared to a loss of 0.73p in the previous year.

Leaf Clean Energy Company (LEAF.L) Announced, in its results for the six months ended 31 December 2017, that gross portfolio returns rose to $0.6 million from gross portfolio loss of $13.1 million reported in the same period last year. The company's profit before tax stood at $6.6 million compared to a loss of $14.4 million reported in the previous year. The basic earnings per share stood at 1.15c compared to loss of 12.33c in the previous year. The company's cash and cash equivalents stood at $2.0 million (30 June 2017: $2.2 million).

Mereo BioPharma Group Plc (MPH.L) Announced, in its audited preliminary results for the year ended December 31, 2017, that its loss before tax stood

BROKER UPGRADES AND DOWNGRADES

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at £46.95 million, compared to a loss of £33.72 million reported in the previous year. The basic and diluted loss per share stood at £0.56 compared to a loss per share of £0.63 reported in the previous year. The company’s cash and equivalents stood at £50.04 million.

Nighthawk Energy Plc (HAWK.L) Announced, an update to production for the month ended 31 January 2018, that net monthly production in January 2018 was 22,356 barrels and net daily production in January 2018 was 721 barrels. Further, during the period from November 2017 to January 2018 several wells required non-routine workovers to be performed, which partially affected production. These workovers have now been completed.

PipeHawk Plc (PIP.L) Announced, in its unaudited results for the six months ended 31 December 2017, that its reported net interest income stood at £2,310,000 compared to £2,999,000 in the preceding year. Operating loss stood at £183,000 compared to £91,000. Loss before tax was £118,000 compared to £180,000 in the previous year. The company’s diluted earnings per share was 0.03p, compared to earnings of 0.13p in the previous year.

Primorus Investments Plc (PRIM.L) Announced that it has been informed by Horse Hill Developments Ltd (HHDL), the operator of Horse Hill licenses PEDL137 and PEDL246, containing the Horse Hill -1 (HH-1) oil discovery, that it has now received final decision notices from Surrey County Council (SCC), discharging all of the pre-commencement conditions. HHDL has received the necessary permission from the Environment Agency and is now awaiting approval from the Oil and Gas Authority.

Regency Mines Plc (RGM.L) Announced, in its half-yearly results for the six months ended 31 December 2017, that the revenue was nil compared to a revenue of £0.098 million posted in the same period preceding year. The company’s profit before tax stood at £0.421 million, compared to a loss of £0.182 million reported in the previous year. The basic earnings per share stood at 0.073p compared to a loss per share of 0.06p reported in the previous year. The company’s cash and equivalents stood at £0.038 million.

Robinson Plc (RBN.L) Announced, in its final results for the year ended 31 December 2017, that its total revenue stood at £29.8 million, compared to £27.5 million in the preceding year. Profit after tax was £0.3 million, compared to £1.2 million. The company’s diluted earnings per share was 1.9p, compared to 7.3p.

Savannah Petroleum Plc (SAVP.L) Announced, in its full year audited results for the period ended 31 December 2017, that loss after tax widened to $27.4 million from $9.8 million recorded in the previous year. No dividends have been declared or paid since incorporation.

SDX Energy Inc (SDX.L) Announced, in its financial results the three months and year ended December 31, 2017, that revenues rose to $11.0 million from $5.4 million reported in the same period last year. The company's netback stood at $8.5 million compared to a netback of $3.6 million reported in the previous year. The basic earnings per share stood at 0.022c compared to loss of 0.010c in the previous year. The company's cash and cash equivalents stood at $25.8 million (December 31, 2016: $4.7million).

Serabi Gold Plc (SRB.L) Announced that Greenstone Resources II L.P. (Greenstone), a leading mining focussed private equity group has agreed to invest $15.0 million to acquire a 29.82% interest in the company (the Subscription). Further, the company added that Mr Mark Sawyer, a partner of Greenstone Capital LLP who provide advisory services to Greenstone, will join the Board of the company with immediate effect.

Sprue Aegis Plc (SPRP.L) Announced that it received written notice (Termination for Breach Notice) on 22 March 2018 from BRK Brands, Inc. in which it is alleged, inter alia, that the Company is in breach of certain provisions (relating, inter alia, to the Company's rights to use certain BRK trademarks) of the distribution agreement entered into between Sprue and BRK Brands Europe Limited ("BRK") dated 10 April 2010 which was extended by both parties for a further three years from 1 April 2015 ("Distribution Agreement") and that this alleged breach severely damages BRK; and the breach is not curable and as such BRK is terminating the Distribut ion Agreement effective as of 22 March 2018 and that BRK shall not be purchasing any stocks of unsold products. The Company will be carrying out an assessment of the value of the stocks of unsold products which BRK has stated, in the Termination for Breach Notice, it is not going to purchase. The Company is taking legal advice with regard to the Termination for Breach Notice and the allegations made by BRK and a further announcement will be made in due course.

Trading Emissions Plc (TRE.L) Announced that the completion of the sale of the company's remaining Italian solar operating subsidiary, Solar Energy Italia 1 Srl, is expected to take place on April 4, 2018.

Trans-Siberian Gold Plc (TSG.L) Announced, in its trading update for the financial year ended December 31, 2017, that its total gold production of 36,714oz exceeded FY17 production guidance and was stable against the previous year. Further, its unaudited revenues for the year were approximately $43.5 million compared to $42.2 million in the previous year. Moreover, its operational challenges in H17 resulted in a pre-tax profit of $0.5 million from $5.4million in H16. Whilst operations improved significantly in H17 it is expected that pre-tax profits for FY17 will be lower than FY16. In its outlook for 2018 the company indicated that it is targeting total gold production in the range of 36,000oz - 40,000oz from 36,714oz in FY17. Further, the company anticipates some cost inflation especially for power generation but overall, total cash costs are expect ed to fall year-on-year to within the range of $650 - $680/ oz. Additionally, CAPEX forecast for 2018 is approximately $11 million, which is in line with expenditures for 2017.

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FTSE 100 Aviva Plc (AV..L) Announced that it has decided to take no action to cancel its preference shares. Under current regulation the preference shares will no longer count as regulatory capital in 2026. The company will work towards obtaining regulatory approval for the preference shares, or a suitable substitute, to qualify as capital from 2026 onwards. If as we approach 2026 Aviva needs to reconsider this position, it will do so after taking into account the fair market value of the preference shares at that time.

GlaxoSmithKline Plc (GSK.L) Announced that the European Commission has approved Shingrix for the prevention of shingles and post -herpetic neuralgia (PHN) in adults aged 50 years or older. Further, the company added that the Japanese Ministry of Health, Labour and Welfare (MHLW) has also approved Shingrix for the prevention of shingles (herpes zoster) in adults aged 50 years or older.

Next Plc (NXT.L) Announced, in its final results for the year ended 27 January 2018, that revenues fell to £4,055.5 million from £4,097.3 million recorded in the previous year. Profit after tax narrowed to £591.8 million from £635.3 million. The board proposed a final ordinary dividend of 105p taking the total ordinary dividend to 158p, flat on last year.

Smiths Group Plc (SMIN.L) Announced, in its interim results for the six months ended 31 January 2018, that its reported revenue stood at £1.5 billion, compared to £1.6 billion in the preceding year. Profit after tax was £104.0 million compared to £303.0 million. The company’s diluted earnings per share was 25.7p, compared to 75.6p. The company declared an interim dividend of 13.80p per share compared to 13.55p in the comparable period.

FTSE 250 Big Yellow Group Plc (BYG.L) Announced the acquisition of a site in Hove for a new 56,000 sq ft store, subject to planning. Further, the company stated that this is a site it is particularly pleased with as the company's management have been tracking it for nearly 20 years in a town where land availability is very limited.

Ibstock Plc (IBST.L) Announced its CEO succession plan on 11 October 2017, and following his appointment to the company on 2 January 2018, Joe Hudson will be appointed as CEO of the company with effect from 4 April 2018, on completion of the handover period with retiring CEO, Wayne Sheppard.

Indivior Plc (INDV.L) Announced that the US District Court for the District of Delaware has found that Alvogen does not infringe the asserted claims of U.S. Patent Nos. 8,017,150 (the "'150 Patent"), 8,603,514 (the "'514 Patent") or 8,900,497 (the "'497 Patent"). Alvogen did not challenge the validity of any of those asserted claims. Further, the company intends to continue vigorously defending its intellectual property and believes that it has grounds to appeal the ruling by the District Court of Delaware.

John Laing Infrastructure Fund Announced, in its final for the year ended 31 December 2017, that operating income fell to £113.6 million from (JLIF.L) £175.2 million reported in the same period last year. The company’s profit before tax stood at £99.0 million compared to a profit of £160.4 million reported in the previous year. The basic earnings per share stood at 10.2p compared to earnings of 18.1p in the previous year. The company’s board declared an interim dividend of 3.57p per share, payable in May 2018 to shareholders on the register as at the close of business on 6 April 2018.

NewRiver REIT Plc (NRR.L) Announced that the company will declare its full year results for the 12 months ending 31 March 2018 on Thursday 24 May 2018. A presentation for analysts will be held at 9.00am on the d ay of results at the offices of Eversheds Sutherland, 1 Wood St, London EC2V 7WS.

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