Broker Upgrades and Downgrades & Key Uk

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BROKER UPGRADES AND DOWNGRADES & KEY UK CORPORATE SNAPSHOTS 14 February 2018

UK Broker Upgrades / Downgrades Please contact us for more information

Code Company Broker Recomm. From Recomm. To Price From Price To Upgrades GNS Genus Plc Liberum Capital Hold Hold 2100 2400 HSTG Hastings Group Holdings Ltd Berenberg Buy Buy 315 341 OCDO Ocado Group Plc Peel Hunt Buy Buy 520 570 PLUS Plus500 Ltd Liberum Capital Buy Buy 1232 1507 TALK TalkTalk Telecom Group Plc SocGen Sell Hold 125 105 Downgrades BAG A.G.Barr Plc JP Morgan Cazenove Neutral Underweight 630 570 DLG Direct Line Insurance Group Plc Berenberg Hold Hold 390 378 ESUR Esure Group Plc Berenberg Sell Sell 247 230 VEC Vectura Group Plc Peel Hunt Hold Hold 160 120 Initiate/Neutral/Unchanged ACSO Accesso Technology Group Plc Berenberg Buy 2700 ESL Eddie Stobart Logistics PLC Berenberg Buy 190 MCL Morses Club Plc Peel Hunt Buy 165 OTB On the Beach Group Plc Peel Hunt Buy Buy 600 600

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BROKER UPGRADES AND DOWNGRADES

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Code Company Broker Recomm. From Recomm. To Price From Price To Initiate/Neutral/Unchanged WIN Wincanton Plc Berenberg Hold 210 WPP WPP Plc Liberum Capital Buy Buy 1815 1815

BROKER UPGRADES AND DOWNGRADES

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Key UK Corporate Snapshots Today

AIM 88 Energy Limited (88E.L) Announced that the 3D seismic acquisition has commenced across the Western Margin of the Project Icewine acreage, located on the North Slope of Alaska. The 3D seismic will firm up drilling candidates identified on conventional prospectivity from interpretation of 2350 line km of modern and reprocessed 2D seismic data. The conventional prospective resource potential as at 31 January 2018 is estimated by the company as 1.9 billion barrels gross. The 3D survey will be acquired using the vibroseis slip-sweep method, covering an area of approximately 460 sq.km. Acquisition parameters have been zoned to optimise fold and imaging across significant conventional leads already identified in areas that historically have imaged poorly due to permafrost and the presence of icelakes. The company has largely completed permitting for two potential drilling locations on a multi-year basis allowing for prompt execution of the proposed 2019 drilling program.

Alpha Financial Markets Consulting Announced that Ken Fry has been appointed Non-Executive Chairman, and Penny Judd and John Paton will join the Plc (AFM.L) Board, as Senior Independent Non-Executive Director and Chief Financial Officer respectively.

Ascent Resources Plc (AST.L) Announced that it will hold a shareholder update meeting and presentation followed by a Q&A session on 07 March 2018, at 6:00 p.m., the company office.

Ashley House Plc (ASH.L) Announced that it has agreed to sell its 25% interest in a pharmacy to Invescare Property Limited, London. The consideration for the sale of the Company's interest in the Asset is £325,000 which will be satisfied by a reduction in the loan between the Company and Invescare Limited.

Botswana Diamonds Plc (BOD.L) Announced that the company has raised £0.5 million (before expenses) via the placing of 50,000,000 new ordinary shares (the Placing Shares) with new and existing investors at a price of 1p per Placing Share (the Placing). The Placing Shares represent approximately 9.8% of the company's issued share capital as enlarged by the Placing. The net proceeds of the Placing will fund ongoing diamond exploration in South Africa and Botswana and will also provide the company with additional working capital. The Placing shares will rank pari passu with the company's existing ordinary shares of 0.25p each (Ordinary Shares). Application will be made for the Placing Shares to be admitted to trading on AIM (Admission) and it is expected that such admission will become effective on or around 28th February 2018.

Brave Bison Group Plc (BBSN.L) Announced that it has agreed a two-year exclusive kit sponsorship and supplier deal with leading sports brand, Under Armour, for Rebel FC, its social influencer football team. The two-year deal sees Rebel FC join the ever-growing Under Armour roster, which includes World Heavyweight Champion Anthony Joshua, tennis star Andy Murray and professional football teams Southampton and Aston Villa.

Chaarat Gold Holdings Limited Announced that it has appointed Peter Carter as the Chief Operating Officer. (CGH.L) Feedback Plc (FDBK.L) Announced that it has appointed David Crabb as Chief Executive Officer and a director of the company with immediate effect.

Hargreaves Services Plc (HSP.L) Announced, in its interim results for the six months ended 30 November 2017, that revenues fell to £0.15 billion from £0.17 billion reported in the same period last year. The company’s loss before tax stood at £1.9 million compared to a profit of £0.7 million reported in the previous year. The basic earnings per share stood at 2.65p compared to earnings of 0.28p in the previous year. The company’s board has proposed an interim dividend of 2.7p per share, payable on 6 April 2018 to shareholders on the register as at 23 February 2018.

Hurricane Energy Plc (HUR.L) Announced an operational update on activities related to the Early Production System on the Lancaster Field. The company indicated that a key project milestone has been achieved, with completion of buoy 'dry' trial fit testing operations by Bluewater Energy Services BV and Dubai Drydocks World, LLC. Under the EPC contract with Bluewater, the Aoka Mizu FPSO vessel is currently undergoing repair, upgrade and life extension works at the Drydocks World yard, in Dubai. This facility is also carrying out the fabrication of the buoy which will form part of the project's mooring system. The successful completion of these operations provides a high level of confidence that the newly machined conical ring of the buoy will successfully engage with the machined receptacle of the existing Turret, during the offshore hook-up campaign for the Lancaster EPS.

Iofina Plc (IOF.L) Announced the completion of construction and commencement of production at its IO#7 IOsorb plant. Further, the company stated that the site has undergone hydrostatic testing and evaluations of its systems and is currently processing iodine rich brine water. Moreover, the company expects that the production from IO#7 will favourably impact the Group's overall iodine production output as well as lowering overall production costs and over the next few weeks the team will be lining out the parameters of operations at IO#7 to maximise iodine output.

Keystone Law Group Plc (KEYS.L) Announced, in its pre-close trading update ahead of its maiden final results for the year ended 31 January 2018, that the group has continued to trade strongly through the period, delivering significant growth and expects to report profits which will be comfortably ahead of current market expectation. As outlined at the time of the Group's IPO in November 2017, Keystone is well positioned to establish itself as one of the leading UK mid-market law firms with a clear and simple growth strategy enabling it to take advantage of the significant addressable market. The Group will be announcing its maiden final results on 25 April 2018.

BROKER UPGRADES AND DOWNGRADES

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Midatech Pharma Plc (MTPH.L) Announced, in its trading update, that it anticipates the total net revenues for the twelve months ended 31 December 2017 to be at least £7.4 million (2016: £6.9 million), including US product sales of £6.7 million (2016: £5.2 million), an increase of 29% on the previous year. Whilst still subject to final audit approval, the US operation also reached break- even in H2 2017. The board continues to focus on managing costs and the group net cash balance as at 31 December 2017 was £13.2 million (2016: £17.6 million), also in line with market expectations.

Nighthawk Energy Plc (HAWK.L) Announced that Kurtis Hooley has given his resignation as the company's Chief Financial Officer and Corporate Secretary, effective 16 March 2018

Northamber Plc (NAR.L) Announced, in its interim report for the six months to 31 December 2017, that revenues rose to £31.7 million from £29.0 million recorded in the same period a year ago. Loss after tax narrowed to £0.2 million from £0.5 million. The board has proposed an interim dividend of 0.1p.

OnTheMarket Plc (OTMP.L) Announced that in line with the 5-year agreement announced in November 2017, the estate agency firm Arun Estates is now advertising its UK residential sales and lettings properties at OnTheMarket.com. Further, the company noted that the agreement was conditional upon the company's admission to the AIM market and under the agreement, Arun Estates has also agreed to actively promote the OnTheMarket.com portal brand with digital and branch-based marketing activity.

Origin Enterprises Plc (OGN.L) Announced that Imelda Hurley, Chief Financial Officer, has indicated her intention to step down from the Board on 28 February 2018 and leave the Group effective 30 April 2018 in order to pursue other business, academic and personal interests and the company has now initiated a search for a new CFO and an appointment will be made in due course.

Plexus Holdings Plc (POS.L) Announced the sale of two POS-GRIP 18-3/4" rental wellhead sets and associated mudline equipment and tooling to LLC Gusar (OOO Gusar) Ltd, the company's partner and licensee in Russia, for circa £1.4 million. The wellheads will serve as the basis for Gusar's POS-GRIP rental exploration wellhead inventory, and are planned to be used for gas exploration drilling within the Russian Federation under the exclusive licence agreement between Plexus and Gusar and CJSC Konar two independent Russian oil and gas equipment manufacturers. The Sale represents a major milestone towards delivering on one of Plexus' objectives to establish its best in class POS-GRIP equipment in Russia and the CIS, one of the top three hydrocarbon producers in the world with significant gas reserves.

Plus500 Limited (PLUS.L) Announced, in its preliminary unaudited results for the year ended 31 December 2017, that revenues rose to $437.2 million from $327.9 million reported in the last year. The company's net profit stood at $199.7 million compared to a profit of $117.2 million reported in the previous year. The basic earnings per share stood at $1.75 compared to earnings of $1.02 in the previous year. The company's board declared a final dividend of $0.8129 per share, payable on 23 July 2018 to shareholders on the register as at 23 February 2018.

SolGold Plc (SOLG.L) Announced that a second drilling program will commence at the Aguinaga prospect at the company's Cascabel copper- gold porphyry project in Ecuador, with two diamond drill rigs to mobilise to drill sites being prepared at Aguinaga in early March 2018. The Aguinaga prospect lies along a prominent topographic high (1615m) about 3km northeast of the Alpala Deposit. First pass drilling will start with five high-priority drill holes, initially up to 1200m depth, using two man-portable drill rigs. Both drill rigs are planned to be moved into Aguinaga after completing their current holes at Alpala. Since the arrival of five large drill rigs into the Alpala drill program, producing up to 100m of drill-core a day, the company is able to make these rigs available to test the Aguinaga and other peripheral targets.

TechFinancials Corporation (TECH.L) Announced that the company's Non-Executive Director, Mr Hillik Nissani has stepped down from his role with immediate effect.

Union Jack Oil Plc (UJO.L) Announced, in its operational update, that 2018 is expected to see potentially high-impact drilling at Biscathorpe and Holmwood plus a new planning application to be submitted during April 2018 on Wressle. In addition, results are expected from the workover of wells currently underway at the recently acquired Fiskerton Airfield and discussions will commence with the operator to progress potential development plans at the Dukes Wood and Kirklington oil facilities, as well as at the producing Keddington oilfield. The company is positioned to deliver ongoing news flow throughout 2018 from our onshore portfolio of producing assets, drill-ready appraisal and exploration targets given the company's active evaluation programme in today's attractive oil price environment.

Water Intelligence Plc (WATR.L) Announced, in its Q4 trading update and corporate development, that the upward growth trajectory, referred to in the Q3 trading update, remained consistent for the remainder of 2017. Revenue and profit before taxes adjusted each grew significantly during 2017 when compared with 2016. Revenue grew to $17.7 million which was 45% higher than 2016 revenue of $12.2 million. During 2017, profits before taxes adjusted reached $1.7 million which was 21% higher than profits before taxes adjusted in the same way during 2016 (2016: $1.4 million). In its corporate development, the board stated that it needed to invest in technology and in people and also pointed to renewables as a future growth path. During 2017, it advanced corporate development in all of these directions while continuing to relentlessly grow its core businesses. The Company's current cash position is strong with approximately $775,000. Net debt is $1.2 million.

Zoo Digital Group Plc (ZOO.L) Announced that Helen Gilder has resigned from the role of the company's Chief Finance Officer (CFO).

BROKER UPGRADES AND DOWNGRADES

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FTSE 100 BT Group Plc (BT.A.L) Announced that it will continue to show Premier League matches on BT Sport for a further three years from the 2019/20 season, adding to the exclusive line-up of premium European football and rugby that sports fans already enjoy. It will continue to show games at 5.30pm on Saturdays next season and then move to Saturday lunchtime fixtures from August 2019. The rights will cost £295 million per season for 32 games. A deposit of £26.5 million is payable this month followed by six instalments of around £145 million starting in July 2019, payable every six months until December 2021.

Coca-Cola HBC AG (CCH.L) Announced, in its final results for the year ended 31 December 2017, that its reported revenue stood at €6.5 billion, compared to €6.2 billion in the preceding year. Profit after tax was €426.0 million compared to €343.5 million. The company's basic earnings per share was €1.168, compared to €0.949. The company declared a final dividend of €0.54 per share compared to €0.40 in the comparable period.

Sky Plc (SKY.L) Announced that it will show more matches than ever before, with the biggest matches in the best slots sitting alongside an ever broader offering of drama, entertainment and comedy. The company has chosen to pay £1,193 million per annum under the terms of the new deal, down £199 million per annum, a 16% cost reduction per game versus the current agreement. It has acquired the following rights between 2019/20 and 2021/22; the biggest head to heads with every weekend 'first pick' and 14 'second picks', the best slots including Saturday tea time matches, Super Sunday, Monday Night Football and Friday Night Football and for the first time, Saturday evening matches. The agreement strengthens its position as the best provider of the broadest range of content, which includes ten channels of sport covering live Premier League, English Football League, Scottish Football, exclusive coverage of Formula 1 from 2019 to 2024, plus England cricket through to 2024.

FTSE 250 Galliford Try Plc (GFRD.L) Announced that it proposes to raise £150 million of new equity capital (the Capital Raising) from its shareholders in the coming weeks and is also providing an update on the company’s Try's dividend policy. Separately, the company announced its half year results for the six months to 31 December 2017, that revenues rose to £1402.5 million from £1235.3 million posted in the same period preceding year. The company’s profit before tax stood at £56.3 million, compared to a loss of £63.0 million reported in the previous year. The basic earnings per share stood at 56.3p compared to earnings of 61.9p reported in the previous year. The company’s cash and cash equivalents stood at £1350.7 million.

Serco Group Plc (SRP.L) Announced, further to the announcement on 13 December 2017, that a revised Business Purchase Agreement (BPA) has now been signed with the Special Managers and Provisional Liquidators acting on behalf of the relevant Carillion subsidiaries. Further, the company noted that the agreement covers substantially all of the assets that were the subject of the previous agreement and upon the receipt by the Special Managers and Provisional Liquidators of the requisite third party consents, each individual contract will be transferred to the company on a cash-free, debt free basis, with the consideration to be paid in instalments and to be satisfied using the company's existing financing facilities. Moreover, the company added that if all the contracts are transferred to the company under the revised BPA process, the total consideration payable would be £29.7 million.

Sirius Minerals Plc (SXX.L) Announced that it has entered into a design and build contract with DMC Mining Services UK Ltd and DMC Mining Services Ltd, both subsidiaries of KGHM Polska Miedz SA ("KGHM"), for the construction of the four shafts required for its polyhalite project in North Yorkshire. DMC Mining Services ("DMC") is one of the world's leading shaft sinking and mining contractors. Through this process, it has become clear that DMC, with their extensive and proven shaft sinking experience, are a strong construction partner for Sirius and will bring technical opportunities and a commercial partnership that can unlock potential savings in the construction schedule. Sirius has therefore entered into a design and build contract with DMC and has terminated ongoing arrangements it had for the shafts with AMC.

Spirax-Sarco Engineering Plc (SPX.L) Announced that Chairman, Bill Whiteley, has indicated his intention to retire from the Board after the Annual General Meeting on 15th May 2018 (AGM). It is proposed that Jamie Pike, the current Senior Independent Director and who joined the Board in 2014, will take over as Chairman with effect from the close of the AGM. As a consequence of Jamie's appointment, it is also proposed that Clive Watson be appointed as the Senior Independent Director. Clive will continue as Chairman of the Audit Committee. All appointments are subject to the re-election of Directors at the AGM. In anticipation of these changes, good progress has been made in the recruitment of an additional Independent Non-Executive Director, which will be announced shortly.

BROKER UPGRADES AND DOWNGRADES

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