Broker Upgrades and Downgrades & Key Uk

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BROKER UPGRADES AND DOWNGRADES & KEY UK CORPORATE SNAPSHOTS 29 November 2017

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Code Company Broker Recomm. From Recomm. To Price From Price To Upgrades IHG InterContinental Hotels Group Plc Morgan Stanley Underweight Equal weight 3700 4200 RDSA Royal Dutch Shell 'A' Barclays Capital Overweight Overweight 2850 3000 SPI Spire Healthcare Group Plc Berenberg Hold Buy 270 310 Downgrades KCOM Kcom Group Plc Barclays Capital Equal weight Equal weight 105 100 Initiate/Neutral/Unchanged ABC Abcam Plc Peel Hunt Hold Hold 1020 1020 ASC ASOS Plc Peel Hunt Buy Buy 7000 7000 BARC Barclays Plc Credit Suisse Outperform Outperform 230 230 CBG Close Brothers Group Plc Berenberg Buy 1515 Charter Court Financial Services CCFS Peel Hunt Buy Buy 305 305 Group Plc CPG Compass Group Plc Barclays Capital Overweight Overweight 1800 1800 DGE Diageo Plc Liberum Capital Sell Sell 2000 2000 EQN Equiniti Group Plc Berenberg Buy 345 EVE Eve Sleep Plc Peel Hunt Buy Buy 135 135

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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 FDSA Fidessa Group Plc Stifel Sell 2197 FOUR 4imprint Group Plc Peel Hunt Add Add 1840 1840 GNK Greene King Plc Barclays Capital Overweight Overweight 635 635 GVC GVC Holdings Plc Peel Hunt Buy Buy 1000 1000 HSBA HSBC Holdings Plc Credit Suisse Underperform Underperform 650 650 HSW Hostelworld Group Plc Peel Hunt Hold Hold 375 375 KOOV Koovs Plc Peel Hunt Buy Buy 100 100 LLOY Lloyds Banking Group Plc Barclays Capital Overweight Overweight 77 77 LLOY Lloyds Banking Group Plc Credit Suisse Outperform Outperform 80 80 MAB Mitchells & Butlers Plc Barclays Capital Underweight Underweight 220 220 MARS Marston's Plc Barclays Capital Underweight Underweight 115 115 MNDI Mondi Plc Credit Suisse Neutral Neutral 2220 2220 OTB On the Beach Group Plc Peel Hunt Buy Buy 500 500 Jefferies PHP Primary Health Properties Plc Buy 125 International PURP Purplebricks Group Plc Peel Hunt Buy Buy 460 460 RBS Royal Bank of Scotland Group Plc Credit Suisse Neutral Neutral 290 290 RDSA Royal Dutch Shell 'A' Credit Suisse Outperform Outperform 2635 2635 RPC RPC Group Plc Credit Suisse Outperform Outperform 1180 1180 RWS RWS Holdings Plc Berenberg Buy 530 SOG Statpro Group Plc Stifel Buy 255 STAN Standard Chartered Plc Credit Suisse Underperform Underperform 610 610 Zero Preference Growth Trust ZPG Peel Hunt Add Add 400 400 Plc/The

BROKER UPGRADES AND DOWNGRADES

& KEY UK CORPORATE SNAPSHOTS

Key UK Corporate Snapshots Today

AIM Beowulf Mining Plc (BEM.L) Announced, in its interim results for the six months ended 30 September 2017, that its loss after tax was £682.6 million compared to a loss after tax of £489.3 million. The company’s diluted loss per share was 0.13p, compared to loss per share of 0.10p.

Bushveld Minerals Limited (BMN.L) Announced, in its unaudited interim results performance report for the period ended 31 August 2017, that operating loss rose to £0.25 million from £0.13 million reported in the same period last year. The company’s loss before tax stood at £6.69 million compared to a loss of £0.03 million reported in the previous year. The basic and diluted loss per share stood at 0.88p compared to loss of 0.01p in the previous year. The company’s cash and cash equivalents stood at £0.07 million (2016: £0.12 million).

Conroy Gold and Natural Resources Announced, in its final results for the year ended 31 May 2017, that loss after tax widened to €0.4 million from €0.3 Plc (CGNR.L) million recorded in the previous year. Basic and diluted loss per share stood at €0.0392 down from €0.0479. The net assets as at 31 May 2017 were €16.76 million (2016: €17.11 million).

Dods Group Plc (DODS.L) Announced that the company has appointed Mark Smith and Angela Entwistle as Non-Executive Directors of the company.

Eco (Atlantic) Oil and Gas Limited Announced that it has appointed Keith Hill as a Non-Executive Director of the company with immediate effect following (ECO.L) the Subscription and Strategic Alliance Agreement with Africa Oil Corp (AOC). Also, the company notified that Derek Linfield has stepped down from the board but will remain as a consultant to the company.

ECSC Group Plc (ECSC.L) Announced, in its trading update, that following the successful completion of the previously announced cost reduction programme and having secured two significant managed services contracts, trading performance is in line with market expectations. eve Sleep Plc (EVE.L) Announced in its trading update, that the strong trading momentum experienced in the first six months of the year has continued in the second half of the year. Group revenues for the first 11 months of trading are expected to have grown 130% year-on-year.

Forbes Ventures Plc (FOR.L) Announced, in its interim results for the six months ended 30 June 2017, that total income jumped to $32,864 from $489 recorded in the same period a year ago. Loss after tax narrowed to $0.05 million from $0.5 million. No dividends were proposed or declared in respect of any of the periods. Separately, the company announced that trading in the Company’s ordinary shares of 0.1 pence each (“Ordinary Shares”) is expected be restored on the NEX Exchange Growth Market with effect from 08.00 today, 29 November 2017 (“Restoration”). In connection with Restoration, the Company announced that the remaining £68,500 of unsecured convertible loan notes 2017 (“Loan Notes”) have been subscribed for by Belvedere Capital Limited (“Belvedere”). Robert (“Rob”) Scott Cooper, who is a Director of and major shareholder in Belvedere, will be appointed as an Executive Director of the Company on Restoration and Manish Karani will resign as a Non-Executive Director of the Company in order to pursue his other business interests. Further, the Company’s issued share capital comprises 356.25 million Ordinary Shares and the Company is aware of the following interests in 3% or more of the Company’s issued share capital.

Futura Medical Plc (FUM.L) Announced that the company has recently received written correspondence following discussions with regulators in the UK and the Netherlands in connection with the Phase III clinical development programme for MED2002.Also, the company added that these regulatory agencies have signalled their broad approval of the company's planned development programme. In addition, the company disclosed that the regulatory agencies were supportive of a proposed potential switch of MED2002 from a prescription only to an over-the-counter (OTC) medicine at the appropriate time, subject to the requirements being met for an OTC product. Moreover, the company specified that it is making good progress in commercial discussions in connection with the out-licensing of MED2002 and discussions are at an advanced stage with a number of potential commercialisation partners and it is expected that an out-licensing agreement will be finalised during the first half of 2018 before the commencement of the first Phase III study. Separately, the company announced that recruitment has commenced for the company's pharmacokinetic (PK) study of MED2002 and data from the PK study in 40 healthy subjects will assist in determining the dosages to be used in two Phase III studies, which will begin next year as soon as practicable after the completion of the PK study.

Goldstone Resources Limited (GRL.L) Announced that the company has appointed Richard Wilkins as an Independent Non-Executive Director of the company with immediate effect.

Helios Underwriting Plc (HUW.L) Announced, in its trading statement, that the capacity for the 2018 year of account will commence at £41 million, an increase of 26% over opening capacity for 2017 year of account. The quality of the portfolio has been improved, with Helios taking up all the pre-emption offers on capacity with value at the auctions, and as premium rates are expected to rise following the recent losses, the underwriting margins are likely to improve. Helios will continue to quota share reinsure 70% of the 2018 underwriting year exposures. The Adjusted Net Asset Value as at 31 December is forecast to be approximately 168p (196p - 2016). The reduction the weighted Average Price per £ of capacity of 30% from the Lloyds Auctions is the driver to this fall in ANAV. Our quality portfolio, together with the reinsurance protections we put in place, have put us in a strong position to benefit from these changing circumstances and we look forward to taking advantage of them.

BROKER UPGRADES AND DOWNGRADES

& KEY UK CORPORATE SNAPSHOTS

Impax Asset Management Group Plc Announced, in its final results for the year ended 30 September 2017, that revenues rose to £32.69 million from £21.07 (IPX.L) million reported in the last year. The company’s profit before tax stood at £5.85 million compared to a profit of £5.20 million reported in the previous year. The basic earnings per share stood at 6.48p compared to earnings of 3.62p in the previous year. The company’s board proposed a final dividend of 2.2p per share, payable on or around 16 March 2018 to shareholders on the register as at 9 February 2018.

Independent Oil &Gas Plc (IOG.L) Announced that the Oil & Gas Authority ("OGA") has agreed a two-year extension to the initial term for licence P2085 that includes Harvey. The licence will be extended to 20 December 2019.

Karelian Diamond Resources Plc Announced, in its final results for the year ended 31 May 2017, that loss after tax widened to €0.4 million from €0.3 (KDR.L) million. Basic and diluted loss per share stood at €0.0011, up from €0.0008. The net assets as at 31 May 2017 were €9.46 million (2016: €8.47 million).

Mkango Resources Limited (MKA.L) Announced that it has been granted an Exclusive Prospecting Licence (EPL0475/17) (the "Chimimbe Hill" licence) covering the Chimimbe Hill nickel - cobalt deposit and other targets in Mchinji district, central Malawi. The evaluation of the licence will be funded from the Company's existing working capital, which totaled $869,479 as at September 30, 2017. Subsequently, Mkango announced the receipt of £241,995 ($320,135) from the exercise of warrants.

Ortac Resources Limited (OTC.L) Announced further significant new gold assay results from the expansion and infill drill programme currently underway at its Akyanga gold deposit ("Akyanga") part of the large-scale Casa gold project, in the Democratic Republic of the Congo ("DRC"). With the 2,200m first phase now complete and the second phase 2,800m drill program underway, the Company has completed eleven drill holes. The results for the latest drill holes, MSDD0114 and MSDD0115, indicate significant gold mineralisation intersected in MSDD0115. MSDD0115 is approximately 100m to the north of a previously drilled hole, MSDD0058, which reported 13.2m @ 4.33 g/t Au from 124.2m.

Oxford Pharmascience Group Plc Announced that it has received pre-IND scientific advice from the US FDA regarding the development programme (OXP.L) requirements likely to be needed to support a future new drug application ("NDA") in the US for an OTC product containing OXPzero Ibuprofen.

Plutus PowerGen Plc (PPG.L) Announced that it has brought a further two new 20MW FlexGen power generation facilities into operation, commissioned in Stowmarket, Suffolk.

Redcentric Plc (RCN.L) Announced, in its interim results for the six months to 30 September 2017, that revenues fell to £51.4 million from £51.8 million reported in the same period last year. The company’s loss before tax stood at £0.028 million compared to a loss of £2.6 million reported in the previous year. The basic and diluted loss per share stood at 0.04p compared to loss of 1.17p in the previous year. The company’s cash and cash equivalents stood at £4.7 million.

Renew Holdings Plc (RNWH.L) Announced that John Samuel has resigned as a Director of the company with immediate effect and his role as Group Financial Director has been assumed following an orderly handover period by Sean Wyndham-Quin.

SafeCharge International Group Announced, in its trading update, that trading ahead of the 2017 year-end has been strong and as a result the Group's Limited (SCH.L) financial performance for the full year is expected to be in line with market expectations. Further, the company noted that it continues to make considerable progress with its strategy of winning Tier 1 customers within both traditional verticals and in new target verticals and markets.

SolGold Plc (SOLG.L) Announced, in its update on Porvenir and Timbara projects, that outcropping porphyry style copper mineralisation was discovered at Porvenir and Timbara, while both projects are of Jurassic age similar to nearby Fruta del Norte, Mirador and Santa Barbara deposits. Moreover, the company stated that rock chips at Porvenir Project were identified by following up highly anomalous Cu stream sediment geochemistry over a 6km x 5.5km area. Also, prospecting at Timbara was at a very early phase with only 1 of 4 concessions prospected thus far. Further, the early rock chip results indicate copper mineralisation over a NE-SW corridor up to 4.5km long x 1.2km wide.

Sylvania Platinum Limited (SLP.L) Announced that between Friday November 10, 2017 and Friday November 24, 2017, a total of 195,568 Ordinary $0.01 Shares were purchased from non-UK based shareholders at a price of A$0.1619 per Ordinary Share. This brings the total purchased during the course of the Programme to 1.71 million Ordinary Shares. Following this transaction, the company's issued share capital is 294.65 million Ordinary Shares, of which a total of 8.75 million Ordinary Shares are held in treasury. Therefore, the total number of Ordinary Shares with voting rights in the company is 285.89 million Ordinary Shares.

Telford Homes Plc (TEF.L) Announced, in its interim results for the six months ended 30 September 2017, that total revenues fell to £99.34 million from £104.35 million reported in the same period last year. The company’s profit before tax stood at £8.84 million compared to a profit of £9.28 million reported in the previous year. The basic earnings per share stood at 9.4p compared to earnings of 9.9p in the previous year. The company’s board declared an interim dividend of 8.0p per share, payable on 12 January 2018 to those shareholders on the register at the close of business on 15 December 2017.

Versarien Plc (VRS.L) Announced, in its interim results for the six months ended 30 September 2017, that revenues rose to £4.4 million from £1.6 million reported in the same period last year. The company’s loss before tax stood at £0.772 million compared to a loss of £1.5 million reported in the previous year. The basic and diluted loss per share stood at 0.54p compared to loss of 1.31p in the previous year. The company’s cash and cash equivalents stood at £0.353 million (2016: £1.5 million).

BROKER UPGRADES AND DOWNGRADES

& KEY UK CORPORATE SNAPSHOTS

FTSE 100 London Stock Exchange Group Plc Announced that Xavier Rolet has agreed to step down as Chief Executive Officer (CEO) with immediate effect. The Board (LSE.L) has asked David Warren, CFO, to assume the additional role of Interim CEO until a successor is appointed.

FTSE 250 Brewin Dolphin Holdings Plc (BRW.L) Announced, in its preliminary results for the year ended September 30, 2017, that its reported revenue stood at £303.9 million, compared to £280.5 million in the preceding year. Operating profit stood at £57.7 million, compared to £49.7 million. Profit after tax was £45.2 million compared to £39.0 million. The company's diluted earnings per share was 16.0p, compared to 13.9p.

Britvic Plc (BVIC.L) Announced, in its preliminary results for 52 weeks ended October 1, 2017, that its reported revenue stood at £1.5 billion, compared to £1.4 billion in the preceding year. Operating profit stood at £163.0 million, compared to £176.4 million. Profit after tax was £111.6 million compared to £114.5 million. The company's diluted earnings per share was 42.2p, compared to 43.5p.

Cineworld Group Plc (CINE.L) Announced the potential acquisition of Regal and confirms that it is in advanced discussions with Regal and is finalising due diligence in relation to a possible all-cash offer to acquire 100.0% of Regal at a price of $23.00 per share.

Daejan Holdings Plc (DJAN.L) Announced, in its interim results for the half year ended 30 September 2017, that net income rose to £32.3 million from £32.2 million reported in the same period last year. The company’s profit before tax stood at £56.6 million compared to a profit of £65.1 million reported in the previous year. The basic and diluted earnings per share stood at 2.79p compared to earnings of 3.76p in the previous year. The company’s board declared an interim dividend of 35.0p per share, payable on 9 March 2018 to shareholders on the register as at 9 February 2018.

International Public Partnership Announced that the company has proposed to target a raise of approximately £80 million (before costs) through the Limited (INPP.L) issue of ordinary shares of 0.01p each in the capital of the Company (the New Ordinary Shares) by way of a placing under the terms of the company's ongoing issuance programme (the Issue). The Issue will be made to qualifying investors through the Company's corporate broker, Numis Securities Limited (Numis).

LondonMetric Property Plc (LMP.L) Announced, in its half yearly results for the six months ended September 30, 2017, that its net rental income stood at £44.5 million, compared to £39.7 million in the preceding year. The company's earnings per share was 4.2p, compared to 4.0p. Separately, the company also announced the acquisition of two logistics warehouses for £47.6 million, reflecting a blended NIY of 5.0% rising to a minimum of 5.6% after five years.The average lease length is over 18 years.

Pennon Group Plc (PNN.L) Announced, in its half year results for the year ended 30 September 2017, that revenues rose to £723.9 million from £685.5 million posted in the same period preceding year. The company’s profit before tax stood at £131.1 million, compared to a profit of £128.1 million reported in the previous year. The basic earnings per share stood at 21.8p compared to earnings of 17.7p reported in the previous year. The company further stated that the board has recommended an interim dividend of 11.97p per share. The company’s cash and cash equivalents stood at £343.6 million.

RPC Group Plc (RPC.L) Announced, in its half year results for the six months ended September 30, 2017, that its reported revenue stood at £1.9 billion, compared to £1.2 billion in the preceding year. Profit after tax was £122.1 million compared to £51.0 million. The company's diluted earnings per share was 29.3p, compared to 15.1p.

Softcat Plc (SCT.L) Announced, in its trading update for the first quarter ended 31 October 2017, that the customer demand has remained strong across all segments, and the company has again delivered profitable growth. The company continues to focus on building scale and developing the offering. The company has opened its seventh branch during the period, located on the South Coast.

Tullow Oil Plc (TWL.L) Announced that the company has completed the refinancing of $2.5 billion of Reserves Based Lending (RBL) credit facilities. The $2.5 billion of credit facilities are split between a commercial bank facility of $2.4 billion and an IFC facility of $100 million. The fully committed facilities are revolving with a three-year grace period and final maturity of November 2024. The transaction, which was formally launched in early October following the resolution of the Ghana - Cote d'Ivoire border dispute, was materially over-subscribed and extends the maturity of the company's existing RBL credit facilities. The company has also decided to reduce the commitments of its Revolving Corporate Credit Facility to \$600 million from $800 million, ahead of the scheduled amortisation in January 2018.

Vectura Group Plc (VEC.L) Announced the appointment of Juliet Thompson as an Independent Non-Executive Director of the company with effect from 1 December 2017. Upon appointment, Juliet will also become a member of the Audit Committee.

ZPG Plc (ZPG.L) Announced, in its full-year results for the twelve months ended 30 September 2017, that revenues rose to £244.5 million from £197.7 million reported in the same period last year. The company's profit before tax stood at £48.1 million compared to a profit of £46.2 million reported in the previous year. The basic earnings per share stood at 8.8p compared to earnings of 8.9p in the previous year. The company's board declared a final dividend of 3.8p per share, payable on 08 February 2018 to shareholders on the register as at 08 December 2017. Separately, the company announced that it has agreed to acquire Calcasa (Calcasa), the leading provider of automated property valuations and statistical market analysis in the Netherlands, for €30.0 million (£26.5 million) on a cash-free, debt-free basis, with a performance-based earn-out of up to €50.0 million (£44.2 million) and completion of the Acquisition is expected to take place on 1 December 2017.

BROKER UPGRADES AND DOWNGRADES

& KEY UK CORPORATE SNAPSHOTS

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