Broker Upgrades and Downgrades & Key UK Corporate Snapshots 04 January 2016

UK Broker Upgrades / Downgrades

US Broker Upgrades / Downgrades

Key UK Corporate Snapshots Today

AA Plc (AA..L) Announced that it has signed a major new B2B partnership contract to provide roadside assistance to Lex Autolease, the UK’s leading fleet management and fleet funding specialist. The new three year contract would support Lex Autolease’s services which it provides to around 300,000 vehicles, as the UK’s largest fleet and leasing manager, and would commence in January 2016.

Alba Mineral Resources Plc (ALBA.L) Announced that Horse Hill Developments Limited informed the company that the Oil and Gas Authority has granted permission for an extended flow test over three separate zones in the Horse Hill-1 oil discovery well.

Arria NLG Plc (NLG.L) Announced that it has signed a framework agreement with a major US electric utility company for configuration, development and licensing of applications using its patented NLG software.

Bagir Group Limited (BAGR.L) Announced that it has secured the agreement of its banks, Leumi Bank and Discount Bank (the “Banks”), to an amended repayment schedule. At the same time, the Company has also secured the agreement of the banks to a waiver of the testing of Company’s financial covenants for 31 December 2015 and 30 June 2016.

BATM Advanced Communications Limited (BVC.L) Announced that the Nomination Committee has proposed that Moti Nagar, who has been the group’s Chief Financial Officer since 1 January 2015, be appointed to the board as an Executive Director. Mr. Nagar’s nomination has been approved by the board and, in accordance with the group’s articles of association, is subject to shareholder approval at a general meeting expected to be convened around the summer of 2016. Ofer Bar-Ner, the previous Chief Financial Officer, has stepped down from the Board of Directors with immediate effect. Mr. Bar-Ner is continuing in his role as Chief Operating Officer of the Medical Distribution and Sterilization division and, as such, will remain part of the senior management team of the group.

Cable & Wireless Communications (CWC.L) On 16 November, 2015 the Liberty Global Directors and the CWC Directors announced that they had reached agreement regarding the terms of a recommended acquisition through which Liberty Global would acquire the entire issued and to be issued share capital of CWC. Accordingly, CWC announces today details of the Exchange Ratio and the Alternative Exchange Ratio as if the Exchange Ratio Calculation Time were 4 January 2016. CWC Shareholders should note that this is for illustrative purposes only and that the Exchange Ratio Calculation Time is not, and will not be, 4 January 2016. The Exchange Ratio Calculation Time, and accordingly the Exchange Ratio and the Alternative Exchange Ratio, will be determined as described in the Offer Announcement and as will be set out in the Scheme Document. CWC Shareholders are advised to read the Scheme Document carefully once it has been despatched, which is currently expected to be within 4 months of the date of the Offer Announcement.

Cairn Energy Plc (CNE.L) Announced that it has successfully completed the testing of the SNE-2 Senegal offshore appraisal well which showed positive results. Following the drilling, coring, logging and drill-stem testing (DST), the operations were safely and & successfully completed while the well will now be plugged and abandoned.

Evgen Pharma Plc (EVG.L) Announced the appointment of Dr Hamina J Patel, MB BCh MSc MRCPI as Chief Medical Officer.

Grainger Plc (GRI.L) Announced that it has exchanged contracts with Turbo Group Holdings Limited (“Turbo”), an entity owned by Patron Capital Partners and Electra Private Equity plc to sell its Equity Release Division (“Retirement Solutions”), with completion anticipated on or before 30 May 2016, subject to Turbo gaining regulatory approval from the Financial Conduct Authority (FCA). Following the announced sale of Grainger’s interest in its German Joint Venture with Heitman in November, and the planned disposal of the Group’s wholly owned German assets, this transaction represents a further significant milestone in re-focusing and simplifying Grainger’s business, strengthening the balance sheet and reducing financing costs. Gross consideration at completion is estimated at £325 million, comprising approximately £175 million in cash proceeds and the transfer to the buyer of approximately £150 million of debt, secured on the assets sold.

Green Dragon Gas Ltd. (GDG.L) Announced that it has exceeded its 2015 year end exit rate gross production target of 12.0 BCFPY by delivering an actual 2015 exit rate of 12.12 BCFPY. In addition, and remaining consistent with previous years, the Company intends to make a full Operations Update in early February. The Operations Update will provide operational guidance for 2016 and will include a comprehensive status report on progress made on the Company’s infrastructure for continued increases in production and gas sales. The Company remains focused on delivering a step change in production, continued improvement in the sales to production ratio and resulting cash generation.

Kennedy Wilson Europe Real Estate Plc (KWE.L) Announced that it has completed the acquisition of La Moraleja Green shopping centre, Madrid, from ING Real Estate & Other. KWE has acquired a 95.2% stake in the centre with an underlying real estate value of €71 million (£52.2 million), reflecting a yield on cost of 6.2%. The corporate acquisition was funded from the Company’s cash resources. The centre totals 318,700 sq ft of space. KWE’s interest is 303,500 sq ft, with the remaining 15,200 owned and occupied by Sanchez Romero, the luxury Spanish supermarket chain.

NIGHTHAWK ENERGY Plc (HAWK.L) Announced that it received a waiver from the Commonwealth Bank of Australia, the Company’s RBL provider, covering certain non-compliance items. The waiver initially was up to December 31, 2015. As the Company and the bank are continuing to work together to modify or adjust the covenants under the RBL to provide for a long term solution that will allow ongoing compliance, this waiver has been extended up to January 9, 2016. A further announcement will be made in due course.

REDX PHARMA Plc (REDX.L) Announced the appointment of Dr Bernhard Kirschbaum as Non-Executive Director, with effect from 1 January 2016. He has over 25 years’ experience in pharmaceutical research and drug development, predominantly at global pharmaceutical companies. Dr Kirschbaum’s experience also covers a wide range of technology areas across the spectrum of small molecules and biologics. Dr Kirschbaum is currently a member of several boards and advisory boards, including BioMedX, a life science incubator in Heidelberg, Protagen Diagnostics, which develops diagnostic tools for some of the most severe autoimmune diseases, and OMEICOS Therapeutics, a biopharmaceutical company focused on cardiovascular diseases.

Smurfit Kappa Group Plc (SKG.L) Announced that it has acquired two integrated paper-based packaging businesses, Industria de Embalagens Santana and Paema Embalagens, based in Brazil, for a total consideration of approximately €186 million (R$805 million). The transaction was completed at the end of December 2015 while the consideration was funded from the group’s existing funds, comprising primarily cash resources together with the existing committed credit facilities.

Sports Direct International Plc (SPD.L) Announced that Michael Murray heads up the Company’s property team for the UK and internationally, which is primarily tasked with finding new sites for both its larger format stores and the combined retail and gym units. Also, Michael has a consultancy arrangement with the Company, is not paid a salary, and contrary to recent incorrect press reports is not a director of any company within the Sports Direct Group. His remuneration is based solely on creating value, with the Company’s non-executive directors overseeing an independent review annually and deciding, in their absolute discretion, how much of any increased value (up to a maximum of 25%) shall be paid to Michael.

Trinity Exploration & Production Plc (TRIN.L) Announced at the company has agreed a further extension to the moratorium on principal repayments, relating to the company’s outstanding debt balance of $13.0 million with its lender, until the 8th of January 2016. Discussions are ongoing with the lender to secure a further extension of its credit facilities and management expect for there to be continued support, particularly following the announcement of the sale of substantially all of the company’s onshore assets for $20.8 million. Additionally, the company also announced that Bryan Ramsumair has stepped down as Chief Financial Officer effective 31st December.

UK Oil & Gas Investments Plc (UKOG.L) Announced that it has been notified by Horse Hill Developments Limited (HHDL) that the Oil and Gas Authority (OGA) has granted consent for an extended flow test over three separate zones in the Horse Hill-1 (HH-1) oil discovery well. All necessary permissions to test the well are now in place. The HH-1 discovery well, drilled at the end of 2014, is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport, in which UKOG owns a 20.163% interest.

Victoria Plc (VCP.L) Announced the appointment of Michael Scott as Group Finance Director and as a Director, both with immediate effect. He joins after eight years at Rothschild where, as part of their Global Financial Advisory business, he worked across a wide range of public and private company transactions, mergers and acquisitions and debt and equity-related fund raisings. He qualified as a Chartered Accountant with PricewaterhouseCoopers and holds an Engineering degree from the University of Cambridge. Michael Andrew Scott is not currently a director and has not been a director of any companies in the previous five years. The Company confirms that there is no other information which is required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules for Companies.