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

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Actual Experience Plc (ACT.L)  Announced that it has signed a 5-year framework agreement with Vodafone, pursuant to which the Company’s digital experience quality analysis will be integrated into Vodafone’s long-term quality improvement processes and key performance indicators. Given its global reach and vast number of end users, the Board of Actual Experience therefore believes that Vodafone has the potential to become a significant channel partner. Separately, the company, in its AGM statement would be announcing that the commercial progress made by Actual Experience in the current fiscal year and trading is in line with Board expectations. The management believes that the company is well positioned to deliver channel revenue growth in the current fiscal year.

Alliance Trust Plc (ATST.L)  Announced, in its final results for the year ended 31 December 2015, that revenues fell to £200.2 million from £273.9 million posted in the same period preceding year. The company’s profit before tax stood at £145.0 million, compared to a profit of £228.5 million reported in the previous year. The basic earnings per share stood at 25.47p compared to earnings of 40.49p reported in the previous year. The company further stated that the board has declared an interim dividend of 3.3725p per share, payable on 31 March 2016 to shareholders on the register on 18 March 2016.

Alpha Real Trust Limited (ARTL.L)  Announced in its trading update for the period ended 31 December 2015, that the NAV per ordinary share is 125.1p. The Adjusted earnings per share was 5.3p for the nine months to 31 December 2015. The dividend declared is of 0.6p, for the quarter ended 31 December 2015 and is expected to be paid on 25 March 2016. The investment of £3.75 million for the purchase of Monk Bridge, a central Leeds residential development site with planning consent for 269 apartments, representing over 140,000 net saleable square feet. 94% of the company’s portfolio is allocated to investments in the UK and Europe that are or will be income producing.

Assura Plc (AGR.L)  Announced that the Chief Executive, Graham Roberts who has been diagnosed with cancer is taking a leave of absence as he receives further treatment. During this period, the Chairman, Simon Laffin, has become Executive Chairman, working closely with the executive team.

Avingtrans Plc (AVG.L)  Announced that it has completed the acquisition of Rolls-Royce’s internal pipe manufacturing businesses for a consideration of £3.5 million which will be funded by the company’s existing debt facilities.

Blue Star Capital Plc (BLU.L)  Announced, in its final results for the year ended 30 September 2015, that it did not record any revenue, compared to £0.023 million in the same period last year. Operating loss stood at £0.11 million, compared to profit of £0.28 million. Loss after tax was £0.11 million, compared to a profit of £0.28 million. Basic and diluted loss per share stood at 0.02p, compared to Basic and diluted earnings of 0.07p. It also announced that the AGM will be held at the offices of Cairn Financial Advisers LLP, 61 Cheapside, London, EC2V 6AX at 11:30am on 29 March 2016.

Dart Group Plc (DTG.L)  Announced, in its trading update, that it expects the group operating profit for the year ending 31 March 2016 to be slightly ahead of current market expectations, mainly due to lower than anticipated winter losses. The trading volume at its distribution & logistics business, Fowler Welch, was positive as its main focus was on growing and successfully developing the existing and new business opportunities.

easyJet Plc (EZJ.L)  Announced, in its monthly passenger statistics for February 2016, that the number of passengers climbed by 9.8% to 4.9 million form 4.5 million in the same period last year. Load factor for the month of February 2016 was seen at 90.5% against a load factor of 90.9% in the same period previous year.

Elegant Hotels Group Plc (EHG.L)  Announced that the company has finalised a credit agreement with its bankers, The Bank of Nova Scotia, for the acquisition of Waves Hotel and Spa in Barbados. All conditions have now been fulfilled and the transaction has been completed. Elegant Hotels owns and operates six luxury hotels and a beachfront restaurant, Daphne’s, on the island of Barbados. The group’s portfolio comprises 553 rooms, which represents around 29% of Barbados’ quality leisure tourist room stock. Five of the six group hotels are situated along the prestigious west coast of Barbados commonly known as the “Platinum Coast”. The company’s objective is to leverage its position as a leading hotel operator in Barbados and to expand both in Barbados and further into the Caribbean.

European Metals Holdings Limited (EMH.L)  Announced firm commitments for the placement of 13 million CDI’s in the company at an issue price of AU$ 0.135 per CDI to raise AU$ 1,755,000. The funds have been raised to further development at the company’s 100% owned Cinovec Lithium and Tin Project in the Czech Republic, located on the border with Germany and the Czech Republic. The placement represents approximately 15% of the current issued capital of the company and has been made to sophisticated investors including the company’s existing largest shareholder, Rare Earth Minerals Plc. Further, the placement is priced at a discount of approximately 3% to the 5-day volume weighted average price.

FinnAust Mining Plc (FAM.L)  Announced that it has raised £1.0 million via the issue of 50,000,000 new ordinary shares of 0.01p each in the capital of the company at a placing price of 2.00p per ordinary share to both new and existing shareholders to advance the Pituffik Titanium Project.

Gear4music (Holdings) Plc (G4M.L)  Announced, in its trading update covering the 12 months to 29 February 2016, that there was 46% increase in total like-for-like sales following strong growth in both the UK and Europe. European sales growth was strong during 2016, in part driven by competitive pricing. Over 190,000 new customers added in the year. Following a successful trial over Christmas, seven days a week dispatch and delivery has been continued across a large range of products, and continues to drive sales volumes and positive customer feedback.

Kennedy Wilson Europe Real Estate Plc (KWE.L)  Announced that it has been notified by EPRA, the European Public Real Estate Association, that it would be added to the FTSE EPRA/NAREIT Global Real Estate Index Series as of 21 March 2016, having successfully satisfied the required eligibility criteria during the Index’s March 2016 Quarterly Review.

LGO Energy Plc (LGO.L)  Announced, in its banking update, that the company and BNP Paribas have reached agreement on a revision to the indicative schedule of repayments entered into in late November 2015. Under the new agreement the March 2016 installment will be reduced to US$100,000, after which the remaining outstanding balance will be recovered over the following 18 months. A further extension of the period of reduced payments into April would require separate agreement in due course. Additionally, the existing covenants, including previous breaches, until remedied, and the associated security arrangements will remain in place until all outstanding repayments have been made. The final repayment under the indicative repayment schedule is due no later than September 2017. As previously announced the debt to BNPP remains in default and on demand.

London Stock Exchange Group Plc (LSE.L)  Announced, in its final results for the year ended 31 December 2015, that its reported revenue stood at £2285.4 million, compared to £1283.2 million in the preceding year. Profit after tax was £709.6 million compared to £558.0 million. The company’s diluted earnings per share was 129.4p, compared to 103.3p.

Metminco Limited (MNC.L)  Announced, in its final results for the year ended 31 December 2015, that its reported revenue stood at $4,445.0, compared to $10,135.0 in the preceding year. Net loss of tax was $49.0 million compared to loss of $12.9 million. The company’s diluted loss per share was 2.04c, compared to 0.73c.

MyCelx Technologies Corporation (MYX.L)  Announced, in its trading update, that the budgets and schedules for many projects remain uncertain and the whole oil and gas industry is observing significant delays in capital expenditure. However, the award of any further project work would materially improve the Company’s revenue expectations for FY 2016. Also, the company announced that is has agreed a fixed term, two year contract for water treatment with one of its existing customers in the Middle East for a total value of $5 million over the life of the contract. The award of a fixed term contract demonstrates MYCELX’s value proposition and reliable performance of its technology for companies in the petrochemical industry.

Oxford Pharmascience Group Plc (OXP.L)  Announced, in its results for the year ended 31 December 2015, that revenue stood at £0.75 million, compared to £0.71 million in the same period last year. Operating loss stood at £3.97 million, compared to £3.50 million. Loss after tax was £3.11 million, compared to £2.87 million. Basic and diluted loss per share stood at 0.28p, compared to 0.29p. Its Annual General Meeting (“AGM”) will be held on 22 June 2016 at 3.00 p.m. at the offices of Fladgate LLP, Ninth Floor, 16 Great Queen Street, London, WC2B 5DG.

SeaEnergy Plc (SEA.L)  Announced, in its trading and working capital update, that since the acquisition of Return to Scene Limited (R2S) in August 2012, the group has developed the business internationally and begun to diversify into sectors in addition to oil and gas. Progress towards group profitability was good until the significant decline in the oil price which commenced in late 2014. This resulted in the deferral or cancellation of many projects by our oil company customer base. Signs of improvement in the market were evident through discussions with its customers in late 2015 as their budgets were finalised for 2016. However, trading conditions within the oil and gas industry have deteriorated further since the start of the year and a number of projects which were expected to be undertaken in the early part of 2016 have been deferred to later in the year or beyond. The loan facilities announced in November 2015, which were intended to bridge the gap to improved trading conditions, have proved to be insufficient and the company’s cash position is becoming constrained. The board believes that the longer term prospects for R2S software and services remain positive, but any short term improvement in performance would require a rapid upturn in the oil and gas market. Given the uncertainty over the timing of such an upturn and the current working capital position, the board is in discussions with a number of parties who have expressed an interest in the acquisition of the R2S Visual Asset Management business and/or other assets of the group. If agreed, such a disposal would be likely to be classified as a fundamental change of business under the AIM Rules for Companies and require the approval of shareholders. There can be no certainty that such a disposal will be completed and, if not, the group is expected to require additional funding to be able to continue to trade beyond May 2016.

Snacktime Plc (SNAK.L)  Announced, in its trading performance to 27 March 2015, that further to the company’s announcement of 27 July 2015, following the extended audit work that is just now concluding, the company expects to report a loss for the year, before a small taxation credit, of approximately £4.4 million (2014: loss £8.5 million) after the following charges:- depreciation of £1,268k (2014: £1,566k), impairment of intangible assets of £934k (2014: £6,579k), amortisation of intangible assets of £212k (2014: £392k), exceptional items of £499k (2014: £594k), finance costs of £337k (2014; £504k) and share based payment expenses of £19k (2014: £42k).Total net borrowing including shareholder loans as at 27 March 2015 was £3,724k (2014: £4,806k)- total net borrowing at the end of February 2016 was approximately £2.3 million on the same basis. The company’s annual report for the year ended 31 March 2015 and interim results for the six months ended 30 September 2015 are expected to be published and notified, as appropriate, by 17 March 2016.

UDG Healthcare Plc (UDG.L)  Announced the European Commission has confirmed competition clearance for the businesses based in the Republic of Ireland, for the proposed disposal of its United Drug Supply Chain and MASTA businesses to McKesson Corporation. The European Commission has referred the UK aspects of the proposed transaction to the United Kingdom’s Competition and Markets Authority for review. Notwithstanding the referral to the Competition and Markets Authority, the clearance from the European Commission enables the transaction to complete in full and this is now expected to occur on 1 April 2016.

WPP Plc (WPP.L)  Announced, in its unaudited preliminary results for the year ended 31 December 2015, that revenue stood at £12,235.2 million, compared to £11,528.9 million in the same period last year. Operating profit stood at £1632.0 million, compared to £1,507.3 million. Profit after tax was £1,245.1 million, compared to £1,151.5 million. Basic earnings per share stood at 90.0p, compared to 82.4p. Diluted earnings per share was 88.4p, compared to 80.5p. Final ordinary dividend was 28.78p up 8.3% and full year dividends was 44.69p per share up 17.0% It was awarded the Cannes Lion for the most creative Holding Company, for the fifth successive year.