Broker Upgrades and Downgrades & Key UK Corporate Snapshots 05 January 2016

UK Broker Upgrades / Downgrades

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AA Plc (AA..L) Announced the launch of Intelematics Europe, a JV to develop connected-car software for services and products to be provided by roadside assistance clubs for their consumer and business markets. Intelematics Europe benefits from the scale and technical expertise of its owners, the company’s; roadside assistance clubs in the Netherlands (ANWB) and in Austria (OAMTC); and Intelematics, a subsidiary of the Australian auto clubs and market leader in connected-car services and products in Australia. Intelematics has a similar JV with Auto Club Enterprises, the largest AAA affiliate in the US, to provide connected mobility solutions to AAA members in North America.

Bango Plc (BGO.L) Announced that it has expanded its agreement and integration with Microsoft Corp. to deliver carrier-billed payments across Windows 10 devices. As a result, charging payments to the user’s phone bills will become available to Windows Store customers. For the first time, customers running Windows 10 on a PC or tablet will now be able to buy digital content by charging the costs to their mobile phone bill. Bango is working in collaboration with Microsoft and mobile operator partners globally to ensure maximum coverage for this payment method. Specific operator availability will be announced as they are launched starting in January. Operators will benefit from unique Bango Boost technology, which analyzes and benchmarks a wide range of KPIs that grow payments success rates from carrier billing, in some instances by over 70%. In September 2015, Progressive Research reported approximately 280 carrier billing routes live with app stores, with over 40% running through the Bango Platform.

Bankers Petroleum Limited (BNK.L) Announced that it will release its 2015 fourth quarter operational update on 07 January 2016.

bwin.party digital entertainment (BPTY.L) Announced, in its pre-close trading update, that net revenue in Q4 grew by 5% versus the same period in 2014, driven by sports betting and casino that enjoyed strong performances, particularly through mobile channels. Excluding the impact of EU VAT that was introduced in certain markets on 1 January 2015, the increase in net revenue would have been 8%. Additionally, significant progress continued to be made on achieving further cost savings. On 2 November 2015, it was announced that Visa Inc. had agreed to acquire Visa Europe in a transaction valued at €21.2 billion (including an earn-out of up to €4.7 billion). As one of Visa Europe’s Principal Members, Kalixa Payments Group stands to receive a share of the upfront consideration. While the exact amount to be received will only be confirmed when the transaction completes (expected during the second quarter of 2016), the Group has been informed by Visa Inc. that this is expected to be approximately €10 million. Kalixa will also be eligible to receive a share of the earn-out if it remains a Principal Member (or equivalent) of Visa for the duration of the four-year earn-out period. Each of the resolutions was approved by shareholders at the extraordinary general meeting of its shareholders held on 15th December 2015. Completion is expected to take place on 1 February 2016, subject to the prior approval of the Court in Gibraltar. Based upon recent trading performance, the forthcoming Euro Championship in 2016 and the full year benefit of cost savings already achieved in 2015, the Board believes that the Group’s prospects are strong, and these will be enhanced yet further by the proposed combination with GVC Holdings Plc.

Caledonia Mining Corporation (CMCL.L) Announced that the Board of Directors have declared a dividend of one and one eighth United States cents ($0.01125) for each of the company’s common shares held by the shareholders on the record date which is January 15, 2016. Shareholders who are registered in Canada and the United Kingdom will be paid in Canadian Dollars and Sterling, respectively. The Canadian Dollar and Sterling dividend payments will be calculated using the relevant Bank of Canada exchange rates at noon on the record date. The ex-dividend date for shares held on the Toronto register is January 13, 2016 while the ex-dividend date for shares held on Crest in the UK is January 14, 2016.

Corero Network Security Plc (CNS.L) Announced a significant order for its SmartWallR Threat Defense System (SmartWall TDS) from a US hosting provider. The order, valued at over $400,000, is the company’s largest single hosting provider deployment to date and follows a successful Proof of Concept (POC) trial during which the company was able to demonstrate the effectiveness of having in-line, real-time Distributed Denial of Service (DDoS) protection delivered by the SmartWall TDS. The solution comprises multiple the conmpany SmartWall TDS products with supporting SecureWatchR services for one year.

Eagle Eye Solutions Group Plc (EYE.L) Announced the appointment of Tim Mason as Chairman with immediate effect. Bob Willett will step down as Chairman to concentrate on his other investments but will remain on the board until 31 March 2016 to provide a smooth handover to Tim.

Eland Oil & Gas Plc (ELA.L) Announced, that with effect from 31 December 2015, Henry ‘Harry’ Wilson retired from his role as Chairman and Robert ‘Bob’ Lambert retired as Non-executive Director of the Company. Also on that date, the Company appointed Grégory Stoupnitzky to the Board as a Non-executive Director. Gregory has over 25 years of Investment Banking experience in the natural resources and related sectors. Additionally, Gregory will be appointed to the Nomination and Audit committees. The Audit committee will remain chaired by Henry Turcan with Russell Harvey assuming the chairmanship of the Reserves and Nomination committee while retaining his current chairmanship of the Remuneration committee.

Grafton Group Plc (GFTU.L) Announced that it has completed the acquisition of T Brewer & Co Limited (“T Brewer”), a London based specialist timber business that trades from three branches in Clapham, Enfield and Amersham. T Brewer, which generated revenue of approximately £14.0 million in 2015, extends coverage of the merchanting market in the London area and provides a further opportunity for the profitable growth of the Group.

Great Portland Estates Plc (GPOR.L) Announced that it has exchanged contracts to sell 60 Great Portland Street for a price of £102.15 million, in line with the September 2015 valuation. The price reflects a net initial yield of 3.89% and a capital value of £1,300 per sq. ft. overall or £1,480 per sq. ft. on the office element. The buyer is the Cityhold Office Partnership, a Joint Venture between the TIAA-CREF General Account and Swedish national pension systems AP1 & AP2 funds, managed by TH Real Estate. The total contracted rental income is £4.20 million per annum and the current weighted unexpired lease term is approximately 11.8 years.

Jersey Oil & Gas Plc (JOG.L) Announced that it has signed a sales and purchase agreement (SPA) with Azinor Catalyst Limited for the farm-out of its 50% interest in Seaward Production Licence P.1989 Blocks 14/11, 12 & 16 held via its wholly owned subsidiary Trap Oil Limited. The balancing 50% interest in the Licence is currently held by Norwegian Energy Company UK Limited.

Michelmersh Brick Holdings Plc (MBH.L) Announced that all the board changes which were declared on 20 July 2015 have come into effect from 01 January 2016. It had declared that from Frank Hanna, now former Commercial Director, and Peter Sharp, now former Group Operations Director, would jointly take the role of Chief Executive Officer from the proposed date 01 January 2016. It also announced that Martin Warner would become Deputy Chairman whilst remaining an Executive Director.

MySQUAR Limited (MYSQ.L) Announced an update in its user acquisition numbers which continue to grow strongly. As at 31 December 2015, the total number of users of MySQUAR’s products were in excess of 2,000,000 representing an increase of more than 150 per cent on total users as at 31 May 2015, being 774,636 total users as stated in the Company’s AIM Admission Document. CEO Eric Schaer stated that at the time of AIM listing in July 2015, it was targeting around 1.5 million users by the end of the year and now it has surpassed that target by over 30 per cent. In 2016, it anticipates more aggressive development of multiple monetization platforms in the areas of advertising, payment services, digital products and games.

Next Plc (NXT.L) Announced, in its trading statement for the period from 26 October 2015 to 24 December 2015, that the NEXT Brand full price sales grew marginally by 0.4% while the Retail sales fell by 0.5% during the period. The stock for the end of season fell by 7% compared to the previous year while the clearance rate was mostly in line with the previous year’s rate. The lacklustre performance in the fourth quarter was mainly due to the unusual warm weather in November and December. However, it expects the full year profits to remain within its previous guidance of £810 million to £845 million range, issued in October.

Scancell Holdings Plc (SCLP.L) Announced the publication, on line, of a full paper in Cancer Research describing the rationale behind the Company’s ModitopeÒ platform and the experimental results that support it.1 Cancer Research is the official journal of the American Association for Cancer Research and is one of the world’s foremost peer-reviewed journals in the field of oncology. The lead product from the Moditope® platform, Modi-1, is progressing through pre-clinical development with first in man studies targeted in triple negative breast cancer and ovarian cancer patients.

Sigma Capital Group Plc (SGM.L) Announced, in its trading update for the financial year to 31 December 2015, that the second half of the financial year has progressed very well, with the rate of delivery of PRS units ahead of management’s initial targets. Accordingly, Sigma is expected to deliver profit before tax in excess of £2.0 million, which is significantly ahead of current market expectations. The second phase of PRS delivery with Gatehouse Bank plc, for c.900 new rental homes, is now underway across Greater Manchester and Liverpool. This will deliver a run rate of over 3,000 units by the end of 2016, firmly positioning the Company as one of the largest housing delivery platforms in the UK and the largest in PRS. During the first half of 2016, it also expects to begin construction with second house building partner, Keepmoat. This will add additional capacity alongside long term partner, Countryside Properties, as well as access to further land opportunities in addition to our current pipeline.

Smith & Nephew Plc (SN..L) Announced that it has completed the acquisition of Blue Belt Holdings, Inc. (“Blue Belt Technologies”), securing a leading position in the fast-growing area of orthopaedic robotics-assisted surgery.

Wizz Air Holdings Plc (WIZZ.L) Announced, in its passenger statistics for December 2015, that the company, expanded its fleet to 65 aircraft with the arrival of its second brand new A321ceo to its Budapest base in Hungary. The company continues to expand its customer offering and network with the following announcements in December: the company opened its 22nd operating base in Debrecen in Hungary and announced it will open its 23rd operating base in Iasi in Romania in July 2016 and the airline announced 11 new routes in December: Romania (x5), Macedonia (x3), Poland (x2), and Lithuania (x1). The capacity (seats) rose 21% y/y to 1,788,860, compared to 1,483,200 in the same period last year. Passengers rose 22% y/y to 1,522,745, compared to 1,250,382. Load Factor rose +0.8ppts to 85.1%, compared to 84.3%.