Broker Upgrades and Downgrades & Key UK Corporate Snapshots 10 August 2015

UK Broker Upgrades / Downgrades

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Active Energy Group Plc (AEG.L) Announced the appointment of Michael Rowan as a Non-Executive Director of the Group with immediate effect. Michael is a qualified solicitor, experienced investment manager and successful corporate financier with a broad range of international commercial and legal contractual experience. His current Board-level roles include Director and Partner at RD Active Capital Limited and Rowan & Associates Limited, private companies that specialise in international micro capital and seed financing opportunities.

Adams Plc (ADA.L) Announced the audited results for the Company for the year ended 31 March 2015. The Company delivered a gain of €172,000 on its technology and life science investments in the year to 31 March 2015 versus a corresponding loss of €18,000 in the previous year. As with prior periods, the Board has maintained tight control of expenses with net operating costs for the year of €196,000 and which resulted in a loss after tax of €25,000 compared to a reported loss of €121,000 in the previous year. It remains the Board’s intention to acquire investments in the biotechnology and technology sectors and will continue to maintain a rigorous and highly selective investment approach with a view to exploiting opportunities as they emerge.

Amur Minerals Corporation (AMC.L) Announced the signing of a Financial Advisory Agreement with the Russian Government’s Far East and Baikal Region Development Fund. The collaborative Agreement allows Amur to work in partnership with the Fund in attracting financing from within the Russian Federation, Republic of India, and the Peoples Republic of China (“RIC”).

Carillion Plc (CLLN.L) Announced that it has been selected for all three “Lots” in the UK Government’s new Facilities Management Services agreement, namely, Total Facilities Management, Hard Facilities Management and Soft Facilities Management. In total, 19 suppliers have been selected for one or more of these three service Lots. The new Agreement replaces the current framework for facilities management contracts and Central Government Departments, Executive Agencies and Non-Departmental Public Bodies will be mandated to use the new Agreement to purchase facilities management services. The Government expects between £1.3 billion and £4.1 billion of services to be outsourced using the new Agreement, which will run until July 2019.

Cobham Plc (COB.L) Announced that it has reached agreement to divest its composites businesses to Meggitt PLC for $200 million in cash, payable on completion. The transaction is consistent with the company’s strategy of simplifying its portfolio by focusing on segments where it has scale and market leading positions.

Fastjet Plc (FJET.L) Announced that operations in Tanzania have reported its highest number of passengers in July 2015, carrying a total of 71,763 passengers in the month, surpassing the previous record, achieved in April 2015, by over 3,600 passengers and a 36% increase on the same month in the prior year. The load factor for July was 72%. The increase in passengers has been achieved in part by the commencement of flights to Malawi and additional flights to Mwanza. This has resulted in an aircraft utilisation figure in excess of 12 hours per day at the end of July.

First Property Group Plc (FPO.L) Announced that it has completed the sale of its last remaining investment which is an office park in Uxbridge, after the completion of few conditions as specified in the exchange of contracts in March. It will raise the group’s profit approximately to £1 million which will be recognised in the current financial year.

Fitbug Holdings Plc (FITB.L) Announced that it has raised a total of £1,665,000 through a combination of the issue of new ordinary shares of 1p each in the Company (“Ordinary Shares”) by way of a Placing by Hybridan, Subscription by NW1 Investments Limited (“NW1 Investments”) and the issue of a new Convertible Loan Note to NW1 Investments. A restructuring of all existing loans has been agreed on favourable terms which strengthens the Group’s balance sheet, extends the term of the existing loans and reduces their interest rate. The funds raised will be predominantly used to support marketing and channel development focused on US and UK territories, further product enhancement and innovation with particular focus on Kiqplan Version2, and for general working capital purposes. Kiqplan is unlike other products currently offered in the wearable health sector and uniquely positions Fitbug as an innovator in what is a rapidly growing and exciting market. Additionally, the Fitbug Orb has been enjoying considerable success, particularly in the B2B and employee wellness arenas, as was demonstrated by the Company’s recent partnership with Towers Watson and Punter Southall. In June the Company received its first order from Towers Watson under this partnership worth £275,000 for the provision of Fitbug Orb and support services for their first HealthVantage client, a large Asian financial services company. Retail response has been strong. Over the last month Sainsbury’s placed stock replenishment orders totaling £265,000 and confirmed that the product would be included in its 2015 holiday promotions. US retailer Sam’s Club has agreed a 25 store eight week trial of a Fitbug Orb, Wow and Kiqplan bundle starting in September 2015. Additionally, inflight retail specialist Scorpio Worldwide Limited has now added a second airline, Virgin, to its list of airlines who will stock a Fitbug/Kiqplan product bundle following their initial contract with KLM. UK retailer Argos have agreed to include both the Fitbug Orb and Kiqplan in their 2015 Autumn/Winter catalogue. Of strategic, rather than financial significance, Homerton University Hospital NHS Foundation Trust has confirmed a pilot programme using Fitbug Orb and Kiqplan programmes. This follows a successful randomised trial with John Hopkins of a novel mHealth strategy coupling Fitbug Orb activity tracking with smart texts. A further update will be provided with the Company’s Interim results.

Gamma Communications Plc (GAMA.L) Announced that it has been awarded a Government framework agreement, on eight out of the ten possible Lots on the new Crown Commercial Service Network Services agreement (RM1045). The Lots cover all communications services including data, voice, mobile and integrated communications. The agreement replaces the existing and legacy agreements, including PSN Connectivity, PSN Services and Telephony Services.

Hargreaves Lansdown (HL..L) Announced the appointment of Chris Hill as Chief Financial Officer with effect from March 2016. This appointment is subject to regulatory approval. Until that time Simon Cleveland, a Partner from Deloitte LLP, will continue to act as Interim Chief Financial Officer.

IBEX Global Solutions Plc (IBEX.L) Announced, in its trading update ahead of its annual results for the year ended 30 June 2015, that the company continued its strong progress as its revenues and profitability rose during the period. It signed crucial new contracts with clients in new and existing verticals while the revenues grew within its existing customer base. Its expertise in supporting the insurance and transportation services industries has expanded wherein the major contracts have been signed. Additionally, its service offering has also strengthened with the establishment of its new sites in the US to meet increased demand from both new and existing customers, as well as to provide bi-lingual services for the growing Hispanic market in the US. It also expanded its existing reach in the Philippines to allow its future growth. The company also announced that Bob Dechant joined as the new Chief Executive Officer while Gilbert Santa Maria joined as the Chief Operating Officer in the board and Eric Owen joined as the Executive Vice President of Client Services. The company continues to achieve a strong pipeline of future opportunities and growth prospects. The board expects the results for the year ended 30 June 2015 will be in line with market expectations.

IG Group Holdings Plc (IGG.L) Announced that Chris Hill, Chief Financial Officer, has decided to leave the company and accepted the role of Chief Financial Officer at Hargreaves Lansdown Plc. The company expects that he will continue in his current role until the end of his notice period and will leave the company in February 2016.

Jaywing Plc (JWNG.L) Announced that copies of the Annual Report and Accounts for the year ended 31 March 2015 together with the notice of the Annual General Meeting are today being posted to shareholders and are available to view on the company’s website: www.jaywingplc.com.

Meggitt Plc (MGGT.L) Announced that it has agreed to acquire the advanced composites businesses (the “Businesses”) of Cobham Plc for $200 million in cash (the “Acquisition”), financed from existing resources.

Metal Tiger Plc (MTR.L) Announced an update with regard to Tungsten and Gold exploration operations at the Company’s Joint Venture in Extremadura, Spain. Metal Tiger has now paid €250,000 out of the €500,000 total 2015 commitment in order to earn into a 50% holding in Logrosán Minerals Limited which holds the interest in the Logrosán project. Recommencement of drilling operations is anticipated to take place as scheduled in early September 2015. Advance planning for drill recommencement is underway including ordering of drill rods, spare parts and relevant consumables. Further investment made in New XRF – Delta Premium Geochem Analyser, including gold element analysis, is expected to further accelerate field operations.

Newmark Security Plc (NWT.L) Announced, in its preliminary results for the year ended 30 April 2015, that revenue rose to £22.9 million from £19.2 million posted in the same period preceding year. The company’s profit before tax stood at £2.3 million, compared to a profit of £0.906 million reported in the previous year. The basic earnings per share stood at 0.48p compared to earnings of 0.19p reported in the previous year. The company further stated that the board has proposed a final dividend of 0.10p per ordinary share (2014: 0.075p) amounting to £0.46 million (2014: £0.34 million).

Nostrum Oil & Gas Plc (NOG.L) Announced that it noted the statement today by Tethys Petroleum Limited (“Tethys”) and confirmed that it has made a further approach to Tethys about a possible offer for the entire issued share capital of Tethys at C$0.2185 per Tethys share. Following this approach, Tethys and Nostrum have negotiated a US$5 million loan financing in order to support short-term liquidity of Tethys during the period in which any formal offer may be implemented. Tethys has also agreed to grant exclusivity to Nostrum until 25 August 2015 for the purposes of conducting due diligence on Tethys. This announcement is not an announcement of a firm intention to make an offer for Tethys (an “Offer”) and there can be no certainty that any Offer will be made, nor as to the terms on which any Offer might be made. Any Offer for Tethys will not be subject to the provisions of The City Code on Takeovers and Mergers. A further announcement will be made in due course as appropriate.

Pittards Plc (PTD.L) Announced that Louise Cretton has been appointed as Non-Executive Director of the company with immediate effect.

Red Emperor Resources NL (RMP.L) Announced, in its drilling update, that the Hawkeye-1 exploration well was spud on 31 July 2015 and since then operations have run smoothly with the Joint Venture experiencing excellent performance from both the rig and service companies. After the installation of the 36” conductor at 1,906 million the well was drilled (26”) and cased (20”) to 2,449 million. Installation and testing of the blow-out preventer (BOP) has been completed, along with the 17 ½” hole to 2,664 million. Current operations involve the setting of 13 ?” casing in anticipation for drilling the 12 ?” hole to the primary target reservoir. Red Emperor will continue to update the market with respect to the drilling operations in conjunction with the JV after target depth has been reached.

Rockhopper Exploration Plc (RKH.L) Announced, in its update on the status of the Ombrina Mare project in Italy, that further to the company’s announcement on 19 May 2015, the Italian Government has announced that the Environmental Impact Assessment (EIA) for the Ombrina Mare field development project (FDP) has now been approved by the Minister for the Environment and countersigned by the Ministry of Cultural Heritage. The decree includes the ‘Autorizzazione Integrata Ambientale’ (Integrated Environmental Authorisation) (AIA). The decree will now be passed to the Ministry of Economic Development in order to complete the process to award the Ombrina Mare Production concession.

Rotala Plc (ROL.L) Announced interim results for the six months to 31 May 2015. Revenues declined by 6% when compared with the same period in 2014. Profit before Taxation rose by 6% to £1.045 million (2014: £0.990 million). Basic earnings per share were 2.19p per share (2014: 2.27p) and diluted earnings per share 2.17p (2014: 2.19p). The company is confident about the performance of the group’s existing business and excited about the possibility of expanding it considerably in the years ahead.

Tern Plc (TERN.L) Announced it has raised £720,000 before expenses through a placing of 6,000,000 new ordinary shares of 0.02p each at a price of 12p per ordinary share. The proceeds of the placing will be used to facilitate further investments in accordance with the company’s investing policy and to provide additional finance for the existing portfolio, particularly the opportunities for the continuing development of Cryptosoft Limited. In addition, the company is pleased to announce that Bruce Leith and Al Sisto who provided Convertible Unsecured Loanstock (CULS) in September 2014 are each converting £18,750 CULS into 1,500,000 new ordinary shares at 1.25p per share comprising in aggregate, a total of 3,000,000 ordinary Shares. Application will be made for the 9,000,000 new ordinary shares to be admitted to AiM and it is expected that admission will take place and trading in the new ordinary shares will commence on 17 August 2015. On completion of the placing and following admission of the new ordinary shares, the enlarged issued share capital will be 54,442,020 Ordinary Shares of 0.02p each.

Vela Technologies Plc (VELA.L) Announced that it has been informed by The Social Superstore Limited, one of the company’s portfolio companies, that it has successfully raised a pre-Series A funding round of £1.75 million at a £10.0 million pre-money valuation. The Fundraise was undertaken at a price of £3.11 per ordinary share in The Social Superstore. The proceeds from the Fundraise will be used by The Social Superstore for working capital and to grow their in-house development team. The company has an interest in 71,429 Social Superstore Shares which have a paper value equivalent to approximately £222,000 at the price of the Fundraise. Following completion of the Fundraise the company has an interest in approximately 1.89% of the fully diluted share capital of The Social Superstore.

W Resources Plc (WRES.L) Announced that it has completed its drilling campaign at Régua in Northern Portugal, which has delivered exceptional results. The drilling programme has further defined high grade extensions to the north east (Holes RGD024 / RGD025) and in addition, a step out hole identified a significant new extension of the orebody to the north west. Five short holes drilled in the centre of the orebody clearly defined the initial open pit mining area with multiple levels of high grade tungsten mineralisation at surface or close to surface with limited cover.

Westminster Group Plc (WSG.L) Announced that Matthew Wood, a Non-Executive Director, due to increasing time pressures elsewhere, has reluctantly decided to stand down from the Board at the end of August 2015. The Board would like to express its gratitude to Matt for his efforts over the last few years and wishes him well for the future.