Broker Upgrades and Downgrades & Key UK Corporate Snapshots 12 August 2015

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Active Energy Group Plc (AEG.L) Announced, in its trading update on its Ukraine-based operations, which supply processed wood chip to Medium-Density Fibreboard (MDF) manufacturers in Turkey, that production and shipping levels in the first six months of the year were broadly in line with management expectations, and at 103,733 tonnes showed a considerable uplift over the same period in 2014 (61,185 tonnes). As a result, the Board anticipates that the Group’s results for H1:2015, which are expected to be announced by mid-September, will also broadly be in line with its expectations. As reported on 10 July 2015, the Ukrainian parliament recently passed a law banning the export of unprocessed wood from the country effective from November 2015, which led to a surge in log demand in June and July, reflecting last-ditch buying efforts by log traders before the ban, which directly affects them, comes into effect. Furthermore, as reported on 13 July 2015, the Group’s new hardwood processing equipment and new softwood production line at its Yuzhny Port facility, both of which were originally scheduled to be operational by the start of H2:2015, have been delayed: the former to late-August, and the latter to early-October.

Amara Mining Plc (AMA.L) Announced an update for the half year ended 30 June 2015 (“H1 2015”). Maiden Mineral Reserve of 2.7Moz (70.4Mt at 1.18g/t) was reported for Yaoure Gold Project (“Yaoure”) as part of Pre-Feasibility Study (“PFS”), underlining the economic viability of this large scale deposit. 12,000 metre drilling programme is underway in the Yaoure Central zone to upgrade a portion of the remaining Inferred resources to the higher confidence Indicated category and to improve continuity within higher grade areas. Application for mining exploitation licence for Yaoure has been lodged with the government of Côte d’Ivoire, including the submission of the Environment and Social Impact Assessment (“ESIA”). Cash as at 30 June 2015 stood at US$13.6 million following successful placing to raise US$21 million (net of costs) in January 2015. Amara remains well funded to advance the Bankable Feasibility Study (“BFS”). CEO John McGloin said “H1 2015 has been an important period for Amara as we have reported a maiden Mineral Reserve for Yaoure as part of the PFS and increased the project’s resources to 6.8 million ounces. Although recent weeks have been challenging for the gold sector, we continue to advance Yaoure along its development path and remain fully-funded to do this. Our focus in H2 2015 is to progress our understanding of the optimisation opportunities identified by the PFS, which include increasing the head grade of the CMA zone through selective mining and reducing the upfront capital cost. Drilling is also underway to further improve our understanding of the Yaoure Central zone, which is expected to strengthen the overall economics of the project. I look forward to updating the market on Yaoure’s progress over the coming months.”

Amino Technologies Plc (AMO.L) Announced that it has completed the acquisition of Entone Inc. (“Entone”), a provider of broadcast hybrid TV and connected home solutions. This follows the announcements on 21 July 2015 in relation to the Acquisition and Placing, and approval of the Resolutions at the General Meeting of the Company on 10 August 2015. As previously announced, the Total Consideration comprises Initial Consideration of $65.0 million and Deferred Consideration of $8.0 million, of which $5.0 million will be payable on the first anniversary of Completion and a further $3.0 million payable on the second anniversary of Completion, to qualifying Entone Management only.

Balfour Beatty Plc (BBY.L) Announced, in its results for the half-year ended 26 June 2015, that revenue stood at £3,466 million, compared to £3,555 million in the same period last year. Operating loss stood at £140 million, compared to a loss of £43 million. Loss after tax was £151 million, compared to a loss of £43 million. Diluted loss per share from continuing operations stood at 22.0p, compared to a loss of 6.2p.

Bank of Georgia Holdings Plc (BGEO.L) Announced that the Bank has completed its legal restructuring as announced in December 2014 (link to December 2014 announcement:

Centamin Plc (CEY.L) Announced its results for the second quarter ended 30 June 2015. Revenue increased to $124.2 million from $102.6 million reported in the same period a year ago. EBITDA for the period was US$37.3 million, down 30% on the previous quarter. Profit before tax stood at $18.8 million, down from $28.6 million. Full year production is expected to be between 430,000 and 440,000 ounces of gold at below previous forecast of US$700 per ounce cash cost of production and US$950 AISC.

CLS Holdings Plc (CLI.L) Announced, in its unaudited interim results for the six months ended 30 June 2015, that its reported revenue stood at £58.6 million, compared to £49.8 million in the preceding period. Profit after tax was £69.0 million compared to £62.0 million. The company’s basic and diluted earnings per share was 160.5p, compared to 141.8p.

Dekeloil Public Limited (DKL.L) Announced, in its update on the construction of its Kernel Crushing Plant (‘KCP’), that all materials and equipment have arrived on site at Ayenouan and construction of the plant by the team from Modipalm Engineering SDN BHD is advancing well. Once it is operational, the KCP will operate at 60 t/day with an installed capacity of 80t/day. Kernels are now being stock-piled in anticipation of operations commencing in Q4 2015 and discussions are underway with local groups to purchase kernels in addition to the company’s own stock for input into the plant. Discussions are going well for the sale of PKO and animal feed demonstrating significant local demand for these products.

G4S Plc (GFS.L) Announced, in its interim results for the six months ended 30 June 2015, that revenues rose to £3,409 million from £3,376 million recorded in the same period a year ago. Profit after tax narrowed to £45.0 million from £85.0 million. The board has declared a 5% increase in the interim dividend. Basic and diluted earnings per share stood at 2.3p, down from 5.0p.

Galliford Try Plc (GFRD.L) Announced that its Facilities Management business has been appointed to the new Crown Commercial Services Facilities Management Framework. The company’s management has earned a place on Lot 1, Total Facilities Management under the name of Sigma Support Services worth up to £3 billion.

GameAccount Network Plc (GAME.L) Announced a partnership with San Manuel Digital to launch a Simulated GamingT online & mobile experience for new customers and existing patrons nationwide in the United States.

Gemfields Plc (GEM.L) Announced, in its market update for the Quarter ended 30 June 2015, that production of 8.1 million carats of emerald and beryl (versus 6.2 million carats in the quarter ending 30 June 2014); total operating costs(a) of $12.8 million (versus $11.1 million in the quarter ending 30 June 2014), largely on account of the increased scale of mining and exploration activities carried out across the mining licence; cash rock handling unit costs of $2.92 per tonne (versus $3.56 per tonne in the quarter ending 30 June 2014), with the increased scale of mining driving increased overall efficiencies. Annual gemstone production of 30.1 million carats of emerald and beryl (versus 20.2 million carats in the year ending 30 June 2014), accompanied by a pleasing increase in the overall quality of emerald and beryl produced during the year; total operating costs(a) of $44.5 million (versus $32.0 million in the year ending 30 June 2014), largely on account of the increased scale of mining and exploration activities carried out across the mining licence. Meanwhile, approximately 0.7 million carats of ruby and corundum extracted (versus 0.2 million carats in the quarter ending 30 June 2014) and annual gemstone production of 8.4 million carats of ruby and corundum (versus 6.5 million carats in the year ending 30 June 2014), increase in processed volumes due to improvements in the wash plant. Also, wholly owned Fabergé Ltd saw the value of sales orders agreed(e) during the quarter ending 30 June 2015 fall by 14% when compared to the same period last year. This is largely due to the increase in sales orders taken during the Harrods promotional event in April 2014, while a considerably smaller event was held during the same period in 2015.

GoldBridges Global Resources Plc (GBGR.L) Announced that it will progress development of its Sekisovskoye underground mine by using a haulage decline rather than sinking a shaft. This will enhance financing flexibility for the mine by significantly reducing the capital expenditure required to deliver the underground expansion. The company also announced that it has concluded an agreement with its key shareholder, African Resources, to support the financing of the underground mine expansion.

Interserve Plc (IRV.L) Announced, in its half year results for six months ended 30 June 2015, that revenues surged to £1804.4 million from £1565.5 million posted in the same period preceding year. The company’s profit before tax stood at £33.7 million, compared to a profit of £28.3 million reported in the previous year. The basic earnings per share stood at 19.9p compared to earnings of 14.7p reported in the previous year. The company further stated that the board has approved an interim dividend of 7.9p per share, amounting to £11.5 million, on 12 August 2015 and has not been included as a liability as at 30 June 2015.

LGO Energy Plc (LGO.L) Announced that its latest development well, GY-677, at its Goudron Field development in Trinidad, which was spudded on 27 July 2015 reached total depth at 3,135 feet measured depth (“MD”) on 8 August. Electric log interpretation from both the Goudron Sandstone and C-sand reservoir intervals confirm the presence of recoverable hydrocarbons with the net hydrocarbon pay in the C-sand main target estimated as 130 feet.

LXB Retail Properties Plc (LXB.L) Announced that it has exchanged contracts with Primark for a pre-let of a 53,000 sq ft (c27,000 sq ft on ground floor) store at the group’s Rushden Lakes investment.

Nanoco Group Plc (NANO.L) Announced, in its pre-closing trading update for the year ended 31 July 2015, that it saw a significant progress in the technology commercialisation and its organisational development. The company’s business relationship with The Dow Chemical Company (“Dow”) has made positive progress as it received a $2 million milestone payment from Dow in the first half of the year on the signing of a customer agreement between Dow and LG Electronics (“LG”). Construction of Dow’s mass production plant in Cheonan, South Korea, was completed at the year end. The unaudited revenues as on 31 July 2015 stood at £2.0 million (2014: £1.43 million). The unaudited net cash balance stood at £24.3 million, compared to £12.18 million last year.

Netplay TV Plc (NPT.L) Announced the acquisition of Otherside Inc. (“Otherside”), an online marketing, product development and technology company, for a total consideration of £3.2 million (the “Acquisition”). The consideration for the Acquisition, for the trade and assets of Otherside, comprises an initial consideration of £2.7 million, to be satisfied by a cash payment from the Group’s existing cash resources. Further consideration of £0.5 million is payable over 12 months from date of completion subject to the vendor completing certain deliverables as well as the continued employment of certain key individuals.

Orsu Metals Corporation (OSU.L) Announced, in its unaudited results for the period ended June 30, 2015, that net loss and comprehensive loss stood at $0.57 million, compared to a loss of $1.24 million in the same period last year. Diluted loss per share stood at $0.00, compared to a loss of $0.01.

Oxford Pharmascience Group Plc (OXP.L) Announced that preliminary pharmacokinetic (PK) data confirms that OXP001(2) has successfully met its optimisation objectives for immediate release and complete drug absorption. The company has commenced dosing in the second phase of the study, which seeks to prove the reduced gastro-intestinal (GI) irritation benefit of OXPzero Ibuprofen by endoscopic evaluation. Additionally, the company is proceeding to the second phase of the study, which aims to demonstrate a significantly reduced GI side effect profile compared to standard 400mg Brufen tablets. The product to be tested, OXP001(2), is a 400mg chewable, taste masked, oral formulation of ibuprofen.

Pearson Plc (PSON.L) Announced that it has agreed to sell its 50% stake in The Economist Group for £469 million, payable in cash. EXOR S.p.A. has agreed to purchase 27.8% of The Economist Group’s Ordinary shares for consideration of £227.5 million and all of the B special shares for consideration of £59.5 million from the company. The company’s remaining ordinary shares will be repurchased by The Economist Group for a total consideration of £182 million.

Petroneft Resources Plc (PTR.L) Announced, in its operations update, that the L-10 well at West Lineynoye was successfully completed with a horizontal segment of about 282 metres in the Upper Jurassic J1-1 horizon at a depth of approximately -2,365 metres TVD. Of the 282 metre horizontal segment it is estimated that approximately 125 metres is effective net pay. The well was brought online on 4 August and the average flow rate over the last five days has been approximately 230 bopd. The well has cleaned up substantially and the current water cut is less than 5%. The adjacent L-8 vertical well is producing about 50 bopd from the same reservoir interval and the L-10 confirms the ability to use short segment horizontal drilling to greatly increase the flow rates. Meanwhile, The T-503 well at Tungolskoye continues to produce over 500 bopd. The average water cut has now reduced to less than 5%. The T-508 vertical well was drilled in just 17 days. The primary purpose of this well was to provide the necessary stratigraphic information for the drilling of the T-502 horizontal well which is in progress. The horizontal segment in the T-502 well is currently being drilled and is expected to be completed later this month. This well is located on the eastern crest of the structure targeting the J1-1 sandstone using the T-5 and T-508 wells for geo-steering guidance.

Pure Wafer Plc (PUR.L) Announced, in its trading update, that as per its announcement on 3 July 2015 about the issues to be resolved with respect to the closure of the Swansea facility and the safe disposal of the fire damaged building and the resolution of the 99 year lease of land which does not expire until 2099, it confirms the disposal of the fire damaged property at Millbrook Drive, Swansea and the assignment of the 99 year lease to Breathless LLP. This transfer will enable the site to be redeveloped and new long term employment created in the area. It also confirms that all outstanding obligations under Government grant funding have been settled while all the redundancy liabilities have also been agreed and substantially settled following the expiry of the statutory consultation period. Also, its facility in Prescott, Arizona, continues to operate successfully and those operations were unaffected by the closure of the Swansea facility.

ServicePower Technologies Plc (SVR.L) Announced that it has signed contracts with three major North America companies for its SeviceOperations and ServiceMobility platforms. JVCKENWOOD USA Corporation and JVCKENWOOD Canada, Inc. has selected ServiceOperations as its warranty claims processing and payment platform for the US and Canada; a branded audio, video and multimedia company has appointed ServicePower to utilise ServiceOperations in support of its multi-brand music lifestyle business; while a leading North American consumer products manufacturer, has partnered with ServicePower to implement its ServiceMobility application for field services within the manufacturing sector.

Shanta Gold Limited (SHG.L) Announced, in its drilling update, that a reverse circulation drilling program comprising 3,784 metres (“m”) has been completed, targeting the Elizabeth Hill Mineralised Prospect (“Elizabeth Hill”). All reverse circulation holes drilled intersected the mineralised structure at Elizabeth Hill, in close proximity to initial ore wireframe positions, supporting the accuracy of their interpretations. During previous drilling campaigns, Elizabeth Hill was tested by means of wide-spaced drilling at depth, resulting in a limited understanding of near-surface ore development and gold grade. The latest drilling campaign was designed to provide close-spaced (25m x 25m) ore intersections at shallow depths and has yielded encouraging assay results over portions of the strike extent tested. With progressive process plant upgrades at NLGM enabling the company to increase monthly ore tonnage throughput, the required head grade at NLGM has decreased. The company intends to integrate drill findings into an updated resource assessment for Elizabeth Hill, after which pit optimisation studies will be commissioned. This is anticipated for completion in Q4 2015.

Sigma Capital Group Plc (SGM.L) Announced, in its half year results for six months ended 30 June 2015, that revenues fell to £1.03 million from £1.78 million posted in the same period last year. The company’s loss before tax stood at £0.414 million, compared to a loss of £0.201 million reported in the previous year. The basic loss per share stood at 0.67p compared to loss of 0.38p reported in the previous year. The cash and cash equivalents stood at £5.0 million (2014: £9.1 million) The company also announced that it has raised £20 million through placement of ordinary shares by N+1 Singer (the “Placing”). It will allow the company to build its own substantial portfolio of PRS assets, leveraging the existing PRS infrastructure and relationships the company has established over the last three years. The Placing is conditional on shareholder approval and will be effected by the issue of 26,666,666 new ordinary shares of 1.0p each (“the Placing Shares”) conditionally placed with existing and new institutional investors at a price of 75.0p per Placing Share, a discount of 6.8% to the closing price of 80.5p on 11 August 2015.

SimiGon Limited (SIM.L) Announced that it has been awarded an additional contract from a leading provider in the small tactical Unmanned Aircraft Systems (UAS) market. SimiGon supplies the underlying training system technology for the UAS program. The value of the contract is $0.8 million and the revenue contribution from this contract was already factored into management’s expectations for the year ended 31 December 2015.

Tracsis Plc (TRCS.L) Announced trading update for the year ended 31 July 2015 ahead of the full year results being published. Due to strong trading across the Group full year results are now expected to be ahead of the previous year and market forecasts. The Board anticipates that Group revenue will be circa £25 million (2014: £22.4 million) with Adjusted Pre-tax Profit expected to be comfortably ahead of market expectations of £5.5 million and also ahead of the previous year (2014: £5.0 million). Year-end cash balances were in excess of £12 million (2014: £8.9 million), and the business remains debt free. In line with the Group’s stated strategy, Management continues to pursue a number of investment opportunities and looks forward to updating the market in due course. Full Year results will be announced in late October or early November and a date will be communicated to the market in due course.

Tullow Oil Plc (TLW.L) Announced, in its operational update, that gas exports from the Jubilee field (Ghana) have resumed after the completion of work on the gas compressor on the FPSO Kwame Nkrumah. Gas exports have restarted on 3 August 2015 and has steadily increased to around 100 mmscfd. Oil production saw an increase and has now returned to prior rates of growth. It also said that the governments of Uganda and Kenya have agreed on a route for the regional crude oil export pipeline which is a major milestone for the company and it looks forward to working with both the Governments and will partner on the development of the significant discovered oil resources in Uganda and Kenya. In Suriname, the Spari-1 well in offshore Block 31 has currently being plugged off. Despite the presence of targeted Campanian turbidite sands, it saw no significant hydrocarbon in the well. The well was drilled in 52 metres of water to a total depth of 3,830 metres. In Norway, the Salander well in offshore PL 650 found sandstones with good reservoir properties but no hydrocarbons were seen at this location. The well was drilled in 350 meters of water to a total depth of 2,439 metres and will be plugged off.

Utilitywise Plc (UTW.L) Announced that Andrew Richardson, Deputy CEO, has submitted his resignation so as to pursue his other interests and will hand over his responsibilities in the coming months. The company also stated that Steven Atwell has been appointed to the board as the Managing Director of its Enterprise Division.

Vmoto Limited (VMT.L) Announced, in its trading update, that it has generated strong growth in revenue, and even stronger growth in earnings, over the six months ended 30 June 2015 (1H15) based on its unaudited financial results. Vmoto has experienced strong growth across key metrics over 1H15 and is well placed to achieve its previous guidance for FY15 of $5 million to $7 million NPAT.

Zoopla Property Group Plc (ZPLA.L) Announced, in its trading update for the period 1 April 2015 to 31 July 2015 (the “Period”), that UK Agency membership returned to growth, with the Group adding 213 net new branches since it last provided an update on our member number for April, taking total UK Agency members to 12,556 as at the end of the Period. Management is encouraged by the reduction in churn and return to growth of the UK Agency business, combined with the strong performance of its members who continue to grow their listings. The Group had 2,672 new home development members, 684 overseas members and 219 commercial members taking the total number of members at the end of the Period to 16,131. Listings inventory continued to grow over the Period, up 7% from 828,000 to 882,000 as at 31 July 2015. Traffic to the platform remained strong with 45.6m average monthly visits during the Period and with the company remaining one of the UK’s most visited websites. Mobile devices accounted for over 60% of visits during the Period, up 11% over last year. The Group completed the acquisition of uSwitch on 1 June 2015 and the business is trading well. As the #1 price comparison website (“PCW”) in the UK for home services switching (energy and communications), uSwitch continues its mission to help consumers find the best deals and save money on their household bills. Also, Energy continues to benefit from uSwitch’s market-leading position, structural growth in the switching market and the supportive regulatory environment. In July the CMA presented the provisional findings of its investigation into the UK energy market concluding that significant gains from switching continue to go unexploited by consumers and that PCWs can significantly reduce search and switching costs. Additionally, the Board is pleased to announce that it has secured the long term commitment of Alex Chesterman, Founder & CEO, to continue to lead the business over the next few years, working to achieve the significant long-term growth potential of the Group.