Broker Upgrades and Downgrades & Key UK Corporate Snapshots 14 August 2015

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Akers Biosciences Incorporation (AKR.L) Announced that the half yearly results will now be published on Tuesday, August 18, 2015. Accordingly the conference call scheduled for later today will be postponed until August 18, 2015 and new dial-in details will be published in due course.

Armadale Capital Plc (ACP.L) Announced a conditional placing of 20,000,000 new ordinary shares of 0.1p each in the capital of the company at a price of 3.5p per share to raise gross proceeds of £700,000 with institutional and other investors. The proceeds of the placing will allow the company to continue the development of its Mpokoto Gold Project in the Katanga Province of the Democratic Republic of Congo, by commencing ground works in conjunction with drilling. This includes the completion of the Definitive Feasibility Study, which is targeted for completion in Q3 2015.

Atlantic Coal Plc (ATC.L) Announced the opening of its new rail loading facility at its Stockton Mine. Atlantic Coal owns and operates the Stockton Anthracite Mine (“Stockton”) which is located near Hazleton, Pennsylvania. Atlantic Coal, in partnership with the Reading, Blue Mountain and Northern Railroad (“RBMNR”), has constructed a new rail loading facility at the eastern end of its Stockton mining property. This became operational on 11 August with the despatch of anthracite to a steel industry customer in Indiana and a sugar processing company in Idaho, 680 miles and 2,400 miles respectively from Stockton Mine. Despatch of anthracite to customers in 100 tons capacity railcars compared with 20 tons capacity road trucks and no longer having to use third party rail loading facilities provides both a more efficient service to customers and reduced loading and transport costs.

Churchill Mining Plc (CHL.L) Announced that the Directors wish to provide an update on the international arbitration cases the company and its wholly owned subsidiary Planet Mining Pty Ltd are pursuing against the Republic of Indonesia through Washington DC based International Centre for Settlement of Investment Disputes (ICSID). The arbitration before the ICSID Tribunal arises from the unlawful revocation of the mining licenses relating to the East Kutai Coal Project in East Kalimantan (EKCP), Indonesia, in which the company and Planet held a 75% interest. Pursuant to ICSID Procedural Order 15, Indonesia’s Application for Dismissal of the arbitration case on the grounds of document authenticity (Indonesia’s dismissal application) was heard in Singapore between 3 and 10 August 2015. The company and Planet were represented by the international law firm Clifford Chance LLP with members of the company board and management also in attendance at the hearing. The conduct of the hearing included fact witnesses, oral presentations and expert witnesses. All of the witnesses for the company/Planet whom Indonesia requested for cross-examination attended the hearing. All of the witnesses for Indonesia whom the company/Planet requested for cross-examination attended the hearing, except Isran Noor.

Conviviality Retail Plc (CVR.L) Announced that further to the announcement made on 9 July 2015 about the potential acquisition of Matthew Clark (Holdings) Limited (‘Matthew Clark’) (the ‘Acquisition’), the company has entered into a non-disposal undertaking (the ‘Undertaking’) with the current owners of Matthew Clark, being Hertford Cellars Limited and Punch Taverns (Finco) Limited (the ‘Sellers’). The Sellers may not complete a disposal of Matthew Clark to a third party buyer before 4 September 2015 (or a later date, subject to obtaining the Sellers’ prior agreement). The Undertaking also includes a break fee provision under which the company may be liable to pay a break fee of £1 million if agreements to effect the Acquisition are not signed within certain agreed parameters by 4 September 2015 (or such later date as referred to above). The Sellers may be liable to pay the company an aggregate break fee of £1 million if they agree to sell Matthew Clark to a third party buyer within 180 days of withdrawing from an agreed deal with the company.

Coral Products Plc (CRU.L) Announced that it has raised £0.9 million before expenses through a placing of 6,003,330 new ordinary shares of 1 penny each in the capital of the Company (the “Placing Shares”) at a price of 15 pence per Placing Share (the “Placing”). The Placing was conducted by Daniel Stewart & Company plc and was oversubscribed.

Ergomed Plc (ERGO.L) Ergomed’s co-development partner Aeterna Zentaris has announced that the Data and Safety Monitoring Board is scheduled to complete the second interim analysis of the Phase 3 ZoptEC (Zoptarelin Doxorubicin in Endometrial Cancer) pivotal study with zoptarelin doxorubicin in women with advanced, recurrent or metastatic endometrial cancer in early October.

Glencore Plc (GLEN.L) Announced that it has completed the sale of the Tampakan copper project. Glencore has also sold its stakes in the Falcondo nickel operation and Sipilou nickel project. The total proceeds raised from the sales are approximately $290 million.

Global Invacom Group Limited (GINV.L) Announced its financial results for the six months ended 30 June 2015 (“1H FY2015”). Revenue declined 22.7% to US$54.0 million in 1H FY2015 from US$69.8 million in 1H FY2014. In line with the Group’s performance guidance announced on 29 July 2015, the Group recorded a net loss of US$2.8 million in 1H FY2015 as compared to a net profit of US$3.7 million in 1H FY2014. The Group is reasonably confident, barring unforeseen circumstances, of an improvement in performance for 2H FY2015.

Greenko Group Plc (GKO.L) Announced that it has signed non-binding heads of terms with GIC for the sale of all of the company’s shares in Greenko Mauritius for a cash consideration of approximately £162.8 million (the “Disposal”). If completed, it would result in the sale of the company’s trading activities and assets, comprising of development, ownership and operation of clean energy projects in India together with the release of the company from all associated financial liabilities including debt and associated minority interests. A further announcement, in a more detailed manner to the background and reasons for the proposed Disposal and its terms, as well as the proposed return of capital to shareholders, will be made after the sale and purchase agreement for the Disposal referred to above has been entered into. The also announced, in its trading update for the half year ended 30 June 2015, that power generation in the period increased by 49% to 904 GWh, compared to 606 GWh in the same period last year. Installed operational capacity increased to 838 MW, compared to 596 MW as at 30 June 2014. The operating portfolio has been performing well with average availability factors above 99%. But the performance has not been converted into strong financial results for the period due to a late and slower start to the current monsoon season. Moreover, the 70 MW Budhil hydro project operated well, but they have to sell power into the short term merchant market at reduced prices while negotiations to reach an attractive long term PPA have been at the last stages. The 96 MW Dikchu hydro project is at an advanced stage of completion and expected to commission in Q4 2015. The company remains on track to meet its operational installed capacity target of 1,000 MW this year, with all projects currently under construction being fully financed. As a result of these factors, the company’s financial results for the year ending 31 December 2015 are likely to be lower than market expectations.

Highland Gold Mining Limited (HGM.L) Announced, in its operational update for the half-year ended June 30, 2015 that total H1 2015 production of 121,242 oz of gold and gold equivalents at Mnogovershinnoye (“MNV”), Novoshirokinskoye (“Novo”), and Belaya Gora, a 1% increase from 120,121 oz in H1 2014. Continued optimisation of operations at the Belaya Gora processing plant, with gold recovery rates reaching 76% on average (21% higher than in H1 2014) and 80.9% in June. Meanwhile, the Kekura project site took delivery of 6,300 tonnes of materials and equipment in the first half of 2015, ensuring supplies for ongoing activities and preparations for construction. Also, the company received regulatory permission and conducted a pilot test for batch processing of ores from Sredny Golgotay and Novo using the existing gravity-flotation process at Novo. Based on these test results, a flowsheet for processing the two types of ore at the Novo processing plant has been developed. Guidance for full-year 2015 output of gold and gold equivalents unchanged at 270,000 – 285,000 ounces. The Company submitted a TEO study to the State Committee on Reserves (GKZ) for registration of reserves with the state. In Q2 2015, GKZ approved (C1+C2) category reserves of 62.1 tonnes (1.99 million oz) of gold, including open-pit mineable reserves of 45.6 tonnes (1.47 million oz) and 16.5 tonnes (0.53 million oz) destined for underground mining. The reserve approval marks significant progress in the mine’s development, facilitating detailed project design according to Russian mining regulations.

Horizonte Minerals Plc (HZM.L) Announced its unaudited financial results for the six months ended 30 June 2015. Loss for the year from continuing operations widened to £1.16 million from £0.3 million reported in the same period a year ago. Demand for nickel mainly through the stainless steel market is robust. Good progress was made in first half of 2015 on advancement of the 100%-owned Araguaia Nickel Project in Para State, north central Brazil (‘Araguaia’). The nickel market is predicted to be in deficit from late 2016 and by 2018 there is an expected shortfall for some 778,000 tonnes of nickel to support a balanced market. The metals business has and always will be a cyclical long term undertaking and as a result of this shortfall the company strongly believes that it will see a longer term improved nickel price widely recognised as being +US$20,000/tonne.

IP Group Plc (IPO.L) Announced that its portfolio company, First Light Fusion Limited, has completed a fundraising of up to £22.7 million. This fundraising will allow First Light to further develop its modelling tools and experimental capability and will fund collaborations with leading research groups in the field. The Company has also announced today that it has established a Scientific Advisory Board to provide technical input and governance for its ongoing development programme.

Mytrah Energy Ltd (MYT.L) Announced, in its half year results for six months ended 30 June 2015, that revenues climbed to $32.6 million from $29.4 million posted in the same period last year. The company’s loss before tax stood at $3.0 million, compared to a profit of $3.25 million reported in the previous year. The basic and diluted loss per share stood at 1.08c compared to earnings of 1.65c reported in the previous year. The company’s cash and bank balance stood at $24.6 million (2014: $14.3 million)

NB Global Floating Rate Income Fund Limited (NBLS.L) Announced, in its interim results for the six months ended 30 June 2015, that income declined to $44.4 million from $95.6 million recorded in the same period a year ago. Between 31 December 2014 and 30 June 2015, the Company’s NAV per share rose by 0.91% and 1.07% for the U.S. Dollar Ordinary Share and Sterling Ordinary Share, respectively. During the six-month reporting period, the annualised dividend yield of the Company on dividends paid during the period 1 January 2015 to 30 June 2015 was 3.78% (based on a share price of $0.9790). Looking to the second half of 2015, the Board continues to be satisfied with the portfolio’s performance to date and the strategy that is being applied by the Investment Manager.

Ortac Resources Limited (OTC.L) Announced that it has uploaded a new Corporate Presentation to its website at www.ortacresources.com which provides further detail on the Company’s strategic investment in the Kalaba Cu-Co Project in Zambia.

Powerflute Oyj (POWR.L) Announced, in its trading update for six months ended 30 June 2015, that the group performed strongly during the first half of the year in both its Coreboard and Cores and Packaging Papers activities while its outlook for the second half of the year is positive. In Coreboard and Cores activities, market conditions in the US and China were favourable and the Nordic region continued its good performance. Actions taken during the first half of the year to reset and reorganise its businesses in the challenging European markets have seen positive effects and will lead to further improvement during the second half. It expects healthy market conditions for Packaging Papers for the rest of the year and it will benefit from more favourable hedging of its exposure to the US Dollar. The results for the first half and for the full year will be affected by non-recurring items related to the acquisition and integration of Corenso. The second half will be impacted by planned annual maintenance shutdowns in a number of the paper. It expects that the outcome for the full year will be ahead of previous expectations. The group will release its interim results for the six months ended 30 June 2015 on 8 September 2015.

Rosslyn Data Technologies Plc (RDT.L) Announced Genpact’s partnership with Rosslyn Analytics (the company is the ultimate holding company of the group and owns 100 percent of Rosslyn Analytics Limited). The following announcement was released on 12 August 2015 by Genpact. Genpact, a global leader in designing, transforming, and running intelligent business operations, has formed a partnership with Rosslyn Analytics, a leading big data technology company, to combine Genpact’s source to pay (S2P) process excellence capabilities with Rosslyn Analytics’ award-winning spend analytics technology. The partnership enhances Genpact’s source to pay transformation capabilities, based on its patented Smart Enterprise ProcessesSM framework, core IT solutions, and Systems of EngagementTM, with Rosslyn Analytics’ big data cloud analytics platform, RAPid. The solution provides procurement teams with user-friendly tools to reimagine their S2P functions, make more informed decisions, and ensure robust reporting while reducing the burden on the IT organization.

Safeland Plc (SAF.L) Announced final results for the year ended 31 March 2015. Group revenue for the year to 31 March 2015 of £10.2 million comprises sales of development properties, rental income, management fees, and hotel revenue from the north London hotel purchased in the preceding year, and was broadly in line with the £10.4 million in the year to 31 March 2014. However, gross profit increased from £2.1 million to £2.7 million and, most notably with the profit from the disposal of the Chandos Tennis Club, operating profit climbed considerably, from £1.3 million in the year to 31 March 2014 to £6.9 million in the year to 31 March 2015. Net assets – total balance sheet value or NAV – rose from £10.6 million at 31 March 2014 (equivalent to 63p per share) to £14.7 million (equivalent to 87p per share) at 31 March 2015, a 38% increase year-on-year. The company remains confident that its recent and planned property developments combine to make the outlook positive for shareholders. The property market in and around London remains buoyant. Therefore, while it is mindful of potential increases in interest rates and the possible impact on London real estate of stock exchange uncertainty and the financial crisis in Greece, the company view the year ahead with confidence.

Satellite Solutions Wldwide Grp Plc (SAT.L) Announced, in its unaudited interim results for the six months ended 31 May 2015, that its reported revenue stood at £3.2 million, compared to £2.5 million in the preceding period. Loss net of tax was £3.8 million compared to profit after tax of £10,261. The company’s diluted loss per share was 1.224p.

Serabi Gold Plc (SRB.L) Announced, in its unaudited interim financial results for six month periods to 30 June 2015, that revenue stood at $18.68 million. Operating profit stood at $0.54 million, compared to a loss of $2.73 million. Profit after tax was $0.08 million, compared to a loss of $2.93 million. Diluted earnings per share stood at 0.01c, compared to a loss of 0.50c.

Spectra Systems Corporation (SPSY.L) Announced that it has executed a contract modification with a European corporate partner and licensee which demanded minimum order quantity of covert materials for banknote authentication for calendar years 2016-2019 and an order for $1.2 million for delivery in 2015. The minimum order quantities were worth approximately $0.7 million per annum which are used by 18 central banks. The modified contract is expected to secure a minimum of approximately $6 million of revenue over the period 2015-2019.

Tekcapital Plc (TEK.L) Announced that it has acquired the exclusive worldwide licencing rights to a portfolio of nine patents for the improvement of air conditioning efficiency from the University of Central Florida. The technology is aimed at improving the efficiency of central air conditioning systems and is designed to achieve up to a 25% efficiency improvement in condenser fan operations, compared with existing air conditioning units.

Vast Resources Plc (VAST.L) Announced that the company has conducted the first blasting of the open pit mine at the 1.8Mt Manaila polymetallic mine located in northern Romania (“Manaila Mine”) and has commenced first production of concentrate at the company’s subsidiary’s processing facility in Iacobeni. The company will shortly be uploading a selection of videos and photos from the first day of operation on its website.

Walker Greenbank Plc (WGB.L) Announced that its Sanderson brand has collaborated with consumer electronics manufacturer Pure to produce designer digital radios featuring Sanderson prints.