Broker Upgrades and Downgrades & Key UK Corporate Snapshots 14 March 2016

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Applegreen Plc (APGN.L)  Announced, in its final results for the year ended 31 December 2015, that its reported revenue stood at €1,081.49 million, compared to €937.32 million in the preceding year. Profit after tax was €12.00 million compared to €12.28 million. The company’s diluted earnings per share was 16.29c, compared to 20.42c.

Be Heard Group Plc (BHRD.L)  Announced that it has conditionally agreed to acquire the entire issued share capital of design, build and user experience (UX) agency MMT Limited (MMT Digital) for initial consideration of £5.1 million and deferred consideration of up to £15.4 million subject to specific performance criteria. The acquisition constitutes a reverse takeover under the AIM Rules and as such is conditional on, amongst other things, the approval of the company shareholders at a general meeting. The company will publish a combined admission document and circular convening a general meeting in due course, currently anticipated to be early April 2016. Accordingly, the company has requested an immediate suspension of trading in its shares until such time that it has published the Admission Document.

Berkeley Energia Limited (BKY.L)  Announced, in its interim results for the six months ended 31 December 2015, that its reported revenue stood at $0.2 million, compared to $0.3 million in the preceding period. Loss net of tax was $5.8 million compared to $4.0 million. The company’s basic and diluted losses per share was 3.23c, compared to 2.22c.

Cable & Wireless Communications Plc (CWC.L)  As announced on 23 November 2015, CWC intends to provide CWC Shareholders with illustrative calculations of the Exchange Ratio and the Alternative Exchange Ratio on a weekly basis until the Scheme Document is posted to CWC Shareholders, and on a daily basis (on business days only) thereafter, in each case until the Exchange Ratio Calculation Time. Accordingly, CWC announced details of the Exchange Ratio and the Alternative Exchange Ratio as if the Exchange Ratio Calculation Time were 14 March 2016. The Exchange Ratio Calculation Time, and accordingly the Exchange Ratio and the Alternative Exchange Ratio, will be determined as described in the Offer Announcement and as will be set out in the Scheme Document. On 17 December 2015, CWC announced that the CWC US Carve-Out had been completed. Accordingly, the Exchange Ratio Calculation Period commenced on 18 December 2015.

Coal of Africa Limited (CZA.L)  Announced, in its Interim Financial Statements for the six month period ending 31 December 2015, that in November 2015 the Company announced the terms of a recommended offer to be made by CoAL for the acquisition of Universal Coal Plc. The Vele coking and thermal coal colliery (“Vele Colliery”) recorded no LTIs during the period. The original Vele Colliery Integrated Water Usage Licence (“IWUL”), valid until March 2016, has been renewed for a further 20 years, and also amended in line with the requirements for the Plant Modification Project (PMP) at the Colliery.

Fevertree Drinks Plc (FEVR.L)  Announced, in its preliminary results for the year ended for 31 December 2015, that revenue stood at £59.25 million, compared to £34.69 million in the same period last year. Operating profit stood at £17.27 million, compared to £8.09 million. Profit after tax was £13.33 million, compared to £1.30 million. Diluted earnings per share stood at 11.48p, compared to 1.54p. The board is pleased to recommend a final dividend of 2.30p per share, bringing the total dividend for 2015 to 3.08p per share (2014: 0.30p per share).

Focusrite Plc (TUNE.L)  Announced, in its trading update, that in line with expectations, it will be reporting revenues for the half year of around £25.5 million, up from £23.8 million in the corresponding period in the previous financial year. The Group will issue its interim results for the six months ended 29 February 2016 in the final week of April 2016.

Frenkel Topping Group Plc (FEN.L)  Announced, in its final results for the year ended 31 December 2015, that revenues rose to £6.3 million from £5.7 million recorded in the previous year. Profit after tax narrowed to £1.1 million from £1.4 million. The board recommended a final dividend of 0.6975p.

Goals Soccer Centres Plc (GOAL.L)  Announced, in its final results for the financial year ended 31 December 2015, that revenue stood at £33.01 million, compared to £34.66 million in the same period last year. Operating loss stood at £5.43 million, compared to £11.31 million. Loss after tax was £6.08 million, compared to £5.11 million. Diluted loss per share stood at 10.4p, compared to 8.9p.

Haydale Graphene Industries Plc (HAYD.L)  Announced the launch, by its subsidiary Haydale Composites Solutions Ltd (“HCS”) of new graphene enhanced composite products at the JEC Composites Show in Paris. Three graphene enhanced carbon fibre pre-impregnated composite fibre (“pre-preg”) products have been developed in collaboration with SHD Composites Limited (“SHD”), based in Lincolnshire, UK utilising Huntsman Advanced Materials (“Huntsman”) epoxy resins to be marketed by SHD and HCS.

Landore Resources Limited (LND.L)  Announced, in its report on gold results from the fall 2015 drilling campaign completed on the Junior Lake Property, Ontario, Canada, that Drilling in December 2015 intersected a wide zone of gold mineralisation close to surface including 31.29 metres at 1.12 grams per tonne (g/t) in drill-hole 0415-517. Landore completed a drilling campaign in the fall of 2015, consisting of 8 diamond drill holes for a total of 2,223 metres. Landore completed a follow up drill program in February 2016 consisting of 5 NQ diamond drill holes for a total of 564 metres (0416-519 to 523) as 50 metres step-outs to the above drill holes, all of which have intersected similar lithological units. A trenching and channel sampling program will be carried out along the 2.7 kilometre, east-west trending, MaxMin geophysical anomaly (MM-7) in Q2. Subject to positive results from the winter 2016 drill program, further drilling will be planned to extend the new gold zone down plunge and along strike to the east and west.

LGO Energy Plc (LGO.L)  Announced that as it was planning to increase investment in production operations in the light of a general stabilization in the oil price and in expectation of reduced Overriding royalties as announced on 24 February 2016. Further, stated that company’s local subsidiary, Goudron E&P Limited, currently has Altech Rig 2 working in the field and has the option to remobilize Altech Rig 1 shortly should additional capacity be required. The funding for this work is to be provided by company’s wholly owned Trinidad service company, Columbus Energy Services Limited, from cash balances from work conducted by that company and pre-payments for future work which the company has been contracted to perform.

Mosman Oil and Gas Limited (MSMN.L)  Announced, in its update on its Amadeus Basin project in the Northern Territory of Australia, that In EP 145, Mosman conducted geological field reconnaissance during 2015. In EP 156, geological and geophysical surveys were conducted during 2015. A 12 month Suspension and Extension period was granted on this permit in November 2015 to allow Mosman to acquire Central Land Council (“CLC”) permission in order to progress with further exploration of the permit. A high resolution aerogravity and magnetic survey is planned for 2016/17 to assist with structural interpretation and prospect mapping. The application for EPA 155 was acknowledged by the relevant Northern Territory government agency recently and will now follow the normal negotiation process with the CLC prior to grant of an exploration licence. It is encouraging to note that the Northern Territory Government is progressing on the development of a gas pipeline and has selected Jemena Northern Gas Pipeline Pty Ltd to construct and operate the North East Gas Interconnector (NEGI) Pipeline to connect NT gas to the eastern gas markets.

Murray International Trust Plc (MYI.L)  Announced, in its final results for the year ended 31 December 2015, net loss stood at £92.2 million compared to a profit of £35.4 million recorded in the previous year. During the year, the Company agreed a new £50 million loan facility with The Royal Bank of Scotland which was drawn in full in May 2015 and fixed for five years at an all-in rate of 2.4975%. The new facility was used to repay a Yen 8.4 billion loan facility that matured in May 2015. At the year-end there was net gearing of 17.4%. The Company is permitted to invest up to 15% of its investments by value in any single stock (at the time of purchase). Separately, the company announced that as reported in the Company’s Annual Financial Report announcement for the year to 31 December 2015 being released today, the Board is putting forward recommended proposals for the conversion of the Company’s existing B Ordinary shares (“B Shares”) to new Ordinary Shares in the Company. The Proposals would allow the Board to simplify the Company’s share capital structure and to save some ongoing expense. The Proposals will be put to Shareholders in the form of Special Resolutions at: the Annual General Meeting of the Company; an Ordinary Shareholders Class Meeting; and a B Shareholders Class Meeting; all to be held on 26 April 2016.

NewRiver Retail Limited (NRR.L)  Announced that it has received the planning permission from Mid Sussex District Council’s Planning Committee for the mixed-use regeneration of the Martlets Shopping Centre in Burgess Hill, West Sussex.

NMC Health Plc (NMC.L)  Announced, in its results for the full year ended 31 December 2015, that revenues rose to $880.9 million from $643.9 million recorded in the previous year. Profit after tax widened to $85.8 million from $77.5 million. The board recommended a final dividend of 6.2p per share be paid in cash in respect of the year ended 31 December 2015 (FY2014: 5.4p per share).

Oilex Limited (OEX.L)  Announced, in its results for the half year ended 31 December 2015, that revenue stood at $0.17 million, compared to $0.23 million in the same period last year. Operating loss stood at $23.23 million, compared to a loss of $3.23 million. Loss after tax was $23.31 million, compared to a loss of $3.12 million. Diluted loss per share stood at 2.07c, compared to a loss of 0.48c.

Palace Capital Plc (PCA.L)  Announced that it has acquired the entire issued share capital of Gregory Projects (Halifax) Limited, for which the company will pay a freehold value of £24.2 million. The consideration comprises of an existing facility of Gregory Projects Limited with Barclays Bank of £15.2 million and a £9.0 million from the company’s own existing cash resources. However, the consideration is subject to adjustment, based on a completion balance sheet.

Pinnacle Technology Group Plc (PINN.L)  Announced it has reached agreement with the shareholders of Accent Telecom North Limited (“ATN”), a company in which it holds a 30% stake, to acquire the remaining 70% of shares not held. The company also announced that it has disposed of its 40% stake in Stripe 21 Limited (“Stripe 21”), a provider of voice over IP (“VOIP”) software. The stake was not core to the Pinnacle business and has been sold to the majority shareholder of Stripe 21 for £385,000 in cash, payable on 31 March 2017. The holding was valued in the most recent accounts for the year ended 30 September 2015 at £100,000.

Rame Energy Plc (RAME.L)  Announced that it has signed a number of commercial agreements and a contract to sell two existing projects under development to InterEnergy Holdings, which has also bought the company’s Raki and Huajache projects in Chile, as announced on 6 January 2016. Further, the commercial agreements comprise service contracts to provide ongoing commercial and administrative services to the Raki and Huajache projects and to provide technical services to assist in the development of generation opportunities with InterEnergy’s Chilean LNG distribution business.

Real Estate Investors Plc (RLE.L)  Announced, in its final results for the year ended 31 December 2015, that its reported revenue stood at £8.3 million, compared to £8.0 million in the preceding year. Profit after tax was £12.0 million compared to £4.0 million. The company’s diluted earnings per share was 7.40p, compared to 4.05p.

Red Emperor Resources NL (RMP.L)  Announced, in its interim results for the six months ended 31 December 2015, that its interest received stood at $0.13 million, compared to $0.18 million in the preceding period. Loss net of tax was $8.51 million compared to $15.34 million. The company’s basic loss per share was 2.00c, compared to 5.76c.

RedT Energy Plc (RED.L)  Announced that its subsidiary, Camco Clean Energy, has been appointed on a 5 year contract to manage the Renewable Energy Performance Platform (REPP). REPP has been set up with the support of the European Investment Bank and United Nations Environment Programme as an innovative climate finance initiative, with the aim to provide support to African renewable energy projects smaller than 25MW.

Sound Energy Plc (SOU.L)  Announced, in its operations update, that the company has now been advised that the “Conferenza dei Servizi” (which is the central and final approval meeting for the Badile permission to drill) has been scheduled for 21 March 2016. This “Conferenza dei Servizi” follows an initial meeting held on 3 February 2016 and the final permission to drill the Badile exploration well is expected to be granted after this meeting. The company advises that since achieving first gas on 3 February 2016, the company has produced some 24.6 MMscf of gas (at an average production rate, constrained by the company, of 0.7 MMscf/d). On 11 March 2016 the company completed planned static and dynamic profiles, which have identified an initial reduction in well pressure with an associated minor production of water, and suggests that not all perforated levels are yet in production. Also, it announced that civil works and camp construction on site are progressing well, that the rig has now (as scheduled) arrived in Morocco and that the unloading of the equipment has started on site. The 40 day drill programme for the first Tendrara well is expected to commence in April 2016.

Spire Healthcare Group Plc (SPI.L)  Announced that Rob Roger has informed the Board of his intention to leave Spire in order to take up a role as CEO of a large privately financed property business, details of which will be announced shortly. Rob will remain as Chief Executive Officer of the company until 30 June 2016 in order to manage the presentation on 17 March 2016 of the company’s annual results for the financial year ended 31 December 2015 (which are expected to be in line with market guidance) and to ensure an orderly handover. Garry Watts, the company’s Chairman, has agreed to resume his previous role as Executive Chairman (a role he held from 2011 to 2014). Garry will assume this role immediately and for a period of up to 12 months from Rob’s departure. Andrew White, who joined Spire in November 2015 as Chief Operating Officer, will join the Board as an Executive Director with effect from 1 July 2016.

SSE Plc (SSE.L)  Announced that it has signed agreements for the sale of 49.9% of its operational 349.6MW Clyde Wind Farm located in South Lanarkshire to Greencoat UK Wind Plc (“UKW”) and GMPF & LPFA Infrastructure LLP (“GLIL”) for a headline consideration of £355 million. When the 172.8MW extension to Clyde is commissioned, the equity stake jointly owned by UKW and GLIL will be diluted to 30% with SSE retaining 70%. The structure of the transaction implies a valuation of £2.03 million/MW for the existing Clyde wind farm and £2.70 million/MW for Clyde extension when built. In addition to completing the construction of the extension, SSE will provide long term management services for the day to day operations of all 522.4MW as well as long term route to market PPA’s. Siemens will provide long term turbine O&M services.

Sterling Energy Plc (SEY.L)  Announced, in its final results for the year ended 31 December 2015, that its reported revenue stood at $5.0 million, compared to $15.9 million in the preceding year. Net loss after tax was $15.9 million compared to loss of $12.3 million. The company’s diluted loss per share was 7.25c, compared to loss per share of 5.60c.

The Kellan Group Plc (KLN.L)  Announced, in its preliminary results for year ended 31 December 2015, that revenues rose to £24.8 million from £22.9 million posted in the last year. The company’s profit before tax stood at £426,000, compared to a loss of £55,000 reported in the previous year. The basic earnings per share stood at 0.13p compared to loss of 0.02p reported in the previous year. The company’s cash and cash equivalents stood at £1.7 million (2014: £1.2 million).

Trinity Exploration & Production Plc (TRIN.L)  Announced, in its operational update for the year ended December 2015, that the group average net production volumes fell to 2,896 boepd from 3,603 boepd in the last year. The operational expenditure of $0.2 million on the East Coast B10 and D-16 well workovers yielded a stabilised production rate of 70 bopd (annualised revenues of $0.9 million at $35/bbl was realised in the year). The company expects net average production for the year 2016 to be in the range of 2,500 – 2,800 boepd, depending upon the availability of funding during the coming year. The company, in its financial update, stated that the cash balance at end of December 2015 was $8.3 million while the debt was seen at $13.0 million. It is targeting an operating breakeven across all fields below the $30/bbl by the year end 2016.

Ukrproduct Group Limited (UKR.L)  Announced that on March 10, 2016 it has made another interest payment under the terms of its loan agreement with the European Bank for Reconstruction and Development dated March 31, 2011 and subsequent restructuring terms. EBRD and the company are in the process of amending the Loan Agreement based on the revised terms as announced on 15 December 2015.