Broker Upgrades and Downgrades & Key UK Corporate Snapshots 19 January 2016

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4d Pharma Plc (DDDD.L) Announced, in its clinical update on BlautixT, a novel treatment for Irritable Bowel Syndrome, that according to the phase 1 clinical trial the drug appears to be well tolerated, and that additional data obtained supports the pharmacological hypothesis for BlautixT. Further, the company announced that it has successfully developed MicroRx, its proprietary platform for the discovery of novel live biotherapeutics from its proprietary strain library of over 2,500 bacteria.

Aggreko Plc (AGK.L) Announced that it will publish its full year results for the twelve months ended 31 December 2015 on Thursday 3 March 2016 at 7am BST. A presentation will be held for investors and analysts at 9am BST at the London Stock Exchange, 10 Paternoster Square, London, EC4M 7LS, hosted by Chris Weston, CEO and Carole Cran, CFO. The presentation will also be webcast and available on the website at: http://ir.aggreko.com/investors/financial-results-centre.aspx.

British Land Co Plc (BLND.L) Announced, in its third quarter trading update, that the company’s occupational markets remained robust. 312,000 sq ft of leasing across Retail and Offices; investment lettings/renewals 8.5% ahead of Sept 2015 ERV. 290,000 sq ft of Retail lettings/renewals; investment lettings/renewals 7.3% ahead of ERV; over 300,000 sq ft under offer. Retail footfall +2.0% (+650bps vs market) with Meadowhall +4.0%; outperformance boosted by investment; retailer same store sales +0.9%. 22,000 sq ft of Office lettings/renewals; investment lettings/renewals 11.2% ahead of ERV; a further 46,000 sq ft under offer 10.3% ahead of ERV; reduced volumes reflecting high occupancy. The Leadenhall Building now 94% let/under-offer (from 91% at half year) including restaurant unit; recent lettings 10% ahead of ERV and only three floors left to let. At Broadgate, revised planning application submitted at 100 Liverpool St for an enhanced 509,000 sq ft scheme with additional retail space; 2&3 Finsbury Avenue public consultation underway with planning to be submitted in the coming months. In Retail, continued focus on our multi-let portfolio with £207 million of non-core disposals exchanged/completed in the quarter; including £94 million of superstores. Superstore disposals include Sainsbury’s Islington for £63 million (BL share £32 million); NIY of 3.96% bringing total Retail disposals year to date to £406 million. Residential sales exchanged in the quarter total £20 million (BL share) with pricing in line with September 2015 valuation.

Cairn Energy Plc (CNE.L) Announced, in its update on recent operations and guidance in respect of the Group’s trading performance in 2015, that Total cash expenditure for 2H 2015 was $174 million, principally comprising $85 million development expenditure and $77 million exploration and appraisal (E&A) expenditure including pre-award costs ($50 million E&A expenditure was in Senegal). A $52 million tax rebate in respect of previous Norwegian E&A activity was received in 2H 2015. Also positive flow tests on the SNE-2 appraisal well confirming the commercial deliverability of the SNE discovery. Drilling operations on the next appraisal well, SNE-3, are now underway. The Company remains fully funded from existing financial resources to deliver its exploration and appraisal programme, as well as to take its North Sea developments through to free cashflow generation in 2017. Proceedings against the Government of India under the UK-India Investment Treaty seeking resolution of the retrospective tax dispute have now formally commenced following agreement with the Government of India on the appointment of the arbitration panel.

Charlemagne Capital Limited (CCAP.L) Announced, in its trading update for the year ended 31 December 2015, in advance of the results announcement scheduled for 15 March 2016 that the Group AuM $1.90 billion, an increase of 2.0% in the quarter, a decrease of 15.6% over the full year, net management fees for the year were $20.7 million, down 19.8%, net performance fees for the year were $4.3 million, up 79.2%, total revenue for the year was $25.2 million, down 11.6% on the prior year, interim dividends of 0.5 cents in respect of 2014 and 0.5 cents in respect of 2015 have been paid during the year and strong balance sheet maintained and intention to declare a year-end dividend.

Clinigen Group Plc (CLIN.L) Announced, in its half yearly trading update ending 31 December 2015, that revenues climbed by 116% compared to the same period in the previous year. Meanwhile, gross profit too jumped by 100% against the last year. The Specialty Pharmaceuticals division achieved the strongest growth in the first half versus last year, representing around 33% of Group’s gross profit. In-market sales of Foscavir, the Group’s main product, grew by 4% which is in line with the rate of growth in bone marrow transplants. The Global Access division, representing around 16% of Group’s gross profits, performed weak during the period and recorded gross profits at a similar level to last year on a pro forma basis. Net debt increased modestly to £82 million as at 31 December 2015 (30 June 2015: £78 million) while the total bank facilities were £135.5 million.

CLS Holdings Plc (CLI.L) Announced that it has completed the acquisition of two office properties in London and the South East for a total of £10.6 million. Both acquisitions present good refurbishment and repositioning opportunities for the company’s core asset management business.

Compass Group Plc (CPG.L) Announced that it has made minor changes to its regional reporting structure. The company’s Europe & Japan region, now becomes Europe and excludes Japan and includes Turkey and Russia and Fast Growing & Emerging region now becomes Rest of World and includes Japan and excludes Turkey and Russia. Meanwhile, the North America region remains unchanged.

Dalata Hotel Group Plc (DAL.L) Announced that it has entered into an agreement to acquire the Clarion Hotel Sligo, for a cash consideration of €13.1 million. The acquisition will be completed after the approval from the Competition and Consumer Protection Commission (CCPC).

dotDigital Group Plc (DOTD.L) Announced, in its trading update for the six months ended 31 December 2015, that the overall revenue jumped 29% to approximately £12.9 million compared to £10.0 million in the H1 2015. Monthly recurring revenues from dotmailer’s SaaS based usage climbed approximately 35% to £10.0 million (H1 2015: £7.4 million). Average revenue per client grew by 31% to £525 from £400 per month.

Fastjet Plc (FJET.L) Announced the appointment of Lisa Mitchell as Chief Financial Officer and Executive Director of the company with immediate effect. Lisa will be replacing Nick Caine as he steps down from the Board, as previously announced on 5 October 2015.

IG Group Holdings Plc (IGG.L) Announced, in its unaudited interim results for the six months ended 30 November 2015, that its reported revenue stood at £232.5 million, compared to £216.5 million in the preceding period. Profit after tax was £76.7 million compared to £78.6 million. The company’s diluted earnings per share was 20.91p, compared to 21.44p.

Infrastrata Plc (INFA.L) Announced that a series of Farmout Agreements (“FOA”s) have been entered into by InfraStrata and Brigantes Energy Limited (“Brigantes”), both together and separately, which together will result in completion of the funding for the planned Woodburn Forest-1 well in Northern Ireland if the conditions of the FOAs set out below are satisfied. In addition, an Escrow Agreement has been signed by all new investors and existing partners in the project whereby the funds for drilling the well in H1 2016 are being transferred to an account being administered by the Company’s solicitors, Fieldfisher LLP.

Judges Scientific Plc (JDG.L) Announced, in its trading update for the year ended 31 December 2015, that the improvement in order intake which was seen in the second quarter, following a weak first quarter, across the group was sustained throughout second half of 2015. The board anticipates that the final results to show an organic sales growth with trading comfortably in line with market expectations. The year 2016 started with a strong order book at 11.9 weeks (organic: 11.4 weeks against 9.9 weeks at the start of 2015) and a better outlook on exchange rates.

Lifeline Scientific, Inc. (LSIC.L) Announced, in its trading update for the year ended 31 December 2015, following the announcement on 18 December 2015 that adjusted pre-tax profits are expected to be materially ahead of market expectations, that the company continued its historical trend of strong trading during the second half of the year as market adoption for the company’s lead products grew, driven by continued positive clinical evidence. The company expects to report full year transplantation products and services revenues for the period up 13.7% to $39.4 million (2014: $34.6 million) and ahead of market expectations. A key measure of the company’s growth, the sale of proprietary single-use consumables associated with the LifePort Kidney and Liver Transporters, increased 14.7% to $23.6 million (2014: $20.6 million). Operating Profit will show considerable growth, with the company expecting to report at least $5.6 million, more than double the prior year (2014: $2.4 million), and Profit Before Tax is expected to be significantly ahead of market expectations. The company’s cash position remains strong with cash balances up significantly over 2014. Following the successful regulatory clearances of the company’s full suite of products in China and the new contract wins announced in 2015 for delivery through 2015 and 2016, the company expects to see further growth going forward.

Man Group Plc (EMG.L) Announced that Richard Berliand has been appointed as a Non-Executive Director and member of the board’s Remuneration and Nomination Committees with immediate effect, succeeding Phillip Colebatch as Chair of the Remuneration Committee following the company’s 2016 Annual General Meeting.

Management Resource Solutions Plc (MRS.L) Announced that it has now published the Schedule 1 announcement required pursuant to the AIM Rules for Companies. The general meeting to approve the proposed acquisition of Bachmann Plant Hire Pty Ltd will be held on Thursday 28 January 2016 at 17:00 local time. On the basis that the resolution to approve the acquisition of Bachmann is approved at that meeting, the ordinary share capital of the company will, in accordance with the AIM Rules, be effectively cancelled and readmitted to trading on AIM with effect from 07:30 on Monday 1 February 2016. As the issued share capital of the company is not being increased or reduced as a result of the acquisition of Bachmann there are no practical implications to shareholders from the readmission process.

MySale Group Plc (MYSL.L) Announced, in its trading update for the six months to 31 December 2015, that the group has made good progress in the first half of the current financial year. In the six months the group’s revenue has risen 4% to A$128.2 million with a 250bp improvement in gross margin driving a 16% uplift in gross profit. The rate of sales and gross profit growth strengthened in Q2 versus Q1 and it is anticipated this will continue into the second half of the year driven by a clear focus on providing exceptional value for our customers supported by proven digital marketing channels and continued technology investment. As a result of these improvements in trading performance and the previously reduced overhead base the group will generate positive underlying EBITDA of A$1.5 million for the period, in line with expectations and in contrast to the significant losses (-A$11.4 million) incurred in the first half of last year. There was strong balance sheet with cash balance of A$30 million and underlying cash position of A$51.1 million, representing c 17p per share.

OptiBiotix Health Plc (OPTI.L) Announced that Professor Tim Spector has agreed to join the company’s Scientific Advisory Group.

Phorm Corporation Limited (PHRM.L) Announced that it has raised nearly $1 million before expenses via a subscription for 44.8 million new ordinary shares of no par value each in the capital of the company at a price of 1.55p per Subscription Share. It intends to use the net proceeds raised from the subscription for the group’s general working capital purposes. The company, in its operational update, announced that its monthly average cash burn rate was $2.5 million per month for H1 2015 which was targeted to be reduced to an average monthly cash burn rate of approximately $1.3 million per month by December 2015. The board expects a further decrease in the company’s average cash burn rate to between $0.63 million and $0.71 million per month during 2016, with the forecast total cash requirement for 2016 being between $7.5 million and $8.5 million.

Prudential Plc (PRU.L) Citing its internal model to calculate the Group Solvency Capital Requirement under the European Union’s Solvency II Directive, announced that its estimated Group Solvency II surplus at 30 June 2015 was £9.2 billion and the solvency ratio was 190%, before allowing for the 2015 interim dividend. Also, the company announced that would be holding a conference for investors and analysts in London today. Mike Wells, Group Chief Executive, would open the conference under the theme of ‘Delivering sustainable growth’. Separately, the company announced that it has appointed John Foley as Chief Executive of Prudential UK & Europe and as an Executive Director of Prudential with immediate effect. Mr Foley retains responsibility for Prudential Capital and Prudential Portfolio Management Group.

Quantum Pharma Plc (QP..L) Announced, in its trading update, that it expects the Group adjusted EBITDA level for the year ending 31 January 2016 to be around £12.7 million compared to market consensus of £13.4 million. Overall group progressed significantly in FY 2016 but the Niche Pharmaceutical division experienced delays in its product pipeline. By the end of the current financial year to 31 January 2016, the Board expects five regulated products in the Niche Pharmaceutical division to be rather than the ten products anticipated at the half year results in October 2015. The Directors are expected to declare a final dividend payment of 1.0p per share, in line with market expectations, making a full year dividend of 1.5p per share.

Shanta Gold Limited (SHG.L) Announced its production and operational results for the quarter ended 31 December 2015 for its New Luika Gold Mine, in Southwest Tanzania that record quarterly gold production of 29,139 ounces, gold production for 2015 of 81,873 oz, beating guidance of 72,000 – 77,000 oz, record quarterly gold sales of 29,228 oz at an average price of $1,087 per oz, compared to average spot price of $1,103 /oz, gold sales for 2015 of 80,622 oz at an average price of $1,163 /oz, compared to average spot price of $1,160 /oz, Cash costs for Q4 of $401 /oz and All in Sustaining Cost of $595 /oz, AISC for 2015 of $845 /oz against guidance of $850-900 /oz and no lost time injuries for the Quarter. Moreover, the annual guidance for 2016 of 82,000 – 87,000 oz at AISC of $750 – $800 /oz. The Base Case Mine Plan guidance is for five year average production of 84,000 oz at average AISC of $695 /oz.

STM Group Plc (STM.L) Announced that Colin Porter, CEO of STM, yesterday tendered his resignation to pursue an opportunity in a non-competing industry in the United States. Colin will serve his 12 month notice period. Alan Kentish, Director of Product & Business Development and formerly Chief Financial Officer at flotation of the business in 2007 and executive director since then, will assume the role of Interim Chief Executive Officer as of 1 April 2016. The Board announced the company has traded broadly in line with market expectations for 2015 of profit before tax of £2.7million (2014 actual: £1.7million). STM continues to invest in its business development infrastructure and product development capabilities, the benefits of which will be further seen in 2016. STM will announce its Final Results for the 12 months to 31 December 2015 on Tuesday 1 March 2016.

Tissue Regenix Group Plc (TRX.L) Announced the appointment of Jonathan Glenn as a Non- Executive Director with immediate effect. Jonathan has been Chief Executive Officer at Consort Medical plc since December 2007. He has a broad range of commercial experience across the medical devices industry, particularly with regard to clinical trial management and the US market place.

Unilever Plc (ULVR.L) Announced, in its final results for the year ended 31 December 2015, that revenues rose 10% to €53,272 million from €48,436 million recorded in the previous year. Profit after tax narrowed to €5,259 million from €5,515 million. Diluted earnings per share stood at €1.72, down from €1.79. The company announced a quarterly dividend of €0.302 per share. Closing net debt was €11.5 billion versus €9.9 billion as at 31 December 2014.

XLMedia Plc (XLM.L) Announced, in its trading update for the financial year ending 31 December 2015, that the group has continued to deliver strong growth in the second half of 2015, building on the excellent performance in the first half as well as the addition of Marmar Media acquired in July 2015. As a result the company expects to exceed current market expectations delivering annual revenues of at least $88.6 million and adjusted EBITDA of at least $28.2 million. During 2015 the group has made continued progress on the execution of its strategic plan, benefitting from its increased scale, clients base and marketing channels and has also seen further benefits through the increase in its geographic presence as well as from the successful integration of the acquired businesses. The group expects to continue with its strategy of increasing scale and diversification, while focusing on enhancing its technological edge. The board believes that the group’s strong growth, combined with its technological abilities, position the Company well to further develop the business. Accordingly, the board remains confident of the company’s future prospects.