Broker Upgrades and Downgrades & Key UK Corporate Snapshots 28 August 2015

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Adamas Finance Asia Limited (ADAM.L) Adamas Global Alternative Investment Management Inc. (including its affiliated companies, referred to as “Adamas”), the investment manager of AIM-quoted Adamas Finance Asia Limited (“ADAM”), announced that Marc de Kloe has joined its executive team as Managing Director. Marc would be responsible for strategic planning and corporate business development for both Adamas and ADAM. Based in Amsterdam, Marc would report directly to the CEO of Adamas.

Bacanora Minerals Limited (BCN.L) Announced that the company and Rare Earth Minerals plc (REM), the owners of the Sonora Lithium Project1 in Northern Mexico (the company and REM are collectively referred to as the Sonora Lithium Project Partners), have finalised a conditional long-term lithium hydroxide supply agreement with Tesla Motors, Inc., the maker of electric vehicles and energy storage solutions. The Sonora Lithium Project Partners are working to develop a mineral-rich, lithium-bearing clay deposit into a planned low-cost sustainable and environmentally conscious mining operation. It is estimated that the mine and processing facility will have an initial production capacity of approximately 35,000 tonnes of lithium compounds, with scaling potential of up to 50,000 tonnes per annum. To achieve this, the Sonora Lithium Project Partners will need to raise finances to design and construct a mine and processing facility. It is currently anticipated that lithium hydroxide and lithium carbonate would be among the materials produced by the mine.

Beowulf Mining Plc (BEM.L) Announced, in its unaudited interim results for six months ended 30 June 2015, that operating loss reduced to £0.331 million from £0.551 million posted in the same period preceding year. The company’s loss before tax stood at £0.330 million, compared to a loss of £1.3 million reported in the previous year. The basic and diluted loss per share stood at 0.09p compared to loss of 0.47p reported in the previous year. Cash and cash equivalents stood at £0.172 million (2014: £0.554 million). The company also announced in its management update that the metallurgical test carried out by GTK in Finland on Kallak North samples confirmed that the project is capable of producing a ‘super’ high grade magnetite concentrate, with over 71% iron content and very low levels of deleterious elements and a ‘bonus’ high grade hematite concentrate with over 68% iron content providing additional upside. The company continues to work with its key stakeholders in and around Jokkmokk, as well as with communities that could be affected by the development of the Kallak iron ore project. The company is in the process of completing a desktop review of the historical information on its other exploration projects, which will assist in the design of future exploration plans and capital allocation. The company has started to rationalise its exploration portfolio in 2015, reducing the total area held, while maintaining those licence areas which demonstrate the greatest potential.

bwin.party digital entertainment Plc (BPTY.L) Announced, in its interim results for the six months ended 30 June 2015, that total revenues declined to €296.5 million from €317.1 million recorded in the same period a year ago. Profit after tax stood at €2.9 million, compared to a loss of €94.0 million. Diluted earnings per share stood at 0.4 cents, compared to a loss of 11.4 cents. Separately, the company announced that it has declared a half year dividend of 1.92 pence per ordinary share in respect of the six month period ended 30 June 2015.

Collagen Solutions Plc (COS.L) Announced that it has been chosen to participate in a new research project to develop novel treatments for Parkinson’s disease. The project is being led by CÃRAM, the Centre for Research in Medical Devices based at NUI Galway, who have secured €4 million in funding through the European Horizon 2020 grant programme. The project, entitled ‘Development of Biomaterial-based Delivery Systems for Parkinson’s disease – an Integrated Pan-European Approach’, facilitates collaboration between world class researchers and industry partners to develop the first disease-modifying therapy for Parkinson’s, which could slow down the progression of the disease rather than offering mere symptomatic benefits. As a key member of the consortium, Collagen Solutions will receive significant funding to develop various types of medical grade collagens for investigation over the duration of the project.

Computacenter Plc (CCC.L) Announced its unaudited results for the six months ended 30 June 2015. During the period, the Group’s total adjusted revenues1increased by 6.5% on a constant currency basis to £1,438.0 million, and were flat on an as reported basis (H1 2014: £1,435.4 million). The Group’s adjusted profit before tax1 has increased by 15.0% on a constant currency basis to £29.1 million and by 13.7% on an as reported basis (H1 2014: £25.6 million). Due to this increase in the Group’s overall profitability, adjusted diluted earnings per share increased by 28.8% to 17.0p in the first half of 2015. The company announced an interim dividend of 6.4p per share. The total interim dividend paid out in 2014 was 5.9p per share or 6.7p per share on a pro forma basis, after taking account of the Share Consolidation. Despite the significant headwinds created by a weak Euro, the operating performance of the Group remains in line with the Board’s original expectations for 2015. However, the Group has additionally benefited from a number of one-off gains, which will not be repeated in either the second half of the year or during 2016. As a result of the impact of these additional gains, the company now anticipates that the Group’s adjusted 2015 profit performance will be slightly ahead of the Board’s original expectations for that period.

Formation Group Plc (FRM.L) Announced that further to announcement made on 8 July 2015 by the company for profit share agreement with Sunbel Development Limited and Pinacle Developments Limited in relation to a development property on Streatham High Road, London, entitling the company to 40% of the net profit arising from that development, the company has now received the sum of £2 million as part of the profit share arrangement and this will be reinvested by the company in future property developments.

Galileo Resources Plc (GLR.L) Announced that it has agreed to a request from joint venture partner Fer-Min-Ore Proprietary Limited to extend the completion of the conditional Sale Agreement until 28 February 2016. The commercial terms of the extended Sale Agreement (Proposed Transaction), pursuant to which the Company has offered to sell (‘Offer’) and Fer-Min-Ore (‘Purchaser’) has offered to purchase all the Company’s rights, title, interest and shares in the capital of Glenover Phosphate Proprietary Limited (‘Glenover’) for a purchase consideration of US$4 million, subject to financing, are unchanged (as originally announced on 28 January 2015 and further extended on 11 May 2015).

GoldBridges Global Resources Plc (GBGR.L) Announced, in its half year unaudited interim statement update for six months ended 30 June 2015, that revenue fell to $12.8 million from $16.9 million posted in the same period preceding year. The company’s loss before tax stood at $0.462 million, compared to profit of $2.6 million reported in the previous year. The basic and diluted loss per share stood at 0.02c compared to earnings of 0.19c reported in the previous year. Cash and cash equivalents stood at $2.3 million (2014: $18.5 million).

GVC Holdings Plc (GVC.L) Announced, in its half year results for six months ended 30 June 2015, that revenues surged to €120.9 million from €105.1 million posted in the same period preceding year. The company’s profit before tax stood at €17.1 million, compared to a profit of €18.0 million reported in the previous year. The basic earnings per share stood at €0.273 compared to earnings of €0.288 reported in the previous year. The company is anticipating a declaration of a second interim dividend along with its Q32015 trading results in Q42015.

Henderson Group Plc (HGG.L) Announced that shareholders on the register at 5.00pm on 28 August 2015, the Record Date, will be entitled to an interim dividend in respect of the financial year ended 31 December 2015 of 3.10p per ordinary share.

Independent Oil & Gas Plc (IOG.L) Announced an update on its drilling plans on the Skipper licence and a funding update. IOG is pursuing a contractor led funding approach to drill the Skipper commitment well, which is a strategic priority. The aim of the well is to retrieve core and oil samples in order to design the optimum field development plan. Skipper has independently verified gross 2C resources of 26.2 MMBbls. The appraisal well will also target two exploration prospects directly beneath the Skipper oil discovery which the Competent Person estimates may contain additional oil in place of 46 MMBbls. IOG has received a rig proposal that includes a partial deferment of the costs and could allow the well to be drilled later this year, subject to full funding of the rig contract and the well permitting process. IOG continues to explore alternative funding arrangements and is in discussions with several contractors regarding the provision of well services and equipment on a full cost deferral basis and also with several parties regarding potential loan finance to bridge any funding gap relating to the Skipper commitment well. IOG has presented the rig proposal and the progress with certain contractor discussions to the Oil and Gas Authority (“OGA”) and it has agreed to extend the licence by three months to 31st December 2015. IOG aims to drill the Skipper well as 100% owner, which requires completion of the Sale and Purchase agreement to acquire 50% of the licence from Alpha Petroleum Ltd (“Alpha”). Alpha has agreed to extend the deadline for completion of the acquisition by one month to 7th October 2015. Alpha and IOG also recently presented an update on the Blythe development plans to the OGA and a 15 month licence extension to 31st December 2016 has now been agreed. Alpha and IOG have agreed with the OGA that a draft Field Development Plan will be submitted by 31st December 2015. Darwin Strategic (“Darwin”) has agreed to defer the repayment of its loan to IOG by one month to 4th October 2015 when £358,000 will be payable. No additional fees or interest have been charged. If the loan is not repaid by this date Darwin will have the right to convert any outstanding balance into equity at 85% of the three lowest average daily prices in the preceding 10 days. IOG is now funded until early October 2015.

Jimmy Choo Plc (CHOO.L) Announced its unaudited results for the six months ended 30 June 2015. Revenue increased +6.5% at constant currency to £158.5 million (5.5% at reported rates). Adjusted consolidated net income for the year was £11.1 million compared to £10.8 million in the preceding period, generating Adjusted EPS of 3.0p per share in H1 2015 (H1 2014: 2.9p). The company expects the benefits of our store development to build in H2, while the impact of changes to tourism is expected to continue to affect retail business as it has in H1. The strength of the Cruise wholesale order book gives confidence that the H2 wholesale performance will broadly offset the one-off effects seen in H1. The company continues to execute on its strategy, remaining on track to renovate or relocate 10-15 stores and open 10-15 new stores in the full year.

John Laing Infrastructure Fund Ltd (JLIF.L) Announced its interim results for the six month period to 30 June 2015. Net Asset Value as at 30 June 2015 stood at £875.8 million, down 1.3%, principally as a result of unrealised exchange rate movements (down 0.2% excluding these). NAV per share was 107.8p, down 1.4%, or down 0.2% excluding unrealised exchange rate movements. The Company’s profit before tax (“PBT”) for the six month period ended 30 June 2015 is £14.5 million (six month period ended 30 June 2014 restated – £26.4 million), generating an earnings per share for the period of 1.8p (six month period ended 30 June 2014 restated – 3.4p). The interim dividend of 3.375p is in line with the increased target dividend payment of 6.25% per annum on the launch price of 100p per ordinary share, announced by the Company in March 2013. Chairman Paul Lester said “We remain focused on delivering value for our shareholders through effective management of our diversified Portfolio. While the UK market remains competitive, prospects for JLIF are encouraging, and we look forward to building on our progress over the remainder of the year.”

Kier Group Plc (KIE.L) Announced that it has been retained by public sector owned built environment specialist Scape Group as the sole contractor to deliver up to £1.5 billion of construction and maintenance work over the next four years.

Marshalls Plc (MSLH.L) Announced, in its interim results for the half year ended 30 June 2015, that revenue stood at £199.06 million, compared to £179.96 million in the same period last year. Operating profit stood at £22.01 million, compared to £15.61 million. Profit after tax was £16.49 million, compared to £11.64 million. Diluted earnings per share stood at 8.39p, compared to 6.00p. The board has declared an interim dividend of 2.25p (June 2014: 2.00p) per share.

MBL Group Plc (MUBL.L) Announced, in its final results for the year ended 31 March 2015, that revenue rose to £12.9 million from £11.7 million posted in the same period preceding year. The company’s loss before tax stood at £0.874 million, compared to loss of £0.495 million reported in the previous year. The basic and diluted loss per share stood at 5.7p compared to loss of 7.2p reported in the previous year. The company said that no dividend is proposed for the period. Cash and cash equivalents stood at £1.7 million (2014: £2.7 million).

Mortice Limited (MORT.L) Announced its audited results for the financial year ended 31 March 2015. Revenues grew by 19% to $88.4 million (FY 2014: $74.4 million) during the period with profits up 22% to $2.2 million (FY 2014: $1.8 million). Profit before taxation was up 22% to $2.2 million (FY 2014: $1.8 million). Executive Chairman Major Manjit Rajain said “High levels of repeat business ensure that visibility remains strong while a growing pipeline of potential new business is encouraging as far as future scalability is concerned. We felt it key to invest in our sales and marketing function and look forward to benefiting from a strengthened presence both in India and internationally. Given market fundamentals and our performance to date we are confident that investment made during the period will benefit trading during the current year. Our business performance is progressing very well, aided by our robust business pipeline.”

Motive Television Plc (MTV.L) Announced, in its interim results for the six months ended 30 June 2015, that revenues rose to £0.7 million from £0.6 million recorded in the same period a year ago. Loss after tax widened to £1.6 million from £1.5 million. Basic and diluted loss per share stood at 0.012p, down from 0.024p.

P2P Global Investments Plc (P2P.L) Announced, in its interim results for the six months ended 30 June 2015, that total returns rose to £12.8 million from £1.7 million recorded in the same period a year ago. Net return on ordinary activities after taxation widened to £9.1 million from £1.7 million.

Plutus PowerGen Plc (PPG.L) Announced, in its final results for the six months ended 30 April 2015, that revenue stood at £87,500 compared to nil revenues. Net loss widened to £1.3 million from £0.3 million.

Rare Earth Minerals Plc (REM.L) Announced that the company and and Bacanora Minerals Ltd., the joint venture partners of the Sonora Lithium Project1 in Northern Mexico (Bacanora and the company are collectively referred to as the Sonora Lithium Project Partners), have finalised a conditional long-term lithium hydroxide supply agreement with Tesla Motors, Inc., the maker of electric vehicles and energy storage solutions. The Sonora Lithium Project Partners are working to develop a mineral-rich, lithium-bearing clay deposit into a planned low-cost sustainable and environmentally conscious mining operation. It is estimated that the mine and processing facility will have an initial production capacity of approximately 35,000 tonnes of lithium compounds, with scaling potential of up to 50,000 tonnes per annum. To achieve this, the Sonora Lithium Project Partners will need to raise finances to design and construct a mine and processing facility. It is currently anticipated that lithium hydroxide and lithium carbonate would be among the materials produced by the mine.

Rentokil Initial Plc (RTO.L) Announced the continued expansion of its pest control business with the acquisition of Chicago-based Anderson Pest Solutions (“Anderson”). Its annualised revenues for the 12 months prior to acquisition were $21 million. The acquisition is in line with the Company’s strategy of continued acceleration of its pest control business and pursuing acquisition targets in higher growth markets. It also builds customer density, primarily in the Chicago metropolitan area.

Restaurant Group Plc (RTN.L) Announced, in its interim results for the six months ended 28 June 2015, that revenues rose to £333.8 million from £307.9 million recorded in the same period a year ago. Profit after tax widened to £28.7 million from £25.7 million. The board declared an interim dividend of 6.8p per share.

Rotork Plc (ROR.L) Announced that it has acquired Bifold Group Limited for up to £125 million on a cash-free and debt-free basis. The acquisition is in line with the company’s strategy of strengthening its presence in the flow control market and broadening its product portfolio. Bifold has a strong market presence and excellent brand recognition within its end markets. The company estimates that the addition of Bifold will significantly increase the company’s addressable market by approximately £750 million to £4.3 billion. As part of the company, Bifold will also be able to offer a broader product portfolio to its customers.

Sable Mining Africa Limited (SBLM.L) Announced, in its results for the year ended 31 March 2015, that operating loss fell considerably to $12.6 million from $40.1 million posted in the same period preceding year. The company’s loss before tax stood at $11.2 million, compared to loss of $39.6 million reported in the previous year. The basic and diluted loss per share stood at 0.9c compared to loss of 4.8c reported in the previous year. Company’s cash and cash equivalents stood at $6.2 million (2014: $20.1 million).

Sefton Resources Inc (SER.L) Announced, in its update for the litigation on the acceptance of the filed motion for bankruptcy dismissal by the Colorado Court, that the litigation has been accepted by the Court. The company is pursuing fees and costs from James Ellerton (Sefton’s former Executive Chairman) related to the bankruptcy litigation, in addition to punitive damages to punish Mr Ellerton for the unwanted litigation on the company.

WPP Plc (WPP.L) Announced that MediaCom, a part of its leading global media investment management arm GroupM, has acquired a minority stake in Rapid Media Services Pty Ltd (“Rapid Media Services”), a media communications agency in Australia with offices in Melbourne, Brisbane and the Gold Coast.