Broker Upgrades and Downgrades & Key UK Corporate Snapshots 30 November 2015

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Aberdeen Asset Management Plc (ADN.L) Announced, in its final results for the year ended 30 September 2015, that revenues rose to £1,169.0 million from £1,117.6 million recorded in the same period a year ago. Profit after tax widened to £309.0 million from £307.1 million. Diluted earnings per share stood at 21.79p, up from 22.79p. The board recommended a final dividend of 12.0p per share.

Accsys Technologies Plc (AXS.L) Announced, in its interim year results for six months ended 30 September 2015, that revenues rose to €26.3 million from €21.8 million posted in the same period preceding year. The company’s loss before tax stood at €92,000, compared to a loss of €6.2 million reported in the previous year. The basic and diluted loss per share stood at 0.00c compared to loss of 0.08c reported in the previous year. The company’s cash and cash equivalents stood at €7.5 million (2014: €13.5 million).

APC Technology Group Plc (APC.L) Announced, in its first quarter business development update, that its water hygiene and treatment business was selected as the sole water management supplier for a major hotel group across 21 of their sites in the UK and three in Europe. In the facilities management sector, Minimise Water was appointed to provide water treatment services to 1,500 key government sites across the South West. Network Rail, which uses the company’s energy monitoring and control technology at over 20 UK sites for the past two years, has now installed the company’s new compliance online water temperature monitoring system at its prestigious London Bridge site.

BCA Marketplace Plc (BCA.L) Announced, in its interim report for the nine months ended 4 October 2015, reflecting the six month trading period following the acquisition of the BCA Group, that revenue stood at £546.3 million (Prior period comparatives relate to the company only for the unaudited and unreviewed five month period from incorporation, which during that period was known as Haversham Holdings Ltd.). Operating profit stood at £1.3 million, compared to a loss of £0.1 million compared to 5 months ended 30 September. Loss after tax was £7.8 million, compared to a loss of £0.1 million. Basic and diluted earnings per share stood at 1.4p, compared to a loss of 253.9p. The company is announced maiden interim dividend of 2.0p per share.

BHP Billiton Plc (BLT.L) Announced, in its update following the breach of the Fundão tailings dam and Santarém water dam at the Samarco Mineração S.A (Samarco) iron ore operation in Minas Gerais, Brazil which occurred on 5 November 2015, that at this stage, there are 13 fatalities and six people who remain unaccounted for. Emergency services continue to search for the six missing people. Samarco continues to work with the Government authorities in Brazil to relocate displaced people from temporary accommodation to rented housing. Relocation is expected to be completed in February 2016. Operations at Samarco remain suspended. Samarco has reported that tests on the sediments carried out by the Brazilian Geological Service (CPRM) from samples taken at four points in the Rio Doce river system over the period 14 November to 18 November 2015 indicate that concentrations of metals obtained at these sites do not significantly differ from the results produced by CPRM in 2010. Samarco has advised that the tailings material released as a result of the breach of the Fundão and Santarém dams is considered to be non-reactive and would be geochemically stable when introduced to the river system or ocean. As a result of the high volume of sand and clay tailings material that moved through the river system, a large number of fish died due to reduced oxygen uptake. Assessment of these impacts is ongoing. BHP Billiton confirms its commitment to supporting Samarco to rebuild the community and restore the environment affected by the breach of the dams. This includes plans, announced by Vale and BHP Billiton on 27 November 2015, to work together with Samarco to establish a voluntary, non-profit fund to support the recovery of the Rio Doce river system. A copy of the joint media statement issued by Vale and BHP Billiton on 27 November 2015 is attached.

Cable & Wireless Communications Plc (CWC.L) Announced that the Liberty Global Directors and the company Directors had reached agreement regarding the terms of a recommended acquisition through which Liberty Global will acquire the entire issued and to be issued share capital of the company. As announced on 23 November 2015, the company intends to provide its Shareholders with illustrative calculations of the Exchange Ratio and the Alternative Exchange Ratio on a weekly basis until the Scheme Document is posted to the company Shareholders, and on a daily basis (on business days only) thereafter, in each case until the Exchange Ratio Calculation Time. If the Exchange Ratio Calculation Time were 30 November 2015 (being the date of this announcement), under the terms of the Transaction, the Exchange Ratio and the Alternative Exchange Ratio would be calculated such that: under the Recommended Offer, the company Shareholders would be entitled to receive, for each company Share, 0.008301 New Liberty Global Class A Ordinary Shares and 0.020321 New Liberty Global Class C Ordinary Shares, as well as the Special Dividend; under the First Dual Share Alternative, the company Shareholders would be entitled to receive, for each company Share, 0.005593 New Liberty Global Class A Ordinary Shares, 0.013693 New Liberty Global Class C Ordinary Shares, 0.002343 New LiLAC Class A Ordinary Shares and 0.005739 New LiLAC Class C Ordinary Shares, as well as the Special Dividend; and.under the Second Dual Share Alternative, the company Shareholders would be entitled to receive, for each company Share 0.004601 New Liberty Global Class A Ordinary Shares, 0.011265 New Liberty Global Class C Ordinary Shares, 0.002343 New LiLAC Class A Ordinary Shares and 0.005739 New LiLAC Class C Ordinary Shares, as well as the Special Dividend.

Carillion Plc (CLLN.L) Announced that it has renewed its main revolving bank facility and extended the maturity date by almost three years, from March 2018 to November 2020. The £790 million facility has also managed to reduce the pricing across the board. The facility along with a private placement funding that expires between 2017 and 2024, convertible bonds maturing in 2019 and three small bilateral facilities, suggests that the group’s total available funding amounts to around £1.4 billion. It provides the group with considerable financial strength to support its strategy for growth.

Catalyst Media Group Plc (CMX.L) Announced, in its final results for year ended 30 June 2015, that revenues remained unchanged at £25,000 from the previous year. The company’s profit before tax stood at £1.4 million, compared to a loss of £3.0 million reported in the previous year. The basic earnings per share stood at 5.62p compared to loss of 10.83p reported in the previous year. The company further stated that the board has not declared any dividend for the period. The company’s cash and cash equivalents stood at £16,969 (2014: £538,416).

Cranswick Plc (CWK.L) Announced, in its unaudited results for the six months ended 30 September 2015, that revenue stood at £529.15 million, compared to £481.54 million in the same period last year. Operating profit stood at £25.83 million, compared to £25.01 million. Profit after tax was £19.78 million, compared to £19.20 million. Diluted earnings per share stood at 39.8p, compared to 39.0p.

Craven House Capital Plc (CRV.L) Announced, in its annual results for year ended 31 May 2015, that operating loss rose to £0.932 million from £0.903 million posted in the same period preceding year. The company’s loss before tax stood at £0.911 million, compared to a loss of £0.880 million reported in the previous year. The basic and diluted loss per share stood at 0.11p compared to loss of 0.13p reported in the previous year. The company’s cash and cash equivalents stood at £0.217 million (2014: Nil).

Emerging Market Minerals Plc (EMM.L) Announced, in its final results for the year ended 30 June 2015, that loss after tax narrowed to £0.2 million from £0.7 million. On 9 September 2014, the Company announced that it had raised £405,000 before expenses, via a subscription for new ordinary shares by Kijani Resources Limited (“Kijani”), an existing substantial shareholder in the Company.

GCP Infrastructure Investments Limited (GCP.L) Announced a proposed placing of Ordinary Shares (New Ordinary Shares) targeting gross proceeds of £20 million (the Placing). The Placing is being conducted in accordance with the terms and conditions of the Placing Programme. The Placing will be non pre-emptive. As at the date of this announcement, the company has 88,997,821 Ordinary Shares remaining under its Placing Programme. The issue price in respect of the Placing will be 118p per New Ordinary Share, which represents a discount of 2.5% to the closing price per Ordinary Share as at close of business on 27 November 2015, the last business day prior to this announcement. The net asset value per Ordinary Share as at 30 November 2015 is expected to be announced on 3 December 2015. The Placing is being proposed in order to allow the company to repay part of the existing Revolving Credit Facility as well as enabling it to take advantage of a number of immediate and attractive investment opportunities in accordance with the company’s investment objective and policy.

Gloo Networks Plc (GLOO.L) Announced, in its results for the period from incorporation to 30 September 2015, that revenue stood at £6566. Loss after tax was £1.02 million. Basic and diluted loss per share stood at £0.19. The Company has not yet acquired a trading operation and the Directors therefore consider it inappropriate to make a forecast of the likely level of any future dividends. The Group continues to pursue its stated acquisition strategy and the Directors believe that Gloo Networks is well placed to progress the available opportunities in the year ahead.

IG Group Holdings Plc (IGG.L) Announced, in its trading update for the second quarter of the financial year ending 31 May 2016, ahead of entering its close period on 1 December 2015, that the company has performed well in quieter markets over the last three months and revenue in the second quarter of the financial year will be slightly ahead of the first. Although it is too early to predict how the full year will outturn, the company remains on track as it approaches the second half, and it is pleased with the ongoing strength in client recruitment in all of its markets and the progress it is making on delivering its strategic initiatives. The financial results for the six months ended 30 November 2015 will be announced on Tuesday 19 January 2016.

Ladbrokes Plc (LAD.L) Announced, in the full results of Gala Coral Group for year ended 26 September 2015, that total EBITDA rose 1% to £205.3 million. Online EBITDA jumped 14% to £56.2 million. Net revenue for the year rose by 6% to £1,005.4 million. Eurobet Retail EBITDA fell 29% to £5.4 million due to adverse football results and the World Cup in FY14.

Landore Resources Ld (LND.L) Announced that it has made an application for the admission of 6,250,000 ordinary shares of 1p each in the company to trading on AIM. Following the admission of the new ordinary shares the company’s issued share capital would consist of 628,203,825 ordinary shares with voting rights.

Management Resource Solutions Plc (MRS.L) Announced, in its final results for the year ended 30 June 2015, that revenue stood at $17.09 million, compared to $10.50 million in the same period last year. Operating loss stood at $1.69 million, compared to an operating profit of $0.26 million. Loss after tax was $1.65 million, compared to a profit after tax of $0.05 million. Basic and diluted loss per share stood at 5.19c, compared to a Basic and diluted earnings per share of 0.17c. Interim dividend of 0.35p per share paid on 10 April 2015. The project management business continues to progress, with the Pacific Energy Aviation fuel depot contract demonstrating ability to diversify the Company’s capabilities away from its traditional marketplace. The company continues to differentiate its offering through innovation, such as the Hydraulic Tank Jacking System used to construct the tanks in PNG.

Northgate Plc (NTG.L) Announced the appointment of Claire Miles as a Non-Executive Director with effect from 27 November 2015.

Omega Diagnostics Gp (ODX.L) Announced, in its interim results interim results for the six months ended 30 September 2015, that revenue stood at £6.15 million, compared to £5.69 million in the same period last year. Operating profit stood at £0.18 million, compared to an operation loss of £1.15 million. Profit after tax was £0.31 million, compared to £0.18 million. Basic and diluted earnings per share stood at 0.3p, compared to 0.2p. it has completed of the fit-out of the laboratory and manufacturing facility in Pune, India. Its Food Intolerance segment delivers the fastest growth in revenue at the highest gross margin.

Palace Capital Plc (PCA.L) Announced, in its interim results for the 6 months ended 30 September 2015, that operating profit stood at £8.56 million, compared £9.03 million. Profit after tax was £7.17 million, compared to £8.43 million. Basic earnings per share stood at 30.6p, compared to 60.5p. Diluted earnings per share stood at 30.4p compared to 57.5p. It intends to pay an interim dividend of 7p on 30 December 2015 to shareholders on the register at 4 December 2015.

Playtech Plc (PTEC.L) Announced that its bingo division, Virtue Fusion has agreed a five-year deal with News UK to operate its Sun Bingo and Fabulous Bingo websites and mobile variants. The sites will launch in August 2016 following the migration of existing players to Virtue Fusion’s leading UK bingo network.

Severn Trent Plc (SVT.L) Announced that it has entered into a further irrevocable, non-discretionary arrangement with Morgan Stanley & Co. International PLC (“Morgan Stanley”) to enable the market purchases of ordinary shares of 97 17/19p each (the “Ordinary Shares”) up to an amount of £19,939,000 (the “Programme”) during the period commencing on 30 November 2015 and ending no later than 31 March 2016 (inclusive) and is capable of continuing during Severn Trent’s close periods. The programme will take Severn Trent’s total market purchases of Ordinary Shares to £110 million, in accordance with the repurchase of Ordinary Shares announced by Severn Trent on 13 February 2015.