Broker Upgrades and Downgrades & Key UK Corporate Snapshots 29 March 2016

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Advanced Oncotherapy Plc (AVO.L)  Announced in an update to shareholders on the continuing progress being made in the development of the Company’s novel proton accelerator, LIGHT, in the context of the milestones which were first set in November 2014 and re-iterated at the time of the fund raising in May 2015. The Proton Source, which is being constructed by Pantechnik in Bayeux (France), has now been fully assembled and is ready for initial testing and tuning. The Company has taken charge of this unit and expects it to be shipped to its facility in Geneva once these tests have been carried out on site in Bayeux. The four modules that make up the Radio Frequency Quadruple (“RFQ”), a technology licensed from CERN and which first accelerates the protons to 5MeV, have now been assembled at its facility in Geneva and are ready for tuning, which will start at the end of March. Following first tests on the Side Coupled Drift Tube Linac (“SCDTL”) module, which commenced in July 2015, this unit is now ready for high power testing. The development of the LIGHT system remains in line with the timetable provided to shareholders in November 2014 and the Company will continue to update shareholders on the progress made during the further integration and testing of the modules which is expected to continue up to the end of 2016.

African Potash Limited (AFPO.L)  Announced, in its interim results for six months ended 31 December 2015, that operating loss rose to $0.609 million from $0.545 million posted in the same period preceding year. The company’s loss before tax stood at $0.716 million, compared to a loss of $0.660 million reported in the previous year. The basic and diluted loss per share stood at 0.09c compared to loss of 0.22c reported in the previous year. The company’s cash and cash equivalents stood at $0.509 million (2014: $0.679 million).

Amerisur Resources Plc (AMER.L)  Announced, in its update to the certified reserves for its production assets in Colombia, that Production during 2015 was 1.62 MMBO; hence current 1P reserves represent a small increase from year end 2014. The Board expects an increase in reserves once production increases again from currently shut in pads, which will happen gradually following the commissioning of the OBA pipeline which is due in April 2016 and once the much reduced opex per barrel comes through from production going through the OBA pipeline. In addition, the additional drilling activity planned on Platanillo in 2016, including two infill wells and up to two wells from the northern pad 2N, which seek to extend the field limits, together with the drilling of wells on Put-8 and Coati and the Long Term Test of the Temblon discovery to the south of the Coati block, should result in an increase in both 1P and 2P reserves. It is worth noting that six months of Long Term Testing is required before resources can be categorised as reserves. An update of the resources report is currently under preparation by Petrotech Engineering Ltd in relation to all Amerisur´s portfolio, including the Put-8, Andaquies and Coati blocks which were acquired after the year end. It is expected to publish the results of that study in in the weeks ahead.

Artilium Plc (ARTA.L)  Announced, in its unaudited results for the six months ended 31 December 2015, that revenue stood at €4.32 million, compared to €4.10 million in the same period last year. Operating loss stood at €0.82 million, compared to a loss of €0.31 million. Loss after tax was €0.81 million, compared to a loss of €0.22 million. Loss per share from continuing operations stood at 0.30c, compared to a loss of 0.10c.

AstraZeneca Plc (AZN.L)  Announced that the Japanese Ministry of Health, Labour and Welfare (MHLW) has approved its Tagrisso (osimertinib, AZD9291) 80mg once-daily tablets for the treatment of patients with epidermal growth factor receptor (EGFR) T790M mutation-positive inoperable or recurrent non-small cell lung cancer (NSCLC) that is resistant to EGFR tyrosine kinase inhibitor (TKI) therapy. The company has agreed a Risk Management Plan with the Japanese Health Authority.

Aurasian Minerals Plc (AUM.L)  Announced that, further to the announcement made on 22 February 2016, the company has received acceptances from shareholders of Moroccan Minerals Limited (MML) representing 89.99% of the outstanding shares of MML in relation to the offer from the company for the acquisition of all of the outstanding shares of MML. MML and the company have agreed to keep the offer open until 15 April 2016 in order to give the remaining MML Shareholders the opportunity to return their votes. As the Offer was conditional on receiving acceptances from at least 51% of the outstanding shares of MML the offer is now unconditional and the company will make a further announcement once the final votes have been received and the acquisition has been completed.

Barr(A.G.) Plc (BAG.L)  Announced, in its final results for the year ended 30 January 2016, that its reported restated revenue stood at £260.9 million, compared to £260.9 million in the preceding year. Profit after tax was £32.6 million compared to £30.0 million. The company’s diluted earnings per share was 29.51p, compared to 25.86p.

Bezant Resources Plc (BZT.L)  Announced, in its unaudited interim results for the six months ended 31 December 2015, that group operating loss stood at £0.19 million, compared to a loss of £0.24 million in the same period last year. Loss after tax was £0.27 million, compared to a loss of £0.33 million. Basic and diluted loss per share stood at 0.29p, compared to a loss of 0.40p.

CDialogues Plc (CDOG.L)  Announced, in its trading update, that the Company now expects that EBITDA for the year ended 31 December 2015 will be less than €1.6 million mainly due to reduced revenues and project margins, as well as investment in new projects during the second half of the year. In addition, the Company’s existing contracts have generated revenues in the first quarter of 2016 less than the board anticipated. The Company also announced that new business revenues from the MNO client in Latin America, continue to be delayed due to integration issues. The Company now believes that the nature of these integration issues may possibly lead to the project with this customer being cancelled.

Cerillion Plc (CER.L)  Announced that it has entered into a $2.4 million contract with one of its existing customer, a multi-service communications provider in the Americas. The contract is in respect of a major upgrade to the company’s platform which is a part of a wider, multi-country rollout with the customer.

Faroe Petroleum Plc (FPM.L)  Announced, in its final results for year ended 31 December 2015, that revenues fell to £112.9 million from £128.8 million posted in the preceding year. The company’s loss before tax narrowed to £122.3 million from £165.8 million reported in the previous year. The basic loss per share stood at 19.7p compared to a loss of 22.6p reported in the previous year. The company’s Board did not propose any dividend for the period. The company’s cash and cash equivalents stood at £91.5 million (2014: £32.6 million).

GlaxoSmithKline Plc (GSK.L)  Announced that the Japanese Ministry of Health, Labour and Welfare (MHLW) has granted approval for Nucala (mepolizumab) as a treatment for bronchial asthma in patients with refractory asthma whose symptoms are inadequately controlled with standard treatment. Nucala is licensed in Japan for adults and adolescents aged 12 years or older. Nucala is the first medicine in a new class of anti-interleukin-5 (IL-5) biologic therapies. IL-5 plays an important role in regulating the function of eosinophils, inflammatory white blood cells known to be important in asthma. Approval in Japan comes just four months after the approval of Nucala in the US – the first approval of an anti-IL-5 treatment anywhere in the world. Nucala has also been approved in Canada and Australia. Further regulatory applications have been submitted and are under review in other countries.

GLI Finance Limited (GLIF.L)  Announced, in its final results for year ended 31 December 2015, that revenues rose to £7.9 million from £5.6 million posted in the last year. The company’s loss for the year stood at £10.0 million, compared to a loss of £14.5 million reported in the previous year. The basic and diluted loss per share stood at 5.49p compared to loss of 9.59p reported in the previous year. The company’s cash and cash equivalents stood at £17.4 million (2014: £13.7 million).

Hayward Tyler Group Plc (HAYT.L)  Announced the completion of the sale and leaseback of its 11.5 acre Peter Brotherhood site in Peterborough with Helical (Peterborough) Ltd (HPL) a special purpose vehicle owned by Helical Bar Plc. Under the agreement, HPL has acquired the property for £7.5 million with Peter Brotherhood Ltd as the tenant and the company as the guarantor. Peter Brotherhood Ltd has signed a 15 year lease with a market rent of £575,000 per annum and subject to market reviews after 5 and 10 years. The company will prepay senior borrowings saving estimated interest costs of approximately £250,000 on an annual basis as a result of the sale and leaseback.

IPSA Group Plc (IPSA.L)  Announced, in its unaudited interim results for the 6 month period ended 30 September 2015, that revenue stood at £1.75 million, compared to £1.89 million in the same period last year. Operating loss stood at £0.59 million, compared to £0.73 million. Loss after tax was £0.25 million, compared to £0.75 million. Basic loss per share stood at 0.23p, compared to 0.69p. The directors recognise that following this fundamental disposal of Blazeway Engineering Limited, IPSA will become a cash shell and under AIM rule 15 will be deemed to be an investing company.

Judges Scientific Plc (JDG.L)  Announced that the company’s wholly-owned subsidiary, Fire Testing Technology (“FTT”), has acquired the business of Fire Instrumentation & Research Equipment (“FIRE”).

Lancashire Holdings Limited (LRE.L)  Announced today that on 24 March 2016, it and its wholly owned subsidiary Lancashire Insurance Company Limited entered into a new $300 million five year letter of credit and revolving credit facility (the “Facility”) with Lloyds Bank plc (“Lloyds”) and Barclays Bank PLC (“Barclays”) as joint bookrunners, mandated lead arrangers and syndication agents, Lloyds as administrative agent, Lloyds Bank Plc New York Branch, as issuing bank and Lloyds; Barclays; HSBC Bank USA, National Association; The Bank of Nova Scotia and The Bank of New York Mellon as lenders. The Facility is a replacement of expiring capacity for the group. The letters of credit will be used to support obligations under reinsurance liabilities of Lancashire Insurance Company Limited.

Mosman Oil and Gas Limited (MSMN.L)  Announced, in its interim results for six months ended 31 December 2015, that loss before tax stood at A$3.7 million, compared to a loss of A$1.9 million reported in the previous year. The basic and diluted loss per share stood at 2.14c compared to loss of 2.01c reported in the previous year. The company’s Board did not propose any dividend for the period. The company’s cash and cash equivalents stood at A$4.9 million (30 June 2015: A$1.1 million). The company separately announced, in its operational update, that it remains in a sound financial position, however, due to the continuous low oil price and oil price uncertainty, the Board will continue to monitor its business plan, and seeks other suitable opportunities which might enhance shareholder value. The company will seek NZP&M approval to amalgamate the Petroleum Creek and Taramakau permits to improve exploration efficiency which will facilitate future work across current permit boundaries.

Pathfinder Minerals Plc (PFP.L)  Announced the appointment of Robert Easby as Finance Director and as Company Secretary of the Company with immediate effect.

Polymetal International Plc (POLY.L)  Announced, in its preliminary results for the year ended 31 December 2015, that its reported revenue stood at $1,441 million, compared to $1,690 million in the preceding year. Profit after tax was $221 million compared to loss of $210 million. The company’s diluted earnings per share was $0.70, compared to $0.71. moreover, the Directors of the company in accordance with company’s dividend policy are proposing the payment of a final dividend of $0.13 per ordinary share for the year ended 31 December 2015. This will bring the total dividend for the year to $0.51 per ordinary share or $216 million.

Premaitha Health Plc (NIPT.L)  Announced that its French distributor, AdGeniX, has signed an agreement to offer the company’s IONAR test from a second laboratory in France. The new laboratory, company’s tenth such facility, will offer non-invasive prenatal testing for the first time, and will be located in central France to act as a regional hub.

Randall & Quilter Investment Holdings Ltd (RQIH.L)  Announced that it has acquired RIL, a captive company now in run-off, from Rank Overseas Holdings Limited. Regulatory approval for the acquisition has been granted and RIL will be amalgamated into Capstan Insurance Company Limited, company’s consolidation vehicle in Guernsey, subject to necessary consents.

Softcat Plc (SCT.L)  Announced the appointment of Credit Suisse Securities (Europe) Limited and Jefferies Hoare Govett as joint corporate brokers with immediate effect.

SpaceandPeople Plc (SAL.L)  Announced, in its preliminary results for the year ended 31 December 2015, that its reported revenue stood at £13.8 million, compared to £15.4 million in the preceding year. Operating profit stood at £1.0 million, compared to £0.7 million. Profit after tax was £0.8 million compared to £0.5 million. The company’s diluted earnings per share was 3.89p, compared to 2.10p.

Stellar Diamonds Plc (STEL.L)  Announced, in its interim results for the six months ended 31 December 2015, that its net loss after tax was $0.8 million compared to loss of $0.9 million. The company’s loss per share was 0.04p, compared to loss per share of 0.001p.

Sula Iron & Gold Plc (SULA.L)  Announced that its CEO, Nick Warrell, on behalf of the company, has received the ‘Ebola Medal for Service in West Africa’ from the UK Ministry of Defence. This follows Sula’s contribution to Sierra Leone’s fight against the 2014/2015 Ebola Virus Disease (”EVD”).

Trinity Exploration & Production Plc (TRIN.L)  Announced that the company has agreed a further extension to the moratorium on principal repayments, relating to Trinity’s outstanding debt balance of $13.0 million with its lender, until 08 April 2016.

Tritax Big Box REIT Plc (BBOX.L)  Announced that it has acquired Argos’ National Distribution Centre at Barton Business Park, Burton-upon-Trent, Staffordshire for a purchase price of £74.65 million (net of acquisition costs), reflecting a net initial yield of 5.55% on the corporate acquisition. The purchase has been funded from equity proceeds, with senior debt finance expected to be introduced in the near term.

Turbo Power Systems Inc (TPS.L)  Announced, in its final results for the year ended 31 December 2015, that its reported revenue stood at £1.9 million, compared to £3.4 million in the preceding year. Operating loss stood at £0.9 million, compared to profit of £0.2 million. Net loss after tax was £0.9 million compared to profit after tax of £76.0K. The company’s diluted loss per share was 0.03p, compared to 0.00p.

Uranium Resources Plc (URA.L)  Announced, in its interim results for six months ended 31 December 2015, that operating loss fell to $0.120 million from $0.190 million posted in the same period preceding year. The company’s loss before tax stood at $0.266 million, compared to a loss of $0.307 million reported in the previous year. The basic and diluted loss per share stood at 0.04c compared to a similar loss per share in the previous year. The company’s cash and cash equivalents stood at $33,000 (31 December 2014: $31,000).