Broker Upgrades and Downgrades & Key UK Corporate Snapshots 13 November 2015

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88 Energy Limited (88E.L) Announced, in its drilling update that as at 12th November 2015 13:50 (AK time), Kuukpik Rig 5 had drilled to 6,258′ and is currently drilling ahead. Subsequent to successful testing of the Blow Out Preventer system (BOP) and formation integrity test (FIT), drilling recommenced on the 10th November 14:45 (AK time). Excellent penetration rates have been achieved since that time, resulting in a 2,600′ interval being drilled over an approximate 48 hour period, significantly in excess of the budgeted rate of penetration. Since the last update, minor delays were experienced due to replacement of faulty equipment associated with the BOP, which pushed back the BOP test by three days. The next casing point is at approximately 10,450′ before setting 7″ casing and commencing coring operations in the lower Hue / upper HRZ, which is the primary target for the Icewine #1 exploration well. The well is planned to a Total Depth of 11,600 feet and is scheduled to take 30 days of drilling to complete. The primary objective of the well is the HRZ shale formation, targeting a huge unconventional resource prize. Upon completion of drilling, certain data will be available immediately and will be reported to the market after internal examination; however, the definitive testing of the HRZ shale potential will take several months of data analysis.

Akers Biosciences, Incorporation (AKR.L) Announced, in its financial results for third quarter 2015, that product revenue for Q3 2015 was $169,473 (Q3 2014: $359,980), reflecting lower than usual. Distributor stock depletion of PIFA Heparin/PF4 Rapid tests during the summer months and the company believes that demand will return to normal levels in Q4. PIFA Heparin/PF4 Rapid Assay products now in over 200 US hospitals – and growing by approximately 20 new hospitals per month, each worth an annualised average of $15,000 per annum to Akers Bio. Also, the company added further sales executives across the US to support distributors – company now has 10 sales executives in the field which, together with the expanded head office personnel, has had a corresponding impact on the cost base. Loss before income tax was $2,326,893 (Q3 2014: loss of $1,124,320), reflecting significantly expanded personnel costs, higher marketing costs associated with product launches, higher R&D costs associated with new product development and a one-off impairment ($466,476) of historic patents/trademarks no longer contributing to sales. Cash and marketable securities at September 30, 2015 were $5,622,597 ($9,720,802 at December 31, 2014)

All Leisure Group Plc (ALLG.L) Announced that its wholly-owned subsidiary, All Leisure Holidays Limited (“ALH”), has entered into conditional agreements for the proposed sale and leaseback of the Hebridean Princess cruise vessel and certain related assets to, and for the sharing of customer data with, HP Shipping, a new company which will, on or prior to completion of the Proposed Transaction, be wholly owned by a syndicate of private investors led by Roger Allard, the Chairman of, and substantial shareholder in, All Leisure. Completion of the Proposed Transaction is conditional, inter alia, on Shareholder approval.

Auto Trader Group Plc (AUTO.L) Announced, in its half year results for six months ended 27 September 2015, that revenues rose to £138.2 million from £127.5 million posted in the same period preceding year. The company’s profit before tax stood at £74.7 million, compared to a profit of £13.1 million reported in the previous year. The basic earnings per share stood at 5.98p compared to earnings of 0.95p reported in the previous year. The company further stated that the board has declared an interim dividend of 0.5p per share, amounting to £5.0 million, which will be paid on 29 January 2016 to shareholders on the register at the close of business on 8 January 2016.

BHP Billiton Plc (BLT.L) Announced that following an incident at the Samarco Mineração S.A (Samarco) iron ore operation in Minas Gerais, Brazil on Thursday, 5 November 2015, that Samarco has advised that, at this stage, there are nine fatalities. Samarco has also advised that four people previously unaccounted for have been found and 19 people remain unaccounted for. The company has expressed its deepest sympathies to the families and friends of those who have died as a result of this tragic incident. BHP Billiton and Vale have pledged to support Samarco in establishing an emergency fund for community support and rebuilding works.

Caza Oil & Gas Inc (CAZA.L) Announced, in its third quarter results for nine months ended 30 September 2015, that revenues fell to $8.3 million from $18.1 million posted in the same period preceding year. The basic and diluted net loss per share stood at 0.09c compared to loss of 0.05c reported in the previous year. The company’s cash and cash equivalents stood at $1.8 million (31 December 2014: $5.2 million).

DCD Media Plc (DCD.L) Announced in its trading update that the overall trading performance for the full year remains on course, however challenging trading conditions are effecting commissions and are likely to impact earnings in 2016 in the production division. Following two successive commissions for the primetime comedy game show Celebrity Squares, it has been informed by ITV that a third series will not be commissioned for 2016. While the show may be re-commissioned in the future; the loss of the revenue will impact performance for the Group in 2016. The Board stresses however that the Group is encouraged by its strong pipeline of opportunities in the production division. Also, certain directors’ and accounting services are provided by the company’s parent, Timeweave Ltd (Timeweave) and recharged to DCD Media in line with previous years and this amounts to a total of £423,000. In addition, an amount of £152,000 of recovered VAT is owed to Timeweave. While the directors have carefully managed cash flow over the year, it is likely that the amounts due to Timeweave will need to be settled by the company by issuing further convertible loan notes to Timeweave, as occurred in 2014.

Enteq Upstream Plc (NTQ.L) Announced, in its half year results for six months ended 30 September 2015, that revenues slumped to $2.9 million from £13.6 million posted in the same period preceding year. The company’s loss before tax stood at $1.3 million, compared to a loss of $2.2 million reported in the previous year. The basic loss per share stood at 2.2c compared to loss of 3.7c reported in the previous year. The company’s cash and cash equivalents stood at $14.5 million (H12014: $13.8 million).

Fusionex International Plc (FXI.L) Announced a strategic partnership to provide customers in the Asian region with industry-leading, easy-to-deploy Big Data Analytics solutions. The collaboration brings together the combined expertise of both organisations to offer enterprises a powerful, scalable and efficient big data analytics platform that integrates Fusionex’s advanced Big Data Analytics software (GIANT) with Dell’s enterprise stack of infrastructure offerings. The solution will enable companies of all sizes to kick-start their big data initiatives with ease and flexibility, as well as to deploy analytics in any environment, be it on-premise, on the cloud, or via a hybrid approach.

Galliford Try Plc (GFRD.L) Announced, in its AGM statement, that the group saw good market conditions in all of its businesses. Linden Homes encountered improved rates of sale of 0.60 units per outlet per week (2014: 0.48 units) following the start of the financial year from an average of 75 outlets. Its construction business achieved stronger levels of new work at margins reflecting at an improving market while it continued to make good progress in closing out legacy contracts. The challenges of cost and availability of labour and materials have continued to moderate across all its businesses.

HellermannTyton Group Plc (HTY.L) Announced, in its third quarter trading statement for the nine months ended 27 September 2015, that Group revenue for the period was €519.9 million, 17.8% ahead of the first nine months of 2014 at reported rates and 10.6% ahead on a constant currency basis. Each geographic segment showed good growth in constant currency compared to the first nine months of last year. Automotive revenue growth remained strong, mainly in the car market in Asian and Americas (particularly USA), up 16.0% on a constant currency basis. Order intake was up by 11.5% in constant currency with good growth in all geographic segments. The recommended cash offer of 480p per HellermannTyton share, made by Delphi Automotive PLC (“Delphi”) on 30 July 2015, was approved by shareholders at the Extraordinary General Meeting on 15 October 2015. The transaction is expected to complete around the end of the year with the sanction of the Scheme by the Court once all of the relevant anti-trust clearances have been received. The Group’s net borrowings at 27 September 2015 were €175.8 million compared to €187.2 million at 28 June 2015. As at 27 September 2015 the Group had a €230.0 million revolving credit facility of which €219.0 million was drawn down. Cash and cash equivalents were €56.9million.

Horizonte Minerals Plc (HZM.L) Announced that it has published its unaudited financial results for the nine month period to 30 September 2015 and the Management Discussion and Analysis for the same period. Both of the above have been posted on the Company’s website www.horizonteminerals.com and are also available on SEDAR at www.sedar.com

HSBC Holdings Plc (HSBA.L) Announced that Rona Fairhead would retire at the 2016 Annual General Meeting. Sir Simon Robertson, Deputy Chairman, would also retire at the same time and Safra Catz would stand down at the end of 2015. Accordingly, Rona Fairhead would hand over her responsibilities as Chair of HSBC North America Holdings to Heidi Miller at the end of 2015.

iEnergizer Limited (IBPO.L) Announced, in its interim results for the six months ended 30 September 2015, that revenue stood at $68.97 million, compared to $76.08 million in the same period last year. Operating profit stood at $13.73 million, compared to $9.81 million. Profit after tax was $7.79 million, compared to $3.25 million. Diluted earnings per share stood at $0.04, compared to $0.02.

Interserve Plc (IRV.L) Announced, in its Q3 trading update, that the group operates across a broad range of segments and geographies, which have experienced mixed market conditions. Anticipated year-end net debt remains unaltered in the range £270-300 million. The Group’s outlook for the full-year remains unchanged with expectations for continued growth reflecting the robustness of its portfolio of businesses. Separately, the company announced that Glyn Barker is to join the Board from 1 January 2016 and would become Chairman on 1 March 2016. Lord Blackwell announced last February that, after nine years as Chairman, he planned to stand down once a successor had been found. He would retire from the Board on 29th February 2016.

Japan Residential Investment Company Limited (JRIC.L) Announced that its board has reached agreement with the Bidco board on the terms of a recommended cash offer by Bidco for the entire issued share capital of the company. Under the terms of the offer, Scheme Shareholders will be entitled to receive 72.0p in cash for each Scheme Share. The offer will value the company’s entire issued share capital at approximately £152.6 million. The company’s board separately announced that it received a separate approach from a third party at a price of 72.0 per Share which may or may not lead to an offer. Discussions with the third party have been going which is at an early stage and it is carrying out due diligence.

Jimmy Choo Plc (CHOO.L) Announced the appointment of Elisabeth Murdoch as an Independent Non-Executive Director.

Kuala Innovations Limited (KUL.L) Announced, in its interim results for the six months ended 30 September 2015, that loss after tax widened to £0.13 million from £0.08 million recorded in the same period a year ago. Net assets per share as at 30 September 2015 stood at 2.57p (31 March 2015: 1.69p). Basic and diluted loss per share stood at 0.46p, up from 0.12p.

LXB Retail Properties Plc (LXB.L) Announced, in its update for its first Living Villages project, that the 285,000 sq ft new retail destination has almost been fully pre-let after the recent lettings to New Look and Mountain Warehouse that covers 19,615 sq ft (14,000 sq ft on ground floor). Only one 1,708 sq ft unit has remained for which discussions with potential occupiers are going on. It also witnessed a success in pre-letting the space at Biggleswade. Contracts for a pre-letting to Wilko were exchanged recently taking aggregate lettings to 92% of the available ground floor space. It also plans to increase the leisure offer at Rushden Lakes for which contracts have recently been exchanged with Cineworld for a pre-let of a 12 screen multiplex which will anchor the leisure proposals. Contracts were exchanged for letting a 5,000 sq ft retail unit at Neatscourt Retail Park to The Original Factory Shop.

Minco Plc (MIO.L) Announced that it has been granted three new Prospecting Licences in Ireland by the Minister of Communications, Energy and Natural Resources. The new licences, PLs 1228, 1229 and 3981, at Moate in County Westmeath, Ireland, are centered on a specific geological target identified by the company, with potential for zinc-lead mineralization of Tynagh Mine type. Each licence will be valid for a period of six years from 3 November 2015.

MTI Wireless Edge Limited (MWE.L) Announced, in its unaudited results for the nine months ended 30 September 2015, that revenue stood at $13.40 million, compared to $10.66 million in the same period last year. Operating profit stood at $1.05 million, compared to $0.22 million. Profit after tax was $0.75 million, compared to $0.18 million. Basic and diluted earnings per share stood at $0.0138, compared to $0.0034 Additionally, the company also announced that the board would like to recommend to the shareholders of the company that the company adopts the ability to pay dividends by way of scrip, meaning the board would be able to announce a dividend which could be paid in cash or through the issue of new shares in the company. In order to adopt the Scrip Dividend Policy a change to the articles of association of the comany is required to clearly state that scrip dividends are allowed. The board announces that the company’s EGM will be held at 4.00 pm (London time) on Tuesday, 12 January 2016 at the offices of Allenby Capital Limited, 3 St Helen’s Place, London, EC3A 6AB.

Nighthawk Energy Plc (HAWK.L) Announced, in its operational update that The Happy Jack 7-10 well was spudded in late October and was drilled to a total depth of 8,400 feet. During the drilling of the well, oil shows were encountered in the Marmaton and Cherokee zones within the Pennsylvanian section. The last commitment well under the Company’s 2015 program, the North Star 1-14, commenced drilling on Thursday, 11 November. The well is permitted to a total depth of 8,900 feet. As a result of drilling results in the Monarch Joint Development Area, the Company’s average gross daily production levels for the year are likely to be in the range of 1,700-1,800 barrels per day, lower than market expectations.

Nu-Oil and Gas Plc (NUOG.L) Announced that it has raised £435,000 before expenses (the “Placing”) through the issue of 124,285,714 new Ordinary Shares (the “Placing Shares”) to institutional investors at a price of 0.35p per Placing Share. The Placing was organised by the Company’s joint broker, Beaufort Securities Ltd. The net proceeds of the Placing will be used primarily to implement the Company’s stranded and marginal field strategy and to facilitate the acquisition of projects.

Plastics Capital Plc (PLA.L) Announced that its Half Year results for the six months ended 30 September 2015 will be declared on 7 December 2015.

Renewable Energy Generation Limited (WIND.L) Announced that it remains in discussions with the potential buyer with a view to agreeing the terms of an offer for its trading subsidiaries, representing the business, assets and undertakings of REG (“the Assets”). The Board anticipate receipt of a formal offer following conclusion of the buyer’s due diligence into the Assets, which is nearing completion. A further announcement will be made in due course.

Rotork Plc (ROR.L) Announced, in its trading update covering the period from 1 July to 12 November 2015, that the trading environment has remained challenging across most of its key markets and geographies; however expectations for the full year remain unchanged from the guidance issued on 17 September 2015. Quotation activity in the third quarter was similar to the prior year but order intake was 17.2% lower (-17.3% OCC). Cumulative order intake in the ten months to 25 October was 12.5% lower (-15.1% OCC) than the same period in 2014. Revenue for the third quarter was 18.1% lower (-18.6% OCC) than the comparable period with cumulative revenue 7.1% lower (-10.0% OCC) than the prior year. The order book at 25 October was £185 million, a 13.3% reduction (-13.1% OCC) compared with the same point last year. The company announced the small acquisition of Eltav which provides wireless technology for the valve industry and will strengthen our wireless offering. The group continues to be highly cash generative and maintains a strong balance sheet with a high return on capital employed. Net debt at 25 October was £86 million.

Rurelec Plc (RUR.L) Announced a proposed Open Offer of up to 353,518,086 Open Offer Shares at 1p each to raise up to £3,535,180 before expenses. The Issue Price of 1p per Open Offer Share represents a discount of approximately 9.09% to the closing middle market price of 1.1p for each Existing Ordinary Share in the Company on 12 November 2015. Notice of General Meeting of the Company is also being posted to shareholders today. Ordinary resolutions would be proposed to implement the Open Offer, to amend the Company’s Articles of Association and to sub-divide each Existing Ordinary Share of 2p each into one New Ordinary Share of 0.1p each and one Deferred Share of 1.9p A special resolution will be proposed to approve a disapplication of pre-emption rights, which is intended to be used, inter alia, for a grant of options to Directors.

Savannah Resources Plc (SAV.L) Announced that diamond drilling is underway targeting extensions to high grade copper zones identified around the Mahab 4 deposit on the Block 5 permit in Oman. The company owns a 65% shareholding in Al Fairuz Mining LLC, the owner of the Block 5 licence. Diamond drilling programme underway focused on testing the up and down dip extensions of the high grade copper (>5%) core of the Mahab 4 deposit. Current Mahab 4 Mineral Resource Estimate is 1.5Mt at 2.1% copper for 31,500t of contained copper. Drilling targeted at increasing the contained copper of the Mahab 4 Mineral Resource.

Serabi Gold plc (SRB.L) Announced, in its unaudited interim results for the 3 months ended 30 September 2015, that its reported revenue stood at $8.4 million, compared to $5.3 million in the preceding period. Profit after tax was $0.1million compared to loss net of tax of $0.4million. The company’s diluted earnings per share was 0.02c, compared to a loss of 0.06c. Also, the company’s revenue for the 9 months ended 30 September 2015 stood at $27.0 million, compared to $5.3 million in the preceding period.

Stanley Gibbons Group Plc (SGI.L) Announced, in its interim results for the six months ended 30 September 2015, that revenue stood at £26.97 million, compared to £27.12 million in the same period last year. Operating profit stood at £0.65 million, compared to £3.82 million. Profit after tax was £0.27 million, compared to £3.27 million. Diluted earnings per share stood at 0.55p, compared to 6.69p.