Broker Upgrades and Downgrades & Key UK Corporate Snapshots 19 August 2015

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Admiral Group Plc (ADM.L) Announced, in its interim results for the six months ended 30 June 2015, that net revenue rose to £447.7 million from £444.6 million recorded in the same period a year ago. Profit after tax widened to £148.3 million from £144.4 million. The board declared an interim dividend of 51.0p. Separately, the company announced that Manfred Aldag will retire from the Board with effect from 31 August 2015 having served as a Non-Independent Non-Executive Director of the company since 2003. Following receipt of regulatory approval, Owen Clarke will join the Board as a Non-Executive Director with effect from 19th August 2015.

BMR Mining Plc (BMR.L) Announced that the Zambia Environmental Management Agency (“ZEMA”) has approved the recently submitted Terms of Reference and Scoping Study proposed for the company’s full Environmental Impact Assessment (“EIA”). This approval is a necessary prelude before the company’s submission of the EIA study. The company’s consultants expect to submit the draft EIA study to ZEMA in September, following which the company hopes to gain formal approval from ZEMA by the end of the year.

Empiric Student Property Plc (ESP.L) Announced that it has acquired a forward funded development in Nottingham, called as The Frontage, for a total investment of £18.4 million. The scheme comprises 162 beds within 152 self-contained single and double studios as well as three commercial units at the ground floor level which are let to good covenant restaurant tenants. The acquisition will increase its presence in Nottingham to a total of 337 beds. Frontier Estates will undertake the construction of the property on behalf of the company based on its specifications and are expected to be on-site in September 2015. The full amount required for the development will be invested in stages against development milestones. The company will receive an income return from the developer on funds invested during the development period

EnQuest Plc (ENQ.L) Announced its interim results for the six months ended 30 June 2015. Production levels, on a working interest basis averaged 29,665 boepd in the first half of 2015 compared with 25,292 boepd in the first half of 2014. Increased production partially offsets the decline in the realised oil price and resulted in a decrease in revenue of $59.8 million to $444.0 million in the six months ended 30 June 2015 compared with the same period in the prior year. EBITDA was $226.7 million pre-exceptional items and fair value adjustments (2014: $284.0 million) and net borrowing increased to $1,281.7 million at 30 June 2015 (31 December 2014: $932.8 million). Profit after tax and net finance costs was down from $77.2 million to $33.8 million, reflecting increased finance costs, partially offset by a $22.4 million tax credit. Average production guidance for the full year 2015 is maintained between 33,000 Boepd and 36,000 Boepd, with the second half of the year reflecting production from Alma/Galia and also increased production from GKA and Thistle/Deveron in particular.

Gem Diamonds Limited (GEMD.L) Announced, in its interim results for the six months ended 30 June 2015, that its reported revenue stood at $118.0 million, compared to $148.9 million in the preceding period. Profit after tax from continuing operations was $25.6 million compared to $35.9 million. The company’s diluted earnings per share was 10.53c, compared to 15.23c.

Glanbia Plc (GLB.L) Announced, in its half year results for six months ended 4 July 2015, that revenues fell to €1294.2 million from €2538.4 million posted in the same period preceding year. The company’s profit before tax stood at €117.6 million, compared to a profit of €97.9 million reported in the previous year. The basic earnings per share stood at 33.3c compared to earnings of 28.33c reported in the previous year. The company further stated that the board has recommended an interim dividend of 4.88c per share (HY 2014: 4.43c per share). The dividend will be paid on 16 October 2015 to shareholders on the register of members as at 04 September 2015. Irish withholding tax will be deducted at the standard rate where appropriate.

Glencore Plc (GLEN.L) Announced, in its 2015 first half-year report, that adjusted EBITDA was $4,611 million, down 29% compared to H1 2014 of $6,464 million owing to substantially weaker commodity prices. FFO was $3,487 million, down 29% compared to H1 2014 to $4,909 million as a result of the weaker price environment noted above. The company has strong and flexible balance sheet, with $10.5 billion of committed available liquidity at period end.

Highlands Natural Resources Plc (HNR.L) Announced the appointment of Cenkos Securities plc as its financial adviser and broker, with immediate effect. Following its announcement dated 26 May 2015, the Company is in the process of preparing a prospectus in respect of its acquisition of a 75% interest in Diversion Technologies’ current patent applications. Pursuant to the publication of the prospectus, the Company proposes to apply for the re-admission to trading of its shares.

Hikma Pharmaceuticals Plc (HIK.L) Announced its interim results for the six months ended 30 June 2015. Group revenue decreased 4% to $709 million, compared with $738 million in H1 2014. Operating profit for the Group decreased 18% to $194 million in H1 2015. Group operating margin decreased to 27.4%, compared with 32.0% in H1 2014. On an adjusted basis, Group operating profit decreased by $40 million, or 16%, to $204 million and operating margin decreased to 28.8%, down from 33.1% in H1 2014. Profit before tax for the Group decreased by 22% to $170 million, compared with $219 million in H1 2014. Adjusted profit before tax decreased by 21% to $180 million. The Board has declared an interim dividend of 11.0 cents per share (approximately 7.0 pence per share), in line with the total dividend per share for H1 2014. The company continue to expect the Group to grow full year revenue by around 6% in constant currency, or around 2% reported, assuming the high end of its guidance range for the Generics business. Overall, the Board is pleased with the performance of the Group in H1 2015 and is confident in the outlook for the remainder of the year, as well as the Group’s medium and long term growth prospects.

Hochschild Mining Plc (HOC.L) Announced, in its unaudited interim results for the six months ended 30 June 2015, that its total revenue stood at $190.3 million, compared to $282.0 million in the preceding period. Loss net of tax from continuing operations was $43.8 million compared to $11.7 million. The company’s basic and diluted loss per share was 0.12c, compared to 0.04c.

Imperial Tobacco Group Plc (IMT.L) Announced, in its interim management statement for the nine months ended 30 June 2015, that the company registered excellent results from Growth Brands; underlying net revenue, underlying volume and market share up 14%, 10% and 100 bps respectively and continues to perform well in many key markets, reinforced by a number of initiatives including a new marketing campaign and migration activities which supported share gains in Germany, Australia, Spain, the UK and Italy. Share and volumes in West increased, supported by the success of current migrations. We grew West share in Saudi Arabia and a recently launched supermenthol variant is supporting share growth in Japan.Growth Brands accounted for 51% (up 780 basis points) of reported Group total tobacco volumes and 47% (up 550 basis points) of reported tobacco net revenue. Specialist Brands net revenue was up 3%, supported by growth in modern variants of Golden Virginia in the UK, Skruf in Scandinavia and premium cigars in both the US and Europe. Specialist Brands accounted for 12% of reported tobacco net revenue, up 30 basis points. Meanwhile, the integration of the newly acquired US assets is progressing well and performance is in line with its plans. The sales team is in the process of introducing new retail programmes, whilst the migration of manufacturing plant and equipment between Greensboro and Reynolds’ plant at Tobaccoville is also underway. The newly acquired brands are performing as expected and generated £41 million net revenue in the period after completing the deal on 12 June. In mid-July the company successfully issued $4.5 billion of new bonds with an average duration of 7 years, which have replaced a proportion of the bank term loans put in place during FY14 to finance the acquisition of assets in the US. Additionally, the company completed the acquisition of certain US cigarette and e-cigarette brands and assets previously owned by Reynolds and Lorillard Inc. The deal completed on 12 June 2015 for a consideration of $7.1 billion (£4.6 billion).

Inspired Energy Plc (INSE.L) Announced, in its interim results for the six months ended 30 June 2015, that revenues rose to £6.5 million from £5.0 million recorded in the same period a year ago. Profit after tax rose to £1.4 million from £0.8 million. The board declared an interim dividend of 0.10p.

Juridica Investments Ltd. (JIL.L) Announced its financial results for the six months ended 30 June 2015. For the period, the Company reported a total comprehensive loss of approximately US$34.2 million as compared to total comprehensive income of approximately US$10.3 million for the six-month period ended 30 June 2014. The net asset value (“NAV”) per ordinary share decreased from US$1.66 (107 pence per share) as at 31 December 2014 to US$1.35 (86 pence per share) at 30 June 2015. This decrease in NAV per ordinary share was primarily attributable to the total comprehensive loss of US$34.2 million generated during the six-month period ending 30 June 2015. The Board of the Company and the Investment Manager believe that the Company’s current portfolio will continue to provide healthy returns to shareholders and has the potential to outperform its present NAV.

Legendary Investments Plc (LEG.L) Announced, in its final results for the year ended 31 March 2015, that its operating loss stood at £466,000, compared to an operating profit of £905,000 in the preceding year. Loss net of tax was £470,000, compared to profit after tax of £901,000. The company’s diluted loss per share was 0.02p, compared to earnings per share of 0.04p.

Mincon Group Plc (MCON.L) Announced, in its half year results for six months ended 30 June 2015, that revenues rose to €32.7 million from €23.4 million posted in the same period preceding year. The company’s profit before tax stood at €4.5 million, compared to a profit of €5.5 million reported in the previous year. The basic earnings per share stood at 17.0c compared to earnings of 21.0c reported in the previous year. The company further stated that the board has approved an interim dividend in the amount of 1.0c per ordinary share. This amounts to a total dividend payment of €2.1 million which will be paid on 25 September 2015 to shareholders on the register at the close of business on 28 August 2015.

Mirland Development Corporation Plc (MLD.L) Announced, in its half year results for six months ended 30 June 2015, that revenues surged to $66.2 million from $46.3 million posted in the same period preceding year. The company’s loss before tax stood at $77.4 million, compared to a profit of $1.4 million reported in the previous year. The basic and diluted loss per share stood at 0.60c compared to earnings of 0.01c reported in the previous year. The company’s cash and cash equivalents stood at $17.8 million (2014: $83.1 million).

Petroceltic International Plc (PCI.L) Announced the launch of an invitation to tender for the provision of Engineering, Procurement and Construction (“EPC” services in respect of the Ain Tsila gas and condensate development in Algeria. Groupement Isarene, the joint operating organisation responsible for executing the Ain Tsila field development plan established by Sonatrach (the National Oil and Gas Company of Algeria), Petroceltic and Enel, has completed a pre-qualification process to select a short list of EPC contractors with Algerian experience which would be capable of delivering the Central Gas Processing Facility and associated works envisaged for the Ain Tsila development. Following a technical and commercial evaluation of the offers, it is anticipated that the EPC tender process will complete with an award recommendation targeted for year end 2015, with first Ain Tsila gas export scheduled for 2018. The approved Ain Tsila plan of development envisages the production of gross reserves of 2.1 Trillion Cubic Feet of sales gas, 67 million barrels of condensate and 108 million barrels of LPG extracted from an annual average wet gas plateau rate of 355 million standard cubic feet/ day. Petroceltic continues to benefit from a carry of its development costs in respect of Ain Tsila following the completion of the sale of an 18.375% interest to Sonatrach in July 2014

Rambler Metals & Mining Plc (RMM.L) Announced that it has delivered approximately 5,250 wet metric tonnes (wmt) of copper and gold concentrate from its facility in Goodyear’s Cove, NL, Canada. The company’s internal sampling estimates an average grade for the shipment of 27% copper, 12 grammes per tonne gold and 87 grammes per tonne silver. This is the eleventh shipment completed to date since declaring commercial production, bringing the total concentrate delivered to approximately 70,000 wmt. Following the shipment, the company had approximately 200 wmt of concentrate in storage at its Goodyear’s Cove Facility.

Ricardo Plc (RCDO.L) Announced that it has acquired Cascade Consulting Holdings Ltd an environmental consultancy specialising in the UK water sector. The acquisition follows the successful collaboration with Cascade Consulting that began in February 2015 and will bring additional capability and reach in the areas of water resource and water quality management, ecosystem services and environmental impact assessment. The acquisition is in-line with the company’s stated strategy of developing its reach into sectors associated with water and other scarce resources.

Robinson Plc (RBN.L) Announced, in its interim results for the six months ended 30 June 2015, that revenues rose to £13.6 million from £10.9 million recorded in the same period a year ago. Loss after tax stood at £0.3 million, compared to a profit of £0.2 million. The board increased the interim dividend by 11% to 2.5p (2014: 2.25p). Also, the board announced the appointment of Alan Raleigh, as a new Non-Executive Director, with immediate effect. Also, the company announced that it has appointed finnCap Ltd as Nominated Adviser and Broker with effect from 19 August 2015.

Sirius Minerals Plc (SXX.L) Announced the upgrade of its take or pay supply agreement with its existing Fortune 500 US-based agri-business customer. The initial Agreement, for the supply of polyhalite from the York Potash Project, was announced on 21 January 2014. It was for 500,000 tonnes per annum of polyhalite for a five year period, from commencement of production, with a possible renewal for a further five years. The agreement counterparty also had the option to take up to an additional 500,000 tonnes per annum. The revised agreement will see the base amount of polyhalite supplied tripled to 1.5 million tonnes per annum. The initial contract term is extended from five years to seven years, with possible extension options for two additional five year periods. The price to be paid under the agreement will remain confidential but is still based on a formula linked to the market price of nutrients contained in polyhalite. To give context on the significance of the agreement, on current prices and over a full 17 year period, it represents a multi-billion dollar trade deal between the UK and US. The counterparty, which will continue to remain confidential at this time, is a major US based Fortune 500 agri-business and would be seen by investors and banks as a premium grade counterparty. The company has now secured 3.1 million tonnes per annum of offtake agreements, with an additional 4.8 million tonnes per annum in other forms of commitments. These agreements will provide further assistance in underpinning future financing requirements.

SKIL Ports & Logistics Limited (SPL.L) Announced that SPL, which is developing a modern port and logistics facility in Navi Mumbai, India, is pleased to report that re-mobilisation of the contractor’s workforce has commenced. The Company will provide a further update once re-mobilisation is completed.

Sunrise Resources Plc (SRES.L) Announced that it has signed a contract with Boart Longyear for a drill programme at its Bay State Silver Project in Nevada, USA. The drill and drill crew will mobilise to site on Monday 24th August for an immediate drill start; drill access roads and drill pads have already been constructed.