Broker Upgrades and Downgrades & Key UK Corporate Snapshots 27 November 2015

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88 Energy Limited (88E.L) Announced that repairs to the drawworks were finished as at 25th November 17:00 (AK time) at which time final testing was completed prior to recommencing operations. Drilled depth remains at 8,773′ as per before the downtime. The forward plan is to complete testing of the Blow Out Preventer Equipment and then drill the remaining Brookian section before setting casing above the primary HRZ shale target. 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 was 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.

Adams Plc (ADA.L) Announced, in its half year results for six months ended 30 September 2015, that revenue slumped to €24,000 from €172,000 posted in the same period preceding year. The company’s loss before tax widened to €95,000 from €25,000 reported in the previous year. The basic and diluted loss per share stood at 0.4c compared to loss of 0.1c reported in the previous year. The company’s cash and cash equivalents stood at €1.0 million (2014: €0.158 million).

Alliance Trust Plc (ATST.L) Announced that Karin Forseke, Chair, will step down from the board of the Trust on 1 January 2016. Gregor Stewart, who has been a Non-Executive Director of Alliance Trust PLC since December 2014, will assume the role of interim Chair. As the board has started the process of appointing a new Chair, Alastair Kerr, Senior Independent Director (SID), will now stand down from the board on 1 January 2016. Karl Sternberg will then assume the role of Senior Independent Director from 1 January 2016 and will lead the search for an external candidate to take up the position of Chair of the Trust.

Amur Minerals Corporation (AMC.L) Announced that it has purchased and taken delivery of a new Boart Longyear LF-90 diamond core drill rig. In addition, two new D9R dozers were been purchased from Caterpillar as well as a 329D excavator. The purchase price for these key capital items is $2.5 million, of which 18% will be refunded to the company as a Value Added Tax rebate. The newly acquired equipment will be shipped to its flagship Kun-Manie project site over the winter ice road in March 2016 and will substantially allow for advancing the development of the project.

Antrim Energy Inc (AEY.L) Announced, in its annual financial report that during the three months ended 30 September 2015, that net profit stood at $0.7 million compared to a loss of $0.5 million recorded in the same period a year ago. During the nine months ended 30 September 2015, net profit stood at $2.0 million compared to a loss of $9.2 million recorded in the same period a year ago.

Asiamet Resources Limited (ARS.L) Announced, in its unaudited Interim third quarter results for the third quarter ended September 30, 2015, that it incurred a loss and comprehensive loss for the nine month period ended September 30, 2015, of $6,654,442 (2014 – $493,900). Of this loss, $3.87 million was as a result of an impairment on the acquisition of the Beutong copper-gold project in Indonesia. With the acquisition of TC Sing, the raising of $3.0 million in equity, and the commencement of active work programs, the Company resumed incurring expenditures relating to CEO, staff and office costs. During the current nine month period ended September 30, 2015, the Company’s Directors have continued to agree to waive their fees until such time as the Company is adequately funded. A Resource evaluation drilling program was completed, comprising 71 holes for a total 6,186 meters. PT Jelai Cahaya Minerals (“JCM”), the Asiamet subsidiary holding the Jelai IUP, lodged an application to upgrade the Jelai IUP Exploration License to an IUP Production license. The application is under process and is expected to be completed before end of Q4 2015, assuming no further documents / changes are requested by MEMR.

Balfour Beatty Plc (BBY.L) Announced that it has been awarded a £104 million road scheme by Norfolk County Council to complete works on the Norwich Northern Distributor Road (NNDR). The company will construct the new 19.6km dual carriageway, including nine new roundabouts, seven new bridges, an underpass and a more complex two level junction. The new dual carriageway will run from the A1067 Fakenham Road, crossing the A140 at Norwich International Airport and joining the A47 at Postwick, at the eastern end of Norwich Southern Bypass.

Beowulf Mining Plc (BEM.L) Announced, in its unaudited interim statement and management update for the period ended 30 September 2015, that loss after tax stood at £1.41 million compared to £2.1 million. The basic and diluted loss per share stood at 0.29p, compared to 0.72p. The Company renewed its commitment as a member of the Swedish Association of Mines, Mineral and Metal Producers (“SveMin”) to the Association’s Ethical Rules in September 2015. In July 2015 the Company raised £0.65 million before expenses through a placing and subscription bringing the total amount raised in the nine months to £1 million. This represented working capital to finance project expenditure on Kallak and corporate overheads in the UK and Sweden.

European Wealth Group Limited (EWG.L) Announced that Marianne Laing Hay will join the board of the company on 1st December 2015 as a Non-executive Director.

ITM Power Plc (ITM.L) Announced the completion of the Phaedrus project. The project focussed on the development of an all electrochemical hydrogen refuelling station including on-site production by electrolysis. The Group currently has £10.49 million of projects under contract and £7.92 million of contracts in the final stages of negotiation.

Nanoco Group Plc (NANO.L) Announced, in its following update on its Lighting Division following the successful launch of the world’s first CFQDR Quantum Dot lighting products at the LuxLive industry trade show in London, that the company and its partner Marl International, a UK-based pioneer in LED lighting, launched four product groups at LuxLive including light-emitting ceiling tiles, strip lights, down lighters, and grow lights. Two versions of the company and Marl’s grow lights for horticultural applications were also showcased at LuxLive.

Northern Bear Plc (NTBR.L) Announced, in its half year results for six months ended 30 September 2015, that revenues fell to £19.6 million from £20.1 million posted in the same period preceding year. The company’s profit before tax stood at £0.936 million, compared to a profit of £0.922 million reported in the previous year. The basic earnings per share stood at 4.2p compared to earnings of 4.1p reported in the previous year. The company further stated that the no interim dividend will be declared as per its policy. The company’s cash and cash equivalents stood at £0.903 million (2014: £0.779 million).

Origin Enterprises Plc (OGNRS.L) Announced, in its trading update for three months ended 31 October 2015, that the quarter started on a slower note. The performance in the period was mainly attributable to delayed new season activity on farm during August and September as weather interruption reduced the 2015 harvest, resulting in the later timing of service and input application in respect of this season’s winter crop planting programmes. The revenue for its Agri-services segment fell 5.5% to €300.4 million compared to €318.0 million in the corresponding period last year. Weaker market backdrop for primary producers and the associated pressures on farm incomes will make a challenging environment for service and input demand in 2016. It expects an increased level of seasonality in the second half of the financial year, reflecting more determined purchasing patterns by primary producers. The current autumn cropping profile provided a strong foundation for the seasonally important second half from which more than 90% of its earnings typically arise.

Pennon Group Plc (PNN.L) Announced, in its half year results for the period ended 30 September 2015, that revenue stood at £689.1 million, compared to £692.3 million in the same period last year. Operating profit stood at £135.3 million, compared to £134.1 million. Profit after tax was £84.9 million, compared to £90.5 million. Diluted earnings per share stood at 16.7p, compared to 19.3p.

React Energy Plc (REAC.L) Announced, in its final results for year ended 30 September 2015, that revenues rose to €0.279 million from €0.208 million posted in the same period preceding year. The company’s loss before tax stood at €0.091 million, compared to a loss of €14.7 million reported in the previous year. The basic loss per share stood at 0.003c compared to loss of 0.592c reported in the previous year. The company’s cash and cash equivalents stood at €0.211 million (2014: €0.744 million).

Rex Bionics Plc (RXB.L) Announced a positive result from an interim analysis of its RAPPER II clinical trial. RAPPER II (Robot-Assisted Physiotherapy Exercises with REX) is a trial to evaluate the safety and feasibility of a set of customised exercises performed in a REX. This first phase of RAPPER II entailed a single visit to the REX clinic, consisting of a walk test and a set of exercises, with immediate post-experience follow-up. The interim analysis of the data, based on results from the first 20 volunteers, shows that REX can safely be used by people with spinal cord injury. 19 out of 20 volunteers (95%) were able to complete the walk exercise protocol- the primary endpoint of the trial. There were no Serious Adverse Events and no treatment-related Adverse Events. 95% of the volunteers said they would like to use REX on a weekly basis. Next new RAPPER II sites will be the Royal National Orthopaedic Hospital NHS Trust, Stanmore, UK; and Austin Health: Royal Talbot Rehabilitation Centre, Melbourne, Australia.

Rightster Group Plc (RSTR.L) Announced, in its strategic review update, that on 17 November 2015, it had announced numerous changes to the board which was supported by the major shareholders, including the appointment of a new Chairman, CEO and COO. In light of their evolving plans for the business, the board made a decision to conclude the strategic review process and focus on seeking further investment in the company. Accordingly, the company is now no longer in the offer period under the takeover code.

Rio Tinto Plc (RIO.L) Announced that it would expand output from one of the world’s premier bauxite deposits following approval of the $1.9 billion Amrun project. The planned initial output is 22.8 million tonnes a year, replacing production from the depleting East Weipa mine and increasing annual bauxite exports from Cape York by around 10 million tonnes. Production and shipping are expected to commence in the first half of 2019, ramping up to full production by the end of the year. The majority of capital expenditure for the Amrun project is scheduled for 2017 and 2018.

SVG Capital Plc (SVI.L) Announced, in its interim management statement that performance has been driven by the commitments made under its new strategy implemented in 2012, with the post-2012 investments reporting a total return of 7% in the quarter and 10% over the nine months to 31 October 2015. £22 million of calls were paid in the three months. The Company had net cash balances of £255 million at 31 October 2015. Uncalled commitments stood at £312 million, against which we have available liquidity (net cash and bank facility) of £469 million or 1.5x coverage. The board is confident that a combination of its managers’ investment skill, operational capabilities and clear strategies for growth will deliver strong risk adjusted returns through the cycle.

TMT Investments Plc (TMT.L) Announced, in its partial disposal and revaluation of investment in Pipedrive, Inc, that it has sold a small part of its equity stake in Pipedrive, Inc. The transaction represents an approximately $0.75 million (or 29%) uplift in the fair value of TMT’s investment in Pipedrive, compared to the latest announced amount as of 30 June 2015, and is equivalent to 3c in additional net asset value per TMT share. TMT’s cash consideration received pursuant to the transaction is $0.25 million. The Company’s remaining equity stake in Pipedrive is worth approximately $3.1 million, which represents a $0.5 million uplift compared to the latest valuation as of 30 June 2015.