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

UK Broker Upgrades / Downgrades

 

 

Code Company Broker Recomm. From Recomm. To Price From Price To
Upgrades
AAL Anglo American Plc RBC Capital Markets Sector Performer Sector Performer 500 700
AGK Aggreko Plc Deutsche Bank Hold Hold 980 990
BLND British Land Co Plc HSBC Hold Buy
BRSN Berendsen Plc JP Morgan Cazenove Overweight Overweight 1208 1408
EXPN Experian Plc Barclays Capital Overweight Overweight 1300 1350
HWDN Howden Joinery Group Plc JP Morgan Cazenove Overweight Overweight 550 570
LAND Land Securities Group Plc HSBC Hold Buy
PFG Provident Financial Plc RBC Capital Markets Sector Performer Sector Performer 3100 3250
SDR Schroders Plc Barclays Capital Equal weight Equal weight 2800 2880
SKS Shanks Group Plc Peel Hunt Buy Buy 110 115
TLW Tullow Oil Plc Investec Sell Sell 60 70
WEIR Weir Group Plc/The HSBC Reduce Hold
WEIR Weir Group Plc/The Barclays Capital Equal weight Equal weight 1030 1070
WPP WPP Plc AlphaValue Reduce Add
WPP WPP Plc Deutsche Bank Buy Buy 1630 1755
WPP WPP Plc JP Morgan Cazenove Overweight Overweight 1835 1880
Downgrades
COB Cobham Plc Berenberg Sell Sell 200 170
DC. Dixons Carphone Plc Deutsche Bank Buy Buy 575 560
LLOY Lloyds Banking Group Plc Deutsche Bank Buy Buy 82 79
Initiate/Neutral/Unchanged
AGK Aggreko Plc JP Morgan Cazenove Neutral Neutral 1150 1150
ARW Arrow Global Group Plc Macquarie Outperform Outperform 325 325
BATS British American Tobacco Plc Deutsche Bank Buy Buy 4500 4500
BLND British Land Co Plc JP Morgan Cazenove Overweight Overweight 950 950
BME B&M European Value Retail Credit Suisse Outperform Outperform 350 350
CHOO Jimmy Choo Plc RBC Capital Markets Outperform Outperform 160 160
FQM First Quantum Minerals Ltd Barclays Capital Overweight Overweight 430 430
GSK GlaxoSmithKline Plc Deutsche Bank Hold Hold 1540 1540
IMB Imperial Brands Plc Citigroup Buy Buy
INDV Indivior Plc Deutsche Bank Buy Buy 240 240
KAZ KAZ Minerals Plc Deutsche Bank Hold Hold 170 170
LAND Land Securities Group Plc JP Morgan Cazenove Overweight Overweight 1500 1500
LLOY Lloyds Banking Group Plc Barclays Capital Overweight Overweight 95 95
LLOY Lloyds Banking Group Plc JP Morgan Cazenove Overweight Overweight 90 90
MER Mears Group Plc Peel Hunt Buy Buy 550 550
MNDI Mondi Plc Deutsche Bank Buy Buy 1750 1750
PLND Poundland Group Plc Credit Suisse Outperform Outperform 235 235
PRU Prudential Plc Macquarie Outperform Outperform 1474 1474
SDR Schroders Plc JP Morgan Cazenove Overweight Overweight 3275 3275
SYNT Synthomer Plc Barclays Capital Overweight Overweight 360 360
SYNT Synthomer Plc Deutsche Bank Buy Buy 415 415
TLW Tullow Oil Plc Barclays Capital Overweight Overweight 280 280
TW. Taylor Wimpey Plc Deutsche Bank Buy Buy 247 247
UAI U & I Group Plc Barclays Capital Overweight Overweight 300 300
VCT Victrex Plc Barclays Capital Equal weight Equal weight 2100 2100
VCT Victrex Plc Deutsche Bank Hold Hold 1650 1650
WEIR Weir Group Plc/The JP Morgan Cazenove Underweight Underweight 735 735

 

US Broker Upgrades / Downgrades

 

 

Code Company Broker Recomm. From Recomm. To Price From Price To
Upgrades
ALR Alere Leerink Partners Market Perform  Outperform
AAL American Airlines Group Morgan Stanley Equal weight  Overweight
DWA Dreamworks Animation BTIG Research Sell  Neutral
LB L Brands Bernstein Market Perform  Outperform
MANT ManTech International Credit Suisse Underperform  Neutral
RS Reliance Steel & Aluminum Rosenblatt Sell  Neutral $69 $69
RMD ResMed Macquarie Underperform  Neutral
SCI Service Corp International Credit Suisse Neutral  Outperform
TPX Tempur Sealy International Raymond James Market Perform  Outperform
X United States Steel Rosenblatt Neutral  Buy $25 $25
Downgrades
AMX America Movil JP Morgan Neutral  Underweight
AMX America Movil BofA Merrill Lynch Buy  Neutral
AMX America Movil Citigroup Neutral  Sell
AMKR Amkor Technology Credit Suisse Outperform  Neutral
ADM Archer-Daniels-Midland Standpoint Research Buy  Hold
AVT Avnet Credit Agricole Outperform  Underperform
BBG Bill Barrett KeyBanc Capital Markets Overweight  Sector weight
BKCC BlackRock Capital Investment DA Davidson Buy  Neutral $10 $9
BOKF BOK Financial Wells Fargo Market Perform  Underperform
CG Carlyle Group Keefe, Bruyette & Woods Outperform  Market Perform
CHT Chunghwa Telecom Citigroup Buy  Neutral
CRY CryoLife Ladenburg Thalmann Buy  Neutral
DRQ Dril-Quip Simmons Overweight  Neutral
DVAX Dynavax Technologies RBC Capital Markets Outperform  Sector Perform $48 $17
DX Dynex Capital Ladenburg Thalmann Buy  Neutral
EWBC East West Bancorp Keefe, Bruyette & Woods Outperform  Market Perform
ENTA Enanta Pharmaceuticals JMP Securities Market Outperform  Market Perform
EVER EverBank Financial Raymond James Strong Buy  Outperform
FCFS First Cash Financial Services Sterne Agee CRT Buy  Neutral
FE FirstEnergy RBC Capital Markets Outperform  Sector Perform $38 $33
FE FirstEnergy Jefferies Buy  Hold
HES Hess Credit Suisse Outperform  Neutral
HES Hess UBS Buy  Neutral $60 $65
HOLI Hollysys Automation Technologies Nomura Neutral  Reduce
HOLX Hologic Needham Buy  Hold
INFN Infinera Citigroup Buy  Neutral
INFN Infinera MKM Partners Buy  Neutral $21 $15
IP International Paper Credit Suisse Outperform  Neutral
OSIS OSI Systems The Benchmark Company Buy  Hold $75 $65
OC Owens Corning FBR Capital Outperform  Market Perform $53 $53
RBC Regal Beloit Goldman Sachs Neutral  Sell
RNR RenaissanceRe Holdings Citigroup Buy  Neutral
ROK Rockwell Automation Ladenburg Thalmann Buy  Neutral
SLB Schlumberger Societe Generale Buy  Hold
SGI Silicon Graphics International Sidoti Buy  Neutral
STJ St Jude Medical Piper Jaffray Overweight  Neutral
SYMC Symantec Raymond James Outperform  Market Perform
TOT Total Jefferies Buy  Hold
X United States Steel Macquarie Neutral  Underperform
UPL Ultra Petroleum Ladenburg Thalmann Buy  Neutral
VRTX Vertex Pharmaceuticals Goldman Sachs Buy  Neutral
WCIC WCI Communities Raymond James Strong Buy  Outperform
WEX WEX Wells Fargo Outperform  Market Perform
WLL Whiting Petroleum RBC Capital Markets Outperform  Sector Perform $12 $12
YAHOY Yahoo Japan Credit Agricole Outperform  Underperform
Initiated
OME Omega Protein Wunderlich Buy $22
RGA Reinsurance Group of America RBC Capital Markets Sector Perform $96

 

Key UK Corporate Snapshots Today

3i Infrastructure Plc (3IN.L)  Announced that it has committed to invest approximately €5 million to acquire a significant majority stake in Coeur du Sud B.V., a Special Purpose Vehicle created for the Hart van Zuid primary Public Private Partnership project in Rotterdam, the Netherlands. The approximately €200 million project involves the renewal and revitalisation of the area surrounding the Zuidplein and Ahoy centres in a PPP project with the Municipality of Rotterdam. Moreover, the company signed an agreement to invest approximately €200 million, subject to completion adjustments, in TCR, in a consortium with Deutsche Asset Management.

88 Energy Limited (88E.L)  Announced, in its activities report for the quarter ended 31 March 2016, that Phase I evaluation of Icewine#1 Exploration well successfully was completed. Key “Achilles’ Heels” for HRZ Liquids Rich Resource Play substantially mitigated, including Brittleness, Hydrocarbon Phase/Thermal Maturity, Bottom Seal/Overpressure, Matrix Permeability and Porosity. Phase II has now commenced, with planning for a horizontal multi-stage fracture stimulated well, Icewine#2H, currently underway. Independent Resource Report was released on 6th April 2016 confirming large upgrade to Project Icewine recoverable liquids potential. Commitments was received from Institutions and Sophisticated Investors in Australia, Asia and UK for strongly oversubscribed A$25 million capital raising. Exploration and evaluation expenditure was A$9.559 million, related to drilling costs for the Icewine#1 exploration well as well as commencement of the 2D seismic program (December 2015 A$15.770 million). Administration and other operating costs stood at A$0.662 million (December 2015 of A$1.186 million). Cash raised via option exercise A$1.339 (after costs). Net cash outflow of A$2.329 million was recorded by the company. At the end of the quarter, the company had net cash reserves of A$7.491 million. Post the end of the quarter, the company announced a strongly oversubscribed capital raising of A$25 million.

Angle Plc (AGL.L)  Announced that, following highly successful meetings at AACR 2016 (the American Association for Cancer Research Annual Meeting 2016 in New Orleans) and ISMRC (the 10th ISMRC International Symposium on Minimal Residual Cancer: Liquid Biopsy in Cancer Diagnostics and Treatment in Hamburg), several scientific poster presentations published by key opinion leaders have now been released to the company’s website. The published poster presentations add to the growing published evidence in support of the use of the company’s Parsortix system to easily and effectively harvest cancer cells from the blood of patients for analysis.

ASA Resource Group Plc (ASA.L)  Announced, in its operations update for 1Q16, that gold sales rose to 14,114oz, from 13,443oz in the prior year. Nickel sales advanced to 2,246t, compared with 1,349t posted in the corresponding quarter in the prior year. Diamond sales climbed to 17,440carrats, from 17,099carrats.

AstraZeneca Plc (AZN.L)  Announced, in its quarterly results for the three months ended 31 December 2016, that its reported revenue stood at $6,115.0 million, compared to $6,057.0 million in the preceding year. Operating profit stood at $1038.0 million, compared to $933.0 million. Profit after tax was $625.0 million compared to $552.0 million. The company’s diluted earnings per share was $0.51, compared to $0.44.

Circle Oil Plc (COP.L)  Announced, in its Reserves and Contingent Resources Update, that the company has engaged a new provider for the evaluation of its reserve and resource base, LR Senergy, a leading independent auditor of hydrocarbons. LR Senergy currently supplies reserves certification for the providers of the Company’s Reserve Based Lending (‘RBL’) facility. In Egypt, the net Circle 2P reserves for the NW Gemsa Field as at 2015 year-end are 6.671MMboe. Although this figure is lower than the 2014 year-end 2P figure of 12.49MMboe, a further 1.626MMboe has been re-categorised as P50 Unrisked Contingent Resources as at 2015 year-end. There was also net field production of 1.295MMboe during 2015. In Morocco, the net Circle 2P reserves for the Sebou Permit as at year-end 2015 are 0.980MMboe. This figure is lower than the 2014 year-end 2P figure of 3.74MMboe. Additionally, the P50 Unrisked Contingent Resources as at 2015 year-end are a further 1.183MMboe. There was net field production of 0.276MMboe during 2015.

Coal of Africa Limited (CZA.L)  Announced in its report for the quarter ended 31 march 2016, that the company has made significant progress regarding the recommended offer for the entire issued and to be issued share capital of Universal Coal Plc. Moreover, available cash at period end was $27.1 million and restricted cash of $1.02 million. The company is currently engaged in the due diligence process regarding the potential equity investment by Qingdao Hengshun Zhongsheng Group Co Ltd in Baobab Mining.

Distil Plc (DIS.L)  Announced, in its trading update for the year ended 31 March 2016, that its revenues rose by 66%, on a year-on-year basis, in the Q4 2016 (January – March 2016). Its volumes climbed by 76% which was supported by an increase in brand marketing by 61%. The company stated that the high growth in volumes was mainly due to a temporary shift in volume mix in favour of Redleg, Blavod Black Vodka and Blackwoods Gin Limited Edition. This high growth helped to offset the decline in the volume shipments of its standard Blackwoods Gin.

Eastern European Property Fund Limited (EEP.L)  Announced that on 28 April 2016, the company completed the disposal of the office units on the fifth floor of the Nils Passaj property in Beyoglu, Istanbul, for a cash consideration of $85,000 (including VAT). The proceeds from this disposal are in line with the latest independent property valuation. Following this disposal, the company no longer has any interest in the Nils Passaj property.

Eland Oil & Gas Plc (ELA.L)  Annouced the proposed placing of new voting ordinary shares and, as required, non-voting right ordinary shares, each of 10.0p each in the company by way of an accelerated bookbuild in order to raise proceeds of approximately $15 million (gross), with the option for enlargement. It is expected that the Placing Price will be at, or around, 34p per Placing Share.

Entertainment One Limited (ETO.L)  Announced that it will declare its results for the financial year ended 31 March 2016 at 7:00am on 24 May 2016.

Flowgroup Plc (FLOW.L)  Announced, in its preliminary results for the year ended 31 December 2015, that revenue stood at £40.39 million, compared to £33.36 million in the same period last year. Operating loss stood at £17.08 million, compared to £9.96 million. Loss after tax was £15.29 million, compared to £9.44 million. Basic and diluted loss per share stood at 5.31p, compared to 3.94p. Also, the firm announced that its subsidiary Flow Products Ltd (FPL) has signed two agreements with Daikin Europe NV and its UK subsidiary. These agreements give FPL access to an expanded heating product range, supplementing its core microCHP technology, allowing it to target all of the gas-fired heating market more quickly and which could potentially result in accelerated profitability. In order to maximise the impact of an expanded product range under these agreements, Flowgroup has selected complementary products that have both mass market reach and innovative features.

Fyffes Plc (FFY.L)  Announced in its trading statement that the company is increasing its target earnings ranges for the full year 2016. Overall, the Group’s existing business has performed in line with expectations in the year to date. The increase in the target ranges below includes the expected impact of the recent purchase of Canada’s largest mushroom company, Highline Produce Limited, for the nine month period post acquisition.

Global Petroleum Limited (GBP.L)  Announced, in its March 2016 quarterly report, that the company’s Petroleum Exploration Licence covering two Blocks, 1910B and 2010A in the Walvis Basin Offshore Namibia, has been extended by the Namibian authorities into Phase 2, which is for a duration of 24 months from 3 December 2015 with a reduced Minimum Work Programme which does not now contain a well commitment. Previously Phase 1 of the Licence was extended for one year until December 2015, in return for an additional work programme, involving further modelling using both seismic and gravity data. The results of this combined seismic and gravity work has proved to be very encouraging with regard to the hydrocarbon potential in its offshore blocks. Notably the work has increased confidence in a syn-rift oil play in the outboard or deep water region offshore Namibia and the likely presence of both reservoir and source within the company’s blocks. Combined with the existing prospect portfolio within the blocks, this has improved the company’s views on the overall prospectivity of the acreage. Reprocessed 2D seismic has now been purchased and is currently being evaluated by the company’s technical team. The company continues to progress the process for award of its four exploration applications offshore Italy. Consistent with its previously announced strategy, in the last year plus the company has been involved in a number of detailed negotiations with counterparties holding appropriate assets – the company remains in a strong financial position relative to many of its peers. In an environment of continuing low oil prices, many companies have little cash and very limited access to capital, and it is apparent that potential counterparties are becoming increasingly realistic with regard to the terms at which they will be able to transact. However, the company remains extremely selective regarding the quality of assets it would consider investing in, and the terms of any such investment.

Great Portland Estates Plc (GPOR.L)  Announced, that it has exchanged contracts to sell Mortimer House, 37/41 Mortimer Street for a price of £26.95 million. The office property, extending to circa 23,800 sq. ft. net internal area (31,200 sq. ft. gross internal area) is currently vacant, and benefits from consent for a triple B1/A1/A3 use on the ground and basement floors. The buyer is a new vehicle set up by hotelier Guy Ivesha, in joint venture with Cain Hoy and other private investors, who plan to operate a premium work and lifestyle concept with a strong emphasis on hospitality.

Havelock Europa Plc (HVE.L)  Announced, the appointment of Hew Balfour as a Non-Executive Director. He will replace Alastair Kerr, who joined the Havelock board in September 2012 and will stand down at the company’s annual general meeting in June.

International Consolidated Airlines Group (IAG.L)  Announced, in its quarterly results for the three months ended 31 March 2016, that total revenues rose to €5,078 million from €4,707 million recorded in the same period a year ago. Profit after tax stood at €104 million, compared to a loss of €26 million. Passenger unit revenue for the quarter down 3.5% and at constant currency down 4.7%.

Johnson Service Group Plc (JSG.L)  Johnson Service Group Plc (JSG.L) Announce the acquisition of the entire issued share capital of Portgrade Limited, together with its trading subsidiary Afonwen Laundry Limited (“Afonwen”), for a cash consideration of £52.6 million on a debt free, cash free basis. In addition, JSG announces that it intends to place 33,061,540 new Ordinary Shares to raise approximately £28.7 million, net of expenses. The Acquisition and the Placing are not inter-conditional.

Laird Plc (LRD.L)  Announced, in its trading update for the first quarter from 1 January to 31 March 2016, that performance for the first quarter was in line with expectations. Revenue in sterling for the first quarter grew by 15% to £171 million (Q1 2015: £149 million). On an organic basis in constant currency, revenue was down 2%.

London Security Plc (LSC.L)  Announced, in its final results for the year ended 31 December 2015, that revenues rose to £101.2 million from £100.9 million recorded in the previous year. Profit after tax narrowed to £12.3 million from £12.7 million.

Nighthawk Energy Plc (HAWK.L)  Announced the receipt by the company of an extension to the waiver received from the Commonwealth Bank of Australia (CBA) to certain loan covenants under the company’s Reserves Based Loan (RBL). In anticipation of the renegotiation of the company’s banking arrangements described in the company’s announcements of 1 and 18 April 2016, certain RBL covenants and repayment requirements have been waived by CBA until 16 May 2016, in order to allow CBA and the company further time to agree to possible amendments to the covenant and debt repayment provisions of the RBL in the light of current and anticipated company results. Whilst the company expects that the new banking arrangements may be agreed at, or before, that time, there can be no guarantee that any agreement will be reached or as to the terms of that agreement, including the possible requirement for the provision of third party capital. A further announcement will be made in due course.

Octagonal Plc (OCT.L)  Announced, in its pre-closing trading update for its wholly owned subsidiary Global Investment Strategy (GIS) UK Ltd, that it expects the results for the year to be in line with expectations, with revenues exceeding £4.2 million and net profits (EBITDA) of approximately £1.1 million. It witnessed many challenges during the second half of the financial year to March 31st 2016. However, GIS managed to implement more than 82,000 transactions in the year while it saw an improvement in March 2016.

Ophir Energy Plc (OPHR.L)  Announced, in its update on Fortuna FLNG Project, that Schlumberger satisfactorily completed its technical due diligence for the upstream participation as per the non-binding Heads of Terms Agreement. However, both the parties have been unable to complete the transaction on the terms agreed and hence discussions have been terminated. After completing the upstream FEED studies and receiving EPCIC bids, the forward upstream capex requirement from Final Investment Decision (FID) to first gas has been further reduced from $600 million (gross) to between $450-500 million (gross). The company expects to make FID during 4Q 2016 with first gas now forecast for early 2020.

Pearson Plc (PSON.ZL)  Announced that it is holding its annual general meeting and providing an interim management statement for the first three months of 2016. The company is trading in line with the expectations set out in full year results announcement on 26 February. The company continues to expect to report adjusted operating profit and adjusted earnings per share before the costs of restructuring of between £580 million and £620 million and between 50p and 55p respectively for the full year. This guidance assumes Sterling exchange rates against the US Dollar and other key currencies as of 31 December 2015. In the first three months of the year continuing sales were down 4% in underlying terms, primarily due to the expected weakness in assessments revenues in the US and UK which are weighted towards the first half of the year. Revenues declined 9% at constant exchange rates, reflecting underlying revenue declines and the impact of a change in revenue model at Connections Education which records revenue for services charged at cost on a net basis (which will also affect reported H1 revenues). Headline sales decreased 6% with the benefit from the strength of the US dollar against sterling partly offset by the weakness of key emerging market currencies.

Peel Hotels Plc (PHO.L)  Announced, in its final results for the year ended 31 January 2016, that its reported revenue stood at £17.0 million, compared to £16.5 million in the preceding year. Profit after tax was £0.79 million compared to £0.73 million. The company’s basic and diluted earnings per share was 5.70p, compared to 5.24p.

Pets At Home Group Plc (PETS.L)  Announced the acquisition of two further veterinary specialist referral centres. Dick White Referrals (DWR), based in Cambridgeshire, is one of the UK’s largest small animal specialist referral centres, treating over 5,000 cases each year. DWR employs 31 veterinary specialists working across a wide range of fields. The company has acquired a 76% ownership stake in DWR for a consideration of £14.1 million and will operate the practice as a shared venture model through which the founder, Professor Dick White, and the key clinicians, will retain 24% equity ownership. Eye-Vet Referrals (EVR), based in Cheshire, is a dedicated opthalmology centre with six veterinary clinicians. EVR already provides services to one of our referral centres, NorthWest Surgeons, as well as to other primary opinion veterinary practices. EVR will also operate as a shared venture, with the founders retaining 10% equity ownership.

Polymetal International Plc (POLY.L)  Announced the successful completion of an audit of Mineral Resources by CSA Global Pty Ltd for the 100%-owned Lichkvaz project.

Restaurant Group Plc (RTN.L)  Announced, in its trading update that it has witnessed a further deterioration in trading conditions, with its Leisure business, in particular, continuing to be impacted by the structural and business challenges referred to in the March Preliminary results statement. As a result for the 17 weeks to 24 April, total sales are up 4.7% and like for like sales are down 2.7%. The Group is cash generative and its balance sheet remains strong, supporting the dividend. Further, the company announced that Stephen Critoph, CFO, will leave the Company with immediate effect. The Board has commenced the search for a new CFO.

Rotork Plc (ROR.L)  Announced in its trading update covering the first quarter period from 01 January to 3 April 2016 (“first quarter”) ahead of its Annual General Meeting to be held later today, that order intake and revenue in the first quarter increased 2.5% and 0.7% respectively, benefiting from favourable exchange rates and the contribution from acquisitions. Currency contributed 3.1% to order intake and 3.0% to revenue, with acquisitions contributing 8.4% to order intake and 9.2% to revenue. On an organic constant currency (OCC) basis, order intake and revenue declined by 9.0% and 11.5% respectively. The order book at 3 April 2016 was £189.3m, 13.9% (8.0% OCC) higher than at 31 December 2015. Oil and gas remained challenging, with weakness evident in the midstream sector. Power was impacted by continued weakness in China. There was good activity in the water and industrial markets. Geographically, Latin America, parts of North America and India remained subdued. The integration of the businesses we acquired last year is going well, and its international sales network is leveraging the new product opportunities. The company remains well placed internationally to benefit from opportunities in our key markets. The Group has made progress against the cost reduction plan detailed in our full year results presentation in March, and it continues to examine further opportunities to drive improvements throughout the business. Order intake in the first quarter decreased 5.6% (-9.9% OCC) compared to the prior year period. The rate of order intake was similar to previous two quarters. First quarter order intake increased 15.2% (+4.5% OCC) driven by growth in new markets such as industrial applications and the contribution from the acquisition of Roto Hammer. Water, power and industrial processes all showed good growth over the prior year period. Geographically, the Americas, Europe and Middle East & Africa were robust, with Asia slightly down on the prior year. The Group continues to be highly cash generative with a strong balance sheet and net debt of £58.2 million at 3 April 2016 (£71.1 million at 31 December 2015). Additionally, it also announced that it has acquired the entirety of Mastergear’s business and assets (“Mastergear”) from Regal Beloit Corporation of Wisconsin USA for $25 million on a cash-free and debt-free basis and a value of inventory that will be finalised at the end of a transition service agreement.

Royal Bank of Scotland Group Plc (RBS.L)  Announced, in its interim management statement, that net interest margin (NIM) was stable compared with Q1 2015 at 2.15% as the benefit from reductions in the low yielding non-core assets has been largely offset by modest asset margin pressure and mix impacts across the core franchises. Adjusted operating expenses were down by £157 million compared with Q1 2015. Excluding expenses associated with Williams & Glyn and write down of intangible assets, adjusted operating expenses were down £189 million. Restructuring costs were £238 million in the quarter, down £209 million, or 47%, compared with Q1 2015. Litigation and conduct costs of £31 million compared with £856 million in Q1 2015 and £2,124 million in Q4 2015, which included additional provisions for mortgage-backed securities and foreign exchange litigation in the US, additional PPI provisions and other customer redress. Further to the announcement on 27 January 2016, the company made a payment of £4.2 billion during March to The Royal Bank of Scotland Group Pension Fund, being an accelerated payment of existing committed future contributions. The impact of the £4.2 billion accelerated payment was largely reflected in the year-end financial statements; the incremental impact of the accelerated payment being made during March was to reduce the CET1 ratio by around 30 basis points. Tangible net asset value (TNAV) was 351p per ordinary share at 31 March 2016, broadly stable in the quarter. A 14p reduction due to the payment of the final Dividend Access Share dividend and the accelerated pension payment was offset by gains recognised in foreign exchange reserves (5p) reflecting the strengthening of the US dollar and the euro, and cash flow hedging reserves (8p) as swap rates decreased. CET ratio remains ahead of our 13% target. The 90 basis points reduction in the CET1 ratio during the quarter was largely due to the payment of the final Dividend Access Share dividend, 50 basis points, and the accelerated pension payment, 30 basis points, actions that have been taken to normalise the ownership structure and increase the long-term resilience of the Bank. RWAs increased by £6.9 billion during the quarter to £249.5 billion driven by strong loan growth alongside market volatility and exchange rate movements as sterling weakened over the quarter. Although market conditions have been difficult in Q1 2016, we remain on track to reduce RWAs by £19 billion in Capital Resolution to around £30 billion by the end of 2016. It successfully completed two senior unsecured debt issuances: €1.5 billion seven year 2.5% notes and $1.5 billion ten year 4.8% notes. The debt will be eligible to meet RBS’s Minimum Requirement for Own Funds and Eligible Liabilities (MREL) and forms a significant part of our targeted £3-5 billion senior debt issuance for 2016.

SABMiller Plc (SAB.L)  Announced, that it has been informed by AB InBev that it has submitted an updated package of commitments to the European Commission (EC) in which it has offered to divest the entirety of SABMiller’s businesses in Central and Eastern Europe. This is in addition to the agreed sale of Peroni, Grolsch and Meantime and their related businesses to Asahi. As part of AB InBev’s updated package of commitments, the following businesses will be offered for sale: Dreher Breweries (Hungary); Kompania Piwowarska (Poland); Plzenský Prazdroj and Pivovary Topvar (Czech Republic and Slovakia); and Ursus Breweries (Romania). AB InBev’s submission and updated package of commitments is part of its approach to proactively address potential regulatory considerations. In line with its ambition to complete the acquisition of SABMiller during the second half of 2016, AB InBev has offered these commitments in Phase 1 of the EC’s enquiry. The EC is expected to publish the outcome of its Phase 1 investigation by 24 May.

SCISYS Plc (SSY.L)  Announced a contract win with the South African Broadcasting Corporation (SABC). The contract, secured by SCISYS’ Media & Broadcast division, covers all activities to deliver its dira! radio production and playout system to SABC’s pan-South African broadcast operation, in a deal valued at circa €2M over a 2½ year period.

Sirius Minerals Plc (SXX.L)  Announced that the company was notified on 28 April 2016 that on that day Jane Ann Lodge, Non-Executive Director, purchased 100,000 of the company’s 0.25p ordinary shares at an average price of 18.35p each. Following this, the director has a beneficial interest in 200,000 shares representing 0.009% of the issued share capital of the company

Superglass Holdings Plc (SPGH.L)  Announced, in its interim results for the six months ended 29 February 2016, that revenues rose to £10.5 million from £10.3 million recorded in the same period a year ago. Loss after tax narrowed to £1.8 million from £2.8 million.

Tekcapital Plc (TEK.L)  Announced, in its preliminary results for the year-ended 30 November 2015, that revenue stood at $0.41 million, compared to $0.21 million in the same period last year. Operating loss stood at $1.459 million, compared to $0.99 million. Loss after tax was $1.46 million, compared to $0.99 million. Basic and diluted loss per share stood at 0.049, compared to 0.050.

Thor Mining Plc (THR.L)  Announced, in its quarterly report for the period ended 31 March 2016, that it executed an agreement in February 2016 to sell 100% of the Spring Hill project to private company, PC Gold Pty Ltd, subject to due diligence and financing. Under the terms, A$2.0 million will be payable in cash, for a 60% interest, and 100% management control and A$1.5 million will be payable in cash, within 12 months for the remaining 40% interest. Following completion of the acquisition, PC Gold will pay the company a royalty of A$6.0 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce. Meanwhile, Tungsten spot trade pricing improved by approximately 20% since a low point in mid-January.

Ultra Electronics Holdings Plc (ULE.L)  Announced, in its Annual General Meeting that for the period 1 January 2016 to 28 April 2016, conditions in Ultra’s markets have remained as noted on 29 February 2016 in the 2015 preliminary results announcement. Expectations for the full year remain unchanged. As anticipated, order intake for Q1 has been strong, resulting in an increase in the Group’s Order Book from £753.8 million at the start of the year to £833.5 million at 1 April 2016. It will provide an update on trading in a pre-close statement, which will be released at the end of June 2016.

ValiRx Plc (VAL.L)  Announced that ValiSeek Limited, the joint venture between the company and Tangent Reprofiling Limited, has received notification from Tangent that a US patent covering the use of VAL401 as a treatment for adenocarcinoma has been allowed by the US patent office.

Witan Investment Trust Plc (WTAN.L)  Announced that all the resolutions in its annual general meeting were duly passed which were set during the meeting on 14 March 2016.

ZincOx Resources Plc (ZOX.L)  Announced that it has now completed the transfer of 90% of the shares of ZincOx (Korea) Limited, owner of the Korean Recycling Plant (KRP), to Korea Zinc Co Ltd. Following the announcement in December, the legal process for the transfer in Korea has now been completed with Korea Zinc having been issued new shares in ZincOx Korea through conversion of the outstanding loans into equity, such that Korea Zinc now owns 90% of ZincOx Korea, which in turn owns 100% of KRP. The company also commented that is in continued discussions with potential strategic and project specific partners for the development of new recycling projects.

Zoopla Property Group Plc (ZPLA.L)  Announced that the acquisition of Property Software Holdings Limited (together with its subsidiaries “The Property Software Group” or “PSG”) has been completed. This follows the cancellation of PSG’s existing FCA Consumer Credit License, which was the sole completion condition of the Acquisition.

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