Br.small Co.2 Regulatory News (BSC)

27 Apr 2006 13:53

British SmallerTechCompaniesVCT2PLC27 April 2006 BRITISH SMALLER TECHNOLOGY COMPANIES VCT 2 PLC UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2005 British Smaller Technology Companies VCT 2 plc ("the Company") today announcesits unaudited preliminary results for the year ended 31 December 2005. Chairman's Statement The year has been one of consolidation and reorganisation, culminating in thisCompany's decision to acquire the business of British Smaller TechnologyCompanies VCT plc. This process was completed on 8 December 2005 and I amdelighted to welcome our new shareholders to the Company. We expect the enlarged Company to benefit from the economies of scale resultingfrom a larger VCT. In addition, a more broadly spread portfolio will diversifyinvestment risk across a wider range of technologies, markets and industrysectors. Operations The trend in the second half of the year followed that of the first six months.The general performance of the portfolio was insufficient to offset theoperating costs of the Company, resulting in a reduced net asset value over theyear as a whole. At the date of the acquisition of British Smaller TechnologyCompanies VCT plc, the net asset value of the Company had fallen to 75.5 penceper share from a cum-dividend level of 97.1 pence per share at 31 December 2004(as restated in line with the transition to International Financial ReportingStandards (IFRS)); a net decrease of 18% on the ex-dividend net asset value of92.1 pence per share. As I commented in my interim statement, although disappointing, this volatilityis not unexpected in what is still a relatively young, developing portfolio. Thefailure at ExpressOn Biosystems Limited and Broadreach Networks Limited and thesignificant write down in the value of Purely Proteins Limited have had amaterial effect on the net asset value of the Company; as has the fall in shareprice of AIM quoted Cozart plc, where the share price fell to its all-time lowin December 2005. The investment in Cozart was increased as a consequence of the transaction withBritish Smaller Technology Companies VCT plc. From the date of this transactionto 31 December 2005, Cozart's share price fell 18%. After a significant recoveryof the share price during February, based on the release of its interim resultsand the announcement of a joint development agreement with Philips CorporateTechnologies, the share price fell back to nearer its end of 2005 levels inearly April before recovering again. Given the relative size of holding withinthe overall portfolio, the volatility of Cozart's share price will naturallycause some limited volatility in our own net asset value. Nevertheless, weremain confident that the long term potential of this company remainssubstantial. A total of £867,000 was invested in the year in 8 companies, all but two beingin support of existing portfolio businesses where your Board and its InvestmentAdviser, YFM Private Equity Limited, considered this was merited. The two newinvestments were in Digital Healthcare Limited, which I commented on in myinterim statement and Intuita Limited, a long-established IT solutions providerto end-users in the construction industry, to fund the buy-out and simultaneousacquisition of one of its competitors. The enlarged business has since beenrenamed Tekton Group Limited. In addition, the acquisition of the business ofBritish Smaller Technology Companies VCT plc brought a further £6 million ofinvestment asset value into the portfolio. During the year, your Company realised part of its holding in Cozart plc andsold its investments in Arakis Limited and Tamesis Limited. Arakis was sold toJapanese biopharmaceutical company, Sosei Co Limited, which acquired Arakis fora total value of £106.5 million. Your Company accepted part payment in the formof Sosei shares which are quoted on the Tokyo Stock Exchange and, therefore, hasadded this company to its current portfolio. The quoted markets continue to have an appetite for good businesses and duringthe year, one of the portfolio companies, Oxonica plc, was admitted to AIM at amarket capitalisation of £35.3 million. Approximately half of your Company'sholding was sold following the flotation in order to realise some profit as theshare price rose steeply on demand for the stock. Since that time, the shareprice has been quite volatile and we continue to hold the remaining shares. I am pleased to report that, following the year end, one of your portfoliocompanies has successfully achieved a listing on the London Stock Exchange.Optos plc completed its IPO on 10 February 2006, valuing the company at £165million. The uplift in value resulting from the IPO, which more than doubles thevalue of your Company's holding in this investment, has not been reflected inthe results to 31 December 2005. Your Board remains confident of the long term potential of the portfolio. Financial Results and Dividend With Reporting Standards committed to international convergence, and followingthe transaction with British Smaller Technology Companies VCT plc toward the endof the year, your Board has considered the option of full adoption of IFRS. Inline with our policy of transparent and full reporting, the decision was reachedto report the 2005 results under IFRS. Although the interim results werepresented under UK accounting standards, the directors consider that there wouldhave been no material difference to those financial statements had they beenreported under IFRS. The reported loss for the year was £421,000 after taking account of realisedgains of £251,000, net unrealised valuation reductions in the fair value ofinvestments of £1.37 million and the accounting implications of the acquisition.A special interim dividend of 2 pence per share, having been declared subject tothe completion of the acquisition of British Smaller Technology Companies VCT,was paid on 10 February 2006 to shareholders of the enlarged, combined Company.This has been recognised in the accounts as the contractual obligation existedat the balance sheet date. No final dividend is being recommended toshareholders. As a result of the acquisition of British Smaller Technology Companies VCT plcand subsequent valuation movements, the net asset value of the combined entityat the end of the year was 74.2 pence per share after allowing for the specialinterim dividend of 2 pence per share. The total return per share forshareholders who invested in the Company under the terms of the originalProspectus is now 81.2 pence per share. I am pleased to report that theacquisition was completed in line with the budgeted costs outlined in theProspectus. VCT Qualifying Status Your Board has responsibility for maintaining certain investment ratios on acontinuing basis so that your Company retains its VCT qualifying status andthat, subject to personal circumstances, shareholders remain eligible for theavailable VCT tax reliefs. I can confirm that all required ratios continue to bemet. I can also report that British Smaller Technology Companies VCT plc wasfully qualifying up to the date of business transfer to this Company. Ordinary Share Capital and Shareholder Relations A total of 8,000 shares of 10 pence each were allotted in May 2005 at asubscription price of £1 per share following the exercise of Warrants. Anyoutstanding Warrants have now lapsed and the credit balance in the WarrantReserve has been transferred to retained earnings. As a consequence of certain shareholders electing to be paid dividends in theform of shares under the dividend reinvestment scheme, a total of 77,311Ordinary shares were issued at a price of 76.8 pence per share in July 2005 tothose shareholders in respect of the final dividend for the year ended 31December 2004. As authorised by shareholders, the Company operates a share buyback policy toenable those shareholders with a liquidity requirement to be able to sell theirshares in what is, otherwise, still a very illiquid VCT market. The Board has astated policy of purchasing shares at a 10% discount to the latest net assetvalue and has approved such buybacks where it considers it to be in the bestinterests of remaining shareholders to do so. During the year, a total of200,000 shares were purchased by the Company, and cancelled, at an average priceof 78.8 pence per share. The acquisition of the business of British Smaller Technology Companies VCT plc,enabled by the legislative changes in September 2004, was effected by thatcompany being placed in a members' voluntary liquidation under Section 110 ofthe Insolvency Act 1986 and for its assets and liabilities to be transferred tothis Company in exchange for new Ordinary shares based on the relative net assetvalues of both companies at that date. A total of 9,588,347 Ordinary shares wereissued by the Company in consideration for the assets and liabilitiestransferred. Your Board and YFM Private Equity Limited remain committed to keepingshareholders informed of both the progress of the investment portfolio andgeneral VCT industry developments. To this end, the latest shareholder workshopswere held on 14 March 2006 at the Cabinet War Rooms Museum, London and on 16March at the National Railway Museum, York. Further workshops will be scheduledfor later in the year. Outlook The consolidation of the two technology-focused VCTs provides an opportunity tomove forward on a sounder foundation given the enlarged shareholder base andcombined resources. Shareholders will benefit from the resulting cost economiesof scale and your Board remains optimistic about the long term potential of theportfolio, whilst acknowledging that relatively early stage businesses,particularly of a technology-based nature, will produce some short-to-mediumterm volatility in value. The AIM market remains buoyant and the flotations of Oxonica and, latterly, theIPO of Optos, which follow on the previous successes of Amino Technologies andCozart, show there is wider investor appetite for technology businesses thathave proven applications and market traction. Sir Andrew Hugh SmithChairman27 April 2006 Unaudited Balance Sheetat 31 December 2005 Notes 2005 2004 £000 £000Assets Non-current assetsInvestments at fair value through profit or loss 9,503 3,775 ------- -------Current assetsTrade and other receivables 150 112Cash and cash equivalents 3,834 3,824 ------- ------- 3,984 3,936Liabilities Current liabilitiesTrade and other payables (647) (105) ------- -------Net current assets 3,337 3,831 ------- -------Net assets 12,840 7,606 ======= ======= Shareholders' equityShare capital 1,731 783Share premium 69 9Capital redemption reserve 21 1Revaluation reserve - 223Warrant reserve - 3Merger reserve 5,525 -Special reserve - 5,364Other reserve 2 2Retained earnings 5,492 1,221 ------- -------Total shareholders' equity 12,840 7,606 ======= =======Net asset value per Ordinary share 6 74.2p 97.1p ======= ======= Unaudited Income Statementfor the year ended 31 December 2005 Notes 2005 2004 £000 £000 Income 82 77Administrative expenses:Investment advisory fee (172) (197)Other expenses (186) (178) ------- ------- (358) (375)Excess of acquirer's interest in the fairvalue of the acquiree's identifiable assets, liabilities and contingent liabilities over cost 975 -Gain on realisation of investments 251 1,398Losses on investments held at fair value (1,371) (20) ------- -------(Loss) profit on ordinary activities before taxation (421) 1,080 Taxation - - ------- -------(Loss) profit for the year from continuingoperations (421) 1,080 ------- -------(Loss) earnings per Ordinary share basic and diluted 5 (5.14)p 13.79p ======= ======= Unaudited Statement of Changes in Equity Share Share premium Revaluation Merger Special *Other Retained Total capital account reserve reserve reserve reserves earnings equity £000 £000 £000 £000 £000 £000 £000 £000 Balance at 31 December 2003 782 - 354 - 6,592 6 (1,118) 6,616 ------- ------- ------- ------- ------- ------- ------- -------Valuation losses takento equity - - (100) - - - - (100)Gains realised on disposal - - (31) - - - 31 - ------- ------- ------- ------- ------- ------- ------- -------Net income recogniseddirectly in equity - - (131) - - - 31 (100)Profit for the year - - - - - - 1,080 1,080 ------- ------- ------- ------- ------- ------- ------- -------Total recognised income and expense for the period - - (131) - - - 1,111 980Exercise of warrants 1 9 - - - - - 10Transfer of the special reserve - - - - (1,228) - 1,228 - ------- ------- ------- ------- ------- ------- ------- -------Balance at 31 December 2004 783 9 223 - 5,364 6 1,221 7,606 ------- ------- ------- ------- ------- ------- ------- -------Loss for the year - - - - - - (421) (421)Transfer of the revaluationreserve on adoption of IAS39 - - (223) - - - 223 -Dividends - - - - - - (738) (738)Purchase of own shares (20) - - - (159) 20 - (159)Exercise of warrants 1 8 - - - (1) - 8Issue of share capital on acquisition 959 - - 5,561 - - - 6,520Issue costs - - - (36) - - - (36)Issue of share capital on DRIS** 8 52 - - - - - 60Transfer of the special reserve - - - - (5,205) - 5,205 -Transfer of the warrant reserve - - - - - (2) 2 - ------- ------- ------- ------- ------- ------- ------- -------Balance at 31 December 2005 1,731 69 - 5,525 - 23 5,492 12,840 ======= ======= ======= ======= ======= ======= ======= ====== *Other reserves include the capital redemption reserve, the warrant reserve andother reserve. **DRIS being the Dividend Re-investment Scheme. Shareholders' equity as at 31 December 2003 and 2004 has been restated followingadoption of IFRS. The adoption of IFRS caused no restatement to the 31 December 2003 balances. The special reserve, which is a distributable reserve, has been transferred intoretained earnings during the year. Unaudited Cash Flow Statementfor the year ended 31 December 2005 2005 2004 £000 £000 Net cash flows from operating activities (290) (307) ------- -------Cash flows from investing activities Cash acquired 1,386 - Costs of acquisition (39) - ------- -------Acquisition net of cash acquired 1,347 -Purchase of fixed asset investments (867) (1,881)Proceeds from sale of fixed asset investments 331 1,901 ------- -------Net cash from investing activities 811 20 ------- -------Cash flows from financing activitiesIssue of Ordinary shares on exercise of warrants 8 10Issue costs in respect of the shares issued inconsideration for the acquisition (36) -Purchase of own shares and associated warrants (159) -Dividends paid (332) - ------- -------Net cash (used in) from financing activities (519) 10 ------- -------Net increase (decrease) in cash and cash 2 (277)equivalents Cash and cash equivalents at beginning of the 3,824 4,083year Effect of market value changes in cash 8 18equivalents ------- -------Cash and cash equivalents at the end of the year 3,834 3,824 ======= ======= Notes to Financial Statementsfor the year ended 31 December 2005 1. Accounting Policies This preliminary announcement does not constitute statutory accounts within themeaning of Section 240 of the Companies Act 1985. The information for the year ended 31 December 2004, with the exception of theadjustments in respect of the transition to IFRS, is an extract from thestatutory accounts to that date which have been delivered to the Registrar ofCompanies. Those accounts included an audit report which was unqualified andwhich did not contain a statement under Section 237(2) or (3) of the CompaniesAct 1985. The statutory accounts for the year ended 31 December 2005, upon whichthe auditors have still to report, will be delivered to the Registrar followingthe Company's annual general meeting. The financial statements have been prepared in accordance with the InternationalFinancial Reporting Standards (IFRS), which comprise standards andinterpretations approved by the International Accounting Standards Board (IASB)and International Accounting Standards Committee (IASC) as adopted by theEuropean Union. These are the Company's first annual results prepared in accordance with IFRS.Previous financial statements were prepared in accordance with UK GenerallyAccepted Accounting Principles (UK GAAP) including the requirements of Schedule4 of the Companies Act 1985. The Company is required to determine its IFRSaccounting policies and apply them retrospectively to establish its openingbalance sheet under IFRS. The date of transition for the Company is 1 January2004. In preparing these financial statements certain accounting and valuation methodspreviously applied under UK GAAP have been amended to comply with IFRS asfollows: Under IAS 10 'Events after the Balance Sheet Date' dividends are only recordedwhere an obligation exists at the balance sheet date. Consequently, dividendswhich the Company proposes after the balance sheet date are no longer accruedfor but are required to be disclosed in the notes to the financial statements. Under IAS 39 'Financial Instruments: Recognition and Measurement', the Companyhas designated its investments as fair value through profit and loss resultingin a transfer of the of the revaluation reserve to retained earnings. TheCompany has taken advantage of the exception available to it under IFRS 1'First-time Adoption of International Financial Reporting Standards' not toadopt IAS 39 and IAS 32 'Financial Instruments: Disclosure and Presentation'retrospectively but to adopt them with effect from 1 January 2005. Consequently,prior year comparatives have not been restated. As required with IFRS 1 'First-time Adoption of International FinancialReporting Standards' reconciliations showing the effects of the changes are setout below. A summary of the principle accounting policies followed is set out below. Income Dividend income on unquoted equity shares is recognised at the time when theright to the income is established. Fixed returns on non-equity shares arerecognised on a time apportionment basis so as to reflect the effective yield,provided there is no reasonable doubt that payment will be received in duecourse. All other income is recognised on an accruals basis. Expenses Expenses are accounted for on an accruals basis. Investments Held at Fair Value All investments are classified as held at fair value through profit or loss. Transaction costs on purchases are expensed immediately through the incomestatement in accordance with IFRS. All investments are measured at fair value with gains and losses arising fromchanges in fair value being included in net profit or loss for the year. Quoted investments are valued at market bid prices. Unquoted investments are valued in accordance with IAS 39 'FinancialInstruments: Recognition and measurement' and where appropriate theInternational Private Equity and Valuation Guidelines issued in 2005. A detailedexplanation of the valuation policies of the Company will be included in theaudited financial statements. Investments are derecognised at the date of disposal. Due to the Company's status as a venture capital trust and the continuedintention to meet the conditions required to comply with Section 842AA of theIncome and Corporation Taxes Act (1988), no provision for taxation is requiredin respect of any realised or unrealised appreciation of the Company'sinvestments which arises. Although the Company holds more than 20% of the equity of certain companies, itis considered that the investments are held as part of the investment portfolio.Accordingly, and as permitted by IAS 28 'Investments in associates' and IAS 31'Financial reporting of interest in joint ventures' their value to the Companylies in the marketable value as part of that portfolio. It is not consideredthat any of the holdings represent investments in associated undertakings. Under IAS 27 'Consolidated and separate financial statements' Control ispresumed to exist when the parent owns, directly or indirectly more than half ofthe voting power by a number of means. The company does not hold more than 50%of the equity of any of the companies within the portfolio. In addition, they donot control any of the companies held as part of the investment portfolio. It isnot considered that any of the holdings represent investments in subsidiaryundertakings. Cash and Cash Equivalents. Investments in quoted Government Securities are classified as cash equivalentsas they meet the definition in IAS 7 'Cash flow statements' of short-term highlyliquid investments that are readily convertible into known amounts of cash andsubject to insignificant risk of change in value. Government Securities arevalued at market bid prices. Deferred Taxation Deferred tax is recognised on all timing differences that have originated, butnot reversed, by the balance sheet date. Deferred tax assets are only recognised to the extent that they are regarded asrecoverable. Deferred tax is calculated at the tax rates that are expected toapply when the asset is realised. Foreign Exchange Foreign currency assets at the balance sheet date are translated into sterlingat the rates of exchange ruling at that date. Transactions in foreign currenciesare translated into sterling at the rate of exchange ruling on the date of eachtransaction. Realised losses or profits on exchange, together with differencesarising on the translation of foreign currency assets, are taken to the incomestatement. Dividends Payable Dividends payable are recognised only when an obligation exists. Interimdividends are recognised when paid and final and special dividends arerecognised when approved by Shareholders in general meetings. Segmental Reporting Business segments are considered to be the primary reporting segment. Thedirectors are of the opinion that the Company has engaged in a single segment ofbusiness of investing in equity and debt securities and therefore no segmentalreporting is provided. Geographical segments are considered to be the secondary reporting segment.Investment income and expenses are all derived from one geographical segmentbeing that of the United Kingdom. An analysis of investments and the remainingassets and liabilities of the Company by geographical segment has not been givenas the results are not considered to be significant. Restatement of balances as at 1 January 2004 The following is a reconciliation of the balance sheet as at 1 January 2004 (thedate of transition to IFRS) as previously reported at that date to the restatedfigures following adoption of IFRS. Notes Previously Effect of reported transition Restated UK GAAP to IFRS Reclassifications IFRS £000 £000 £000 £000Assets Non-current assetsInvestments at fair value through profit or loss 2,535 - - 2,535 ------- ------- ------- -------Current assetsTrade and other receivables 26 - - 26Investments 2 1,026 - (1,026) -Cash 2 3,057 - (3,057) -Cash and cash equivalents 2 - - 4,083 4,083 ------- ------- ------- ------- 4,109 - - 4,109Liabilities Current liabilitiesTrade and other payables (28) - - (28) ------- ------- ------- -------Net current assets 4,081 - - 4,081 ------- ------- ------- -------Net assets 6,616 - - 6,616 ======= ======= ======= ======= Shareholders' equity Share capital 782 - - 782Capital redemption reserve 1 - - 1Revaluation reserve 354 - - 354Warrant reserve 4 - - 4Special reserve 6,592 - - 6,592Other reserve 1 - - 1Retained earnings (1,118) - - (1,118) ------- ------- ------- -------Total shareholders' equity 6,616 - - 6,616 ======= ======= ======= =======Net asset value per Ordinary share 84.6p - - 84.6p ======= ======= ======= ======= The adoption of IFRS resulted in no adjustments to the balances as at 1 January2004. Restatement of balances as at 31 December 2004 The following is a reconciliation of the balance sheet at 31 December 2004 andthe income statement and cash flow statement for the year ended 31 December 2004as previously reported in the annual report to the restated figures followingadoption of IFRS. Balance Sheet as at 31 December 2004 Notes Previously Effect of reported transition Restated UK GAAP to IFRS Reclassifications IFRS £000 £000 £000 £000Assets Non-current assets Investments at fair value through profit or loss 3,775 - - 3,775 ------- ------- ------- -------Current assetsTrade and other receivables 112 - - 112Investments 2 1,280 - (1,280) -Cash 2 2,544 - (2,544) -Cash and cash equivalents 2 - - 3,824 3,824 ------- ------- ------- ------- 3,936 - - 3,936Liabilities Current liabilitiesTrade and other payables 3 (497) 392 - (105) ------- ------- ------- -------Net current assets 3,439 392 - 3,831 ------- ------- ------- -------Net assets 7,214 392 - 7,606 ======= ======= ======= ======= Shareholders' equity Share capital 783 - - 783Share premium account 9 - - 9Capital redemption reserve 1 - - 1Revaluation reserve 223 - - 223Warrant reserve 3 - - 3Special reserve 5,364 - - 5,364Other reserve 2 - - 2Retained earnings 3 829 392 - 1,221 ------- ------- ------- -------Total shareholders'equity 7,214 392 - 7,606 ======= ======= ======= =======Net asset value per Ordinary share 92.1p 5.0p - 97.1p ======= ======= ======= ======= Income Statement for the year ended 31 December 2004 Notes Previously Effect of reported transition Restated UK GAAP to IFRS IFRS £000 £000 £000 Income 77 - 77 ------- ------- -------Administrative expenses:Investment advisory fee (197) - (197)Other expenses (178) - (178) ------- ------- ------- (375) - (375)Gain on realisation of investments 1,398 - 1,398Losses on investments held at fair value (20) - (20) ------- ------- -------Profit on ordinary activities before taxation 1,080 - 1,080 Taxation - - - ------- ------- -------Profit for the year from continuing operations 1,080 - 1,080 Dividends 3 (392) 392 - ------- ------- -------Retained profit for the year 688 392 1,080 ======= ======= =======Earnings per Ordinary share basic and diluted 13.79p - 13.79p ======= ======= ======= Summarised Cash Flow for the year ended 31 December 2004 Notes Previously Effect of reported transition Restated UK GAAP to IFRS IFRS £000 £000 £000 Net cash used in operating activities (307) - (307) ------- ------- ------- Net cash from investing activities 20 - 20 ------- ------- ------- Net cash used in management of liquid resources 4 (236) 236 - ------- ------- ------- Net cash from financing activities 10 - 10 ------- ------- ------- Net increase in cash and cash equivalents 4 (513) 236 (277) =======Cash and cash equivalents at beginning of the year 4,083 4,083 Effect of market value changes in cash equivalents 4 18 18 -------Cash and cash equivalents at the end of the year 3,824 ======= 2. Under IFRS liquid fund investments are now classified as cashequivalents. Cash and cash equivalents being shown together on the face of theBalance Sheet. 3. No provision has been made for the final dividend for the year ended 31December 2004 of £392,000. Under IFRS, this dividend is not recognised until itis declared. 4. Under IFRS investments in fixed income securities are classified as cashequivalents as they meet the definition of short-term highly liquid investmentsthat are readily convertible into known amounts of cash and subject toinsignificant risk of change in value. A cash flow presented under IFRSreconciles the movement in cash and cash equivalents and includes market valuechanges in cash and cash equivalents. 5. Loss per Ordinary Share The (loss) earnings per Ordinary share is based on net loss from ordinaryactivities after tax of £421,000 (2004: profit of £1,080,000) and 8,185,000(2004: 7,830,000) shares, being the weighted average number of shares in issueduring the year. The only potentially dilutive shares are those shares which, subject to certaincriteria being achieved in the future, may be issued by the Company to meet itsobligations under the investment management agreement. No such shares have beenissued or are currently expected to be issued. There are, therefore, consideredto be no potentially dilutive shares in issue at 31 December 2005 or 31 December2004. Consequently, basic and diluted earnings per share are the same for theyear ended 31 December 2005 and 31 December 2004. 6. Net Asset Value per Share The net asset value per Ordinary share is calculated on attributable assets of£12,840,000 (2004: £7,606,000) and 17,307,124 (2004: 7,833,466) shares in issueat the year end. The Company has no securities that would have a dilutive effectin either period and hence the basic and diluted net asset value per share arethe same. 7. Annual Report Copies of the full financial statements for the year ended 31 December 2005 willbe available to the public at the registered office of the Company at SaintMartins House, 210-212 Chapeltown Road, Leeds, LS7 4HZ . For further information, please contact: David Hall YFM Private Equity Limited Tel: 0161 832 7603Alan Davies YFM Private Equity Limited Tel: 0113 294 5000Jonathan Becher Teather & Greenwood Limited Tel: 0207 426 3269Michael Bellamy Teather & Greenwood Limited Tel: 0207 426 9547 This information is provided by RNS The company news service from the London Stock Exchange