ZOL.L Regulatory News (ZOL)

14 Mar 2007 16:15

Crosby Capital Partners Inc14 March 2007 Crosby Capital Partners Inc. (the 'Company' and together with its subsidiaries the 'Group' or 'Crosby') Preliminary Results - Year Ended 31 December 2006 Summary Financials • Loss Attributable to Shareholders 2006 US$57 million (2005: Profit US$112 million) • Shareholder Equity 2006 US$97million (2005: US$151 million) • (Loss)/Earnings Per Share (basic) 2006 (US$0. 24) (2005: US$0.47) • Assets Under Management 2006 US$1.18 billion (2005 US$1.06 billion) Robert Owen, Chairman, commented: 'Undoubtedly, 2006 was a rollercoaster year for Crosby. A dramatic reversal,during the second half year, in the share price of the largest holding in ourInvestment Portfolio, Jasdaq listed IB Daiwa Corporation, contributed to theinterim profit attributable to shareholders of US$70 million turning into a fullyear loss of US$57 million. While this financial performance is a severedisappointment, it should not be allowed to overshadow the solid progress madeduring the year in expanding and diversifying both our Merchant Banking andAsset Management businesses. In my view, these developments indicate that thefuture profitability of Crosby rests on firm foundations. I, therefore, remainconfident that Crosby is in good shape to deliver on its objective of providingshareholders with exceptional total returns over the medium term.' Simon Fry, Chief Executive Officer, added: 'Despite the frustrations and disappointments of 2006, I believe that the yearalso saw many positive developments that have laid the groundwork for a veryproductive 2007. Already this year we have seen the Crosby initiated US$130million offer for Orchard Petroleum move to completion, and the continuedmonetisation of the assets from the Novus transaction yield a special dividendfrom Indago Petroleum that provides Crosby with US$16.8 million of cash whilstmaintaining further upside from Indago's remaining listed exploration assets. Iam also pleased to say that Crosby's first hedge fund, the Crosby ActiveOpportunities Fund ("CAOF"), has moved swiftly to invest its initialsubscription monies and is now consolidating its track record ahead of a renewedfunding round later in 2007.' Fry continued: 'I have no wish to minimise the importance of the financial results in 2006 butI think it is worth putting these results in context: since Crosby's effectiveadmission to AIM in 2004, the annualised total return to shareholders is 66% andreported cumulative profit attributable to shareholders is US$98 million.' CHIEF EXECUTIVE OFFICER'S REPORT Review After the substantial progress made in 2005 in all areas of our business, 2006was a frustrating year in which the stock price performance at IB Daiwathreatened to overshadow the continuing positive developments at IB Daiwa andCrosby. IB Daiwa's performance was set against the background of substantial falls inthe Jasdaq and Mothers stock market indices in Japan, weaker energy prices, anda general reversal in sentiment towards small oil and gas exploration stocks. Itis hardly surprising therefore that disappointing drilling results andproduction set-backs at IB Daiwa's subsidiary, Lodore Resources, and delays tocapacity enhancements and production from new wells at IB Daiwa's otheroperating subsidiary, Darcy Energy, resulted in a precipitous decline in the IBDaiwa stock price. These set-backs affected neither the quality nor quantity of IB Daiwa's auditedoil and gas reserve base, and over the course of the year, 2P reserves increasedby 191% to 69.9 bcfe and 3P reserves increased by 315% to 170bcfe. It is alsoencouraging that Darcy Petroleum continues to pursue low risk exploration anddevelopment prospects, and, in February 2007, raised US$18 million of new equityto fund its acquisition and development programme. The placement implied anenterprise value of US$215 million for Darcy, an increase of US$157 million(271%) from IB Daiwa's purchase price in December 2005. There was also good progress during the year towards IB Daiwa's goal of releasefrom the restrictions of Jasdaq's Kanri post. IB Daiwa recruited an experiencedsenior executive to focus on corporate communications and relations with Jasdaq,hired a new, more international Auditor with experience in the oil and gassector, and appointed a domestic Japanese securities company as Shukanji. TheShukanji is a necessary step towards the potential release from the Kanri postas not only does the Shukanji undertake to advise IB Daiwa as a broker, but isalso instrumental in maintaining an open dialogue with Jasdaq to ensure that theinternal controls and reporting systems are managed and developed in accordancewith Jasdaq's requirements. I am also reassured by the extensive due diligenceundertaken by both the auditor and Shukanji on IB Daiwa and its subsidiaries. Whilst our stake in IB Daiwa has required intensive effort and a considerableinvestment in terms of labour, it must be remembered that our initial stake wasgained for zero financial cost and that the subsequent exercise of warrants wasfunded through the sale of IB Daiwa shares. Over the course of the year, the neteffect of this is to leave Crosby with a reduced interest in IB Daiwa. Oureffective shareholding has now fallen from 28% to 24% and significant profitshave been realised. IB Daiwa remains important to the overall results and performance of the CrosbyGroup, and we continue to allocate a significant proportion of our time to thisasset, however, it is also worth noting the progress that Crosby has made withinits Merchant Banking and Asset Management businesses, and the InvestmentPortfolio. Merchant Banking In 2006 Crosby initiated two public takeover bids for Australian listedcompanies - Orchard Petroleum and Marathon Resources. Orchard is an upstream oil and gas company, headquartered in Australia, withproduction, development and exploration assets in California, USA. Crosby'sinterest in Orchard began in May 2005, when we acquired a substantial stake inthe company. Since this time the Merchant Banking team has worked patiently tobring the takeover to a successful completion as an agreed bid. I was,therefore, particularly pleased when, in November 2006, the management ofOrchard recommended our offer. On 13 March 2007, all the conditionality relatingto the terms of the bid was removed and it was confirmed that the offer wouldclose on the 15 March deadline. At the offer price Orchard has a marketcapitalisation of approximately US$130 million. Everyone at Crosby is impressed by the management's track record - Orchard hassuccessfully drilled 12 wells of the 20 well drilling programme at SouthBelridge on time and below budget, and all of these wells have recorded good gasshows, including two wells which are now producing - and we are looking forwardto working with the Orchard management team over the coming months to maximisethe value of Orchard's asset portfolio. At Marathon, a uranium mining company, the stock price has risen dramaticallyfrom A$0.55 to A$3.30 on 8 March 2007 since we launched our initial takeover bidof A$0.68. To some extent, the increase in stock price reflects the increase inthe price of uranium and the related increase in the value of uranium miningstocks. However, we continue to see substantial additional value within theMarathon business. Consequently, on 9 March 2007 we increased our offer toA$3.52 per share, at which price Marathon is valued at US$161 million. Asset Management There has also been solid progress in the Asset Management businesses withsteady growth in Wealth Management and the launch of a new hedge fund business -the Crosby Active Opportunities Fund ("CAOF"). CAOF was launched in December with subscriptions from two independent investors.CAOF focuses on Asian, Japanese and Australasian event-driven active investmentstrategies and intends to achieve absolute unleveraged returns in excess of 25%per annum. The Fund aims to identify previously unrecognized intrinsic orrelative value mis-pricing within complex and opaque situations and, throughacting as an engaged active owner rather than a passive shareholder, to initiatefinancial or asset restructuring strategies to help unlock and monetize theunrealized intrinsic value. CAOF's investment portfolio will be structured to bebroadly market neutral, i.e. it will not look to take directional bets and will,wherever practical, hedge any excessive directional exposures. CAOF has the unique benefit of the first right of refusal, but not theobligation, to invest in deals that are generated by Crosby's own MerchantBanking Division. CAOF has also been structured to minimise conflicts ofinterest with Crosby's Merchant Banking business and the Investment Portfolio.In addition to opportunities that are developed by the Merchant BankingDivision, CAOF will independently source and initiate investments in buyouts,public-to-private and activist type transactions through its extensive networksin the Asian and Australasian markets, and will also co-invest with otherprivate equity and hedge funds. It is particularly pleasing to have been able to close the year with the launchof our first hedge fund. The capacity at CAOF is significant and it represents astrategically important diversification into hedge fund management thatcomplements the Merchant Banking business, and effectively provides Crosby withthe capital to initiate and invest in transactions whilst providing a stablesource of fee income. Following the initial fund raising, the focus of the CAOFteam has been on investing the seed capital to enable the Fund to develop atrack record and market presence that will enable CAOF to raise further capitalin the second half of the year Investment Portfolio Our Investment Portfolio consists of the equity interests and economicparticipations generated by Merchant Banking transactions. The Portfolio isconstantly evolving as we restructure and monetise past deals and add new deals.Our effective 7% holding in London listed Indago Petroleum Ltd. ("Indago")represents a significant part of the Portfolio (IB Daiwa is our largestholding). Indago stems from the Middle Eastern assets of the Novus transaction.An important stage in the monetisation of these assets came in March 2007 whenIndago announced, subject to shareholder approval, the disposal of 100% of itsproduction and development assets, and of approximately 50% of its explorationassets. Following the completion of the sale, Indago intends to declare aspecial dividend of 60p per share. The net effect of this is that Crosby willreceive approximately US$16.8 million of cash whilst retaining further upsidethrough the still listed Indago entity that holds the remaining explorationassets plus sufficient cash to undertake its exploration programme. I have no wish to minimise the importance of the financial results in 2006 but Ithink it is worth putting these results in context: since Crosby's effectiveadmission to AIM in 2004, the annualised total return to shareholders is 66% andreported cumulative profit attributable to shareholders is US$98 million. Ibelieve these results, supported by our strong balance sheet and the firmfoundations we've built in our core businesses, will enable us to meet ourobjective of providing shareholders with exceptional total returns over themedium term. Outlook I believe it is important to reassure our shareholders that the volatility thatwe have experienced is not something that should be taken as an indication thatCrosby is no longer capable of providing shareholders with exceptionalrisk-adjusted total returns over the medium to long term. On the contrary,volatility is a natural part of our business and something that we regard as anasset rather than a liability. For those with the patience and foresight toinvest for the medium to long term we remain confident in our ability todeliver. We are committed to finding and developing situations where the potential forvery large returns exists and, when we are fortunate enough to be successful inthese deals, we will experience disproportionate income. The potentialconcentration of our balance sheet and inherent volatility that results fromthis approach, however, is welcomed by Crosby, as most people shy away from itwhilst we believe it can be effectively managed. We rarely, if ever, make anydirect financial investments in the assets that we accumulate; they areanalogous to success fees, paid as carried interest rather than cash, from thefunding partners we introduce to the deals structured and managed by theMerchant Banking division. Thus, our effective risk is limited to the cost ofour operations, as the entry cost for our investments is zero. The developmentof complementary business lines that generate stable income, along with ourpolicy of maintaining prudent cash reserves, is designed to provide the cashflow and profits to fund our operations and dampen volatility. We would not be capable of unearthing the situations and positioning ourselvesaccordingly without the dedication and hard work of the staff at Crosby and Iwould like to express my thanks to all my colleagues for yet another year ofdiligence and determination. I would also like to thank our shareholders, many of whom have been with ussince inception, for their support and belief in Crosby. Simon Fry Chief Executive Officer Consolidated Income Statement For the year ended 31 December 2006 Continuing Operations Notes 2006 2005 US$'000 US$'000 Restated (Note 1) Turnover/Revenue 8,899 7,370(Loss)/Gain on financial assets at fair valuethrough profit or loss (25,572) 150,990Loss on financial liabilities at fair valuethrough profit or loss (846) (8,340)Other income 2,570 728Administrative expenses (35,822) (19,474)Distribution expenses (14) (152)Other operating expenses (4,949) (5,917) ----------- -----------(Loss)/Profit from operations (55,734) 125,205 Finance costs (163) -Negative goodwill released 959 -Share of (loss)/ profit of a jointlycontrolled entity (25) 26Share of profits of associates 59 246 ----------- -----------(Loss)/Profit before taxation (54,904) 125,477 Taxation expense 3 (176) (149) ----------- -----------(Loss)/Profit for the year (55,080) 125,328 ----------- ----------- Attributable to:Equity holders of the Company (57,207) 111,532Minority interests 2,127 13,796 ----------- -----------(Loss)/Profit for the year (55,080) 125,328 ----------- -----------DividendInterim dividend paid - 11,967 ----------- ----------- US cents US cents Dividend per share - 5.00 ----------- ----------- (Loss)/Earnings per share for (loss)/profit US cents US centsattributable to the equity holders of the Company during the year - Basic 4 (23.58) 47.07- Diluted N/A 45.10 =========== =========== Consolidated Balance Sheet As at 31 December 2006 2006 2005 US$'000 US$'000 Restated (Note 1)ASSETS Non-current assetsProperty, plant and equipment 493 590Interests in associates 654 520Interest in a jointly controlled entity 135 59Available-for-sale investments 198 209Intangible assets 488 562 ---------- ---------- 1,968 1,940 ---------- ---------- Current assetsAmounts due from parent and related companies 1,217 783Trade and other receivables 4,234 10,337Financial assets at fair value through profit or loss 127,542 157,276Cash and cash equivalents 9,987 10,443 ---------- ---------- 142,980 178,839 ---------- ----------Total assets 144,948 180,779 ========== ========== LIABILITIES Current liabilitiesAmounts due to parent company (121) -Trade and other payables (10,802) (1,595)Deferred income - (25)Provision for taxation (99) (82)Financial liabilities at fair value through profit or loss (9,186) (8,340) ---------- ----------Total liabilities (20,208) (10,042) ---------- ---------- EQUITY Share capital 2,427 2,394 Reserves 94,161 148,451 ---------- ----------Equity attributable to equity holders of the Company 96,588 150,845 Minority interests 28,152 19,892 ---------- ----------Total equity 124,740 170,737 ---------- ----------Total equity and liabilities 144,948 180,779 ========== ========== Consolidated Statement of Changes in Equity For the year ended 31 December 2006 Equity attributable to equity holders of the Company --------------------------------------------------------------------------------- Employee Profit share-based Foreign Investment and Share Share Capital compensation exchange revaluation Loss Minority Total capital premium reserve reserve reserve reserve account interests equity US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 At 1 January2005 2,356 3,810 23,440 - (302) - 20,387 6,096 55,787Issue of newshares uponexercise ofshare options 38 511 - (145) - - - 404Exchangedifference onconsolidation - - - - 109 - - - 109Deficit onrevaluation - - - - - (2) - - (2)Employee sharebased compensation - - - 1,063 - - - - 1,063Disposal ofsubsidiary - - 15 - - - - - 15Dividend - - - - - - (11,967) - (11,967)Profit forthe year - - - - - - 111,532 13,796 125,328 -------- -------- -------- --------- -------- -------- -------- -------- --------At 31December 2005 and1 January2006 2,394 4,321 23,455 918 (193) (2) 119,952 19,892 170,737Issue of newshares uponexercise ofshare options 33 1,594 - (385) - - - - 1,242Issue ofredeemablepreferenceshares in asubsidiary - - - - - - - 10,461 10,461Exchangedifference onconsolidation - - - - 265 - - - 265Repurchase ofshares of asubsidiary - - - - - - - (125) (125)Employeeshare based compensation - - - 1,722 - - - - 1,722Transfer tofinancialassets at fairvalue through profit or loss - - - - - - - (5,141) (5,141)Deemed disposal ofsubsidiaries - - - - - - - 281 281Effect on issue ofshares of asubsidiary - - - (279) - - - - (279)Capitalcontributionfrom minorityshareholder - - - - - - - 437 437Other movement - - - - - - - 220 220(Loss)/Profitfor the year - - - - - - (57,207) 2,127 (55,080) -------- -------- -------- --------- -------- -------- -------- -------- --------At 31December 2006 2,427 5,915 23,455 1,976 72 (2) 62,745 28,152 124,740 -------- -------- -------- --------- -------- -------- -------- -------- -------- Consolidated Cash Flow Statement For the year ended 31 December 2006 2006 2005 US$'000 US$'000 Restated (Note 1) Operating activities(Loss)/Profit before taxation (54,904) 125,477Adjustments for:Share of loss/(profit) of a jointly controlled entity 25 (26)Share of profits of associates (59) (246)Interest income (623) (269)Finance cost 163 -Corporate finance advisory fee received in kind (1,545) -(Loss)/Gain on financial assets at fair value throughprofit or loss 25,572 (150,990)Acquisition of financial assets at fair value throughprofit or loss (21,588) (16,971)Proceeds from sale of financial assets at fair valuethrough profit or loss 34,731 51,206Loss on financial liabilities at fair value throughprofit or loss 846 8,340Employee share based compensation 1,722 1,063Depreciation of property, plant and equipment 298 321Gain on disposal of property, plant and equipment - (5)Gain on disposal of investments (404) -Loss on disposal of subsidiaries, net - (14)Impairment of goodwill 237 -Negative goodwill released (959) -Impairment of available for sale investment 28 -Bad debts recovery (22) (149)Provision for doubtful debts 221 647Exchange loss, net 307 220 --------- ---------- Operating cashflow before working capital changes (15,954) 18,604 Increase in trade and other receivables (539) (214)Decrease/(increase) in trade and other payables 10,262 (883)Decrease in deferred income (25) (57)Increase in amount due from parent company and relatedcompany (129) (674)Increase in amount due to parent company 124 -Increase in amount due from a jointly controlled (101) (34)entity(Decrease)/increase in amount due to associates (2) 8 --------- ----------Cash (used)/generated from operations (6,364) 16,750Tax paid (174) (106)Tax refund 13 -Interest paid (163) - --------- ----------Net cash (outflow)/inflow used in operating activities (6,688) 16,644 --------- ---------- Consolidated Cash Flow Statement (Continued) For the year ended 31 December 2006 2006 2005 US$'000 US$'000 Restated (Note 1) Investing activitiesInterest received 621 268Purchases of property, plant and equipment (194) (441)Acquisition of a subsidiary (303) -Acquisition of available for sale investments (17) (185)Acquisition of intellectual property (7) (2)Proceeds from sale of property, plant and equipment - 36Proceeds from sale of available for sale investments - 200Net proceeds from disposal of subsidiaries 22 -Net repayment from related companies - 46Net advance to staff (96) (593) --------- ----------Net cash inflow/(outflow) from investing activities 26 (671) Financing activitiesDividend paid to shareholders - (11,967)Issue of shares 1,242 404Repayment of other loan (10,960) -Drawdown of other loan 5,000 -Issue of redeemable preference shares by a subsidiary 10,790 -Capital injection from minority shareholders 130 -Advanced payment received in respect of share sale - 650 --------- ----------Net cash inflow/(outflow) used in financing activities 6,202 (10,913) ========= ========== Net (decrease)/increase in cash and cash equivalents (460) 5,060Cash and cash equivalents as at 1 January 10,443 5,367Effect of exchange rate fluctuations 4 16 --------- ----------Cash and cash equivalents as at 31 December 9,987 10,443 ========= ========== Notes to the Consolidated Financial Information 1. Basis of preparation The Company was incorporated in the Cayman Islands, which does not prescribe theadoption of any particular accounting framework. The Board has therefore adoptedInternational Financial Reporting Standards (IFRS) adopted by the InternationalAccounting Standards Board. The Company's shares are quoted on AIM of the LondonStock Exchange The consolidated financial statements have been prepared in accordance withInternational Financial Reporting Standards ("IFRS") and the InternationalFinancial Reporting Standards as issued by the International AccountingStandards Board. The financial statements are prepared under historical costconvention except for certain financial instruments. The measurement bases arefully described in the accounting policies detailed in the Group's annual reportand financial statements. It should be noted that accounting estimates and assumptions are used inpreparation of the financial statements. Although these estimates are based onmanagement's best knowledge of current events and actions, actual results mayultimately differ from those estimates. The balance sheet at 31 December 2005 has been restated to separately identifythe Groups share of a loan due in connection with the shares held in IndagoPetroleum Limited. The impact on the balance sheet as at 31 December 2005 is toincrease financial assets at fair value through profit or loss and increasefinancial liabilities at fair value through profit and loss by US$8,340,000.This reclassification has no overall impact on the results or cashflow for theyear ended 31 December 2005 other than showing the changes in the value of thefinancial liability separately. 2. Segmental Information a) Primary reporting format - business segment: Merchant banking Asset management Unallocated Consolidated 2006 2005 2006 2005 2006 2005 2006 2005 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 Turnover/Revenue 1,545 1,851 7,354 5,519 - - 8,899 7,370 ======== ======== ======== ======== ======== ======== ======== ======== Segment results (45,168) 128,997 (1,401) (183) - - (46,569) 128,814 Unallocated operating loss - - - - (9,165) (3,609) (9,165) (3,609) ======== ======== ======== ======== ======== ======== ======== ======== (Loss)/Profit from operations (55,734) 125,205 Finance costs (163) - Negative goodwill released 959 -Share of (loss)/profitof a jointly controlled entity (25) 26Share of profits of associates 59 246 -------- --------(Loss)/Profit before taxation (54,904) 125,477 Taxation expense (176) (149) -------- --------(Loss)/Profit for the year (55,080) 125,328 ======== ========Segment assets 136,602 171,026 4,882 3,853 - - 141,484 174,879Unallocated assets - - - - 3,464 5,900 3,464 5,900 -------- -------- -------- -------- -------- -------- -------- --------Total assets 136,602 171,026 4,882 3,853 3,464 5,900 144,948 180,779 ======== ======== ======== ======== ======== ======== ======== ========Segment liabilities 16,487 9,526 354 146 - - 16,841 9,672Unallocated Liabilities 3,367 370 3,367 370 ======== ======== ======== ======== ======== ======== ======== ========Total Liabilities 16,487 9,526 354 146 3,367 370 20,208 10,042 ======== ======== ======== ======== ======== ======== ======== ======== Other informationCapital expenditure 67 305 4 2 139 134 210 441Depreciation 66 59 60 55 172 207 298 321Impairment of goodwill - - 237 - - - 237 -Impairment of receivables 222 - - - - - 222 - ======== ======== ======== ======== ======== ======== ======== ======== Notes i) Merchant Banking - provision of corporate finance andother advisory services ii) Asset Management - provision of fund management, assetmanagement and wealth management services iii) Unallocated - primarily items related to corporate offices b) Secondary reporting format -geographical segment: The Group's activities are mainly operated or are carried out in Asia. 3. Taxation Expense 2006 2005 US$'000 US$'000 Current tax - United Kingdom tax 96 143- overseas tax 80 6 ---------- ---------- 176 149 ========== ========== United Kingdom and overseas income tax for the year have been calculated at therates prevailing in the relevant jurisdictions. A reconciliation of the tax expense applicable to the (loss)/profit beforetaxation using the statutory rates for the countries in which the Company andits subsidiaries are domiciled to the tax credit or expenses at the effectivetax rates, and a reconciliation of the statutory tax rates to the effective taxrates, are as follows : 2006 2005 US$'000 % US$'000 % (Loss)/Profit before taxation (54,904) 125,477Less: AdjustmentsShare of loss/(profit) of a jointlycontrolled entity 25 (26)Share of profits of associates (59) (246) -------- -------- -------- --------- (54,938) 125,205 ======== ======== ======== ========= Tax at the domestic income tax rates (9,614) 17.50 21,911 17.50Effect of different tax rates ofsubsidiaries operating in other regions (42) 0.08 56 0.04Tax effect of prior year's taxlosses utilised this year (173) 0.31 (184) (0.15)Income not subject to tax 9,518 (17.32) (21,848) (17.45)Expenses not deductible for tax 313 (0.57) 143 0.12Tax effect of unrecognisedtemporary difference 14 (0.03) 14 0.01Tax effect of unrecognised tax losses 160 (0.29) 57 0.05 --------- --------- --------- ----------Current tax charge for the year 176 (0.32) 149 0.12 ========= ========= ========= ========== 4. (Loss)/Earnings Per Share 2006 2005 US$'000 US$'000(Loss)/Profit attributable to equity holders of theCompany (57,207) 111,532 =========== =========== 2006 2005Weighted average number of shares forcalculating basic (loss)/earnings per share 242,583,904 236,935,616 Effect of dilutive potential ordinary shares:Share options 5,561,810 10,385,642 ----------- -----------Weighted average number of shares forcalculating diluted earnings per share 248,145,714 247,321,258 =========== =========== Diluted earnings per share None of the dilutive shares relate to interest or similar expense recognizablein the income statements for 2005. No diluted earnings per share is shown for 2006, as the outstanding shareoptions were anti-dilutive. 5. Publication The financial information set out in this preliminary announcement does notconstitute statutory accounts. The consolidated balance sheet at 31 December 2006 and the consolidated incomestatement, consolidated statement of changes in equity, consolidated cash flowstatement and enclosed notes for the year then ended have been extracted fromthe Group's 2006 statutory financial statements upon which the auditors opinionis unqualified. 6. Copies of This Announcement Copies of this announcement are available for collection from the Company'soffices at 243 Knightsbridge, London SW7 1DN. This information is provided by RNS The company news service from the London Stock Exchange