RNS Number : 8263G
Picton ZDP Limited
12 June 2013
 



12 June 2013

 

Picton ZDP Limited

 

Annual Results

(the "Company")

 

Picton ZDP Limited (LSE: PCTZ), announces its results for the period from 2 September 2012 to 31 March 2013.

 

The Company's principal objective is to provide Zero Dividend Preference Shares with a predetermined final capital entitlement. It is recommended that these accounts are read in conjunction with those of its parent, Picton Property Income Limited, also issued today.

 

For further information:

 

Tavistock Communications

Jeremy Carey/James Verstringhe, 020 7920 3150, jverstringhe@tavistock.co.uk

 

Picton Capital Limited

Michael Morris, 020 7011 9978, michael.morris@pictoncapital.co.uk

 

Company Secretary

David Sauvarin

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

 

Tel:       01481 745529

Fax:      01481 745085



DIRECTORS' REPORT

 

The Directors present their report and the audited consolidated financial statements of Picton ZDP Limited (the "Company" and together with its subsidiary the "Group") for the period from incorporation on 2 September 2012 to 31 March 2013. It is recommended that these accounts are read in conjunction with the consolidated accounts of Picton Property Income Limited, (the "Parent") issued as at today's date.

 

Company's Business and Objective

Picton ZDP Limited is a Guernsey registered company, established to issue zero dividend preference shares which mature in October 2016 ("ZDP shares"). The Company is a wholly owned subsidiary of Picton Property Income Limited, which is an investment company registered in Guernsey.

 

The Company's principal investment objective is to provide the ZDP shares with a predetermined final capital entitlement. On repayment of the ZDP shares the shareholders are entitled to receive an amount equal to 100 pence per share increased daily at an equivalent annual rate of 7.25% per annum. The repayment date is 16 October 2016 and the final capital entitlement will be 132.2 pence per ZDP share.

 

The Parent has entered into a Contribution Agreement with the Company to provide an undertaking to pay any costs and expenses incurred by the Company and to enable the Company to meet its payment obligations in respect of the ZDP shares. Although the Parent has entered into an undertaking to meet all liabilities as they fall due it is important to note that all risks are borne by the ZDP shareholders who are not guaranteed to receive their full capital entitlement.

 

On 12 September 2012 the Company acquired the entire share capital of IRET Securities Limited ("IRET") from the Parent for a consideration of £1. IRET is a Guernsey registered company, and its principal investment objective is to issue zero dividend preference shares ("2012 ZDP shares") with a predetermined final capital entitlement. IRET was placed into liquidation on 31 October 2012 following full repayment of its 2012 ZDP shares.

 

On 25 March 2013 the Parent made an announcement to the London Stock Exchange of its intention to purchase ZDP shares in the market. The ZDP purchases will take place over time at preset parameters utilising excess cash held by the Parent. As at the date of this report no ZDP shares have been purchased by the Parent.

 

Share Capital

The Company has one ordinary share in issue as at 31 March 2013 which is held by the Parent.

 

In total 22,000,000 ZDP shares were admitted to the official list of the London Stock Exchange on 15 October 2012.

 

Going Concern

The financial statements have been prepared on a going concern basis.

 

Results

The results for the period are set out in the Consolidated Statement of Comprehensive Income on page 7. 

 

Taxation

The Company is exempt from Guernsey Income Tax under the Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and is charged an annual exemption fee of £600.

 

 

 

 

 

 

 

DIRECTORS' REPORT (continued)

 

Directors and Directors' Interests

The Directors of the Company holding office during the period were as follows:

 

Nicholas Thompson

Robert Sinclair

Trevor Ash

Vic Holmes

Roger Lewis

 

All Directors were appointed on incorporation except Vic Holmes, who was appointed on 1 January 2013.  None of the Directors hold a beneficial interest in the Company.  Any Director's interest in the shares of the Parent is disclosed in the consolidated accounts of the Parent. 

 

The Company has prepared these consolidated financial statements in compliance with the Companies (Guernsey) Law, 2008.

 

Statement of Directors' Responsibilities

The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the Directors to prepare financial statements for each financial year.  Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards as issued by the IASB and applicable law.

 

The financial statements are required by law to give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. 

 

In preparing these financial statements, the Directors are required to:

 

n select suitable accounting policies and then apply them consistently;

n make judgements and estimates that are reasonable and prudent;

n state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

n prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

 

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies (Guernsey) Law, 2008.  They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities. 

 

Disclosure of information to auditors

The Directors who held office at the date of approval of this Directors' Report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's auditors are unaware; and each Director has taken all the steps that he ought to have taken as a Director to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

 

Auditors

The Directors appointed KPMG Channel Islands Limited (the "Auditor") as auditors of the Company on 5 September 2012.

 

 

 

 

 

 

DIRECTORS' REPORT (continued)

 

Responsibility statement

We confirm to the best of our knowledge:

 

(a)        the financial statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole as required by Disclosure and Transparency Rules ('DTR') 4.1.12 R; and

 

(b)        the Directors' Report includes a fair review of development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face as required by DTR 4.1.12 R.

 

By order of the Board

 

 

 

 

 

Robert Sinclair                                                                       

Director                                                                       

11 June 2013               


INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PICTON ZDP LIMITED

 

We have audited the Group financial statements of Picton ZDP Limited (the "Company" and together with its subsidiary the "Group") for the period from 2 September 2012 to 31 March 2013 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Consolidated Statement of Changes in Equity, the Consolidated Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards as issued by the IASB.

 

This report is made solely to the Company's members, as a body, in accordance with section 262 of the Companies (Guernsey) Law, 2008.  Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed. 

 

Respective responsibilities of directors and auditor

 

As explained more fully in the Statement of Directors' Responsibilities set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.

 

Scope of the audit of the financial statements

 

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Group's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Board of Directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

 

Opinion on financial statements

 

In our opinion the financial statements:

 

·      give a true and fair view of the state of the Group's affairs as at 31 March 2013 and of its loss for the period from 2 September 2012 to 31 March 2013;

·      are in accordance with International Financial Reporting Standards as issued by the IASB; and

·      comply with the Companies (Guernsey) Law, 2008.

 



 

Matters on which we are required to report by exception

 

We have nothing to report in respect of the following matters where the Companies (Guernsey) Law, 2008 requires us to report to you if, in our opinion:

 

·     the Company has not kept proper accounting records; or

·     the financial statements are not in agreement with the accounting records; or

·     we have not received all the information and explanations, which to the best of our knowledge and belief are necessary for the purpose of our audit.

 

 

 

 

 

 

 

Neale D Jehan

for and on behalf of KPMG Channel Islands Limited

 

Chartered Accountants and Recognised Auditors

 

11 June 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The maintenance and integrity of the www.pictonproperty.co.uk website is the responsibility of the Directors of the Company's Parent, Picton Property Income Limited; the work carried out by auditors does not involve consideration of these matters and accordingly, KPMG Channel Islands Limited accepts no responsibility for any changes that may have occurred to the financial statements or audit report since 11 June 2013. KPMG Channel Islands Limited has carried out no procedures of any nature subsequent to 11 June 2013 which in any way extends this date.

 


Consolidated Statement of Comprehensive Income

For the period from 2 September 2012 to 31 March 2013

 

 




2 September 2012 to

31 March 2013


Note


£000





Expenses




Administration expenses                                  

4


(25)

Other operating expenses



(30)

Result from operating activities



(55)





Financing




Finance costs

7,9


(1,160)

Total finance costs



(1,160)





Tax

5


-





Total comprehensive loss for the period



(1,215)













 

Notes 1 to 13 form part of these consolidated financial statements.



 

Consolidated Statement of Changes in Equity

For the period from 2 September 2012 to 31 March 2013

 


Note

Share Capital

Capital Contribution

Accumulated Loss

Total



£000

£000

£000

£000







Balance as at

2 September 2012


-

-

-

-

Issue of ordinary share

10

-

-

-

-

Total comprehensive loss for the period


-

-

(1,215)

(1,215)

Contribution by parent company


-

1,215

-

1,215

Balance as at

31 March 2013


-

1,215

(1,215)

-

 

 

 

 

 

 

Notes 1 to 13 form part of these consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Consolidated Balance Sheet

As at 31 March 2013

 

 




 31 March 2013


Note


£000





Non-current assets




Amount due from parent company

8


22,088

Other assets

7


463

Total non-current assets



22,551





Current assets




Other assets

7


182

Total current assets



182





Total assets



22,733





Non-current liabilities




Zero dividend preference shares

9


(22,720)

Total non-current liabilities



(22,720)





Current liabilities




Accounts payable and accruals



(13)

Total current liabilities



(13)





Total liabilities



(22,733)





Net assets



-





Equity




Share capital

10


-

Capital contribution



1,215

Accumulated loss



(1,215)

Total equity



-









 

These consolidated financial statements were approved by the Board of Directors on 11 June 2013 and signed on its behalf by:

 

 

 

 

 

Robert Sinclair                                                                                                              

Director                                                            

 

 

Notes 1 to 13 form part of these consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Cash Flows

For the period ended 31 March 2013

 

 




 2 September 2012 to

31 March

2013


Note


£000





Investing activities




Purchase of subsidiary

6


-

Cash flows from investing activities



-





Financing activities




Borrowings repaid

9


(35,636)

Borrowings drawn

9


22,000

Net loan from parent company



14,365

Financing costs

7


(729)

Cash inflows from financing activities



-





Net movement in cash and cash equivalents



-





Cash and cash equivalents at beginning of period



-





Cash and cash equivalents at end of period



-

 

 

 

Notes 1 to 13 form part of these consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes to the Consolidated Financial Statements

For the period from 2 September 2012 to 31 March 2013

 

1.      General information

Picton ZDP Limited (the "Company" and together with its subsidiary the "Group") was incorporated on 2 September 2012 and is registered in Guernsey. The Company is a wholly owned subsidiary of Picton Property Income Limited, (the "Parent"), which is an investment company registered in Guernsey.

 

The financial statements are prepared for the period from 2 September 2012 to 31 March 2013.

 

2.      Significant accounting policies

Basis of accounting

The financial statements have been prepared under the historical cost convention, they give a true and fair view, have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the IASB and are in compliance with the Companies (Guernsey) Law, 2008.

 

The financial statements are presented in pounds sterling which is the Company's functional currency. All financial information presented in pounds sterling has been rounded to the nearest thousand, except when otherwise indicated.

 

The Directors believe that new standards which are in issue but not yet operative or adopted by the Company will not have a material impact on the financial statements of the Company.

 

Going Concern

The financial statements have been prepared on a going concern basis. The Parent has agreed to support the Company's obligations and has agreed to certain protections to ensure the Parent does not make distributions or returns of capital without retaining sufficient capital to meet its obligations to the Company.

 

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and IRET Securities Limited ("IRET"), an entity controlled by the Company at the reporting date. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.  All intra-group transactions, balances, income and expenses are eliminated on consolidation.

 

The results of IRET have been consolidated from 12 September 2012, being the date of acquisition. It is expected that on completion of IRET's liquidation there will no longer be consolidated accounts.

 

Principles for the Statement of Cash flows

The Statement of Cash Flows has been drawn up according to the indirect method, separating the cash flows from operating activities, investing activities and financing activities. The net result has been adjusted for amounts in the Consolidated Statement of Comprehensive Income and movements in the Consolidated Balance Sheet which have not resulted in cash income or expenditure in the relating period.

 

The cash amounts in the Consolidated Statement of Cash Flows include those assets that can be converted into cash without any restrictions and without any material risk of decreases in value as a result of the transaction. Dividends that have been paid are included in the cash flow from financing activities.

 

 

 

 

 

 

Notes to the Consolidated Financial Statements

For the period from 2 September 2012 to 31 March 2013 (continued)

 

2.       Significant accounting policies (continued)

Capital contribution

Capital contributions from the Parent are recognised in the financial statements to meet current and future obligations of the Company in accordance with the Contribution Agreement entered into between the Parent and the Company on 12 September 2012.

 

Loans and borrowings

All loans and borrowings are initially recognised at cost, being the fair value of the consideration received associated with the borrowing. After initial recognition, loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any issue costs, and any discount or premium on settlement.  Gains and losses are recognised in the Consolidated Statement of Comprehensive Income when the liabilities are derecognised, as well as through the amortisation process.

 

Significant estimates and judgements

The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. No critical judgements or estimates have been made by the Directors in the period.

 

3.       Operating segments

The Board sets the Company's strategy in accordance with the principal objective and therefore retains full responsibility for investment policy and strategy.  The Board will always act under the terms of the Prospectus. The Board has considered the requirements of IFRS 8 'Operating Segments'. The Board is of the opinion that the Company operates in one reportable industry segment therefore no segmental reporting is required. 

 

4.      Administration expenses



2 September 2012 to 31 March 2013



£000

Administration fees


25




 

The Company receives administration services from Picton Capital Limited, a fellow subsidiary of Picton Property Income Limited. The fees payable are fixed at £20,000 per annum.

 

Additional fees of £15,000 are included within administration fees for services provided by Picton Capital Limited in connection with the ZDP Share issue.

 

5.       Tax

The Directors conduct the affairs of the Company such that the management and control of the Company is not exercised in the United Kingdom and that the Company does not carry on a trade in the United Kingdom. 

 

The Company is exempt from Guernsey income tax under the Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and is charged an annual exemption fee of £600.

 

 

 

 

Notes to the Consolidated Financial Statements

For the period from 2 September 2012 to 31 March 2013 (continued)

 

6.       Investment in subsidiary

The Company had the following principal subsidiary as at 31 March 2013:

 


Place of Incorporation

Ownership proportion

IRET Securities Limited (in liquidation)

Guernsey

100%

 

The results of the above entity are consolidated within the Group financial statements.

 

On 12 September 2012 the Company acquired the entire share capital of IRET Securities Limited ("IRET") from its Parent for a consideration of £1. IRET is a Guernsey registered company, its principal investment objective is to issue zero dividend preference shares ("2012 ZDP shares") with a predetermined final capital entitlement.

 

IRET was placed into liquidation on 31 October 2012 following full repayment of its 2012 ZDP shares. It has been consolidated by virtue of the Company's listing and it is expected that on completion of the liquidation there will no longer be consolidated accounts.

 

7.       Other assets



31 March 2013



£000

Current



Capitalised issue costs


182

Non-current



Capitalised issue costs


463



645

 

Issue costs totalling £729,000 have been capitalised and are being amortised over the term of the ZDP share issue. For the period ended 31 March 2013, £84,000 of these costs were written off to the Statement of Comprehensive Income.

 

The remaining 2012 ZDP share issue costs of £63,000 were also written off to the Statement of Comprehensive Income in the period.

 

8.       Amounts due from parent company




2 September 2012 to 31 March 2013




£000

Loan due from parent at acquisition



37,042

Parent loan issued



21,271

Additions under contribution agreements



1,215

Repayments



(37,440)




22,088

 

Funds raised through the ZDP share issue, after the deduction of issue costs of £729,000 (see note 7), totalled £21,271,000. These funds have been transferred to the Parent as a non-interest bearing loan repayable on demand according to the Loan agreement dated 12 September 2012.

 

On acquisition of IRET Securities Limited the Group recognised a loan due from the Parent of £37,042,000. This was repaid in full during the period.

 

 

 

 

 

Notes to the Consolidated Financial Statements

For the period from 2 September 2012 to 31 March 2013 (continued)

 

8.       Amounts due from parent company (continued)

On 12 September 2012 the Company entered into a Contribution Agreement with the Parent. The agreement provides an undertaking by the Parent to pay any costs and expenses incurred by the Company in respect of its operation and the continuation of its business and to enable the Company to meet its payment obligations in respect of the ZDP shares. The Parent has agreed to support the Company's obligations and has agreed to certain protections to ensure the Parent does not make distributions or returns of capital without retaining sufficient capital to meet its obligations to the Company. The Parent provided an undertaking of costs totalling £822,000, of which £5,000 was settled by the Parent during the period.

 

A Contribution Agreement is also in place between IRET Securities Limited and Picton Property Income Limited. The agreement provides an undertaking to pay any costs and expenses incurred by IRET. During the period the Parent provided an undertaking of costs totalling £393,000 which were settled in full by the Parent.

 

9.       Zero dividend preference shares



2012 ZDP Shares

ZDP Shares

31 March

2013  



£000

£000

£000

Share issue


-

22,000

22,000

Share acquisition


35,343

-

35,343

Capital additions


293

720

1,013

Share repayment


(35,636)

-

(35,636)



-

22,720

22,720

 

The Company issued 22,000,000 zero dividend preference shares ('ZDP shares') at 100 pence per share. The ZDP shares have an entitlement to receive a fixed cash amount on 15 October 2016, being the maturity date, but do not receive any dividends or income distributions. Additional capital accrues to the ZDP shares on a daily basis at a rate equivalent to 7.25% per annum, resulting in a final capital entitlement of 132.2 pence per share. The ZDP shares were listed on the London Stock Exchange on 15 October 2012.

 

At the reporting date the Company has accrued for £720,000 of additional capital. The total amount repayable at maturity is £29,114,000.

 

The ZDP shares do not carry the right to vote at general meetings of the Company, although they carry the right to vote as a class on certain proposals which would be likely to materially affect their position. In the event of a winding-up of the Company, the capital entitlement of the ZDP shares (except for any undistributed revenue profits) will rank ahead of ordinary shares but behind other creditors of the Company.

 

On 12 September 2012 the Company obtained control of IRET Securities Limited, recognising zero dividend preference shares of £35,343,000 at the date of acquisition ("2012 ZDP Shares"). The 2012 ZDP Shares accrued capital additions on a daily basis at a rate equivalent to 6.875% per annum, and were repaid in full on the 31 October 2012, being the maturity date.

 

10.     Share capital

The Company has one class of share which carries no right to fixed income. The authorised share capital of the Company is one ordinary share issued at £1. On 2 September 2012 the Company issued one ordinary share at par value.

 

 

 

 

 

 

Notes to the Consolidated Financial Statements

For the period from 2 September 2012 to 31 March 2013 (continued)

 

11.     Risk management

The Group's principal investment objective is to provide the ZDP shares with a predetermined final capital entitlement. The Directors regularly monitor and review all the risks noted below.

 

General risk

An investment in ZDP shares is suitable only for investors capable of evaluating the risks and merits of such investment and who have sufficient resources to bear any loss (including total loss) which may result from the investment. Although the Parent has entered into an undertaking to meet the Company's liabilities, essentially all risks are borne by the holders of ZDP shares. The market offer price of the ZDP shares at 31 March 2013 was 107.5p per share.

 

Credit risk

The obligations of the Parent to repay the ZDP shares and discharge its obligations pursuant to the undertakings will be subordinated to the claims of the Parent's other creditors on a winding up. If at the repayment date the Parent has insufficient assets, then its obligations to repay the ZDP shares may be satisfied only in part or not at all.

 

Accordingly the Group may have insufficient assets to satisfy the current or final capital entitlement of the ZDP shares.

 

Liquidity risk

The Company's exposure to liquidity risk depends upon the Parent's ability to promptly meet all current and future obligations of the Company. The Parent's liquidity risk is the risks that it will encounter in realising assets or otherwise raising funds to meet its financial commitments. The Parent invests in commercial property in which there is a market where investments are not always readily realisable.

 

Interest rate risk

Returns from ZDP shares are fixed at the time of purchase, as are the final redemption proceeds. Consequently, if a share is held until redemption date, the total return achieved is unaltered from its purchase date.

 

Capital risk management

The capital structure of the Company consists of zero dividend preference shares, as disclosed in note 9, cash and cash equivalents and equity attributable to the Parent comprising issued capital and retained earnings. The Company is not subject to any external capital requirements. The Company has entered into a Contribution Agreement with its Parent to meet any liabilities arising from the Company's operations.

 

12.     Controlling and related parties

The Company is wholly owned by Picton Property Income Limited (the "Parent"), a Guernsey registered company. The Parent is therefore the immediate and ultimate controlling party.

 

On 12 September 2012 the Parent entered into a Contribution Agreement with the Company to provide an undertaking to pay any costs and expenses incurred in respect of the operation and continuation of the Company's business. As at 31 March 2013 the Parent owed £817,000 to the Company under the Contribution Agreement.

 

The Company also entered into a non-interest bearing Loan agreement with the Parent dated 12 September 2012. As at 31 March 2013 the Parent owed £21.3 million to the Company under the Loan Agreement.

 

 

 

 

Notes to the Consolidated Financial Statements

For the period from 2 September 2012 to 31 March 2013 (continued)

 

12.     Controlling and related parties (continued)

On 12 September 2012 the Company acquired the entire share capital of IRET Securities Limited from the Parent for a consideration of £1. A Contribution Agreement is also in place between IRET Securities Limited and Picton Property Income Limited. As at 31 March 2013 £nil was outstanding under the Contribution Agreement.

 

Picton Capital Limited, a fellow subsidiary of the Parent, was paid administration expenses in the period of £25,000 by the Group. As at 31 March 2013 the Group owed £5,000 to Picton Capital Limited.

 

The Directors received no remuneration for their services to the Company during the period.

 

13.     Events after the balance sheet date

There are no subsequent events that require disclosure in these financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Information

 

 

Directors

Nicholas Thompson (Chairman)

Trevor Ash

Vic Holmes

Roger Lewis

Robert Sinclair

 

Registered Office

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

 

 

Administrator, Registrar and Secretary

Northern Trust International Fund Administration  

Services (Guernsey) Limited

PO Box 255, Trafalgar Court      

Les Banques

St Peter Port

Guernsey

GY1 3QL

 

 

Auditor

KPMG Channel Islands Limited
20 New Street
St Peter Port
Guernsey
GY1 4AN

 

Investment Manager to Parent

Picton Capital Limited

28 Austin Friars

London

EC2N 2QQ

 

 

Crest Service Provider

Computershare Investor Services (Jersey) Limited

Queensway House

Hilgrove Street

St Helier           

Jersey

JE1 1ES

 



Legal Advisors

As to English Law

Norton Rose LLP

3 More London Riverside

London

SE1 2AQ

 

As to Guernsey Law

Carey Olsen

PO Box 98

Carey House

Les Banques

St Peter Port

Guernsey

GY1 4BZ

Broker to the Parent

JP Morgan Securities Limited

25 Bank Street

London 

E14 5JP

 

Oriel Securities Limited

150 Cheapside

London

EC2V 6ET

 

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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