RNS Number : 6446J
Picton ZDP Limited
16 June 2014
 



16 June 2014

 

Picton ZDP Limited

Annual Results

(the "Company")

 

Picton ZDP Limited (LSE: PCTZ), announces its results for the year ended 31 March 2014.

 

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 9980, michael.morris@pictoncapital.co.uk

 

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

 

David Sauvarin, 01481 745 529, team_picton@ntrs.com

 

 

 



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 year ended 31 March 2014. Comparatives are provided 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.

 

Share Capital

The Company has one ordinary share in issue as at 31 March 2014 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 year are set out in the 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 and Directors' Interests

The Directors of the Company holding office during the year 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, however Mrs Elizabeth Thompson holds 45,249 ZDP shares. Any Director's interest in the shares of the Parent is disclosed in the consolidated accounts of the Parent. 

 

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

 

DIRECTORS' REPORT (continued)

 

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 re-appointed KPMG Channel Islands Limited (the "Auditor") as auditors of the Company.

 

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                                                                       

13 June 2014


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 year ended 31 March 2014 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Consolidated Statement of Changes in Equity 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 annual report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. 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 2014 and of its loss for the year ended 31 March 2014;

·      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

 

13 June 2014

 

20 New Street

St Peter Port

Guernsey

GY1 4AN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Consolidated Statement of Comprehensive Income

For the year ended 31 March 2014

 

 



Year ended 31 March 2014

2 September 2012 to

31 March 2013


Note

£000

£000





Expenses




Administration expenses                                  

4

(20)

(25)

Other operating expenses


(19)

(30)

Result from operating activities


(39)

(55)





Financing




Finance costs

7,9

(1,829)

(1,160)

Total finance costs


(1,829)

(1,160)





Tax

5

-

-





Total comprehensive loss for the year/period


(1,868)

(1,215)













 

Notes 1 to 13 form part of these financial statements.



 

Consolidated Statement of Changes in Equity

For the year ended 31 March 2014

 


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

8

-

1,215

-

1,215

Balance as at

31 March 2013


-

1,215

(1,215)

-

Total comprehensive loss for the year


-

-

(1,868)

(1,868)

Contribution by parent company

8

-

1,868

-

1,868

Balance as at

31 March 2014


-

3,083

(3,083)

-

 

 

 

 

 

 

Notes 1 to 13 form part of these financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Consolidated Balance Sheet

As at 31 March 2014

 

 



2014

2013


Note

£000

£000





Non-current assets




Amount due from parent company

8

23,919

22,088

Other assets

7

281

463

Total non-current assets


24,200

22,551





Current assets




Other assets

7

182

182

Total current assets


182

182





Total assets


24,382

22,733





Non-current liabilities




Zero dividend preference shares

9

(24,368)

(22,720)

Total non-current liabilities


(24,368)

(22,720)





Current liabilities




Accounts payable and accruals


(14)

(13)

Total current liabilities


(14)

(13)





Total liabilities


(24,382)

(22,733)





Net assets


-

-





Equity




Share capital

10

-

-

Capital contribution


3,083

1,215

Accumulated loss


(3,083)

(1,215)

Total equity


-

-









 

These financial statements were approved by the Board of Directors on 13 June 2014 and signed on its behalf by:

 

 

 

 

 

Robert Sinclair                                                                                                              

Director                                                            

 

 

Notes 1 to 13 form part of these financial statements.

 

 

 

 

 

 

 

 

 

 

 

Notes to the Consolidated Financial Statements

For the year ended 31 March 2014

 

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 year ended 31 March 2014 with comparatives provided for the period from incorporation on  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 accounting policies applied by the Company are the same as those applied by the Company in its financial statements as at and for the period ended 31 March 2013, with the exception of the following which have had no effect on the financial statements:

 

·    IFRS 10 Consolidated Financial Statements, effective for accounting periods beginning on or after 1 January 2013. IFRS 10 establishes a single control model that applies to all entities including special purpose entities. The changes introduced require management to focus on whether power exists over an entity, the exposure or right to variable returns from its involvement with that entity and its ability to use its power to affect those returns. In particular, IFRS 10 requires the consolidation of entities it controls on the basis of de facto circumstances. In accordance with IFRS 10, management have reassessed the relationship between entities. Notwithstanding the above, the adoption of IFRS 10 had no impact on the Group.

 

·    IFRS 13 Fair Value Measurement, effective for accounting periods beginning on or after 1 January 2013. IFRS 13 establishes a single source of guidance under IFRS for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted by other IFRSs. In accordance with the provisions of IFRS, management has applied the new fair value measurement guidance prospectively. Notwithstanding the above, the change had no significant impact on the measurements of the Group's assets and liabilities.

 

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. 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 until 29 November 2013, being the date IRET was dissolved.

Notes to the Consolidated Financial Statements

For the year ended 31 March 2014 (continued)

 

2.       Significant accounting policies (continued)

Statement of Cash Flows

No Statement of Cash Flows is presented as all funding activities are provided by the Parent. The Company does not operate any bank accounts.

 

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 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


Year ended

31 March

2014

2 September 2012 to 31 March 2013


£000

£000

Administration fees

20

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 the period ended 31 March 2013 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 year ended 31 March 2014 (continued)

 

6.       Investment in subsidiary

The Company's principal subsidiary was IRET Securities Limited which was dissolved on 29 November 2013. The results of IRET are consolidated within the Group's financial statements.

 

7.       Other assets


2014

2013


£000

£000

Current



Capitalised issue costs

182

182

Non-current



Capitalised issue costs

281

463


463

645

 

Issue costs totalling £729,000 have been capitalised and are being amortised over the term of the ZDP share issue. For the year ended 31 March 2014, £182,000 of these costs were written off to the Consolidated Statement of Comprehensive Income (31 March 2013: £84,000).

8.       Amounts due from parent company


Year ended

31 March

2014

2 September 2012 to 31 March 2013


£000

£000

Carrying value at start of year/period

22,088

-

Loan due from parent at acquisition

-

37,042

Parent loan issued

-

21,271

Additions under contribution agreements

1,868

1,215

Repayments

(37)

(37,440)

Carrying value at end of year/period

23,919

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 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 £1,868,000 (2013: £822,000), of which £37,000 (2013: £5,000) was settled by the Parent during the year.

 

A Contribution Agreement was also in place between IRET Securities Limited and Picton Property Income Limited. The agreement provided an undertaking to pay any costs and expenses incurred by IRET. During the period the Parent provided an undertaking of costs totalling £nil (2013: £393,000) which were settled in full by the Parent.

 

 

 

 

 

 

 

Notes to the Consolidated Financial Statements

For the year ended 31 March 2014 (continued)

 

9.       Zero dividend preference shares


2014

2013  


£000

£000

Carrying value at start of year/period

22,720

-

Share issue

-

22,000

Share acquisition

-

35,343

Capital additions

1,648

1,013

Share repayment

-

(35,636)

Carrying value at end of year/period

24,368

22,720

 

On 15 October 2012 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 are listed on the London Stock Exchange.

 

At the reporting date the Company has accrued for £1,648,000 (2013: £812,000) 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 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.

 

11.     Risk management

The Company'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 2014 was 117.75 pence per share (31 March 2013: 107.5 pence).

 

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

Notes to the Consolidated Financial Statements

For the year ended 31 March 2014 (continued)

 

11.     Risk management (continued)

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 2014 the Parent owed £2,653,000 to the Company under the Contribution Agreement (31 March 2013: £817,000).

 

The Company also entered into a non-interest bearing Loan Agreement with the Parent dated 12 September 2012. As at 31 March 2014 the Parent owed £21.3 million to the Company under the Loan Agreement (31 March 2013: £21.3 million).

 

Picton Capital Limited, a fellow subsidiary of the Parent, was paid administration expenses in the period of £20,000 by the Company (31 March 2013: £25,000). As at 31 March 2014 the Company owed £5,000 to Picton Capital Limited (31 March 2013: £5,000).

 

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

 

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

PO Box 255

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

 

 

Administrator 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 the Parent

Picton Capital Limited

28 Austin Friars

London

EC2N 2QQ

 

 

Registrar (ZDP shares)

Computershare Investor Services (Guernsey) Limited

NatWest House

Le Truchot

St Peter Port    

Guernsey

GY1 1WD

 



Legal Advisors

As to English Law

Norton Rose Fulbright 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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