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Unaudited Preliminary Results for the year ended 30th June 2017, Dividend Declaration and Directorate Change
LONDON FINANCE & INVESTMENT GROUP P.L.C.
(Incorporated in England with registered number 201151)
LSE code: LFI
JSE code: LNF
ISIN: GB0002994001
(“Lonfin”, “the Company” or “the Group”)
Unaudited Preliminary Results for the year ended 30th June 2017
Dividend Declaration
Directorate Change
London Finance & Investment Group P.L.C. (LSE: LFI, JSE: LNF), the investment company `
whose assets primarily consist of Strategic Investments and a General Portfolio, today announces
its unaudited Preliminary Results for the year ended 30th June 2017, The Board's Dividend Declaration
and a Directorate Change.
Strategy, Business Model and Investment Policy
Lonfin is an investment company whose objective is to generate growth in shareholder value
in real terms over the medium to long term whilst maintaining a progressive dividend policy.
The Group's investment policy is to invest in a range of "Strategic", "General Portfolio" and
from time to time 'Other Investments'. General Portfolio Investments comprise liquid stock
market investments, both in equity instruments and bonds, and, at the Board's discretion,
"Other Investments" are typically property and other physical assets. Strategic Investments
are significant investments in smaller UK quoted companies and these are balanced by a
General Portfolio, which consists of a broad range of investments in major USA, UK and other
European companies which provides a diversified exposure to international equity markets.
In pursuance of the Group's Investing Policy, the Group's net assets per share for 2017
increased by 7% over the previous year to 65.6p and net assets per share have increased
108% over the last five years. Shareholders' dividends for 2017 have increased by 4.7% over
the previous year and by 37.5% over the last five years.
Results
Net assets have increased over the year by 7% from 61.4p per share to 65.6p per share
Strategic Investments have decreased in value, over the year, by 14%, from £12,417,000 to
£10,673,000 due to the sale of part of our investment in Finsbury Food Group Plc.
Profit on sale of strategic investments - £1,861,700 (see below)
Strategic investments are yielding 3.1% (2016 – 2.9%)
The General Portfolio has increased, adjusting for investment purchases and sales, over the
year, by 51% from £7,125,000 to £10,766,000
Fair value movement is £2,199,000
No significant increase in Group operating costs
A final dividend of 0.55 per share is recommended, making a total of 1.1p per share for the
year (2016 – 1.05p)
Of the £1,861,700 realised profit arising on the sale of strategic investments, £217,000 has
been recognised in the current year "other comprehensive income". The remaining profit has
been recognised in prior years as net unrealised fair value gains and a transfer from
unrealised to realised reserves has been made for this amount and is reflected in the
Consolidated Statement of Changes in Shareholders Equity.
In February this year, when we released our unaudited Interim Results, we announced that
the Board had decided to early adopt IFRS 9 with effect from the Interim accounting period.
As a result, the comparative figures for the year ended 30th June 2016 in the Consolidated
Statement of Total Comprehensive Income in these Accounts are restated. Accordingly, the
Company and its subsidiaries (“Group”) achieved an operating profit for the year, before
interest, tax and changes to the fair value adjustments of investments of £275,000, compared
to a restated operating profit for the previous year, before tax and changes to the fair value
adjustments of investments, of £239,000. The Total Comprehensive Income for the year,
comprising profit after tax and the other comprehensive income (the fair value adjustments,
net of tax, of Strategic Investments) was £1,658,000 compared to £3,858,000 for the previous
year. Basic earnings per share are 3.5p (2016- restated earnings per share of 5.4p) and
headline earnings per share are 1.0p (2016 – restated headline earnings per share of 1.9p).
Strategic Investments
Strategic Investments have reduced in value by £1,744,000 being the net proceeds of
investment disposals of £2,438,000 and a fair value uplift in the remaining portfolio of
investments of £476,000. The investment disposals gave rise to an historic cost profit of
£1,862,000, of which £217,000 has been taken to the Consolidated Statement of
Comprehensive Income in the year under review.
Western Selection P.L.C. (“Western”)
The Group owns 7,860,515 ordinary shares, being 43.8%, of the issued share capital of
Western.
On 26th September 2017, Western announced unaudited preliminary results showing a profit
after tax of £850,000 for the year to 30th June 2017 (2016 – profit after tax, of £64,000).
Earnings per share were 4.7p (2016 – earnings per share – 0.4p).
Western paid an interim dividend of 1.1p in March this year and proposes a final dividend of
1.1p making 2.2p for the year (2016 – 2.1p). Western's net assets at market value at 30th
June 2017 were £17,125,000 equivalent to 95p per share, an increase of 20% from 79p last
year.
Our share of the net assets of Western, including the value of Western's investments at
market value, was £7,500,000 (2016 - £6,227,000). The fair value for Western recorded in
the Statement of Financial Position is the market value of £3,773,000 (2016 - £3,537,000).
This represents 18% (2016 – 26%) of the net assets of the group.
Western's objective is to generate growth in value for shareholders over the medium to long
term and pay a progressive dividend. Western's business model is to take sizeable minority
stakes in relatively small companies usually before or as their shares are admitted to trading
on one of the UK's stock exchanges and have directors in common through which they can
provide advice and support for these growing companies.
These may or may not become associated companies. The aim is that these companies
(“Core Holdings”) will grow to a stage at which Western's support is no longer required and its
stake can be sold over time into the relevant stock market. Companies that are targeted as
Core Holdings will have an experienced management team, a credible business model and
good prospects for growth.
Western is a strategic investment which is technically a subsidiary of the Company that has
not been consolidated due to the application of the investment entity exemption under IFRS
10.
David Marshall is the Chairman of Western and. Michael Robotham and Edward Beale are
non-executive directors. Western's main Core Holdings are Northbridge Industrial Services
Plc, Swallowfield Plc, Bilby Plc and Tudor Rose International Limited.
An extract from Western's announcement relating to its main Core Holdings is set out below:
Core Holdings
Northbridge Industrial Services plc (“Northbridge”)
Northbridge hires and sells specialist industrial equipment to a non-cyclical customer base.
With offices or agents in the UK, USA, Dubai, Germany, Belgium, France, Australia, New
Zealand, Singapore, Brazil, Korea and Azerbaijan, Northbridge has a global customer
base. This includes utility companies, the oil and gas sector, shipping, construction and
the public sector. The product range includes loadbanks, transformers and oil tools.
Further information about Northbridge is available on their website:
www.northbridgegroup.co.uk
Northbridge, which is admitted to trading on AIM, announced its results for the year ended
31st December 2016 on 25th April 2017 and recorded a loss after tax of £6,298,000 for
the year. No dividend was recommended by Northbridge and no dividends were received
by Western from Northbridge during the year.
Western holds 3,223,632 Northbridge shares which represents approximately12.45% of
Northbridge's issued share capital. The value of this investment at 30th June 2017 was
£3,320,000 (2016 - £2,772,000) which represents approximately 19% (2016 - 19%) of
Western's net assets.
David Marshall is a non-executive director of Northbridge.
Swallowfield plc (“Swallowfield”)
Swallowfield is a market leader in the development, formulation, manufacture and supply
of cosmetics, toiletries and related household products for global brands and retailers
operating in the cosmetics, personal care and household goods market. Further
information about Swallowfield is available on their website: www.swallowfield.com
Swallowfield, which is admitted to trading on AIM, announced its annual results for the 52
weeks ended 24th June 2017 on 19th September 2017 and recorded a profit after tax of
£2,572,000 compared to a profit after tax of £2,001,000 for the comparable period last
year. Dividends of £66,900 were received from Swallowfield during the year (2016 –
£52,000). A final dividend of 3.5p per share has been declared and, if approved, Western
will receive a further £52,500 of income in December 2017.
Western sold 500,000 Swallowfield shares, realising a profit of £845,000, during the year.
At the reporting date, being 30th June 2017, Western held 1,500,000 shares which was
8.90% of Swallowfield's issued share capital. The market value of our reduced holding in
Swallowfield on 30th June 2017 had increased to £5,700,000 from the value of our holding
at 30th June 2016 of £3,400,000. The value of this investment represents approximately
33% (2016 - 24%) of Western's net assets.
Edward Beale is a non-executive director of Swallowfield.
Bilby Plc (“Bilby”)
Bilby is an established, and award winning, provider of gas installation, maintenance and
general building services to local authority and housing associations across London and
South East England. They have a strategy of growing organically and by acquisition.
Further information about Bilby is available on their website: www.bilbyplc.com.
During the year Western invested £190,000 in acquiring 362,912 shares in Bilby. Western
now holds 2,699,280 Bilby shares which represents approximately 6.8% of Bilby's issued
share capital. The market value of this investment on 30th June 2017 was £1,917,000
which represents approximately 11% of Western's net assets.
Bilby, which is admitted to trading on AIM, announced its results for the year ended 31st
March 2017 on 26th June 2017 showing a profit before tax and non-underlying items of
£64,000 compared to a restated profit before tax and non-underlying items of £718,000 for
the 14 month period ended 31st March 2016. Dividends of £53,000 were received from
Bilby during the year (2016 - £58,000). Bilby announced a final dividend of 1.5p per share
which was paid in July 2017 and which provided Western with further income of £40,500.
Tudor Rose International Limited (previously Hartim Limited)(“Tudor Rose
International”)
Tudor Rose International works closely with a number of leading UK branded fast-moving
consumer goods companies, offering a complete sales, marketing and logistical service.
Based in Stroud, Gloucestershire, Tudor Rose International sells into 78 countries
worldwide including USA, Spain, Portugal, Italy, Czech Republic, Russia, Turkey, South
Africa, Saudi Arabia, UAE, Malaysia, Australia and China.
Western holds 441,090 A ordinary shares in Tudor Rose International which represents
49.5% of the issued ordinary shares in Tudor Rose International. In February 2017,
Western subscribed for £1,000,000 redeemable preference shares in Tudor Rose
International at a par value of 1p per share. These shares were subscribed for by
converting Western's previous loan to Tudor Rose International of £500,000 and paying a
further £500,000. Subsequent to the year end, the Company has made available to Tudor
Rose International a working capital facility of £500,000 bearing interest at the rate of 6%
per annum and which has been fully draw down.
Tudor Rose International, which is a private company, has a 31st December year end,
generated trading profits before tax in the year to 30th June 2017 of £63,100. Turnover in
the period was £17,145,000 (2016 - £18,542,000). Western's share of a profit after tax for
the twelve months to 30th June 2017 was £49,550 (2016 – £35,000) and the fair value of
the investment at 30th June 2017 was £1,647,000 (2016 - £1,290,000) being 10% (2016 –
9 %) of Western's net assets.
Western has two nominees on the board of Tudor Rose International: Edward Beale and
David Marshall.
Finsbury Food Group plc (“Finsbury”)
Finsbury is one of the largest producers and suppliers of premium cakes, bread and morning
goods in the UK and currently supplies most of the UK's major supermarket chains. Further
information about Finsbury, which is admitted to trading on AIM, is available on its website:
www.finsburyfoods.co.uk
During the year, Lonfin disposed of 2,000,000 shares in Finsbury for £2,438,000, realising an
historic cost profit of £1,861,700. At 30th June 2017, Lonfin held 6,000,000 Finsbury shares,
representing approximately 4.6% of Finsbury's issued share capital. The market value of the
holding was £6,900,000 as at 30th June 2017 (cost - £1,724,000) and represents
approximately 34% (2016 – 46%) of Lonfin's net assets.
On 18th September 2017, Finsbury announced audited profits on continuing operations after
tax and minority interests of £12,958,000 for the 52 weeks ended 1st July 2017 (2016 -
£12,754,000).
Finsbury paid an interim dividend of 1.0p and has recommended to its shareholders a final
dividend of 2.0p per share, making 3.0p for the year (2016 – 2.8p). The final dividend, if
approved, will be paid in December and will provide the Company with further income of
£120,000.
Edward Beale was a non-executive director of Finsbury up until 23rd November 2016.
General Portfolio
The investments comprising the General Portfolio at 30th June 2017 are listed below.
Composition of General Portfolio
At 30th June 2017
£000 %
British American Tobacco 513 4.8
Investor 503 4.7
Phillip Morris International Inc 460 4.3
Schindler 459 4.3
Henkel 437 4.1
Unilever 419 3.9
Nestle 405 3.8
Heineken Holding 404 3.6
HSBC Holding 391 3.6
Diageo 386 3.6
LVMH Moet Hennessey 383 3.6
Reckitt Benckiser Group 381 3.5
Pernod Ricard 356 3.3
3M Co 353 3.3
Danone 347 3.2
Kimberley Clark Corp 338 3.1
L'Oreal 338 3.1
ABB Zurich 338 3.1
Linde 335 3.1
Givaudan 324 3.0
United Technologies Corp 319 3.0
Anheuser Busch Inbev 317 2.9
Chevron Corp 313 2.9
Exxon Mobil Corp 311 2.9
Brown Forman (B) 308 2.9
Imperial Brands 307 2.9
Procter & Gamble Co 303 2.8
BASF 299 2.8
Becton Dickinson & Co 210 2.0
Compagnie Financiere Richemont 209 1.9
10,766 100.0
Analysis by currency £000 %
Euro 3,215 29.8
Sterling 2,398 22.3
US Dollar 2,915 27.1
Swiss Franc 1,735 16.1
Swedish Kroner 503 4.7
10,766 100.0
The portfolio is diverse with material interests in Food and Beverages, Natural Resources,
Chemicals and Tobacco. We believe that the portfolio of quality companies we hold has the
potential to outperform the market in the medium to long term.
At 30th June 2017, the number of holdings in the General Portfolio was 30 (2016 – 26). We
have increased the amount invested in the General Portfolio over the year by £2,767,000
(2016 - decreased by £20,000).
The opening value of our General Portfolio investments at 30th June 2016 was £7,124,863
which compared with a cost of such investments at the same date of £3,285,706. After
investment purchases (including purchase costs) during the year of £2,854,593 and
investment sales (including selling expenses) during the same period of £206,560, the value
of the General Portfolio investments as at 30th June 2017 had increased by 51% to
£10,765,695.
Directorate Change
Michael Robotham, a non-executive director, will be retiring from the Board of Lonfin at the
Company's forthcoming Annual General Meeting (“AGM”) to be held on 5th December 2017.
For itself and on behalf of the shareholders, the Board would like to thank Michael for his
considerable dedication and service to the Company.
Notwithstanding the loss to the Board of Lloyd Marshall, who passed away last November,
and Michael Robotham, after he has retired at the AGM, the Board is satisfied that it has, for
the time being, a sufficient spread of skills, experience and support to operate the Company.
Operations and Employees
All of our operations and those of Western, except investment selection, are outsourced to
our subsidiary, City Group PLC (“City Group”). City Group also provides office
accommodation, company secretarial and head office finance services to a number of other
companies. City Group has responsibility for the initial identification and appraisal of potential
new strategic investments for the Company and the day to day monitoring of existing strategic
investments and employs 8 people.
Significant Events since the end of the financial year
On 30th August 2017, a new relationship agreement between the Company and Coutts & Co
was signed in relation to the Company's existing credit revolving facility. This extended the
available facilities to 30th September 2022 and set an interest rate of 2.75% per annum
above the banks base rate (3% as at 30th August 2017).
On 20th September 2017, Western made available to Tudor Rose International a working
capital facility of £500,000 bearing interest at a rate of 6% per annum which has been fully
drawn down.
Dividend
The Board recommends a final dividend of 0.55p per share, making a total of 1.1p per ordinary share
for the year (2016 – 1.05p). Subject to shareholders' approval at the Company's AGM to be held on
5th December 2017, the dividend will be paid on 15th December 2017 to those shareholders on the
register at the close of business on 24th November 2017. Shareholders on the South African
register will receive their dividend in South African rand converted from sterling at the closing rate of
exchange on 19th September 2017 being GBP1= ZAR 18.0089.
In respect of the normal gross cash dividend, and in terms of the South African Tax Act, the following
dividend tax ruling only applies to those shareholders who are registered on the South African
register on Friday 15th September 2017. All other shareholders are exempt.
- The number of shares in issue now and as at the dividend declaration date is
31,207,479;
- The dividend has been declared from income reserves, which funds are sourced from
the Company's main bank account in London and is regarded as a foreign dividend by
South African shareholders; and
- The Company's UK Income Tax reference number is 948/L32120.
Dividend dates:
Last date to trade (SA) Tuesday, 21 November 2017
Shares trade ex-dividend (SA) Wednesday, 22 November 2017
Shares trade ex-dividend (UK) Thursday, 23 November 2017
Record date (UK and SA) Friday, 24 November 2017
Pay date Friday, 15 December 2017
The JSE Listings Requirements require disclosure of additional information in relation to any
dividend payments.
Shareholders registered on the South African register are advised that the dividend
withholding tax will be withheld from the gross final dividend amount of 9.90489 SA cents per
share at a rate of 20% unless a shareholder qualifies for an exemption; shareholders
registered on the South African register who do not qualify for an exemption will therefore
receive a net dividend of 7.92392 SA cents per share. The dividend withholding tax and the
information contained in this paragraph is only of direct application to shareholders registered
on the South African register, who should direct any questions about the application of the
dividend withholding tax to Computershare Investor Services (Pty) Limited, Tel: +27 11 370
5000.
Share certificates may not be de-materialised or re-materialised between Wednesday, 22nd
November 2017 and Friday, 24th November 2017, both days inclusive. Shares may not be
transferred between the registers in London and South Africa during this period either.
Outlook
We believe our mix of Strategic Investments and a General Portfolio gives us every chance of
outperforming the broader market in the medium to long term notwithstanding any short term
volatility in markets, currencies and commodities.
Future Developments
The future development of the Group is dependent on the success of the Group's Investment
Strategy in the light of economic and equity market developments and the continued support
of its Shareholders. The Board will maintain the current Investment Policy for the foreseeable
future and has no plans to change the policy.
28 September 2017
The annual report and accounts will be finalised shortly and sent to shareholders.
This announcement contains inside information for the purposes of Article 7 of EU Regulation
596/2014.
The directors of the Company accept responsibility for the contents of this announcement.
For further information, please contact:
London Finance & Investment Group P.L.C.: 020 7796 9060
(David Marshall/Edward Beale)
Johannesburg Sponsor:
Sasfin Capital (a member of the Sasfin group)
Consolidated Statement of Total Comprehensive Income
For the year ended 30th June
Restated
Operating Income 2017 2016
£000 £000
Dividends received 608 550
Rental and other income 109 82
Profits on sales of investments 3 4
Management service fees 296 252
1,016 888
Administrative expenses
Investment operations (352) (346)
Management services (389) (303)
Total administrative expenses (741) (649)
Operating profit 275 239
Unrealised changes in the carrying value of General Portfolio investments 989 1,379
Interest payable (33) (16)
Profit before taxation 1,231 1,602
Tax expense (121) 106
Profit after taxation 1,110 1,708
Non-controlling interest (7) (15)
Profit attributable to shareholders 1,103 1,693
Other comprehensive income/(expense)
Unrealised changes in the carrying value of Strategic investments 77 2,323
Profit on sale of investments 217 385
Other taxation -
Deferred tax 99 (543)
Corporation tax (238) -
Total Other Comprehensive Income 555 2,165
Total Comprehensive Income attributable to owners of the parent 1,658 3,858
Reconciliation of headline earnings
Basic and diluted earnings per share 3.5p 5.4p
Adjustment for the unrealised changes in the carrying value of investments, net
of tax (2.5)p (3.5)p
Headline earnings per share 1.0p 1.9p
Consolidated Statement of Financial Position
At 30th June
2017 2016
£000 £000
Non-current Assets
Property, Plant and Equipment 14 22
Investments 10,673 12,417
10,687 12,439
Current Assets
Listed investments 10,766 7,125
Trade and other receivables 220 272
Cash at bank 222 588
11,208 7,985
Current Liabilities
Trade and other payables after tax (486) (316)
Net Current Assets 10,722 7,669
Deferred Taxation (829) (850)
Total Assets less Current Liabilities 20,580 19,258
Capital and Reserves
Called up share capital 1,560 1,560
Share premium account 2,320 2,320
Unrealised profits and losses on investments 8,265 8,539
Share of retained realised profits and losses of subsidiaries 3,794 1,821
Company's retained realised profits and losses 4,544 4,928
Capital and reserves attributable to owners 20,483 19,168
Non-controlling equity interests 97 90
Total Capital and Reserves 20,580 19,258
Company Statement of Financial Position
At 30th June
2017 2016
£000 £000
Non-current Assets
Investments in Group companies 1,071 3,847
Current Assets
Listed investments 10,766 7,125
Trade and other receivables 26 27
Cash and cash equivalents 101 451
10,893 7,603
Current Liabilities
Trade and other payables: falling due within the year (117) (93)
Net Current Assets 10,776 7,510
Deferred Taxation (408) (330)
Total Assets less Current Liabilities 11,439 11,027
Capital and Reserves
Called up share capital 1,560 1,560
Share premium account 2,320 2,320
Unrealised profits and losses on investments 3,015 2,219
6,895 6,099
Realised Profit and Loss
Balance at 1st July 4,928 5,412
Net Loss for the period (41) (172)
Dividends paid (343) (312)
Balance at 30th June 4,544 4,928
Equity shareholders’ funds 11,439 11,027
.
Registered in England and Wales – Number 201151
Consolidated Statement of Cash Flows
For the year ended 30th June
Restated
2017 2016
£000 £000
Cash flows from operating activities
Profit before tax 1,231 1,602
Adjustments for non-cash -
Finance expense 33 16
Depreciation charges 8 9
Unrealised changes in the fair value of investments (989) (1,379)
Decrease/(Increase)in trade and other receivables 52 (55)
(Decrease)/Increase in trade and other payables (66) 96
Overseas Taxes paid (45) (28)
Net cash inflow from operating activities 224 261
Cash flows from investment activity
(Increase)/Decrease in current asset investments (2,652) 56
Disposal of investment 2,438 1,984
Net cash inflow/(outflow) from investment activity (214) 2,040
Cash flows from financing
Interest paid (33) (16)
Equity dividends paid (343) (312)
Net drawdown/(repayment) of loan facilities - (1,500)
Net cash outflow from financing (376) (1,828)
(Decrease)/Increase in cash and cash equivalents (366) 473
Cash and cash equivalents at the beginning of the year 588 115
Cash and cash equivalents at end of the year 222 588
Consolidated Statement of Changes in Shareholders’ Equity
Ordinary Share Restated Restated Restated Restated Non- Total
Share Premium Unrealised Share of Retained Total Controlling Equity
Capital Account Profits on Undistributed Realised Interests
Investments Results of Profits &
Subsidiaries Losses
£000 £000 £000 £000 £000 £000 £000 £000
Year ended 30 June 2016
Balances at 1 July 2015 1,560 2,320 6,304 26 5,412 15,622 75 15,697
Profit for the Year - - 1,180 685 (172) 1,693 15 1,708
Other Comprehensive
- - 1,055 1,110 - 2,165 - 2,165
Income/(Expense)
Total comprehensive income - - 2,235 1,795 (172) 3,858 15 3,873
Dividends paid and total
transactions with - - - - (312) (312) - (312)
shareholders
Balances at 30 June 2016 1,560 2,320 8,539 1,821 4,928 19,168 90 19,258
Year ended 30 June 2017
Balances at 1 July 2016 1,560 2,320 8,539 1,821 4,928 19,168 90 19,258
Profit for the Year - - 913 231 (41) 1,103 7 1,110
Other Comprehensive
- - (1,187) 1,742 - 555 - 555
Income/(Expense)
Total comprehensive income - - (274) 1,973 (41) 1,658 7 1,665
Dividends paid and total
transactions with - - - - (343) (343) - (343)
shareholders
Balances at 30 June 2017 1,560 2,320 8,265 3,794 4,544 20,483 97 20,580
Notes:
1. Basic earnings per share and Headline earnings per share
Basic earnings per share, based on the profit attributable to the shareholders after tax
and non-controlling interests of £1,103,000 (2016 restated - £1,693,000) and on
31,207,479 shares (2016 – 31,207,479) being the weighted average of the number of
shares in issue during the year.
Headline earnings are required to be disclosed by the JSE.
Headline earnings per share are based on the profit attributable to the shareholders after
tax and non-controlling interests, before unrealised changes in the fair value of
investments net of tax, of £309,000 (2016 - £589,000) and on 31,207,479 (2016 –
31,207,479) shares being the weighted average of the number of shares in issue during
the year.
The adjustments for the unrealised changes in the carrying value of investments, net of tax
of £(794,000) and 2016 restated £(1,104,000)
2. Net assets per share
The net assets per share are calculated taking investments at fair value and on
31,207,479 shares (2016 – 31,207,479) being the weighted average of the number of
shares in issue during the year.
3. The financial information in this preliminary announcement of audited group results
does not constitute the company's statutory accounts for the years ended 30th June
2017 or 30th June 2016 but is derived from those accounts. The accounts have been
prepared in accordance with International Financial Reporting Standards (IFRS) as
adopted by the European Union and with those parts of the Companies Act 2006
applicable to companies reporting under IFRS. The accounts are prepared on the
historical cost bases, except for certain assets and liabilities which are measured at
fair value, in accordance with IFRS and comply with IAS 34. The audited accounts
for the group for the year ended 30th June 2016 were reported on with an unqualified
audit report and have been delivered to the Registrar of Companies.
Copies of this notification are held at the Company's office, 6 Middle Street, London,
EC1A 7JA (tel. 020 7796 9060) and are available for a period of 14 days from the
date of this announcement.
United Kingdom
28 September 2017
Date: 28/09/2017 11:06:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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