RNS Number:2596E
Ingenious Music VCT PLC
21 September 2007
INGENIOUS MUSIC VCT PLC
21 September 2007
Half-yearly financial report for the six months ending 31 July 2007
Chairman's statement
I am delighted to present the Company's half-yearly financial statements
covering the six months to 31 July 2007 (the Reporting Period).
Overview of Activities
The increased rate of investment referred to in the Annual Report and Accounts
last May has continued apace. Further investments have been made including
supporting the forthcoming albums of world-renown reggae band UB40, and the
exciting new talent of Blackbud and Ulrich Schnauss. We continue therefore to
maintain our mixed portfolio by investing in both established artists and
up-and-coming acts.
Since the reporting period we have also invested in three-piece girl band Sirens
in August to support their second album. The new album will be produced in
conjunction with a number of leading producers who have worked with a diverse
range of high profile artists including Eminem, Janet Jackson and Christina
Aguilera.
Sirens was the penultimate investment for the company and I am pleased to report
that the Company is now fully committed(1) with 70% of net funds raised having
been invested in VCT qualifying companies. The final investment was a nominal
contribution to Real World for discretionary investment across a portfolio of
artists. The Company's status as a Venture Capital Trust is now confirmed,
ensuring that shareholders benefit from the income and capital gains tax reliefs
available.
A more detailed description of the Company's investment activities can be found
in the Manager's Review which follows this statement.
Results
During the reporting period we have invested and committed over #2.1 million in
qualifying investments. The Company made a loss on ordinary activities of #0.5
million in the period to 31 July 2007. The Company's net asset value moved in
line with the operating loss, from 94.8 to 91.7 pence per share.
Outlook
The outlook for the next six months remains positive with album releases from a
number of our artists including Martina Topley-Bird, Passenger. David Ford, UB40
and Sirens. Other projects such as Prodigy, Peter Gabriel and Embrace will take
longer to 'come to market', as the recording process is ongoing.
Patrick McKenna
Chairman
20 September 2007
(1) Subject to Independiente invoking the contractual option for further funding
of #500,000 for Travis
MANAGER'S REVIEW
Investment Objective
The investment objective of the Company is to create a portfolio of investments
in music companies that will engage in the creation, development and
exploitation of IP rights, thereby providing shareholders with an attractive
return.
Investments
In the Reporting Period the Company made four investments totalling over #2.1
million, bringing the number of investments made to fourteen. The Company will
now focus its efforts on monitoring the investments and working with the record
companies to exploit the copyrights attaching to each artist.
VATICAN D.C.
The Company closed its eleventh qualifying investment in February 2007,
investing #276,530 in new band Vatican DC by forming a joint venture company,
Jolly Rodger Recordings Limited, in partnership with The Red Flag Recording
Company and Ingenious Music VCT 2 plc.
About Vatican DC
Formed in 2003, Vatican DC is a London-based 5 piece band signed to The Red Flag
Recording Company which was founded by Dick Leahy, best known for discovering
Wham! and George Michael. The band were promoted at an early stage by Radio
One's Zane Lowe and XFM's John Kennedy and have gained popularity on the tour
scene supporting the likes of The Prodigy and Bloc Party. Combined with several
appearances at European festivals, Vatican DC is building a credible reputation
in the industry as a band to watch.
The album "Make it Ride" was released in May 2007, with two singles being
released to date. Due to limited radio support on the initial release, the
campaign is planned for relaunch during September or October.
ULRICH SCHNAUSS and BLACKBUD
Our strong relationship with leading independent record company Independiente
has been cemented through recent investments in Travis, Embrace and David Ford.
The Company has now secured two further deals with the label by backing talented
acts Ulrich Schnauss and Blackbud.
In March 2007, the Company invested #221,875 to set up the joint venture company
Indepentiente Music Ventures - Ulrich Schnauss Limited, and in June 2007, the
investment of #584,375 in Blackbud was completed by creating joint venture
company Indepentiente Music Ventures - Blackbud Limited. Both investments were
made in partnership with Ingenious Music VCT 2 plc.
About Ulrich Schnauss
German born Ulrich Schnauss is an up-and-coming artist whose last album, "A
Strangely Isolated Place", was released to much critical acclaim. His third
album, "Goodbye", is his first for Independiente and has taken him three years
to complete. The musical range merges songwriting and indie elements with
electronic music to create a truly unique sound.
"Goodbye" was released in June 2007. The initial soft release of the album will
be followed by an American tour scheduled for October and a UK tour planned in
November to coincide with the first single release. Independiente expect this
release to build over time, as electronic music tends to spread through word of
mouth, magazine reviews and club performances.
About Blackbud
Blackbud are a trio from the West Country who have been compared to artists such
as Jeff Buckley, Radiohead and Led Zeppelin and have attracted the interest of
Michael Eavis (Glastonbury Festival), Steve Lamacq (Radio 1) and Jimmy Page (Led
Zeppelin) amongst others. Winning the Unsigned Bands Competition at Glastonbury
in 2004, combined with a confident debut album released last year, Blackbud have
laid the foundations for their forthcoming second album which is scheduled for
release in February 2008.
UB40
In July 2007, the Company invested #471,765 in joint venture company Reflex
Licensing Limited with record label Re:flex Muzic Limited to back UB40's latest
album release. Re:flex Muzic is UB40's own independent record label that
continues the band's long standing tradition of artistic control and integrity
which it has maintained for the last two decades.
About UB40
Legendary reggae group UB40 is one of Britain's most successful bands with
record sales in excess of 70 million, making them one of the UK's leading
musical exports. They are the third most successful UK singles chart act in
history, with over forty Top 40 singles. The band's last album "Who You Fighting
For" was nominated in the category of "Best Reggae Album" at the 2006 Grammy
Awards.
The new album, entitled "Tyler", is currently scheduled for a March release and
will be supported by a full UK arena tour through November and December promoted
by Live Nation. Both the album release and UK tour will be supported by
extensive promotional media activity.
PORTFOLIO SUMMARY
The portfolio investments existing at the beginning of the reporting period are
in various stages of production and release.
Travis
The album "The Boy With No Name" was released in May 2007 and has sold in excess
of 100,000 units and reached number 4 in the charts. Two singles have been
released to date with the third due for release in mid September and the band is
planning a UK tour at the end of the year.
The Heights
The album, "Toys and Kings" was released in June 2007. The album has enjoyed
greater success in the Japanese market than at home where sales have been slow.
4 singles have so far been released and the artist continues to promote itself
at various festivals in the UK and abroad. They are confirmed to play at the 2
biggest festivals in Canada to be followed by shows in Quebec and Ontario.
Indiana Gregg
The album "Woman at Work" was released in April 2007. The first single received
limited radio support. Indiana's next single, a strongly produced cover of "One
of Us" by Joan Osbourne, is due for release in October.
Apartment
The album "The Dreamer Evasive" was released in March 2007. Whilst there was
limited radio support for the first single, the artist intends to licence the
record to a US label in return for significant tour support.
David Ford
The first single from the album, "Songs for the Road", was released in early
August and after a soft digital launch, the album reached Number 1 on the iTunes
(Folk/Solo Artist) chart and is sitting within the top 30 of the main iTunes
chart. The album "Songs for the Road" is scheduled for general release during
October to be promoted with a UK tour.
Forthcoming albums
Exciting new album releases from Martina Topley-Bird, Passenger, Peter Gabriel,
Embrace and Prodigy are scheduled for release in the coming months.
In addition to the investments outlined above, the Company made an investment
outside the Reporting Period in girl group Sirens in August 2007. Our portfolio
of investments now totals fifteen and includes an exciting range of diverse
musical artists. The tables below show that we have not only invested in artists
across the musical genres, but also in artists at varying stages in their
careers, giving a balanced mixture of investments to the portfolio.
GENRE
Rock 6
Pop 2
Reggae 1
Electronic 1
Techno Punk 1
World 1
Folk 1
Easy Listening 1
R&B 1
TOTAL 15
CAREER STAGE OF ARTIST
Established Act 5
First Album 5
Second Album 4
Third Album 1
TOTAL 15
Outlook
Despite falling revenues in the recording industry, the demand for music is at
an all time high as listening to music remains among the top activities of
teenagers and adults(2). Such demand is testament to the quality of music
currently being made, but also that people are being offered both a wider
selection combined with further flexibility in how they consume it. The overall
amount of music consumed (including albums, singles, music videos and digital
tracks) in the US in 2006 exceeded one billion units for the second consecutive
year, with volume up 19% on the previous year to over 1.2 billion.(3)
Digital sales continue to account for a larger percentage of recorded music
sales with the UK being one of the top five digital markets alongside the US,
Germany, Canada and Australia. Interestingly, Japan and South Korea have become
the first countries to witness the increase in digital sales offsetting the
decline in the physical market.
The recording industry is going through a period of change as companies have
adapted their business model for the digital age. This has been achieved through
a variety of methods including investing in systems that track digital
transactions, building digital teams and working with digital partners such as
mobile operators and social networking sites. The industry is increasingly
seeing the activities of the Company as a catalyst accelerating this change, and
we are therefore confident that the Company is well positioned to take advantage
of the current market developments and to capitalise on the full range of
intellectual property rights that are attached to our artists.
Nevertheless the Company's ultimate success will depend on investing in one or
more hit albums. By building a portfolio of new and established artists we
believe we have maximized the chances of achieving this.
Contact
If you have any questions on this review or would like to speak to a member of
the management team please do not hesitate to call us on 020 7319 4000.
Ingenious Ventures Limited
20 September 2007
(2) IFPI: Recording Industry in Numbers 2007
(3) Ibid.
Directors Responsibility Statement
The Directors confirm to the best of their knowledge that:
*the condensed set of financial statements contained within the half
yearly financial report has been prepared in accordance with the Accounting
Standards Board's Statement 'Half-Yearly Financial Reports';
*and the Half-Yearly management report includes a fair review of the
information required by 4.2.7R and 4.2.8R of the FSA's Disclosure and
Transparency Rules.
The half yearly financial report was approved by the Board on (20) September and
the above responsibility statement was signed on its behalf by
Patrick McKenna
Chairman
20 September 2007
INVESTMENT PORTFOLIO SUMMARY
as at 31 July 2007
The maximum fair value reduction on any single investment is strictly limited to
30% of cost. This is a result of the contractually guaranteed minimum return on
each investment.
The Heights Recording Limited
----------------------------------- -------- --------
Artist: The Heights
Date of investment: Jan-06
Total invested: #200,000
Valuation: #140,000
Valuation basis: Fair value - Latest Available Information
Percentage of equity held: 49.90%
Album release date Jun-07
------------------------- ---------- ----- -------- --------
Independiente Music Ventures - MTB Limited*
--------------------------------- ----- -------- --------
Artist: Martina Topley-Bird
Date of investment: Jun-06
Total invested: #1,000,000
Valuation: #1,000,000
Valuation basis: Fair value - Price of Recent Investment
Percentage of equity held: 49.90%
Album release date Oct-07
------------------------- ---------- ----- -------- --------
Independiente Music Ventures - Travis Limited
--------------------------------- ----- -------- --------
Artist: Travis
Date of investment: Jul-06
Total invested: #1,500,000
Valuation: #1,500,000
Valuation basis: Fair value - Latest Available Information
Percentage of equity held: 24.95%
Album release date May-07
------------------------- ---------- ----- -------- --------
GR8 Pop Trading Limited*
------------------------- ---------- ----- -------- --------
Artist: Indiana Gregg
Date of investment: Nov-06
Total invested: #417,000
Valuation: #291,900
Valuation basis: Fair value - Latest Available Information
Percentage of equity held: 24.95%
Album release date Apr-07
Funwood Music Limited*
----------------------------------- -------- --------
Artist: Apartment
Date of investment: Nov-06
Total invested: #227,647
Valuation: #159,353
Valuation basis: Fair value - Latest Available Information
Percentage of equity held: 24.95%
Album release date Mar-07
------------------------- ---------- ----- -------- --------
Genius Music Limited*
--------------------------------- ----- -------- --------
Artist: Passenger (formally known as Mike Rosenberg Band)
Date of investment: Nov-06
Total invested: #660,725
Valuation: #660,725
Valuation basis: Fair value - Price of Recent Investment
Percentage of equity held: 24.95%
Album release date Sep-07
------------------------- ---------- ----- -------- --------
High Level Recordings Limited
--------------------------------- ----- -------- --------
Artist: Peter Gabriel
Date of investment: Jan-07
Total invested: #1,000,000
Valuation: #1,000,000
Valuation basis: Fair value - Price of Recent Investment
Percentage of equity held: 24.95%
Album release date Early-08
------------------------- ---------- ----- -------- --------
Independiente Music Ventures - David Ford Limited*
--------------------------------- ----- -------- --------
Artist: David Ford
Date of investment: Jan-07
Total invested: #387,500
Valuation: #387,500
Valuation basis: Fair value - Price of Recent Investment
Percentage of equity held: 24.95%
Album release date Oct-07
Independiente Music Ventures - Embrace
Limited* ----- -------- --------
---------------------------------
Artist: Embrace
Date of investment: Jan-07
Total invested: #700,000
Valuation: #700,000
Valuation basis: Fair value - Price of Recent Investment
Percentage of equity held: 24.95%
Album release date TBA
------------------------- ---------- ----- -------- --------
Cooking Vinyl Ventures Prodigy Limited*
------------------------- ----- -------- --------
Artist: Prodigy
Date of investment: Jan-07
Total invested: #1,000,000
Valuation: #1,000,000
Valuation basis: Fair value - Price of Recent Investment
Percentage of equity held: 24.95%
Album release date Mar-08
--------------------------------- ----- -------- --------
Jolly Rodger Recordings Limited - Vatican
DC ----- -------- --------
---------------------------------
Artist: Vatican DC
Date of investment: Feb-07
Total invested: #276,530
Valuation: #193,571
Valuation basis: Fair value - Latest Available Information
Percentage of equity held: 24.95%
Album release date May-07
-----------------------------------------------
Independiente Music Ventures - Ulrich Schnauss Limited*
-----------------------------------------------
Artist: Ulrich Schnauss
Date of investment: Mar-07
Total invested: #221,875
Valuation: #221,875
Valuation basis: Fair value - Latest Available Information
Percentage of equity held: 24.95%
Album release date Jun-07
-----------------------------------------------
Independiente Music Ventures - Blackbud Limited*
-----------------------------------------------
Artist: Blackbud
Date of investment: Jun-07
Total invested: #584,375
Valuation: #584,375
Valuation basis: Fair value - Price of Recent Investment
Percentage of equity held: 24.95%
Album release date Feb-08
------------------------- ---------- ----- -------- --------
Reflex Licensing Limited*
-----------------------------------------------
---------- ----- -------- --------
Artist: UB40
Date of investment: Jul-07
Total invested: #471,765
Valuation: #471,765
Valuation basis: Fair value - Price of Recent Investment
Percentage of equity held: 24.95%
Album release date Mar-08
-----------------------------------------------
TOTAL INVESTMENTS
-----------------------------------------------
Total invested: #8,647,417
Valuation: #8,311,064
* The company has recently been incorporated and had not yet filed audited
accounts.
INCOME STATEMENT (UNAUDITED)
for the six months ended 31 July 2007
Six months ended 31 July 2007
Revenue Capital Total
Note #'000 #'000 #'000
---------------------- ----- --- ------- --- ------- --- -------
Gains on disposal of - 104 104
investments
Increase/(decrease) in fair
value of - (304) (304)
investments held
Investment income 4 11 15
Investment management fees (95) (94) (189)
Other expenses (105) - (105)
---------------------- ----- --- ------- --- ------- --- -------
Loss on ordinary activities before
taxation (196) (283) (479)
Tax on ordinary activities - - -
---------------------- ----- --- ------- --- ------- --- -------
Loss attributable to equity shareholders (196) (283) (479)
---------------------- ----- --- ------- --- ------- --- -------
Basic and diluted return per
share 2 (1.3) (1.9) (3.2)
(pence) ----- --- ------- --- ------- --- -------
----------------------
The Company has no recognised gains and losses other than those disclosed above.
INCOME STATEMENT (UNAUDITED) continued
Six months ended 31 July 2006 Year ended 31 January 2007
Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
------- --- ------- --- ------- ------- --- ------- --- -------
- - - - 96 96
- 113 113 - 234 234
123 19 142 125 55 180
(63) (63) (126) (170) (170) (340)
(122) - (122) (190) (38) (228)
------- --- ------- --- ------- ------- --- ------- --- -------
(62) 69 7 (235) 177 (58)
- - - - - -
------- --- ------- --- ------- ------- --- ------- --- -------
(62) 69 7 (235) 177 (58)
------- --- ------- --- ------- ------- --- ------- --- -------
(0.4) 0.5 0.1 (1.6) 1.2 (0.4)
------- --- ------- --- ------- ------- --- ------- --- -------
BALANCE SHEET (UNAUDITED)
as at 31 July 2007
31 July 2007 31 July 2006 31 January 2007
Note #'000 #'000 #'000
----------------------- ----- ------- ------- --------
Fixed assets
Qualifying investments 8,311 2,200 6,593
----------------------- ----- ------- ------- --------
Current assets
Debtors 10 8 10
Non-Qualifying investments 3 5,245 12,158 7,414
Cash at bank and in hand 300 22 2,026
----------------------- ----- ------- ------- --------
Creditors: amounts falling
due within one year (33) (11) (1,731)
----------------------- ----- ------- ------- --------
Net current assets 5,522 12,177 7,719
----------------------- ----- ------- ------- --------
Net assets 13,833 14,377 14,312
----------------------- ----- ------- ------- --------
Capital and reserves
Called-up share capital 151 151 151
Share premium account 4 6,867 6,867 6,867
Other reserves 4 7,471 7,471 7,471
Capital reserves
realised 4 (123) (131) (144)
unrealised 4 (38) 145 266
Revenue reserve 4 (495) (126) (299)
----------------------- ----- ------- ------- --------
Equity shareholders' funds 13,833 14,377 14,312
----------------------- ----- ------- ------- --------
Net asset value (pence per
share) 5 91.7 95.3 94.8
----------------------- ----- ------- ------- --------
reconciliation of movements in shareholders' funds (Unaudited)
as at 31 July 2007
31 July 2007 31 July 2006 31 January 2007
#'000 #'000 #'000
----------------------- ------- ------- --------
Opening Equity shareholders'
funds 14,312 14,370 14,370
Profit/(loss) for the period (479) 7 (58)
----------------------- ------- ------- --------
Closing Equity shareholders'
funds 13,833 14,377 14,312
----------------------- ------- ------- --------
CASH FLOW STATEMENT (UNAUDITED)
for the six months ended 31 July 2007
Six months Six months Year ended
ended ended
31 July 2007 31 July 2006 31 January 2007
#'000 #'000 #'000
--------------------- ---------- ---------- ----------
Net cash outflow from
operating activities (1,977) (76) (540)
--------------------- ---------- ---------- ----------
Capital expenditure and financial
investment
Purchase of Qualifying
investments (2,054) (2,200) (4,693)
Purchase of Non-qualifying
investments (1,125) (12,513) (12,549)
Disposal of Non-qualifying
investments 3,430 2,000 6,997
--------------------- ---------- ---------- ----------
Net cash inflow/(outflow)
from capital expenditure
and financial investment 251 (12,713) (10,245)
--------------------- ---------- ---------- ----------
--------------------- ---------- ---------- ----------
Decrease in cash (1,726) (12,789) (10,785)
--------------------- ---------- ---------- ----------
Reconciliation of Profit/(Loss) Before Taxation to Net Cash Flow from Operating
Activities
#'000 #'000 #'000
--------------------- ---------- ---------- ---------
Profit/(loss) on ordinary activities before (479) 7 (58)
tax
Gains on investments (104) - (96)
Decrease/(increase) in fair value of 304 (113) (234)
investments held
Decrease in receivables - 148 146
Decrease payables (1,698) (118) (298)
--------------------- ---------- ---------- ---------
Net cash outflow from operating activities (1,977) (76) (540)
--------------------- ---------- ---------- ---------
Reconciliation of Net Cash Flow to Movement in Net Funds
#'000 #'000 #'000
--------------------- ---------- ---------- ---------
Opening cash balances 2,026 12,811 12,811
Net cash outflow (1,726) (12,789) (10,785)
--------------------- ---------- ---------- ---------
Closing cash balances 300 22 2,026
--------------------- ---------- ---------- ---------
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
for the six months ending 31 July 2007
1. Accounting Policies
(a) Basis of Accounting
The financial statements for the half year ended 31 July 2007 have been prepared
in compliance with the UK Generally Accepted Accounting Practice (UK GAAP), and
with the Statement of Recommended Practice (the SORP) entitled "Financial
Statements of Investment Trust Companies" which was issued in January 2003 and
revised in December 2005.
This statement has been prepared using accounting policies and presentation
consistent with those applied in the preparation of the accounts for the year
ended 31 January 2007.
(b) Valuation of Investments
Qualifying Investments
Unquoted investments including equity and loan investments are stated at fair
value in accordance with the International Private Equity and Venture Capital
Guidelines and Financial Reporting Standard 26 "Financial Instruments
Measurement" (FRS 26). They are designated at Fair Value Through Profit and Loss
in accordance with FRS 26.
The guidelines set out six permissible valuation methodologies, of these the two
methodologies most applicable to the VCT investments are:
1 - Price of recent investment. Where the investment being valued was made
recently, its cost will generally provide a good indication of value. It is
generally considered that this would only apply for a limited period, in
practice a period of up to a year is often applied as the long stop date for
such a valuation.
2 - Discounted cash flows/earnings of the underlying business, calculating the
net present value of expected future cashflows of the investee companies. In
relation to the VCT investments, anticipating future cashflows in excess of the
guaranteed amounts would clearly require highly subjective judgements to be made
in the early stage of each investment (i.e. pre-release) and therefore would not
be an appropriate methodology to apply in the early stage of the investment.
The adopted approach fair values the investments at the "price of recent
investment" (i.e. cost) in their first year of investment. Subsequently, the
portfolio of investments is fair valued on the discounted cash flow/earnings
basis using the latest available information following the release of the
artists' records/albums.
Non-Qualifying Investments
The Company's investments in interest bearing money market open ended investment
companies (OEIC's) are valued at mark-to-market. They have been designated as
fair value and recognised as revenue through the income statement for the
purposes of FRS26.
Gains and losses arising from changes in fair value of Qualifying and
Non-qualifying investments are recognised as part of the capital return within
the income statement and allocated to the realised or unrealised capital reserve
as appropriate. Transaction costs attributable to the acquisition or disposal of
investments are charged to the capital return within the income statement.
(c) Investment income
Interest income is included on an accruals basis.
(d) Expenses
All expenses are accounted for on an accruals basis. Expenses are charged to
revenue within the income statement except that:
* expenses which are incidental to the acquisition or disposal of an
investment are charged to capital
as incurred; and
* expenses are split and presented partly as capital items where a
connection with the maintenance
or enhancement of the value of the investments held can be demonstrated.
2. Basic and Diluted Return per Share
The calculation of basic return per share is based on the return on ordinary
activities after tax for the six months ended 31 July 2007 and on 15,093,283
(2006 - 15,093,283) ordinary shares, being the weighted average number of shares
in issue during the period.
There are no dilutive elements and hence the basic return per share is the same
as the diluted return per share.
3. Non-qualifying investments
In order to safeguard the capital available for investment in Qualifying
Investments and balance this with the need to provide good returns to investors,
available funds from the net proceeds are invested in appropriate securities
(money market securities and cash funds) until required for Qualifying
Investment purposes.
Included within the total amount of Non-qualifying investments, #2.0 million is
invested in the Ingenious Enhanced Cash Fund, which is a quoted cash fund
managed by Ingenious Asset Management Limited.
4. Reserves
Share premium Other reserve Capital Capital Revenue reserve Total reserves
realised unrealised
#'000 #'000 #'000 #'000 #'000 #'000
-------------- ------ ------ ------ ------- ------ -------
At 1 February
2007 6,867 7,471 (144) 266 (299) 14,161
Gain on
disposal of
investments - - 104 - - 104
Decrease in
fair value of
investments
held - - - (304) - (304)
Investment
Income - - 11 - 4 15
Investment
management
fees - - (94) - (95) (189)
Other expenses - - - - (105) (105)
-------------- ------ ------ ------ ------- ------ -------
At 31 July 2007 6,867 7,471 (123) (38) (495) 13,682
-------------- ------ ------ ------ ------- ------ -------
5. Net Asset Value Per Share
The calculation of net asset value per share is based on the net assets at 31
July 2007 divided by the 15,093,283 (2006 - 15,093,283) ordinary shares in issue
at that date.
6. The unaudited half-yearly financial statements for the period ended 31 July
2007 do not constitute statutory accounts within the meaning of Section 240 of
the Companies Act 1985 and have not been delivered to the Registrar of
Companies.
7. Copies of the unaudited half-yearly report are being sent to all
shareholders. Further copies can be obtained from the Company's Registered
Office at 15 Golden Square, London, W1F 9JG.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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