Annual Financial Report

RNS Number : 1410L

Schroder UK Growth Fund PLC

01 July 2014

 

1 July 2014

ANNUAL REPORT AND ACCOUNTS

Schroder UK Growth Fund plc (the "Company") hereby submits its annual financial report for the year ended 30 April 2014 as required by the UK Listing Authority's Disclosure and Transparency Rule 4.1. 

The Company's Annual Report and Accounts for the year ended 30 April 2014 are also being published in hard copy format and an electronic copy will shortly be available to download from the Company's website http://www.schroderukgrowthfund.com  Please click on the following link to view the document:

The Company has submitted its Annual Report and Accounts to the National Storage Mechanism and it will shortly be available for inspection at www.hemscott.com/nsm.do.

http://www.rns-pdf.londonstockexchange.com/rns/1410L_-2014-7-1.pdf

Enquiries:

John Spedding

Schroder Investment Management Limited               

Tel: [phone]

Chairman's Statement

Performance

The Company's amended investment policy was introduced during the year ended 30 April 2014, following approval by shareholders at the General Meeting held on 30 July 2013. From that time, Julie Dean has managed the portfolio in line with the policy she has used successfully with the open-ended Cazenove UK Opportunities Fund. As I outlined in my Statement last year, the Board negotiated both a permanent reduction in investment management fees and a contribution from Schroders towards the costs of transitioning the portfolio in the form of a six-month management fee holiday. It is pleasing to see that the Company's portfolio showed good absolute performance and, during the year, the net asset value produced a total return of 12.4%, while the share price saw a total return of 16.6%. These compare with a total return of 10.5% produced by the FTSE All-Share Index over the same period.

Further comment on performance and investment policy may be found in the Investment Manager's Review.

Earnings and Dividends

One consequence of the change in investment policy has been an increase in investment income. The income for the year under review was also boosted by the one-off management fee waiver and some special dividends, which may not be repeated next year. The income from the portfolio rose by 47.7% on the previous year from £6.7m to £9.8m and earnings per share increased by 47.8%, from 4.14p to 6.12p per share.

The Directors have declared a second interim dividend of 2.25p per share, making a total of 4.50p per share for the year as a whole, an increase of 12.5% over total dividends of 4.00p payable in respect of the previous year. In addition, the Directors have declared a special dividend of 1.00p per share for the year ended 30 April 2014 reflecting the exceptional boost to net income enjoyed in the period. Both the second interim dividend and the special dividend will be payable on 31 July 2014 to shareholders on the Register on 11 July 2014.

Alternative Investment Fund Managers Directive (AIFMD)

It is intended that, like other investment trusts, the Company will become classified as an Alternative Investment Fund in accordance with the AIFMD. The Directive requires the Company to appoint an Alternative Investment Fund Manager (AIFM) and for a Depositary to be appointed. The Company has made preparations for the Directive and has agreed terms with counterparties.

Gearing Policy and AIFMD Leverage Limit

During the year, the Company maintained its borrowing facility at £35 million and increased drawings from £25 million to £30 million.

The net effective gearing level (which takes account not only of the borrowings but any cash held by the Investment Manager) at the beginning of the year was 4.9% and had increased to 9.3% by the end of the year. The average net effective gearing level during the year under review was 6.6%. The Company's gearing continues to operate within pre-agreed limits so that net effective gearing does not represent more than 20% of shareholders' funds. It should be noted that the effect of gearing is to amplify underlying investment performance. Broadly speaking, the Board expects the Company to operate throughout the year with a gearing level of around 10%.

The AIFMD has introduced a requirement for the AIFM to set maximum levels of leverage, using a wider definition than borrowing and including the use of derivatives. Full details of this leverage limit may be found on the AIFM's website from the date on which the Company becomes an Alternative Investment Fund.

Discount Management Policy

The Board continued to operate a formal discount management policy during the year under review and, accordingly, the Company seeks to maintain the discount to the net asset value at which its shares are quoted on the London Stock Exchange at no greater than 5% over the long term.

The average discount during the year was 2.8% and no shares were purchased for cancellation in support of the Board's discount management policy. The Directors are seeking authority from shareholders for a renewal of the required authorities to purchase shares for cancellation or to hold shares in Treasury for reissue at a premium to net asset value, to assist with achieving the target long-term discount level established by the formal discount management policy.

From time to time, it will be necessary for the Board to review target levels should general market conditions dictate.

Board Composition

Your Board continues to monitor its composition and independence and, in accordance with its long term succession plan and having regards to the appropriate balance of skills, experience and diversity of the Board, Mr David Ritchie is retiring at the Annual General Meeting and will not seek re-election as a Director of the Company. I would like to take this opportunity to thank David for his invaluable contribution to the Company and his sound advice over the last 13 years.

I am pleased to announce that Ms Carolan Dobson was appointed as a non-executive Director of the Company, with effect from 13 March 2014. The election of Ms Dobson will be proposed at the Annual General Meeting and a brief summary of her experience and background may be found below.

Ms Dobson is Chairman of Aberdeen Smaller Companies High Income Trust plc and JP Morgan European Smaller Companies Trust plc. She is also a non-executive Director of Brunner Investment Trust plc. She was a fund manager holding a number of positions including Director at Murray Johnstone Limited and subsequently undertook several key roles at Abbey Asset Managers Limited.

Continuation Vote

The Notice of the Annual General Meeting contains an ordinary resolution proposing that the Company should continue as an investment trust for a further five year period.

During the year, the Board considered the future options for the Company at some length following the departure of Richard Buxton, the previous lead manager, from Schroders. Following this review by the Board, carried out independently from Schroders with advice from the Corporate Broker, Schroders was re-appointed and Julie Dean was appointed as lead portfolio manager. Subsequently shareholders approved an amendment to the investment policy in order for the Company's portfolio to be managed in the style which she applies to the Cazenove UK Opportunities Fund.

The Board considers that the long term investment objectives of the Company remain appropriate and that the Manager is well placed to deliver superior returns over the longer term.

The Board has therefore decided unanimously to recommend that the Company continues as an investment trust. The Directors will be voting their shares accordingly and wish to encourage all other shareholders likewise to vote in favour of continuation.

Outlook

It has been 5 years since the market bottomed after the financial crisis. Since then, I have been able to report both a rise in the Company's net asset value and outperformance of the benchmark in four of the last five years, with the net asset value total return being +138% over those five years. It would be tempting fate to anticipate similar returns going forward, but your Board believes that there is still potential in the UK stock market to be exploited by our fund manager.

The market faces a number of challenges, not least of sustained growth, but does offer a plausible long term alternative to the low yields on cash and bonds. Equally, the process that led to us recommending at last year's General Meeting the change in lead manager and policy emphasised the confidence we have in Julie Dean and her team.

Annual General Meeting

The Annual General Meeting will be held at 12.00 noon on Tuesday 5 August 2014, and shareholders are encouraged to attend. I hope as many of you as possible will be able to come along. The meeting, as in previous years, will include a presentation by the Investment Manager on the prospects for the UK market and the Company's investment strategy.

Alan Clifton

Chairman

30 June 2014

Investment Manager's Review

Over the 12 months to 30 April 2014 the total return on the Company's net asset value was 12.4%, compared to the total return from the FTSE All Share index of 10.5% (source: Morningstar).

Market Background

The first month of the Company's year, May, saw the UK market achieving a record 13 consecutive months of rises. The US Federal Reserve brought this streak to an end when they began to discuss a tapering of their asset purchases. Market momentum recovered later in the summer, and since then prices have generally risen, albeit in a volatile fashion. The rise was characterised by underperformance from larger-sized stocks relative to their smaller peers until February, since when there has been a rotation in leadership with oil majors, mining and food and drink companies improving after languishing through much of the last two years. The accompanying de-rating of consumer cyclicals and growth stocks, which make up a substantial proportion of UK mid caps, has left the mid cap FTSE 250 index falling since December.

The rise in the market has been at odds with a recent - and broadly unexpected - rally in the UK bond market, illustrating that there are two conflicting views of the economic outlook at the moment. The bond market seems to be anticipating low economic growth and low inflation, while the stock market is still anticipating a healthy environment for corporate profits growth. One important part of the debate is over how long central banks worldwide keep interest rates at the current low levels.

Change in Investment Policy

The portfolio was changed to a new investment policy after agreement from shareholders at the July General Meeting. As was described then, the lead portfolio manager became Julie Dean, who joined Schroders that month as part of Schroders' acquisition of Cazenove Capital Holdings Ltd. The investment policy was changed to allow her to manage the portfolio in the style she applies to the Cazenove UK Opportunities Fund (now the Schroder UK Opportunities Fund), an open-ended fund that is AAA-rated by Citywire.

This style follows a business cycle approach to investing, seeking to outperform the market with less volatility than the peer group's average. This differs from the more concentrated and stock-specific approach of the former policy, and as a result there has been substantial change in the holdings. One of the more visible differences is that there are now more holdings (potentially up to 65 rather than 20-40 before), including exposure to small-cap and AIM shares (up to a maximum of 5% in each).

Performance

Given the change in portfolio manager, the period split into two in terms of performance.

Under the former policy, the portfolio benefited from some of its domestic cyclical holdings such as Lloyds Banking, Taylor Wimpey, and in the retail sector. Performance was more mixed under the new policy, with Perform Group, RSA and Tate & Lyle among the biggest detractors after profits warnings. The Budget announcement that UK retirees would no longer be obliged to purchase a pension annuity hit holdings in Partnership Assurance and Just Retirement. We continue to hold Perform where we feel that management has refocused on the core business where it is a leader in its growing niche. However, we have sold out of the others now that the investment case has changed. Not holding AstraZeneca when there was a bid from Pfizer was also unhelpful.

On the positive side, Sage, GKN and Legal & General provided good returns. Not holding HSBC was also helpful from a relative perspective.

Outlook

Economic activity data has recently shown improvements worldwide. Although inflation remains at the low end of the authorities' comfort zones, there is starting to be a pick-up in some prices, which is reassuring for investors worried about the dangers of deflation. We anticipate that the first UK interest rate increase will come earlier than economists are forecasting.

There is no evidence from previous business cycles that equities cannot make progress at the tightening stage, but this time round there have been an extraordinary amount of unconventional and untested policies. The market cycle may yet end with another surge of investor confidence that sends prices much higher. However share price volatility has been very low, encouraging us to tilt the portfolio more defensively.

We have done this by cutting back some of the cyclical holdings, but the portfolio remains overweight stocks expected to benefit from the continuing business expansion: in consumer cyclicals (eg Daily Mail & General Trust, Thomas Cook), industrial cyclicals (eg GKN, Melrose), and commodity stocks (eg. the miners and Royal Dutch Shell). These are complemented by a significant underweight in "value defensive" companies - those with steady profits whose share prices have been overvalued by investors wanting security - and financials.

At the end of April the portfolio had 59 holdings, illustrating the change from the earlier policy (there were 35 holdings a year ago), and there is an overweight in mid-cap stocks at the expense of larger-sized ones. We have targeted keeping Gearing close to 10% for much of the time since the change in policy, and this is expected to continue until we become materially more concerned about the level of the overall market.

Schroder Investment Management Limited

30 June 2014

Principal Risks and Uncertainties

The Board has adopted a matrix of key risks which affect its business and has put in place a robust framework of internal control which is designed to monitor those risks and to enable the Directors to mitigate them as far as possible. The matrix and the monitoring system, which have been in place throughout the year and which are reviewed annually by the Board, assist in determining the nature and extent of the risks the Board is willing to take in achieving its strategic objectives. The principal risks are considered to be as follows:

Investment activity and performance

An inappropriate investment strategy (for example in terms of asset allocation or the level of gearing) may result in underperformance against the market and the companies in its peer group. The Board monitors at each Board meeting the Manager's compliance with the Company's Investment Restrictions.

Financial Risk

The Company is exposed to the effect of market fluctuations due to the nature of its business. A significant fall in UK equity markets would have an adverse impact on the market value of the Company's underlying investments. The Board considers the portfolio's risk profile at each Board meeting and discusses with the Manager appropriate strategies to mitigate any negative impact of substantial changes in markets.

The Company utilises a credit facility, currently in the amount of £35 million, which increases the funds available for investment through borrowing. Therefore, in falling markets, any reduction in the net asset value and, by implication the consequent share price movement, is amplified by the gearing. The Directors keep the Company's gearing under constant review and impose strict restrictions on borrowings to mitigate this risk. The Company's gearing continues to operate within pre-agreed limits so that gearing does not exceed 20% of shareholders' funds.

A full analysis of the financial risks facing the Company is set out in note 20 on pages 38 to 41 of the 2014 Annual Report.

Strategic Risk

Over time investment vehicles and asset classes can become out of favour with investors or may fail to meet their investment objectives. This may be reflected in a wide discount of the share price to underlying asset value. Directors periodically review whether the Company's investment remit remains appropriate and continually monitor the success of the Company in meeting its stated objectives.

Accounting, Legal and Regulatory Risk

In order to continue to qualify as an investment trust, the Company must comply with the requirements of Section 1158 of the Corporation Tax Act 2010. Should the Company not comply with these requirements, it might lose investment trust status and capital gains within the Company's portfolio could, as a result, be subject to Capital Gains Tax.

Breaches of the UK Listing Rules, the Companies Acts or other regulations with which the Company is required to comply, could lead to a number of detrimental outcomes and damage the Company's reputation. Breakdown of the controls of service providers, including the Manager, could also lead to reputational damage or loss.

Statement of Directors' Responsibilities

The Directors are responsible for preparing the Annual Report, the Report of the Directors including the Corporate Governance Statement, the Remuneration 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 prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they 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:

·      select suitable accounting policies and then apply them consistently;

·      make judgements and accounting estimates that are reasonable and prudent; and

·      state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements respectively.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements and the Remuneration Report comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Directors, whose names and functions are set out in the inside front cover of the 2014 Annual Report, confirms that, to the best of their knowledge:

•      the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and net return of the Company;

•      the Strategic Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces; and

•      Considers that the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's performance, business model and strategy.

Going Concern

The Directors believe that, having considered the Company's investment objective (see inside front cover), risk management policies (see note 20 to the accounts on pages 38 to 41 of the 2014 Annual Report), capital management policies and procedures (see note 21 to the accounts on page 41 of the 2014 Annual Report), expenditure projections and the fact that the Company's investments comprise readily realisable securities which can be sold to meet funding requirements if necessary, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. For these reasons, they consider that there is reasonable evidence to continue to adopt the going concern basis in preparing the financial statements. The ongoing validity of the going concern basis depends on the outcome of the continuation vote, on which the Board is recommending that shareholders vote in favour. In particular, no provision has been made for the costs of winding-up the Company or liquidating its investments in the event that the resolution is not passed.

Income Statement

for the year ended 30 April 2014

		2014			2013
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments held at fair value through profit or loss	-	25,148	25,148	-	53,290	53,290
Income from investments	10,700	-	10,700	7,682	-	7,682
Other interest receivable and similar income	58	-	58	55	-	55
Gross return	10,758	25,148	35,906	7,737	53,290	61,027
Investment management fee	(271)	(633)	(904)	(481)	(1,122)	(1,603)
Administrative expenses	(528)	-	(528)	(460)	-	(460)
Net return before finance costs and taxation	9,959	24,515	34,474	6,796	52,168	58,964
Finance costs	(117)	(273)	(390)	(125)	(292)	(417)
Net return on ordinary activities before taxation	9,842	24,242	34,084	6,671	51,876	58,547
Taxation on ordinary activities	1	-	1	(5)	-	(5)
Net return on ordinary activities after taxation	9,843	24,242	34,085	6,666	51,876	58,542
Return per share	6.12p	15.06p	21.18p	4.14p	32.23p	36.37p

Dividends declared in respect of the financial year ended 30 April 2014 amount to 5.50p (2013: 4.00p) per share. Further information on dividends is given in note 8 on page 35 of the 2014 Annual Report.

The "Total" column of this statement is the profit and loss account of the Company. The "Revenue" and "Capital" columns represent supplementary information prepared under guidance issued by The Association of Investment Companies. The Company has no recognised gains and losses other than those included in the results above and therefore no separate statement of total recognised gains and losses has been presented.

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year.

Reconciliation of Movements in Shareholders' Funds

for the year ended 30 April 2014

	Called-up		Capital	Share	Warrant
	share	Share	redemption	purchase	exercise	Capital	Revenue
	capital	premium	reserve	reserve	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 30 April 2012	40,569	9,829	19,409	78,766	417	70,196	5,018	224,204
Net return on ordinary
activities	-	-	-	-	-	51,876	6,666	58,542
Dividends paid in the year	-	-	-	-	-	-	(6,033)	(6,033)
Repurchase and cancellation
of the Company's own
Ordinary shares	(137)	-	137	(695)	-	-	-	(695)
Cancellation of Subscription
shares	(213)	-	213	-	-	-	-	-
Conversion of Subscription shares
into Ordinary shares	(1)	1	-	-	-	-	-	-
Issue of Ordinary shares on
exercise of Subscription shares	11	45	-	-	-	-	-	56
At 30 April 2013	40,229	9,875	19,759	78,071	417	122,072	5,651	276,074
Net return on ordinary activities	-	-	-	-	-	24,242	9,843	34,085
Dividends paid in the year	-	-	-	-	-	-	(7,242)	(7,242)
At 30 April 2014	40,229	9,875	19,759	78,071	417	146,314	8,252	302,917

Balance Sheet

at 30 April 2014

	2014	2013
	£'000	£'000
Fixed assets
Investments held at fair value through profit or loss	322,497	288,229
Current assets
Debtors	17,002	2,038
Cash at bank and in hand	1,696	11,391
	18,698	13,429
Current liabilities
Creditors: amounts falling due within one year	(38,278)	(25,584)
Net current liabilities	(19,580)	(12,155)
Net assets	302,917	276,074
Capital and reserves
Called-up share capital	40,229	40,229
Share premium	9,875	9,875
Capital redemption reserve	19,759	19,759
Share purchase reserve	78,071	78,071
Warrant exercise reserve	417	417
Capital reserves	146,314	122,072
Revenue reserve	8,252	5,651
Total equity shareholders' funds	302,917	276,074
Net asset value per share	188.24p	171.56p

Cash Flow Statement

for the year ended 30 April 2014

	2014	2013
	£'000	£'000
Net cash inflow from operating activities	8,145	5,067
Servicing of finance
Interest paid	(394)	(423)
Net cash outflow from servicing of finance	(394)	(423)
Taxation
Overseas tax (paid) / recovered	(5)	24
Investment activities
Purchases of investments	(472,324)	(31,790)
Sales of investments	457,125	37,102
Net cash (outflow)/inflow from investment activities	(15,199)	5,312
Dividends paid	(7,242)	(6,033)
Net cash (outflow)/inflow before financing	(14,695)	3,947
Financing
Repurchase and cancellation of the Company's own Ordinary shares	-	(695)
Issue of Ordinary shares on exercise of Subscription shares	-	56
Net cash outflow from financing	-	(639)
Net cash (outflow)/inflow in the year	(14,695)	3,308

Notes to the Accounts

1.   Accounting Policies

The accounts are prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ("UK GAAP") and with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" (the "SORP") issued by the Association of Investment Companies in January 2009. All of the Company's operations are of a continuing nature.

The accounts have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of investments at fair value.

The policies applied in these accounts are consistent with those applied in the preceding year.

2.   Income

		2014	2013
		£'000	£'000
Income from investments:
UK dividends		10,547	7,503
Property income dividends		56	-
Scrip dividends		97	179
		10,700	7,682
Other interest receivable and similar income:
Deposit interest		21	20
Underwriting commission		37	35
		58	55
Total income		10,758	7,737

3.    Investment management fee

	2014			2013
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Management fee	271	633	904	481	1,122	1,603

The basis for calculating the investment management fee is set out in the Report of the Directors on page 16 of the 2014 Annual Report.

4.   Dividends

(a)  Dividends paid and declared

		2014	2013
Dividends paid		£'000	£'000
2013 second interim dividend of 2.25p (2012: 2.00p)		3,621	3,217
2014 first interim dividend of 2.25p (2013: 1.75p)		3,621	2,816
Total dividends paid in the year		7,242	6,033
		2014	2013
Dividends declared		£'000	£'000
2014 second interim dividend declared of 2.25p (2013: 2.25p)		3,621	3,621
2014 special dividend of 1.00p (2013: nil)		1,609	-
Total dividends declared		5,230	3,621

(b)  Dividends for the purposes of Section 1158 of the Corporation Tax Act 2010 ("S1158")

The requirements of Section 1158 are considered on the basis of dividends declared in respect of the financial year as shown below. The revenue available for distribution by way of dividend for the year is £9,843,000 (2013: £6,666,000).

		2014	2013
		£'000	£'000
First interim dividend of 2.25p (2013: 1.75p)		3,621	2,816
Second interim dividend of 2.25p (2013: 2.25p)		3,621	3,621
Special dividend of 1.00p (2013: nil)		1,609	-
Total dividends of 5.50p (2013: 4.00p) per share		8,851	6,437

5.   Return per share

		2014	2013
		£'000	£'000
Revenue return		9,843	6,666
Capital return		24,242	51,876
Total return		34,085	58,542
Weighted average number of shares in issue during the year		160,917,184	160,930,746
Revenue return per share		6.12p	4.14p
Capital return per share		15.06p	32.23p
Total return per share		21.18p	36.37p

6.   Net asset value per share

		2014	2013
Net assets attributable to Ordinary shareholders (£'000)		302,917	276,074
Ordinary shares in issue at the year end		160,917,184	160,917,184
Net asset value per share		188.24p	171.56p

7.   Transactions with the Manager

The Company has appointed Schroder Investment Management Limited (the "Manager"), a wholly owned subsidiary of Schroders plc, to provide investment management, accounting, secretarial and administration services. Details of the Investment Management Agreement (IMA) are given in the Report of the Directors on page 16 of the 2014 Annual Report. If the Company invests in funds managed or advised by the Manager or any of its associated companies, those funds are excluded from the assets used for the purposes of the management fee calculation and therefore attract no fee.

8. Status of announcement

2013 Financial Information

The figures and financial information for 2013 are extracted from the published Annual Report and Accounts for the year ended 30 April 2013 and do not constitute the statutory accounts for that year. The 2013 Annual Report and Accounts have been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

2014 Financial Information

The figures and financial information for 2014 are extracted from the Annual Report and Accounts for the year ended 30 April 2014 and do not constitute the statutory accounts for the year. The 2014 Annual Report and Accounts include the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The 2014 Annual Report and Accounts will be delivered to the Registrar of Companies in due course.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

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