Interim Results

Baronsmead VCT 3 PLC 11 August 2006 Baronsmead VCT 3 plc To: Company Announcements From: Baronsmead VCT 3 plc Date: 11 August 2006 Interim Results for the period to 30 June 2006 Highlights • NAV per share increased by 10.2 per cent to 125.45p before payment of a 2.5p interim dividend. • NAV per C share increased by 0.3 per cent to 95.43p before payment of a 1p interim dividend. • After dividend payments, the NAV per ordinary share was 122.95p and the C share was 94.43p at 30 June 2006. • The total return since launch in 2001 on the ordinary shares is 59.2 per cent (AITC method), which is equivalent to an annualised investment return of 9.0 per cent. The Chairman, Mark Cannon Brookes, said 'The unquoted investments have continued to progress well with good uplifts in value. The resulting increase in NAV per share for the ordinary shares at 30 June 2006 has been achieved against a backdrop of increasingly uncertain and volatile markets. The Finance Act 2006 confirmed the earlier proposed VCT legislative revisions. As a result the Dividend Reinvestment Scheme will be suspended and replaced by a Scheme whereby existing ordinary shares will be issued in lieu of dividends to ordinary shareholders only. RESULTS | In the six months to 30 June 2006, the Net Asset Value (NAV) per ordinary share increased by 10.23 per cent from 113.81p (after the final dividend) to 125.45p before payment of the interim dividend. A 2.5p interim dividend for ordinary shares has been declared and will be paid on 20 October 2006, once ordinary shareholders have confirmed whether they wish to receive cash or existing shares in lieu. The final tranche of the 24 million C share fund raising was issued on 3 January 2006 amounting to £5.8 million net proceeds. The total return for the C shares increased by 0.3 per cent based on the net revenue received from the gilt and cash portfolio. After the interim dividend of 1p per share, the resulting NAV per C share was 94.43p at 30 June 2006. The total return in the first six months for the ordinary share portfolio was achieved after a performance fee of £288,000 (including VAT) has been accrued, assuming that the performance is sustained in the remaining six months. This is equivalent to 0.9p per ordinary share. No performance fee has yet been triggered by the C share pool of assets. The six VCT tests relating to the running of Baronsmead VCT 3 were met during the period. The most visible of these tests is that more than 70 per cent of the portfolio has been invested in qualifying investments beyond the first three accounting periods. At the period end, 89 per cent of the capital raised (net of launch costs) prior to 1 January 2004 was invested in VCT qualifying investments. Some £12 million of the C share capital requires to be invested in qualifying investments by 31 December 2007 and this rate has been achieved to date with £3.5 million invested. During the period 313,708 new ordinary shares were issued at a price of 117.8p per share to existing shareholders who had subscribed to the Dividend Reinvestment Scheme (DRIS). The Company bought back 1,140,000 ordinary shares to be held in Treasury at an average price of 106p, representing a discount of approximately 10 per cent to NAV per share. LONG TERM PERFORMANCE | The total return since inception is 59 per cent for the ordinary shares and 0.5 per cent for the C shares to date. These returns are stated net of running costs but prior to launch costs being taken into account. The ordinary share total return is over 20 per cent ahead of the peer group average of five generalist VCTs and in the five years to 30 June 2006 also ranks Baronsmead VCT 3 in the top half of the 17 conventional Private Equity Investment Trusts identified by AITC (source: www.Trustnet.com). VCT reliefs were designed to redress both the restrictive nature of the VCT legislation under which qualifying investments can be selected and the perceived higher risk for investing in smaller unquoted and AiM-traded companies. If the initial 20 per cent subscription relief is taken into account, Baronsmead VCT 3 is ranked in the top quartile and ahead of many well-known names in private equity. The total return since launch of 59 per cent is the absolute measure of the Manager's investment performance. From an investor's perspective, if a shareholder had invested £100 (after £5 launch costs) in 2001, the NAV per share assuming dividends reinvested is £152 to which the subscription tax relief can also be added. THE PORTFOLIO | In the six months under review, 5 new investments were made and after the sale of the investments in Language Line and Accuma Group, the portfolio increased to 63 companies. Further rounds of investment were made in Jelf Group and Driver Group. The C share portfolio now has 8 investments valued at £3.5 million. Five unquoted investments were revalued for the first time. Good trading progress was also sustained at Martin Audio, Occam, RLA Group and Americana leading to an 8.4p NAV per ordinary share uplift well spread across this part of the portfolio. There was considerable volatility in the prices of AiM-traded companies as the market rose strongly until the end of May and then went sharply into reverse taking many of the gains away leaving the value of the portfolio £0.8 million ahead from 31 December 2005. Top slicing profits of £476,000 were taken from the part sale of four AiM shareholdings plus the £117,000 profit on full sale of Accuma. The main ups and downs reflect several themes inherent in smaller companies: • The impact of technology advances can be seen in NeuTec Pharma and also Zoo Digital. After the period end, the former was sold to Novartis where the residual shares realised 7 times their cost and the overall outcome represented 3.4 times cost of the original investment of £316,000 in early 2002. The company specialises in the science of producing anti-bodies to mitigate the MRSA bug in hospitals. Conversely Zoo failed to convert its interactive DVD software into sufficient commercial applications and at the period end stood at only 10 per cent of cost. • Buoyant niche markets often provide the opportunity for growth as seen at Colliers CRE, Debtmatters and IPT whereas the reverse also applies as experienced by Real Good Food and WIN. The relative health of portfolio companies is measured quarterly in terms of profitability as well as other non-financial bench-marks. At the year end, 84 per cent of the portfolio companies were reporting better or steady progress. INTRODUCTION OF THE DIVIDEND REINVESTMENT PLAN (DRIP) | The Budget statement in March 2006 signalled that the Government wished to redirect the future capital raised by VCTs after 6 April 2006 into smaller companies with gross assets of up to £7 million, half that of the level that applied to capital raised before this date. An analysis of the last 40 investments made by Baronsmead VCT 3 highlights that most of these could have qualified within the revised level although a significant minority of investees would have not qualified subsequently for further rounds of finance. The Board has decided not to issue new shares in the current financial year until the impact of the revisions is better understood. The immediate consequence is that the current Dividend Reinvestment Scheme is suspended. Nonetheless, the Board believe that the proposal to introduce a Dividend Reinvestment Plan to purchase existing ordinary shares does provide investment attractions for ordinary shareholders who wish to build their capital as opposed to receiving cash dividends. Shareholders who increase their holding via the DRIP will be buying into a well-diversified portfolio, which has shown consistent overall growth. Realised capital profits and net revenue have historically supported the current dividend policy and this is also the future intention. Dividends generated by the DRIP shares will be tax-free for qualifying ordinary shareholders and the shares are not subject to capital gains tax. The DRIP scheme is not available to C shareholders as there is unlikely to be any market in the shares until conversion into ordinary shares in early 2008. The resolution at the EGM to enable the Board to re-issue shares out of Treasury was passed on the 8 August 2006, with 92 per cent of shareholders voting in favour, some 20 per cent of the shareholder base. This authority will help satisfy demand for shares that cannot be met by the normal market mechanisms. In light of the VCT legislation revisions, the Board will be surveying shareholders later in 2006 not only to check their understanding of shareholder's main priorities for the future but also so that the Board can consider how to develop the secondary market in the shares of Baronsmead VCT 3. DEVELOPMENT OF THE SECONDARY MARKET | The track record of Baronsmead VCT 3 over the last five years demonstrates a strong positive total return and favourable comparison with both the FTSE Indices and other Private Equity Investment Trusts. For the first time, this report illustrates performance against the APCIMS (Association of Private Client Investment Managers and Stockbrokers) indicex, a recognised Private Investor Index. As dividends are tax-free incorporating the income tax relief Baronsmead VCT 3 has exceeded the APCIMS ' growth' portfolio total returns over 1, 3 and 5 years. If the VCT tax relief is excluded the Company's total return exceeds APCIMS over 1 and 5 years. The share price has typically been 10 per cent less than the NAV per ordinary share. The Board believes that the yield of the ordinary shares may well be a more appropriate metric for judging the share price. The historic yield of the dividends paid in 2005 is 5 per cent for basic rate taxpayers or 7.4 per cent for those paying tax at the higher rate, which are attractive levels for shareholders with a preference for income. OUTLOOK | Quoted markets have come back from their peak in May following the prospects of interest rates rising and the subsequent adverse impact on debt leverage. This suggests a rockier economic climate in the near term and a feeling that the market will be flat. The portfolio of your Company is in a healthy state and with a good degree of diversity. We are still in a phase of increasing the portfolio, hopefully to some 70 qualifying companies by the year-end, and believe that we can sustain a consistent investment performance.' David Thorp, ISIS EP LLP plc: 0207 506 1609 Rhonda Nicoll, F&C Asset Management plc: 0131 465 1074 Unaudited Income Statement Ordinary Shares Six months to 30 June 2006 Revenue Capital Total £'000 £'000 £'000 Unrealised gains on investments - 4,035 4,035 Realised gains on investments 230 230 Income 517 - 517 Investment management fee (151) (848) (999) Other expenses (111) - (111) ---------- ----------- ----------- Profit on ordinary activities before taxation 255 3,417 3,672 Tax on ordinary activities (32) 70 38 ---------- ----------- ----------- Profit on ordinary activities after taxation 223 3,487 3,710 ---------- ---------- ----------- Return per ordinary share 0.67p 10.54p 11.21p ---------- ---------- ----------- Dividends paid/proposed: Revenue Capital Total £'000 £'000 £'000 Final dividend for the year ended 31 December 2005 of 3.5p per ordinary 501 669 1,170 share Interim dividend for the year ended 31 December 2006 of 2.5p per 168 672 840 ordinary share 669 1,341 2,010 Unaudited Reconciliation of Movement in Shareholders' Funds Six months to 30 June 2006 Ordinary Shares £'000 Opening shareholders' funds 39,226 Profit for the period 3,710 Increase in share capital in issue 367 Purchase of shares for Treasury (1,222) Dividends paid (1,170) Closing shareholders' funds 40,911 Unaudited Income Statement C Shares Six months to 30 June 2006 Revenue Capital Total £'000 £'000 £'000 Unrealised losses on investments - (62) (62) Realised gains on investments - - Income 495 - 495 Investment management fee (67) (201) (268) Other expenses (49) - (49) ---------- ----------- ----------- Profit/(loss) on ordinary activities before taxation 379 (263) 116 Tax on ordinary activities (104) 66 (38) ---------- ----------- ----------- Profit/(loss) on ordinary activities after taxation 275 (197) 78 ---------- ---------- ----------- Return per C share 1.15p (0.82)p 0.33p ---------- ---------- ----------- Dividends proposed: Revenue Capital Total £'000 £'000 £'000 Interim dividend for the year ended 31 December 2006 of 1.0p per C 240 - 240 share 240 - 240 Unaudited Reconciliation of Movement in Shareholders' Funds Six months to 30 June 2006 C Shares £'000 Opening shareholders' funds 17,022 Profit for the period 78 Increase in share capital in issue 5,804 Closing shareholders' funds 22,904 Unaudited Income Statement Total Shares Six months to 30 June 2006 Revenue Capital Total £'000 £'000 £'000 Unrealised gains on investments - 3,973 3,973 Realised gains on investments - 230 230 Income 1,012 - 1,012 Investment management fee (218) (1,049) (1,267) Other expenses (160) - (160) ---------- ----------- ----------- Profit on ordinary activities before taxation 634 3,154 3,788 Tax on ordinary activities (136) 136 - ---------- ----------- ----------- Profit on ordinary activities after taxation 498 3,290 3,788 ---------- ---------- ----------- Return per share 0.87p 5.77p 6.64p ---------- ---------- ----------- Dividends paid/proposed: Revenue Capital Total £'000 £'000 £'000 Final dividend for the year ended 31 December 2005 of 3.5p per 501 669 1,170 ordinary share Interim dividend for the year ended 31 December 2006 of 2.5p per 168 672 840 ordinary share Interim dividend for the year ended 31 December 2006 of 1.0p per C 240 - 240 share 909 1,341 2,250 Unaudited Reconciliation of Movement in Shareholders' Funds Six months to 30 June 2006 Total Shares £'000 Opening shareholders' funds 56,248 Profit for the period 3,788 Increase in share capital issue 6,171 Purchase of shares for Treasury (1,222) Dividends paid (1,170) Closing shareholders' funds 63,815 Unaudited Income Statement Six months to 30 June 2005 Revenue Capital Total £'000 £'000 £'000 Unrealised gains on investments - 2,670 2,670 Realised losses on investments - (185) (185) Income 433 - 433 Investment management fee (134) (400) (534) Other expenses (135) - (135) ---------- ----------- ----------- Profit on ordinary activities before taxation 164 2,085 2,249 Tax on ordinary activities - - - ---------- ----------- ----------- Profit on ordinary activities after taxation 164 2,085 2,249 ---------- ---------- ----------- Return per ordinary share 0.49p 6.20p 6.69p _____ _____ _____ Dividends paid/proposed: Revenue Capital Total £'000 £'000 £'000 Final dividend for the year ended 31 December 2004 of 2.7p per share 298 596 894 Interim dividend for the period ended 30 June 2005 of 2.0p per share 170 509 679 468 1,105 1,573 Unaudited Reconciliation of Movement in Shareholders' Funds Six months to 30 June 2005 Ordinary Shares £'000 Opening shareholders' funds 35,488 Profit for the period 2,249 Deferred consideration 12 Net increase in share capital in issue 789 Dividends paid (894) Closing shareholders' funds 37,644 Audited Income Statement Ordinary Shares Year to 31 December 2005 Revenue Capital Total £'000 £'000 £'000 Unrealised gains on investments - 3,793 3,793 Realised gains on investments - 1,295 1,295 Income 1,461 - 1,461 Investment management fee (278) (1,026) (1,304) Other expenses (251) - (251) ---------- ----------- ----------- Profit on ordinary activities before taxation 932 4,062 4,994 Tax on ordinary activities (226) 226 - ---------- ----------- ----------- Profit on ordinary activities after taxation 706 4,288 4,994 ---------- ---------- ----------- Return per ordinary share 2.09p 12.73p 14.82p ---------- ---------- ----------- Dividends paid/proposed: Revenue Capital Total £'000 £'000 £'000 Final dividend for the year ended 31 December 2004 of 2.7p per 298 596 894 ordinary share Interim dividend for the year ended 31 December 2005 of 2.0p per 169 509 678 ordinary share Final dividend for the year ended 31 December 2005 of 3.5p per 501 669 1,170 ordinary share 968 1,774 2,742 Unaudited Reconciliation of Movement in Shareholders' Funds Year to 31 December 2005 Ordinary Shares £'000 Opening shareholders' funds 35,488 Profit for the year 4,994 Deferred consideration 13 Net increase in share capital in issue 303 Dividends paid (1,572) Closing shareholders' funds 39,226 Audited Income Statement C Shares Year to 31 December 2005 Revenue Capital Total £'000 £'000 £'000 Unrealised gains on investments - 2 2 Realised gains on investments - - - Income 92 - 92 Investment management fee (14) (42) (56) Other expenses (27) - (27) ---------- ----------- ----------- Profit(loss) on ordinary activities before taxation 51 (40) 11 Tax on ordinary activities (10) 10 - ---------- ----------- ----------- Profit/(loss) on ordinary activities after taxation 41 (30) 11 ---------- ---------- ----------- Return per C share 0.37p (0.27)p 0.10p ---------- ---------- ----------- Unaudited Reconciliation of Movement in Shareholders' Funds Year to 31 December 2005 C Shares £'000 Opening shareholders' funds - Profit for the year 11 Net increase in share capital in issue 17,011 Closing shareholders' funds 17,022 Audited Income Statement Total Year to 31 December 2005 Revenue Capital Total £'000 £'000 £'000 Unrealised gains on investments - 3,795 3,795 Realised gains on investments - 1,295 1,295 Income 1,553 - 1,553 Investment management fee (292) (1,068) (1,360) Other expenses (278) - (278) ---------- ----------- ----------- Profit on ordinary activities before taxation 983 4,022 5,005 Tax on ordinary activities (236) 236 - ---------- ----------- ----------- Profit on ordinary activities after taxation 747 4,258 5,005 ---------- ---------- ----------- Return per share 2.06p 11.75p 13.81p ---------- ---------- ----------- Dividends paid/proposed: Revenue Capital Total £'000 £'000 £'000 Final dividend for the year ended 31 December 2004 of 2.7p per 298 596 894 ordinary share Interim dividend for the year ended 31 December 2005 of 2.0p per 169 509 678 ordinary share Final dividend for the year ended 31 December 2005 of 3.5p per 501 669 1,170 ordinary share 968 1,774 2,742 Unaudited Reconciliation of Movement in Shareholders' Funds Year to 31 December 2005 Total Shares £'000 Opening shareholders' funds 35,488 Profit for the year 5,005 Deferred consideration 13 Net increase in share capital in issue 17,314 Dividends paid (1,572) Closing shareholders' funds 56,248 Unaudited Balance Sheet As at 30 June 2006 Ordinary C Shares Shares Total £'000 £'000 £'000 Fixed Assets Quoted on AiM 14,809 1,816 16,625 Quoted FTSE SmallCap 670 - 670 Unquoted investments 19,733 1,722 21,455 Listed interest bearing securities 4,755 17,573 22,328 _______ _______ _______ 39,967 21,111 61,078 Net current assets 944 1,793 2,737 ______ ______ ______ Total assets less current liabilities 40,911 22,904 63,815 ______ ______ ______ Financed by: Shareholders' funds 40,911 22,904 63,815 ______ ______ ______ Net asset value per ordinary/C share: 125.45p 95.43p Ordinary/C shares in issue 32,612,392 23,999,772 Treasury net asset value per share+ 124.39p Number of ordinary shares in issue 32,612,392 Number of ordinary shares held in Treasury 2,480,000 Number of listed ordinary shares 35,092,392 + At an EGM held on 8 August 2006, Shareholders renewed the existing authority to dis-apply pre-emption rights in relation to the allotment or sale from Treasury of up to 10 per cent of the listed share capital. The Board is now mandated to sell Treasury shares at a discount to the prevailing NAV. Accordingly the shares held in Treasury at 30 June 2006 have been valued at middle market price whereas previously they had been valued at NAV. Unaudited Balance Sheet As at 30 June 2005 Ordinary Shares £'000 Fixed Assets Quoted on AiM 13,442 Quoted FTSE SmallCap 619 Unquoted investments 17,498 Listed interest bearing securities 4,803 _______ 36,362 Net current assets 1,282 ______ Total assets less current liabilities 37,644 ______ Financed by: Shareholders' funds 37,644 ______ Net asset value per ordinary share: 110.92p Ordinary shares in issue 33,937,092 Treasury net asset value per share 110.92p Number of ordinary shares in issue 33,937,092 Number of ordinary shares held in Treasury 645,000 Number of listed ordinary shares 34,582,092 Audited Balance Sheet As at 31 December 2005 Ordinary C Total Shares Shares £'000 Fixed Assets Quoted on AiM 13,983 422 14,405 Quoted FTSE SmallCap 610 - 610 Unquoted investments 18,153 399 18,552 Listed interest bearing securities 4,799 9,033 13,832 ______ ______ ______ 37,545 9,854 47,399 Net current assets 1,681 7,168 8,849 ______ ______ ______ Total assets less current liabilities 39,226 17,022 56,248 ______ ______ ______ Financed by: Shareholders' funds 39,226 17,022 56,248 ______ ______ ______ Net asset value per ordinary/C share: 117.31p 95.13p Ordinary/C shares in issue 33,438,684 17,894,064 Treasury net asset value per share 117.31p Number of ordinary shares in issue 33,438,684 Number of ordinary shares held in Treasury 1,340,000 Number of listed ordinary shares 34,778,684 Summarised Unaudited Statement of Cash Flows Six months to 30 June 2006 Ordinary C Total Shares Shares £'000 £'000 £'000 Net cash (outflow)/inflow from operating activities (329) 122 (207) Capital expenditure and financial investment 1,886 (11,422) (9,536) Equity dividends paid (1,170) - (1,170) ----------- ----------- ----------- Net cash inflow/(outflow) before financing 387 (11,300) (10,913) Financing (854) 7,181 6,327 ----------- ----------- ----------- Decrease in cash (467) (4,119) (4,586) ----------- ----------- ----------- Reconciliation of net cash flow to movement in net cash Decrease in cash (467) (4,119) (4,586) Opening net cash 1,933 5,815 7,748 ----------- ----------- ----------- Net cash at end of period 1,466 1,696 3,162 ----------- ----------- ----------- Reconciliation of operating profit before taxation to net cash flow from operating activities Profit on ordinary activities before taxation 3,672 116 3,788 Unrealised (gains)/losses on investments (4,035) 62 (3,973) Realised gains on investments (230) - (230) Decrease/(increase) in debtors 166 (131) 35 Increase in creditors 98 75 173 ----------- ----------- ----------- Net cash (outflow)/inflow from operating activities (329) 122 (207) ----------- ----------- ----------- Summarised Unaudited Statement of Cash Flows Six months to 30 June 2005 Ordinary Shares £'000 Net cash outflow from operating activities (152) Capital expenditure and financial investment (192) Equity dividends paid (894) ----------- Net cash outflow before financing (1,238) Financing 790 ----------- Decrease in cash (448) ----------- Reconciliation of net cash flow to movement in net cash Decrease in cash (448) Opening net cash 1,951 ----------- Net cash at end of period 1,503 ----------- Reconciliation of operating profit before taxation to net cash flow from operating activities Profit on ordinary activities before taxation 2,249 Unrealised gains on investments (2,670) Realised losses on investments 185 Decrease in debtors 80 Increase in debtors 4 ----------- Net cash outflow from operating activities (152) ----------- Summarised Unaudited Statement of Cash Flows Year to 31 December 2005 Ordinary C Shares Shares Total £'000 Net cash outflow from operating activities (33) (140) (73) Capital expenditure and financial investment 1,284 (9,750) (8.466) Equity dividends paid (1,572) - (1,572) ----------- ----------- ----------- Net cash outflow before financing (321) (4,790) (10,111) Financing 303 15,605 15,908 ----------- ----------- ----------- (Decrease)/increase in cash (18) 5,815 5,797 ----------- ----------- ----------- Reconciliation of net cash flow to movement in net cash (Decrease)/increase in cash (18) 5,815 5,797 Opening net cash 1,951 - 1,951 ----------- ----------- ----------- Net cash at end of period 1,933 5,815 7,748 ----------- ----------- ----------- Reconciliation of operating profit before taxation to net cash flow from operating activities Profit on ordinary activities before taxation 4,994 11 5,005 Unrealised gains on investments (3,793) (2) (3,795) Realised gains on investments (1,295) - (1,295) Increase in debtors (154) (130) (284) Increase in creditors 215 81 296 ----------- ----------- ----------- Net cash outflow from operating activities (33) (40) (73) ----------- ----------- ----------- Notes 1. The unaudited interim results which cover the six months to 30 June 2006 have been drawn up in accordance with the applicable accounting standards and adopting the accounting policies set out in the statutory accounts for the year ended 31 December 2005: 2. There were 32,612,392 ordinary shares in issue at 30 June 2006 (31 December 2005: 33,438,684; 30 June 2005: 33,937,092). During the period 313,708 ordinary shares were issued and 1,140,000 ordinary shares were bought in by the company to be held in Treasury at a cost of £1,222,000. There were 23,999,772 C shares in issue at 30 June 2006 (31 December 2005: 17,894,064; 30 June 2005: nil). During the period 6,105,708 C shares were issued. 3. Earnings for the six months to 30 June 2006 should not be taken as a guide to the results for the full year. The returns per ordinary share are based on a weighted average of 33,097,562 (31 December 2005: 33,702,319; 30 June 2005: 33,594,934) ordinary shares in issue during the period. The returns per C share are based on a weighted average of 23,932,306 (31 December 2005: 11,117,964) C shares in issue during the period. 4. The interim dividends of 2.5p per ordinary share (comprising 0.5p revenue dividend and 2.0p capital dividend) and 1.0p per C share (revenue) will be paid on 20 October 2006 to shareholders on the register on 25 August 2006. 5. On 26 July 2006, the Company received court approval to transfer £10,815,000, being the amount standing to the credit of the share premium account regarding the C shares, to a special distributable reserve. Shareholder approval allows the reserve to make any distributions and accordingly, the reserve will be amalgamated with the Profit and Loss account of the Company. 6. These are not statutory accounts in terms of Section 240 of the Companies Act 1985 and are unaudited. The full audited accounts for the period to 31 December 2005, which were unqualified, have been lodged with the Registrar of Companies. No statutory accounts in respect of any period after 31 December 2005 have been reported on by the Company's auditors or delivered to the Registrar of Companies. 7. Copies of the interim report have been mailed to shareholders and are available from the Registered Office of the Company at 100 Wood Street, London, EC2V 7AN. This information is provided by RNS The company news service from the London Stock Exchange

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