Final Results

Merrill Lynch Latin Amer Inv. Trust 15 February 2007 15 February 2007 MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC Preliminary announcement of results in respect of the year ended 31 December 2006 • The net asset value per share at 31 December 2006 was 783.03 cents (2005: 543.95 cents). • Net asset value total return of 46% (in US dollar terms). • Share price total return of 59% (in US dollar terms). • Second interim dividend of 6.50 cents per share payable on 27 March 2007 to shareholders on the register as at 2 March 2007. For further information please contact: Peter Burnell - Chairman - 01434 632292 Jonathan Ruck Keene, Managing Director Investment Trusts - 020 7743 2178 Nigel Webb, Director Media & Communications - 020 7743 5938 BlackRock Investment Management (UK) Limited or William Clutterbuck The Maitland Consultancy - 020 7379 5151 The Chairman, Peter Burnell, comments: 'This is the fourth consecutive year of outstanding absolute returns in Latin American equity markets with the Company's NAV having returned 411% in that period. In general, individual countries have tended to look beyond electoral concerns and instead focus on the improving financial position, including falling government debt and declining inflation. This background gave support to equities, which had been trading at attractive valuations whilst offering strong earnings growth. In consequence markets were able to overcome the setback to global equities in the middle of the year. 'In 2006, the net asset value ('NAV') of your shares rose by 46.0% in dollar terms on a total return basis (+ 27.6% in sterling terms) compared to the benchmark return of 43.5% (+25.9% in sterling terms). The share price, which is quoted in sterling, was even stronger, returning 39.2% in sterling terms and 59.0% in dollar terms. 'During the year, the NAV benefited from strong stock selection throughout the region, especially in our three largest markets - Brazil, Mexico and Chile. A majority of our best performing stocks, such as Porto Seguro and Localiza in Brazil, Moctezuma in Mexico, and Copa in Panama, were in the small and mid-capitalization area of the market. 'During the month of January 2007 the NAV has risen by 2.2% in dollar terms, against our benchmark index's 1.7% appreciation in the month, whilst the share price has risen by 0.7%. Investment Manager 'Following the merger with BlackRock Inc, the name of your Investment Manager was changed on 29 September 2006 from Merrill Lynch Investment Managers to BlackRock Investment Management (UK) Limited. 'BlackRock has been the Investment Manager of the Company since 31 March 2006 and was appointed following a detailed review by the Board. BlackRock has considerable expertise in, and commitment to, the investment trust sector, a strong track record in Latin America and proven distribution capability. These factors have combined to produce a NAV return (+25.4%) and a share price return (+26.7%) which are both ahead of the benchmark index (+24.0%). The performance in this period is a credit to our Portfolio Manager, Will Landers and his team of three people who are based in Princeton and London, particularly in view of the initial costs of the portfolio rebalancing, the two tender offers and the, with hindsight, less than optimal timing in relation to the introduction of the gearing in May 2006. Gearing 'As at 15 February 2007 the Company had committed facilities totalling US$44.5 million. The Company does not currently have any drawings under these facilities. In the year under review, the Company put on US$20 million of gearing in mid May, shortly before the period of extreme market volatility, which initially detracted from performance. However, the decision to keep the gearing in place until December, when it was repaid, resulted in a net positive contribution to performance. The Board's policy is to make tactical use of gearing when markets are significantly over or under valued. Dividends 'The Company generated a total return per share of 254.41 cents during the year (2005: 168.06 cents per share) of which 8.81 cents is the revenue return (2005: 10.98 cents per share). The Board declared an initial interim dividend of 2.50 cents per share which was paid on 12 September 2006 (2005: 2.50 cents per share) and is pleased to declare an additional interim dividend of 6.5 cents per share which will be payable on 27 March 2007 to shareholders on the register as at 2 March 2007. This makes a total dividend of 9.00 cents per share for the year (2005: 9.00 cents). No final dividend is proposed. Discount control policy 'The Directors believe it is important for shareholders that the shares have real liquidity and trade in a narrow range around their prevailing NAV. As stated in my report last year, the Board believes this is best achieved by a commitment to aggressive marketing as well as regular tender offers and the active use of share buy back powers. The Board anticipates that the combination of effective marketing, a discount protection mechanism provided by regular tender offers and the facility to buy back shares will result in the shares consistently trading at or around NAV. This will enable the Company to attract further interest from long term investors. 'The Directors hope that the scope of the policies to maintain the share price very close to, or above, NAV in the future, coupled with the opportunity of regular tender offers at a 2% discount, will persuade shareholders that it is not necessary to tender to protect themselves from realising their investment at a discount in the future. Regular tender offers and share buy backs 'Following the initial tender offer in May 2006 for 25% of the shares in issue which was fully taken up, the Company held its first semi annual tender offer on 2 October 2006 which was for up to 20% of the shares in issue, at the prevailing NAV less 2%. 14.05% of the Company's shares in issue were tendered at a price of 617.08 cents per share. Based on the exchange rate as at 4 October 2006 payment was made in pounds sterling at a rate of 327.32 pence per share. 'It was announced on 23 January 2007 that the Board had consulted its broker Cenkos Securities, regarding the possible forthcoming tender offer which could have taken place in March 2007. In the period since the last tender offer, the shares have continued to trade within a tight discount range and on occasions have traded at a small premium. The Board has concluded that it would not on this occasion exercise its discretion to implement the next tender offer since both investment performance and share price performance had been strong over the period since the last tender offer. 'In line with its discount control policy, the Board will implement share repurchases in the market if the discount to net asset value widens to a level above a discount of 2% to NAV on a consistent basis, being the level at which the tender offer price has been implemented in the past. Any purchase of shares by the Company will be in accordance with the Articles and the Listing Rules of the UKLA in force at the time. 'Renewal of the Company's regular tender offer authorities and share buy back authority will be sought at the Annual General Meeting. These authorities will include granting the Company the power to hold up to 10% of the Company's issued shares in treasury for subsequent reissue at a premium to NAV or cancellation. Outlook 'When compared with other regions, local valuations do not look stretched. On a forward P/E basis, Latin American markets in general continue to trade at the bottom of global averages, and close to historical averages for the region. In terms of positioning, Brazil is currently our only country overweight, accounting for close to 60% of assets. All other markets are at various degrees of underweight due to a combination of country-specific fundamentals and valuation levels. In general, we are encouraged by the commitment to policy discipline from the new administrations in Brazil and Mexico, whilst the region as a whole should benefit in the event that expectations that the global economy will successfully weather the housing slow down in the US prove correct. However, we remain mindful of adverse surprises in US interest rates and the impact of any further dollar collapse. Nevertheless, we anticipate considerable impetus from the domestic economies and expect investment institutions within Latin America to raise their equity weightings from historically low levels.' Commenting upon the outlook for the Company, Will Landers of BlackRock, the Investment Manager, notes: 'The Company is positioned to continue to benefit from the regionwide macroeconomic stability. This should allow Latin American companies to post another strong year of earnings growth in 2007 while still beginning the year at the bottom of the range in most global valuation parameters. We expect that the domestic economies in the region will be the drivers for growth in 2007, and have positioned the Company to benefit from this growth in consumer demand and credit. 'In Brazil, we expect the Central Bank to continue the interest rate easing cycle started in 2005 which saw the Selic rate fall by 400 basis points in 2006. We are in the early stages of seeing the benefits of these rate cuts in economic activity - furthermore, with real rates now in single digits, we expect that domestic institutional and retail investors will be motivated to return to the equity market in 2007, bringing back buyers that have been mostly absent from the market over several years. Overall, Brazil continues to offer the unique combination of top down drivers with attractive bottom up valuation parameters that we do not find in many markets in the world. We expect liquidity to continue to improve with another busy calendar for IPOs and secondary offerings. The Novo Mercado continues to be a focus for such activity, increasing investor confidence and improving overall corporate governance. 'Mexico is the Latin American economy most closely tied to the performance of the US economy. Given an expected slow down in the US during 2007, along with above average valuation parameters and falling oil prices, we are underweight in the Mexican market. Nevertheless, Mexico represents more than 25% of the portfolio overall, with a few major themes still being played out. Firstly, we expect growth in home ownership to remain strong throughout President Calderon's term - Mexican homebuilders remain a core position, with annual growth forecast to exceed 15% during the next few years. Secondly, America Movil is considered part of our Mexican portfolio, even though it represents a panregional exposure to wireless growth. We expect America Movil's margins to expand significantly over the next few years as subscriber growth slows down and the company is able to monetize its large subscriber base as this base matures. Thirdly, consumer credit continues to grow, and we maintain exposure to this sector via our investments in the retail sector. 'Chile should once again produce GDP growth in the 5% to 6% range during 2007, leading the major economies of Latin America. Our Chilean portfolio continues to be exposed to growth in the Chilean consumer sector via retailers, banks and the country's main airline. In other countries, investments represent stock specific ideas rather than country themes, including Tenaris in Argentina.' Top 10 Holdings Petroleos Brasileiros - 12.5% (2005: 11.4%) Petrobras represents one of the most attractive energy stocks in all Emerging Markets. The company continues to invest heavily on increasing its production, utilising free cash flow generated from elevated oil prices to guarantee future production growth. The company's shares continue to trade at lower multiples than other emerging markets oil companies despite its investment track record, production growth and superior corporate governance. America Movil - 9.8% (2005: 1.0%) America Movil is Latin America's leading provider of wireless communications. We expect the company to continue posting strong double digit subscriber growth in 2007 while improving overall operating margins given economies of scale from its large existing subscriber base. Cia Vale Rio Doce - 9.6% (2005: 9.8%) following the acquisition of Canada's Inco, CVRD is now one of the world's leading producers of nickel, also controlling a majority of nickel projects expected to come on-stream over the next five years. As a result, CVRD is now one of the world's leading producers in two attractive minerals - iron ore and nickel. The announcement of a 9.5% price increase for iron ore in 2007 reiterates the strong position enjoyed by iron ore producers given continued strong demand. Banco Bradesco - 6.8% (2005: nil) Brazil's leading private sector bank is in an advantageous position to benefit from the strong demand for credit in Brazil. Bradesco has been undergoing a process of improving profitability levels over the past two years and its shares are expected to continue rerating during 2007. Grupo Televisa - 3.5% (2005: 3.6%) Mexico's leading broadcaster has several catalysts that should result in strong stock performance in 2007. These include the company's launching of a national lottery, growth in its parlor gambling business, consolidation of Mexico's cable industry, and definition regarding the use of proceeds from its stake in recently acquired Univision in the US. Walmart de Mexico - 3.2% (2005: 3.6%) Mexico's leading retailer continues to grow selling area at close to 15% a year, gaining market share from both the formal as well as the informal retail market. The company recently obtained a license to operate a bank, which should allow WalMex to improve profit margins by offering banking services to its customers. Ambev Cia de Bebidas - 3.0% (2005: 0.3%)Brazil's leading beverages company with operations throughout the Americas. The company is well positioned to benefit from the expected growth in Brazil's domestic economy while also growing and improving profitability levels at operations outside of Brazil. Tenaris - 2.8% (2005: nil) Argentine headquartered Tenaris is one of the world's leading producers of seamless pipes - as such, the company is a leading provider of raw materials to the oil services industry and should continue to benefit from increased investing in oil exploration and development projects. Fomento Economico Mexicano - 2.8% (2005: nil) Fomento Economico is Mexico's leading beverage conglomerate, with 100% of Femsa Cerveza and 100% of Oxxo, Mexico's leading convenience store chain, as well as a majority stake in Coke Femsa, Coca-Cola's leading bottler in Latin America. The company is benefiting from growth in consumer demand throughout the region, especially in Mexico. Unibanco - 2.7% (2005: 4.8%) Brazil's third largest private bank is a leader in consumer financing and continues to enjoy higher margins from an ongoing cost rationalization program. INCOME STATEMENT for the year ended 31 December 2006 Revenue Revenue Capital Capital Total Total return return return return 2006 2005 2006 2005 2006 2005 Notes US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 Gains on investments held at fair value through profit or loss - - 152,026 118,684 152,026 118,684 Exchange losses - (2) (282) (176) (282) (178) Income from investments held at fair value 3 10,224 11,761 - - 10,224 11,761 through profit or loss Other income 3 96 457 - - 96 457 Management fees 4 (1,072) (1,132) (3,216) (3,395) (4,288) (4,527) Other expenses 5 (1,306) (1,133) (36) (38) (1,342) (1,171) ----------- ----------- ----------- ----------- ----------- ----------- Net return before finance costs and taxation 7,942 9,951 148,492 115,075 156,434 125,026 Finance costs (204) (37) (611) (109) (815) (146) ----------- ----------- ----------- ----------- ----------- ----------- Net return on ordinary activities before 7,738 9,914 147,881 114,966 155,619 124,880 taxation Taxation on ordinary activities (2,406) (1,848) 769 379 (1,637) (1,469) ----------- ----------- ----------- ----------- ----------- ----------- Net return on ordinary activities after 5,332 8,066 148,650 115,345 153,982 123,411 taxation ----------- ----------- ----------- ----------- ----------- ----------- Return per ordinary share (undiluted) - cents 6 8.81 10.98 245.60 157.08 254.41 168.06 ----------- ----------- ----------- ----------- ----------- ----------- Return per ordinary share (diluted) - cents 6 - 10.36 - 148.18 - 158.54 ----------- ----------- ----------- ----------- ----------- ----------- The total column of this statement represents the Income Statement of the Company. The supplementary revenue and capital return columns are both prepared under guidance published by the Association of Investment Companies. The Company had no recognised gains or losses other than those disclosed in the Income Statement and the Reconciliation of Movements in Shareholders' Funds. All items in the above statement derive from continuing operations. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS for the year ended 31 December 2006 Share Share Capital Special Warrant Non Capital Revenue Total capital premium redemption reserve reserve distributable reserves reserve account reserve reserve US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 For the year ended 31 December 2006 At 31 December 2005 7,413 11,655 1,573 32,837 - 4,356 338,691 6,727 403,252 Return for the year - - - - - - 148,650 5,332 153,982 Shares repurchased and (2,634) - 2,634 (32,837) - - (143,983) - (176,820) cancelled Dividends paid (a) - - - - - - - (6,208) (6,208) --------- ---------- ---------- ---------- --------- ---------- --------- --------- ---------- At 31 December 2006 4,779 11,655 4,207 - - 4,356 343,358 5,851 374,206 --------- ---------- ---------- ---------- --------- ---------- --------- --------- ---------- For the year ended 31 December 2005 At 31 December 2004 6,977 63,880 972 - 3,484 872 223,346 2,757 302,288 Return for the year - - - - - - 115,345 8,066 123,411 Shares repurchased and (601) - 601 (28,725) - - - - (28,725) cancelled Shares issued on 1,037 9,337 - - (3,484) 3,484 - - 10,374 conversion of warrants Transfer of share - (61,562) - 61,562 - - - - - premium to special reserve Dividends paid (b) - - - - - - - (4,096) (4,096) --------- ---------- ---------- ---------- --------- ---------- --------- --------- ---------- At 31 December 2005 7,413 11,655 1,573 32,837 - 4,356 338,691 6,727 403,252 --------- ---------- ---------- ---------- --------- ---------- --------- --------- ---------- (a) The second interim dividend for the year ended 31 December 2005 of 6.5 cents per share, declared on 10 April 2006 and paid on 19 May 2006, and the first interim dividend for the year ended 31 December 2006 of 2.5 cents per share declared on 8 August 2006 and paid on 12 September 2006. (b) The second interim dividend for the year ended 31 December 2004 of 3.0 cents per share, declared on 1 March 2005 and paid on 29 April 2005, and the first interim dividend for the year ended 31 December 2005 of 2.5 cents per share declared on 22 September 2005 and paid on 4 November 2005. BALANCE SHEET as at 31 December 2006 Notes 2006 2005 US$'000 US$'000 Fixed assets Investments held at fair value through profit or loss 376,782 397,649 ---------- ---------- Current assets Debtors 3,286 2,489 Cash at bank - 4,582 ---------- ---------- 3,286 7,071 Creditors: amounts falling due within one year Bank overdraft (2,321) - Other creditors (3,517) (1,444) ---------- ---------- (5,838) (1,444) ---------- ---------- Net current (liabilities)/assets (2,552) 5,627 ---------- ---------- Total assets less current liabilities 374,230 403,276 ---------- ---------- Creditors: amounts falling due after more than one year Non equity redeemable shares (24) (24) ---------- ---------- Net assets 374,206 403,252 ---------- ---------- Capital and reserves Share capital 8 4,779 7,413 Share premium account 11,655 11,655 Capital redemption reserve 4,207 1,573 Special reserve - 32,837 Non distributable reserve 4,356 4,356 Capital reserves 343,358 338,691 Revenue reserve 5,851 6,727 ---------- ---------- Total equity shareholders' funds 374,206 403,252 ---------- ---------- Net asset value per ordinary share (cents) 9 783.03 543.95 ---------- ---------- CASH FLOW STATEMENT as at 31 December 2006 2006 2005 US$'000 US$'000 Net cash inflow from operating activities 6,018 6,824 Return on investment and servicing of finance (819) (129) Taxation paid (1,049) (2,084) Capital expenditure and financial investment Purchase of investments (311,035) (271,301) Proceeds from sale of investments 483,082 296,470 Capital expenses (34) (34) ---------- ---------- Net cash inflow from capital expenditure and 172,013 25,135 financial investment ---------- ---------- Equity dividends paid (6,208) (4,096) ---------- ---------- Net cash inflow before financing 169,955 25,650 ---------- ---------- Financing: Net loans repaid - (11,250) Repurchase of ordinary shares (176,576) (28,725) Proceeds on exercise of warrants - 10,390 ---------- ---------- Net cash outflow from financing (176,576) (29,585) ---------- ---------- Decrease in cash in the year (6,621) (3,935) ---------- ---------- NOTES TO THE PRELIMINARY RESULTS 1. Principal activity The Company conducts its business so as to qualify as an investment trust company within the meaning of section 842 of the Income and Corporation Taxes Act 1988. 2. Accounting policies (a) Basis of preparation The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments and in accordance with United Kingdom Accounting Standards and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' ('SORP') issued by the Association of Investment Trust Companies (now known as the Association of Investment Companies, 'AIC') , in December 2005. All of the Company's operations are of a continuing nature. Diluted net asset value per ordinary share has been calculated in accordance with the Articles basis as set out in the SORP. (b) Presentation of the Income Statement In order to reflect better the activities of an investment trust company and in accordance with guidance issued by the AIC, supplementary information which analyses the Income Statement between items of revenue and capital nature has been presented alongside the Income Statement. In accordance with the Company's status as a UK investment company under section 266 of the Companies Act 1985, net capital returns may not be distributed by way of dividend. 3. Income 2006 2005 US$'000 US$'000 Investment income: Overseas listed dividends 9,985 11,559 Scrip dividend 239 202 -------- -------- 10,224 11,761 -------- -------- Other operating income: Interest on cash and short term deposits 96 457 -------- -------- Total income 10,320 12,218 -------- -------- Total income comprises: Dividends 10,224 11,761 Interest 96 457 -------- -------- 10,320 12,218 -------- -------- 4. Management fees 2006 2005 Revenue Capital Total Revenue Capital Total return return return return US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 Management fees 1,072 3,216 4,288 1,132 3,395 4,527 5. Other expenses 2006 2005 US$'000 US$'000 Administration charges - F&C Emerging Markets Limited 48 136 AIC subscriptions 26 29 Auditors' remuneration: - for audit services 54 46 - for other services* 15 14 Custody fees 318 282 Directors' and Officers' liability insurance 32 30 Directors' emoluments: - fees for services to the Company 353 236 Directors' expenses 37 28 Printing and postage 52 49 Private Investor Plan 48 52 Professional fees 194 55 Registrar's fee 29 17 Other operating expenses 100 159 -------- -------- 1,306 1,133 -------- -------- *Total Auditor's remuneration, exclusive of VAT, for other services amounts to US$60,000 (2005: US$33,000). Of this, US$45,000 (2005: US$19,000) relates to services provided in connection with the tender offer and has been charged to the special reserve. The Company's total expense ratio, calculated as a percentage of average net assets using expenses, excluding finance costs, after relief for taxation, was 1.0% (2005: 1.3%). Expenses of US$36,000 charged to the capital return column of the Income Statement relate to transaction costs charged by the custodian on the purchases and sales of investments (2005: US$38,000). 6. Return and net asset value per ordinary share Basic revenue and capital returns per share are shown below and have been calculated using the following: 2006 2005 Net revenue attributable to ordinary shareholders (US$'000) 5,332 8,066 Net capital gains attributable to ordinary shareholders (US$'000) 148,650 115,345 ---------- ---------- Total return (US$'000) 153,982 123,411 ---------- ---------- Equity shareholders' funds (US$'000) 374,206 403,252 ---------- ---------- The weighted average number of ordinary shares in issue during the year, on 60,524,468 73,431,788 which the return per ordinary share was calculated, was Dilutive potential - 4,411,650 ---------- ---------- Weighted average number of shares for diluted return calculations 60,524,468 77,843,438 ---------- ---------- The actual number of ordinary shares in issue at the end of each year, on 47,789,753 74,134,179 which the net asset value was calculated, was ---------- ---------- 2006 2005 Revenue Capital Total Revenue Capital Total return return cents return return cents cents cents cents cents Returns per share: Calculated on weighted 8.81 245.60 254.41 10.98 157.08 168.06 average shares - undiluted Calculated on weighted - - - 10.36 148.18 158.54 average shares - diluted* Net asset value per share 783.03 543.95 *The Company did not have any dilutive securities during the current year. All warrants were exercised on 31 July 2005. 7. Dividends Dividends on ordinary shares Register date Payment date 2006 2005 US$'000 US$'000 2004 second interim of 3.00 cents 29 March 2005 29 April 2005 - 2,093 2005 interim of 2.50 cents 7 October 2005 4 November 2005 - 2,003 2005 second interim of 6.50 cents 18 April 2006 19 May 2006 4,818 - 2006 interim of 2.50 cents 18 August 2006 12 September 2006 1,390 - ------- ------- 6,208 4,096 ------- ------- The Directors propose to pay a second interim dividend in respect of the year ended 31 December 2006 of 6.50 cents on 27 March 2007, to all shareholders on the register as at 2 March 2007. The proposed second interim dividend has not been included as a liability in these financial statements as interim dividends are only recognised in the financial statements in the period in which they are paid. Total dividends payable in respect of the year which forms the basis of section 842 of the Income and Corporation Taxes Act 1988 are set out below: 2006 2005 US$'000 US$'000 Dividends paid or proposed on equity shares: First interim paid 2.50 cents (2005: 2.50 cents) 1,390 2,003 Second interim payable of 6.50 cents (2005: 6.50 cents) 3,106 4,818 -------- -------- 4,496 6,821 -------- -------- For the year ended 31 December 2006, a second interim dividend of 6.50 cents per ordinary share has been declared and will be paid on 27 March 2007, to shareholders on the Company's register on 2 March 2007. 8. Share Capital 2006 2005 Number US$'000 Number US$'000 Authorised share capital compromised: Ordinary shares of 10 cents each 110,000,000 11,000 110,000,000 11,000 Allotted, issued and fully paid: Ordinary shares of 10 cents each 74,134,179 7,413 69,770,192 6,977 Shares issued on conversion of warrants - - 10,374,850 1,037 Purchase of ordinary shares for cancellation (26,344,426) (2,634) (6,010,863) (601) ------------- ------------- ------------- ------------- 47,789,753 4,779 74,134,179 7,413 ------------- ------------- ------------- ------------- During the year 26,344,426 ordinary shares were purchased and cancelled (2005: 6,010,863). The total cost of purchasing these shares was US$176,820,000 (2005: US$28,725,000). The number of ordinary shares in issue at the year end was 47,789,753 (2005: 74,134,179). 9. Net asset value per ordinary share 2006 2005 Net asset value per ordinary share (cents) 783.03 543.95 Net asset attributable at the year end (US$'000) 374,206 403,252 Ordinary shares of 10 cents each in issue at the year end 47,789,753 74,134,179 The figures for the year to 31 December 2005 have been extracted from the accounts for the year ended 31 December 2005 which have been delivered to the Registrar of Companies and on which the Auditors gave an unqualified report. The annual report and accounts will be posted to shareholders in late February or early March 2007. Copies will also be available from the Company's registered office at 33 King William Street, London, EC4R 9AS. 15 February 2007 33 King William Street London EC4R 9AS This information is provided by RNS The company news service from the London Stock Exchange

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