Final Results

RNS Number : 7476T

New City High Yield Fund Limited

04 October 2010

 



To:         RNS

Date:      4 October 2010

From:     New City High Yield Fund Limited

Results for the year ended 30 June 2010

·      Net asset value total return of 34.2 per cent since 1 July 2009.

·      Ordinary share price total return of 33.0 per cent since 1 July 2009.

·      Dividend yield of 6.7 per cent, based on dividends at an annual rate of 3.75p and a share price of 56.25p at 30 June 2010.

·      Ordinary share price at a premium of 6.2 per cent to net asset value at 30 June 2010.

Chairman's Statement

Introduction

It is with satisfaction that, after a difficult period for the whole sector, I report a year of strong performance that saw your Company generate a total return of 34.2 per cent.

Investment and Share Price Performance

The year ended 30 June 2010 saw your Company's net asset value rise by 24.8 per cent to 52.99p.  When this capital measure is adjusted for the payment of dividends totalling 3.75p per share in the year, the net asset value total return was 34.2 per cent.

The share price total return for the same period was barely lower at 33.0 per cent, reflecting the continued premium rating attaching to the Company.  I return to this subject below.

Dividends

In line with the dividend rate of the prior year, three interim dividends of 0.85p per share were paid on 27 November 2009, 26 February 2010 and 26 May 2010.  We increased the fourth interim dividend from 1.10p to 1.20p per share; this was paid after the year end on 27 August 2010.  Based on an annualised rate of 3.75p and a share price of 56.25p at the year end, this represents a yield of 6.7 per cent.  We were also able to post a further increase in the Company's revenue reserve of £0.9 million, taking the accumulated revenue reserves to £3.4 million.

Fund Raising

At the year end, the shares stood at a premium of 6.2 per cent to net asset value and since then have continued to trade at a similar level.  This compares favourably with an average premium for the AIC UK High Income Sector of 1.8 per cent at 30 June 2010.  This sort of rating does not arise by accident, but rather reflects the excellent performance of your Company over recent years and the continuing appeal of the Company's investment remit.

It is this performance and appeal which has allowed your Company, for the third successive year, to complete a share issue equivalent to 10 per cent of the Company's share capital.  £8.6 million was raised from new and existing shareholders, taking the Company's total assets to some £102 million.  As well as a modest increase in net asset value, continuing shareholders can expect to benefit from a lower total expense ratio and greater liquidity in the Company's shares.

Outlook

Markets have had a good run since June 2009, but the headline numbers mask an underlying volatility that suggests continued nervousness.  That is certainly true in our case, with profound uncertainty pervading the currency markets and a sense of phoney war as we await the inevitable withdrawal of the colossal stimulus applied to the world's monetary system in the depths of the financial crisis.  That a weaker than expected recovery in the USA has postponed such a withdrawal is not necessarily something to be grateful for.

That note of caution sounded, it should also be said that it is precisely during periods of uncertainty such as this that the greatest opportunities are to be found in the high yield markets.  The Investment Manager has demonstrated a reassuring sureness of touch over three difficult years and we believe that we are better placed than most to both weather storms and take advantage of fair winds.

Investment Manager's Review

Background

During the Company's financial year, the global economies and their related markets can be split into "a game of two halves".  

In the first six months we saw dramatic recoveries in Global equity markets with the UK All Share Index up 29.1%, the Dow Jones Industrial up 23.4%, Toronto TSX up 13.2% and the S&P AUX 300 Index up 23.4%.  Credit markets, too, saw a market rally in both investment grade and high yield markets.  These were as a result of the major governmental stimulus packages which managed to "jump-start" various economies, with France and Germany showing GDP growth in the second quarter of 2009 and, by September, the economies of Australia and Norway feeling the need to increase interest rates by 25 basis points. November brought a little more uncertainty with the eyes of the world on Dubai and the subsequent bailout package for Dubai World by the Abu Dhabi government to the tune of USD10 billion in early December; in the event a very quick and efficient process.

Over this period, the continued caution of corporate Treasurers targeting debt reduction aided by the low interest rate environment, led to some very positive performances by high yield bonds, also aided by the institutional demand for income, which enabled the primary market to reopen with USD10.9 billion being issued in November alone and over USD35 billion for the year as a whole.  This issuance has continued in 2010 with companies re-financing their debt and continuing a change from Bank to Bond financing.

The second half of the year saw the major driver of credit markets change from the positive of the corporate debt markets into the major negative of the sovereign debt markets, notably Greece, which started to get attention in December. This did not gain real traction until January with the spread over German bonds widening by 116bps; this was to turn into a prime example of how not to deal with a problem in Twenty First Century Global Markets.  The politicians took until 25 March (appropriately enough the feast of the Annunciation) to get in place the first rescue package, which enabled the Greek Government the opportunity to sneak in with issuance of GBP56 billion of seven year bonds at 325bps over bunds just before the quarter end.  This was a long way from the end of the story, which shows the potential to run and run!

There were various comments both on and off the record by German politicians about what further cuts and reforms needed to be in place before funds were to be made available.  When the downgrade of Greek debt to junk status by S&P was added to this, it put the Greek five year CDS at 855bps. Ironically, at this point Germany's Chancellor, Angela Merkel, chose to comment that negotiations needed to be "sped up".  The pressure was only relieved at the end of April when EU Commissioner, Olli Rehn, gave a statement saying a multi-billion, multi-year programme was being put together which would give Greece the breathing space to implement fiscal and structural changes, where the release of funds would be conditional upon the implementation of reforms at each stage.  Greece has, reportedly, agreed to the major requirements of the EU/IMF.

The €750bn fund was, in fact, put in place by the EU/IMF for the stabilisation for all member states.  The first €60bn for states facing difficulties beyond their control covered by article 122.2 of the Lisbon Treaty, the next €440bn by a special purpose vehicle which will be guaranteed by member states with a life of three years, with the IMF providing the rest. 

At the time of writing we are still awaiting any sign of recovery in these markets with the margins on Greek Government bonds still at levels seen before the package having initially rallied strongly.

All of the previous factors had effects on the Global Foreign Exchange markets, with sterling being a poor performer over the year against the US, Canadian and Australian dollars.  As you would suspect, sterling performed very positively in the second half of the year, with all of the issues with the European Union and its weak Mediterranean economies. The major rally came in the run up to the UK general election, with the hope of a budget deficit cutting Government taking power. At the point when the coalition was announced sterling suffered a minor set back, but has continued to rally strongly against the Euro when the coalition put their first budget in place, increasing taxation and focusing on major spending cuts. These measures were popular with the ratings agencies, almost putting the UK currency on a safe haven basis.

Investment Performance

The share price total return over the year for the Company was +33.0% with the NAV total return at +34.2%; the three year performance data shows a share price total return of +29.2% and the five year +42.9%.

The prime objective of the Company remains the maintenance of a safe income stream plus the opportunity for capital growth.

During the year we negotiated a new loan facility with HSBC allowing us to maintain some gearing to the portfolio, enhancing both our income and capital returns.  To keep currency risk to a minimum the gearing has been deployed in sterling assets.

Investment Activity

The Company took advantage of the recovery in markets to exit from holdings in Ineos Vinyl 9¼% 2011 which had had a spectacular recovery from distressed levels earlier in the year.

The main theme for the year has been increasing the exposure to the recovering financial sector, initiating holdings in bonds of Aviva, Brit Insurance, Prudential and Royal London.  Also taking advantage of the restructuring of Lloyds Bank, where the Company opened and closed a holding in the 13% Euro Perpetual Bond for a substantial profit.  The Company also has a top 20 holding in the Lloyds 16¹/₈% ECN 2024 which was bought as HBOS 13⁵/₈% Perpetual; this bond did rather well moving from tier 1 to upper tier 2 and becoming cumulative during the merger of HBOS and Lloyds, and when the restructuring occurred the bond was near the top of the "waterfall" and exchanged with the 16¹/₈% ECN now trading some 25% above purchase level.

Towards the end of the year the Athabasca Oil Sands 13% bond was called by the company, as was the Mercator Minerals 11½% bond, two bonds we were sad to see go but we are very happy with both the yields and capital gains they gave the Company when held.  The Company also took profits on Alliance Pharma 8% CULS as they had rallied from par to 150 over the first three months of 2010.  The Company also took profits on Prudential 11¾ % Perpetual and FMG 9¾% 2013.  The Company is very aware that it does not want to swap capital for income; we are constantly looking at short dated bonds trading above par and looking to replace them with bonds with a similar yield trading below par.

Outlook

At the time of writing the global economy remains finely balanced.  We are aware of the danger of a "double dip" recession and the continuing European Sovereign debt crisis. It is against this background that the portfolio has been positioned to provide a secure income for shareholders while giving full recognition to the importance of preserving and, if possible, increasing capital.

 

Ian Francis

New City Investment Managers Limited

Audited Income Statement

For the year ended 30 June 2010

	Year ended 30 June 2010
		£'000	£'000	£'000
	Notes	Revenue	Capital	Total
Capital gains on investments
Gains on investments		-	15,234	15,234
Exchange gains		-	55	55
Revenue
Investment Income		7,754	-	7,754
		7,754	15,289	23,043
Expenses
Investment management fee		(528)	(176)	(704)
Other expenses		(367)	-	(367)
Total expenses		(895)	(176)	(1,071)
Profit before finance costs and taxation		6,859	15,113	21,972
Finance costs
Interest payable and similar charges		(117)	(39)	(156)
Profit before taxation		6,742	15,074	21,318
Irrecoverable withholding tax		(62)	-	(62)
Profit after taxation		6,680	15,074	21,754
Earnings per ordinary share (pence)	2	4.36p	9.83p	14.19p

The total column of this statement represents the Company's Income Statement, prepared in accordance with IFRS (refer to note 1).  The supplementary revenue return and capital return columns are both prepared under guidance published by the Association of Investment Companies.

All revenue and capital items in the above statement are derived from continuing operations.

No operations were acquired or discontinued in the year.

Audited Income Statement

For the year ended 30 June 2009

	Year ended 30 June 2009
		£ '000	£'000	£'000
	Notes	Revenue	Capital	Total
Capital losses on investments
Losses on investments		-	(12,627)	(12,627)
Exchange losses		-	(299)	(299)
Revenue
Investment Income		7,880	-	7,880
		7,880	(12,926)	(5,046)
Expenses
Investment management fee		(454)	(151)	(605)
Other expenses		(371)	(9)	(380)
Total expenses		(825)	(160)	(985)
Profit/(loss) before finance costs and taxation		7,055	(13,086)	(6,031)
Finance costs
Interest payable and similar charges		(637)	(212)	(849)
Profit/(loss) before taxation		6,418	(13,298)	(6,880)
Irrecoverable withholding tax		(189)	-	(189)
Profit/(loss) after taxation		6,229	(13,298)	(7,069)
Earnings/(loss) per ordinary share (pence)	2	4.46p	(9.53)p	(5.07)p

Audited Balance Sheet

		As at	As at
		30 June 2010	30 June 2009
	Notes	£'000	£'000
Non-current assets
Investments held at fair value		88,933	62,161
Current assets
Other receivables		2,581	2,384
Cash and cash equivalents		53	9,206
		2,634	11,590
Total assets		91,567	73,751
Current liabilities
Bank loan facility		(10,166)	(8,000)
Other payables		(161)	(670)
Total liabilities		(10,327)	(8,670)
Net assets		81,240	65,081
Stated capital and reserves
Stated capital account		29,455	29,455
Special distributable reserve		50,385	50,385
Capital reserve		(3,819)	(18,893)
Revenue reserve		5,219	4,134
Equity shareholders' funds		81,240	65,081
Net asset value per ordinary share (pence)	3	52.99p	42.45p

Audited Statement of Changes in Equity

For the year ended 30 June 2010

		Stated	Special
		capital	distributable	Capital	Revenue
		Account	reserve+	reserve	reserve#	Total
		£'000	£'000	£'000	£'000	£'000
At 1 July 2009		29,455	50,385	(18,893)	4,134	65,081
Profit for the year		-	-	15,074	6,680	21,754
Dividends paid		-	-	-	(5,595)	(5,595)
At 30 June 2010		29,455	50,385	(3,819)	5,219	81,240

Audited Statement of Changes in Equity

For the year ended 30 June 2009

		Stated	Special
		capital	distributable	Capital	Revenue
		account	reserve+	reserve	reserve#	Total
		£'000	£'000	£'000	£'000	£'000
At 1 July 2008		23,452	50,385	(5,595)	2,882	71,124
(Loss)/profit for the year		-	-	(13,298)	6,229	(7,069)
Dividends paid		-	-	-	(4,977)	(4,977)
Issue of shares		6,003	-	-	-	6,003
At 30 June 2009		29,455	50,385	(18,893)	4,134	65,081

# The balance on the revenue reserve of £5,219,000 (2009: £4,134,000) is available for paying      

   dividends.

+ The balance on the special distributable reserve of £50,385,000 (2009: £50,385,000) is treated as distributable profits available to be used for all purposes permitted by Jersey company law including the buying back of shares, the payment of dividends and the payment of preliminary expenses.

Audited Cash Flow Statement

	Year	Year
	Ended	Ended
	30 June 2010	30 June 2009
	£'000	£'000
Operating activities
Profit/(loss) before finance costs and   taxation	21,972	(6,031)
(Gains)/losses on investments	(15,234)	12,627
Exchange (gains)/losses	(55)	299
Decrease/(increase) in other receivables	(590)	418
(Decrease)/increase in other payables	(20)	28
Net cash inflow from operating activities before interest and taxation	6,073	7,341
Interest paid	(248)	(986)
Irrecoverable withholding tax paid	(62)	(198)
Net cash inflow from operating activities	5,763	6,157
Investing activities
Purchase of investments	(48,796)	(17,641)
Sales of investments	36,955	26,159
Net cash outflow/(inflow) from investing activities	(11,841)	8,518
Financing
Equity dividends paid	(5,595)	(4,977)
Drawdown/(repayment) of bank loan	2,166	(8,000)
Issue of ordinary shares	299	5,704
Net cash outflow from financing	(3,130)	(7,273)
(Decrease)/increase in cash and cash equivalents	(9,208)	7,402
Cash and cash equivalents at the start of the year	1,206	(13,897)
(Drawdown) repayment of bank loan facility	(2,166)	8,000
Exchange gains/(losses)	55	(299)
Cash and cash equivalents at the end of the year+	(10,113)	1,206

⁺ Cash and cash equivalent includes cash held at bank and bank loan facility.

Principal Risks and Uncertainties

The Company's assets consist principally of listed fixed interest securities and its principal risks are therefore market related.  The Company is also exposed to currency risk in respect of the markets in which it invests. Other risks include the following:

·      External risks - any events or developments which can affect the general level of share prices including, for instance, terrorism, disease, protectionism, inflation or deflation, economic recessions and movements in interest rates.

·      Investment and strategic - inappropriate strategy, asset allocation (including use of gearing), diversification and stock selection could all lead to poor returns for shareholders.

·      Regulatory - breach of regulatory rules could lead to suspension of the Company's Stock Exchange listing, financial penalties or a qualified audit report. 

·      Operational - failure of the Investment Manager's systems or disruption to the Investment Manager's business, or that of third party service providers, could lead to an inability to provide accurate reporting and monitoring, leading to a loss of shareholders' confidence.

·      Financial - inadequate controls by the Investment Manager or other third party service providers could lead to misappropriation of assets.  Inappropriate accounting policies or failure to comply with accounting standards could lead to misreporting or breaches of laws, rules or regulations.

The Board seeks to mitigate and manage these risks through continual review, policy setting and reliance upon contractual obligations.  It also regularly monitors the investment environment and the enforcement of the Company's investment portfolio, and applies the principles detailed in the internal control guidance issued by the Financial Reporting Council.

Statement of Directors' Responsibilities in Respect of the Annual Financial Report

In accordance with Chapter 4 of the Disclosure and Transparency Rules, the Directors confirm that to the best of their knowledge, in respect of the annual report for the year ended 30 June 2010, of which this statement of results is an extract:

·      The financial statements, have been prepared in accordance with applicable International Financial Reporting Standards, on a going concern basis, and give a true and fair view of the assets, liabilities, financial position and return of the Company;

·      The Chairman's Statement and Investment Manager's Review include a fair review of the important events that have occurred during the financial year and their impact on the financial statements;

·      'Principal Risks and Risk Management' includes a description of the Company's principal risks and uncertainties; and

·      Note 6 and the Annual Report includes details of related party transactions that have taken place during the financial year.

On behalf of the Board

JG West

Chairman

4 October 2010

Notes (audited)

1.     The annual results which cover the year to 30 June 2010 have been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the International Accounting Standards Board (IASB). 

2.    Earnings per ordinary share

        The revenue earnings per ordinary share is based on the net profit after taxation of £6,680,000 (2009: £6,229,000) and on 153,303,028 (2009: 153,303,028) ordinary shares, being the weighted average number of ordinary shares in issue during the year.

        The capital profit per ordinary share is based on a net capital profit of £15,074,000 (2009: loss of £13,298,000) and on 153,303,028 (2009: 139,595,523) ordinary shares, being the weighted average number of ordinary shares in issue during the year.

3.     Net asset value per ordinary share

        The net asset value per ordinary share is based on net assets of £81,240,000 (2009: £65,081,000) and on 153,303,028 (2009: 153,303,028) ordinary shares, being the number of ordinary shares in issue at the year end.

4.     Dividends

        A fourth interim dividend in respect of the year ended 30 June 2010 of 1.2p per ordinary share was paid on 27 August 2010 to shareholders on the register on 30 July 2010. In accordance with IFRS this dividend has not been included as a liability in these accounts and will be recognised in the period in which it is paid.

5.     Financial Instruments

The Company's financial instruments comprise its investment portfolio, cash balances, bank loan and debtors and creditors that arise directly from its operations. As an investment company the Company holds a portfolio of financial assets in pursuit of its investment objective. The Company uses flexible borrowing for short term purposes, and to seek to enhance the returns to shareholders, when considered appropriate by the Investment Manager.

Investments held are valued at fair value. For listed securities this is either bid price or the last traded price depending on the convention of the exchange on which the investment is listed. Unlisted investments are valued by the Directors on the basis of all the information available to them at the time of valuation. The fair value of all other financial assets and liabilities is represented by their carrying value in the Balance Sheet. The fair value of the loan is not materially different from the carrying value in the Balance Sheet.

The main risks that the Company faces arising from its financial instruments are:

(i)  market price risk, being the risk that the value of investment holdings will fluctuate as a result of changes in market prices caused by factors other than interest rate or currency rate movements;

(ii)  interest rate risk, being the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates;

(iii) foreign currency risk, being the risk that the value of investment holdings, investment purchases, investment sales and income will fluctuate because of movements in currency exchange rates;

(iv) credit risk, being the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Company; and

(v)  liquidity risk, being the risk that the Company may not be able to liquidate quickly its investments.

Market price risk

Market price risk arises mainly from uncertainty about future prices of financial instruments held.

It represents the potential loss the Company might suffer through holding market positions in the face of price movements. To mitigate the risk the Board's investment strategy is to select investments for their fundamental value. Stock selection is therefore based on disciplined accounting, market and sector analysis, with the emphasis on long term investments. An appropriate spread of investments is held in the portfolio in order to reduce both the statistical risk and the risk arising from factors specific to a country or sector. The Investment Manager actively monitors market prices throughout the year and reports to the Board, which meets regularly in order to consider investment strategy.

Interest rate risk

Financial assets

Bond and preference share yields, and their prices, are determined by market perception as to the appropriate level of yields given the economic background. Key determinants include economic growth prospects, inflation, the Government's fiscal position, short term interest rates and international market comparisons. The Investment Manager takes all these factors into account when making any investment decisions as well as considering the financial standing of the potential investee company. Returns from bonds and preference shares are fixed at the time of purchase, as the fixed coupon payments are known, as are the final redemption proceeds. Consequentially, if a bond is held until its redemption date, the total return achieved is unaltered from its purchase date. However, over the life of a bond the market price at any given time will depend on the market environment at that time. Therefore, a bond sold before its redemption date is likely to have a different price to its purchase level and a profit or loss may be incurred.

       Interest rate risk on fixed interest instruments is considered to be part of market price risk as disclosed above.

Floating rate

When the Company retains cash balances they are held in floating rate deposit accounts. The benchmark rate which determines the interest payments received on interest bearing cash balances is the UK bank base rate, which was 0.5 per cent at 30 June 2010.

Financial liabilities

The Company may utilise the bank loan facility to meet any liabilities due. The Company has borrowed in sterling at a fixed rate of interest. The Board sets borrowing limits to ensure gearing levels are appropriate to market conditions and reviews these on a regular basis.

At the year end, the Company had borrowings of £10,166,000 from HSBC Bank plc.

Fixed rate

The Company holds fixed interest investments and has fixed interest liabilities.

Foreign currency risk

The Company invests in overseas securities and may hold foreign currency cash balances which give rise to currency risks. It is not the Company's policy to hedge this risk on a continuing basis but it may do so from time to time.

Credit risk

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Company. The Investment Manager has in place a monitoring procedure in respect of counterparty risk which is reviewed on an ongoing basis. The carrying amounts of financial assets best represents the maximum risk exposure at the balance sheet date. Credit risk on unlisted instruments is considered to be part of market price risk.

Credit risk arising on transactions with brokers relates to transactions awaiting settlement. Risk relating to unsettled transactions is considered to be small due to the short settlement period involved and the acceptable credit quality of the brokers issued. The Board monitors the quality of service provided by the brokers used to further mitigate this risk.

The cash held by the Company and all the assets of the Company which are traded on a recognised exchange are held by HSBCBank plc ('HSBC'), the Company's custodian. Bankruptcy or insolvency of the custodian may cause the Company's rights with respect to the cash and securities held by the custodian to be delayed or limited. The Board monitors the Company's risk by reviewing the custodian's internal control reports.

Should the credit quality or the financial position of HSBC deteriorate significantly the Investment Manager will move the cash holdings to another bank.

The Company did not have any exposure to any financial assets which were past due or impaired at the year end.

There were no significant concentrations of credit risk to counterparties at 30 June 2010. No individual investment exceeded 5.9 per cent of the net assets attributable to the Company's shareholders at 30 June 2010.

Liquidity risk

The Company's financial instruments include investments in unlisted investments which are not traded in an organised public market and which generally may be illiquid. As a result, the Company may not be able to liquidate these investments at an amount close to their fair value.

The Company's listed securities are considered to be readily realisable.

The Company's liquidity risk is managed on an ongoing basis by the Investment Manager in accordance with policies and procedures in place as described in the Directors' Report. The Company's overall liquidity risks are monitored on a quarterly basis by the Board.

The Company maintains sufficient cash, has a short term bank loan facility and readily realisable securities to pay accounts payable and accrued expenses.

6.    Related parties

The following are considered related parties: the Board of Directors ("the Board") and CQS/New City Investment Managers ("the Investment Manager").

Mr G Ross, a Director, is a Director of the Company Secretary and Administrator, R&H Fund Services (Jersey) Limited which receive fees from the Company. Administration fees for the year were £15,000 (2009: £15,000).

Mr G Ross is also a Director of the Registrar, Computershare Investor Services (Jersey) Limited which receives fees from the Company. Registrar fees for the year were £23,000 (2009: £16,000).

Canaccord Genuity Limited provides advisory and brokerage services to the Company.  Mr J. West, a Director, is Chairman of Canaccord Genuity Limited.

Mr Lockwood is a non-executive director of Kalahari Minerals.  At the year end the Company held 750,000 Kalahari Minerals 10% CV 31/08/11 valued at £750,000.

There are no other transactions with the Board other than aggregated remuneration for services as Directors and there are no outstanding balances with the Board at the year end.

7.    Bank loan facility

On 9 October 2009 the unsecured bank loan facility with the Allied Irish Bank was fully repaid.  On this date a short form overdraft facility was agreed with HSBC Bank Plc.  This facility allows up to 20 per cent of the value of shareholders' funds to be borrowed with the drawn down amount repayable on demand.  As at the year end the unsecured loan facility has a limit of £15.0 million of which £10.2 million was drawn down at the year end.

8.     Financial information

These are not full statutory accounts for the year ended 30 June 2010.  The full audited annual report and accounts for the year ended 30 June 2010 will be sent to shareholders in October 2010 and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The full audited accounts for the period ended 30 June 2009, which were unqualified, have been lodged with the Registrar of Companies.

9.    The report and accounts for the year ended 30 June 2010 will be made available on the website www.ncim.co.uk.  Copies may also be obtained from the Company's registered office, Ordnance House, 31 Pier Road, St. Helier, Jersey, JE4 8PW, Channel Islands

Enquiries:

Ian Francis, New City Investment Managers:                    020 7201 5366

Graeme Ross, Company Secretary:                                01534 825 200

 

END

 

 

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