Preliminary Results
Dunedin Enterprise Inv Trust PLC
20 June 2007
For release 07.00am 20 June 2007
Dunedin Enterprise Investment Trust PLC
Preliminary Results for the year ended 30 April 2007
Dunedin Enterprise Investment Trust PLC, the private equity investment trust
which specialises in investing in mid-market buyouts announces its preliminary
results for the year ended 30 April 2007.
Financial Highlights:
•Net asset value per share increased by 8.8% to 541.9p per share
•Total net assets now £163.7 million
•Final dividend of 8.6p; a full year dividend of 10.7p; a 13% increase on
last year
•Realisations totaling £27.6 million, generating a profit of £4.5 million
over the valuation at the start of the year, an uplift of 21%
•Investment of £15 million made into SWIP Private Equity Fund of Funds II
PLC to increase level of diversification
•£75 million commitment to new Dunedin Buyout Fund II
•Total return per ordinary share 54.8p
New investments of £43.3 million in seven new portfolio companies and twelve
existing portfolio companies including:
•£8.3 million investment in the management buyout of Capula Group Limited
•£6.4 million investment in the management buyout of WFEL Holdings Limited
•£3.2 million investment in the management buyout of etc.venues Group
Limited
Comparative Performance
Periods to 30 April 2007 1 Year 3 Year 5 Year 10 Year
% % % %
Net asset value per ordinary share 8.8 57.5 66.0 83.9
Share price 0.9 79.1 86.7 81.5
FTSE Small Cap Index 14.5 51.4 56.0 73.8
FTSE All Share Index 9.2 49.4 33.9 56.2
Edward Dawnay, Chairman of Dunedin Enterprise Investment Trust PLC, commented:
'I am pleased to report another year of growth in the net asset value of your
Company.
During the year under review there was some considerable activity in the
portfolio; £43.3 million was invested and disposals of £27.6 million were made,
at an uplift of £4.5 million, a 21% uplift over the valuation at the start of
the year. In aggregate, there was a net investment outflow of £15.7 million in
the year.'
For further information please contact:
Ross Marshall, Chief Executive Officer, Dunedin Capital Partners Limited
0131 225 6699 or 07768 794 180, ross.marshall@dunedin.com
Jane Kirby, Director, Equity Dynamics 07825 326 441, jane@equitydynamics.co.uk
Corinna Vere Nicoll, Director, Equity Dynamics 07825 326 440,
corinna@equitydynamics.co.uk
Notes to Editors
Dunedin Enterprise Investment Trust PLC is managed by Dunedin Capital Partners
Limited. Dunedin Capital Partners Limited is an independent private equity
company owned by its directors. The company specialises in providing equity
finance for management buyouts and management buyins with a transaction size of
£10 million - £50 million. It operates throughout the United Kingdom from its
offices in Edinburgh and London.
Dunedin Capital Partners is itself the result of a management buyout which took
place in 1996.
Dunedin Enterprise's primary objective is to achieve substantial long term
growth in its assets through capital gains from its investments.
For more information on Dunedin Enterprise, its portfolio and investment
approach, please visit the website www.dunedin.com.
Investors can buy shares in the company through regular savings, PEP/ISA and
pension plans. For further information, call the Aberdeen Asset Managers
helpline on 0500 00 40 00 or visit the website at
www.dunedinenterprisetrust.co.uk.
Chairman's Statement
Overview
I am pleased to report another year of growth in the net asset value of your
Company.
During the year to 30 April 2007, net assets rose to £163.7 million and net
asset value per share rose to 541.9p, an increase of 8.8% over the previous year
(2006: 19.7%). This compares to a rise in the FT Small Cap Index of 14.5% over
the same period (2006: 25.0%).
The Board is recommending a final dividend of 8.6p making a total dividend for
the year of 10.7p, a 13% increase on last year, excluding the special dividend.
The final dividend will be paid on 21 September 2007 to shareholders on the
register on 31 August 2007.
New investment totalled £43.3 million (2006: £21.6 million) and realisations of
£27.6 million (2006: £70.0 million) were achieved. This is the first year since
2001 in which new investment has exceeded realisations. The strong continuing
level of realisations demonstrates that the policy of investing in mid-market
buyouts, nurturing and growing them and then selling or floating them remains a
successful investment strategy.
Following an extended run of successful realisations your Company has built up a
significant cash balance, which is essential for future investment. However,
cash does not provide the high level of returns that successful private equity
investments do and consequently, investment returns this year are more modest
than they have been in prior years.
It must be remembered that the private equity market is cyclical and a downturn,
such as we saw in 2001 and 2002, can occur very quickly. Many commentators
believe that we are approaching the top of the cycle in the UK which has been
fuelled by low interest rates and the ready availability of debt. Your Company
is well positioned for future growth as it has a young portfolio underpinned by
significant cash to make new investments.
The private equity sector
The Private Equity sector continues to evolve in a way that was almost
inconceivable ten years ago. From very modest origins, it is estimated that
private equity backed companies now generate sales of £424 billion, exports of
£48 billion and contribute over £26 billion per year in taxes. The 2006 figures
show that UK private equity has once more outperformed Total UK Pension Fund
Assets and the principal FTSE Indices over three, five and ten years. Total
funds raised by BVCA members in 2006 amounted to £34 billion, up from £27
billion the previous year. World wide investment by UK private equity firms
amounted to £21 billion, of which £10 billion was invested in the UK.
Private equity-backed businesses are now a significant driver of the UK economy.
It is estimated that companies that have recently received private equity
funding account for the employment of around 2.8 million people, equivalent to
19% of the UK private sector workforce.
Continuing success has inevitably attracted additional capital to the asset
class and has increased the price of businesses seeking private equity backing.
The market has favoured sellers and increased competition for buyers. Dunedin
Enterprise has benefited from this trend as it has made significant profits from
realisations over recent years. The other side of the coin is that finding new
investment opportunities at attractive prices is a challenge. Your Manager has
maintained its investment discipline and continues to seek out value in private
companies with a good track record, a defensible market position, barriers to
entry and strong growth prospects.
With the substantial inflows of global capital into private equity, successful
private equity managers like Dunedin Capital Partners ('Dunedin'), are able to
attract increasing funds under management. These are typically structured as ten
year limited partnership funds with a preferred return to investors and a profit
share to the manager.
In 2001, your Manager raised a £54 million buyout fund, the Dunedin Buyout Fund
I ('DBF I'). Since 2001, Dunedin Enterprise has invested alongside, and as a
partner in, DBF I. During the year under review, DBF I became 94% invested and
reached the end of its investment period. It has already returned 104% of
amounts drawn to investors and Dunedin Enterprise, as an investor in, and
co-investor with the fund, has benefited from this excellent investment
performance. Since the year end, Zenith Vehicle Holdings has been sold and
Practice Plan has been recapitalised. There are seven remaining investments in
DBF I.
In 2006, Dunedin raised a new buyout fund, Dunedin Buyout Fund II ('DBF II').
DBF II was significantly over-subscribed, has attracted 21 investors from the UK
and continental Europe, and closed at £250 million. Dunedin Enterprise was able
to achieve a substantial commitment of £75 million to this fund and will
therefore have guaranteed access to Dunedin's new investment dealflow. The fund
has made its first investment of £18 million and further investments are under
consideration.
In recognition of its achievements in making new investments, concluding
successful exits, raising its new buyout fund and growing the size of its
business, Dunedin was voted the BVCA / Real Deals Private Equity House of the
Year, 2007. I hope you will join me in congratulating Dunedin on this
prestigious award.
Portfolio activity
During the year under review there was some considerable activity in the
portfolio; £43.3 million was invested and disposals of £27.6 million were made,
at an uplift of £4.5 million, a 21% uplift over the valuation at the start of
the year. In aggregate, there was a net investment outflow of £15.7 million in
the year.
The principal investments included £15 million in SWIP Private Equity Fund of
Funds II PLC, a portfolio of investments in buyout and venture capital funds;
£8.3 million in Capula, the UK's leading provider of real time information
systems to the power generation and utilities sectors; and £6.4 million in WFEL,
a global leading company in the manufacture and supply of mobile bridges. The
principal disposals were of the residual stake in Davenham (£8.1 million) and of
Portman Travel (£6.1 million). Full details are set out in the Manager's Review.
Portfolio development
One of Dunedin Enterprise's features over the years has been its ability to
invest in a range of investments and investment vehicles. As the Company has
grown, the nature of its investments has evolved. Up to a decade ago, Dunedin
Enterprise mainly participated in syndications of transactions led by other
private equity houses. In the past decade, it has principally invested in small
and mid-market UK buyouts led by Dunedin but has also made commitments to
partnership funds managed by other private equity managers. In this way, it has
obtained a degree of diversification.
The principal investment activity is now through the £250 million Dunedin Buyout
Fund II, which is focused exclusively on UK mid-market buyouts, and in which
Dunedin Enterprise has the largest commitment amounting to £75 million. Drawdown
on DBF II has begun with the investment in WFEL and this process is expected to
take three to four years to complete.
As discussed above, some market commentators are concerned that we may be
approaching the top of another private equity market cycle in the UK. In
addition, there has been a great deal of media comment about the tax treatment
that private equity enjoys in the UK and there are a number of reviews underway
to examine this. With these factors in mind, your Board believes that it would
be prudent to increase the level of diversification in the portfolio whilst
still focusing on private equity in general and buyouts in particular.
Consequently, an investment of £15 million was made in SWIP Private Equity Fund
of Funds II PLC, a portfolio of buyout and venture capital funds managed by
Scottish Widows Investment Management. This portfolio comprises 40 fund
investments made since 2000. It gives Dunedin Enterprise exposure to a
diversified portfolio of mature funds managed by established private equity
managers.
In addition, the Board has approved investments in a small number of listed
European private equity companies with a similar investment strategy to Dunedin
Enterprise. This will give all shareholders, and smaller shareholders in
particular, access to a broader range of private equity backed businesses in
markets where Dunedin does not make direct investments. As at 30 April 2007,
£4.3 million had been invested in listed private equity companies and this has
risen to £16.6 million by 19 June 2007.
In addition to the above, the Board will make a small number of commitments each
year to private equity funds which have an investment strategy which complements
Dunedin Enterprise's objective of achieving substantial long term capital growth
in its assets through capital gains from its investments. This is a continuation
of what has occurred over recent years where the Board has made commitments of
£37 million to a number of buyout and venture capital funds managed by private
equity houses other than Dunedin and there is currently £15 million of
investment in, or outstanding commitments to, such funds.
Board appointment
Brian Finlayson was appointed to the Board on 1 January 2007. Until 2002 Brian
was Deputy Chairman of Dunedin. His knowledge and experience of private equity
will be invaluable to the further development of the Company.
Accounting year end
As previously notified in the Interim Report, the accounting year end of the
company will change from 30 April to 31 December. This change will take effect
from 31 December 2007. It is the intention of the Board to pay a pro-rata
interim dividend in December 2007 and a pro-rata final dividend in April 2008.
Thereafter an interim dividend will typically be paid in August with a final
dividend in the following April.
Annual General Meeting
The AGM will be held, as last year, at the Merchants Hall in Hanover Street,
Edinburgh on 19 September 2007 and I look forward to welcoming shareholders. The
AGM will be followed by a presentation by the Manager, reviewing the year and
commenting on the outlook.
Edward Dawnay,
Chairman
19 June 2007
Manager's Review
Overview
Net asset value per share increased by 8.8% in the year from 498.2p to 541.9p
(2006: 19.7%) and the net asset value total return per share over the year was
11.4% (2006: 22.3%).
The Company's share price rose by 0.9% (2006: 32.3%) from 457.75p to 462p at 30
April 2007. As at 19 June 2007, the share price is 487.5p and the discount to
net asset value stands at 10% per share.
The growth in net asset value has been driven by the following factors:-
£'m
Net asset value at 30 April 2006 151.3
Unrealised value increases 17.1
Unrealised value decreases (9.3)
Realised profit over opening valuation 4.5
Profit attributable to shareholders less expenses charged to capital 3.6
Dividends paid to shareholders (3.5)
-------
Net assets at 30 April 2007 163.7
-------
Realisations
The Company received £27.6 million during the year from the sale of five
portfolio companies, from the sale of companies in Legal & General limited
partnership funds and from the redemption of loan stock by portfolio companies.
This generated a profit of £4.5 million over the valuation at the start of the
year, representing an uplift of 21%.
AIM, the legal software design company, was sold to Computer Software Group in
May 2006. The realisation generated proceeds of £1.7 million, producing a 19%
IRR and a money multiple of 1.8 times.
Portman was sold in January 2007 to a secondary buyout led by Vision Capital
generating proceeds of £6.1 million. Portman is the UK's largest independent
travel management network, operating in the UK from over 30 offices. Dunedin
Enterprise received capital and income of £9.0 million from the investment, a
money multiple of four times and an IRR of 16% over the ten years of ownership.
The remaining quoted holding in Davenham was realised in February 2007
generating proceeds of £8.1 million. Davenham provides niche short-term lending
products to growing businesses throughout the UK. Dunedin Enterprise has
received capital and income of £22.1 million from the investment, a money
multiple of four times original investment and an IRR of 31% over the six years
of ownership.
There were three significant realisations from within the Legal & General
limited partnership funds in which Dunedin Enterprise is invested. The Club
Company, one of the UK's leading golf and country club operators, was sold in a
secondary buyout to Boundary Capital in June 2006. Vue Cinemas, the cinema chain
operator in the UK and Ireland, was sold in a secondary buyout to Bank of
Scotland in June 2006. Tragus, the operator of the Cafe Rouge and Bella Pasta
restaurant chains, was sold in a secondary buyout to Blackstone Group in
December 2006. In total Dunedin Enterprise received £6.9 million from the sale
of these three investments compared to an original cost of £2.1 million.
Dunedin Enterprise's investments in Travel & General and Blaze Signs were sold
during the year realising £2.6 million and £1 million respectively. It is worth
noting that Dunedin Enterprise first invested £250,000 in Travel & General, the
specialist insurance company, when it was a start up in 1983. A good example of
the long-term support that private equity can give to growing businesses.
Proceeds from the redemption of loan stock and sundry other investments
generated £1.2 million.
New Investments
In the year to 30 April 2007, the Company invested £43.3 million (2006: £21.6
million) in seven new portfolio companies and twelve existing portfolio
companies.
In June 2006, Dunedin Enterprise invested £3.2 million in the management buyout
of etc.venues Group Limited. etc.venues is a leading independent provider of
meeting, training and event space. The company has six training and conference
venues in London. All venues are purpose designed and renowned for their well
resourced facilities. The company has plans to develop further venues in London
and other cities throughout the UK.
In August 2006, Dunedin Enterprise invested £8.3 million in the management
buyout of Capula Group Limited. Capula provides real time automation systems to
the nuclear, power generation and utilities industries. This is a specialised
business which involves complex software programming and systems engineering.
Capula has a strong market position in its core markets, providing IT systems
which control much of the electricity and water distributed throughout the UK
and at a number of plants at the Sellafield nuclear facility.
In December 2006, Dunedin Enterprise invested £6.4 million in the management
buyout of WFEL Holdings Limited. WFEL is a world leading manufacturer of mobile
bridges. The company provides high specification, high functionality and complex
bridging systems predominantly to the US Department of Defence and also to the
UK Ministry of Defence. In addition, WFEL is the sole supplier of specialist
consumable steel rods used in the reactors in fourteen of the UK's nuclear power
stations.
As described in the Chairman's Statement, in April 2007, Dunedin Enterprise
invested £15.0 million in SWIP Private Equity Fund of Funds II PLC ('SWIP II').
SWIP II is a portfolio of 40 private equity fund investments in large European
buyout funds, mid-market European buyout funds, European and US venture funds, a
mezzanine and a secondaries fund. The funds have vintage years 2000 to 2007.
In April 2007, Dunedin Enterprise invested a total of £4.3 million in three
quoted European Private Equity companies. CapMan PLC is a pan-Nordic private
equity company based in Helsinki and listed on the Helsinki Stock Exchange. It
invests in mid-market buyouts, technology, life sciences and real estate.
Deutsche Beteiligungs AG is the oldest German private equity company, based in
Frankfurt and listed on the Frankfurt Stock Exchange. It invests in mid-market
buyouts in Germany. GIMV is the largest Belgian private equity company, is based
in Antwerp and listed on Euronext Brussels. It invests in mid-market buyouts,
technology and life sciences in Belgium, Holland and Germany.
Unrealised Movements
The table below summaries the main components of unrealised valuation movements
in the year to 30 April 2007.
£'m £'m
Value increases
•Imminent realisations 3.4
•Move from cost to earnings valuation 8.3
•Trading performance 2.7
•Debt reduction 1.2
•Price earnings movements 1.4
•Other 0.1
--------
17.1
Value decreases
•Trading performance (7.3)
•Other (2.0)
--------
(9.3)
--------
Net unrealised value movements 7.8
--------
Two portfolio companies, Zenith and Practice Plan have contributed £11.7 million
to unrealised valuation increases.
Dunedin led the £27 million secondary buyout of Zenith, the provider of car
fleet management services, in June 2005. The company has grown strongly over the
past two years and, in a £40 million tertiary buyout in June 2007, Dunedin
realised its investment. Dunedin Enterprise invested £7.5 million in 2005 and
has received a total of £12.5 million from this investment in capital and
income. The investment has returned a money multiple of 1.7 times which
represents an IRR of 33% over two years. We have valued the investment at 30
April 2007 at a 10% discount to the ordinary share value received on exit.
Dunedin led the buyout of Practice Plan, the UK's second largest dental payments
business, in August 2005. In May 2007, the company undertook a £26 million
recapitalisation. Dunedin Enterprise realised £6.7 million on the
recapitalisation and re-invested £9.3 million. The investment has returned a
money multiple of 1.7 times on the original investment which represents an IRR
of 37% in under two years. We have valued the investment at 30 April 2007 at a
10% discount to the ordinary share value received on exit.
Two further portfolio companies, CGI and ABI, have contributed £5.4 million to
unrealised valuation increases. CGI, the specialised fire glass manufacturer,
grew profits strongly in the year to 31 December 2006 and has paid off buyout
debt ahead of schedule. ABI, a leading manufacturer of leisure homes, has also
seen strong profit growth in the current year.
The valuation of Dunedin Enterprise's investments in New Horizons and RSL
Steeper have been written down by £5.3 million in the year. Challenging market
conditions and a reduction in local and national government spending have
adversely affected trading at both companies. Five other portfolio investments
accounted for £3.0 million and management fees on DBFII have contributed a
further £1.6 million of the unrealised valuation decreases.
Valuation basis
2007 2006
£'m % £'m %
Cost 32.6 34 30.1 45
Earnings multiple 30.7 32 23.0 35
Imminent transaction 12.0 13 2.5 4
Net asset value - - 2.3 3
Quoted bid price 19.3 21 8.7 13
-------- -------- -------- --------
94.6 100 66.6 100
-------- -------- -------- --------
Portfolio analysis
2007 2006
£'m No. £'m No.
Unquoted companies 66.2 18 46.9 19
Listed private equity 19.3 4 8.7 1
Buyout funds 5.5 5 7.8 5
Technology funds 3.6 4 3.2 4
-------- -------- -------- --------
94.6 31 66.6 29
-------- -------- -------- --------
Investment Category
2007 2006
£'m % £'m %
Management buyouts/buyins 65.6 69 52.7 79
Buyout funds 5.5 6 7.8 12
Technology funds 3.6 4 3.2 5
Listed private equity 19.3 21 - -
Other 0.6 - 2.9 4
-------- -------- -------- --------
94.6 100 66.6 100
-------- -------- -------- --------
Portfolio analysed by industry sector
2007 2006
% %
Construction and building materials 14 17
Financial services 1 17
Healthcare 7 19
Leisure and hotels 6 7
Specialist manufacturing 8 2
Support services 43 38
Listed private equity 21 -
-------- --------
100 100
-------- --------
Portfolio analysed by age
2007 2006
% %
Less than 1 year 39 25
1-3 years 35 20
3-5 years 6 5
More than 5 years 20 50
-------- --------
100 100
-------- --------
Dunedin Capital Partners Limited
19 June 2007
DUNEDIN ENTERPRISE INVESTMENT TRUST PLC
PRELIMINARY RESULTS FOR YEAR ENDED 30 APRIL 2007
Ten Largest Investments
The ten largest investments account for 48.4% of the net assets of Dunedin
Enterprise as listed below:
Company Fully diluted Cost of Directors' Percentage of
equity investment valuation net assets
percentage
% £'m £'m %
SWIP Private Equity
Fund of Funds II Plc 9.0 15.0 15.0 9.2
CGI Group Limited 37.9 5.9 13.7 8.4
Practice Plan Group
(Holdings) Limited 26.2 4.3 12.5 7.7
ZVC Group Limited 20.8 7.0 10.4 6.4
Capula Group Limited 35.5 8.3 8.3 5.1
WFEL Holdings Limited 24.2 6.4 6.4 3.9
ABI (UK) Group Limited 21.1 0.2 3.9 2.4
etc.venues Group Limited 28.0 3.2 3.2 1.9
LGV4 Private Equity Fund 2.7 2.2 2.9 1.7
RSL Steeper Holdings
Limited 28.9 4.0 2.9 1.7
------ ------ ------
56.5 79.2 48.4
------ ------ ------
DUNEDIN ENTERPRISE INVESTMENT TRUST PLC
PRELIMINARY RESULTS FOR YEAR ENDED 30 APRIL 2007
BALANCE SHEET
At 30 April Unaudited Audited
2007 2006
£'000 £'000 £'000 £'000
Investments at fair value 133,222 144,847
Current assets
Debtors 772 196
Cash at bank 34,282 6,371
------ -------
35,054 6,567
Current liabilities
Creditors: amounts falling due within
one year (4,559) (110)
------ -------
Net current assets 30,495 6,457
--------- ---------
Net assets 163,717 151,304
--------- ---------
Capital and reserves
Called up share capital 7,552 7,592
Share premium account 47,600 47,600
Capital reserves:
Capital redemption reserve 374 334
Capital reserve - realised 104,274 87,978
Capital reserve - unrealised (2,517) 1,598
Revenue reserve 6,434 6,202
--------- ---------
Total equity shareholders' funds 163,717 151,304
--------- ---------
Net asset value per share 541.9p 498.2p
DUNEDIN ENTERPRISE INVESTMENT TRUST PLC
PRELIMINARY RESULTS FOR YEAR ENDED 30 APRIL 2007
INCOME STATEMENT
For the year ended Revenue Capital Unaudited Revenue Capital Audited
30 April £'000 £'000 2007 £'000 £'000 2006
Total Total
£'000 £'000
Gains on investments - 12,337 12,337 - 24,982 24,982
Income 6,036 - 6,036 6,200 - 6,200
Investment
management fee (461) (1,263) (1,724) (743) (2,022) (2,765)
Other expenses (536) - (536) (558) - (558)
------- ------- ------- ------- ------- -------
Net return before
finance costs and tax 5,039 11,074 16,113 4,899 22,960 27,859
Interest payable
and similar charges (54) (164) (218) (54) (161) (215)
------- ------- ------- ------- ------- -------
Return on ordinary
activities before tax 4,985 10,910 15,895 4,845 22,799 27,644
Tax on ordinary
activities (1,258) 1,946 688 (609) 609 -
------- ------- ------- ------- ------- -------
Return attributable
to equity
shareholders 3,727 12,856 16,583 4,236 23,408 27,644
------- ------- ------- ------- ------- -------
Basic return per
ordinary share 12.3p 42.5p 54.8p 13.9p 77.1p 91.0p
DUNEDIN ENTERPRISE INVESTMENT TRUST PLC
PRELIMINARY RESULTS FOR YEAR ENDED 30 APRIL 2007
CASH FLOW STATEMENT
For the year ended 30 April £'000 Unaudited £'000 Audited
2007 2006
£'000 £'000
Net cash inflow from operating
activities 4,055 3,824
Financial Investment
Purchase of investments (39,057) (21,645)
Purchase of 'AAA' rated money market
funds (25,252) (57,518)
Sale of investments 27,625 70,015
Sale of 'AAA' rated money market funds 64,928 10,600
------- -------
Net cash inflow from financial
investment 28,244 1,452
Equity dividends paid (3,495) (2,763)
------- -------
Net cash inflow before financing 28,804 2,513
Financing
Interest paid (218) (215)
Purchase of ordinary shares (675) -
------- -------
(893) (215)
Cash assumed on liquidation of
subsidiary - 2,926
------- -------
Increase in cash for the period 27,911 5,224
------- -------
Reconciliation of net cash flow to
movement in net funds
Increase in cash as above 27,911 5,224
Cash at bank and in hand at 1 May 6,371 1,147
------- -------
Cash at bank and in hand at 30 April 34,282 6,371
------- -------
Notes
1.The Directors recommend a final dividend of 8.6p per share
for the year to 30 April 2007. If approved, the dividend will be paid on 21
September 2007 to shareholders on the register at close of business on 31 August
2007. The ex-dividend date is 29 August 2007. An interim dividend of 2.1p per
share was paid on 31 January 2007.
2. The company's Annual General Meeting which will take place at 12 noon on
Wednesday 19 September 2007 at The Merchants' Hall, 22 Hanover Street, Edinburgh
EH2 2EP.
3. The financial information set out above does not constitute the Company's
statutory accounts for the years ended 30 April 2007 or 2006. The financial
information for 2006 is derived from the statutory accounts for 2006 which have
been delivered to the registrar of companies. The auditors have reported on the
2006 accounts; their report was (i) unqualified, (ii) did not include a
reference to any matters to which the auditors drew attention by way of emphasis
without qualifying their report and (iii) did not contain a statement under
section 237(2) or (3) of the Companies Act 1985. The statutory accounts for 2007
will be finalised on the basis of the financial information presented by the
directors in this preliminary announcement and will be delivered to the register
of companies in due course.
4. The annual report will be posted to shareholders in August 2007 and copies
will be available to members of the public at the Company's Registered Office,
10 George Street, Edinburgh, EH2 2DW.
This information is provided by RNS
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