Interim Results

Livermore Investments Group Limited 24 September 2007 24 September, 2007 LIVERMORE INVESTMENTS GROUP ('Livermore' or 'Company') UNAUDITED INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2007 Livermore Investments Group Limited (the 'Company' or 'Livermore') today announces its interim results for the six months ended 30 June 2007. SUMMARY • Annualised gross return on opening shareholders funds before administration costs and share option amortisation of 14.6%. • Profit after tax from continuing operations - $11.9m (2006 : $4.7m). • Profit after tax for the period - $11.9m (2006 : $253.1m). • Net Asset Value per share of $0.95 as at 30 June 2007; $0.94 as at 31 December 2006; $0.92 as at 31 August 2007. • First real estate investment completed in July 2007; sale and lease back of 34,000 square metres of commercial freehold property from the Swiss national railway company SBB for CHF 93m and a related residential project totalling some CHF 15m. • Development of infrastructure for the newly formed investment company and recruitment of a professional investment management team. Commenting on the results, Noam Lanir, CEO of Livermore Investments Group Limited, said: 'Good progress has been made in transitioning to an investment company. I am particularly pleased with the return on shareholder funds of 14.6% before administration costs and share option amortisation in this first period as an investment company.' For further investor information please go to www.livermore-inv.com. Enquiries: Livermore Investments Group Limited + 357 25 847 700 Noam Lanir, Chief Executive Officer Ron Baron, Chief Investment Officer + 41 433 443 200 Hudson Sandler +44 (0) 20 7796 4133 Michael Sandler Chairman's and Chief Executive's Review Introduction The first six months of 2007 have been an exciting period of transition for Livermore Investments Group Limited. Significant progress has been made in establishing the infrastructure of the investment group, recruiting a new investment team and in deploying the capital of the Company. The annualised gross return on opening shareholders funds for the first six months of 2007 was 14.6% calculated before deducting administration costs and share option amortisation and including unrealised gains. The annualised net return on opening shareholders funds before share option amortisation was 12.8%. Operational review The Company focused, during the first half of 2007, on forming and starting to implement its investment strategy. The first stages have been successfully completed by establishing a portfolio which is well diversified across asset classes, currencies and geography. Management aims to establish an investment portfolio which will focus on areas of potential high growth in the mid to long term through a top down investment approach and partnerships with top tier managers and investment partners. Management is confident that through careful and patient selection of absolute return opportunities across its selected areas and a stringent and focused investment decision-making process, it will be able to construct a robust investment portfolio which will generate stable above market returns for its investors. In July 2007 the Company finalised its first real estate investment through the purchase and leaseback of Wyler Park from SBB, the Swiss national railway company. The purchase followed a bid process of over 6 months in which over 20 parties participated. The property was purchased for CHF 93m through a newly established Swiss special purchase vehicle. Non recourse finance of some CHF 80m was provided by Merrill Lynch. As part of this commercial investment the Company is developing a residential project including 39 residential apartments to be completed in July 2008. The total cost of the residential development project is approximately CHF 15m. The project includes additional development rights, which the Company expects to utilise in the future. This high profile investment has positioned the Company well in the Swiss market and has generated significant deal flow opportunities in the property sector. Some of these projects are currently under various stages of review and negotiation. In the first half of 2007, gains of $9.0m have been made in global trading activities mainly through selective stock picking (long and short) in the natural resources sectors and the Asian markets. The Company also invested with a few single hedge funds managers, who outperformed their peer group. Interest income for the period of some $3.7m was derived from the fixed income portfolio, which comprises mainly of money market instruments and highly rated bonds. Additional investment income was derived from our diversified portfolio of structured credit products. These investments, which amount to 13% of the total portfolio include rated and equity tranches, mostly of collateralised loan obligations (CLOs). The exposure of CLO positions to the US residential real estate market is small (less than 1.5% of the total Company portfolio, and the effect of developments in credit markets on our portfolio has been minimal. Overall the fixed income portfolio which includes a mix of top tier managers and has a wide sector spread performed within management expectations. Some initial investments have been made in private equity. These have been minority stakes in specialist investment funds focusing on the developing economies of India and the Far East. Such investments include commercial real estate, hospitality projects and logistics in India. The Company's investment portfolio at 30th June 2007 was valued at some $290m and was invested according to the following distribution (comparative information for the end of August 2007 included). Investment category Percentage Percentage 30 June 2007 31 August 2007 Cash and money markets 27% 24% Equities 27% 14% Bonds 21% 16% Alternative investments 19% 18% Real estate investments 3% 23% Derivatives 1% 3% Other assets 1% 1% Current assets 1% 1% ______________ ______________ Total portfolio $290m $347m Since 30 June, 2007 the Company significantly reduced its equity exposure, as also illustrated in the table above. Board Changes Ron Baron was appointed as Executive Director and Chief Investment Officer on 10 August 2007. Ron has wide investments and M&A experience. From 2001 to 2006 Ron served as member of management at Bank Leumi, Switzerland and was responsible for portfolio management activity. Prior to this he spent five years as a commercial lawyer at Kantor, Elhanani, Tal & Co. Law Offices in Tel Aviv, Israel, advising banks and large corporations on transactions, buy-outs and privatisations. He holds an MBA from INSEAD Fontainebleau and a LLB (LAW) and BA in Economics from Tel Aviv University. As announced on 27 June, Andrew Burns, formerly our CFO, left the Company at the end of August. The Board would like to thank Andrew for his contribution to the development of the Company and wish him well in his new role. Repurchase of shares On 27 April 2007 the Company repurchased 8,750,000 shares for $0.820 per share. Further share buy backs will be considered in the future having regard to the discount to net asset value per share. Dividends The final dividend for 2006 of $0.034 per share, totalling $9.7m, was paid on 29 June 2007. For 2007 the Company's dividend policy remains unchanged. Livermore will continue allocating 50% of its net profit to shareholder dividends, based on the Company's performance. Dividends will be calculated and paid based on the full year end results. Richard Rosenberg Noam Lanir Chairman Chief Executive 24 September 2007 * Livermore Investments Group Limited was formerly known as Empire Online Limited. Shareholders approved a special resolution to change the Company's name at the EGM held on 28 February 2007. Livermore Investment Group Limited Consolidated Income Statement for the Six months ended 30 June 2007 Discontinued Discontinued Operations Operations Six months Six months Six months Year Year ended ended ended ended ended 30 June 30 June 30 June 31 December 31 December 2007 2006 2006 2006 2006 Note Unaudited Unaudited Unaudited Audited Audited $000 $000 $000 $000 $000 Net gaming revenue - 38,203 - 59,850 - Investment revenue 3 12,569 - - - 2,301 Cost of sales - (20,560) - (30,256) - ________ __________ ________ ________ ________ Gross profit 12,569 17,643 - 29,594 2,301 Amortisation and non 2 (1,351) (3,527) - (11,054) - recurring items Administrative expenses (2,497) (2,353) - (3,483) (995) ________ __________ ________ ________ ________ Operating profit / (loss) 8,721 11,763 - 15,057 1,306 Finance expenditure (335) - - - (170) Finance income 3,508 - 4,722 - 9,892 ________ __________ ________ ________ ________ Profit before taxation 11,894 11,763 4,722 15,057 11,028 Taxation (1) (4) - (7) - ________ __________ ________ ________ ________ Profit for the year after 11,893 4,722 11,028 taxation from continuing operations Profit after taxation 11,759 - 15,050 - from discontinued operations Profit from disposal of 4 236,657 - 36,642 - discontinued operations __________ ________ Profit for discontinued - 248,416 248,416 51,692 51,692 operation ________ ________ ________ Profit for period 11,893 253,138 62,720 ======== ======== ======== Earnings per share Basic earnings per share ($) 7 0.04 0.85 0.86 0.18 0.21 ======== ======== ======== ======== ======== Diluted earnings per share ($) 7 0.04 0.81 0.83 0.17 0.21 ======== ======== ======== ======== ======== Dividends Proposed interim dividend per share ($) $0.0 $0.017 $0.034 ======== ======== ======== Proposed interim dividend ($000) - 4,977 10,000 ======== ======== ======== Dividends paid during the period per share ($) $0.033 $0 $0.085 ======== ======== ======== Dividends paid during the period ($000) 9,657 - 24,887 ======== ======== ======== Livermore Investments Group Limited Consolidated Balance Sheet as at 30 June 2007 30 June 30 June 31 December 2007 2006 2006 Note Unaudited Unaudited Audited $000 $000 $000 Assets Non-current assets Property, plant and equipment 29 167 49 Intangible assets 51 221,778 73 Financial assets 8 195,588 - 124,491 _______ _______ _______ 195,668 221,945 124,613 _______ _______ _______ Current assets Trade and other receivables 9,611 7,092 50,795 Cash and cash equivalents 9 84,994 262,114 137,715 _______ _______ _______ 94,605 269,206 188,510 _______ _______ _______ Total assets 290,273 491,151 313,123 ======= ======= ======= Equity Share capital 10 - - - Reserves 210,907 211,535 212,483 Retained earnings 63,999 275,435 61,763 _______ _______ _______ Total equity 274,906 486,970 274,246 _______ _______ _______ Liabilities Current liabilities Bank overdrafts 11 8,008 - 4,960 Trade and other payables 7,358 4,171 33,910 Current tax payable 1 10 7 _______ _______ _______ Total liabilities 15,367 4,181 38,877 _______ _______ _______ Total equity and liabilities 290,273 491,151 313,123 ======= ======= ======= Net assets valuation per share Basic net assets valuation per share ($) 0.95 1.66 0.94 ======= ======= ======= Diluted net assets valuation per share ($) 0.91 1.59 0.91 ======= ======= ======= Livermore Investments Group Limited Consolidated Statement of Changes in Equity for the period ended 30 June 2007 Note Share Share Share Investment Retained Total capital premium option revaluation earnings reserve reserve $000 $000 $000 $000 $000 $000 Balance at 1 January 2006 - 209,807 277 - 22,297 232,381 Net profit for the year - - - - 62,720 62,720 Share option reserve - - 3,150 - - 3,150 Share options forfeited - - (1,633) - 1,633 - Revaluation reserve - - - 882 - 882 Dividends paid - - - - (24,887) (24,887) ______ ______ ______ ______ ________ _______ Balance at 31 December 2006 - 209,807 1,794 882 61,763 274,246 Net profit for the period - - - - 11,893 11,893 Share option reserve - - 1,850 - - 1,850 Purchase of own shares (7,172) - - - (7,172) Revaluation reserve - - - 3,746 - 3,746 Dividends paid - - - - (9,657) (9,657) ______ ______ ______ ______ ________ ________ Balance at 30 June 2007 - 202,635 3,644 4,628 63,999 274,906 ______ ______ ______ ______ ________ _______ Comparative Period Note Share Share Share Investment Retained Total capital premium option revaluation earnings reserve reserve $000 $000 $000 $000 $000 $000 Balance at 1 January 2006 - 209,807 277 - 22,297 232,381 Net profit for the period - - - - 253,138 253,138 Share option reserve - - 1,451 - - 1,451 ______ ______ ______ ______ ______ ______ Balance at 30 June 2006 - 209,807 1,728 - 275,435 486,970 ______ ______ ______ ______ ______ ______ Livermore Investments Group Limited Consolidated Statement of Cash Flows for the period ended 30 June 2007 Note Six months Six months Year ended ended 30 June ended 30 June 31 December 2007 2006 2006 Unaudited Unaudited Audited $000 $000 $000 Cash flows from operating activities Profit after tax 11,893 253,142 62,720 Adjustments for Depreciation and amortisation 38 2,508 3,298 Goodwill fair value adjustment - 798 797 Profit on sale of property, plant and equipment 7 - - Investment revenue 3 (12,569) - (2,301) Finance income (3,104) (4,682) (9,660) Interest expense 335 68 170 Equity settled share options 1,850 1,451 3,150 Profit on disposal 4 - (236,657) (36,642) ______ ______ ______ (1,550) 16,628 21,532 ______ ______ ______ Changes in working capital Decrease in trade and other receivables 41,184 4,339 8,612 Decrease in trade and other payables (26,557) (15,917) (11,830) ______ ______ ______ 14,627 (11,578) (3,218) ______ ______ ______ Net cash generated from operating activities 13,077 5,050 18,314 ______ ______ ______ Cash flows from investing activities Purchase of property, plant and equipment - (83) (113) Purchase of intangible assets - (421) (916) Acquisition of investments (67,355) - (123,609) Disposal of business assets 4 - 236,657 235,878 Investment revenue received 3 12,569 - 2,301 Finance income received 3,104 4,682 9,660 ______ ______ ______ Net cash used in investing activities (51,682) 240,835 123,201 ______ ______ ______ Cash flows from financing activities Dividends paid (9,657) - (24,887) Purchases of own shares (7,172) - - Interest paid (335) (68) (170) ______ ______ ______ Net cash used in financing activities (17,164) (68) (25,057) ______ ______ ______ Net (decrease)/increase in cash and cash equivalents (55,769) 245,817 116,458 Cash and cash equivalents at the beginning of the year 132,755 16,297 16,297 ______ ______ ______ Cash and cash equivalents at the end of the year 76,986 262,114 132,755 ====== ====== ====== Notes to the Financial Statements 1. Accounting policies The Interim financial statements of Livermore Investments Group Limited have been prepared on the basis of the accounting policies stated in the Annual Report 2006, available on www.livermore-inv.com. The financial information has been prepared in accordance with IAS 34 'Interim Financial Reporting'. Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. The subsidiaries are companies controlled by Livermore Investments Group Limited. Control exists where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. Subsidiaries are consolidated from the date the parent gained control until such time as control ceases. The financial statements of the subsidiaries are included in the consolidated financial statements using the acquisition method of accounting. On the date of the acquisition the assets and liabilities of a subsidiary are measured at their fair values and any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill. Intercompany transactions and balances are eliminated on consolidation. Basis of preparation These results have been prepared on the basis of the accounting policies expected to be adopted in the Company's full year financial statements, which are expected to be prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union. There are no material differences between the accounting policies set out in the financial statements for the year ended 31 December 2006 and the accounting policies the Company expects to adopt in the next year's statements. Goodwill is initially measured at cost, being the excess of the consideration paid over the net fair value of the assets acquired. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not amortised. Goodwill is reviewed annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The financial information for the period ending 30 June 2006 is extracted from the Group's financial statements for the year ended 31 December 2006. 2. Amortisation and non recurring items Amortisation and non-recurring items refer to: Six months Six months Year ended ended 30 June ended 30 June 31 December 2007 2006 2006 Unaudited Unaudited Audited $000 $000 $000 Amortisation of intangible assets 22 2,076 2,315 Amortisation of share options 1,850 1,451 3,150 Non recurring expenses 16 - 1,144 Compensation to third parties - - 4,445 Income from PartyGaming plc service agreement (231) - - Additional income from online gaming business prior to completion of disposal (306) - - ______ ______ ______ 1,351 3,527 11,054 ====== ====== ====== 3. Investment revenue Six months Six months 31 December ended 30 June ended 30 June 2006 2007 2006 Audited Unaudited Unaudited $000 $000 $000 Interest on available for sale investments 3,695 - 2,193 Dividend Income 232 - - Loss on sale of available for sale investments (129) - - Gain on sale of shares 9,003 - 108 Loss on derivative instruments (232) - - ______ ______ ______ 12,569 - 2,301 ====== ====== ====== 4. Disposal of business assets Six months Empire Six months Empire Disposal Year ended ended 30 Poker ended Poker of 31 December June 30 June 2006 business 2006 2007 Unaudited Audited Unaudited 2007 2006 2006 2006 2006 2006 $000 $000 $000 $000 $000 $000 Disposal proceeds received - 250,000 250,000 250,000 37,972 287,972 Legal and professional expenses - (11,800) (11,800) - (944) (944) Compensations to third parties - (1,543) (1,543) (14,122) (12,705) (26,827) Warranties provision - - - - (2,000) (2,000) Assets written off - - - - (221,559) (221,559) ______ ______ ______ ______ ______ ______ Profit from disposal to PartyGaming Plc - 236,657 236,657 235,878 (199,236) 36,642 ====== ====== ====== ====== ======= ====== On 14 February 2006 the Group sold certain business assets to PartyGaming Plc pursuant to a settlement agreement for a total consideration of $250m. Business assets included in the disposal were certain domain names and brand names. These brands and domain names were used by the Group to direct poker and casino players to PartyGaming's websites creating net gaming revenue for the Group. The consideration represented $250m, which was all in the form of cash. On 29 December 2006, the Company agreed to dispose of its remaining operations to PartyGaming plc. On 19 January 2007, the Company completed the sale to PartyGaming plc of its remaining operating business. This agreement was signed on 28 December 2006 and was subject to certain conditions including approval of the Company's shareholders at an EGM on 17 January 2007. Between signing and completion the Company continued to operate the business, however during this period restrictions were placed on the operation of the business by PartyGaming plc. Business assets included in the disposal were certain domain names, players data and brand names. Assets written off, principally comprise of acquired goodwill relating to the acquisition of the business of Tradal Limited in May 2005 and the acquisition of Club Dice casinos in September 2005. The Group received a consideration for the disposal of the business of 83,325,934 PartyGaming shares representing a gross value of $47.9m. 17,374,637 PartyGaming shares were transferred to agents as compensation resulting in net disposal proceeds to the Group of $38.0m. The transaction was conditional on a further payment by the Group to a marketing service provider of $10m. 5. Dividend For the interim period the Group's dividend policy remains unchanged. The Company intends to allocate 50% of its net profit to Dividend. Dividend allotment for this year will be done after the year end results. 6. Segmental information for the period Currently the Company has only one segment, being the management of its investment portfolio. In the prior year the Company's segments consisted of Casino and Poker activities, which are now discontinued. Business segments The Groups' performance as it is analysed by its business segments is given below Revenue by business segment Six months Six months Year ended ended 30 June ended 30 June 31 December 2007 2006 2006 Unaudited Unaudited Audited $000 $000 $000 Investment Portfolio Investment Revenue 12,569 - - ======= ======= ======= Casino Net gaming revenue - 30,209 48,616 ======= ======= ======= Segmental result - 15,754 27,667 ======= ======= ======= Poker Net gaming revenue - 7,994 11,234 ======= ======= ======= Segmental result - 3,163 4,128 ======= ======= ======= Consolidated Investment Revenue 12,569 Net gaming revenue - 38,203 59,850 ======= ======= ======= Segmental results 12,569 18,917 31,795 Central costs - (1,274) (2,201) _______ _______ _______ Gross profit 12,569 17,643 29,594 Amortisation and non recurring items (1,351) (3,527) (11,054) Administrative expenses (2,497) (2,353) (3,483) _______ _______ _______ Operating profit 8,721 11,763 15,057 ======= ======= ======= 7. Earnings per share Basic earnings per share has been calculated by dividing the net profit attributable to ordinary shareholders (profit for the year) by the weighted average number of shares in issue during the relevant financial periods. Diluted earnings per share is calculated after taking into consideration the potentially dilutive shares in existence during the period. Six months Discontinued Six months Discontinued Year ended ended 30 June Operations ended 30 June Operations 31 December 2007 Six months 2006 Year ended 2006 Unaudited ended 30 June Unaudited 31 December Audited 2006 2006 Unaudited Audited Net profit attributable 11,893 248,416 253,138 51,692 62,720 to ordinary shareholders ($000) =========== =========== =========== ============ =========== Weighted average number of ordinary shares in issue 289,861,105 292,777,772 292,777,772 292,777,772 292,777,772 =========== =========== =========== ============ =========== Basic earnings per share ($) 0.04 0.85 0.86 0.18 0.21 =========== =========== =========== ============ =========== Weighted average number 302,806,660 305,767,612 305,767,612 299,723,327 299,723,327 of ordinary shares including the effect of potentially diluted shares =========== =========== =========== ============ =========== Diluted earnings per share ($) 0.04 0.81 0.83 0.17 0.21 =========== =========== =========== ============ =========== Number of Shares Weighted average number 289,861,105 292,777,772 292,777,772 292,777,772 292,777,772 of ordinary shares in issue Effect of dilutive potential ordinary shares: Share options 12,945,555 12,989,840 12,989,840 6,945,555 6,945,555 ___________ ___________ ___________ ____________ ___________ Weighted average number 302,806,660 305,767,612 305,767,612 299,723,327 299,723,327 of ordinary shares including the effect of potentially diluted shares =========== =========== =========== ============ =========== 8. Financial assets 30 June 30 June 31 December 2007 2006 2006 Unaudited Unaudited Audited $000 $000 $000 Fixed return investments 61,092 - 100,976 Equity investments 70,166 23,515 Alternative Investments 55,895 - - Other investments 8,435 - - ______ ______ ______ 195,588 - 124,491 ====== ====== ====== Financial assets relate to investments in bonds and equity classified as available for sale. Financial assets are held in the balance sheet at the period end at fair value. Fair value is measured by reference to the market value of the assets at the balance sheet date as they are openly traded on a public market. 9. Cash and cash equivalents Cash and cash equivalents included in the cash flow statement comprise the following at the balance sheet date: 30 June 30 June 31 December 2007 2006 2006 Unaudited Unaudited Audited $000 $000 $000 Short term deposits 78,510 229,533 136,522 Cash at bank 6,484 32,581 1,193 ______ ______ ______ 84,994 262,114 137,715 ====== ====== ====== 10. Share Capital The Company has issued share capital of 292,777,772 ordinary shares of no par value. On 27 April 2007 the Company purchased 8,750,000 ordinary shares at a price of $0.820 (£0.407) per share. On 30 June 2007 the Company held these shares in treasury. The Company has 12,945,555 outstanding share options at the end of the period. Options are normally exercisable in three equal tranches, on the first, second and third anniversary of the grant. There have been no changes to the term of options in issue during the period. 11. Bank Overdrafts 30 June 30 June 31 December 2007 2006 2006 Unaudited Unaudited Audited $000 $000 $000 Short term bank overdrafts 8,008 - 4,960 ______ ______ ______ 8,008 - 4,960 ====== ====== ====== 12. Related party transactions 30 June 30 June 31 December 2007 2006 2006 Unaudited Unaudited Audited $000 $000 $000 Amounts owed to Directors 66 143 391 ======= ======= ======= Administration services provided by 132 305 660 Tradal Ltd ======= ======= ======= Key Management compensation* Salaries and other short-term employee 387 493 1,562 benefits Share based payments 1,807 71 1,608 ======= ======= ======= * These payments were made in respect of members of key management either directly to them or to companies to which they are related. Tradal Ltd is a related party by virtue of common ownership with Livermore Investments Group Limited. The directors do not consider any party to have ultimate control of the group. 13. Litigation A trademark dispute with La Societe des Bains de Mer et du Circle des Etrangers a Monaco was settled in January 2007 when the Group agreed to an out of court settlement of $3.4m. 14. Post balance sheet events In July 2007 the Group purchased a 34,000 square metre commercial freehold property, Wylerpark, in Bern Switzerland from the Swiss national railway Company, SBB. The acquisition was made on a sale and lease back basis for $76.8m. 15. Preparation of interim statements The financial information does not constitute statutory accounts within the meaning of the BVI International Business Companies Act 1984 (as amended). Financial Statements for Livermore Investments Group Limited for the year ended 31 December 2006, prepared in accordance with International Financial Reporting Standards as adopted by the European Union, on which the auditors gave an unqualified audit report are available from the Company's website, www.livermore-inv.com INDEPENDENT REVIEW report to Livermore Investments group limited Introduction We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2007 which comprises the consolidated income statement, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and the related notes 1 to 15. We have read the other information contained in the interim report which comprises only the highlights and the Chairman's and Chief Executive's review and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. This report is made solely to the company in accordance with guidance contained in International Standard on Review Engagements (ISRE) (UK and Ireland) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board. Our review work has been undertaken so that we might state to the company those matters we are required to state to them in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusion we have formed. Directors' responsibilities The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report. As disclosed in note 1, the annual financial statements of the group are prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union. This interim report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union. Our responsibility Our responsibility is to the express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. Scope of review We conducted our review in accordance with guidance contained in International Standard on Review Engagements (ISRE) (UK and Ireland) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2007 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union. GRANT THORNTON UK LLP CHARTERED ACCOUNTANTS Slough 21 September 2007 This information is provided by RNS The company news service from the London Stock Exchange

Companies

Livermore Investments Group Ltd. (LIV)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today