Half-year Report

RNS Number : 7825V

Scottish American Investment Co PLC

26 July 2018

 

RNS Announcement

The Scottish American Investment Company P.L.C. (SAINTS)

Legal Entity Identifier: 549300NF03XVC5IFB447

Regulated Information Classification: Interim Financial Report.

Results for the six months to 30 June 2018

The following is the unaudited Interim Financial Report for the six months to 30 June 2018.

Interim Management Report

The net asset value total return for the first six months of 2018 was 0.5% and the share price total return was 0.5%. The total return on global equities, as measured by the FTSE All World Index in sterling*, was 2.1%. Political and macro-economic concerns have had an impact on emerging market valuations during the period, and this held back the portfolio's total return.

Despite this volatility, earnings per share for the six months rose to 6.55p compared to 6.22p in the same period last year. All of SAINTS' primary asset classes contributed to the growth in earnings per share. The key driver of growth was the equity portfolio, which delivered strong growth in dividends. The bond portfolio produced a smaller increase in income, while the property portfolio delivered another period of robust rental growth.

A first interim dividend of 2.825p was paid at the end of May and a second interim dividend of 2.85p is payable at the end of August. The total amount of these dividends, 5.675p, is 3.7% higher than the amount paid for the corresponding period in 2017.  Inflation, as measured by CPI, was 2.4% over the year to end June 2018.

Over the six month period 2,420,000 shares (representing just over 1.8% of issued share capital at 1 January 2018) were issued at a premium to net asset value, with SAINTS' share price ending the period modestly above net asset value.

Operational updates from SAINTS' equity holdings have been generally encouraging. Particularly strong share price performance was delivered by Cochlear, the Australian hearing implant manufacturer, Pearson, the education company, and Kering, the owner of Gucci and other luxury goods brands, all of which generated total returns of over 25% during the six month period.

The Company remained fully invested over the period, during which modest net reductions were made to the property and fixed income portfolios and re-invested in equities. Annualised turnover during the period was around 14%, implying an average holding period of approximately seven years. This is consistent with our long-term, low turnover, stock-driven approach.

The Company's primary objective is to deliver real dividend growth over time, as it has done over the past. We remain confident of achieving this objective, given the solid growth prospects we see for the assets held across the portfolio.

The principal risks and uncertainties facing the Company are set out on the inside front cover of this report. Related party transaction disclosures are set out in note 10.

Baillie Gifford & Co

25 July 2018

*    See disclaimer at the end of this announcement.

Past performance is not a guide to future performance.

Responsibility Statement

We confirm that to the best of our knowledge:

a)   the condensed set of Financial Statements has been prepared in accordance with FRS 104 'Interim Financial Reporting';

b)   the Interim Management Report includes a fair review of the information required by Disclosure and Transparency Rules 4.2.7R (indication of important events during the first six months, their impact on the Financial Statements and a description of principal risks and uncertainties for the remaining six months of the year); and

c)   the Interim Financial Report includes a fair review of the information required by Disclosure and Transparency Rules 4.2.8R (disclosure of related party transactions and changes therein).

By order of the Board

Peter Moon

Chairman

25 July 2018

 

Income Statement (unaudited)

	For the six months ended 30 June 2018			For the six months ended 30 June 2017			For the year ended 31 December 2017 (audited)
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Gains on sales of investments - securities	-	10,722	10,722	-	15,355	15,355	-	38,496	38,496
(Losses)/gains on sales of investments - property	-	(63)	(63)	-	147	147	-	3,109	3,109
Changes in fair value of investments - securities	-	(20,077)	(20,077)	-	17,953	17,953	-	17,695	17,695
Changes in fair value of investments - property	-	2,441	2,441	-	1,136	1,136	-	1,736	1,736
Currency (losses)/gains	-	(45)	(45)	-	430	430	-	558	558
Income - dividends and interest	9,285	-	9,285	8,516	-	8,516	15,327	-	15,327
Income - rent and other	2,617	-	2,617	2,488	-	2,488	5,157	-	5,157
Management fees	(458)	(850)	(1,308)	(437)	(812)	(1,249)	(893)	(1,659)	(2,552)
Other administrative expenses	(682)	-	(682)	(563)	-	(563)	(1,086)	-	(1,086)
Net return before finance costs and taxation	10,762	(7,872)	2,890	10,004	34,209	44,213	18,505	59,935	78,440
Finance costs of borrowings	(993)	(1,844)	(2,837)	(1,000)	(1,858)	(2,858)	(2,001)	(3,715)	(5,716)
Net return on ordinary activities before taxation	9,769	(9,716)	53	9,004	32,351	41,355	16,504	56,220	72,724
Tax on ordinary activities	(804)	218	(586)	(700)	216	(484)	(1,291)	515	(776)
Net return on ordinary activities after taxation	8,965	(9,498)	(533)	8,304	32,567	40,871	15,213	56,735	71,948
Net return per ordinary share (note 4)	6.55p	(6.94p)	(0.39p)	6.22p	24.39p	30.61p	11.33p	42.24p	53.57p
Note: Dividends paid and payable per share (note 5)	5.675p			5.475p			11.10p

The total column of this statement is the profit and loss account of the Company. The supplementary revenue and capital columns are prepared under guidance published by the Association of Investment Companies.

All revenue and capital items in the above statements derive from continuing operations.

A Statement of Comprehensive income is not required as all gains and losses of the Company have been reflected in the above statement.

Balance Sheet (unaudited)

	At 30 June 2018 £'000	At 31 December 2017 (audited) £'000
Fixed assets
Investments - securities	487,677	495,645
Investments - property	84,190	84,950
	571,867	580,595
Current assets
Debtors	1,883	1,222
Cash and deposits	11,293	2,894
	13,176	4,116
Creditors
Amounts falling due within one year	(3,506)	(3,345)
Net current assets	9,670	771
Total assets less current liabilities	581,537	581,366
Creditors
Debenture stock (note 7)	(83,065)	(83,428)
Net assets	498,472	497,938
Capital and reserves
Share capital	34,599	33,994
Share premium	18,946	10,744
Capital redemption reserve	22,781	22,781
Capital reserve	404,134	413,632
Revenue reserve	18,012	16,787
Shareholders' funds	498,472	497,938
Net asset value per ordinary share (Debenture at fair value) (note 7)	351.7p	355.6p
Net asset value per ordinary share (Debenture at book value)	360.2p	366.2p
Ordinary shares in issue (note 8)	138,395,943	135,975,943

 

Statement of Changes in Equity (unaudited)

For the six months ended 30 June 2018

	Share capital £'000	Share Premium £'000	Capital redemption reserve £'000	Capital reserve* £'000	Revenue reserve £'000	Shareholders' funds £'000
Shareholders' funds at 1 January 2018	33,994	10,744	22,781	413,632	16,787	497,938
Shares issued	605	8,202	-	-	-	8,807
Net return on ordinary activities after taxation	-	-	-	(9,498)	8,965	(533)
Dividends paid (note 5)	-	-	-	-	(7,740)	(7,740)
Shareholders' funds at 30 June 2018	34,599	18,946	22,781	404,134	18,012	498,472

For the six months ended 30 June 2017

	Share capital £'000	Share Premium £'000	Capital redemption reserve £'000	Capital reserve* £'000	Revenue reserve £'000	Shareholders' funds £'000
Shareholders' funds at 1 January 2017	33,349	2,131	22,781	356,897	16,352	431,510
Shares issued	181	2,377	-	-	-	2,558
Net return on ordinary activities after taxation	-	-	-	32,567	8,304	40,871
Dividends paid (note 5)	-	-	-	-	(7,279)	(7,279)
Shareholders' funds at 30 June 2017	33,530	4,508	22,781	389,464	17,377	467,660

*      The Capital Reserve balance at 30 June 2018 includes investment holding gains of £129,825,000 (30 June 2017 - gains of £147,118,000).

 

Condensed Cash Flow Statement (unaudited)

	Six months to 30 June 2018 £'000	Six months to 30 June 2017 £'000
Cash flows from operating activities
Net return on ordinary activities before taxation	53	41,355
Net losses/(gains) on investments - securities	9,355	(33,308)
Net gains on investments - property	(2,378)	(1,283)
Currency losses/(gains)	45	(430)
Finance costs of borrowings	2,837	2,858
Overseas withholding tax	(586)	(512)
Changes in debtors and creditors	(500)	(1,190)
Other non-cash changes	(63)	3
Cash from operations	8,763	7,493
Interest paid	(3,200)	(3,200)
Net cash inflow from operating activities	5,563	4,293
Cash flows from investing activities
Acquisitions of Investments	(39,564)	(49,620)
Disposals of investments	41,378	53,752
Forward currency contracts	-	18
Net cash inflow from investing activities	1,814	4,150
Equity dividends paid	(7,740)	(7,279)
Shares issued	8,807	2,558
Net cash inflow/(outflow) from financing activities	1,067	(4,721)
Increase in cash and cash equivalents	8,444	3,722
Exchange movements	(45)	131
Cash and cash equivalents at start of period*	2,894	4,174
Cash and cash equivalents at end of period*	11,293	8,027

 

*     Cash and cash equivalents represent cash at bank and short term money market deposits repayable on demand.

Performance Attribution (unaudited)

Portfolio Breakdown	Average allocation		Total return
	SAINTS %	Benchmark† %	SAINTS %	Benchmark† %
Global equities	92.8	100.0	0.0	2.1
Bonds	5.8		(4.2)
Direct property	16.8		6.2
Deposits	1.4		0.0
Debenture at book value	(16.8)		3.4
Portfolio total return (debenture at book value)			0.1	2.1
Other items*			(0.2)
Fund total return (debenture at book value)			(0.1)
Adjustment for change in fair value of debenture			0.6
Fund total return (debenture at fair value)			0.5	2.1

The above returns are calculated on a total return basis with net income reinvested.

Source: Baillie Gifford and relevant underlying index providers.

*      Includes Baillie Gifford and OLIM management fees.

^†See disclaimer at end of this announcement

Past performance is not a guide to future performance.

Twenty Largest Equity Holdings (unaudited)

Name	Business	Value at  30 June 2018 £'000	% of total assets*
Deutsche Boerse	Securities exchange owner/operator	12,868	2.2
Coca Cola	Beverage manufacturer	12,176	2.1
Anta Sports Products	Sportswear manufacturer and retailer	11,615	2.0
Johnson and Johnson	Pharmaceuticals and healthcare products	11,042	1.9
Prudential	Life insurer	10,615	1.8
CH Robinson	Delivery and logistics	10,543	1.8
Sonic Healthcare	Laboratory testing	10,189	1.8
Mircrosoft	Computer software	10,182	1.8
Hiscox	Property and casualty insurance	10,029	1.7
Analog Devices	Integrated circuits	9,899	1.7
Procter & Gamble	Household product manufacturer	9,494	1.6
Edenred	Voucher programme outsourcer	9,321	1.6
Fastenal	Distribution and sales of industrial supplies	9,285	1.6
Total	Integrated oil company	9,230	1.6
Experian	Credit scoring and marketing services	9,077	1.6
Wolters Kluwer	Information services and solutions provider	9,017	1.5
Partners Group	Asset management	8,896	1.5
AVI	Staple foods manufacturer	8,768	1.5
Admiral	Car insurance	8,520	1.5
Cochlear	Hearing aids	8,499	1.5
		199,265	34.3

*      Before deduction of the debenture.

 

Notes to the Condensed Financial Statements (unaudited)

1.		The condensed Financial Statements for the six months to 30 June 2018 comprise the statements set out on the previous pages together with the related notes below. They have been prepared in accordance with FRS 104 'Interim Financial Reporting' and the AIC's Statement of Recommended Practice issued in November 2014 and updated in February 2018 with consequential amendments and have not been audited or reviewed by the Auditor pursuant to the Auditing Practices Board Guidance 'Review of Interim Financial Information'. The Financial Statements for the six months to 30 June 2018 have been prepared on the basis of the same accounting policies as set out in the Company's Annual Report and Financial Statements at 31 December 2017. Going Concern Having considered the nature of the Company's principal risks and uncertainties, as set out in note 12, together with its current position, investment objective and policy, its assets and liabilities and projected income and expenditure, together with the Company's dividend policy, it is the Directors' opinion that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company's assets, the majority of which are investments in quoted securities which are readily realisable, exceed its liabilities significantly. All borrowings require the prior approval of the Board. Gearing levels and compliance with borrowing covenants are reviewed by the Board on a regular basis. The Company has no short term borrowings and the redemption date for the Company's debenture is April 2022. Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing these Financial Statements and confirm that they are not aware of any material uncertainties which may affect the Company's ability to continue to do so over a period of at least twelve months from the date of approval of these Financial Statements.
2.		The financial information contained within this Interim Financial Report does not constitute statutory accounts as defined in sections 434 to 436 of the Companies Act 2006. The financial information for the year ended 31 December 2017 has been extracted from the statutory accounts which have been filed with the Registrar of Companies. The Auditor's Report on those accounts was not qualified, and did not contain statements under sections 498(2) or (3) of the Companies Act 2006.
3.		Baillie Gifford & Co Limited, a wholly owned subsidiary of Baillie Gifford & Co, has been appointed by the Company as its Alternative Investment Fund Manager (AIFM) and Company Secretary. The investment management function has been delegated to Baillie Gifford & Co. The management agreement can be terminated on six months' notice. The annual fee is 0.45% of total assets less current liabilities, excluding the property portfolio, calculated on a quarterly basis. As AIFM, Baillie Gifford & Co Limited has delegated the management of the property portfolio to OLIM Property Limited. OLIM receives an annual fee of 0.5% of the value of the property portfolio, subject to a minimum quarterly fee of £6,250. The agreement can be terminated on three months' notice.
4.	Net return per ordinary share		Six months to  30 June  2018 £'000	Six months to 30 June  2017 £'000
	Revenue return on ordinary activities after taxation		8,965	8,304
	Capital return on ordinary activities after taxation		(9,498)	32,567
	Total net return		(533)	40,871
	Weighted average number of ordinary shares in issue		136,832,244	133,512,793
	Net return per ordinary share figures are based on the above totals of revenue and capital and the weighted average number of ordinary shares in issue during each period. There are no dilutive or potentially dilutive shares in issue.

Notes to the Condensed Financial Statements (unaudited) (ctd)

5.	Dividends					Six months to  30 June  2018 £'000		Six months to 30 June  2017 £'000
	Amounts recognised as distributions in the period:
	Previous year's final of 2.825p (2017 - 2.725p), paid 12April 2018					3,848		3,635
	First interim of 2.825p (2017 - 2.725p), paid 22 June 2018					3,892		3,644
						7,740		7,279
	Amounts paid and payable in respect of the period:
	First interim of 2.825p (2017 - 2.725p), paid 22 June 2018					3,892		3,644
	Second interim of 2.85p (2017 - 2.75p)					3,944		3,694
						7,836		7,338
		The second interim dividend was declared after the period end date and therefore has not been included as a liability in the Balance Sheet. It is payable on 21 September 2018 to shareholders on the register at the close of business on 17 August 2018.  The ex-dividend date is 16 August 2018. The Company's Registrars offer a Dividend Reinvestment Plan and the final date for elections for this dividend is 31 August 2018.
6.		Fair Value Hierarchy The fair value hierarchy used to analyse the basis on which the fair values of financial instruments held at fair value through the profit or loss account are measured is described below. Fair value measurements are categorised on the basis of the lowest level input that is significant to the fair value measurement. Level 1 - using unadjusted quoted prices for identical instruments in an active market; Level 2 - using inputs, other than quoted prices included within Level 1, that are directly or indirectly observable                (based on market data); and Level 3 - using inputs that are unobservable (for which market data is unavailable). An analysis of the Company's financial asset investments based on the fair value hierarchy described above is shown below.
		As at 30 June 2018	Level 1 £'000	Level 2 £'000	Level 3 £'000		Total £'000
		Securities
		Listed equities/funds	462,164	-	265		462,429
		Bonds	-	17,352	7,896		25,248
		Property
		Freehold	-	-	84,190		84,190
		Total financial asset investments	462,164	17,352	92,351		571,867

 

Notes to the Condensed Financial Statements (unaudited) (ctd)

	As at 31 December 2017	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
	Securities
	Listed equities/funds	462,608	-	265	462,873
	Bonds	-	20,642	12,130	32,772
	Property
	Freehold	-	-	84,950	84,950
	Total financial asset investments	462,608	20,642	97,345	580,595
	There have been no transfers between levels of the fair value hierarchy during the period. The fair value of listed investments is bid value or, in the case of holdings on certain recognised overseas exchanges, last traded price. They are categorised as Level 1 if they trade in an active market and Level 2 if they are traded on a market which is not considered to be active. The fair value of unlisted investments is determined using valuation techniques, determined by the Directors, based upon observable and/or non-observable data such as latest dealing prices, stockbroker valuations, net asset values and other information, as appropriate. The Company's holdings in unlisted investments are categorised as Level 3 as the valuation techniques applied include the use of non-observable data.
7.	The market value of the 8% Debenture Stock 2022 at 30 June 2018 was £94.8m (31 December 2017 - £97.8m).
8.	At 30 June 2018, the Company had the authority to buy back 20,397,783 ordinary shares, and to issue 11,187,592 ordinary shares without application of pre-emption rights, in accordance with the authorities granted at the AGM in April 2018. During the six months to 30 June 2018, 2,420,000 (31 December 2017 - 2,580,000) shares were issued at a premium to net asset value raising proceeds of £8,807,000 (31 December 2017 - £9,258,000). Between 1 July 2018 and 25 July 2018, the Company issued a further 160,000 shares at a premium to net asset value raising proceeds of £605,000. No shares were bought back (31 December 2017 - nil).
9.	During the period, transaction costs on equity purchases amounted to £64,000 (30 June 2017 - £33,000) and on equity sales £15,000 (30 June 2017 - £15,000). Transaction costs on property purchases amounted to £51,000 (30 June 2017 - £1,101,000) and on property sales £57,000 (30 June 2017 - £57,000).
10.	Related party transactions There have been no transactions with related parties during the first six months of the current financial year that have materially affected the financial position or the performance of the Company during that period and there have been no changes in the related party transactions described in the last Annual Report and Financial Statements that could have had such an effect on the Company during that period.
11.	The Interim Financial Report will be available on the SAINTS page of the Managers' website: www.saints-it.com‡ on or around 10 August 2018.
12.	Principal Risks and Uncertainties The principal risks facing the Company are financial risk, investment strategy risk, regulatory risk, custody and depositary risk, operational risk, discount risk, leverage risk and political risk. An explanation of these risks and how they are managed is set out on pages 7 and 8 of the Company's Annual Report and Financial Statements for the year to 31 December 2017 which is available on the Company's website: www.saints-it.com‡. The principal risks and uncertainties have not changed since the publication of the Annual Report.
13.	Glossary of Terms Total Assets Total assets less current liabilities, before deduction of all borrowings. Net Asset Value Net Asset Value (NAV) is the value of total assets less liabilities (including borrowings). The NAV per share is calculated by dividing this amount by the number of ordinary shares in issue. Net Asset Value (Debentures at Fair Value) Borrowings are valued at an estimate of their market worth. Net Asset Value (Debentures at Book Value) Borrowings are valued at adjusted net issue proceeds. 30 June 2018 31 December 2017 Shareholders' funds (debenture at book value) £498,472  £497,938  Add: book value of debenture £83,065  £83,428  Less: fair value of debenture (£94,792) (£97,832) Shareholders' funds (debenture at fair value) £486,745  £483,534  Shares in issue at year end 138,395,943  135,975,943  Net Asset Value per ordinary share (debenture at fair value) 351.7p 355.6p Discount/Premium As stockmarkets and share prices vary, an investment trust's share price is rarely the same as its NAV. When the share price is lower than the NAV per share it is said to be trading at a discount. The size of the discount is calculated by subtracting the share price from the NAV per share and is usually expressed as a percentage of the NAV per share. If the share price is higher than the NAV per share, this situation is called a premium. Total Return The total return is the return to shareholders after reinvesting the net dividend on the date that the share price goes ex-dividend. Ongoing Charges The total expenses (excluding borrowing costs) incurred by the Company as a percentage of the average net asset value (with debt at fair value).  The ongoing charges have been calculated on the basis prescribed by the Association of Investment Companies. Gearing At its simplest, gearing is borrowing. Just like any other public company, an investment trust can borrow money to invest in additional investments for its portfolio. The effect of the borrowing on the shareholders' assets is called 'gearing'. If the Company's assets grow, the shareholders' assets grow proportionately more because the debt remains the same. But if the value of the Company's assets falls, the situation is reversed. Gearing can therefore enhance performance in rising markets but can adversely impact performance in falling markets. Gearing represents borrowings at book less cash and cash equivalents expressed as a percentage of shareholders' funds. Potential gearing is the Company's borrowings expressed as a percentage of shareholders' funds. Equity gearing is the Company's borrowings adjusted for cash, bonds and property expressed as a percentage of shareholders' funds.
	Leverage For the purposes of the Alternative Investment Fund Managers (AIFM) Directive, leverage is any method which increases the Company's exposure, including the borrowing of cash and the use of derivatives. It is expressed as ratio between the Company's exposure and its net asset value and can be calculated on a gross and a commitment method. Under the gross method, exposure represents the sum of the Company's positions after the deduction of sterling cash balances, without taking into account any hedging and netting arrangements. Under the commitment method, exposure is calculated without the deduction of sterling cash balances and after certain hedging and netting positions are offset against each other. Active Share Active share, a measure of how actively a portfolio is managed, is the percentage of the listed equity portfolio that differs from its comparative index. It is calculated by deducting from 100 the percentage of the portfolio that overlaps with the comparative index. An active share of 100 indicates no overlap with the index and an active share of zero indicates a portfolio that tracks the index.

‡    Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement.

None of the views expressed in this document should be construed as advice to buy or sell a particular investment.

SAINTS' objective is to deliver real dividend growth by increasing capital and growing income. Its policy is to invest mainly in equity markets, but other investments may be held from time to time including bonds, property and other asset classes.

Baillie Gifford & Co Limited, a wholly owned subsidiary of Baillie Gifford & Co, is appointed as investment managers and secretaries to SAINTS. Baillie Gifford & Co, the Edinburgh based fund management group has around £197 billion under management and advice as at 25 July 2018.

Past performance is not a guide to future performance. SAINTS is a listed UK company. As a result, the value of its shares and any income from those shares is not guaranteed and could go down as well as up. You may not get back the amount you invested. As SAINTS invests in overseas securities, changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up. You can find up to date performance information about SAINTS on the SAINTS page of the Managers' website www.saints-it.com. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

For further information please contact:

James Budden, Baillie Gifford & Co

Tel: [phone]

Roland Cross, Director, Four Broadgate

Tel: [phone] or 07831 401309

Third party data provider disclaimer

No third party data provider ('Provider') makes any warranty, express or implied, as to the accuracy, completeness or timeliness of the data contained herewith nor as to the results to be obtained by recipients of the data. No Provider shall in any way be liable to any recipient of the data for any inaccuracies, errors or omissions in the index data included in this document, regardless of cause, or for any damages (whether direct or indirect) resulting therefrom.

No Provider has any obligation to update, modify or amend the data or to otherwise notify a recipient thereof in the event that any matter stated herein changes or subsequently becomes inaccurate.

Without limiting the foregoing, no Provider shall have any liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgments, or any other conclusions, or any course of action determined, by you or any third party, whether or not based on the content, information or materials contained herein.

FTSE Index data

FTSE International Limited ('FTSE') © FTSE 2018. 'FTSE®' is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and/or data underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE's express written consent. FTSE does not promote, sponsor or endorse the content of this communication.

- ends -

 

END

 

 

IR LLFEEDEIEFIT