Information  X 
Enter a valid email address
  Print          More announcements

Monday 08 May, 2017

Alfa Fin. Software

Intention to Float

RNS Number : 3961E
Alfa Financial Software Hldgs PLC
08 May 2017
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN OR AUSTRALIA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

This announcement is an advertisement for the purposes of the UK Prospectus Rules of the Financial Conduct Authority (the "FCA") and not a prospectus. This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction, including in or into Australia, Canada, Japan or the United States.

Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. Investors should not purchase  any shares referred to in this announcement other than solely on the basis of information that is contained in the prospectus (the "Prospectus") expected to be published by Alfa Financial Software Holdings PLC (the "Company") in due course in connection with the proposed admission of its ordinary shares (the "Shares") to the premium listing segment of the Official List of the FCA and to trading on the main market for listed securities of London Stock Exchange plc (the "London Stock Exchange"). Copies of the Prospectus will, following publication, be available for inspection from investors.alfasystems.com. References in this announcement to "Alfa" or the "Group" mean the Company, together with its consolidated subsidiaries and subsidiary undertakings.

8 May 2017

Alfa Financial Software Holdings PLC

 

Announcement of Intention to Float on the London Stock Exchange

 

Alfa Financial Software Holdings PLC, ("Alfa" or the "Company"), a leading developer of mission-critical software for the asset finance industry, announces its intention to proceed with an initial public offering (the "IPO" or the "Global Offer"). The Company intends to apply for admission of its Shares to the premium listing segment of the Official List of the FCA and to trading on the main market for listed securities of the London Stock Exchange (together "Admission"). It is expected that Admission will occur in June 2017.

 

 

Alfa Group Highlights

 

·     Alfa is the developer of Alfa Systems, a leading, mission-critical software platform purpose-built for asset finance enterprises globally and developed to meet the current and future needs of the global asset finance industry. 

 

·     Asset finance enterprises in the automotive and equipment finance industries use Alfa Systems across the entire asset finance life cycle, from proposal to end of lease, across many asset types and financing structures.

 

·     Alfa Systems' comprehensive functionality enables customers to automate critical business functions and enhance business agility. It is a single product which is modern, highly scalable and flexible, offers extensive configurability of business rules and workflows to Alfa's customers and therefore enables a high degree of automation in Alfa's customers' business processes.

 

·     Alfa benefits from strong long-term customer relationships, built over a number of years of close collaboration and continual delivery to a high standard. These deep relationships underpin Alfa's significant revenue visibility as well as provide references for new prospects.

 

·     Alfa's customers include a number of the leading asset finance companies across the globe such as Bank of America, Barclays, Mercedes-Benz and Nordea.

 

·     Alfa was founded in 1990 and has its headquarters in London.  It had more than 250 employees as at 31 December 2016, working with customers across 18 countries, with other offices in Detroit, Los Angeles and Auckland.

 

·     Financial year ended 31 December 2016 ("FY2016"):

Revenue: £73.3m (FY12-16 CAGR: +24%)

Adjusted EBIT: £32.8m (FY12-16 CAGR: +32%)

Adjusted EBIT margin: 45%

Operating cash flow conversion: 113%

 

Andrew Page, Executive Chairman of Alfa said:

 

"Alfa has established itself as a world class technology company with a market leading position in asset finance, which is a substantial global market with many structural growth drivers.  Many promising growth opportunities have been identified which Alfa is uniquely placed to capitalise upon going forward."

 

Andrew Denton, Chief Executive said:

 

"We are very excited about the next stage in the development of Alfa, and believe we have all the necessary attributes to succeed as a listed business." 

 

"We have built long term, trusted relationships with our customers and continue to help them address the challenges they face in an increasingly regulated and changing market.  We have broadened our blue chip customer base and worked closely with them to develop a world-class technology platform."  

 

"The asset finance market offers us huge growth opportunities.  We have a track record of strong returns and an IPO of Alfa will assist us in continuing the momentum of the business in the years ahead."

 

 

Investment highlights

 

The Directors believe that the Group benefits from the following key business strengths:

 

Specialists in software solutions specifically designed for the growing asset finance industry

 

·     Alfa benefits from an in-depth understanding of the asset finance industry and an established position of market leadership in the asset finance software market.  This market is expected to grow c.40% to over US$1,465 million by 31 December 2020 (source: PwC Market Study). The Directors believe this market is underserved due to a lack of purpose built modern solutions, with many asset finance companies currently relying on legacy systems or non-specialist ERP systems. By contrast, Alfa has 25 years of in-depth knowledge and understanding of the asset finance industry, built-up through deep customer partnerships and a software platform that has been continuously updated to reflect developments in technology and the evolving needs of the asset finance industry.

 

Comprehensive suite of solutions in one product

 

·     The comprehensiveness and configurability of Alfa Systems enable asset finance enterprises to use Alfa Systems successfully for a broad range of assets and use cases. The Group offers a suite of integrated modules that can be deployed and configured as a full end-to-end solution covering the entire asset finance life cycle; selected to meet specific requirements; or deployed as a single point solution, such as point of sale or wholesale finance.

 

·     Alfa Systems is flexible because it is able to support low volume, typically high value assets with highly structured terms through to high volume, low value transactions, requiring a high degree of flexibility and automation. Alfa Systems' localisation features cover the languages, currencies and accounting standards required by a geographically dispersed business, whilst providing the ability to report centrally to get a single view of an asset finance enterprise.

 

Modern, scalable and agile technology platform that can be deployed on-premise or in-cloud

 

·     Alfa's technology platform allows it to deliver a single product capable of supporting a broad range of customers, including some of the largest asset finance providers globally. Alfa has invested significantly in the development of its technology platform to ensure that it is scalable, reliable, resilient and secure.

 

Strategic partner to customers

 

·     Alfa has an extensive track record in building long-term, mutually beneficial working relationships with customers in order to better understand their needs and be a trusted partner. Once implemented, Alfa Systems is a mission-critical solution at the heart of the customer's business, and customers rely on Alfa on an ongoing basis. The solution needs to evolve with the requirements of the customer leading to frequent upgrade projects and ongoing development of new features. Alfa grows with the customer and supports them in their entry into new geographies and markets.

 

Strength of management team and culture

 

·     Alfa's management team has significant expertise in sales, technology, product development and implementation and has over 120 years of combined experience in the asset finance software industry.  The Directors believe that the management team's expertise and experience as well as its track record constitute an important competitive advantage of Alfa.

 

Multiple levers to drive further growth

 

·     Maintain specialist focus on asset finance software to drive best-in-class functionality and performance

·     Continue to win new customers in addition to increasing sales to existing customers

·     Pursue other strategic initiatives that Alfa believes have the potential to accelerate its growth prospects

 

 

Offer Highlights

 

·     Intention to list on the premium segment of the Official List.  Shares will be offered to certain institutional and other investors in the UK and elsewhere outside the United States of America and in the United States of America, only to qualified institutional buyers in reliance on Rule 144A under the United States of America Securities Act of 1933, as amended (the "Securities Act") or another exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

 

·     The Offer will comprise an offer of existing Ordinary Shares by CHP Software and Consulting Limited which holds 94% of the issued share capital of the Company (the "Selling Shareholder").  CHP Software and Consulting Limited is in turn controlled by Mr Andrew Page, the Executive Chairman, who holds 89.7% of CHP Software and Consulting Limited. Mr Andrew Denton, the Chief Executive Officer, holds the remaining 10.3% of CHP Software and Consulting Limited.  

 

·     The Company and Selling Shareholder expect to target a free float of at least 25 per cent. of the Company's issued share capital. 

 

·     The Selling Shareholder will be subject to a 365 day lock-up arrangement in respect of its retained holding of Ordinary Shares following Admission; and

 

·     In relation to the Global Offer and Admission, Barclays Bank PLC ("Barclays") and Numis Securities Limited ("Numis") are acting as Joint Global Co-ordinators, Joint Sponsors and Joint Bookrunners; N M Rothschild & Sons Limited ("Rothschild") is acting as Financial Adviser to the Company.

 

Full details of the Offer will be included in the Prospectus expected to be published in due course.

 

Enquiries

 

Joint Global Co-ordinators, Joint Bookrunners and Joint Sponsors

Barclays

Phil Shelley

Tom Johnson

Jessel Sheth

David Seal

Lawrence Jamieson

 

+44 (0) 207 623 2323

Numis

Alex Ham

James Taylor

Simon Willis

Tom Ballard

 

+44 (0) 207 260 1000

Financial Adviser to Alfa

Rothschild

Warner Mandel

Anton Black

Jonathan Finn

 

 

+44 (0) 207 280 5000

 

Media enquiries

Tulchan Communications LLP

James Macey White

David Allchurch

Matt Low

 

+44 (0) 207 353 4200

 

 

Overview of the business

 

Alfa is the developer of Alfa Systems, a leading, mission-critical software platform purpose-built for asset finance enterprises globally.  Alfa has developed its purpose-built solution to meet the current and future needs of the global asset finance industry.  Alfa Systems is ideally suited to support an asset across the entire finance life cycle, from the initial proposal through to the end of the contract.

 

The specialised, complex and changing requirements of the asset finance industry create particular challenges in developing solutions that are fit for purpose. This provides Alfa with many opportunities for acquiring new customers whose legacy or in-house solutions cannot cope with the evolving regulatory landscape. Many asset finance enterprises use systems (including both legacy systems and non-specialist ERP systems) that are outdated, lack flexibility and functionality, and/or impose high total costs of ownership.

 

Alfa Systems delivers operational efficiencies by optimising business processes whilst reducing infrastructure costs.  It also provides its customers the flexibility and agility to adapt to ever-changing and more complex regulations that legacy systems are not able to comply with, easily or at all.

 

Alfa benefits from strong long-term customer relationships, built over a number of years of close collaboration and continual delivery to a high standard. These deep relationships underpin Alfa's significant revenue visibility as well as provide references for new prospects.

 

Alfa's customers include a number of the leading asset finance companies across the globe such as Bank of America, Barclays, Mercedes-Benz and Nordea.

 

Alfa was founded in 1990 and has its headquarters in London.  It had more than 250 employees at 31 December 2016, working with customers across 18 countries, with other offices in Detroit, Los Angeles and Auckland.

 

Structural growth markets

 

The asset finance market comprises a variety of loan and lease products relating to the use or purchase of assets and is roughly divided into 'auto', which relates to the retail car market, and 'equipment', which ranges from small assets such as machinery and IT hardware to larger assets such as commercial vehicles, aircraft and satellites.

 

This is a complex market that is highly regulated, with numerous financial products across multiple asset classes, requires specialist accounting and tax treatment and is distributed through a range of sales channels.

 

Total global outstanding asset finance in 2015 was estimated by PwC at approximately $5.4 trillion, with $2.6 trillion of this relating to new business volumes (source: PwC Market Study). The United States is the largest market accounting for approximately $2.4 trillion, and Europe accounts for approximately $1.4 trillion, with the largest European markets being the United Kingdom, Germany, France, Italy and Sweden (source: PwC Market Study).

 

Between 2011 and 2015, PwC estimates that the United States and European asset finance markets grew by 10% and 6% per annum, respectively (source: PwC Market Study). Growth in the asset finance market is driven by a number of key trends, including the economic environment, auto and equipment investment trends, regulation, asset finance penetration and credit conditions such as interest rates.

 

Strong financial track record

 


For the year ended 31 December


2014

2015

2016


                     (£m)









Revenue........................................................

43.3

54.0

73.3

Adjusted EBIT................................................

18.1

22.5

32.8

Share based compensation............................

-

-

(16.2)

Other adjusting items....................................

-

0.1

-

Finance income.............................................

0.1

0.2

0.6

Profit before taxation....................................

18.2

22.9

17.2

 

Adjusted EBIT is calculated as profit before taxation for the year before interest income, pre-IPO share based payments and other exceptional, unusual or generally non-recurring items.  Adjusted EBIT is not a measure defined by IFRS. The most directly comparable IFRS measure to Adjusted EBIT is operating profit for the relevant period.   Management utilises this measure to monitor performance as it illustrates the underlying performance of the business by excluding items considered by management not to be reflective of the underlying trading operations of the Alfa Group or adding items which are reflective of the overall trading.

 

Board of Directors

 

Andrew Page (Executive Chairman)

 

Andrew Page is one of the founding directors of Alfa (formerly CHP Consulting). Andrew became the Chief Executive Officer in 2010 and subsequently Executive Chairman in September 2016. Andrew provides commercial oversight and is responsible for setting the strategic direction and goals of the company.

 

Andrew Denton (Chief Executive Officer)

 

Andrew Denton is Alfa's Chief Executive Officer and leads the Group. Andrew joined the company in 1995 and became a member of the Board of Directors in 2003 as Sales and Marketing Director. He was made Chief Operating Officer in 2010 and became CEO in September 2016. Andrew is also director and joint founder of the Leasing Foundation, an organisation that supports the leasing and asset finance industry through charitable activities, research and development.

 

Vivienne Maclachlan (Chief Financial Officer)

 

Vivienne is the Chief Financial Officer for Alfa, where she oversees all of the core finance function responsibilities, as well as being a key member of the Executive Leadership Team. Vivienne joined Alfa in September 2016. Prior to joining Alfa, Vivienne was a capital markets specialist for more than 12 years at PricewaterhouseCoopers in London, assisting management teams and owners of companies raise capital in the UK and U.S. markets. Vivienne is a Fellow of the Institute of Chartered Accountants of Scotland.

 

Richard Longdon (Senior Independent Non-Executive Director)

 

Richard has had a highly successful executive career in the technology sector having spent 33 years with AVEVA Group plc (AVEVA). Richard was Chief Executive Officer at AVEVA for 17 years and retired from that role and as a director of AVEVA in December 2016.   Richard is currently senior non-executive director of Fidessa, appointed in March 2017, and has been Chairman of Process Systems Enterprises Ltd since February 2015.

 

Karen Slatford (Independent Non-Executive Director)

 

Karen is currently Chair of The Foundry, which specialises in developing software for the creative industries, senior non-executive director at MicroFocus International plc, a global infrastructure software provider, and a non-executive director at Intelliflo, a financial services software provider. Prior to these non-executive roles, Karen held various board level roles since 2001 with a number of technology companies. Karen began her career at ICL before spending 20 years in Hewlett Packard, where she headed up worldwide sales and marketing.

 

Robin Taylor (Independent Non-Executive Director)

 

Robin is Chairman of the Audit Committee and a member of the Remuneration and Nomination Committees at FDM Group (Holdings) plc, a global professional services provider with a focus on Information Technology, and at EMIS Group plc, the U.K. leader in connected healthcare software, where he is also the senior non-executive director.  Robin is a member of the Institute of Chartered Accountants of Scotland and was formerly Chief Financial Officer of publicly listed companies, Intec Telecom Systems plc, ITNET plc and JBA Holdings plc. Robin has also held a variety of financial and general management roles in both Europe and North America.

 

 

Disclaimer / forward looking statements

 

The contents of this announcement, which have been prepared by and are the sole responsibility of the Company, have been approved by Barclays, 5 The North Colonnade, Canary Wharf, London E14 4BB, and Numis, The London Stock Exchange Building, 10 Paternoster Square, London EC4M 7LT, solely for the purposes of section 21(2)(b) of the Financial Services and Markets Act 2000, as amended.

 

The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its completeness, accuracy or fairness.

 

Neither this announcement nor the information contained herein is for publication, distribution or release, in whole or in part, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia), Australia (other than to persons in Australia to whom an offer may be made without a disclosure document in accordance with the Chapter 6D of the Corporations Act 2001 (Cth) of Australia), Canada and Japan, including to any branch or agency of a non-U.S. person located in the United States or any other jurisdiction where to do so might constitute a violation of the relevant laws or regulations of such jurisdiction. The Global Offer and the distribution of this announcement and other information in connection with Admission and the Global Offer may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

 

This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, Shares to any person in the United States (including its territories and possessions, any State of the United States and the District of Columbia), Australia, Canada or Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The Shares referred to herein may not be offered or sold in the United States unless registered under the US Securities Act of 1933 (the "Securities Act") or offered in a transaction exempt from, or not subject to, the registration requirements of the Securities Act. The offer and sale of Shares referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of Australia, Canada or Japan. Subject to certain exceptions, the Shares referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan. There will be no public offer of the Shares in the United States, Australia, Canada or Japan.

 

This announcement is only addressed to and directed at persons in member states of the European Economic Area ("EEA") who are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC), as amended ("Qualified Investors"). In addition, in the United Kingdom, this announcement is addressed and directed only at Qualified Investors who (i) are persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (ii) are persons who are high net worth entities falling within Article 49(2)(a) to (d) of the Order and (iii) to persons to whom it may otherwise be lawful to communicate it to (all such persons being referred to as "relevant persons"). Any investment or investment activity to which this announcement relates is available only to relevant persons in the United Kingdom and Qualified Investors in any member state of the EEA other than the United Kingdom and will be engaged in only with such persons. Other persons should not rely or act upon this announcement or any of its contents.

 

This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward looking statements include all matters that are not historical facts and involve predictions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Group's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Group's business, results of operations, financial position, prospects, growth or strategies and the industry in which it operates. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. Save as required by law or regulation, the Company disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements in this announcement that may occur due to any change in its expectations or to reflect events or circumstances after the date of this announcement.

 

Each of Barclays and Numis (together, the "Banks"), Rothschild and the Company and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.

 

This announcement is an advertisement for the purposes of the UK Prospectus Rules of the FCA and not a prospectus. Any purchase of Shares in the proposed IPO should be made solely on the basis of the information contained in the Prospectus to be issued by the Company in connection with the Global Offer and Admission. No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change.

 

The IPO timetable, including the date of Admission, may be influenced by things such as market conditions. There is no guarantee that the Global Offer and Admission will occur and you should not base your financial decisions on the Company's intentions in relation to the Global Offer and Admission at this stage. Acquiring investments to which this announcement relates may expose an investor to a significant risk of losing the entire amount invested. Persons considering making such investments should consult an authorised person specialising in advising on such investments. This announcement does not constitute a recommendation concerning the IPO. The value of Shares can decrease as well as increase. Potential investors should consult a professional adviser as to the suitability of the IPO for the person concerned. Past performance cannot be relied upon as a guide to future performance.

 

Barclays, who is authorised by the Prudential Regulation Authority (the "PRA") and regulated by the FCA and the PRA in the United Kingdom, and Numis and Rothschild, who are each authorised and regulated by the FCA in the United Kingdom, are acting exclusively for the Company and no-one else in connection with the IPO and will not regard any other person (whether or not a recipient of this document) as a client in relation to the IPO and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients nor for giving advice in relation to the IPO, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

 

In connection with the IPO, each of the Banks and any of their respective affiliates, acting as investors for their own accounts, may purchase Shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such Shares and other securities of the Company or related investments in connection with the IPO or otherwise. Accordingly, references in the Prospectus, once published, to the Shares being issued, offered, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or acquisition, placing or dealing by any of the Banks and any of their respective affiliates acting as investors for their own accounts. In addition, certain of the Banks or their affiliates may enter into financing arrangements and swaps in connection with which they or their affiliates may from time to time acquire, hold or dispose of Shares. None of the Banks nor any of their respective affiliates intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

 

None of the Banks, the Adviser or any of their respective directors, officers, employees, advisers, affiliates and / or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

 

In connection with the IPO, Barclays Capital Securities Limited, as stabilising manager (the "Stabilising Manager"), or any of its agents, may (but will be under no obligation to), to the extent permitted by applicable law, over-allot Shares or effect other transactions with a view to supporting the market price of the Shares at a higher level than that which might otherwise prevail in the open market. The Stabilising Manager is not required to enter into such transactions and such transactions may be effected on any stock market, over-the-counter market, stock exchange or otherwise and may be undertaken at any time during the period commencing on the date of the commencement of conditional dealings of the Shares on the London Stock Exchange and ending no later than 30 calendar days thereafter. However, there will be no obligation on the Stabilising Manager or any of its agents to effect stabilising transactions and there is no assurance that stabilising transactions will be undertaken. Such stabilising measures, if commenced, may be discontinued at any time without prior notice. In no event will measures be taken to stabilise the market price of the Shares above the offer price. Save as required by law or regulation, neither the Stabilising Manager nor any of its agents intends to disclose the extent of any over-allotments made and/or stabilisation transactions conducted in relation to the IPO.

 

In connection with the IPO, the Stabilising Manager may, for stabilisation purposes, over-allot Shares up to a maximum of 15% of the total number of Shares comprised in the IPO. For the purposes of allowing the Stabilising Manager to cover short positions resulting from any such over-allotments and/or from sales of Shares effected by it during the stabilisation period, it is expected that an existing shareholder will grant to the Stabilising Manager, on behalf of the Banks, an option (the "Over-Allotment Option") pursuant to which the Stabilising Manager may purchase or procure purchasers for additional Shares up to a maximum of 15% of the total number of Shares comprised in the IPO (the "Over-Allotment Shares") at the offer price. If granted, the Over-Allotment Option will be exercisable in whole or in part, upon notice by the Stabilising Manager, at any time on or before the 30th calendar day after the commencement of conditional trading of the Shares on the London Stock Exchange. Any Over-Allotment Shares made available pursuant to the Over-Allotment Option, including for all dividends and other distributions declared, made or paid on the Shares, will be purchased on the same terms and conditions as the Shares being issued or sold in the Offer and will form a single class for all purposes with the other Shares.

 

Certain figures contained in this announcement, including financial information, have been subject to rounding adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this announcement may not conform exactly to the total figure given.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ITFBLGDUGDGBGRR

a d v e r t i s e m e n t