Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Intellego (ARGP)

  Print      Mail a friend       Annual reports

Monday 08 August, 2011


Final Results

For immediate release
    8 August 2011

             Intellego Holdings Plc ("Intellego" or "the Company")
             Financial statements for the year ended 31 March 2011

The  Company today announces that its  audited financial statements for the year
ended  31 March 2011, extracts from which are set out below, are being posted to
shareholders, and will be available on the

Chairman's Statement


Intellego Holdings plc ("Intellego") saw positive changes in its position during
the year under review, as the business turn-around realised key milestones,
making its first ever profit of £146,000, improving gross margins to 71% and
reducing current liabilities by £974,000.

Results for the year

In the first quarter of the year we sold the main learning management system
customer base to NetDimensions which resulted in us generating cash to:
  * reduce our creditor backlog materially and
  * finance the transition from being a software distributor to a digital
    content creator.

At the beginning of the second quarter we agreed Company Voluntary Arrangements
(CVAs) for Intellego Holdings Plc and its subsidiary Intellego Group Limited.
 These agreements both strengthened the balance sheet.

In parallel we have refocused and are investing in the business.  This has
included developing new products, updating our existing portfolio and the
recruitment of new people and advisers.  These changes have already started to
impact the business and are beginning to make the step-change in contribution we
aim to achieve.  Much of that benefit will be felt in the current and subsequent
years. But as we can see from the 2011 results we are already making progress.

There are several measurements and indicators which demonstrate our progress
cementing Intellego's turnaround and growth prospects:

  * Improvement in financial performance of each segment of the business - this
    is due to structured day to day management, reduction of costs, and focusing
    the team on putting in place processes that achieve higher margins.
      * The company showed its first ever net profit of  £146,000 (2010 loss
      * Gross margin improved by 27% to 71% (2010 44%)
      * Sales increasing 8% to £2,006,000 (2010 £1,853,000)
      * Current liabilities fell by £974,000 to £809,000 (2010 £1,783,000)

  * Intellego continues to build closer relationships with its customers.  This
    is generating more repeat business and larger sales per client.   All our
    key customers increased their spend with Intellego, some by more than 50%
    compared with the previous year.

  * Attraction of high quality people and advisers to join us and work with us
    to help us execute our growth strategy.

  * Three awards were won for our client work ("brilliant mixed media e-learning

  * We executed our first 100% share based acquisition in April 2011 when
    PIXELearning (PIXEL) was acquired.

I am pleased to report that the changes initiated in the first six months of
2010 have enabled the Company to show a profit for the year and significant
improvement across all divisions of the business.

We continue to recruit talented people with industry experience and to improve
the calibre, and quality of the executive management team and advisors
supporting us.  Our results show the positive impact that this team is now
having on our business.

The implementation of our business development strategy is designed to generate
significant growth organically and by acquisition and to sustain a highly
profitable business model, generating shareholder value over the short, medium
and long terms.

Our vision is to be a substantial player in the digital learning market-place
supplying digitally published products and services to this high growth market.
We will be developing this capability by leveraging the Company's existing
strengths - delivering content solutions to blue chip customers in the
pharmaceutical, retail and financial industries - and by opening up new markets
via channel partner relationships.

Intellego's goal is to grow significantly organically and by strategic

Post balance sheet events

On 28 April 2011 Intellego acquired PIXELearning Ltd. PIXEL is an established
player in the use of serious gaming as a learning medium and has published
several immersive simulation games on a range of topics such as Finance,
Marketing and Leadership.  PIXEL sells into continental Europe and North America
and has accumulated a blue chip customer base.  We will be introducing Intellego
customers to take advantage of the growing gamification market.   The management
and shareholders of Pixel had several options open to them but decided to join
Intellego as equity partners with a shared vision for the future.

At the time of the acquisition Andy Hasoon joined the Board of Intellego
bringing his twenty years experience in the learning industry.  Andy has built
and managed three digital learning companies, which were sold successfully.

The CVA for Intellego Holdings plc was completed on 6 June 2011 satisfying all
the pre-CVA liabilities for Intellego Holdings plc.  The original trading
subsidiary, Intellego Group Limited, which has no prospect of maintaining its
CVA payments from its own business, will be wound up.  The result of the winding
up is expected to reduce external liabilities by £623,000.  This would have
created positive net assets in the group at the year-end of £247,000.

On 2 August 2011 Intellego raised additional funds of £300,000 through a placing
of new shares. This funding further strengthens the Company's balance sheet,
enabling it to accelerate its research & development plans and corporate merger
& acquisition strategies.

Current Trading

The Board expects the Intellego business to trade in the current financial year
considerably ahead of last year.  The sales force is currently concentrating on
converting several major sales opportunities.

We continue to recruit commercial and experienced people to develop our
published content business.  We are upgrading existing products. and focusing
our efforts on products which generate the highest margin revenues.

New channels to market are being developed, through joint venture partnerships,
strategic alliances and off-shore distribution arrangements.

The team will focus on both licensing premier quality, scalable products and
signing distributors capable of selling actively into target markets.


Firstly, I would like to thank all our shareholders for their support during the
year and to acknowledge the contribution of all our employees to the business.

We have made significant changes and without their support we would not have
made the positive progress that we have so far.

We look forward to our Company making further significant steps over the next
eight months and beyond.  We are setting in place the foundations on which we
can become a substantial player in the digital learning market-place.

For further information:

Intellego Holdings plc
  * Angus Forrest Telephone 0845 058 3960

Beaumont Cornish Limited
  * Roland Cornish Telephone 020 7628 3396

Intellego Holdings Plc
Financial statements for the year ended 31 March 2011

Consolidated statement of comprehensive income

                                                         2011        2010

                                                    Note £           £

Revenue                                              2     1,598,245   1,853,266

Sale of distribution rights                          2       407,838           -

                                                           2,006,083   1,853,266

Cost of sales                                              (574,062) (1,037,843)

Gross profit                                               1,432,021     815,423

Operating charges before depreciation and
amortisation and exceptional items                       (1,485,671) (1,524,226)

Exceptional items                                    4       386,519    (66,000)

EBITDA[1] after exceptional items                            332,869   (774,803)

Depreciation and amortisation                              (176,193)   (233,451)

Profit/(loss) before financing                               156,676 (1,008,254)

Finance income                                                     -           -

Finance cost                                                (10,800)    (35,561)

Profit/(loss) on ordinary activities before
taxation                                                     145,876 (1,043,815)

Taxation                                                           -           -

Profit/(loss) on ordinary activities after
taxation and total comprehensive income /                145,876     (1,043,815)

Basic and diluted loss per share                     3         0.05p     (0.58)p

 Intellego Holdings Plc
 Financial statements for the year ended 31 March 2011

 Consolidated statement of financial position

                                Note 2011        2010        2009

                                     £           £           £


Non-Current Assets

Property, plant and equipment        1,803       51,599      81,668

Goodwill                        5    206,289     206,289     278,295

Other intangible assets              142,920     198,817     307,376

                                     351,012     456,705     667,339

Current Assets

Inventory                            7,589       12,000      4,575

Trade and other receivables          347,553     588,856     691,802

Cash and cash equivalents            38,943      8,029       92,905

                                     394,085     608,885     789,282

Total Assets                         745,097     1,065,590   1,456,621


Non-Current Liabilities

Trade and other payables             220,000     -           -

Long term borrowings                 91,350      131,960     29,022

                                     311,350     131,960     29,022

Current Liabilities

Trade and other payables             768,737     1,678,127   1,373,330

Borrowings                           40,600      105,449     173,049

                                     809,337     1,783,576   1,546,379

Total Liabilities                    1,120,687   1,915,536   1,575,401

Net Liabilities                      (375,590)   (849,946)   (118,780)


Share capital                        924,134     853,017     661,567

Share premium                        1,802,411   1,545,048   1,423,849

Merger reserve                       31,000      31,000      31,000

Shares to be issued                  -           -           -

Profit and loss account              (3,133,135) (3,279,011) (2,235,196)

Total Equity                         (375,590)   (849,946)   (118,780)

 Intellego Holdings Plc
 Financial statements for the year ended 31 March 2011

 Consolidated statement of changes in equity

                     Share   Share premium Merger      Profit and   Total equity
                     capital               reserve     loss account

                     £       £             £           £            £

Balance at 1 April   661,567 1,423,849     31,000      (2,235,196)  (118,780)

Shares issued in     191,450 121,199       -           -            312,649

Loss for the year    -       -             -           (1,043,815)  (1,043,815)
and total

Balance at 31 March  853,017 1,545,048     31,000      (3,279,011)  (849,946)

Balance at 1 April   853,017 1,545,048     31,000      (3,279,011)  (849,946)

Shares issued in     71,117  257,363       -           -            328,480

Profit for the year  -       -             -           145,876      145,876
and total
comprehensive income

Balance at 31 March  924,134 1,802,411     31,000      (3,133,135)  (375,590)

 Intellego Holdings Plc
 Financial statements for the year ended 31 March 2011

 Consolidated statement of cashflows

             Year to 31 March 2011        Year to 31 March 2010


Cash flows from operating activities
 Profit/(loss) after taxation                          145,876     (1,043,815)

 Adjustments for:

 Depreciation                                          49,796      52,887

 Amortisation                                          126,397     108,559

 Impairment                                            -           72,006

 Finance income                                        -           -

 Interest expense                                      10,800      35,561

 Decrease in trade and other receivables               241,303     102,945

 Decrease/(increase) in inventories                    4,411       (7,425)

 (Decrease)/increase in trade and other payables       (689,390)   304,797

 Cash used in operations       (110,807)   (374,485)

 Interest paid                 (10,800)    (35,561)

 Net cash used in operating activities       (121,607)   (410,046)

Cash flows from investing activities

 Purchase of property, plant and equipment       -          (22,818)

 Investment in intangible assets                 (70,500)   -

 Finance income                                  -          -

 Net cash used in investing activities       (70,500)   (22,818)

Cash flows from financing activities
 Net proceeds from issue of share capital       328,480    312,649

 Net movement of long-term bank loan            (46,631)   130,346

 Net cash generated from financing activities            281,849    442,995

 Net increase in cash and cash equivalents               89,742     10,131

 Cash and cash equivalents at beginning of period        (50,799)   (60,930)

 Cash and cash equivalents at end of period         19   38,943     (50,799)

 Intellego Holdings Plc
 Financial statements for the year ended 31 March 2011

 Extracts from Notes to the group financial statements

1Going concern

The consolidated accounts for the current year show a profit of £145,876 after
the release of CVA liabilities and compared with a loss in the previous year.
 The directors have considered that it is appropriate to adopt the going concern
basis in the preparation of the financial statements.  In reaching this
conclusion the directors have considered the cash flow forecasts, current
trading and prospects as further detailed in the Chairman's statement together
with the Company Voluntary Arrangement which is detailed below.

Forecasts have prepared by the directors for the years to March 2012 and March
2013 based on the directors assessment of achievable sales. The forecasts show
that the group will have sufficient funds during the period covered by the

As detailed further in the Chairman's statement the group have invested in a new
sales force and into more market focused products. Together with the acquisition
of Pixel Learning in April 2011, the directors consider that these changes will
enable the group to successfully deliver its business plan.

Company Voluntary Arrangement (CVA)
As further detailed in the Chairman's statement both Intellego Group Limited and
Intellego Holdings Plc entered into a CVA with their creditors in June 2010 and
July 2010 respectively. Payments under the CVA were required to be made for six
months for Intellego Holdings Plc and for sixty months for Intellego Group
Limited.  This has resulted in a release to the consolidated statement of
comprehensive income of £386,519 in the current year financial statements (see
note 4).

Intellego Holdings Plc CVA was completed and satisfied on 6 June 2011.  On 23
June 2011 the directors decided that the continuation of the CVA for Intellego
Group Limited was no longer viable and the Supervisor of the CVA was asked to
wind up Intellego Group Limited.  The main activity of Intellego Group Limited
was the distribution of third party software.  A substantial part of this was
sold in April 2010 (see note 2) and plans to re-grow the business have not been
as successful as forecast.  The effect of this on Intellego Holdings Plc
consolidated accounts is expected to be a reduction in annual sales of circa
£365,000 and a reduction of liabilities of circa £623,000.  The directors have
been advised that no liabilities should arise in the rest of the group from this
winding up.

Current year

The directors have produced sales forecasts based solely on current commissioned
projects and issued proposals, these have been further restricted to business
opportunities with existing customers and evaluated propositions which are being
piloted with customers.  The projections show significant growth over the past
year.  In the first half of 2011 calendar year several of the identified
customers have already increased their expenditure with Intellego compared with
the whole of the previous financial year. The reason for these increases is a
reflection of  the closer relationships Intellego has been forging with its
customers and the higher levels of the quality of its production.

Should the group not deliver its business plan and liabilities arise as a result
of the wind up of Intellego Group Limited, and sufficient funding is not in
place to cover its obligations, there would be significant doubt about the
group's ability to continue as a going concern, which therefore indicates a
material uncertainty. The financial statements do not include the adjustments
that would result if the group was unable to continue as a going concern.

2Segment analysis

The accounting policy for identifying segments is based on internal management
reporting information that is regularly reviewed by the chief operating decision
maker.  Intellego operates three main segments Distribution, Services and
Publishing.  The activity undertaken by the Distribution segment is the resale
of software developed by third parties.  The Services segment includes
consultancy, customisation, including development of content, and integration of
e-learning systems.  Maintenance of these systems is undertaken by the
Distribution segment.  The Publishing segment includes the sale of internally
generated content.  The revenues and net result generated by each of Intellego
Holdings plc's segments are summarised as follows:

Year to 31 March 2011
                                      Distribution Services Publishing     Group

                                      £            £        £          £

Revenue and sale of distribution
rights                                1,150,619    626,650  228,817    2,006,083

 Profit / (loss) for the period   (47,814)   91,656   102,034   145,876

 Segment assets   61,019   506,476   177,602   745,097

 Segment liabilities   (681,976)   (362,297)   (76,414)   (1,120,687)

 Segment depreciation and amortisation   -   152,709   23,484   176,193

 Segment capital additions   -   70,500   -   70,500

Year to 31 March 2010
           Distribution   Services   Publishing       Group

           £              £          £            £

 Revenue   1,051,588      530,692    270,986      1,853,266

 Loss for the period   (463,581)   (477,860)   (102,374)   (1,043,815)

 Segment assets   224,160   264,698   576,732   1,065,590

 Segment liabilities   (887,675)   (479,079)   (548,782)   (1,915,536)

 Segment depreciation and amortisation   73,247   80,472   79,732   233,451

 Segment capital additions               -        22,818   -        22,818

The Group's revenues from external customers may also be summarised by
geographical area as follows.
All operations are located in the UK:

                  2011        2010

                  £           £

 United Kingdom   1,851,269   1,478,678

 North America    44,983      241,073

 Europe           109,831     133,515

                  2,006,083   1,853,266

Sale of distribution rights - NetDimensions

As further detailed in the Chairman's statement in April 2010 Intellego sold the
UK distribution rights for the EKP range of Learning Management software back to
NetDimensions UK Limited.  This comprised the business and assets including the
goodwill and customer list. Intellego continues as an affiliate of NetDimensions
and receives commissions on the sale of its products. Intellego will continue to
sell EKP or introduce EKP sales leads to NetDimensions but will be much less
involved in the sale and technical implementation and after-sale processes.  The
value of the sale was £464,000, with £276,000 being payable on completion which
was offset against the balance owing to NetDimensions of £263,000 (net cash
received of £14,000), and performance based payments of up to £188,000 over the
two year period to April 2012.   This has resulted in a net income to the
consolidated statement of comprehensive income of £407,000 being £276,000
payable on completion, £117,000 other net liabilities released and £14,000
performance based payments. The sale of distribution rights does not meet the
definition of a discontinued operation in accordance with IFRS 5- Non Current
assets held for sale and discontinued operations and therefore has not been
disclosed as such.  The income does also not meet the definition of revenue in
accordance with IAS 18 - Revenue on the basis that it is not part of the
ordinary trading activity of the group.  The income has therefore been disclosed
separately from revenue in the consolidated statement of comprehensive income.
Following the announcement of the sale and as part of the new affiliate
agreement in May 2010 NetDimensions Limited invested £100,000 in the ordinary
shares of Intellego Holdings representing a 13.7% stake in the group at that

3Earnings per share

The calculation of earnings per share is based on a profit for the period of
£145,876 (2010: loss £1,043,815) and on 294,649,148 (2010: 178,392,927) ordinary
shares, being the weighted average number of ordinary shares in issue during the

In the prior year the loss attributable to ordinary shareholders and the
weighted average number of ordinary shares for the purpose of calculating the
diluted earnings per share are identical to those used for the loss per share.
This is because the exercise of share options and warrants would have the effect
of reducing the loss per share and is therefore not dilutive under the terms of
IAS 33.  For the current year the weighted average number of shares for the
purpose of calculating the diluted earnings per share is 304,549,148 ordinary

                                     2011    2010

 Basic earnings/(loss) per share     0.05p   (0.58)p

 Diluted earnings/(loss) per share   0.05p   (0.58)p

4Exceptional items

                                                      2011     2010

                                                         £        £

 Release of liabilities resulting from the CVA   (386,519)        -

 Restructuring - staff costs                     -           66,000

                                                 (386,519)   66,000

Company Voluntary Arrangement (CVA)
As further detailed in the Chairman's statement and note 1 both Intellego
Holdings Plc and Intellego Group Limited entered into  CVAs with their creditors
in June 2010 and July 2010 respectively. Payments under the CVA were required to
be made for six months for Intellego Holdings Plc and for sixty months for
Intellego Group Limited.  Intellego Holdings Plc paid all its contributions
under the CVA through to December 2010 and its CVA was recorded as  completed on
6 June 2011. This has resulted in a release of liabilities not payable to the
consolidated statement of comprehensive income of £386,519 as stated above.

Restructuring costs
In the prior year the group underwent restructuring mainly in relation to
reducing the staff base and the direct costs of this are detailed above.


 2011                        Goodwill


 Cost after impairment

 At 1 April 2010             206,289

 Impairment                  -

 At 31 March 2011            206,289

 2010                   Goodwill



 At 1 April 2009        278,295

 Impairment             (72,006)

 At 31 March 2010       206,289

The goodwill relates to the acquisition of Copia Limited in November 2007, the
acquisition of The Professional Development Partnership Limited in April 2008
and the business and assets of Zenosis Limited in May 2008.

Impairment review

Goodwill is tested annually for impairment by reference to the recoverable
amount of the relevant cash generating units.  The brought forward carrying
amount of goodwill totalling £206,289 has been allocated to the cash generating
units as follows.


 Distribution       -

 Services           123,406

 Publishing         82,883


The recoverable amount for each of the cash-generating units was determined
based on value-in-use calculations.
This is calculated on the basis of projected cash flows for the following five
years derived from detailed budgets for the ensuing year, with subsequent years
including modest nominal rates of sales and cost growth ranging from zero to 5%
per annum and steady gross margins.  These cash flows are adjusted to present
day values at a discount rate based on a cost of capital of 15% per annum.

In the prior year an impairment of £20,465 was made in respect of goodwill in
the distribution sector and an impairment of £51,541 was made in respect of
goodwill in the services sector.  No further impairment is considered to be
required for the current year.

5.1Notes to the announcement:

 1. 1.The following statement was contained in the report of the independent
    auditors to the members of Intellego Holdings Plc:

"Emphasis of matter - Going concern

In forming our opinion on the financial statements, which is not qualified, we
have considered the adequacy of the disclosure made in note 1 to the financial
statements concerning the group and parent company's ability to continue as a
going concern. The group made a profit of £145,876 (post-release of CVA
liabilities) during the year ended 31 March 2011 and, at that date, the group's
liabilities exceeded its total assets by £375,590.

As explained in note 1, should the group not deliver its business plan, and
significant liabilities arise as a result of the winding up of Intellego Group
Limited, and sufficient funding was not in place to meet its obligations, there
would be significant doubt about the group's ability to continue as a going
concern which therefore indicates a material uncertainty. The financial
statements do not include the adjustments that would result if the group and
company were unable to continue as a going concern."

2        Basis of preparation

The financial information in this preliminary announcement has been prepared
under the historical cost convention and in compliance with International
Financial Reporting Standards (IFRS) and International Financial Reporting
Interpretations Committee (IFRIC) interpretations as adopted by the European
Union as at 31 March 2011.

3        Summary accounts

The summary accounts set out above do not constitute statutory accounts as
defined by Section 434 of the UK Companies Act 2006. The summarised statement of
financial position for the year ended 31 March 2011, the summarised consolidated
statement of comprehensive income, the summarised consolidated statement of
changes in equity and the summarised consolidated statement of cashflows for the
year then ended have been extracted from the Group's statutory financial
statements for the year ended 31 March 2011 upon which the auditors' opinion is
unqualified and did not contain a statement under either sections 498(2) or
498(3) of the Companies Act 2006. The audit reports for the year ended 31 March
2010 did not contain statements under Section 237(2) or Section 237(3) of the
Companies Act 1985. The statutory financial statements for the year ended 31
March 2010 have been delivered to the Registrar of Companies. The 31 March 2011
accounts were approved by the directors on 5 August 2011, but have not yet been
delivered to the Registrar of Companies.

This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
Source: Intellego via Thomson Reuters ONE



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