Information  X 
Enter a valid email address

British Empire Sec (AGT)

  Print      Mail a friend       Annual reports

Tuesday 28 May, 2013

British Empire Sec

Half Yearly Report

RNS Number : 7134F
British Empire Sec & Gen Tst PLC
28 May 2013
 



BRITISH EMPIRE SECURITIES AND GENERAL TRUST PLC

 

Announcement of un-audited results for the half year ended 31 March 2013

 

 

Objective   

The investment objective of the Company is to achieve capital growth through a focused portfolio of investments, particularly in companies whose shares stand at a discount to estimated underlying net asset value.

 

 

Financial Highlights

At

At


31 March 2013

30 September 2012

% change

Capital Return



Net assets

£903.95m

£791.23m

14.3

Net asset value per Share

575.32p

500.47p

15.0

Share price (mid market)

497.50p

438.30p

13.5

Discount

13.53%

12.42%







Six months to

Six months to



31 March 2013

31 March 2012


Revenue Earnings and Dividends



Revenue earnings per Share

2.64p

4.40p


Interim dividend per Share

2.00p

2.00p






 

 


Six months to

Year to



31 March 2013

30 September 2012


Performance Comparison

 



British Empire Securities and General Trust plc

(NAV total return)

 

17.46%

10.25%


Morningstar Investment Trust Global Growth Index (total return) *

 

15.26%

13.78%


Morgan Stanley Capital International World Index  (£ adjusted total return)

 

17.73%

18.00%


Morgan Stanley Capital International World ex USA Index  (£ adjusted total return)

 

18.12%

10.33%


 

* The Morningstar Investment Trust Global Growth Index (total return basis) is subject to revision and the figures are at 30 April 2013.

† Source: Morningstar

 

 

 

Chairman's Statement

In the second half of the last financial year to September 2012 the Manager outperformed the benchmark index by an encouraging margin. This has continued in the six month period under review and from 1 October 2012 to 31 March 2013, there was an increase in net asset value of 17.5%. This represents an outperformance against our benchmark index (the Morningstar Investment Trust Global Growth Index) which was up by 15.3%. The ten year return is 292.2%, compared with 195.1% for the benchmark. Since the half year end the manager has underperformed the benchmark (by approximately 1%) but remains ahead over the accounting year to date. (All figures are on a total return basis).

 

The Manager's style remains unchanged and AVI continues to focus on making investments in companies which typically are valued in the markets at a discount to net asset value. The overall discount level in the portfolio stood at approximately 27% at the end of March, (30% at 30 September 2012). Liquidity was 8.5% at 31 March compared to 20% at the last year end, though this latter figure reflected a lag between the timing of sales and subsequent purchases. Since the half year end the Jardine Strategic holding has been sold, and this together with other sales has increased net liquidity to approximately 24%.

 

The interim dividend is being maintained at 2.0p per share and is well covered by earnings of 2.64p per share. Earnings included special dividends from Macquarie International Infrastructure Fund and from Ferrovial, which together contributed some 1.5p per share to our revenue account. Significant further dividends were received in April and May, after the half year end, and the level of increase in payout (excluding special dividends) from a number of the portfolio companies is encouraging.

 

Having renewed its authorities at the AGM to buy back and issue shares, the Board is continuing its policy of taking steps, if necessary, to limit the volatility of the discount or premium. In determining whether to implement a buy back the Board, in conjunction with the Manager, will consider a variety of factors including the absolute discount on the Company's shares, the discount relative to its peer group, the level of cash in the Company and the opportunities which the Manager is finding at the time. In the first half of this financial year, 973,947 ordinary shares were bought back at discounts of between 10.7% and 12.4% and are held in Treasury. Since the end of March, a further 310,000 shares were bought back at an average discount of 13.1% and placed in treasury.

 

Holdings of the Equity Index Unsecured Loan Stock 2013 were repaid in full in early April as required under the terms of the stock's Trust Deed.

 

The European Union's Alternative Investment Funds Management Directive (AIFMD) comes into force on 22 July 2013 and companies such as British Empire Securities and General Trust plc then have a further year, until July 2014, to comply with the Directive. However, the final details of how AIFMD will be implemented under UK law are not yet available. Your Board will work closely with Asset Value Investors and with its own independent legal advisors to ensure that any necessary adjustments to our corporate arrangements will be in place ahead of the deadline in 2014.

 

At the Company's Annual General Meeting in December of last year, Rosamund Blomfield-Smith retired as a director and I would like once again to thank her for her input and support over the preceding decade.

 

Central banks of the troubled economies in the developed world are for the moment generally continuing with substantial quantitative easing programmes. These are inflating the prices of many risk assets and making it unusually difficult for investors to assess properly what is "good value". This leads us as a Board to sound a note of caution about the direction of markets after the recent rapid rise. Irrespective of central bank policies, your Manager's aim remains to find fundamental value and realise that value in the long term and the Board is confident that AVI's investment style and processes will continue to provide good returns in the medium and longer term.

 

Strone Macpherson

Chairman

28 May 2013

 

 

 

Investment Manager's Report

Performance Summary

For the first 6 months of the financial year, the Company's net asset value per share rose by 17.5% compared with gains of 15.3% for the Morningstar Investment Trust Global Growth Index (the Company's benchmark), 17.7% for the MSCI World Index (£) and 18.1% for the MSCI World ex USA Index (£) (all figures are on a total return basis).

 

The largest positive contributors during the period were Investor AB 'A' +1.5%, Jardine Matheson Holdings +1.2%, Vivendi +1.2%, Jardine Strategic Holdings +1.1% and Aker +1.0%.

 

The largest detractors from performance were Detour Gold Corp -0.8% and St Barbara -0.3%.

 

Over the ten year period to 31 March 2013 the Company's net asset value per share rose 292.2% compared with gains of 195.1% for the Morningstar Investment Trust Global Growth Index, 157.0% for the MSCI World Index (£) and 181.6% for the MSCI World ex USA Index (£) (all figures are on a total return basis).

 

As at 31 March 2013, the geographical profile of the portfolio was as follows: Continental Europe 41%, UK 2%, Asia Pacific 27%, North America 19% and EMEA 2%.

 

Net cash at the end of the period was 8.5% compared to 20% as at 30 September 2012. The average level of net cash over the period was 12.4% (based on month end cash levels). Liquidity levels were reduced during the period as we found a number of attractive new investments.

 

The discount on the Company's shares was 13.5% as of 31 March 2013. The discount has averaged 10.5% during the period.

 

Market Review

Equity markets performed strongly over the 6 months to 31 March 2013. Policies that artificially suppress bond yields are "encouraging" investors to seek returns from riskier assets such as equities.

 

This is a challenging time for investors. With economic growth remaining lacklustre there are fears that the strength of equity markets has not been supported by the economic reality, leaving valuations less compelling. The flip side of this, however, is that as long as the data disappoints the Federal Reserve and other central banks around the world will retain a bias for easy monetary policy that can support asset prices. Thus far, the power of quantitative easing (QE) has had the upper hand.

 

The narrowing of the weighted average discount on the portfolio from 30% as at the 30 September 2012, to 27% as at 31 March 2013, has contributed to returns. In addition, we have benefitted from improving investor confidence and increased levels of corporate activity amongst companies which we own. The latter has included takeovers, strategic reviews, asset disposals and special dividends. Nexen for example was taken over by CNOOC allowing us to realise a profit. Ferrovial has been selling minority stakes in core assets and has used surplus cash on the balance sheet to fund a special dividend. In Singapore, Macquarie International Infrastructure Fund concluded its strategic review with a decision to dispose of all of its assets and return cash to shareholders. An initial return of capital was made in the period.

 

We have also seen confirmation of a trend to increasing dividends. In the case of three of our Scandinavian investments, the rates of dividend growth have been impressive with Kinnevik Investment AB 'A', Investor AB 'A' and Aker announcing increases of 18%, 17% and 9% respectively.

 

In the listed private equity sector of the closed-end fund universe there have been notable successes from asset sales at significant premia to carrying values. Electra Private Equity, for example, was boosted by the Initial Public Offering of Esure. Other companies in the sector have also benefitted from disposals at good prices. These are giving investors greater confidence in reported NAVs and, as a result, we are seeing greater interest in the sector, which has started to push discounts down.

 

In the period, we sold out of Prosafe and Onex at or above NAV. We are sensitive when discounts move towards net asset value and we see limited upside. In these cases, we start to reduce our exposure and rotate into companies that have a better risk reward profile.

 

Overall, we continue to see good value in our portfolio. Discounts remain wide in a substantial portion of our portfolio and in aggregate are currently at a level of 27%. In addition, we see the potential for further corporate activity that could push net asset values higher, as well as cause discounts to narrow from current levels.

 

Thus far asset markets have been the greatest beneficiaries of QE. It is uncertain whether there is any positive impact on economic growth or employment. It is impossible to predict how long extremely accommodative interest rate policies will remain in place, or indeed what impact they will have both on asset markets and on the broader economy. We remain focused on bottom-up stock picking and try to build a portfolio of companies trading on wide discounts to NAV with potential catalysts for those discounts to narrow. This strategy has served us well over the long term and we believe will continue to do so in the future.

 

John Pennink

Joe Bauernfreund

Asset Value Investors Limited

28 May 2013

 

 

 

 

 Consolidated Statement of Comprehensive Income

 


For the six months to 31 March 2013 (unaudited)

For the six months to 31 March 2012 (unaudited)

For the year to 30

September 2012 (audited)


Revenue

Capital


Revenue

Capital


Revenue

Capital



return

return

Total

return

return

Total

return

return

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Income










Investment income (note 2)

7,193

-

7,193

9,805

-

9,805

30,865

-

30,865

Gains on investments

held at fair value

-

133,017

133,017

-

29,969

29,969

-

55,533

55,533

Unclaimed distribution monies

-

-

-

-

52

52

-

52

52

Losses on Equities Index Stock 2013 held at fair value

-

(1,166)

(1,166)

-

-

-

-

(243)

 (243)

Exchange gains/(losses) on currency balances

-

151

151

-

(823)

(823)

-

(1,242)

 (1,242)


7,193

132,002

139,195

9,805

29,198

39,003

30,865

54,100

84,965

Expenses










Investment   

management fee

(1,176)

(1,176)

(2,352)

(1,100)

(1,100)

(2,200)

(2,200)

(2,200)

 (4,400)

Other expenses

(including irrecoverable

VAT)  

(654)

(26)

(680)

(597)

(4)

(601)

(1,235)

(58)

 (1,293)

Profit before finance costs and  taxation

5,363

130,800

136,163

8,108

28,094

36,202

27,430

51,842

79,272

Finance costs

(739)

(4)

(743)

(730)

(4)

(734)

(1,486)

(7)

 (1,493)











Profit before taxation

4,624

130,796

135,420

7,378

28,090

35,468

25,944

51,835

77,779

Taxation

(454)

-

(454)

(324)

-

(324)

(1,894)

9

  (1,885)

Profit for the period

4,170

130,796

134,966

7,054

28,090

35,144

24,050

51,844

75,894

Earnings per Ordinary Share  (note 3)

2.64p

82.88p

85.52p

4.40p

17.55p

21.95p

15.06p

32.46p

 

47.52p

 

 

The Company did not have any income or expense that is not included in consolidated profit for the period. Accordingly, the "Profit for the period" is also the "Total Comprehensive Income for the period", as defined in IAS 1 (revised) and no separate Statement of Comprehensive Income for the Company has been presented.

 

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

 

All items in the above statement derive from continuing operations. All income is attributable to the equity holders of British Empire Securities and General Trust plc. There are no minority interests.

 

 

Consolidated Statement of Changes in Equity

For the six months to 31 March 2012 (unaudited)

 


Ordinary

Capital







share

redemption

Share

Capital

Merger

Revenue



capital

reserve

premium

reserve

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000









Balance as at 30 September 2011

16,008

2,927

28,078

620,938

41,406

31,028

740,385

Total comprehensive income for the period

-

-

-

28,090

-

7,054

35,144

Ordinary dividend paid

-

-

-

-

-

(10,406)

(10,406)

Special dividend paid

-

-

-

-

-

(3,201)

(3,201)

Balance as at 31 March 2012

16,008

2,927

28,078

649,028

41,406

24,475

761,922

 

 

For the year ended 30 September 2012 (audited)

 


Ordinary

Capital







share

redemption

Share

Capital

Merger

Revenue



capital

reserve

premium

reserve

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000









Balance as at 30 September 2011

16,008

2,927

28,078

620,938

41,406

31,028

740,385

Ordinary Shares bought back and cancelled

(7)

7

-

(264)

-

-

(264)

Ordinary Shares bought back and held in treasury

-

-

-

(7,982)

-

-

(7,982)

Total comprehensive income for the period

-

-

-

51,844

-

24,050

75,894

Ordinary dividends paid

-

-

-

-

-

(13,607)

(13,607)

Special dividend paid

-

-

-

-

-

(3,201)

(3,201)

Balance as at 30 September 2012

16,001

2,934

28,078

664,536

41,406

38,270

791,225

 

  

For the six months to 31 March 2013 (unaudited)

 


Ordinary

Capital







share

redemption

Share

Capital

Merger

Revenue



capital

reserve

premium

reserve

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000









Balance as at 30 September 2012

16,001

2,934

28,078

664,536

41,406

38,270

791,225

Ordinary Shares bought back and held in treasury

-

-

-

(4,878)

-

-

(4,878)

Total comprehensive income for the period

-

-

-

130,796

-

4,170

134,966

Ordinary dividend paid

-

-

-

-

-

(11,836)

(11,836)

Special dividend paid

-

-

-

-

-

(5,523)

(5,523)

Balance as at 31 March 2013

16,001

2,934

28,078

790,454

41,406

25,081

903,954

 

 

 

Consolidated Balance Sheet

 


At

31 March 2013

(unaudited)

£'000

At

31 March 2012

(unaudited) £'000 

At

30 September 2012

(audited)

£'000 

  Non-current assets





Investments held at fair value through profit or loss


915,399

773,307

807,181

Current assets





Sales for future settlement


181

5,593

1,296

Other receivables


5,396

5,685

4,480

Cash and cash equivalents


8,362

1

7,780



13,939

11,279

13,556

Total assets


929,338

784,586

820,737

Current liabilities





Purchases for future settlement


(1,298)

-

(5,634)

Other payables


(9,134)

(903)

(1,892)

Equities Index Stock 2013 held at fair value through profit or loss


-

-

(7,038)

Bank overdraft


-

(12)

-



(10,432)

(915)

(14,564)






Total assets less current liabilities


918,906

783,671

806,173






Non-current liabilities





8 1/8 per cent Debenture Stock 2023


(14,925)

(14,918)

(14,921)

Equities Index Stock 2013 held at fair value through profit or loss


-

(6,795)

-

Provision for deferred tax


(27)

(36)

(27)

Net assets


903,954

761,922

791,225

 

Equity attributable to equity Shareholders




Ordinary share capital

16,001

16,008

16,001

Capital redemption reserve

2,934

2,927

2,934

Share premium

28,078

28,078

28,078

Capital reserve

790,454

649,028

664,536

Merger reserve

41,406

41,406

41,406

Revenue reserve

25,081

24,475

38,270

Total equity

903,954

761,922

791,225

Net asset value per Ordinary Share - basic

 (note 6)

575.32p

475.96p

500.47p

Number of Ordinary Shares in issue excluding treasury

157,121,038

160,080,089

158,094,985

 

Consolidated Cash Flow Statement

 

Six months to

31 March 2013

(unaudited)

£'000

Six months to

 31 March 2012

(unaudited)

£'000

Year to

30 September 2012(audited)

£'000

Net cash inflow from operating activities




Profit before taxation

135,420

35,468

77,779

Losses on Equities Index Stock 2013 held at fair value

1,166

-

243

Realised exchange (gains)/ losses on currency balances

(151)

823

1,242

Gains on investments held at fair value through profit or loss

(133,017)

(29,969)

(55,533)

Purchases of investments

(321,126)

(254,805)

(556,735)

Sales of investments

342,704

259,644

563,194

(Increase)/decrease in other receivables

(806)

(1,463)

733

Increase/(decrease) in creditors

7,242

(62)

927

Taxation

(564)

(883)

(3,443)

Amortisation of Debenture issue expenses

4

4

7

Net cash inflow from operating activities

30,872

8,757

28,414





Financing activities




Dividends paid

(17,359)

(13,607)

(16,808)

Payments for Ordinary Shares bought back and cancelled

-

-

(264)

Payments for Ordinary Shares bought back and held in treasury

(4,878)

-

(7,982)

Redemption of Equities Index Stock 2013

(8,204)

-

-

Cash outflow from financing activities

(30,441)

(13,607)

(25,054)





Increase/(decrease) in cash and cash equivalents

431

(4,850)

3,360

Exchange movements

151

(823)

(1,242)

Change in cash and cash equivalents

582

(5,673)

2,118

Cash and cash equivalents at beginning of period

7,780

5,662

5,662

Cash and cash equivalents at end of period

8,362

(11)

7,780





 

 

Notes to the Financial Statements

 

1.   Significant accounting policies

The financial statements of the Group have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union. The accounting policies and methods of computation followed in these half year financial statements are consistent with the most recent annual financial statements for the year ended 30 September 2012.

 

The factors which have an impact on Going Concern are set out in the Going Concern section of the Director's Report in the Company's Annual Report to 30 September 2012. At 31 March 2013 there have been no significant changes to these factors. Accordingly, the Directors believe that it is appropriate to continue to adopt the Going Concern basis in preparing the half year financial statements.

 

The half year financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting".

 

These financial statements are presented in sterling as this is the currency of the primary economic environment in which the Group operates.

 

2.   Income


31 March

31 March

30 September


2013

2012

2012


£'000

£'000

£'000

Income from investments




Listed investments

7,180

9,796

30,849





Other income




Deposit interest

7

9

16

Underwriting commission

6

-

-

Total income

7,193

9,805

30,865

 

3.   Earnings per Ordinary Share


31 March

31 March

30 September


2013

2012

2012





Total earnings per Ordinary Share


 

Total profit

£134,966,000

£35,144,000

£75,894,000

Weighted average number of Ordinary Shares in issue during the period          

157,806,227

160,080,089

159,727,619

Total earnings per Ordinary Share

85.52p

21.95p

47.52p

 

The total earnings per Ordinary Share detailed above can be further analysed between revenue and capital as below:

Revenue earnings per Ordinary Share




Revenue profit

£4,170,000

£7,054,000

£24,050,000

Weighted average number of Ordinary Shares in issue during the period          

157,806,227

160,080,089

159,727,619

Revenue earnings per Ordinary share

2.64p

4.40p

15.06p

Capital earnings per Ordinary Share


 

Capital profit

£130,796,000

£28,090,000

£51,844,000

Weighted average number of Ordinary Shares in issue during the period          

157,806,227

160,080,089

159,727,619

Capital earnings per Ordinary Share

82.88p

17.55p

32.46p

 

4. Comparative information

The financial information contained in this Half Year Report does not constitute statutory accounts as defined in section 435(1) of the Companies Act 2006. The financial information for the half year periods ended 31 March 2012 and 31 March 2013 has not been audited. The figures and financial information for the year ended 30 September 2012 are an extract from the latest published audited financial statements and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and include the report of the auditors, which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.

 

5.   Retained earnings

The table below shows the movement in the retained earnings analysed between revenue and capital items.

 


Revenue

Capital

Total


£'000

£'000

£'000





  At 30 September 2012

38,270

664,536

702,806

Movement during the period:




  Ordinary Shares bought back and held in treasury

-

(4,878)

(4,878)

  Total comprehensive income for the period

4,170

130,796

134,966

  Ordinary dividend paid: Ordinary Shares

(11,836)

-

(11,836)

  Special dividend paid: Ordinary Shares

(5,523)

-

(5,523)

  At 31 March 2013

25,081

790,454

815,535

 

6.   Net asset value per Ordinary Share

The net asset value per Ordinary Share is based on net assets of £903,954,000 (31 March 2012: £761,922,000; 30 September 2012: £791,225,000) and on 157,121,038 (31 March 2012: 160,080,089; 30 September 2012: 158,094,985) Ordinary Shares, being the number of Ordinary Shares in issue excluding treasury at the period ends.

 

7.   Share Capital

During the period 973,947 (six months to 31 March 2012: nil; year ended 30 September 2012: 1,919,104) Ordinary Shares were bought back and placed in treasury for an aggregate consideration of £4,877,525 (six months to 31 March 2012: nil; year ended 30 September 2012: £7,982,558).No Ordinary Shares were bought back and cancelled in the period (six months to 31 March 2012: nil; year ended 30 September 2012: 66,000 for an aggregate consideration of £263,875).

 

8.   Equities Index Unsecured Loan Stock 2013 (the Loan Stock)

The Company did not buy back any units of the Loan Stock for cancellation during the period. In accordance with the provisions of the Trust Deed governing the Loan Stock, the Company repaid the Capital Value and the final interest amount for the quarter ending 31 March 2013 on 15 April 2013 to holders on the register at the close of business on 28 March 2013.

 

9.   Dividends

During the period the Company paid a final dividend of 7.5p per Ordinary Share and a special dividend of 3.5p per Ordinary Share for the year ended 30 September 2012 on 7 January 2013 to Ordinary Shareholders on the register at 7 December 2012 (ex-dividend 5 December 2012). The interim dividend of 2.00p per Ordinary Share for the year ending 31 March 2013 will be paid on 21 June 2013 to Ordinary Shareholders on the register at the close of business on 7 June 2013 (ex-dividend 5 June 2013).

 

10. Contingent assets

While most of the Back VAT has now been recovered, the Company will continue to examine methods to recover further Back VAT, and interest, but does not anticipate any further significant recovery in the near term.

 

11. Principal financial risks

The principal financial risks which the Company faces include exposure to:

 

- Market price risk

- Foreign currency risk

- Interest rate risk

- Liquidity risk

- Credit risk

 

Further details of the Company's management of these risks and exposure to them is set out in Note 18 of the Company's Annual Report for the year ended 30 September 2012, as issued on 12 November 2012. There have been no changes to the management of or exposure to these risks since that date.

 

12. Related party transactions

The Company has related party transactions with Asset Value Investors Limited. Management fees for the period amounted to £2,352,000 (six months to 31 March 2012: £2,200,000; year ended 30 September 2012: £4,400,000) and the performance fees for the period amounted to £nil (six months to 31 March 2012: £nil; year ended 30 September 2012: £nil).

 

At the half year end, the following amounts were outstanding in respect of management fees: £392,000 (half year end 31 March 2012: £367,000; year ended 30 September 2012: £367,000) and performance fees: £nil (half year end 31 March 2012: £nil; year ended 30 September 2012: £nil).

 

13. Interim Management Report

There have been no changes to the related party disclosures set out in the Annual Report of the Company for the year ended 30 September 2012, except as above.

 

The Directors consider that the Chairman's Statement, the Investment Manager's Report, the above statement on related party disclosures and the Directors' Responsibility Statement below, together constitute the Interim Management Report of the Company for the half year to 31 March 2013 and satisfy the requirements of the FCA's Disclosure Rules and Transparency Rules (DTR) 4.2.3 to 4.2.11.

 

14. Responsibility Statement

The Directors of the Company (Mr Strone Macpherson (Chairman), Mr Steven Bates, Mrs Susan Noble, Mr Nigel Rich and Mr Andrew Robson) being the responsible persons, confirm to the best of their knowledge that:

 

a) the condensed set of financial statements, which has been prepared in accordance with IAS34, gives a true and fair view of the assets, liabilities, financial position and profit of the Company for the period ended 31 March 2013;

 

b) the Interim Management Report includes a fair review, under the FCA's Disclosure and Transparency rules DTR 4.2.7R, of important events that have occurred during the first six months of the financial year, and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

 

c) the Interim Management Report includes a fair review of the information concerning related parties transactions as required by DTR 4.2.8R.

 

15. Copies of the Half Year Report

Printed copies of this Half Year Report will be sent to shareholders shortly.  Additional copies may be obtained from the Corporate Secretary - Phoenix Administration Services Limited, Springfield Lodge, Colchester Road, Chelmsford, Essex CM2 5PW.  A copy of the Half Year Report can be viewed and downloaded from the Company's website www.british-empire.co.uk .

 

 

Phoenix Administration Services Limited

28 May 2013

 

The content of the Company's web-pages and the content of any website or pages which may be accessed through hyperlinks on the Company's web-pages is neither incorporated into nor forms part of the above announcement.


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

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