Information  X 
Enter a valid email address

Impax Environ Mkts (IEM)

  Print          Annual reports

Tuesday 05 August, 2014

Impax Environ Mkts

Half Yearly Report

RNS Number : 2968O
Impax Environmental Markets PLC
05 August 2014
 



 

IMPAX ENVIRONMENTAL MARKETS PLC

 

Half-yearly Financial Report

 

For the six months ended 30 June 2014

 

 

INVESTMENT OBJECTIVE

 

 

 

FINANCIAL INFORMATION

 






At 30 June 2014

Net assets





£382.1m

Net asset value ("NAV") per Ordinary Share





171.4p

Ordinary Share price





153.0p

Ordinary Share price discount to NAV





10.7%

 

 

 

PERFORMANCE SUMMARY

 






% change1

Share price total return per Ordinary Share





2.8%

NAV total return per Ordinary Share2





2.9%

FTSE ET100 Index





5.9%

MSCI AC World Index





2.9%







1 Total returns in sterling for the six months to 30 June 2014

2 Source: Morningstar

 

 

CHAIRMAN'S REVIEW

 

Performance

Gearing

Discount and Share Buybacks

Alternative Investment Fund Managers Directive (AIFMD)

Outlook

 

 

John Scott

 

 

MANAGER'S REPORT

 

Performance Update

Key Developments and Drivers of Environmental Markets

Looking ahead, significant developments in the following three sub-sectors are yielding particularly interesting investment opportunities.

Solar Energy

Globally, solar energy markets are in transition, with subsidies declining and "grid parity" in sight in many countries.  Unsubsidised solar markets are currently small but make up a rapidly expanding percentage of global sales, and could account for as much as 50% of the market within 5 years.  

As volumes rise, equipment prices continue to stabilise. The overcapacity that has held solar back in recent years is decreasing as the industry consolidates.    The market for solar equipment is also diversifying with rapid uptake in new regional markets such as China and Japan.  Increasing protectionism in the solar industry tends to favour local manufacturers.  This will be particularly positive for Meyer Burger (Solar Energy Generation Equipment, Switzerland), a leading supplier of machinery to solar equipment manufacturers, which we added to the portfolio at the end of last year.

We continue to focus on companies with differentiated technology and on low cost producers;  during the Period we switched from GCL (Solar Energy Generation Equipment, China) into Trina (Solar Energy Generation Equipment, China).  We also added SMA Solar (Solar Energy Generation Equipment, Germany) which has solid technology and market share, is well positioned in growth markets, and is in the midst of a significant restructuring story.

Power Network Efficiency

The shift from large scale conventional power generation to small scale distributed renewables is driving the requirement for more sophisticated grid infrastructure.  In addition, historical under-investment in the grid, together with increasingly volatile weather patterns, is creating additional challenges that are leading to multiple opportunities in power network efficiency, including standby generators, smart metering, demand response systems and related software.

Dramatic weather events such as Hurricane Sandy in the United States, is propelling strong growth in standby generation equipment.  We recently added Generac (Power Network Efficiency, US) which is the market leader, currently claiming a 70% market share of the residential market.

In smart metering, there have been delays in the roll out of projects in Europe.  However, we believe this technology represents a sizeable investment opportunity and see considerable value in stocks such as Itron (Power Network Efficiency, US).

The "internet of things" is also leading to increasing technological sophistication in energy efficiency markets.  This has led to significant merger and acquisition activity as the technology giants seek to dominate this market.  For example, in January Google purchased Nest Labs, the maker of the "Learning Thermostat" for over US$3 billion as part of Google's goal to make its mark in smart-home systems.  We added EnerNOC (power network efficiency, US) during the Period, which has an Energy Intelligence division that should benefit from these trends.

Water Infrastructure & Treatment

We have been optimistic for the prospects for companies in water infrastructure and treatment for several years and believe they should continue to outperform. Their success is largely based on the recovery in the construction sector, the increase in municipal spending in the US and the development of US shale gas extraction.  During the Period the need for capital expenditure in water infrastructure and treatment was repeatedly highlighted by numerous headlines including the severe drought in California, Narendra Modi's statements of his intent to clean up India's severely polluted water supply and, closer to home, the flooding in the West Country and the UK Government's commitment to improving the country's flood defences.

Xylem (Water Infrastructure & Technologies, United States) and Watts Water Technologies (Water Infrastructure & Technologies, United States) have been core holdings in the portfolio for several years but still look set to benefit further from the economic upturn.  We also see interesting opportunities in Asia: for example, the continuing major commitment from the Chinese Government to combat water pollution should also support future performance in this area.  We participated in the Initial Public Offering of Ozner (Water Infrastructure & Technologies, China), the market leader in "point-of-use" water treatment in the region; as companies and households substitute boiling tap water with a mains-connected water dispenser with integrated filtration and treatment the company is reporting a rapid growth in demand.

Policy and Regulation in Environmental Markets

There were several major regulatory announcements in the first half of 2014, highlighting the return of climate change concerns and the control of global GHG emissions.  We also see a heightened focus on combating air and water pollution.

The EU unveiled its 2030 Energy and Climate Framework at the start of the year.  This proposes reducing the region's GHG emissions by 40% in 2030, an indicative goal to boost energy efficiency by 25%, but does not currently propose legally binding renewables targets for individual member states beyond 2020. 

In February, China announced its intention to spend US$850 billion on tackling water pollution of its scarce water resources over the next decade.  The budget exceeds the US$450 billion expected to be spent battling the more-highly publicised air pollution crisis in China's cities.  The plans aim to improve the quality of the country's water by 30 - 50% through investments in waste water treatment, recycling and membrane technologies. 

In the US, the implementation of the EPA's Clean Power Plan is unlikely to be straightforward, and could take longer than first hoped, but the EPA claims it should lead to net climate and health benefits of up to US$48 billion, spur innovation and encourage economic growth.

There is significant momentum behind environmental regulation and we expect further announcements in the build up to United Nations Climate Change Conference in Paris in December 2015.   The preparations for this key event look set to sustain media and investor interest in environmental markets.

Absolute Performance Contributors and Detractors

Contributors

The renewables sector was the top performing sector, driven by resolution of regulatory uncertainty in Europe, rising demand, price stability and closure of industry overcapacity, as described in the Key Developments section.  This led to strong gains for Vestas (wind power generation equipment, Denmark), EDP Renovaveis (renewable energy developer and IPP, Spain) and Abengoa (biofuels, Spain).

Energy Efficiency persists as a major positive contributor to IEM's performance, driven by a combination of the general cyclical recovery of construction, industrial and automotive markets and ever tightening energy efficiency standards. This trend is set to accelerate, with the EU currently considering making energy efficiency targets binding later this year, and US markets likely to be a long term beneficiary of the recently announced US GHG regulations.  These themes led to strong performance by Nibe (buildings energy efficiency, Sweden), HollySys (industrial energy efficiency, Hong Kong) and Epistar (consumer energy efficiency, Taiwan).

Merger and acquisition activity has been an on-going contributor to performance for IEM, and we are pleased to report an acceleration of this activity.  Part of Abengoa's performance in the Period reflects its disposal into a "yield-co" of some infrastructure assets at an attractive valuation.  In addition, Nibe, the European market leader for heat pumps announced the acquisition of the US market leader Water Furnace International ("WFI").  WFI is well known to us and we are positive on the growth platform created through this transaction.

Detractors

General waste and recycling businesses continue to be negatively affected by a slow recovery in volumes due to a "more efficient" economy generating less waste, slow resolution of overcapacity in processing and disposal and weakness in key commodity prices, particularly for metals.  This led to weakness in recycling and value added waste processing companies such as Schnitzer (US) and Lee and Man (Hong Kong).  Small and micro-cap holdings also underperformed for IEM and in broader markets, impacting Regenersis (recycling and value added waste processing, UK), although the business continues to thrive.

Unquoted Companies

At 30 June 2014, the value of the Company's investments in unquoted companies was £10.8 million, representing 2.8% of net assets.  The valuations of unquoted holdings are regularly reviewed and we continue to work towards exits for these assets.

Movements in the Period were as follows:


£m

Valuation at 1 January 2014

11.0

Net valuation and FX

(0.2)

Valuation at 30 June 2014

10.8

 

Portfolio Positioning & Activity

The portfolio remains well diversified by geography and sector and recently rose to 70 listed holdings at the end of the Period.  We continue to find attractive opportunities across a range of environmental sectors, including Hazardous Waste, Water Infrastructure and Treatment, Pollution Control and parts of Energy Efficiency.

The sub-sector breakdown for IEM is set out on page 10, along with the comparison with the FTSE ET100.

Outlook for 2014

Impax Asset Management (AIFM) Limited

 

 

TEN LARGEST HOLDINGS

As at 30 June 2014

 

1. Pall Corp (United States) 3.2% of net assets

Pall is a filtration and fluid management specialist, providing solutions for complex contamination, separations, purification and detection. The company is delivering on its objectives to grow revenue at twice the rate of GDP while expanding margins through operating leverage and restructuring. In addition, Pall remains a potential M&A target among the US industrial peer group.

http://www.pall.com/

 

2. Kingspan (Ireland) 2.9% of net assets

Kingspan is a manufacturer of insulated panels and boards, and environmental housing solutions such as solar hot water and rainwater harvesting. It is benefiting from both a cyclical recovery in its end markets such as the UK, and structural growth aided by a strong pipeline of innovative products. Kingspan is a high quality business that is poised to benefit over the longer term from increasing regulatory focus on energy efficient buildings.

 

3. Clean Harbors (United States) 2.8% of net assets

Clean Harbors is North America's leading provider of environmental and hazardous waste management services. Its key asset is its hazardous waste business, which benefits from high barriers to entry due to permitting restrictions.  The Company also benefits from tightening environmental regulations, which are driving industrial customers to close captive treatment plants in favour of outsourcing to Clean Harbors.

http://www.cleanharbors.com/

 

4. Nibe Industrier (Sweden) 2.8% of net assets

NIBE Industrier provides heating products such as heat pumps, electric heating applications and wood-burning stoves, and has an excellent long-term track record of growth and returns.  The company has been an active consolidator in recent years, strengthening its position in Europe by acquiring Schulthess in 2011 and, in June 2014, announcing the intention to acquire Water Furnace International, the market leader in residential heat pumps in the US.  This will provide a strong platform for future growth.

http://www.nibe.com

 

5. China Longyuan (China) 2.8% of net assets

China Longyuan is the largest independent producer of renewable power in China, with 11 GW of installed capacity at the end of 2013. The company is expected to generate double digit net profit growth over the next few years as it expands capacity by 1.5 GW to 1.8 GW per annum from its large pipeline of approved projects. In addition to these capacity expansion plans, it will also benefit from improvements to the Chinese grid that will reduce the amount of power generation lost due to shortage of grid capacity.

http://www.clypg.com.cn/en/

 

6. Watts Water (United States) 2.7% of net assets

Watts Water is a global manufacturer of products and systems for the control, conservation and quality of water. Its principal product lines are flow control, heating, ventilation and air conditioning (HVAC), water reuse, and water quality. Watts has formulated a strategy of focusing on "behind-the-wall" plumbing and control devices and enhancing its position as the preferred brand of professional installers. Internal improvements such as facility consolidations and stream lining initiatives have allowed it to succeed despite challenging end markets. It has a solid track record of increasing shareholder value through acquisitions having made over 50 since going public in 1986.

 

7. Horiba (Japan) 2.4% of net assets

Horiba is a manufacturer of measuring instruments and systems for the automotive, environmental, medical and semiconductor industries. Its key automotive testing systems business is expected to generate record sales on a recovery in orders and it has also announced a goal to increase its already strong 25% market share to 30% by 2020. Increasingly complicated drivetrains will also underpin long term growth in the automotive testing market.

 

8. BorgWarner (United States) 2.3% of net assets

BorgWarner is a leading global supplier of systems and components primarily for automotive powertrain and drivetrain applications. Its products such as turbochargers and timing chain systems are expected to experience strong growth driven by the continuing global trend to increase fuel economy and reduce emissions. It has a diversified geographic revenue mix, unlike many automotive suppliers, and has an order book full of new and more profitable products.

 

9. Vacon (Finland) 2.3% of net assets

Vacon develops and manufactures AC (alternating current) drives and renewable energy inverters.  AC drives substantially increase the energy efficiency of electric motors in a wide range of industrial applications, driving strong secular growth in this industry. Vacon has steadily gained market share in its core low power products and has recently launched a new range of medium power products as part of its ambitious 5 year plan.

http://www.vacon.com/

 

10. Ensyn (Canada) 2.1% of net assets

Ensyn is a second generation biofuels company which extracts bio-oils and value added chemicals from biomass using proven technology based around pyrolysis.  The company has strong strategic partnerships with UOP Honeywell and Chevron in the energy sector and Fibria in the forestry space, and it continues to make good progress on executing commercial projects.

http://www.ensyn.com

 

 

TOP TEN HOLDINGS IN COMPANIES

As at 30 June 2014

 

 

 


Valuation
£'000

Percentage of net assets

Pall Corp

12,208

3.2%

Kingspan

11,140

2.9%

Clean Harbors

10,653

2.8%

Nibe Industrier

10,571

2.8%

China Longyuan

10,560

2.8%

Watts Water

10,391

2.7%

Horiba

9,231

2.4%

BorgWarner

8,881

2.3%

Vacon

8,830

2.3%

Ensyn

7,837

2.1%

Top ten holdings

100,302

26.3%

Other holdings

303,478

79.4%

Total holdings

403,780

105.7%

Cash

7,612

2.0%

Bank loan

(29,619)

(7.8%)

Other net assets

323

0.1%

Net assets

382,096

100.0%




 

The full portfolio is published quarterly in arrears on the Company's website www.impaxenvironmentalmarkets.com

 

 

STRUCTURE OF PORTFOLIO

As at 30 June 2014

 

 

 

Breakdown by Environmental Markets Classification System




Company

FTSE ET100 Index

Renewable & Alternative Energy

14%

19%

Energy Efficiency

31%

33%

Food, Agriculture & Forestry

5%

10%

Waste Management & Technologies

18%

11%

Environmental Support Services

2%

1%

Water Infrastructure & Technologies

20%

15%

Pollution Control

10%

11%

 

 

 

Breakdown by Region


North America

38%

Europe

41%

Asia Pacific

19%

Rest of World

2%

 

Breakdown by Company Profitability


Unprofitable (including unquoteds)

6%

Profitable

94%

 

 


Breakdown by Market Capitalisation


More than US$5bn

32%

US$2bn-5bn

26%

US$200m-2bn

37%

Less than US$200m

2%

Unquoted

3%

 

 

INTERIM MANAGEMENT REPORT

 

 

PRINCIPAL RISKS AND UNCERTAINTIES

 

The Board considers that the main risks and uncertainties faced by the Company fall into the categories of (i) Market risks (ii) Environmental Markets and (iii) Corporate governance and internal control risks.  A detailed explanation of these risks and uncertainties can be found in the Company's most recent Annual Report for the year ended 31 December 2013.  The risks and uncertainties facing the Company remain unchanged from those disclosed in the Annual Report.

 

RELATED PARTY TRANSACTIONS

 

 

Board of Directors

5 August2014

 

 

DIRECTORS' STATEMENT OF RESPONSIBILITY FOR THE HALF-YEARLY REPORT

 

The Directors confirm to the best of their knowledge that:

 

 

·     The condensed set of financial statements contained within the Half-yearly financial report has been prepared in accordance with the guidance issued by the Accounting Standards Board on "Half-yearly financial reports".

 

 

·     The interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the FCA's Disclosure and Transparency Rules.

 

 

John Scott

Chairman of the Board of Directors

5 August 2014

 

 

INCOME STATEMENT

 

Six months ended 30 June 2014

Six months ended 30 June 2013

Year ended 31 December 2013

(unaudited)

(unaudited)

(audited)

Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000











Gains on










Investments

-

8,350

8,350

-

49,049

49,049

-

99,093

99,093

Income (see note 3)

3,336

-

3,336

3,075

-

3,075

5,101

-

5,101

Investment










management fees

(446)

(1,337)

(1,783)

(426)

(1,276)

(1,702)

(869)

(2,608)

(3,477)

Other expenses

(393)

-

(393)

(384)

-

(384)

(689)

-

(689)

Return on










ordinary activities










before finance










costs and taxation

2,497

7,013

9,510

2,265

47,773

50,038

3,543

96,485

100,028

Finance costs (see note 4)

 

(43)

 

(128)

 

(171)

 

-

 

-

 

-

 

-

 

-

 

-

Return on










ordinary activities










before taxation

2,454

6,885

9,339

2,265

47,773

50,038

3,543

96,485

100,028

Taxation

(187)

-

(187)

(233)

-

(233)

(387)

-

(387)

Return on










ordinary activities










after taxation

2,267

6,885

9,152

2,032

47,773

49,805

3,156

96,485

99,641

 

Return per Ordinary










Share (see note 5)

1.00p

3.05p

4.05p

0.78p

18.37p

19.15p

1.28p

39.07p

40.35p

 

 

 

 

BALANCE SHEET

 


At 30 June

At 30 June

At 31 December


2014

2013

2013


(unaudited)

(unaudited)

(audited)


 £'000

 £'000

   £'000





Fixed assets




Investments at fair value through profit and loss (see note 2)

403,780

353,116

383,715





Current assets




Income receivable

530

456

99

Sales - future settlements

953

2,249

1,551

Taxation recoverable

224

115

187

Other debtors

10

23

28

Cash at bank and in hand

7,612

1,311

2,946


9,329

4,154

4,811

 

 




Creditors: amounts falling due within one year




Bank loan (see note 6)

(29,619)

-

-

Purchases - future settlements

(719)

(2,106)

(2,121)

Accrued liabilities

(675)

(813)

(407)


(31,013)

(2,919)

(2,528)





Net current (liabilities)/assets

(21,684)

1,235

2,283





Total net assets

382,096

354,351

385,998





Capital and reserves: Equity




Share capital

26,868

32,451

32,451

Share premium

16,035

16,035

16,035

Capital redemption reserve

5,583

-

-

Share purchase reserve

172,680

201,251

183,051

Capital reserve

156,618

101,021

149,733

Revenue reserve

4,312

3,593

4,728

Shareholders' funds

382,096

354,351

385,998

 

Net asset value per share

 




Net assets per Ordinary Share (see note 7)

171.35p

145.75p

167.95p





 

RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS

 

 

Six months ended 30 June 2014 (unaudited)

 


 

Share

Capital

£'000

Share

 Premium

Account

£'000

Capital

Redemption

Reserve

£'000

Share

Purchase

Reserve

£'000

 

Capital

Reserve

£'000

 

Revenue

Reserve

£'000

 

 

Total

£'000









Opening shareholders' funds as








as at 1 January 2014

32,451

16,035

-

183,051

149,733

4,728

385,998









Share buy backs (see note 9)

(583)

-

583

(10,371)

-

-

(10,371)

Cancellation of treasury shares

(5,000)

-

5,000

-

-

-

-

Dividend paid (May 2014)

-

-

-

-

-

(2,683)

(2,683)

Profit for the period

-

-

-

-

6,885

2,267

9,152









Closing shareholders' funds








as at 30 June 2014

26,868

16,035

5,583

172,680

156,618

4,312

382,096

 

 

Six months ended 30 June 2013 (unaudited)

 


 

Share

Capital

£'000

Share

 Premium

Account

£'000

Capital

Redemption

Reserve

£'000

Share

Purchase

Reserve

£'000

 

Capital

Reserve

£'000

 

Revenue

Reserve

£'000

 

 

Total

£'000









Opening shareholders' funds as








at 1 January 2013

32,451

16,035

-

235,598

53,248

3,881

341,213









Share buy backs (see note 9)

-

-

-

(34,347)

-

-

(34,347)

Dividend paid (May 2013)

-

-

-

-

-

(2,320)

(2,320)

Profit for the period

-

-

-

-

47,773

2,032

49,805









Closing shareholders' funds








as at 30 June 2013

32,451

16,035

-

201,251

101,021

3,593

354,351

 

 

 

Year ended 31 December 2013 (audited)

 


 

Share

Capital

£'000

Share

 Premium

Account

£'000

Capital

Redemption

Reserve

£'000

Share

Purchase

Reserve

£'000

 

Capital

Reserve

£'000

 

Revenue

Reserve

£'000

 

 

Total

£'000









Opening shareholders' funds








as at 1 January 2013

32,451

16,035

-

235,598

53,248

3,881

341,213









Share buy backs

-

-

-

(52,547)

-

-

(52,547)

Dividend paid (May 2013)

-

-

-

-

-

(2,309)

(2,309)

Profit for the year

-

-

-

-

96,485

3,156

99,641









Closing shareholders' funds








as at 31 December 2013

32,451

16,035

-

183,051

149,733

4,728

385,998

 

 

CASH FLOW STATEMENT

 

 


Six months

Six months

Year


ended

ended

ended


30 June

30 June

31 December


2014

2013

2013


(unaudited)

(unaudited)

(audited)


£'000

£'000

£'000





Operating activities




Cash inflow from investment income and bank interest

2,905

2,902

5,285

Cash outflow from management expenses

(2,008)

(1,710)

(4,208)

Cash inflow from disposal of investments

63,928

68,146

135,261

Cash outflow from purchase of investments

(76,014)

(38,012)

(84,948)

Cash outflow from net foreign exchange losses

(22)

(43)

(56)

Cash outflow from taxation

(223)

(178)

(405)

Net cash flow from operating activities

(11,434)

31,105

50,929





Equity dividends paid

(2,683)

(2,320)

(2,309)





Returns on investments and servicing of finance




Finance costs paid

(40)

-

-

Net cash flow from returns on investments and servicing of finance

 

(40)

 

-

 

-





Financing




Bank loan

29,910

-

-

Share buy backs

(11,087)

(34,347)

(52,547)

Net cash flow from financing

18,823

(34,347)

(52,547)





Increase/(decrease) in cash

4,666

(5,562)

(3,927)

Opening balance at start of period

2,946

6,873

6,873

Closing balance at end of period

7,612

1,311

2,946





                       

NOTES TO THE ACCOUNTS

 

1              Accounting policies

2              Investments

Securities of companies quoted on regulated stock exchanges and the Company's holdings in unquoted companies have been classified as "fair value through profit or loss" and are initially recognised on the trade date and measured at fair value. Investments are measured at subsequent reporting dates at fair value by reference to their market bid prices. Any unquoted investments are measured at fair value which is determined by the directors in accordance with the International Private Equity and Venture Capital guidelines.

3              Income


Six months

Six months

Year


ended

ended

ended


 30 June

 30 June

31 December


2014

2013

2013


£'000

£'000

£'000

Income from investments:




Dividends from UK investments                      

283

622

1,037

Dividends from overseas investments

3,053

2,453

4,064

Total income

3,336

3,075

5,101

4              Finance Costs

 


Six months ended

Six months ended

Year ended


30 June 2014

30 June 2013

31 December 2013


Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Capital


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Interest payable

41

121

162

-

-

-

-

-

-

Direct costs

2

7

9

-

-

-

-

-

-


43

128

171

-

-

-

-

-

-

5              Return per Ordinary Share

6              Bank loan

£'000

15,586

14,033

29,619

7              Net assets per Ordinary Share

Net assets per Ordinary Share for the six months ended 30 June 2014 are based on the net assets of the Company attributable to the 222,985,264 (six months ended 30 June 2013: 243,124,264, year ended 31 December 2013: 229,830,264) Ordinary Shares in issue (excluding treasury shares) at the end of the period.

8              Dividend

9              Purchase of own Shares

10           Related party transactions

The Manager's group has a holding in Ensyn. The Manager has procedures in place to mitigate any conflicts of interest from this investment.

 

11           Status of this report

 

 

DIRECTORS, MANAGER AND ADVISERS

 

 

DIRECTORS 

INVESTMENT MANAGER

John Scott, DL (Chairman)

Impax Asset Management (AIFM) Limited

Richard Bernays (retired 21 May 2014)

Norfolk House

Victoria Hastings

31 St James's Square

Julia Le Blan

London SW1Y 4JR

William Rickett, CB




BROKER

SECRETARY AND ADMINISTRATOR

Canaccord Genuity Limited

Cavendish Administration Limited

88 Wood Street

145-157 St. John Street

London EC2V 7QR

London EC1V 4RU



SOLICITOR

REGISTRAR

Herbert Smith Freehills

Capita Registrars

Exchange House

The Registry

Primrose Street

34 Beckenham Road

London EC2A 2HS

Beckenham


Kent BR3 4TU



DEPOSITARY

BANKER

BNP Paribas Securities Services

The Royal Bank of Scotland plc

55 Moorgate

280 Bishopsgate

London EC2R 6PA

London EC2M 4RB



REGISTERED OFFICE*

AUDITOR

145-157 St. John Street

Ernst & Young LLP

London EC1V 4RU

1 More London Place


London SE1 2AF





* Registered in England and Wales No. 4348393

 

For further information contact:

Anthony Lee

Cavendish Administration Limited

Tel: 020 7490 4355

 

 

END

 


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

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