Half-yearly Report
NEWS RELEASE
For immediate release
29 November 2013
The Biotech Growth Trust PLC
Unaudited Half Year Results for the six months ended
30 September 2013
COMPANY SUMMARY
KEY STATISTICS
30 September 31 March
2013 2013 % change
Net asset value per share 439.2p 371.7p +18.2
Share price 421.0p 368.0p +14.4
Discount of share price to net asset value 4.1% 1.0% -
per share
NASDAQ Biotechnology Index (sterling 1,352.6 1,099.0 +23.1
adjusted)
Shareholders' funds £301.0m £239.6m +25.6
Gearing 8.1% N/A -
No interim dividend is proposed.
The following are attached:
• Chairman's Statement
• Review of Investments
• Principal Contributors to and Detractors from Net Asset Value Performance
• Portfolio
• Income Statement
• Statement of Changes in Equity
• Statement of Financial Position
• Cash Flow Statement
• Notes to the Financial Statements
• Interim Management Report
This Announcement is not the Company's Half Year report. It is an abridged
version of the Company's full Half Year report for the six months ended 30
September 2013. The full Half Year report will be sent to shareholders on 5
December 2013. The full Half Year report, together with a copy of this
announcement, will also be available on the Company's website:
www.biotechgt.com
The Company's Half Year Report & Accounts for the six months ended 30 September
2013 has been submitted to the UK Listing Authority, and will shortly be
available for inspection on the National Storage Mechanism (NSM):
www.hemscott.com/nsm.do
For further information please contact: Mark Pope, Frostrow Capital LLP 020
3008 4913
CHAIRMAN'S STATEMENT
"….The Company's net asset value per share rose by 18.2% and the share price by
14.4% during the period."
PERFORMANCE
The Company's net asset value per share rose by 18.2% and the share price by
14.4% during the period, both significantly outperforming the broader market
(the MSCI World Index rose by 1.0% in sterling terms during the period) but
underperforming the benchmark, the NASDAQ Biotechnology Index, measured in
sterling terms, which rose by 23.1%. The Company's underperformance of the
benchmark was principally due to one holding, Infinity Pharmaceuticals, a small
capitalisation biotechnology company, a significant holding in the portfolio,
but not a large constituent of the benchmark. The company's share price fell
following concern about the safety profile of their lead compound for the
treatment of haematological cancers. Such dramatic share price movements are
not uncommon for small capitalisation biotechnology companies that have a
significant reliance on a single compound; additional data will be needed
better to define the risk/benefit profile of this drug. Further information on
investment performance and the outlook for the Company is given in the Review
of Investments.
CAPITAL STRUCTURE
The Company's strong performance has continued to fuel demand for new shares. I
am pleased to report that a total of 4,070,000 new shares were issued by the
Company during the period and to the date of this report, always at a premium
to the prevailing net asset value per share, raising £15.9 million of new funds
for the Company. Our success in issuing new shares required the publication of
a Prospectus by the Company in July.
INVESTMENT OBJECTIVE AND POLICY
Shareholder approval was obtained at a General Meeting of the Company held on
30 October 2013 to amend the Company's investment objective and policy. Both
the Board and the Investment Manager believe that the Company's existing
investment objective and policy constrained the Company's investment portfolio
by limiting the majority of investee companies to those with a market
capitalisation of less than U.S. $3 billion, which took no account of how the
biotechnology sector has evolved over the years. The new investment objective
and policy allows greater flexibility in the size of biotechnology companies in
which the Company can invest.
REGULATORY
The Board intends to achieve compliance with the Alternative Investment Fund
Managers Directive (the `Directive') by 22 July 2014. The Board, together with
its advisers, is currently reviewing the options open to the Company and will
endeavour to ensure that all documentation and arrangements to enable the
Company to comply with the Directive are in place well in advance of the
deadline.
REVENUE AND DIVIDENDS
The revenue loss for the period was £36,000 (six months ended 30 September
2012: profit of £18,000) and no interim dividend is declared (six months ended
30 September 2012: nil).
OUTLOOK
The development of new products and the prospect of merger and acquisition
activity continue to be key drivers for the biotechnology sector. Our
Investment Manager believes that large capitalisation biotechnology companies
also offer good value opportunities due, in part, to positive earnings
prospects for 2014 and beyond. Against this back-drop, the Board remains
confident in the future performance of the sector and considers that the
portfolio is well positioned to benefit from this positive outlook.
THE RT HON LORD WALDEGRAVE OF NORTH HILL
CHAIRMAN
29 NOVEMBER 2013
REVIEW OF INVESTMENTS
PERFORMANCE REVIEW
The Company's net asset value per share increased 18.2% during the six month
period ended 30 September. This compares to a 23.1% increase in the Company's
benchmark, the sterling-adjusted NASDAQ Biotechnology Index. The Company's
share price increased 14.4% during the period.
Top contributors to performance in the portfolio were Regeneron
Pharmaceuticals, Incyte, Celgene, Gilead Sciences and Acadia Pharmaceuticals.
• Regeneron shares appreciated due to strong sales of lead drug Eylea for wet
age-related macular degeneration. Additionally, investor enthusiasm increased
for their pipeline drug targeting PCSK9 for high cholesterol. Phase III data
will be available in 2014, and this could represent a multi-billion dollar
sales opportunity.
• Incyte shares increased due to continued strong sales of Jakafi for
Myelofibrosis and the release of new preliminary data showing that Jakafi may
also play a role in the treatment of pancreatic cancer. This raises the
possibility that Jakafi may be useful against a broader range of solid tumours.
• Celgene shares appreciated over the period due to continued positive data
releases for their drug apremilast for psoriasis and psoriatic arthritis and
positive results of a Phase 3 study in front-line multiple myeloma for their
drug Revlimid. Approval of Revlimid in the first-line setting in Europe
represents a major sales expansion opportunity for the company.
• Gilead Sciences shares appreciated over the period due to positive data
releases for their hepatitis C drug sofosbuvir and positive trial results for
their drug idelalisib in leukemia and lymphoma.
• Acadia shares increased due to positive investor sentiment about the upcoming
approval for pimavanserin for Parkinson's disease psychosis. Investors have
also become more optimistic about the possibility of pimavanserin proving
effective for psychosis associated with Alzheimer's disease, which would
represent a much larger market opportunity.
The largest losses were from positions in Infinity Pharmaceuticals, Dynavax
Technologies, and Prosensa.
• Shares in Infinity Pharmaceuticals declined due to the release of new safety
data for IPI-145 that showed a higher than expected rate of infectious and
respiratory adverse events. Additional patient experience will be required to
better characterise the benefit/risk profile of IPI-145 compared to other
agents in development.
• Dynavax shares declined because the U.S. Food and Drug Administration (FDA)
requested an additional safety trial prior to approval of their hepatitis B
vaccine Heplisav, significantly delaying the launch of the vaccine.
• Prosensa shares declined due to the failure of drisapersen for Duchenne
muscular dystrophy. As Prosensa's entire pipeline is built on the same
exon-skipping technology, the future of the company is uncertain.
OUTLOOK
The biotechnology sector performed strongly during the review period. As we
previously detailed in our report at the year-end, major biotechnology
companies as a group are experiencing a period of earnings reacceleration as
significant new product launches are reinvigorating the outlook for these
companies. For example, Biogen Idec recently launched Tecfidera for multiple
sclerosis. The launch has exceeded all expectations, and the drug is well on
its way to becoming a blockbuster. Gilead Sciences will soon launch sofosbuvir
for hepatitis C. We expect this drug to be a multi-billion dollar drug and
capture the majority of this market. Looking at valuations, the average 2015
price/earnings ratio of the four established major biotechnology companies is
currently 15.8x. This is in-line with the average 2015 figure for major
pharmaceutical companies, which is currently 15.2x. However, the long term
earnings per share growth rate for major biotechnology companies is an
estimated 18% vs. only 5% for major pharmaceutical companies. This argues that
the biotechnology sector is still cheap relative to the pharmaceutical sector
and we therefore expect continued strength from major biotechnology companies.
Merger & Acquisition (M&A) activity has long been an important catalyst for the
sector, particularly for the emerging biotechnology companies with mid- and
late-stage products. Two holdings within the portfolio were recently acquired:
Onyx Pharmaceuticals and Astex Pharmaceuticals. Onyx was acquired by Amgen
primarily to obtain its recently launched myeloma drug, Kyprolis. Astex
Pharmaceuticals was acquired by Otsuka for its cancer pipeline including its
leukemia drug SGI-110. We find it encouraging that even though the sector has
been revalued higher over the past two years, strategic acquirers still find
companies to be attractive at these levels. Additionally it is notable that
acquirers are being rewarded by investors for M&A. For example, Amgen's stock
increased strongly after the acquisition of Onyx as the deal was positively
received by investors as it will increase the company's long term growth
potential.
With increased investor interest in the biotechnology sector, the IPO market
has been particularly strong compared to prior years. Thus far in 2013 there
have been over 30 biotechnology IPOs. The Company participated in six IPOs
during the period which contributed to performance.
Finally we note that the sector will continue to have important catalysts to
sustain the momentum in the sector. For 2014, we are expecting important
pivotal data from a number of companies including Vertex Pharmaceuticals for
its cystic fibrosis combination regimen, InterMune for its pulmonary fibrosis
drug Esbriet, and Exelixis for its prostate cancer drug Cometriq. On the
product launch front, in addition to sofosbuvir, important launches include
Pharmacyclics' Ibutinib for chronic lymphocytic leukemia and mantle cell
lymphoma, and BioMarin's Vimizim for Morquio syndrome.
The number of holdings in the portfolio remains approximately 40. The Company's
Investment Objective and Policy were recently amended to remove the restriction
requiring the majority of assets to be invested in emerging biotechnology
companies. This provides flexibility to increase allocation to major
biotechnology when we find the investment case to be particularly compelling.
We believe the fundamentals of the sector remain strong and look forward to
updating investors in the future.
SVEN BORHO
ORBIMED CAPITAL LLC
INVESTMENT MANAGER
29 NOVEMBER 2013
PRINCIPAL CONTRIBUTORS TO AND DETRACTORS FROM NET ASSET VALUE PERFORMANCE
FOR THE SIX MONTHS TO 30 SEPTEMBER 2013
Contribution Contribution
2013 per share
£'000 (pence)*
Top Five Contributors
1 Regeneron Pharmaceuticals 8,962 13.3
2 Incyte 6,863 10.1
3 Celgene 4,969 7.3
4 Gilead Sciences 4,782 7.1
5 Acadia Pharmaceuticals 4,741 7.0
30,317 44.8
Bottom Five Detractors
1 Infinity Pharmaceuticals (15,023) (22.2)
2 Dynavax Technologies (2,585) (3.8)
3 Prosensa (1,243) (1.8)
4 Optimer Pharmaceuticals (738) (1.1)
5 Agios Pharmaceuticals (448) (0.7)
(20,037) (29.6)
* based on 67,630,199 ordinary shares being the weighted average number of
shares in issue for the year ended 30 September 2013
Source: Frostrow Capital LLP
PORTFOLIO
AS AT 30 SEPTEMBER 2013
Fair Value % of
Investments Country £'000 Investments
Celgene United States 31,178 9.6
Gilead Sciences United States 28,177 8.7
Regeneron Pharmaceuticals United States 26,457 8.1
Amgen United States 26,396 8.1
Biogen Idec United States 19,478 6.0
Incyte United States 15,435 4.7
Mylan United States 13,270 4.1
Medivation United States 12,526 3.9
BioMarin Pharmaceutical United States 12,089 3.7
Vertex Pharmaceuticals United States 11,095 3.4
Top 10 investments 196,101 60.3
Illumina United States 9,730 3.0
InterMune United States 9,584 2.9
Alexion Pharmaceuticals United States 8,807 2.7
Infinity Pharmaceuticals United States 7,645 2.3
Cubist Pharmaceuticals United States 7,471 2.3
Techne United States 7,366 2.3
Exelixis United States 7,082 2.2
Impax Laboratories United States 6,050 1.9
Affymetrix United States 6,009 1.8
Onyx Pharmaceuticals United States 5,581 1.7
Top 20 investments 271,426 83.4
Portola Pharmaceuticals United States 5,402 1.7
Acadia Pharmaceuticals United States 5,290 1.6
Fluidigm United States 4,666 1.4
Ono Pharmaceutical Japan 4,592 1.4
Shire Ireland 4,516 1.4
Jazz Pharmaceuticals United States 4,089 1.3
Exact Sciences United States 3,669 1.1
Endo Health Solutions United States 2,946 0.9
Array Biopharma United States 2,919 0.9
Questcor Pharmaceuticals United States 2,865 0.9
Top 30 investments 312,380 96.0
All of the above investments are equities unless otherwise stated.
PORTFOLIO (continued)
AS AT 30 SEPTEMBER 2013
Fair Value % of
Investments Country £'000 Investments
Orbimed Asia Partners L.P. (unquoted) Far East 2,654 0.8
Bluebird Bio United States 2,195 0.7
Dynavax Technologies United States 1,776 0.6
ArQule United States 1,354 0.4
Synageva BioPharma United States 1,302 0.4
Avanir Pharmaceuticals United States 1,180 0.4
Bavarian Nordic Denmark 767 0.2
Neurocrine Biosciences United States 718 0.2
Esperion Therapeutics United States 708 0.2
Ophthotech United States 312 0.1
Total investments 325,346 100.0
All of the above investments are equities unless otherwise stated.
INCOME STATEMENT
for the six months ended 30 September 2013
(Unaudited) (Unaudited) (Audited)
Six months Six months Year
ended ended ended
30 30 31 March
September September 2013
2013 2012
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investment
income
Investment 2 477 - 477 328 - 328 570 - 570
income
Total 477 - 477 328 - 328 570 - 570
income
Gains and
losses on
investments
Gains on - 43,772 43,772 - 30,873 30,873 - 80,714 80,714
investments
held at
fair value
through
profit or
loss
Exchange - 927 927 - (204 ) (204 ) - 92 92
gains/
(losses) on
currency
balances
Expenses
Investment 3 - 875 875 - (1,797 ) (1,797 ) - (4,586 ) (4,586 )
management,
management
and
performance
fees
Other (469 ) - (469 ) (286 ) - (286 ) (566 ) - (566 )
expenses
Profit 8 45,574 45,582 42 28,872 28,914 4 76,220 76,224
before
finance
costs and
taxation
Finance - (20 ) (20 ) - (13 ) (13 ) - (18 ) (18 )
costs
Profit 8 45,554 45,562 42 28,859 28,901 4 76,202 76,206
before
taxation
Taxation (44 ) - (44 ) (24 ) - (24 ) (58 ) - (58 )
(Loss)/ (36 ) 45,554 45,518 18 28,859 28,877 (54 ) 76,202 76,148
profit for
the period/
year
Basic and 4 (0.1 ) 67.4p 67.3p 0.0p 46.1 p 46.1 p (0.1 ) 121.2 p 121.1p
diluted p p
(loss)/
earnings
per share
The Company does not have any income or expenses which are not included in the
profit for the period. Accordingly the "profit/(loss) 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 has been presented.
All of the profit/(loss) and Total Comprehensive Income for the period is
attributable to the owners of the Company.
The total column of the statement is the Income Statement of the Company
prepared in accordance with IFRS. The supplementary revenue and capital columns
are presented for information purposes as recommended by the Statement of
Recommended Practice issued by the Association of Investment Companies.
All items in the above statement derive from continuing operations. No
operations were acquired or discontinued in the period.
STATEMENT OF CHANGES IN EQUITY
(Unaudited)
Six months ended 30 September 2013
Ordinary Share Capital
Share Premium Special Redemption Capital Revenue
Capital Account Reserve Reserve Reserve Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 31 16,117 26,122 25,167 5,577 170,341 (3,708 ) 239,616
March 2013
Net profit - - - - 45,554 (36 ) 45,518
/(loss)
for period
Issue of 1,017 14,870 - - - - 15,887
new shares
At 30 17,134 40,992 25,167 5,577 215,895 (3,744 ) 301,021
September
2013
(Unaudited)
Six months ended 30 September 2012
Ordinary Share Capital
Share Premium Special Redemption Capital Revenue
Capital Account Reserve Reserve Reserve Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 31 15,560 19,300 25,214 5,572 94,139 (3,654 ) 156,131
March 2012
Net profit - - - - 28,859 18 28,877
for period
Issue of 209 2,135 - - - - 2,344
new shares
Repurchase (5 ) - (47 ) 5 - - (47 )
of own
shares
At 30 15,764 21,435 25,167 5,577 122,998 (3,636 ) 187,305
September
2012
(Audited)
Year ended 31 March 2013
Ordinary Share Capital
Share Premium Special Redemption Capital Revenue
Capital Account Reserve Reserve Reserve Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 31 15,560 19,300 25,214 5,572 94,139 (3,654 ) 156,131
March 2012
Net profit - - - - 76,202 (54 ) 76,148
/(loss)
for the
year
Issue of 562 6,822 - - - - 7,384
new shares
Repurchase (5 ) - (47 ) 5 - - (47 )
of own
shares
At 31 16,117 26,122 25,167 5,577 170,341 (3,708 ) 239,616
March 2013
STATEMENT OF FINANCIAL POSITION
as at 30 September 2013
(Unaudited) (Unaudited) (Audited)
30 30 31 March
September September
2013 2012 2013
Note £'000 £'000 £'000
Non current assets
Investments held at fair value 325,346 179,677 244,296
through profit or loss
Current assets
Other receivables 1,226 1,072 13,967
Cash and cash equivalents - 11,931 8,401
1,226 13,003 22,368
Total assets 326,572 192,680 266,664
Current liabilities
Other payables 16,226 5,375 27,048
Bank overdraft 9,325 - -
25,551 5,375 27,048
Net assets 301,021 187,305 239,616
Equity attributable to equity
holders
Ordinary share capital 17,134 15,764 16,117
Share premium account 40,992 21,435 26,122
Special reserve 25,167 25,167 25,167
Capital redemption reserve 5,577 5,577 5,577
Capital reserve 215,895 122,998 170,341
Revenue reserve (3,744 ) (3,636 ) (3,708 )
Total equity 301,021 187,305 239,616
Net asset value per share 5 439.2p 297.0p 371.7p
CASH FLOW STATEMENT
for the six months ended 30 September 2013
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
30 30 31 March
September September
2013 2012 2013
£'000 £'000 £'000
Net cash (outflow)/inflow from (34,540 ) 10,020 1,154
operating activities (note 6)
Net cash (outflow)/inflow before (34,540 ) 10,020 1,154
financing
Net cash inflow from financing 15,887 2,297 7,337
activities
Net (decrease)/increase in cash and (18,653 ) 12,317 8,491
cash equivalents
Cash and cash equivalents at start of 8,401 (182 ) (182 )
period
Realised gains/(losses) on foreign 927 (204 ) 92
currency
Cash and cash equivalents at period/ (9,325 ) 11,931 8,401
year end
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
The condensed financial statements of the Company have been prepared in
accordance with International Financial Reporting Standards ("IFRS"). These
comprise standards and interpretations approved by the International Accounting
Standards Board ("IASB"), together with interpretations of the International
Accounting Standards and Standing Interpretations Committee approved by the
International Accounting Standards Committee ("IASC") that remain in effect, to
the extent that IFRS have been adopted by the European Union.
The same accounting policies used for the year ended 31 March 2013 have been
applied.
2. INCOME
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
30 30 31 March
September September
2013 2012 2013
£'000 £'000 £'000
Overseas income 477 328 570
Total income 477 328 570
3. INVESTMENT MANAGEMENT, MANAGEMENT AND PERFORMANCE FEES
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
30 30 31 March
September September
2013 2012 2013
£'000 £'000 £'000
Investment management fee 894 581 1,245
Management fee 410 271 583
Performance fee (written back)/charged (2,179) 945 2,758
in the period/year*
(875) 1,797 4,586
* In accordance with the performance fee arrangements described on pages 17 and
18 of the Company's 2013 Annual Report, a performance fee of £579,000 was
accrued at 30 September 2013 (30 September 2012: £2,320,000), crystallised and
become payable as at that date (September 2012: nil).
The performance fee amount of £2,179,000 which was written back as at 30
September 2013, represents outperformance generated as at 31 March 2013 which
was not maintained during the period.
NOTES TO THE FINANCIAL STATEMENTS (continued)
4. BASIC AND DILUTED (LOSS)/EARNINGS PER SHARE
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
30 30 31 March
September September
2013 2012 2013
£'000 £'000 £'000
The (loss)/earnings per share is based
on the following figures:
Net revenue (loss)/gain (36 ) 18 (54 )
Net capital gain 45,554 28,859 76,202
Net total gain 45,518 28,877 76,148
Weighted average number of shares in 67,630,199 62,541,679 62,887,103
issue during the period/year
Pence Pence Pence
Revenue (loss)/earnings per share (0.1 ) 0.0 (0.1 )
Capital earnings per share 67.4 46.1 121.2
Total earnings per share 67.3 46.1 121.1
5. NET ASSET VALUE PER SHARE
The net asset value per share is based on the net assets attributable to equity
shareholders of £301,021,000 (30 September 2012: £187,305,000; 31 March 2013: £
239,616,000) and on 68,536,347 shares, (30 September 2012: 63,056,347; 31 March
2013: 64,466,347) being the number of shares in issue at the period end.
NOTES TO THE FINANCIAL STATEMENTS (continued)
6. RECONCILIATION OF PROFIT BEFORE TAXATION TO NET CASH (OUTFLOW)/INFLOW FROM
OPERATING ACTIVITIES
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
30 30 31 March
September September
2013 2012 2013
£'000 £'000 £'000
Profit before taxation 45,562 28,901 76,206
Gains on investments held at fair (44,699 ) (30,669 ) (80,806 )
value through profit or loss
Net (sales)/purchases of investments (31,928 ) 11,128 3,185
Increase in other receivables (44 ) (47 ) (49 )
(Decrease)/increase in other payables (3,431 ) 707 2,618
Net cash (outflow)/inflow (34,540 ) 10,020 1,154
7. TRANSACTION COSTS
Purchase and sale transaction costs for the six months ended 30 September 2013
were £359,000 (six months ended 30 September 2012: £196,000; year ended 31
March 2013: £436,000). These costs comprise mainly of commission costs.
8. 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 six months ended 30 September 2013 and
2012 has not been audited, or reviewed by the auditors.
The information for the year ended 31 March 2013 has been extracted from the
latest published audited financial statements. The audited financial statements
for the year ended 31 March 2013 have been filed with the Registrar of the
Companies. The report of the auditors on those accounts was unqualified, did
not include a reference to any matters to which the auditors drew attention by
way of emphasis without qualifying the report and did not contain statements
under section 498 of the Companies Act 2006.
INTERIM MANAGEMENT REPORT
PRINCIPAL RISKS AND UNCERTAINTIES
A review of the half year and the outlook for the Company can be found in the
Chairman's Statement and in the Review of Investments. The principal risks
faced by the Company fall into ten broad categories: objective and strategy;
level of discount/premium; portfolio performance; operational and regulatory;
market price risk; liquidity risk; shareholder profile; currency risk; the risk
associated with the Company's loan facility; and credit risk. Information on
each of these areas is given in the Business Review within the Annual Report
and Accounts for the year ended 31 March 2013. In the view of the Board these
principal risks and uncertainties are applicable to the remaining six months of
the financial year as they were to the six months under review.
RELATED PARTY TRANSACTIONS
During the first six months of the current financial year, no transactions with
related parties have taken place which have materially affected the financial
position or the performance of the Company.
GOING CONCERN
The Directors believe, having considered the Company's investment objective,
risk management policies, capital management policies and procedures, and the
nature of the portfolio and the expenditure projections, that the Company has
adequate resources, an appropriate financial structure and suitable management
arrangements in place to continue in operational existence for the foreseeable
future. For these reasons, they consider there is reasonable evidence to
continue to adopt the going concern basis in preparing the accounts.
DIRECTORS' RESPONSIBILITIES
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within the Half Year
Report has been prepared in accordance with applicable accounting standards
including International Accounting Standards, (IAS) 34; and
(ii) the interim management report and the Chairman's statement includes a fair
review of the information required by 4.2.7R and 4.2.8R of the UK Listing
Authority and Transparency Rules.
The Half Year Report has not been reviewed or audited by the Company's
auditors.
The Half Year Report was approved by the Board on 29 November 2013 and the
above responsibility statement was signed on its behalf by:
THE RT HON LORD WALDEGRAVE OF NORTH HILL
CHAIRMAN
END
Frostrow Capital LLP
Company Secretary
29 November 2013
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