Unaudited Half Year Results
NEWS RELEASE
For immediate release
23 November 2012
The Biotech Growth Trust PLC
Unaudited Half Year Results for the six months ended
30 September 2012
Financial Highlights
30 31 % change
September March
2012 2012
Net asset value per share 297.0p 250.9p 18.4%
Share price 296.0p 236.0p 25.4%
Discount of share price to net asset value per 0.3% 5.9% -
share
NASDAQ Biotechnology Index (sterling adjusted) 920.1 801.1 14.9%
Ongoing charges* 1.3% 1.2% -
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 2012. The full Half Year report will be sent to shareholders on 28
November 2012. 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
2012 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 18.4% and the share price
by 25.4% during the period. This represents a substantial outperformance of
both the benchmark and the wider market".
PERFORMANCE
This is my first statement as Chairman. It is an honour to succeed John
Sclater, our founding Chairman.
I am delighted to report that against a background of continued economic and
political uncertainty, the biotechnology sector has continued its strong
performance driven, in part, by an increasing expectation that the sector will
continue successfully to develop new drugs. The MSCI World Index fell by 1.0%
in sterling terms during the period while the Company's benchmark, the NASDAQ
Biotechnology Index, measured in sterling terms, rose by 14.9%. The Company's
net asset value per share rose by 18.4% during the period. This represents a
substantial outperformance of both the benchmark and the wider market. The
Company's share price performed better still, rising by 25.4%, as the discount
of the share price to the net asset value per share narrowed from 5.9% at 31
March 2012 to 0.3% at 30 September 2012.
I am pleased to report that the Company won the Specialist Category at the 2012
Investment Week Investment Company of the Year Awards; our Manager, Frostrow
Capital LLP, also won the Specialist Group of the Year award.
In addition, for the second year in succession, our Investment Manager OrbiMed
Capital LLC, won the techMark Technology Fund Manager of the Year award for its
management of the Company's portfolio.
Further information on investment performance and the outlook for the Company
is given in the Review of Investments.
CAPITAL STRUCTURE
The Board has continued to implement its policy of active discount management
and to buy back shares for cancellation when the discount of the share price
against the net asset value per share is greater than 6%. During the six months
under review the Company repurchased a total of 19,079 shares for cancellation
at a cost of £47,000 (including expenses).
However, I am pleased to report that as a result of the Company's strong
performance, we have been able to issue 835,000 new shares during the six
months under review at a price representing a small premium to net asset value
per share. The shares were issued under shareholder authority and raised £
2,344,000 of new funds for the Company.
REVENUE AND DIVIDENDS
The revenue profit for the period was £18,000 (six months ended 30 September
2011: loss of £170,000) and no interim dividend is declared (six months ended
30 September 2011: nil).
OUTLOOK
The development of new products and the prospect of merger and acquisition
activity continue to be key drivers for the biotechnology sector. The Board
remains confident on the prospects for the sector with the portfolio being well
positioned to benefit from this activity.
Our Investment Manager's focus remains on the selection of stocks with strong
prospects for capital enhancement and we reiterate our belief that the
long-term investor in the sector will be well rewarded.
THE RT HON LORD WALDEGRAVE OF NORTH HILL
CHAIRMAN
23 NOVEMBER 2012
Review of Investments
"...The biotechnology sector strongly outperformed the broader markets during
the review period."
PERFORMANCE
We are pleased to report that the Company's net asset value per share increased
18.4% during the six month period ended 30 September 2012. This compares to a
14.9% increase in the Company's benchmark, the sterling-adjusted NASDAQ
Biotechnology Index. The Company's share price increased 25.4% during the
period.
Top contributors to performance in the portfolio were Onyx Pharmaceuticals,
Gilead Sciences, Affymax, Amgen, and Infinity Pharmaceuticals.
• Onyx Pharmaceuticals shares increased following the U.S. approval of its
myeloma drug, Kyprolis. Due to the U.S. Food and Drug Administration (FDA)
having previously expressed reluctance to consider the drug due to the design
of the clinical trials, the positive FDA advisory panel vote and the ultimate
approval came as a surprise to the market. With Kyprolis as a fully owned
asset, Nexavar as a co-marketed product for liver and kidney cancer, and a
royalty interest in Stivarga for colorectal cancer, we believe Onyx is also an
attractive acquisition target.
• Shares of Gilead Sciences rose over the period due to positive data announced
in April for their lead hepatitis C drug GS-7977. Investor confidence in the
drug's best-in-class profile has continued to increase as other companies have
terminated competing programmes due to toxicity concerns. Gilead also received
approval for Stribild, a four-drug regimen for HIV.
• Shares of Affymax increased over the period due to increasing optimism about
the launch of their recently approved anemia drug Omontys. The company was able
to secure an initial supply contract with the dialysis chain Fresenius, which
could potentially pave the way for eventual adoption of Omontys by one-third of
U.S. dialysis clinics.
• Amgen shares increased due to consistent low-risk earnings growth supported
by share buybacks and a secure dividend yield. Investors view the company as
having a compelling valuation relative to large pharmaceutical companies.
• Infinity Pharmaceuticals, a recent addition to the portfolio, was also a top
contributor. Infinity is developing a PI3 kinase delta/gamma inhibitor for
haematological cancers. The stock increased after the company announced that
the initial clinical trial had demonstrated a response at the lowest doses
tested along with an adequate safety profile. We look forward to seeing the
full proof of concept data presented at the American Society of Haematology
meeting in December.
Key detractors from performance were from positions in Idenix Pharmaceuticals,
3SBio, Salix Pharmaceuticals, and Incyte Genomics.
• Idenix Pharmaceuticals' shares declined due to the company's lead drug
candidate being placed on clinical hold by the U.S. FDA. The compound, a
polymerase inhibitor for hepatitis C, is structurally related to a compound
discontinued by Bristol-Myers Squibb due to significant cardiac toxicity seen
in clinical trials. We exited the position on the news, as it is unclear if the
company will be able to restart the programme.
• Shares of 3SBio declined due to increasing investor concerns about possible
government-mandated price cuts on its lead anemia drug EPIAO. Recently the
company's management team proposed a buyout offer for all the shares they do
not already own, suggesting they view the asset as undervalued.
• Salix Pharmaceuticals' shares were weak due to the FDA rejection of their
supplemental drug application for Relistor for Opioid induced constipation in
chronic pain. We expect that the company will be able to address the FDA's
concerns.
• Incyte Genomics declined due to disappointing 2012 guidance for its recently
launched product, Jakafi for Myelofibrosis. The launch of Jakafi had been off
to a good start in fourth quarter of 2011 and in the first quarter of 2012.
However, the company disclosed that many of the initial patients prescribed the
drug were sicker than expected, causing a higher than expected discontinuation
rate. We believe that the guidance was conservative, and that the patients
prescribed Jakafi more recently have a more favourable prognosis. Therefore we
expect the sales trajectory to improve.
OUTLOOK
The biotechnology sector strongly outperformed the broader market during the
review period. The outperformance was broad-based, with strong performance from
large-capitalisation stocks which benefitted from strong financial performance
and favourable valuations compared to their pharmaceutical peers, and from
smaller-capitalisation stocks which benefitted from positive pipeline
advancement and the increase in merger and acquisition activity beginning last
year.
We expect the positive momentum in the sector to be sustained, driven by
clinical catalysts and new product launches. Specifically with regard to drug
launches for portfolio companies, we highlight the following recently launched
products:
• Medivation and partner Astellas recently launched Xtandi for advanced
prostate cancer. This drug has shown impressive efficacy in late stage
patients. We expect strong demand for the drug in its labeled indication. Over
the longer term we expect this drug to have multi-billion dollar potential as
it is used in earlier stage patients with longer duration of therapy.
• In September, VIVUS launched Qsymia for obesity in the U.S. This drug
combination is the first obesity drug to reach the market in 13 years. Clinical
trials have shown that patients lose about 10% of their body weight after a
year of treatment. We expect this drug to have good gradual adoption into this
large market.
• Onyx recently launched Kyprolis for refractory myeloma. Initial feedback
suggests a robust uptake into that market. We expect positive clinical trial
data in earlier line use in combination with Revlimid in 2013 which should
significantly grow the drug's potential.
On the regulatory front, in June the U.S. Supreme Court ruled against a
challenge to the Affordable Care Act ("Obamacare") that could have invalidated
the entire law. Readers may recall that we have previously maintained that the
Affordable Care Act's expansion of coverage with manageable cost control has
not had a major negative effect on the biotechnology sector. The focus in
November then turned to the U.S. Presidential election and, despite a late run
in the polls by Governor Romney, President Obama was re-elected. With regard to
the U.S. legislature, the Republican Party maintained control of the House of
Representatives with slightly fewer seats while the Democrats maintained
control of the Senate, actually increasing their number of seats. The net
result was status quo, and therefore we expect the impact to be minor for the
biotechnology sector.
The number of holdings in the portfolio remains approximately 40. The
geographic distribution of investments is 90% North America, 5% Europe and 5%
Asia. Currently approximately 40% of the Company's assets are invested in major
capitalisation companies, and 60% are invested in small and mid-capitalisation
companies. We continue to see many opportunities within the sector and look
forward to updating investors in the future.
SVEN BORHO
ORBIMED CAPITAL LLC
INVESTMENT MANAGER
23 NOVEMBER 2012
Principal Contributors to and Detractors from Net Asset Value Performance
for the six months to 30 September 2012
Contribution for
the period to Contribution
Top Five Contributors 30 September 2012 £'000 per share
(pence)*
1 Onyx Pharmaceutical 5,306 8.5
2 Gilead Sciences 4,327 6.9
3 Affymax 2,508 4.0
4 Amgen 2,469 3.9
5 Infinity Pharmaceuticals 2,178 3.5
16,788 26.8
Top Five Detractors
1 Idenix Pharmaceuticals (661) (1.0)
2 3SBio (535) (0.9)
3 Salix Pharmaceuticals (468) (0.7)
4 Incyte Genomics (413) (0.7)
5 Celgene (412) (0.7)
(2,489) (4.0)
*based on 62,541,679 ordinary shares being the weighted average number of
shares in issue during the period ended 30 September 2012
Source: Frostrow Capital LLP
Portfolio
as at 30 september 2012
Fair Value % of
Security Country £'000 Investments
Gilead Sciences United States 17,578 9.8
Amgen United States 13,338 7.4
Onyx Pharmaceutical United States 9,958 5.5
Alexion Pharmaceuticals United States 8,531 4.7
Perrigo United States 8,474 4.7
Celgene United States 7,755 4.4
Incyte Genomics United States 7,500 4.2
Biogen Idec United States 7,336 4.1
Infinity United States 7,278 4.1
Pharmaceuticals
Illumina United States 6,446 3.6
Top 10 investments 94,194 52.5
Actelion Switzerland 5,491 3.1
Regeneron United States 5,313 3.0
Pharmaceutical
Life Technologies United States 5,264 2.9
Ariad Pharmaceuticals United States 5,175 2.9
Affymax United States 4,956 2.8
Medivation United States 4,877 2.7
Impax Laboratories United States 4,580 2.5
Cubist Pharmaceutical United States 4,261 2.4
Affymetrix United States 4,215 2.3
Fluidigm United States 4,046 2.3
Top 20 investments 142,372 79.4
Exact Sciences United States 3,998 2.2
Neurocrine Biosciences United States 3,928 2.2
Ono Pharmaceutical Japan 3,769 2.1
3SBio China 3,446 1.9
Mylan United States 2,852 1.6
Array Biopharma United States 2,842 1.6
BioMarin Pharmaceutical United States 2,644 1.5
Immunogen United States 1,991 1.1
Algeta Norway 1,985 1.1
Orbimed Asia Partners
L.P.
(unquoted) Far East 1,861 1.0
Top 30 investments 171,688 95.7
All of the above investments are equities unless otherwise stated.
Portfolio (continued)
Fair Value % of
Security Country £'000 Investments
Salix Pharmaceuticals United States 1,836 1.0
VIVUS United States 1,246 0.7
Endocyte United States 1,194 0.7
Bavarian Nordic Denmark 1,149 0.6
Auxilium Pharmaceuticals United States 908 0.5
Oncothyreon United States 794 0.4
Medivir Sweden 426 0.2
Verastem United States 395 0.2
Trius Therapeutics Wts 24/ United States 41 -
05/2016*
Total investments 179,677 100.0
All of the above investments are equities unless otherwise stated.
*warrants
Income Statement
for the six months ended 30 September 2012
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30 September 2012 30 September 2011 31 March 2012
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investment Income
Investment income 2 328 - 328 85 - 85 196 - 196
Total income 328 - 328 85 - 85 196 - 196
Gains and losses
on investments
Gains/(losses) on - 30,873 30,873 - (1,199) (1,199) - 44,214 44,214
investments held
at fair value
through profit or
loss
Exchange (losses) - (204) (204) - 351 351 - (228) (228)
/gains on
currency balances
Expenses
Investment 3 - (1,797) (1,797) - (857) (857) - (3,158) (3,158)
management,
management and
performance fees
Other expenses (286) - (286) (225) - (225) (459) - (459)
Profit/(loss) 42 28,872 28,914 (140) (1,705) (1,845) (263) 40,828 40,565
before finance
costs and
taxation
Finance costs - (13) (13) (18) - (18) (19) - (19)
Profit/(loss) 42 28,859 28,901 (158) (1,705) (1,863) (282) 40,828 40,546
before taxation
Taxation (24) - (24) (12) - (12) (27) 40,828 (27)
Profit/(loss) for 18 28,859 28,877 (170) (1,705) (1,875) (309) 40,828 40,519
the period/year
Basic and diluted 4 0.0p 46.1p 46.1p (0.3)p (2.6)p (2.9)p (0.5)p 64.1p 63.6p
earnings/(loss)
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
Ordinary Share Capital
Share Premium Special Redemption Capital Revenue
(Unaudited) Capital Account Reserve Reserve Reserve Reserve Total
Six months ended 30 £'000 £'000 £'000 £'000 £'000 £'000 £'000
September 2012
At 31 March 2012 15,560 19,300 25,214 5,572 94,139 (3,654) 156,131
Net profit for period - - - - 28,859 18 28,877
Issue of new shares 209 2,135 - - - - 2,344
Repurchase of own (5) - (47) 5 - - (47)
shares
At 30 September 2012 15,764 21,435 25,167 5,577 122,998 (3,636) 187,305
Ordinary Share Capital
Share Premium Special Redemption Capital Revenue
(Unaudited) Capital Account Reserve Reserve Reserve Reserve Total
Six months ended 30 £'000 £'000 £'000 £'000 £'000 £'000 £'000
September 2011
At 31 March 2011 16,239 19,300 30,420 4,893 53,311 (3,345) 120,818
Net loss for period - - - - (1,705) (170) (1,875)
Repurchase of own (271) - (1,947) 271 - - (1,947)
shares
At 30 September 2011 15,968 19,300 28,473 5,164 51,606 (3,515) 116,996
Ordinary Share Capital
Share Premium Special Redemption Capital Revenue
(Audited) Capital Account Reserve Reserve Reserve Reserve Total
Year ended 31 March £'000 £'000 £'000 £'000 £'000 £'000 £'000
2012
At 31 March 2011 16,239 19,300 30,420 4,893 53,311 (3,345) 120,818
Net profit/(loss) for
the year - - - - 40,828 (309) 40,519
Repurchase of own
shares (679) - (5,206) 679 - - (5,206)
At 31 March 2012 15,560 19,300 25,214 5,572 94,139 (3,654) 156,131
Statement of Financial Position
as at 30 September 2012
(Unaudited) (Unaudited) (Audited)
30 September 30 September 31 March
2012 2011 2012
Note £'000 £'000 £'000
Non current assets
Investments held at fair value 179,677 112,731 161,655
through profit or loss
Current assets
Other receivables 1,072 5,466 213
Cash and cash equivalents 11,931 3,870 -
13,003 9,336 213
Total assets 192,680 122,067 161,868
Current liabilities
Other payables 5,375 5,071 5,737
5,375 5,071 5,737
Net assets 187,305 116,996 156,131
Equity attributable to equity
holders
Ordinary share capital 15,764 15,968 15,560
Share premium account 21,435 19,300 19,300
Special reserve 25,167 28,473 25,214
Capital redemption reserve 5,577 5,164 5,572
Capital reserve 122,998 51,606 94,139
Revenue reserve (3,636) (3,515) (3,654)
Total equity 187,305 116,996 156,131
Net asset value per share 5 297.0p 183.2p 250.9p
Cash Flow Statement
for the six months ended 30 September 2012
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
30 September 30 September 31 March
2012 2011 2012
£'000 £'000 £'000
Net cash inflow/(outflow) from 10,020 (298) (439)
operating activities (note 6)
Net cash inflow/(outflow) before 10,020 (298) -
financing
Net cash inflow/(outflow) from 2,297 (1,874) (5,206)
financing activities
Net increase/(decrease) in cash and 12,317 (2,172) (5,645)
cash equivalents
Cash and cash equivalents at start of (182) 5,691 5,691
period
Realised (losses)/gains on foreign (204) 351 (228)
currency
Cash and cash equivalents at period 11,931 3,870 (182)
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 2012 have been
applied.
2. INCOME
(Unaudited) (Unaudited) (Audited)
Six months Six months ended Year ended
ended
30 September 30 September 31 March
2012 2011 2012
£'000 £'000 £'000
Overseas income 328 85 196
Total income 328 85 196
3. INVESTMENT MANAGEMENT, MANAGEMENT AND PERFORMANCE FEES
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30 September 30 September 31 March
2012 2011 2012
£'000 £'000 £'000
Investment management fee 581 397 856
Management fee 271 176 379
Performance fee accrued in the 945 284 1,923
period/year*
1,797 857 3,158
*In accordance with the performance fee arrangements described on pages 17 and
18 of the 2012 Annual Report, a performance fee of £2,320,000 was accrued at
the period end (six months ended 30 September 2011: £284,000; year ended 31
March 2012: £1,640,000). During the period an amount of £265,000 crystallised
and was paid.
Notes to the Financial Statements (continued)
4. EARNINGS/(LOSS) PER SHARE
The earnings/(loss) per share figure is based on the net gain for the six
months of £28,877,000 (six months ended 30 September 2011: £1,875,000 loss;
year ended
31 March 2012: £40,519,000 gain) and on 62,541,679 shares, (six months ended
30 September 2011: 64,268,350 and year ended 31 March 2012: 63,666,908) being
the weighted average number of shares in issue during the period.
The earnings/(loss) per share detailed above can be further analysed between
revenue and capital as follows:
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
30 September 30 September 31 March
2012 2011 2012
£'000 £'000 £'000
Net revenue gain/(loss) 18 (170) (309)
Net capital gain/(loss) 28,859 (1,705) 40,828
Net total gain/(loss) 28,877 (1,875) 40,519
Weighted average number of shares in
issue
during the period/year 62,541,679 64,268,350 63,666,908
Pence Pence Pence
Revenue earnings/(loss) per share 0.0 (0.3) (0.5)
Capital earnings/(loss) per share 46.1 (2.6) 64.1
Total earnings/(loss) per share 46.1 (2.9) 63.6
5. NET ASSET VALUE PER SHARE
The net asset value per share is based on the net assets attributable to equity
shareholders of £187,305,000 (30 September 2011: £116,996,000; 31 March 2012: £
156,131,000) and on 63,056,347 shares, (30 September 2011: 63,870,537; 31 March
2012: 62,240,426) being the number of shares in issue at the period end.
Notes to the Financial Statements (continued)
6. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO NET CASH INFLOW/(OUTFLOW)
FROM OPERATING ACTIVITIES
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
30 September 30 September 31 March
2012 2011 2012
£'000 £'000 £'000
Profit/(loss) before taxation 28,901 (1,863) 40,546
(Gains)/losses on investments held at
fair value
through profit or loss (30,669) 848 (43,986)
Movements in investments held at fair
value
through profit or loss 11,128 417 1,236
(Increase)/decrease in other (47) 33 9
receivables
Increase in other payables 707 267 1,756
Net cash inflow/(outflow) 10,020 (298) (439)
7. TRANSACTION COSTS
Purchase and sale transaction costs for the six months ended 30 September 2012
were £196,000 (six months ended 30 September 2011: £229,000; year ended 31
March 2012: £597,000). 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 2012 and
2011 has not been audited, or reviewed by the auditors.
The information for the year ended 31 March 2012 has been extracted from the
latest published audited financial statements. The audited financial statements
for the year ended 31 March 2012 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, including reference to the risks and uncertainties
that existed during the period, and the outlook for the Company can be found in
the Chairman's Statement beginning on page 3 and in the Review of Investments
beginning on page 4. 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 2012. 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.
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; and
ii. the interim management report 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 23 November 2012 and the
above responsibility statement was signed on its behalf by:
THE RT HON LORD WALDEGRAVE OF NORTH HILL
CHAIRMAN
Frostrow Capital LLP
Company Secretary
23 November 2012
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