Final Results

Ariana Resources PLC 26 June 2007 ARIANA RESOURCES PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2006 A Year of Significant Progress Ariana Resources plc ('Ariana' or 'the Company'), the gold exploration company focused exclusively on Turkey, announces its preliminary unaudited results for the period ended 31st December 2006. Highlights: • All targets set for the year have been met • Licence holdings almost doubled to 114 exploration properties (1,820km(2) across Turkey) • Two corporate transactions successfully finalised • Highly successful drill programme, over 5,500 metres completed • Management team re-structured: UK-based CFO appointed Post Period Event: • JORC compliant resource established at Kiziltepe prospect, Sindirgi Michael Spriggs, Chairman, commented: '2006 has been a year of exceptional progress in Ariana Resources' exploration and development programmes in Turkey, every one of its targets for the year having been achieved. The Company is now well positioned strategically for further growth. 'Our highly focused exploration strategy has concentrated primarily on the increasingly promising Sindirgi Gold Project in western Turkey, where a JORC compliant resource has been established at the Kiziltepe prospect, post period. 'Ariana has made the successful transition in a short space of time from greenfields explorer to resource developer. The year ahead promises further positive developments and we retain a clear focus to add value through further growth of the Company.' 26 June 2007 Contacts: Ariana Resources plc Michael Spriggs, Chairman Tel: 07887 998252 Kerim Sener, Managing Director Tel: 07709 011954 Beaumont Cornish Limited Roland Cornish Tel: 020 7628 3396 Ambrian Partners Limited Richard Chase Tel: 020 7776 6461 Bankside Consultants Michael Padley / Louise Davis Tel: 020 7367 8888 About Ariana Resources Ariana is a technology-driven exploration company focused on the discovery of epithermal gold-silver and porphyry copper-gold deposits with multi-million ounce potential within the Tethyan metallogenic belt of Turkey. The Company has a portfolio of prospective licences covering approximately 1,820km2, selected on the basis of its advanced in-house remote sensing database. Ariana's broker is Ambrian Partners Limited and Beaumont Cornish Limited is the Company's nominated adviser. For further information on Ariana you are invited to visit the Company's website at www.arianaresources.com. CHAIRMAN'S STATEMENT As Chairman of Ariana Resources, it is my great pleasure to provide an overview of the exceptional progress made by your Company in 2006. It is particularly gratifying to report that your Company achieved every one of its targets for the year and has now positioned itself strategically for further growth. As a junior Company with limited but very carefully managed financial resources, Ariana has a highly focused exploration strategy. As in the previous year, we have concentrated primarily on the increasingly promising Sindirgi Gold Project in western Turkey, which we acquired in early 2005 from Newmont Mining. In 2006, attention centred on two advanced prospects in the Sindirgi Project: Kiziltepe and Kepez, and at the Kinik prospect in the Ivrindi Project. Surface exploration gave sufficient encouragement to warrant drilling all three prospects and a diamond drilling programme was initiated in August 2006. During the year, the Company completed a total of over 5,500m of drilling at these locations. We are particularly pleased with progress at the Kiziltepe prospect, which is a large vein field containing a combined vein length of over 20km in outcrop, in addition to several new and previously untested targets. Drilling on portions of the high-grade Arzu South and Arzu North veins at Kiziltepe resulted in the definition of a potentially open-pittable JORC compliant resource of 135,000 oz gold equivalent. It is particularly important to emphasise that this resource estimate was based on only 5% of the mapped veins at Kiziltepe and that all drill-tested veins remain open at depth and along strike. Consultants SRK consider there to be good potential to upgrade this resource and to test additional 'blind' vein targets. The Company will carry out further drilling on these areas in the second half of 2007. These preliminary results are also judged sufficiently encouraging for SRK to have recommended a scoping study for production options at Kiziltepe. Possible options include an operation on site (either heap leach or a conventional milling / treatment plant), or trucking ore / concentrate for processing by an operating gold mine. Either of these routes would provide Ariana with 'first mover' advantage in the region. Continual evolution of Ariana's exploration databank is a cornerstone of the Company's strategy, and by using this database we almost doubled our licence holdings to around 1,820km2 during the year. Ariana operates an extremely cost-efficient approach to exploration and is able to identify and evaluate prospective areas very rapidly. This initiative is led by an effective and well-trained Turkish team, supported by strong local management, and strengthened during the year by the appointment of more experienced personnel. We are very proud to have such a high-quality team and their contribution to our successful development has been tremendous. In recognition of this contribution, the Company took the decision to shift emphasis away from UK-based remote-management to the direct management of our operations in Turkey. In parallel with this change of strategic focus some key personnel changes also occurred during the year under review. The structure of the Executive Board was modified following the departure of our colleagues Matthew Grainger and Steven Poulton. Both contributed greatly to the foundation of the business and were instrumental in our introduction to AIM in 2005. We want to thank them sincerely for helping to develop Ariana to this point and we wish them equal success in the future. With the need to meet the growing demands of ever more stringent formal financial obligations and to monitor closely our cash resources, we are pleased to have appointed part-time CFO, William Payne, of UK accountants Wilkins Kennedy. The Company continues to keep a tight rein on spending to ensure that optimal amounts are devoted to exploration in Turkey. With the exciting achievements of 2006, Ariana has made the successful transition in a short space of time from greenfields explorer to resource developer. The year ahead promises further positive developments for Ariana. We retain a clear, focused strategy, whose object is to add value for shareholders by: • Increasing mineral resources at our advanced projects through drilling • Targeting an aggregate resource of 1Moz gold through exploration • Identifying and developing joint venture opportunities with international and local partners • Developing opportunities for early cash-flow We thank our energetic and focused team of employees for their tireless hard work and commitment, and our shareholders for their invaluable and continuing support. We are confident that Ariana Resources represents one of the best long-term investment opportunities for gold in Turkey. Ariana is poised for further success in 2007. Michael Spriggs Chairman OPERATING REVIEW SUMMARY During the year, Ariana achieved solid progress on its exploration and development programmes in Turkey. In western Turkey, the Company evolved a regional strategy surrounding our core Sindirgi Project, and continues to grow its resource base through focused exploration and acquisition in this region. The information in this report reviews results up to May 2007. Drilling programmes were undertaken with considerable success in the Sindirgi and Ivrindi projects. At Sindirgi, this work led to JORC-compliant resources being established for the first time on the Kiziltepe prospect. Meanwhile, work at Ivrindi defined additional potential at the Kinik prospect. The Company was successful in finalising two corporate transactions. A package of licences, which now comprise the Demirci Project, were acquired from Newmont Mining Corporation in August. An agreement to explore eastern Turkey with the support of a Turkish partner was also finalised in October. This partner contributed several prospective licences to Ariana during the year. Ariana has continued reconnaissance exploration in western and eastern Turkey. Target generation lead to the acquisition of many new exploration licences and subsequent field investigations provided very positive results. The Company now holds 114 exploration properties covering an area of 1,820km2 across Turkey. 2006-7 Highlights May Mineral resource (JORC) estimate for Kiziltepe March Positive exploration drilling results at Kinik February Positive drilling results at Vein 4: Kiziltepe January Positive drilling results at Banu Vein: Kiziltepe December Positive exploration results at Goveli November Significant drilling results at Arzu South Vein: Kiziltepe October Agreement entered into for exploration in Eastern Turkey Licence portfolio almost doubled in area August Exploration licences acquired from Newmont Mining Corporation WAVE PROJECT AREA The Company has dedicated much of its exploration effort on the Western Anatolian Volcanic and Extensional (WAVE) Province in western Turkey. This province hosts the largest operating gold mines in Turkey and remains highly prospective for new porphyry and epithermal deposits. Ariana is exploring three principal projects within the WAVE Province: Sindirgi, Ivrindi and Demirci. The region surrounding these projects is named the WAVE Project Area, with our base of operations at Sindirgi located strategically at its core. In addition to containing our advanced projects, the Project Area encompasses the majority of our exploration tenements in western Turkey. The exploration and development risk to future gold resources in this region is reduced due to excellent infrastructure and established local mining operations. Ariana envisages that an aggregate resource of 1Moz of gold can be achieved within the Project Area and our strategy is designed to build on our existing resource base via exploration and future acquisitions. Sindirgi Gold Project The Sindirgi Gold Project ('Sindirgi') comprises two operating and eleven exploration licences which cover a contiguous area of 258 km2 in Balikesir Province, western Turkey. The project lies 130km northeast of the costal city of Izmir and 100km east of the Ovacik gold mine. Sindirgi was acquired in early 2005 from Newmont for US$400,000, with a retained royalty of up to 2.5% on future gold production from the project. The project encompasses an important regional trend of epithermal gold mineralisation, known as the Sindirgi Gold Corridor, which contains four distinct prospects: Kiziltepe, Kepez, Karakavak and Kizilcukur South. To date, a total of 45km of veins have been identified in outcrop on the project. The project area has also been expanded during the year with the acquisition of new licences in the region. Since May 2006, 4970m of diamond-drilling, 450m of trenching and rock-saw channel sampling in addition to the collection of 770 rock-chip and 280 soil samples has been completed on the project. Most of this work was undertaken on the Kiziltepe and Kepez prospects. Kiziltepe Prospect The Kiziltepe prospect contains 20km of outcropping low-sulphidation epithermal quartz veins, which are hosted by dacitic volcanic units of Miocene age. The vein field occurs in an area covering approximately 3 x 1km and is well serviced by asphalt road and forestry tracks. Individual veins are exposed at surface for 750m in strike length and are between 1 and 14m wide. Five of these vein systems were drilled during the year totalling 10% of the total veins. Several of the veins contain mineralisation which is potentially open-pittable and, in time, the Company envisages establishing several small pits across the prospect. A scoping study will be pursued in 2007 to evaluate several different mining and processing scenarios. Arzu Vein The northwest-trending and steeply northeast dipping Arzu Vein system is comprised of two sections: Arzu South and Arzu North. These two sections are separated over a strike length 650m by rhyodacitic ignimbrite cover rocks, which obscure the vein system beneath. Both southern and northern sections were drilled in 2006, but no drill-testing was undertaken in the covered area. During the year, a JORC-compliant mineral resource was established by SRK UK Ltd ('SRK') based on our drilling results for both the southern (750m long) and northern (300m long) sections of this vein system (Table 1). Ten mineralised vein segments were modelled for Arzu South, with vein widths typically between 1.5 and 5m. The mineral resource was established to a depth of 125m from surface and at a cut-off grade of 3 g/t Au (Table 2). The drilling determined that there is an overall grade improvement towards the southern part of the Arzu South system and that the structure contains at least two high grade shoots which plunge moderately to the southeast. This work has determined that the southern part of the vein system requires additional drill testing in 2007. Table 1: High grade and wide intercepts from 2006 drilling. Hole ID From To (m) Apparent Width Grade Au Grade Ag Grade (m) (m) (g/t) (g/t) Au + Au equiv. (g/t) D03a-06 51.5 58.1 6.7 6.2 62 7.41 D04a-06 42.6 49.0 6.4 5.9 156 9.06 D07a-06 41.3 51.8 10.5 7.5 97 9.43 D08b-06 56.0 62.6 6.6 13.1 122 15.52 and 72.5 78.7 6.2 5.8 83 7.49 D10a-06 32.6 38.9 6.3 6.5 111 8.74 Table 2: SRK resource statement ---------- ----------- ------- ------------ -------------- Classification Vein Tonnage Grade Metal ------ ------- ------- --------- (Kt) (Au g/t) (Ag g/t) (oz Au) (oz Ag) ---------- ----------- ------- ------ ------- ------- --------- Indicated Arzu South (C) 200 5.8 98 37,300 630,225 ---------- ----------- ------- ------ ------- ------- --------- Arzu South (N) 70 4.0 70 9000 157,555 Inferred Arzu South (S) 180 8.0 160 46,300 926,045 Arzu North 50 4.0 65 6,430 104,500 ---------- ----------- ------- ------ ------- ------- --------- Other Veins Exploratory drilling was undertaken on three additional veins at the Kiziltepe prospect as part of our first phase strategy to drill-test many previously undrilled veins at the Kiziltepe prospect. This work provided results which were sufficiently encouraging to warrant follow-up drilling on two of these veins. At the Banu Vein, three drill holes on a 100m section of vein provided intercepts of 2.10 g/t Au over 4.8m, 2.09 g/t Au over 2.10m and 4.62g/t Au over 2.0m. Silver grades in these intersections range from 64 g/t Ag to 159 g/t Ag which increase the gold equivalent grades significantly. At Vein 4, three drill holes on a 100m section of vein provided intersects of 1.42 g/t Au over 6.0m, 1.26 g/t Au over 7.10m and 1.56 g/t Au over 5.0m. Silver grades in these intersections range from 19 to 49 g/t Ag which increase the gold equivalent grades. At Banu Vein and Vein 4, certain geological features allow us to conclude that both veins are positioned high in the epithermal system. We predict that these veins represent some of the least eroded veins on the Kiziltepe prospect and that deeper drilling will yield better grades. In 2007 further drilling on these veins will be undertaken. The drilling of six holes at Vein 5 provided several low-grade and narrow intercepts. It is also clear that the vein system at this location is structurally complex and vein segments are erratic. In 2007 no further work is planned on this vein. Other Prospects Exploration within the Sindirgi Project is continuing. A total of four prospect areas have been identified within the project and work has progressed on each of these during the year. Work at the Kepez prospect identified a 100m long section of the Karakaya Vein which contains high-grade gold mineralisation at surface. This area was drilled in 2006 and the results of this work provided several low-grade and narrow intercepts. Despite this, a new area was identified to the north west of the Karakaya Vein, which has provided several high grade (~10 g/t Au) rock-chips in surface sampling. This area has been named the Umurlar Target and drilling in this area is planned for 2007. Work at the Karakavak prospect focused on detailed geological mapping of the area and was successful in the identification several additional veins. There are approximately 10km of veins contained by the prospect area. Rock chip sampling in this area yielded a best result of ~10 g/t Au and several targets were identified for potential drill-testing. Work at the Kizilcukur South prospect involved a soil sampling programme which identified a modest gold anomaly (max. >1000ppb Au) in rhyodacitic ignimbrite and adjacent to an area containing historic workings. Follow-up work in this area is now planned. Ivrindi Gold Project The Ivrindi Project ('Ivrindi') comprises seven exploration licences which cover a semi-contiguous area of 91km2 in Balikesir Province, western Turkey. The project lies 130km north of Izmir and 70km northwest of Sindirgi. Ivrindi was identified as a target area using remote-sensing methods in early 2004 by Ariana. The project is located in a region of epithermal gold and antimony mineralisation and contains the Kinik prospect. Kinik Prospect The Kinik prospect contains several outcrops of gold-bearing clay-altered porphyitic andesite of Miocene age, which lie adjacent to a faulted contact with Permian limestone. The mineralisation is defined by a 750m long and 50m wide gold in soil anomaly, which was drill-tested in early 2007 by eight drill holes totalling 425m. A further two drill holes were undertaken in an area 900m to the northeast to test silicified areas containing gold and antimony mineralisation. The drilling provided several encouraging but narrow intersections such as 1.41 g/t Au over 6.2m, 4.17 g/t Au over 1.9m and 4.91 g/t Au over 1.7m. Peak gold grades of 10.4g/t Au in surface channel sampling and 7.6g/t in drilling suggest that there is an opportunity to define high grade areas within the prospect. Further work on this prospect and elsewhere in the Ivrindi Project is planned for 2007. Demirci Gold Project The Demirci Project ('Demirci') comprises three exploration licences which cover a contiguous area of 44km2 in Manisa Province, western Turkey. The project lies 130km northeast of Izmir and 60km southeast of Sindirgi. Demirci was acquired in mid-2006 from Newmont for a retained royalty of 2% on future gold production from the project. The project is located in a region of epithermal gold mineralisation and present day geothermal activity. The project contains the Goveli prospect. Goveli Prospect The Goveli prospect occurs within a 5km long by up to 1km wide northeast striking alteration system occurring along a discontinuous thrust zone between a Cretaceous ophiolitic sequence, Palaeozoic schists and Precambrian gneissic basement. Much of the gold mineralisation in this corridor is of low grade, but higher grade areas are structurally controlled and these have been targeted during our exploration. Since May 2006, 150m of trenching and rock-saw channel sampling and 600 rock-chip samples have been completed on the project. Detailed geological mapping and systematic rock-chip sampling defined several areas of higher grade gold mineralisation at the prospect (peak grade of 4.2 g/t). Rock-saw channel sampling along a road cut provided results including 0.49 g/t Au over 23m and 0.34 g/t Au over 22m. Follow up exploration is underway to define drill targets. OTHER EXPLORATION Eastern Turkey Ariana is continuing to explore for large porphyry Cu-Au and related deposits in eastern and northeastern Turkey. The region represents an under explored part of the Tethyan metallogenic belt known for its porphyry-related deposits. In addition to undertaking greenfields exploration of its own, the Company is also pursuing opportunities for the acquisition of advanced projects in this region. Following an extensive remote-sensing programme and subsequent target generation in 2006, the Company increased its licence holding in this region to 777 km2. Ariana also entered into an exploration agreement over a designated area of interest in eastern Turkey with a Turkish mining company. This has increased Ariana's operational capability even in the remotest parts of the region and has ensured strong local support for our work. Within the area of interest, exploration undertaken to date includes the identification of: • Gold-bearing high-sulphidation style epithermal mineralisation • Skarn-hosted Cu-Au mineralisation • Cyprus-type Au-bearing massive sulphides • Porphyry-related alteration systems The early identification of such occurrences from reconnaissance exploration confirms that this region warrants further work. Ariana is seeking a joint venture partner to support and further enhance our capacity for exploration in this region. We believe this is necessary to avoid overstretching our human and financial resources, while ensuring we maintain exposure to the exploration upside of this highly prospective region. CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2006 2006 2005 Unaudited Audited Notes £'000 £'000 Administrative expenses and operating loss (424) (397) ------- ------- Interest receivable and similar income 69 16 ---- ---- LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (355) (381) ------- ------- Tax on loss on ordinary activities - - ---- ---- LOSS FOR FINANCIAL YEAR 2 (355) (381) ------- ------- LOSS PER SHARE (pence) 4 - basic and diluted 0.86 1.35 ------ ------ CONTINUING OPERATIONS None of the group's activities were acquired or discontinued during the current year or previous year. CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 31 DECEMBER 2006 - 2006 2005 Unaudited Audited £'000 £'000 Loss for the financial year (355) (381) Currency differences on foreign currency net investments (11) (6) ------ ----- TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR (366) (387) ------- ------- CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2006 - 2006 2005 Unaudited Audited Notes £'000 £'000 £'000 £'000 FIXED ASSETS 1 Intangible assets 1,297 498 Tangible assets 42 33 ---- ---- 1,339 531 CURRRENT ASSETS Debtors 252 131 Cash at bank and in hand 1,547 771 ------- ----- 1,799 902 CREDITORS Amounts falling due within one year (205) (68) ------- ------ NET CURRENT ASSETS 1,594 834 ------- ----- TOTAL ASSETS LESS CURRENT 2,933 1,365 LIABILITIES ======= ======= CAPITAL RESERVES Called up share capital 470 315 Share premium 2,738 966 Merger reserve 720 720 Profit and loss account (995) (636) ------- ------- SHAREHOLDERS' FUNDS 2,933 1,365 ======= ======= CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006 2006 2005 Unaudited Audited Notes £'000 £'000 Net cash outflow from operating activities 3 (393) (528) Return on investments and 56 16 servicing of finance Capital expenditure (814) (463) and financial investment ------- ------- (1,151) (975) Financing 1,927 1,064 ------- ------- Increase in cash in the year 776 89 ----- ---- Reconciliation of net cash flow to movement in net funds Increase in cash in the year 776 89 ----- ----- Net funds at 1 January 771 682 ----- ----- Net funds at 31 December 1,547 771 ======= ===== NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES Accounting convention The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards and the Statement of Recommended Practice Accounting for Oil and Gas Exploration, Development and Production and Decommissioning Activities revised in 2001 (the SORP). The accounting policies have remained unchanged from the previous year other than share based payments which are now accounted for in accordance with FRS20. Basis of consolidation On 25th July 2005 Ariana Resources Plc acquired the entire issued share capital of Ariana Exploration and Development Limited by way of a share for share exchange. The transaction qualified as a group reconstruction within the meaning of FRS 6, and has been accounted for using the merger accounting method. The group financial statements consolidate those of the company and its principal subsidiary undertakings for the year ended 31st December 2006. Exploration and development costs In accordance with the full cost method as set out in the SORP, expenditure including directly attributable overheads on the acquisition, exploration and evaluation of interests in licences not yet transferred to a cost pool is capitalised under intangible assets. Cost pools are established on the basis of geographic area. When it is determined that such costs will be recouped through successful development and exploitation or alternatively by sale of the interest, expenditure will be transferred to tangible assets and depreciated over the expected productive life of the asset. Whenever a project is considered no longer viable the associated exploration expenditure is written off to the profit and loss account. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings - between 5% - to - 33% on cost Motor vehicles - between 20% - to - 25% on cost Deferred tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Foreign currencies Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. The financial statements of foreign subsidiaries are translated at the rate of exchange ruling at the balance sheet date. The exchange differences arising from the retranslation of the opening net investment in subsidiaries are taken directly to reserves. All other exchange differences are dealt with through the profit and loss account. Financial instruments The group uses financial instruments to manage exposures to fluctuations in interest rates. Financial assets are recognised in the balance sheet at the lower of cost and net realisable value. Provision is made for diminution in value where appropriate. Interest receivable and payable is accrued and credited/charged to the profit and loss account in the period to which it relates. Liquid resources Liquid resources comprise cash on short term deposit at not less than 24 hours notice. Share-based payments During the year the group has adopted FRS 20 'Share Based Payments' to share options granted during the year. For such grants of share options, the fair value as at the date of grant is calculated using the Black-Scholes option pricing model, taking into account the terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that are likely to vest, except where forfeiture is only due to market-based conditions not achieving the threshold for vesting. The first time adoption of FRS 20 has resulted in a charge to operating profit as detailed in notes 2 and 14. The share option expense has been credited to the profit and loss account reserve and consequently the adoption of FRS 20 has not impacted upon net assets. Pensions The group pays contributions to the personal pension schemes of some employees. These contributions are charged to the profit & loss account in the year in which they become payable. 2. OPERATING LOSS The operating loss is stated after charging/(crediting) 2006 2005 £'000 £'000 Depreciation - owned assets 5 3 Net foreign exchange losses/ (gains) 23 (1) Fees payable to the company's auditors for 10 8 the audit of the company's annual accounts: Fees payable to the company's auditors for other services: The audit of the company's subsidiaries 2 2 Other services pursuant to legislation 1 - === === Exceptional item Costs of £142,000 in connection with the company's admission to AIM were included in operating costs in 2005. 3. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES 2006 2005 £'000 £'000 Operating loss (424) (397) Depreciation charge 6 3 Share based payments 7 - Foreign Exchange differences (11) (6) Increase in debtors (108) (124) Increase in creditors 137 (4) -------------- ------------- Net cash outflow from operating activities (393) (528) -------------- ------------- 4. LOSS PER SHARE The calculation of basic loss per share is based on the loss attributable to ordinary shareholders of £355,000 (2005: £381,000) divided by the weighted average number of shares issued during the year 41,404,229 (2005: £29,007,625) in issue. There is no dilutive effect of share options or warrants on the basic loss per share. The financial information set out in this Preliminary announcement does not constitute statutory accounts within the meaning of s.240 of the Companies Act 1985. The Report and Accounts for the year to 31 December 2006 are being posted to shareholders and are available to the public, for at least one month, free of charge at Wilkins Kennedy, Bridge House, London Bridge, London, SE1 9QR. This information is provided by RNS The company news service from the London Stock Exchange

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