Interim Results - Replacement

Baronsmead VCT 3 PLC 15 August 2007 THE FOLLOWING REPLACES THE REPLACEMENT INTERIM RESULTS ANNOUNCEMENT RELEASED AT 9:44 AM UNDER RNS NO. 1264C. THE PREVIOUS REPLACEMENT MENTIONED THE PAYMENT DATE INSTEAD OF THE RECORD DATE WHICH WAS AMENDED FROM THE FIRST RELEASE TO 24 AUGUST 2007. Baronsmead VCT 3 plc To: Company Announcements From: Baronsmead VCT 3 plc Date: 15 August 2007 Interim Results for the period to 30 June 2007 Highlights â€¢ NAV per share increased by 3.5 per cent to 131.16p, before payment of a 3.0p interim dividend. â€¢ NAV per C share increased by 8.9 per cent to 107.75p, before payment of a 2.0p interim dividend. â€¢ The total return to ordinary shareholders since launch in 2001 was 74.98 per cent, equivalent to an annualised return of 9.09 per cent before 20 per cent income tax relief and 11.36 per cent afterwards. â€¢ The total return to C shareholders since launch in 2005 was 16.74 per cent, equivalent to an annualised return of 9.36 per cent before 40 per cent income tax relief and 15.60 per cent afterwards. The Chairman, Mark Cannon Brookes, said 'The period has seen a steady pace of investment, strong gains in the portfolio and an extremely pleasing level of realisations with proceeds from Ordinary share investments exited in the period totalling Â£7.6 million which included profits of Â£4.8 million. Profits of over Â£0.7 million were additionally generated from investments held by the C shares. The share price total return of 69% over the last five years is an important measure of the investment achievements of Baronsmead VCT 3. This record should be attractive to purchasers of the shares in the secondary market especially as qualifying shareholders can also benefit from future dividends and capital gains, both which are free of tax. RESULTS In the six months to 30 June 2007, the Net Asset Value (NAV) per ordinary share increased by 3.5% from 126.77p to 131.16p before payment of the 3p interim dividend on 28 September 2007, following a series of profitable realisations, notably Domantis, Americana and Martin Audio. These three investments were sold at significant uplifts over cost. The NAV of the C shares increased by 8.9% from 98.95p to 107.75p per share before payment of the 2p interim dividend, again on 28 September 2007. The C shares are due to convert into Ordinary shares based on a conversion ratio to be calculated at 31 December 2007. The six VCT tests relating to the running of Baronsmead VCT 3 were met during the period. At the period end, 87% of the ordinary capital raised (net of launch costs) prior to 31 December 2004 was invested in VCT qualifying investments. LONG TERM PERFORMANCE The NAV total return since inception is 75% for the ordinary shares and 17% for the C shares. These returns are stated net of running costs but prior to launch costs being taken into account. The annual growth in NAV total returns since January 2001 and October 2005 for the two share classes is 9.1% and 9.4% respectively. Total dividends of 28.8p and 5p for ordinary and C shares have been paid representing annual averages of 4.4p and 3.3p. The ordinary share total return is over 34% ahead of the peer group average of five generalist VCTs to which we compare. The Fact Sheet sent to shareholders for the quarter to 31 March 2007 introduced the measure of share price total return, which means the increase in share price together with dividends paid. The Board believes this is a more appropriate measure for purchasing shareholders who did not benefit from the original income tax relief available on subscription. Individual purchasers, aged 18 and over who are tax resident in the UK, can benefit from tax free income and capital growth when buying existing shares in VCTs. The returns over 1, 3 and 5 years for the periods to 30 June 2007 are detailed below ( Ordinary Shares (%growth) One year Three years Five years NAV total return 9.9 48.0 68.3 Share price total return 11.6 52.5 69.4 FTSE All-Share total return 18.4 68.2 77.5 Gross equivalent returns 17.9 79.7 98.6 (source:F&C Asset Management plc and Datastream) VCTs are tax efficient investments that pay tax-free dividends with any increase in the share price also being free of capital gains tax (CGT) on sale. For instance, the ordinary mid share price has increased from 89.5p to 116.5p in the three years to 30 June 2007, an annual compound increase of 9.2%, which is CGT free. The gross equivalent share price total return shown above represents the maximum return that a higher rate tax payer would need to make on an alternative investment (with no tax advantages) to be in an equivalent position to having invested in Baronsmead VCT 3 plc over 1,3 and 5 years. For the purposes of this calculation it is assumed that the taxpayer has utilised their capital gains tax allowances. ABILITY TO ACQUIRE FURTHER SHARES IN BARONSMEAD VCT 3 The record of share price total returns and the availability of ISA style tax reliefs illustrate some of the merits for private investors of acquiring existing shares. The Board is aware from both the recent surveys across the ' Baronsmead' family of VCTs that some 15% of existing shareholders may be interested in purchasing more shares. The last top up offer was in March 2005 prior to the C share offer in winter 2005/06. Since then legislation has been revised twice in the Finance Acts 2006 and 2007. The detailed way in which new share capital can be deployed is now understood and as a consequence the Board is able to increase the financial planning opportunities for both ordinary and C Shareholders by offering them the ability to subscribe for new 'top up' shares. The Directors have decided to offer for subscription up to â‚¬2.5 million (equivalent to Â£1.7 million at 30 June 2007), in accordance with the Prospectus Directive 2005, across both ordinary and C shares, at the same time as the interim and final statutory reports are sent to all shareholders. Any offer over â‚¬2.5 million requires the publication of a full prospectus, the cost of which makes large top up offers too costly. Shareholders are invited to subscribe for New Shares in the knowledge that the next time shareholders will be asked to confirm that the Company should continue as a Venture Capital Trust will be in 2013. Income tax relief of 30% can be claimed on the subscription cost and retained as long as shareholders hold these shares for five years or more. If more subscription monies are received than the upper limit of â‚¬2.5 million, subscription levels will be scaled back accordingly. THE PORTFOLIO In the six months under review, nine new investments were made and after the sale of seven investments the portfolio increased to 70 companies. Further rounds of investment were made in four companies. The Board reviews the relative health of portfolio companies quarterly in terms of profitability as well as other non-financial benchmarks. At the period-end, 80% of the portfolio companies were reporting better or steady progress. Public markets showed a degree of volatility in the first half of 2007 although the AiM portfolio finished up in the C share pool but remained at the same value in the ordinary share portfolio by the period end. Good progress was evident across most of the unquoted portfolio with an overall gain of 10% and good up lifts in value at a number of newer investments; Independent Living Services, Empire World Trade and Fisher Outdoor Leisure. There was a reduction in value at The Art Group following lower trading profits. The main influence on the AiM portion of the portfolio was the rise in interest rates and a relative move away from the higher risks perceived to be associated with smaller AiM-traded companies. Good diversity remains across the Ordinary Share portfolio but the two biggest falls were in Debtmatters, as the debt management sector is under scrutiny; and Huveaux, where there was a profits warning following a recent French acquisition. Newer AiM investments particularly in the C share portfolio showed progress including advances in Claimar, Concateno and Worthington Nicholls. The cash realisations show some strong outcomes of which Domantis, Americana and Martin Audio have already been reported. In aggregate the multiple for unquoted investments was 3.4 times their cost and illustrates the disciplines of private equity in the identification of opportunities and their active management prior to exit. The AiM realisations yielded a positive multiple over cost of 1.9 times. INVESTMENT MANAGEMENT The Baronsmead funds managed by ISIS have grown substantially over the last 10 years from under Â£10 million to a current level of approximately Â£290 million. The senior VCT team at ISIS has been reinforced in recent years. Andrew Garside joined in 2005 with a 14 year private equity track record from 3i to support David Thorp, and has since led the unquoted VCT investment team of 7 executives delivering the last 12 unquoted transactions which have been a key contributor to recent performance. Andrew will increasingly contribute to the overall investment management of the four generalist Baronsmead VCTs. Henrietta Marsh joined in 2005 with 14 years' quoted fund management and private equity experience at 3i and Unicorn to lead the AiM investing for all the Baronsmead VCTs. Henrietta is now the fund manager of Baronsmead AIM VCT plc and is responsible for the performance of the whole Baronsmead family AiM portfolio. Prem Mohan Raj has recently been promoted within ISIS to Chief Financial Officer,. Funds and his main role is to lead the administration and operations of the Baronsmead VCTs. Prem has 15 years' accounting experience predominantly in the financial services arena and will be responsible for continually improving back office systems in conjunction with F&C Asset Management plc. David Thorp continues his role at ISIS, providing strategic direction to the VCT business. David is also Chairman of the AIC VCT Forum and chairman of the VCT Managers Committee, two groups that are instrumental in the development of initiatives across the VCT industry. OUTLOOK Rising interest rates and problems in the credit markets are bound to have some economic consequences. However, the Managers have been prudent in the level of gearing they have employed in the unquoted service company investments and will remain cautious in the selection of new unquoted and AiM-traded opportunities. Current trading remains resilient across the portfolio.' David Thorp, ISIS EP LLP: 0207 506 5631 Rhonda Nicoll, F&C Asset Management plc: 0131 718 1074 Unaudited Income Statement Ordinary Shares Six months to 30 June 2007 Revenue Capital Total Â£'000 Â£'000 Â£'000 Unrealised gains on investments - 1,110 1,110 Realised gains on investments - 324 324 Income 663 - 663 Investment management fee (155) (466) (621) Other expenses (122) - (122) ---------- ----------- ----------- Profit on ordinary activities before taxation 386 968 1,354 Tax on ordinary activities (72) 72 - ---------- ----------- ----------- Profit on ordinary activities after taxation 314 1,040 1,354 ---------- ---------- ----------- Return per ordinary share 0.97p 3.23p 4.20p ---------- ---------- ----------- Unaudited Reconciliation of Movement in Shareholders' Funds Six months to 30 June 2007 Ordinary Shares Â£'000 Opening shareholders' funds 42,321 Profit for the period 1,354 Purchase of shares for Treasury (524) Dividends paid (1,295) Closing shareholders' funds 41,856 Unaudited Income Statement C Shares Six months to 30 June 2007 Revenue Capital Total Â£'000 Â£'000 Â£'000 Unrealised gains on investments - 1,888 1,888 Realised gains on investments - 302 302 Income 494 - 494 Investment management fee (75) (415) (490) Other expenses (81) - (81) ---------- ----------- ----------- Profit on ordinary activities before taxation 338 1,775 2,113 Tax on ordinary activities (85) 85 - ---------- ----------- ----------- Profit on ordinary activities after taxation 253 1,860 2,113 ---------- ---------- ----------- Return per C share 1.05p 7.75p 8.80p ---------- ---------- ----------- Unaudited Reconciliation of Movement in Shareholders' Funds Six months to 30 June 2007 C Shares Â£'000 Opening shareholders' funds 24,227 Profit for the period 2,113 Dividends paid (480) Closing shareholders' funds 25,860 Unaudited Income Statement Total Shares Six months to 30 June 2007 Revenue Capital Total Â£'000 Â£'000 Â£'000 Unrealised gains on investments - 2,998 2,998 Realised gains on investments - 626 626 Income 1,157 - 1,157 Investment management fee (230) (881) (1,111) Other expenses (203) - (203) ---------- ----------- ----------- Profit on ordinary activities before taxation 724 2,743 3,467 Tax on ordinary activities (157) 157 - ---------- ----------- ----------- Profit on ordinary activities after taxation 567 2,900 3,467 ---------- ---------- ----------- Return per share 1.01p 5.16p 6.17p ---------- ---------- ----------- Unaudited Reconciliation of Movement in Shareholders' Funds Six months to 30 June 2007 Total Shares Â£'000 Opening shareholders' funds 66,548 Profit for the period 3,467 Purchase of shares for Treasury (524) Dividends paid (1,775) Closing shareholders' funds 67,716 Unaudited Income Statement Ordinary Shares Six months to 30 June 2006 Revenue Capital Total Â£'000 Â£'000 Â£'000 Unrealised gains on investments - 4,035 4,035 Realised gains on investments 230 230 Income 517 - 517 Investment management fee (151) (848) (999) Other expenses (111) - (111) ---------- ----------- ----------- Profit on ordinary activities before taxation 255 3,417 3,672 Tax on ordinary activities (32) 70 38 ---------- ----------- ----------- Profit on ordinary activities after taxation 223 3,487 3,710 ---------- ---------- ----------- Return per ordinary share 0.67p 10.54p 11.21p ---------- ---------- ----------- Unaudited Reconciliation of Movement in Shareholders' Funds Six months to 30 June 2006 Ordinary Shares Â£'000 Opening shareholders' funds 39,226 Profit for the period 3,710 Increase in share capital in issue 367 Purchase of shares for Treasury (1,222) Dividends paid (1,170) Closing shareholders' funds 40,911 Unaudited Income Statement C Shares Six months to 30 June 2006 Revenue Capital Total Â£'000 Â£'000 Â£'000 Unrealised losses on investments - (62) (62) Realised gains on investments - - Income 495 - 495 Investment management fee (67) (201) (268) Other expenses (49) - (49) ---------- ----------- ----------- Profit/(loss) on ordinary activities before taxation 379 (263) 116 Tax on ordinary activities (104) 66 (38) ---------- ----------- ----------- Profit/(loss) on ordinary activities after taxation 275 (197) 78 ---------- ---------- ----------- Return per C share 1.15p (0.82)p 0.33p ---------- ---------- ----------- Unaudited Reconciliation of Movement in Shareholders' Funds Six months to 30 June 2006 C Shares Â£'000 Opening shareholders' funds 17,022 Profit for the period 78 Increase in share capital in issue 5,804 Closing shareholders' funds 22,904 Unaudited Income Statement Total Shares Six months to 30 June 2006 Revenue Capital Total Â£'000 Â£'000 Â£'000 Unrealised gains on investments - 3,973 3,973 Realised gains on investments - 230 230 Income 1,012 - 1,012 Investment management fee (218) (1,049) (1,267) Other expenses (160) - (160) ---------- ----------- ----------- Profit on ordinary activities before taxation 634 3,154 3,788 Tax on ordinary activities (136) 136 - ---------- ----------- ----------- Profit on ordinary activities after taxation 498 3,290 3,788 ---------- ---------- ----------- Return per share 0.87p 5.77p 6.64p ---------- ---------- ----------- Unaudited Reconciliation of Movement in Shareholders' Funds Six months to 30 June 2006 Total Shares Â£'000 Opening shareholders' funds 56,248 Profit for the period 3,788 Increase in share capital issue 6,171 Purchase of shares for Treasury (1,222) Dividends paid (1,170) Closing shareholders' funds 63,815 Audited Income Statement Ordinary Shares Year to 31 December 2006 Revenue Capital Total Â£'000 Â£'000 Â£'000 Unrealised gains on investments - 6,884 6,884 Realised gains on investments - 779 779 Income 1,170 - 1,170 Investment management fee (309) (2,077) (2,386) Other expenses (230) - (230) ---------- ----------- ----------- Profit on ordinary activities before taxation 631 5,586 6,217 Tax on ordinary activities (65) 65 - ---------- ----------- ----------- Profit on ordinary activities after taxation 566 5,651 6,217 ---------- ---------- ----------- Return per ordinary share 1.73p 17.24p 18.97p ---------- ---------- ----------- Audited Reconciliation of Movement in Shareholders' Funds Year to 31 December 2006 Ordinary Shares Â£'000 Opening shareholders' funds 39,226 Profit for the year 6,217 Increase in share capital in issue 365 Purchase of shares for Treasury (1,504) Dividends paid (1,983) Closing shareholders' funds 42,321 Audited Income Statement C Shares Year to 31 December 2006 Revenue Capital Total Â£'000 Â£'000 Â£'000 Unrealised gains on investments - 1,509 1,509 Realised gains on investments - 241 241 Income 950 - 950 Investment management fee (139) (775) (914) Other expenses (139) - (139) ---------- ----------- ----------- Profit on ordinary activities before taxation 672 975 1,647 Tax on ordinary activities (199) 199 - ---------- ----------- ----------- Profit on ordinary activities after taxation 473 1,174 1,647 ---------- ---------- ----------- Return per C share 1.97p 4.90p 6.87p ---------- ---------- ----------- Audited Reconciliation of Movement in Shareholders' Funds Year to 31 December 2006 C Shares Â£'000 Opening shareholders' funds 17,022 Profit for the year 1,647 Increase in share capital in issue 5,804 Cost of share premium conversion (6) Dividends paid (240) Closing shareholders' funds 24,227 Audited Income Statement Total Year to 31 December 2006 Revenue Capital Total Â£'000 Â£'000 Â£'000 Unrealised gains on investments - 8,393 8,393 Realised gains on investments - 1,020 1,020 Income 2,120 - 2,120 Investment management fee (448) (2,852) (3,300) Other expenses (369) - (369) ---------- ----------- ----------- Profit on ordinary activities before taxation 1,303 6,561 7,864 Tax on ordinary activities (264) 264 - ---------- ----------- ----------- Profit on ordinary activities after taxation 1,039 6,825 7,864 ---------- ---------- ----------- Return per share 1.83p 12.03p 13.86p ---------- ---------- ----------- Audited Reconciliation of Movement in Shareholders' Funds Year to 31 December 2006 Total Shares Â£'000 Opening shareholders' funds 56,248 Profit for the year 7,864 Increase in share capital in issue 6,169 Cost of share premium conversion (6) Purchase of shares for Treasury (1,504) Dividends paid (2,223) Closing shareholders' funds 66,548 Unaudited Balance Sheet As at 30 June 2007 Ordinary C Shares Shares Total Â£'000 Â£'000 Â£'000 Fixed Assets Traded on AiM 14,437 4,333 18,770 Quoted on FTSE SmallCap 562 - 562 Unquoted investments 18,819 9,124 27,943 Interest bearing securities 6,920 11,463 18,383 _______ _______ _______ 40,738 24,920 65,658 Net current assets 1,118 940 2,058 ______ ______ ______ Total assets less current liabilities 41,856 25,860 67,716 ______ ______ ______ Financed by: Shareholders' funds 41,856 25,860 67,716 ______ ______ ______ Net asset value per ordinary/C share: 131.16p 107.75p Ordinary/C shares in issue 31,912,392 23,999,772 Treasury net asset value per share+ 129.83p Number of ordinary shares in issue 31,912,392 Number of ordinary shares held in Treasury 3,180,000 Number of listed ordinary shares 35,092,392 + At the AGM held on 17 April 2007, Shareholders renewed the existing authority to disapply pre-emption rights in relation to the allotment or sale from Treasury of up to 10 per cent of the listed share capital. The Board is now mandated to sell Treasury shares at a discount to the prevailing NAV. Treasury shares will be valued at the lower of the prevailing NAV or middle market price. Unaudited Balance Sheet As at 30 June 2006 Ordinary C Shares Shares Total Â£'000 Â£'000 Â£'000 Fixed Assets Traded on AiM 14,809 1,816 16,625 Quoted on FTSE SmallCap 670 - 670 Unquoted investments 19,733 1,722 21,455 Interest bearing securities 4,755 17,573 22,328 _______ _______ _______ 39,967 21,111 61,078 Net current assets 944 1,793 2,737 ______ ______ ______ Total assets less current liabilities 40,911 22,904 63,815 ______ ______ ______ Financed by: Shareholders' funds 40,911 22,904 63,815 ______ ______ ______ Net asset value per ordinary/C share: 125.45p 95.43p Ordinary/C shares in issue 32,612,392 23,999,772 Treasury net asset value per share 124.39p Number of ordinary shares in issue 32,612,392 Number of ordinary shares held in Treasury 2,480,000 Number of listed ordinary shares 35,092,392 Audited Balance Sheet As at 31 December 2006 Ordinary C Shares Shares Total Â£'000 Fixed Assets Traded on AiM 15,080 3,352 18,432 Quoted on FTSE SmallCap 600 - 600 Unquoted investments 22,718 5,115 27,833 Interest bearing securities 3,989 14,882 18,871 ______ ______ ______ 42,387 23,349 65,736 Net current (liabilities)/assets (66) 878 812 ______ ______ ______ Total assets less current liabilities 42,321 24,227 66,548 ______ ______ ______ Financed by: Shareholders' funds 42,321 24,227 66,548 ______ ______ ______ Net asset value per ordinary/C share: 130.77p 100.95p Ordinary/C shares in issue 32,362,392 23,999,772 Treasury net asset value per share 129.66p Number of ordinary shares in issue 32,362,392 Number of ordinary shares held in Treasury 2,730,000 Number of listed ordinary shares 35,092,392 Summarised Unaudited Statement of Cash Flows Six months to 30 June 2007 Ordinary C Shares Shares Total Â£'000 Â£'000 Â£'000 Net cash outflow from operating activities (1,181) (193) (1,374) Capital expenditure and financial investment 2,833 897 3,730 Equity dividends paid (1,295) (480) (1,775) ----------- ----------- ----------- Net cash inflow before financing 357 224 581 Financing (320) - (320) ----------- ----------- ----------- Increase in cash 37 224 261 ----------- ----------- ----------- Reconciliation of net cash flow to movement in net cash Increase in cash 37 224 261 Opening net cash 1,251 1,081 2,332 ----------- ----------- ----------- Net cash at end of period 1,288 1,305 2,593 ----------- ----------- ----------- Reconciliation of operating profit before taxation to net cash flow from operating activities Profit on ordinary activities before taxation 1,354 2,113 3,467 Unrealised gains on investments (1,110) (1,888) (2,998) Realised gains on investments (324) (302) (626) Changes in working capital and other non-cash items (1,101) (116) (1,217) ----------- ----------- ----------- Net cash outflow from operating activities (1,181) (193) (1,374) ----------- ----------- ----------- Summarised Unaudited Statement of Cash Flows Six months to 30 June 2006 Ordinary C Shares Shares Total Â£'000 Â£'000 Â£'000 Net cash (outflow)/inflow from operating activities (329) 122 (207) Capital expenditure and financial investment 1,886 (11,422) (9,536) Equity dividends paid (1,170) - (1,170) ----------- ----------- ----------- Net cash inflow/(outflow) before financing 387 (11,300) (10,913) Financing (854) 7,181 6,327 ----------- ----------- ----------- Decrease in cash (467) (4,119) (4,586) ----------- ----------- ----------- Reconciliation of net cash flow to movement in net cash Decrease in cash (467) (4,119) (4,586) Opening net cash 1,933 5,815 7,748 ----------- ----------- ----------- Net cash at end of period 1,466 1,696 3,162 ----------- ----------- ----------- Reconciliation of operating profit before taxation to net cash flow from operating activities Profit on ordinary activities before taxation 3,672 116 3,788 Unrealised (gains)/losses on investments (4,035) 62 (3,973) Realised gains on investments (230) - (230) Changes in working capital and other non-cash items 264 (56) 208 ----------- ----------- ----------- Net cash (outflow)/inflow from operating activities (329) 122 (207) ----------- ----------- ----------- Summarised Audited Statement of Cash Flows Year to 31 December 2006 Ordinary C Shares Shares Â£'000 Total Net cash (outflow)/inflow from operating activities (466) 150 (316) Capital expenditure and financial investment 2,906 (11,848) (8.942) Equity dividends paid (1,983) (240) (2,223) ----------- ----------- ----------- Net cash inflow/(outflow) before financing 457 (11,938) (11,481) Financing (1,139) 7,204 6,065 ----------- ----------- ----------- Decrease in cash (682) (4,734) (5,416) ----------- ----------- ----------- Reconciliation of net cash flow to movement in net cash Decrease in cash (682) (4,734) (5,416) Opening net cash 1,933 5,815 7,748 ----------- ----------- ----------- Net cash at end of period 1,251 1,081 2,332 ----------- ----------- ----------- Reconciliation of operating profit before taxation to net cash flow from operating activities Profit on ordinary activities before taxation 6,217 1,647 7,864 Unrealised gains on investments (6,884) (1,509) (8,393) Realised gains on investments (779) (241) (1,020) Changes in working capital and other non-cash items 980 253 1,233 ----------- ----------- ----------- Net cash (outflow)/inflow from operating activities (466) 150 (316) ----------- ----------- ----------- Notes 1. The unaudited interim results which cover the six months to 30 June 2007 have been drawn up in accordance with the applicable accounting standards and adopting the accounting policies set out in the statutory accounts for the year ended 31 December 2006. 2. Return per ordinary share is based on a weighted average of 32,218,193 ordinary shares in issue (31 December 2006 - 32,776,271; 30 June 2006 - 33,097,562). Return per C share is based on a weighted average of 23,999,772 C shares in issue (31 December 2006 - 23,966,316; 30 June 2006 - 23,932,306). 3. Earnings for the six months to 30 June 2007 should not be taken as a guide to the results for the full year. 4. During the six months to 30 June 2007 the Company bought back 450,000 ordinary shares at a cost of Â£524,000 to be held in Treasury. At 30 June 2007 the Company held 3,180,000 ordinary shares in Treasury. These shares may be re-issued below Net Asset Value as long as the discount at issue is narrower than the average discount at which the shares were bought back. There were 31,912,392 ordinary shares in issue at 30 June 2007 (31 December 2006 - 32,362,392; 30 June 2006 - 32,612,392). During the six months ended 30 June 2007 the Company did not issue or buy back any C shares. There were 23,999,772 C shares in issue at 20 June 2007 (31 December 2006 - 23,999,772; 30 June 2006 - 23,999,772). 5. The interim dividends of 3p per ordinary share (comprising 0.9p revenue dividend and 2.1p capital dividend) and 2p per C share (comprising 1.0p revenue dividend and 1.0p capital dividend) will be paid on 28 September 2007 to shareholders on the register on 24 August 2007. 6. These are not statutory accounts in terms of Section 240 of the Companies Act 1985 and are unaudited. The full audited accounts for the period to 31 December 2006, which were unqualified, have been lodged with the Registrar of Companies. No statutory accounts in respect of any period after 31 December 2006 have been reported on by the Company's auditors or delivered to the Registrar of Companies. 7. Copies of the interim report have been mailed to shareholders and are available from the Registered Office of the Company at 100 Wood Street, London, EC2V 7AN. This information is provided by RNS The company news service from the London Stock Exchange

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