Final Results
British SmallerTechCompaniesVCT2PLC
27 April 2006
BRITISH SMALLER TECHNOLOGY COMPANIES VCT 2 PLC
UNAUDITED PRELIMINARY RESULTS
FOR THE YEAR ENDED
31 DECEMBER 2005
British Smaller Technology Companies VCT 2 plc ("the Company") today announces
its unaudited preliminary results for the year ended 31 December 2005.
Chairman's Statement
The year has been one of consolidation and reorganisation, culminating in this
Company's decision to acquire the business of British Smaller Technology
Companies VCT plc. This process was completed on 8 December 2005 and I am
delighted to welcome our new shareholders to the Company.
We expect the enlarged Company to benefit from the economies of scale resulting
from a larger VCT. In addition, a more broadly spread portfolio will diversify
investment risk across a wider range of technologies, markets and industry
sectors.
Operations
The trend in the second half of the year followed that of the first six months.
The general performance of the portfolio was insufficient to offset the
operating costs of the Company, resulting in a reduced net asset value over the
year as a whole. At the date of the acquisition of British Smaller Technology
Companies VCT plc, the net asset value of the Company had fallen to 75.5 pence
per share from a cum-dividend level of 97.1 pence per share at 31 December 2004
(as restated in line with the transition to International Financial Reporting
Standards (IFRS)); a net decrease of 18% on the ex-dividend net asset value of
92.1 pence per share.
As I commented in my interim statement, although disappointing, this volatility
is not unexpected in what is still a relatively young, developing portfolio. The
failure at ExpressOn Biosystems Limited and Broadreach Networks Limited and the
significant write down in the value of Purely Proteins Limited have had a
material effect on the net asset value of the Company; as has the fall in share
price of AIM quoted Cozart plc, where the share price fell to its all-time low
in December 2005.
The investment in Cozart was increased as a consequence of the transaction with
British Smaller Technology Companies VCT plc. From the date of this transaction
to 31 December 2005, Cozart's share price fell 18%. After a significant recovery
of the share price during February, based on the release of its interim results
and the announcement of a joint development agreement with Philips Corporate
Technologies, the share price fell back to nearer its end of 2005 levels in
early April before recovering again. Given the relative size of holding within
the overall portfolio, the volatility of Cozart's share price will naturally
cause some limited volatility in our own net asset value. Nevertheless, we
remain confident that the long term potential of this company remains
substantial.
A total of £867,000 was invested in the year in 8 companies, all but two being
in support of existing portfolio businesses where your Board and its Investment
Adviser, YFM Private Equity Limited, considered this was merited. The two new
investments were in Digital Healthcare Limited, which I commented on in my
interim statement and Intuita Limited, a long-established IT solutions provider
to end-users in the construction industry, to fund the buy-out and simultaneous
acquisition of one of its competitors. The enlarged business has since been
renamed Tekton Group Limited. In addition, the acquisition of the business of
British Smaller Technology Companies VCT plc brought a further £6 million of
investment asset value into the portfolio.
During the year, your Company realised part of its holding in Cozart plc and
sold its investments in Arakis Limited and Tamesis Limited. Arakis was sold to
Japanese biopharmaceutical company, Sosei Co Limited, which acquired Arakis for
a total value of £106.5 million. Your Company accepted part payment in the form
of Sosei shares which are quoted on the Tokyo Stock Exchange and, therefore, has
added this company to its current portfolio.
The quoted markets continue to have an appetite for good businesses and during
the year, one of the portfolio companies, Oxonica plc, was admitted to AIM at a
market capitalisation of £35.3 million. Approximately half of your Company's
holding was sold following the flotation in order to realise some profit as the
share price rose steeply on demand for the stock. Since that time, the share
price has been quite volatile and we continue to hold the remaining shares.
I am pleased to report that, following the year end, one of your portfolio
companies has successfully achieved a listing on the London Stock Exchange.
Optos plc completed its IPO on 10 February 2006, valuing the company at £165
million. The uplift in value resulting from the IPO, which more than doubles the
value of your Company's holding in this investment, has not been reflected in
the results to 31 December 2005.
Your Board remains confident of the long term potential of the portfolio.
Financial Results and Dividend
With Reporting Standards committed to international convergence, and following
the transaction with British Smaller Technology Companies VCT plc toward the end
of the year, your Board has considered the option of full adoption of IFRS. In
line with our policy of transparent and full reporting, the decision was reached
to report the 2005 results under IFRS. Although the interim results were
presented under UK accounting standards, the directors consider that there would
have been no material difference to those financial statements had they been
reported under IFRS.
The reported loss for the year was £421,000 after taking account of realised
gains of £251,000, net unrealised valuation reductions in the fair value of
investments of £1.37 million and the accounting implications of the acquisition.
A special interim dividend of 2 pence per share, having been declared subject to
the completion of the acquisition of British Smaller Technology Companies VCT,
was paid on 10 February 2006 to shareholders of the enlarged, combined Company.
This has been recognised in the accounts as the contractual obligation existed
at the balance sheet date. No final dividend is being recommended to
shareholders.
As a result of the acquisition of British Smaller Technology Companies VCT plc
and subsequent valuation movements, the net asset value of the combined entity
at the end of the year was 74.2 pence per share after allowing for the special
interim dividend of 2 pence per share. The total return per share for
shareholders who invested in the Company under the terms of the original
Prospectus is now 81.2 pence per share. I am pleased to report that the
acquisition was completed in line with the budgeted costs outlined in the
Prospectus.
VCT Qualifying Status
Your Board has responsibility for maintaining certain investment ratios on a
continuing basis so that your Company retains its VCT qualifying status and
that, subject to personal circumstances, shareholders remain eligible for the
available VCT tax reliefs. I can confirm that all required ratios continue to be
met. I can also report that British Smaller Technology Companies VCT plc was
fully qualifying up to the date of business transfer to this Company.
Ordinary Share Capital and Shareholder Relations
A total of 8,000 shares of 10 pence each were allotted in May 2005 at a
subscription price of £1 per share following the exercise of Warrants. Any
outstanding Warrants have now lapsed and the credit balance in the Warrant
Reserve has been transferred to retained earnings.
As a consequence of certain shareholders electing to be paid dividends in the
form of shares under the dividend reinvestment scheme, a total of 77,311
Ordinary shares were issued at a price of 76.8 pence per share in July 2005 to
those shareholders in respect of the final dividend for the year ended 31
December 2004.
As authorised by shareholders, the Company operates a share buyback policy to
enable those shareholders with a liquidity requirement to be able to sell their
shares in what is, otherwise, still a very illiquid VCT market. The Board has a
stated policy of purchasing shares at a 10% discount to the latest net asset
value and has approved such buybacks where it considers it to be in the best
interests of remaining shareholders to do so. During the year, a total of
200,000 shares were purchased by the Company, and cancelled, at an average price
of 78.8 pence per share.
The acquisition of the business of British Smaller Technology Companies VCT plc,
enabled by the legislative changes in September 2004, was effected by that
company being placed in a members' voluntary liquidation under Section 110 of
the Insolvency Act 1986 and for its assets and liabilities to be transferred to
this Company in exchange for new Ordinary shares based on the relative net asset
values of both companies at that date. A total of 9,588,347 Ordinary shares were
issued by the Company in consideration for the assets and liabilities
transferred.
Your Board and YFM Private Equity Limited remain committed to keeping
shareholders informed of both the progress of the investment portfolio and
general VCT industry developments. To this end, the latest shareholder workshops
were held on 14 March 2006 at the Cabinet War Rooms Museum, London and on 16
March at the National Railway Museum, York. Further workshops will be scheduled
for later in the year.
Outlook
The consolidation of the two technology-focused VCTs provides an opportunity to
move forward on a sounder foundation given the enlarged shareholder base and
combined resources. Shareholders will benefit from the resulting cost economies
of scale and your Board remains optimistic about the long term potential of the
portfolio, whilst acknowledging that relatively early stage businesses,
particularly of a technology-based nature, will produce some short-to-medium
term volatility in value.
The AIM market remains buoyant and the flotations of Oxonica and, latterly, the
IPO of Optos, which follow on the previous successes of Amino Technologies and
Cozart, show there is wider investor appetite for technology businesses that
have proven applications and market traction.
Sir Andrew Hugh Smith
Chairman
27 April 2006
Unaudited Balance Sheet
at 31 December 2005
Notes 2005 2004
£000 £000
Assets
Non-current assets
Investments at fair value through profit or loss 9,503 3,775
------- -------
Current assets
Trade and other receivables 150 112
Cash and cash equivalents 3,834 3,824
------- -------
3,984 3,936
Liabilities
Current liabilities
Trade and other payables (647) (105)
------- -------
Net current assets 3,337 3,831
------- -------
Net assets 12,840 7,606
======= =======
Shareholders' equity
Share capital 1,731 783
Share premium 69 9
Capital redemption reserve 21 1
Revaluation reserve - 223
Warrant reserve - 3
Merger reserve 5,525 -
Special reserve - 5,364
Other reserve 2 2
Retained earnings 5,492 1,221
------- -------
Total shareholders' equity 12,840 7,606
======= =======
Net asset value per Ordinary share 6 74.2p 97.1p
======= =======
Unaudited Income Statement
for the year ended 31 December 2005
Notes 2005 2004
£000 £000
Income 82 77
Administrative expenses:
Investment advisory fee (172) (197)
Other expenses (186) (178)
------- -------
(358) (375)
Excess of acquirer's interest in the fair
value of the acquiree's identifiable assets,
liabilities and contingent liabilities over cost 975 -
Gain on realisation of investments 251 1,398
Losses on investments held at fair value (1,371) (20)
------- -------
(Loss) profit on ordinary activities
before taxation (421) 1,080
Taxation - -
------- -------
(Loss) profit for the year from continuing
operations (421) 1,080
------- -------
(Loss) earnings per Ordinary share basic and
diluted 5 (5.14)p 13.79p
======= =======
Unaudited Statement of Changes in Equity
Share
Share premium Revaluation Merger Special *Other Retained Total
capital account reserve reserve reserve reserves earnings equity
£000 £000 £000 £000 £000 £000 £000 £000
Balance at 31 December 2003 782 - 354 - 6,592 6 (1,118) 6,616
------- ------- ------- ------- ------- ------- ------- -------
Valuation losses taken
to equity - - (100) - - - - (100)
Gains realised on disposal - - (31) - - - 31 -
------- ------- ------- ------- ------- ------- ------- -------
Net income recognised
directly in equity - - (131) - - - 31 (100)
Profit for the year - - - - - - 1,080 1,080
------- ------- ------- ------- ------- ------- ------- -------
Total recognised income
and expense for the period - - (131) - - - 1,111 980
Exercise of warrants 1 9 - - - - - 10
Transfer of the special
reserve - - - - (1,228) - 1,228 -
------- ------- ------- ------- ------- ------- ------- -------
Balance at 31 December 2004 783 9 223 - 5,364 6 1,221 7,606
------- ------- ------- ------- ------- ------- ------- -------
Loss for the year - - - - - - (421) (421)
Transfer of the revaluation
reserve on adoption of IAS39 - - (223) - - - 223 -
Dividends - - - - - - (738) (738)
Purchase of own shares (20) - - - (159) 20 - (159)
Exercise of warrants 1 8 - - - (1) - 8
Issue of share capital on
acquisition 959 - - 5,561 - - - 6,520
Issue costs - - - (36) - - - (36)
Issue of share capital on DRIS** 8 52 - - - - - 60
Transfer of the special reserve - - - - (5,205) - 5,205 -
Transfer of the warrant reserve - - - - - (2) 2 -
------- ------- ------- ------- ------- ------- ------- -------
Balance at 31 December 2005 1,731 69 - 5,525 - 23 5,492 12,840
======= ======= ======= ======= ======= ======= ======= ======
*Other reserves include the capital redemption reserve, the warrant reserve and
other reserve.
**DRIS being the Dividend Re-investment Scheme.
Shareholders' equity as at 31 December 2003 and 2004 has been restated following
adoption of IFRS.
The adoption of IFRS caused no restatement to the 31 December 2003 balances.
The special reserve, which is a distributable reserve, has been transferred into
retained earnings during the year.
Unaudited Cash Flow Statement
for the year ended 31 December 2005
2005 2004
£000 £000
Net cash flows from operating activities (290) (307)
------- -------
Cash flows from investing activities
Cash acquired 1,386 -
Costs of acquisition (39) -
------- -------
Acquisition net of cash acquired 1,347 -
Purchase of fixed asset investments (867) (1,881)
Proceeds from sale of fixed asset investments 331 1,901
------- -------
Net cash from investing activities 811 20
------- -------
Cash flows from financing activities
Issue of Ordinary shares on exercise of warrants 8 10
Issue costs in respect of the shares issued in
consideration for the acquisition (36) -
Purchase of own shares and associated warrants (159) -
Dividends paid (332) -
------- -------
Net cash (used in) from financing activities (519) 10
------- -------
Net increase (decrease) in cash and cash 2 (277)
equivalents
Cash and cash equivalents at beginning of the 3,824 4,083
year
Effect of market value changes in cash 8 18
equivalents
------- -------
Cash and cash equivalents at the end of the year 3,834 3,824
======= =======
Notes to Financial Statements
for the year ended 31 December 2005
1. Accounting Policies
This preliminary announcement does not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985.
The information for the year ended 31 December 2004, with the exception of the
adjustments in respect of the transition to IFRS, is an extract from the
statutory accounts to that date which have been delivered to the Registrar of
Companies. Those accounts included an audit report which was unqualified and
which did not contain a statement under Section 237(2) or (3) of the Companies
Act 1985. The statutory accounts for the year ended 31 December 2005, upon which
the auditors have still to report, will be delivered to the Registrar following
the Company's annual general meeting.
The financial statements have been prepared in accordance with the International
Financial Reporting Standards (IFRS), which comprise standards and
interpretations approved by the International Accounting Standards Board (IASB)
and International Accounting Standards Committee (IASC) as adopted by the
European Union.
These are the Company's first annual results prepared in accordance with IFRS.
Previous financial statements were prepared in accordance with UK Generally
Accepted Accounting Principles (UK GAAP) including the requirements of Schedule
4 of the Companies Act 1985. The Company is required to determine its IFRS
accounting policies and apply them retrospectively to establish its opening
balance sheet under IFRS. The date of transition for the Company is 1 January
2004.
In preparing these financial statements certain accounting and valuation methods
previously applied under UK GAAP have been amended to comply with IFRS as
follows:
Under IAS 10 'Events after the Balance Sheet Date' dividends are only recorded
where an obligation exists at the balance sheet date. Consequently, dividends
which the Company proposes after the balance sheet date are no longer accrued
for but are required to be disclosed in the notes to the financial statements.
Under IAS 39 'Financial Instruments: Recognition and Measurement', the Company
has designated its investments as fair value through profit and loss resulting
in a transfer of the of the revaluation reserve to retained earnings. The
Company has taken advantage of the exception available to it under IFRS 1
'First-time Adoption of International Financial Reporting Standards' not to
adopt IAS 39 and IAS 32 'Financial Instruments: Disclosure and Presentation'
retrospectively but to adopt them with effect from 1 January 2005. Consequently,
prior year comparatives have not been restated.
As required with IFRS 1 'First-time Adoption of International Financial
Reporting Standards' reconciliations showing the effects of the changes are set
out below.
A summary of the principle accounting policies followed is set out below.
Income
Dividend income on unquoted equity shares is recognised at the time when the
right to the income is established. Fixed returns on non-equity shares are
recognised on a time apportionment basis so as to reflect the effective yield,
provided there is no reasonable doubt that payment will be received in due
course. All other income is recognised on an accruals basis.
Expenses
Expenses are accounted for on an accruals basis.
Investments Held at Fair Value
All investments are classified as held at fair value through profit or loss.
Transaction costs on purchases are expensed immediately through the income
statement in accordance with IFRS.
All investments are measured at fair value with gains and losses arising from
changes in fair value being included in net profit or loss for the year.
Quoted investments are valued at market bid prices.
Unquoted investments are valued in accordance with IAS 39 'Financial
Instruments: Recognition and measurement' and where appropriate the
International Private Equity and Valuation Guidelines issued in 2005. A detailed
explanation of the valuation policies of the Company will be included in the
audited financial statements.
Investments are derecognised at the date of disposal.
Due to the Company's status as a venture capital trust and the continued
intention to meet the conditions required to comply with Section 842AA of the
Income and Corporation Taxes Act (1988), no provision for taxation is required
in respect of any realised or unrealised appreciation of the Company's
investments which arises.
Although the Company holds more than 20% of the equity of certain companies, it
is considered that the investments are held as part of the investment portfolio.
Accordingly, and as permitted by IAS 28 'Investments in associates' and IAS 31
'Financial reporting of interest in joint ventures' their value to the Company
lies in the marketable value as part of that portfolio. It is not considered
that any of the holdings represent investments in associated undertakings.
Under IAS 27 'Consolidated and separate financial statements' Control is
presumed to exist when the parent owns, directly or indirectly more than half of
the voting power by a number of means. The company does not hold more than 50%
of the equity of any of the companies within the portfolio. In addition, they do
not control any of the companies held as part of the investment portfolio. It is
not considered that any of the holdings represent investments in subsidiary
undertakings.
Cash and Cash Equivalents.
Investments in quoted Government Securities are classified as cash equivalents
as they meet the definition in IAS 7 'Cash flow statements' of short-term highly
liquid investments that are readily convertible into known amounts of cash and
subject to insignificant risk of change in value. Government Securities are
valued at market bid prices.
Deferred Taxation
Deferred tax is recognised on all timing differences that have originated, but
not reversed, by the balance sheet date.
Deferred tax assets are only recognised to the extent that they are regarded as
recoverable. Deferred tax is calculated at the tax rates that are expected to
apply when the asset is realised.
Foreign Exchange
Foreign currency assets at the balance sheet date are translated into sterling
at the rates of exchange ruling at that date. Transactions in foreign currencies
are translated into sterling at the rate of exchange ruling on the date of each
transaction. Realised losses or profits on exchange, together with differences
arising on the translation of foreign currency assets, are taken to the income
statement.
Dividends Payable
Dividends payable are recognised only when an obligation exists. Interim
dividends are recognised when paid and final and special dividends are
recognised when approved by Shareholders in general meetings.
Segmental Reporting
Business segments are considered to be the primary reporting segment. The
directors are of the opinion that the Company has engaged in a single segment of
business of investing in equity and debt securities and therefore no segmental
reporting is provided.
Geographical segments are considered to be the secondary reporting segment.
Investment income and expenses are all derived from one geographical segment
being that of the United Kingdom. An analysis of investments and the remaining
assets and liabilities of the Company by geographical segment has not been given
as the results are not considered to be significant.
Restatement of balances as at 1 January 2004
The following is a reconciliation of the balance sheet as at 1 January 2004 (the
date of transition to IFRS) as previously reported at that date to the restated
figures following adoption of IFRS.
Notes Previously Effect of
reported transition Restated
UK GAAP to IFRS Reclassifications IFRS
£000 £000 £000 £000
Assets
Non-current assets
Investments at fair value through profit or loss 2,535 - - 2,535
------- ------- ------- -------
Current assets
Trade and other receivables 26 - - 26
Investments 2 1,026 - (1,026) -
Cash 2 3,057 - (3,057) -
Cash and cash equivalents 2 - - 4,083 4,083
------- ------- ------- -------
4,109 - - 4,109
Liabilities
Current liabilities
Trade and other payables (28) - - (28)
------- ------- ------- -------
Net current assets 4,081 - - 4,081
------- ------- ------- -------
Net assets 6,616 - - 6,616
======= ======= ======= =======
Shareholders' equity
Share capital 782 - - 782
Capital redemption reserve 1 - - 1
Revaluation reserve 354 - - 354
Warrant reserve 4 - - 4
Special reserve 6,592 - - 6,592
Other reserve 1 - - 1
Retained earnings (1,118) - - (1,118)
------- ------- ------- -------
Total shareholders' equity 6,616 - - 6,616
======= ======= ======= =======
Net asset value per Ordinary share 84.6p - - 84.6p
======= ======= ======= =======
The adoption of IFRS resulted in no adjustments to the balances as at 1 January
2004.
Restatement of balances as at 31 December 2004
The following is a reconciliation of the balance sheet at 31 December 2004 and
the income statement and cash flow statement for the year ended 31 December 2004
as previously reported in the annual report to the restated figures following
adoption of IFRS.
Balance Sheet as at 31 December 2004
Notes Previously Effect of
reported transition Restated
UK GAAP to IFRS Reclassifications IFRS
£000 £000 £000 £000
Assets
Non-current assets
Investments at fair value through profit or loss 3,775 - - 3,775
------- ------- ------- -------
Current assets
Trade and other receivables 112 - - 112
Investments 2 1,280 - (1,280) -
Cash 2 2,544 - (2,544) -
Cash and cash equivalents 2 - - 3,824 3,824
------- ------- ------- -------
3,936 - - 3,936
Liabilities
Current liabilities
Trade and other payables 3 (497) 392 - (105)
------- ------- ------- -------
Net current assets 3,439 392 - 3,831
------- ------- ------- -------
Net assets 7,214 392 - 7,606
======= ======= ======= =======
Shareholders' equity
Share capital 783 - - 783
Share premium account 9 - - 9
Capital redemption reserve 1 - - 1
Revaluation reserve 223 - - 223
Warrant reserve 3 - - 3
Special reserve 5,364 - - 5,364
Other reserve 2 - - 2
Retained earnings 3 829 392 - 1,221
------- ------- ------- -------
Total shareholders'equity 7,214 392 - 7,606
======= ======= ======= =======
Net asset value per Ordinary share 92.1p 5.0p - 97.1p
======= ======= ======= =======
Income Statement for the year ended 31 December 2004
Notes Previously Effect of
reported transition Restated
UK GAAP to IFRS IFRS
£000 £000 £000
Income 77 - 77
------- ------- -------
Administrative expenses:
Investment advisory fee (197) - (197)
Other expenses (178) - (178)
------- ------- -------
(375) - (375)
Gain on realisation of investments 1,398 - 1,398
Losses on investments held at fair value (20) - (20)
------- ------- -------
Profit on ordinary activities before taxation 1,080 - 1,080
Taxation - - -
------- ------- -------
Profit for the year from continuing operations 1,080 - 1,080
Dividends 3 (392) 392 -
------- ------- -------
Retained profit for the year 688 392 1,080
======= ======= =======
Earnings per Ordinary share basic and diluted 13.79p - 13.79p
======= ======= =======
Summarised Cash Flow for the year ended 31 December 2004
Notes Previously Effect of
reported transition Restated
UK GAAP to IFRS IFRS
£000 £000 £000
Net cash used in operating activities (307) - (307)
------- ------- -------
Net cash from investing activities 20 - 20
------- ------- -------
Net cash used in management of liquid resources 4 (236) 236 -
------- ------- -------
Net cash from financing activities 10 - 10
------- ------- -------
Net increase in cash and cash equivalents 4 (513) 236 (277)
=======
Cash and cash equivalents at beginning of the year 4,083 4,083
Effect of market value changes in cash equivalents 4 18 18
-------
Cash and cash equivalents at the end of the year 3,824
=======
2. Under IFRS liquid fund investments are now classified as cash
equivalents. Cash and cash equivalents being shown together on the face of the
Balance Sheet.
3. No provision has been made for the final dividend for the year ended 31
December 2004 of £392,000. Under IFRS, this dividend is not recognised until it
is declared.
4. Under IFRS investments in fixed income securities are classified as cash
equivalents as they meet the definition of short-term highly liquid investments
that are readily convertible into known amounts of cash and subject to
insignificant risk of change in value. A cash flow presented under IFRS
reconciles the movement in cash and cash equivalents and includes market value
changes in cash and cash equivalents.
5. Loss per Ordinary Share
The (loss) earnings per Ordinary share is based on net loss from ordinary
activities after tax of £421,000 (2004: profit of £1,080,000) and 8,185,000
(2004: 7,830,000) shares, being the weighted average number of shares in issue
during the year.
The only potentially dilutive shares are those shares which, subject to certain
criteria being achieved in the future, may be issued by the Company to meet its
obligations under the investment management agreement. No such shares have been
issued or are currently expected to be issued. There are, therefore, considered
to be no potentially dilutive shares in issue at 31 December 2005 or 31 December
2004. Consequently, basic and diluted earnings per share are the same for the
year ended 31 December 2005 and 31 December 2004.
6. Net Asset Value per Share
The net asset value per Ordinary share is calculated on attributable assets of
£12,840,000 (2004: £7,606,000) and 17,307,124 (2004: 7,833,466) shares in issue
at the year end. The Company has no securities that would have a dilutive effect
in either period and hence the basic and diluted net asset value per share are
the same.
7. Annual Report
Copies of the full financial statements for the year ended 31 December 2005 will
be available to the public at the registered office of the Company at Saint
Martins House, 210-212 Chapeltown Road, Leeds, LS7 4HZ .
For further information, please contact:
David Hall YFM Private Equity Limited Tel: 0161 832 7603
Alan Davies YFM Private Equity Limited Tel: 0113 294 5000
Jonathan Becher Teather & Greenwood Limited Tel: 0207 426 3269
Michael Bellamy Teather & Greenwood Limited Tel: 0207 426 9547
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