Interim Results

RNS Number : 6252Y

Circle Property PLC

07 December 2017

 

7 December 2017

Circle Property Plc

("Circle", "Company" or the "Group")

Interim Results for the six months ended 30 September

CONTINUED LEASING AND ASSET MANAGEMENT MOMENTUM DRIVES STRONG FINANCIAL PERFORMANCE

Circle Property Plc (AIM: CRC), the specialist regional UK property investment, development and management company today announces its results for the six months to 30 September 2017.  The results show continued strong operational performance driven by asset management translating to growth in portfolio valuation, NAV and rental income and leading to a proposed further increase in dividend.

Financial Highlights

·     11.3% increase in portfolio valuation to £103.5 million (31 March 2017: £93 million), driven primarily by the Company's ongoing asset management initiatives

·     15.3% increase in NAV per share to £2.11 (31 March 2017: £1.83) contributing to 40% growth in NAV since IPO in February 2016

·      26% increase in rental income to £2.9 million for the first six months to 30 September 2017 (30 September 2016: £2.3 million)

·     57% increase in net operating profit to £1.8 million which excludes gains on investment properties (six months to 30 September 2016: £1.1 million) leading to a 3.6% increase in profit before tax to £8.6 million (six months to 30 September 2016: £8.3 million)

·      Loan to value ratio reduced to 47% (31 March 2017: 49%)

·      6.9% increase in earnings per share to 31 pence (30 September 2016: 29 pence)

·     8.3% increase in interim dividend to 2.6 pence per share (30 September 2016: 2.4 pence) reflecting the Board's ongoing confidence in the Company's prospects and outlook. The dividend will be paid on 18 January 2018 to shareholders on the register on 15 December 2017, with an ex-dividend date of 14 December 2017.

·      WAULT of 11.29 years to expiry, up from 7.39 years

Operational Highlights

·     Building on the £648,300 of annualised rent which was signed over the second half of last year, three further significant lease contracts were secured during the period, adding £378,841 or 7.2% to the annualised rent roll and comprising:

o  Signing a new 20 year lease without break to Las Iguanas, the popular Latin American restaurant chain owned by Casual Dining Group Limited, for £220,000 per annum at one of our two newly developed restaurant units in Somerset House, Temple Street, Birmingham. 

o  Securing Topps Tiles as a new tenant at the Baildon Bridge Retail Park in Shipley on a 10 year lease with a 5 year break option, at a rent of £52,585 per annum.   

o  Achieving full occupancy at the Group's newly refurbished offices at Powerhouse in Milton Keynes by letting all 6,641 sq ft of the remaining space to Stephen Eagell Ltd, one of the UK's leading Toyota dealerships, on a 10 year lease at a rent of £106,256 per annum, equating to a rent of £16 per square foot.

·      Further leasing progress has been made subsequent to the end of the first half year:

o  The second of the two restaurant units located in Somerset House, Birmingham, is now under offer.   

o  Grant Thornton has removed its August 2018 break clause at 300 Pavilion Drive, Northampton Business Park, Northampton, which extends the lease by five years to 2023.

o  At the One Castlepark offices in Bristol, a 10 year lease renewal has been agreed on 13,143 sq ft of space on two equal leases at a rent of £22 per sq ft, with a five year break option. 

o  In November, the Group completed a 1,350 sq ft letting of the 5^th floor at 141 Moorgate for five years at a rent of £59,444 per annum.

o  5,500 sq ft in K2 at the Company's Kents Hill Park business park, Milton Keynes, is now under offer.

o  At 36 Great Charles Street, Birmingham, following the rolling refurbishment of 25,000 sq ft of offices, one office suite is under offer at £18.50 per sq ft with another under negotiation.  

o  Following Willis Towers Watson exercising its break clause and vacating Unit B at Chapel Lane, Great Blakenham, Nr Ipswich, in July 2017, the Company let both Units A&B at the end of November to Anchor Safety LLP, the long standing tenant of Unit A.  Anchor has entered into a new five year lease without break on 45,319 sq ft at a rent of £154,500 per annum.

o  The remaining Unit 2 at Baildon Bridge Retail Park, Shipley, has been placed under offer at a similar rent to that achieved on Unit 3.

o  Following a £3.5 million refurbishment of the six office floors at Somerset House, Birmingham, the project is now nearing completion.  The offices are to be formally launched into the market early in 2018.

John Arnold, Chief Executive at Circle Property Plc, commented: "Although there is some degree of caution from tenants making leasing decisions against the backdrop of Brexit uncertainty, we continue to make good leasing progress across our portfolio.  Since our IPO in February 2016, we have achieved a 40% increase in NAV and remain confident in our ability to deliver further growth from active asset management. We believe the level of demand for space in our assets is a direct reflection of the location and quality of our assets, as well as the standard of our refurbishments, which places us ahead of the competition.  Furthermore, the great majority of our assets are highly reversionary so we have the flexibility to moderate rents or incentives and offer highly attractive terms to secure the tenant, whilst at the same time providing rental income growth for our shareholders.  

"We continue to look for new acquisition opportunities, whether of portfolios or single assets.  Our appointment of Smith & Williamson with Radnor Capital is expected to generate a greater level of interest in Circle, as we consider options for enlarging the Company's shareholder base in the New Year." 

Circle Property Plc	[phone]
John Arnold, CEO Edward Olins, COO
Smith & Williamson	[phone]
Azhic Basirov Katy Birkin Radnor Capital Iain Daly Joshua Cryer	[phone]
FTI Consulting	[phone]
Richard Sunderland Giles Barrie Eve Kirmatzis

Chief Executive's statement

I am pleased to present the Group's results for the first six months of this year and to report that Circle has once again achieved significant asset valuation growth and that this has been driven primarily by our ongoing letting and refurbishments programme, demonstrating the importance of active management and stock selection. Our belief in the regional office markets remains steadfast, particularly as the supply continues to decline.  This trend will be maintained for so long as the ongoing conversion of many less attractive office buildings to residential continues or if rents rise sufficiently to justify the ever increasing cost, as well as the associated risk, of constructing new product.  At present, there is relatively little speculative new build office development being undertaken in the provinces and with build costs rising at, or above the rate at which office rents are rising, so our market remains favourable. 

Since admission to AIM in February 2016 we have been pleased to achieve over 40% growth in NAV, which does not include the full lettings potential of our entire stock, which on completion is expected to result in further significant uplift in NAV. However, in common with many other property companies, we are mindful of the discount in the share price and are focussing on generating more liquidity in the Company's shares, as evidenced by our recent appointments of Smith & Williamson and Radnor Capital.

Asset management

Our development pipeline is now all but complete with less than £0.5m of further expenditure now required on our refurbishment at Somerset House, Temple Street Birmingham. 

New lettings in the investment portfolio have again improved the income profile, and should all the negotiations currently underway convert to lettings, the Company will be able to report that it has over £6 million of annualised rental income at the year-end.

Power House, our 21,400 sq ft office building in Milton Keynes, is now fully let following Stephen Eagell Ltd letting on a 10 year lease at a rent of £106,256 per annum. 

Following the completion of the letting of Unit 3 at Baildon Bridge in Shipley to Topps Tiles, Unit 2 is now under offer and, at completion, this 37,200 sq ft retail park will be fully let.

In October 2017, we were pleased to secure a letting on both industrial units (45,000 sq ft) at Great Blakenham, Ipswich, to Anchor Safety.

As previously reported our portfolio predominantly comprises high quality and well located regional offices with some "non-core" properties in other sectors which we have marked for sale on an opportunistic basis. 

Developments

Our developments at Milton Keynes and Great Charles Street, Birmingham, are almost complete with marketing well underway, whilst completion of Somerset House, Birmingham, is imminent with marketing due to commence early in January 2018.

Kent's Hill Park

In October we placed the first letting, of 5,500 sq ft, at K2 in solicitors' hands.  When we make further progress in the lettings we intend to take back K3 from Compass to undertake a further refurbishment. In the meantime, we are undertaking further landscaping improvements at the property to improve its letting prospects.

Somerset House

Completion of the office refurbishment is expected by the end of the calendar year and we are preparing to launch the asset to agents and begin a wider marketing campaign in January 2018.

Great Charles Street, Birmingham

36 Great Charles Street, Birmingham, is being marketed and we already have one letting in solicitors' hands at £18.50 per sq ft with active negotiations underway with an additional tenant for another half floor.

Outlook

Although we have seen some slowdown in the lettings market overall, we are pleased with the progress made in leasing up space across our portfolio and believe this demand is a direct reflection of the location and quality of our assets and particularly of the standard of our refurbishments and asset management initiatives, compared to the stock that we are competing against.  The investment market remains strong with little or no signs of a softening of yields.  Our team has a deep knowledge of the regional markets and a proven track record of acquiring and creating value from assets.  As and when we identify any suitable acquisition opportunities that we cannot fund from existing resources or from recycling stock and sales of non-core assets, we will explore funding opportunities to support our acquisitive strategy.

Condensed consolidated statement of comprehensive income
for the 6 months ended 30 September 2017
	Note		6 months to 30 September 2017		6 months to 30 September 2016		12 months to 31 March 2017
			(unaudited)		(unaudited)		(audited)
			£		£		£
Rental income	4		2,943,673		2,340,377		5,265,507
Other income	4		92,736		60,262		138,122
			3,036,409		2,400,639		5,403,629
Property expenses	5		(425,210)		(393,726)		(1,037,375)
Net rental income			2,611,199		2,006,913		4,366,254
Administrative expenses	6		(801,185)		(855,991)		(2,114,965)
Operating profit before gains on investment properties			1,810,014		1,150,922		2,251,289
Gains on disposal of investment properties			-		-		278,771
Gains on revaluation of investment properties	11		7,307,151		6,597,429		7,360,657
Negative goodwill on acquisition of CPUT			-		-		195,554
Listing costs			-		-		(107,493)
Operating profit			9,117,165		7,748,351		9,978,778
Finance income	7		1,293		46,542		48,511
Finance costs	8		(553,225)		(752,895)		(1,293,384)
Effective interest rate adjustment on borrowings			-		1,232,304		1,232,304
Net finance costs			(551,932)		525,951		(12,569)
Profit for the period before taxation			8,565,233		8,274,302		9,966,209
Taxation	9		99,030		(61,897)		(21,912)
Profit after taxation			8,664,263		8,212,405		9,944,297
Earnings per share	10		0.31		0.29		0.35
There is no comprehensive income other than that included in the profit for the period. All of the profit for the period is attributable to the owners of the Company.
All items in the above statement derive from continuing operations.
The accompanying notes form an integral part of these condensed consolidated interim financial statements.

Condensed consolidated statement of financial position
30 September 2017
	Note		30 September 2017		30 September 2016		31 March 2017
			(unaudited)		(unaudited)		(audited)
			£		£		£
Non-current assets
Investment properties	11		96,287,600		83,734,663		86,054,336
Property plant and equipment			26,080		32,894		29,158
Trade and other receivables	12		6,768,045		6,312,535		6,518,077
Deferred tax			1,314,814		908,553		1,141,887
Financial instruments at fair value through profit and loss			86		-		710
			104,396,625		90,988,645		93,744,168
Current assets
Trade and other receivables	12		1,352,137		1,757,277		1,195,372
Deferred tax			148,626		102,736		128,240
Cash and cash equivalents			5,161,605		2,991,506		4,893,807
			6,662,368		4,851,519		6,217,419
Total assets			111,058,993		95,840,164		99,961,587
Equity
Stated capital			42,542,179		42,542,179		42,542,179
Treasury share reserve			(380,001)		(380,001)		(380,001)
Retained earnings			17,588,004		8,606,688		9,659,457
Total equity			59,750,182		50,768,866		51,821,635
Non-current liabilities
Borrowings	13		48,800,835		44,085,159		45,590,423
			48,800,835		44,085,159		45,590,423
Current liabilities
Trade and other payables	14		2,507,976		986,139		2,549,529
			2,507,976		986,139		2,549,529
Total liabilities			51,308,811		45,071,298		48,139,952
Total liabilities and equity			111,058,993		95,840,164		99,961,587
The condensed consolidated interim financial statements were approved by the Board of Directors on 6 December 2017.
The accompanying notes form an integral part of these condensed consolidated interim financial statements.

Condensed consolidated statement of cash flows
for the 6 months ended 30 September 2017
				6 months to 30 September 2017			6 months to 30 September 2016		12 months to 31 March 2017
					(unaudited)		(unaudited)		(audited)
					£		£		£
Cash flows from operating activities
Profit for the period before taxation					8,565,233		8,274,302		9,966,209
Adjustments for:
Finance income					(1,293)		(46,542)		(48,511)
Finance expense					553,225		752,895		1,293,384
Depreciation					3,077		3,678		7,414
Gains on revaluation of investment properties					(7,307,151)		(6,597,429)		(7,360,657)
Gains on disposal of investment properties					-		-		(278,771)
Amortisation of loan arrangement fees					29,406		11,049		40,136
Fair value movement on interest rate swaps					625		(94,872)		(95,565)
Effective interest rate adjustment on borrowings					-		(1,232,304)		(1,232,304)
Negative goodwill on acquisition of CPUT					-		-		(195,554)
Increase in trade and other receivables					(406,733)		(3,700,877)		(3,409,020)
Decrease in trade and other payables					(113,253)		(1,327,035)		(103,177)
Cash generated from operating activities					1,323,136		(3,957,135)		(1,416,416)
Interest and other finance costs paid					(553,312)		(821,386)		(1,416,942)
Interest received					1,293		4,055		70,513
Net cash from operating activities					771,117		(4,774,466)		(2,762,845)
Cash flows from investing activities
Cost of additions to investment properties					(2,948,608)		(1,356,410)		(3,520,046)
Proceeds from disposal of investment properties					-		-		1,278,770
Cost of additions of property plant and equipment					-		(14,200)		(14,200)
Net cash from investing activities					(2,948,608)		(1,370,610)		(2,255,476)
Cash flows from financing activities
Repayment of borrowings					-		(38,966,135)		(39,775,343)
Drawdown of borrowings					3,181,005		44,244,177		46,529,563
Dividends paid					(735,716)		(657,613)		(1,358,245)
Net cash used in financing activities					2,445,289		4,620,429		5,395,975
Net increase / (decrease) in cash and cash equivalents					267,798		(1,524,647)		377,654
Cash and cash equivalents at the beginning of the period					4,893,807		4,516,153		4,516,153
Cash and cash equivalents at the end of the period					5,161,605		2,991,506		4,893,807
The accompanying notes form an integral part of these condensed consolidated interim financial statements.

Condensed consolidated statement of changes in equity
for the 6 months ended 30 September 2017
		Share capital		Treasury shares reserve		Retained earnings		Total
		£		£		£		£
As at 1 April 2016		42,542,179		(380,001)		1,073,405		43,235,583
Profit for the period		-		-		8,212,405		8,212,405
Dividends		-		-		(679,122)		(679,122)
As at 30 September 2016		42,542,179		(380,001)		8,606,688		50,768,866
Profit for the period		-		-		1,731,892		1,731,892
Dividends		-		-		(679,123)		(679,123)
As at 31 March 2017		42,542,179		(380,001)		9,659,457		51,821,635
Profit for the period		-		-		8,664,263		8,664,263
Dividends		-		-		(735,716)		(735,716)
As at 30 September 2017		42,542,179		(380,001)		17,588,004		59,750,182

Notes to the condensed consolidated interim financial statements
for the 6 months ended 30 September 2017
1 General information
These condensed consolidated interim financial statements are for Circle Property Plc ("the Company") and its subsidiary undertakings (together referred to as the "Group").
The Company's shares are admitted to trading on AIM, a market operated by the London Stock Exchange plc. The Company is domiciled and registered in Jersey, Channel Islands. The address of its registered office is 3rd Floor, Standard Bank House, 47-49 La Motte Street, St Helier, Jersey, JE2 4SZ.
The nature of the Company's operations and its principal activities are that of property investment in the UK.
2 Principal accounting policies
Basis of accounting
The condensed consolidated interim financial statements have been prepared in accordance with the IAS 34 "Interim Financial Reporting", and should be read in conjunction with the Group's last consolidated financial statements as at and for the year ended 31 March 2017. They do not include all of the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last financial statements.
Going concern
The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chief Executive's statement. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in these financial statements.
The Group has adequate financial resources together with long term rental contracts with a wide range of tenants. As a consequence, the Directors believe that the Group is well placed to manage its business risk successfully.
The Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they have adopted the going concern basis in preparing the interim financial statements.
Estimates and judgements
In preparing these condensed consolidated interim financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 March 2017.
3 Operating segments
During the period the Group operated in one geographical segment, which is the United Kingdom, and one reporting segment, which is investment in commercial property. Therefore no segmental reporting is required.
4 Revenue			6 months to 30 September 2017		6 months to 30 September 2016		12 months to 31 March 2017
			(unaudited)		(unaudited)		(audited)
			£		£		£
Rental income			2,676,937		2,099,171		4,743,974
SIC 15 adjustment (spreading of lease incentives)			266,736		241,206		521,533
			2,943,673		2,340,377		5,265,507
Insurance recovery			48,053		60,036		118,647
Other income			44,683		226		19,475
			92,736		60,262		138,122
			3,036,409		2,400,639		5,403,629
5 Property expenses			6 months to 30 September 2017		6 months to 30 September 2016		12 months to 31 March 2017
			(unaudited)		(unaudited)		(audited)
			£		£		£
Property expenses			140,501		81,627		260,705
Property service charges			144,397		167,185		337,635
Property repairs and maintenance costs			13,376		26,059		25,960
Property insurance			62,496		70,615		144,276
Property rates			39,440		48,240		68,799
Lease variation costs			25,000		-		200,000
			425,210		393,726		1,037,375
6 Administrative expenses			6 months to 30 September 2017		6 months to 30 September 2016		12 months to 31 March 2017
			(unaudited)		(unaudited)		(audited)
			£		£		£
Staff costs			397,675		318,218		1,060,222
Administration fees			124,248		126,000		251,829
Legal and professional fees			210,474		290,853		564,685
Audit fees			1,300		30,639		65,724
Accountancy fees			3,221		4,769		9,918
Rent, rates and other office costs			31,533		26,531		57,219
Other overheads			29,657		54,862		97,954
Depreciation of tangible fixed assets			3,077		4,119		7,414
			801,185		855,991		2,114,965
7 Finance income			6 months to 30 September 2017		6 months to 30 September 2016		12 months to 31 March 2017
			(unaudited)		(unaudited)		(audited)
			£		£		£
Bank interest			1,293		4,055		5,220
Loan interest			-		42,487		43,291
			1,293		46,542		48,511
8 Finance costs			6 months to 30 September 2017		6 months to 30 September 2016		12 months to 31 March 2017
			(unaudited)		(unaudited)		(audited)
			£		£		£
Swap interest			-		70,880		70,880
Loan interest			512,518		566,679		1,060,234
Loan commitment fees			10,676		24,159		42,699
Loan arrangement fees			29,406		186,049		215,136
Fair value movement on interest rate swaps			625		(94,872)		(95,565)
			553,225		752,895		1,293,384
9 Taxation			6 months to 30 September 2017		6 months to 30 September 2016		12 months to 31 March 2017
			(unaudited)		(unaudited)		(audited)
			£		£		£
Current tax			171,315		53,733		77,031
Over provision of current tax in prior year			(77,031)		-		-
Deferred tax charge / (credit)			57,942		8,164		(55,119)
Under provision of deferred tax credit in prior year			(251,256)		-		-
			(99,030)		61,897		21,912
10 Earnings per share
Basic earnings per share has been calculated on profit after tax attributable to ordinary shareholders for the period (as shown on the condensed consolidated statement of comprehensive income) and the weighted average number of ordinary shares in issue during the period.
			6 months to 30 September 2017		6 months to 30 September 2016		12 months to 31 March 2017
			(unaudited)		(unaudited)		(audited)
			£		£		£
Profit for the period			8,664,263		8,212,405		9,944,297
Weighted average number of shares			28,296,762		28,296,762		28,296,792
Earnings per ordinary share:			0.31		0.29		0.35
In the opinion of the Board, treasury shares held to satisfy share awards to management currently do not have any material value and hence do not have any dilutive effect. Therefore no diluted earnings per share has been presented.
11 Investment properties			30 September 2017		30 September 2016		31 March 2017
			(unaudited)		(unaudited)		(audited)
			£		£		£
Balance brought forward			93,025,000		77,735,000		77,735,000
Cost of additions to investment properties			2,926,114		1,356,410		3,912,856
Disposal of investment properties			-		-		(1,000,000)
Gains on revaluation of investment properties			7,307,151		6,597,429		7,360,657
Lease incentive amortisation			266,735		4,736,161		5,016,487
Fair value of investment properties per valuation report			103,525,000		90,425,000		93,025,000
Unamortised lease incentives			(7,237,400)		(6,690,337)		(6,970,664)
Closing fair value			96,287,600		83,734,663		86,054,336
The fair value of the Group's investment properties per the Valuation Report amounted to £103,525,000. The difference between the fair value of the investment properties per the Valuation Report and the fair value per the balance sheet of £7,237,400 relates to unamortised lease incentives which are recorded in the financial statements within non-current and current assets.
The Group has pledged all of its investment properties to secure banking facilities granted to the Group as detailed in note 13.
The fair value of the Group's investment properties at 30 September 2017 has been arrived at on the basis of valuation carried out by Savills (UK) Limited. The valuation was carried out in accordance with the Practice Statements contained in the Appraisal and Valuation Standards as published by the RICS. In forming their opinion of the fair value, the independent valuer's had regard to the current best use of the property, its investment attributes and recent comparable transactions. The valuation was carried out using the "All Risks Yield" method taking into consideration both sales and rental evidence and formulating the opinion of market value taking into account the properties' locations, specifications and specific characteristics.
12 Trade and other receivables			30 September 2017		30 September 2016		31 March 2017
			(unaudited)		(unaudited)		(audited)
			£		£		£
Non-current
Lease incentives			6,768,045		6,312,535		6,518,077
Current
Circle Property Trading (Maidstone) Limited			-		148,398		-
Loan interest due from Circle Property Trading (Maidstone) Limited			-		64,489		-
Lease incentives			469,355		377,802		452,587
Amounts due from property agents			92,421		8,951		68,767
Amounts due from tenants			173,707		241,063		153,123
VAT			463,076		783,394		352,717
Other receivables			153,578		133,180		168,178
			1,352,137		1,757,277		1,195,372
13 Borrowings			30 September 2017		30 September 2016		31 March 2017
			(unaudited)		(unaudited)		(audited)
			£		£		£
Brought forward			45,720,355		38,966,135		38,966,135
Loan repayments			-		(39,775,343)		(39,775,343)
Loan drawdowns			3,181,005		45,053,385		46,529,563
Facility drawn down			48,901,360		44,244,177		45,720,355
Unamortised lending costs			(100,525)		(159,018)		(129,932)
Total borrowings			48,800,835		44,085,159		45,590,423
The Group is party to a £50 million revolving facility with National Westminster Bank plc. The facility has a three year term with two options to extend for a further year, with a drawdown loan to value of up to 55% of the gross portfolio value and an interest rate of 1.85% over LIBOR.
Interest is charged at a rate of 0.74% on the undrawn loan facility of £1,098,640 (2016: £5,755,823).
14 Trade and other payables			30 September 2017		30 September 2016		31 March 2017
			(unaudited)		(unaudited)		(audited)
			£		£		£
Trade payables			638,437		332,247		384,092
Property improvement costs			498,364		-		471,375
Wages and salaries			54,459		-		411,948
Deferred income			782,446		401,836		760,364
Rental deposit accounts			129,622		135,620		129,591
Loan interest payable			215,333		23,194		215,243
Valuation fee			18,000		18,000		36,000
Current taxation			171,315		53,733		77,031
Dividends payable			-		21,509		-
Listing costs			-		-		63,885
			2,507,976		986,139		2,549,529
15 Post balance sheet events
There have been no post balance sheet events that would require disclosure or adjustment to these financial statements.
Registered Office, Officers and Registrars
Directors
Ian Henderson	Non-Executive Chairman
John Arnold	Chief Executive
Edward Olins	Chief Operating Officer
The Duke of Roxburghe	Non-Executive Director
James Hambro	Non-Executive Director
Michael Farrow	Non-Executive Director
Richard Hebert	Non-Executive Director	Resigned 21 September 2017
Timothy Scott Warren	Non-Executive Director	Appointed 21 September 2017
Company Secretary
Consortia Secretaries Limited
Registered Office
3rd Floor
Standard Bank House
47-49 La Motte Street
St Helier
Jersey
JE2 4SZ
Registrars
Computershare Investor Services (Jersey) Limited
Queensway House
Hillgrove Street
St Helier
Jersey
JE1 1ES

 

END

 

 

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