Final Results

Safeland PLC 9 June 2000 SAFELAND PLC: UNAUDITED PRELIMINARY RESULTS FOR 12 MONTHS TO 31ST MARCH 2000 PROPOSED DEMERGER, £3.0 MILLION PLACING + AIM ADMISSION OF BIZSPACE PLC HIGHLIGHTS * Safeland Preliminary Results: - Record pre-tax profits of £5.6million + 226% - Earnings per share advanced to 13.58p + 275% - Net asset value per share rises to 70p + 35% - Proposing final dividend in specie through demerger to replace cash dividend that was to be proposed of 2p per share which would have made 3p total for year + 36% * Bizspace demerger: - Proposed demerger of Bizspace Trading Limited with shares in Bizspace PLC to be distributed to Safeland shareholders in specie on the basis of: - 8 Bizspace shares for every 23 Safeland shares - Proposed Placing of Bizspace shares to raise £2.65 million after expenses + admission to AIM sought - Key characteristics of Bizspace are: - Provision of secure well managed branded work space - Aimed at both starter companies and established companies with short term overflow needs - Conversion of suitable buildings into smaller multi-let units ranging in size from 100 sq ft to 2,500 sq ft - Short term letting licences - all inclusive monthly fees - Bizspace currently comprises three work space centres - two in London + one in Manchester - providing a total of over 115,000 sq ft of accommodation 'The Board of Safeland believes there is tremendous potential for Bizspace as demand for well managed serviced work space is expanding quickly. At the same time it enables Bizspace to be judged on its own merits as an earnings based company and for our shareholders to benefit from the rating a support services business is likely to receive rather than a purely property rating based on net asset value. 'I believe we have already demonstrated our ability to nurture new earnings based businesses to the benefit of Safeland shareholders and we are confident that Bizspace's planned expansion programme will help deliver both real earnings and capital growth over the medium term.' Raymond Lipman, Chairman. Contact: Safeland PLC 020 8203 9099 Larry Lipman, Managing Director Paul Davis, Finance Director John East & Partners Limited 020 7628 2200 John East David Worlidge Simon Clements Insinger Townsley 020 7377 6161 Barry Townsley Simon Fox Bankside Consultants Limited 020 7220 7477 Baron Phillips Joanna Fifield CHAIRMAN'S STATEMENT A major feature of the year under review, in which we produced record profits, was the greater number of higher value property sales reflecting the acquisition strategy of the previous year. As shareholders know only too well, Safeland adopts an opportunistic view of the property market and is prepared to constantly review its strategy depending on where the Board believes it can best generate shareholder value. As a result it gives me great pleasure to be able to report a 226% increase in pre-tax profits to £5.6 million, against £1.7 million, for the 12 months to 31st March,1999. This is the Company's best ever performance, even exceeding the £5.1 million we produced in 1998, and is reflected in Safeland's earnings per share which has advanced by more than 275% to 13.58p against 3.62p last time. It is also interesting to note that in spite of the Company's principal business of property trading net asset value per share has seen a substantial increase to 70p after the 3,950,000 share reduction compared to 52p at the end of the previous year. Net assets have risen to £20.2 million in comparison to £17.4 million, an increase of some 16%. Once more we are proposing, subject to shareholder approval, to declare a final dividend in specie through our latest demerger which is replacing the cash dividend that would otherwise have been proposed of 2p per share which, together with the interim dividend of 1p per ordinary share already paid, would have made a total of 3p for the year against 2.2p last time, an increase of 36%. This year we are demerging our latest venture Bizspace Trading Limited, a workspace management company focusing on the provision of serviced work space. Safeland shareholders will receive 8 shares in the new company which we anticipate will be as successful as our previous demergers, Hercules Property Services PLC and Safestore PLC, for every 23 shares which they currently hold in Safeland. The Board of Safeland believes there is tremendous potential for Bizspace as demand for well managed serviced work space is expanding quickly. At the same time it enables Bizspace to be judged on its own merits as an earnings based company and for our shareholders to benefit from the rating a support services business is likely to receive rather than a purely property rating based on net asset value. I believe we have already demonstrated our ability to nurture new earnings based businesses to the benefit of Safeland shareholders and we are confident that Bizspace's planned expansion programme will help deliver both real earnings and capital growth over the medium term. As property trading is at the heart of our activities it is worth noting that there was a slight fall in total turnover during the year. For the period to the end of March 2000 turnover totalled £37.2 million compared with last year's £38.7 million, a reduction of around 4%. Unusually our trading activity during the year was dominated by a number of larger value deals with higher than normal gross margins, a point I noted in my half year statement to shareholders. Major disposals in the second part of the year included two properties in Spitalfields which we sold for a combined total of approximately £7.1 million against an original investment of less than £4.8 million. The latter half of the year was also dominated by the sale of our investment portfolio of seven self-storage centres, leased to Safestore, for a cash consideration of £8 million, reflecting a £700,000 profit over last year's book value. Although the sale generated a healthy profit the current year will see a consequent reduction in annual rental income of £538,400 which was being generated by the portfolio. Although the Board is extremely pleased by the progress made by Safeland over the last year, we would strike a cautionary note to current market conditions. The Directors believe that in certain of the Company's traditional sectors the market shows signs of overheating and the prices being paid for some properties make acquisitions uneconomic. Over the past few months our rate of acquisitions has slowed to reflect this view of present market conditions. This in turn will impact on our results for the first half of the year. However we firmly believe that prices will come back into line later on in the year allowing us to return to the market with our usual activity levels. Therefore it is against this background that we strike a cautionary note to short term prospects although we shall of course continue to monitor market conditions carefully to take advantage of improvements when they become apparent. Raymond Lipman Chairman 8th June 2000 CONSOLIDATED PROFIT AND LOSS ACCOUNT Year ended 31 March 2000 Note 2000 1999 £'000 £'000 Unaudited Audited TURNOVER 3 37,160 38,692 Cost of sales (27,286) (33,009) GROSS PROFIT 9,874 5,683 Sales and distribution costs (956) (977) Administrative expenses (3,140) (2,629) Other operating income 236 1,046 OPERATING PROFIT 6,014 3,123 Share of operating profit of joint venture 169 - TOTAL OPERATING PROFIT 6,183 3,123 Profit on disposal of investment properties 614 327 Interest receivable and similar income 297 278 Interest payable and similar charges (1,454) (1,996) Profit on ordinary activities before taxation 3 5,640 1,732 Tax on profit on ordinary activities (1,654) (521) Profit for the financial year 3,986 1,211 Equity dividends paid and proposed 4 (232) (696) Retained profit for the financial year 5 3,754 515 Basic earnings per share 2 13.58p 3.62p Diluted earnings per share 2 13.58p 3.62p All activities derive from continuing operations. STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Year ended 31 March 2000 2000 1999 £'000 £'000 Unaudited Audited Profit for the financial year 3,986 1,211 Unrealised surplus on revaluation of investment properties 432 222 Total recognised gains and losses for the year 4,418 1,433 CONSOLIDATED BALANCE SHEET 31 March 2000 Note 2000 2000 1999 £'000 £'000 £'000 UnauditedUnauditedAudited FIXED ASSETS Tangible assets 764 722 Investment properties 10,678 17,193 Investment in joint venture: Share of gross assets 2,221 - Share of gross liabilities (2,052) 169 - Investments 3,343 3,343 14,954 21,258 CURRENT ASSETS Stocks 12,198 14,485 Debtors (amounts falling due within one year) 956 1,274 Debtors (amounts falling due after more than one year) 4,440 - Cash at bank and in hand 8,420 2,948 26,014 18,707 CREDITORS: amounts falling due within one year (3,928) (3,658) NET CURRENT ASSETS 22,086 15,049 TOTAL ASSETS LESS CURRENT LIABILITIES 37,040 36,307 CREDITORS: amounts falling due after more than one year (16,846) (18,940) 20,194 17,367 CAPITAL AND RESERVES Called up equity share capital 1,436 1,634 Share premium account 5,304 5,304 Capital redemption reserve 251 53 Investment property revaluation reserve 858 426 Profit and loss account 12,345 9,950 EQUITY SRAREHOLDERS'FUNDS 5 20,194 17,367 CONSOLIDATED CASH FLOW STATEMENT Year ended 31 March 2000 Note 2000 1999 £'000 £'000 Unaudited Audited Net cash inflow from operating activities 6 12,025 9,878 Returns on investment and servicing of finance (1,157) (1,718) Taxation (1,044) (1,465) Capital expenditure (net) and financial 837 (2,516) investment Equity dividends paid (759) (169) Cash inflow before financing 9,902 4,010 Financing (4,422) (2,322) Increase in cash 7 5,480 1,688 1. BASIS OF PREPARATION The above results for the year ended 31 March 2000 are an abridged version of the group's statutory financial statements which have not been filed with the Registrar of Companies and which have not yet been reported on by the auditors. The balance sheet and profit and loss account do not constitute statutory financial statements within the meaning of Section 240 of the Companies Act 1985 (as amended). These statements have been prepared on the basis of the accounting policies as stated in the previous year's financial statements. The results for the year ended 31 March 1999 have been extracted from the financial statements of the group on which an unqualified report from the auditors has been issued and which have been filed with the Registrar of Companies. Copies of this announcement are available from the company's registered office at 144 Great North Way, London NW4 1EG. The Annual Report and Accounts will be sent to shareholders shortly. 2. EARNINGS PER SHARE Basic earnings per share of 13.58p (1999 - 3.62p) are based on the profit for the financial year of £3,986,000 (1999 - £1,211,000) and on 29,347,276 ordinary shares (1999 - 33,427,797 ordinary shares) being the weighted average number of shares in issue throughout the year. Exercise of share options in issue throughout the current and preceding years result in no potential dilution of the basic earnings per share. 3. SEGMENTAL INFORMATION The analyses of turnover, profit on ordinary activities before taxation and net assets attributable to the different classes of the group's business all of which were carried out in the United Kingdom after consolidation adjustments were as follows: 2000 1999 £'000 £'000 Unaudited Audited Turnover Property trading and refurbishment 35,825 37,423 Rental income from investment properties 1,335 1,269 37,160 38,692 Profit on ordinary activities before taxation Property trading and refurbishment 4,175 1,017 Investment properties 1,465 715 5,640 1,732 Net assets Property trading and refurbishment 14,462 14,156 Investment properties 5,732 3,211 20,194 17,367 4. EQUITY DIVIDENDS PAID AND PROPOSED 2000 1999 £'000 £'000 Unaudited Audited Interim dividend paid - 1p per 5p ordinary share (1999 - 0.5p per 5p ordinary share) 232 169 Final proposed dividend payable - nil (1999 - 1.7p per 5p ordinary share) - 527 232 696 The company repurchased a total of 3,950,000 ordinary shares of 5p each on 13 April 1999 and 28 June 1999. 5. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 2000 1999 £'000 £'000 Unaudited Audited Profit for the year 3,986 1,211 Dividends (232) (696) 3,754 515 Other recognised gains and losses 432 222 Repurchase of shares (including expenses) (1,359) (279) Net addition to equity shareholders' funds 2,827 458 Opening equity shareholders' funds 17,367 16,909 Closing equity shareholders' funds 20,194 17,367 6. RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES 2000 1999 £'000 £'000 Unaudited Audited Operating profit 6,014 3,123 Depreciation 145 132 Profit on sales of fixed assets (20) (24) Decrease in stocks 3,424 8,036 Decrease in debtors 1,298 176 Increase/(decrease) in creditors 1,164 (1,565) Net cash inflow from operating activities 12,025 9,878 7. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT 2000 1999 £'000 £'000 Unaudited Audited Increase in cash in the year 5,480 1,688 Cash outflow from decrease in debt 3,063 2,043 Change in net debt resulting from cash flows 8,543 3,731 Net debt brought forward (17,648) (21,379) Net debt carried forward (9,105) (17,648) 8. ANALYSIS OF NET DEBT At At 1 April Cash Other 31 March 1999 Flows changes 2000 £'000 £'000 £'000 £'000 Audited Unaudited Unaudited Unaudited Cash at bank and in hand 2,948 5,472 - 8,420 Overdrafts (8) 8 - - 2,940 5,480 - 8,420 Debt due within one year (1,648) 2,724 (1,755) (679) Debt due after one year (18,940) 339 1,755 (16,846) Total (17,648) 8,543 - (9,105) Safeland Plc ('Safeland' or the 'Company') Demerger of Bizspace Trading Limited ('Bizspace Trading') and Placing and Admission to AIM of Bizspace PLC ('Bizspace') Safeland recently acquired three serviced work space properties through its wholly-owned subsidiary, Bizspace Trading. The Board of Safeland announces that it intends to demerge Bizspace Trading. The demerger will be effected by selling the entire issued share capital of Bizspace Trading to a new holding company, currently outside the Safeland Group, Bizspace, for a consideration of 9,989,680 new Bizspace shares which are to be distributed in specie to Safeland Shareholders. At the same time as the demerger, Bizspace is conditionally raising £2.65 million, net of expenses, by way of a placing. Safeland intends to participate in the placing by subscribing for 1,428,571 Bizspace shares for a consideration of £1 million. Application will be made for the entire issued and to be issued share capital of Bizspace to be admitted to AIM. In view of the size and nature of the demerger, the fact that Larry Lipman and Paul Davis are directors of Bizspace and it is intended that they be granted options over Bizspace Shares and that Safeland proposes to invest in Bizspace and has given certain warranties and indemnities under the Placing Agreement, the demerger proposals are conditional, inter alia, on the approval of Safeland Shareholders as well as the admission of Bizspace shares to trading on AIM. The approval of Safeland Shareholders will be sought at an EGM to be held on 26th June, 2000. The demerger Bizspace has been established to become the holding company of Bizspace Trading. Pursuant to the demerger, the entire issued share capital of Bizspace Trading will be sold to Bizspace for a consideration of 9,989,680 new Bizspace shares. In consideration of that sale, Safeland Shareholders on the register at the close of business on 30th June 2000, will receive an in specie dividend of such shares, on the following basis: 8 Bizspace Shares for every 23 Safeland Shares then held and so in proportion for any other number of Safeland shares held. Each Bizspace share will be issued credited as fully paid as to its nominal value of 5p and as to 65p in respect of share premium. Entitlements to Bizspace shares will be rounded down to the nearest whole Bizspace share. Any fractions arising will be aggregated and sold in the market for the benefit of Bizspace. Accordingly, immediately following the demerger, Safeland shareholders will continue to hold their existing shareholding of Safeland shares and, in addition, will hold their appropriate entitlement of Bizspace shares. Application will be made for the issued and to be issued share capital of Bizspace to be admitted to trading on AIM. Safeland has agreed to subscribe £1 million for 1,428,571 Bizspace shares in the placing and as a consequence will be interested in 10.0 per cent of the issued ordinary share capital of Bizspace following admission to AIM. Safeland has undertaken that it will not dispose of any interest in Bizspace shares before the expiry of the 12 month period from Admission and for a further 12 months thereafter, without the prior written consent of John East & Partners Limited and Insinger Townley, such consent not to be unreasonably withheld or delayed. Reasons for the demerger Shareholders may recall that in April 1996, the Board announced proposals for the demerger of Hercules Property Services PLC by way of a distribution in specie to Safeland Shareholders and in March 1998 announced similar proposals for the demerger of Safestore PLC. The Board believes that the ability of Hercules Property Services PLC and Safestore PLC to exploit opportunities available to them and to develop rapidly, have been enhanced by demerging them from Safeland, obtaining a quotation for their shares on AIM and thereby increasing their ability to access capital. The Board also expects that, as with the Hercules Property Services PLC and Safestore PLC demergers, this demerger will allow Bizspace to establish itself as an independent group and thereby maximise its potential to exploit its own particular opportunities in its sector. In the opinion of the Board, as indicated at the time of both demergers, Safeland, in common with other quoted property companies, continues to be valued by the stock market primarily by reference to its net asset value. The Board believes that this method of valuation would have undervalued Hercules Property Services PLC and Safestore PLC's businesses and that a similar problem would arise in relation to the recognition of the value of the Bizspace Trading business if it were to remain part of the Safeland Group. Implementation of the demerger The implementation of the demerger will require, inter alia, the approval of Safeland Shareholders by the passing of the demerger Resolution at the EGM. The demerger is also conditional on the admission of Bizspace to AIM. Application will be made to the London Stock Exchange for the whole of the issued and to be issued ordinary share capital of Bizspace to be admitted to trading on AIM and dealings in Bizspace Shares on AIM are expected to commence on 3rd July, 2000. Subject to the passing of the demerger Resolution and Admission, it is expected that definitive share certificates in respect of Bizspace Shares will be despatched to Safeland Shareholders by 10th July, 2000. The Placing At the same time as the demerger, Bizspace is raising conditional, inter alia, upon admission to AIM, £2.65 million, net of expenses. The net proceeds of the Placing will be utilised by Bizspace as to approximately £1 million to repay the intercompany loan due to Safeland and £480,000 to repay part of its bank indebtedness (both of which were incurred in connection with the purchase of the work space properties) with the balance available for working capital and investment in further properties as opportunities arise. Under the terms of the Placing Agreement, the Company has given certain warranties and indemnities, which are capped at £2 million, to John East & Partners and Insinger Townsley in relation to, inter alia, the history of the Bizspace group and the accuracy of the Bizspace prospectus and are consistent with those typically contained in a placing agreement. The Work Space Market The directors of Bizspace believe there has been an increase in the demand for flexible business space on flexible terms. This market comprises three sectors, namely: * work space; * serviced offices; and * self-storage. Bizspace specialises in work space, which typically comprises small unit accommodation within a managed centre which provides a base for small and medium sized businesses on flexible terms. The centre provides a vacant unit in a secure environment. The occupier is responsible for providing any plant, equipment and furnishings relevant to his business. Generally, work space accommodation is of a lower specification than that usually found in serviced offices. The Business of Bizspace The Concept The Directors intend to create a branded work space group providing secure accommodation aimed at starter businesses or established businesses with short term overflow needs. The Directors intend that the Bizspace Group will acquire suitable buildings and convert them into smaller units of 100 sq ft to 2,500 sq ft, which will be available for short term multi-let occupation. Bizspace's existing work space portfolio During May 2000 Bizspace Trading acquired three work space centres which the Directors intend will form the base for future growth. Existing work space centres Details of the three work space centres currently owned by Bizspace Trading are set out below. * Camberwell Business Centre, Lomand Grove, London SE5. A 68 unit 0.3 acre site with units ranging in size from 85 sq ft to 720 sq ft situated within a predominantly residential area, adjoining a nursery/day care centre and a short distance from Camberwell Green's shopping facilities. * Europa Business Park, Bird Hall Lane, Cheadle Heath, Stockport, Manchester. A 66 unit 3.7 acre site with units ranging in size from 104 sq ft to 11,562 sq ft. situated in an established business district approximately 6 miles south of Manchester city centre. * Shakespeare Business Centre, Coldharbour Lane, London SW9. A 60 unit 0.21 acre site with units ranging in size from 84 sq ft to 1,180 sq ft situated within a mixed commercial and residential area and a short distance from Loughborough Junction Station and Brixton underground station and shopping facilities. Details of the total square footage and occupancy levels as at 30th April 2000 are as follows: Total sq footage Occupancy levels at Sq ft 5th May, 2000 Camberwell Business Centre 22,566 91 per cent. Europa Business Park 68,139 88 per cent. Shakespeare Business Centre 24,799 95 per cent. Site acquisition strategy The directors of Bizspace believe that the key criterion for a successful work space group is the ability to acquire suitable centres at prices and in locations which enable Bizspace to maximise returns. The core cost of Bizspace's business is the cost of the property from which it operates. The directors of Bizspace intend to identify properties in good locations which can be acquired, refurbished and rebranded at a low cost. The Board of Bizspace considers that it has the relevant property expertise and ability successfully to grow the Bizspace Group organically by the acquisition of further centre meeting this above criterion. The centres will be sourced using the extensive network of contacts that the executive Directors have within the commercial property sector. Expansion Programme The three centres are shortly to undergo a program of upgrading and rebranding as Bizspace centres. It is intended that Bizspace will expand its operations further in due course both through organic growth and acquisition. The appropriate needs of funding this expansion will be determined by the Board, and may be secured through equity and/or debt. Directors of Bizspace Larry Lipman, aged 43, Chairman Mr Lipman has gained extensive experience of the property market over the last twenty years. He is managing director of Safeland, where his primary focus is on trading opportunities and the assessment of potential investments and refurbishment projects. Mr. Lipman is also chairman of Hercules Property Services PLC and a non-executive director of Safestore PLC (having resigned as executive chairman in February 2000) and has been instrumental in the successful development and rapid growth of both companies. Paul Davis, aged 47, Finance Director Mr Davis qualified as a Chartered Accountant in 1975 and has been finance director of Safeland since he joined the company in 1992. He was instrumental in the previous demergers of both Hercules Property Services PLC and Safestore PLC and is finance director of the former and acts as a consultant to the latter, having resigned as finance director in May 2000. He has been actively involved in the various corporate acquisitions and fund raising activities of all three companies. Jonathan Radgick, aged 43, Non-executive Director Mr Radgick qualified as a chartered surveyor in 1984 and was made a fellow of The Royal Institute of Chartered Surveyors in 1991. Following a period at the Bank of England working in the Economic Intelligence Department, he joined Harman Healy in 1979 and was promoted to the position of partner in 1984. He became a director on its incorporation in 1987 and was promoted to the office of managing director in 1990. He joined the Board of Hercules Property Services PLC on its flotation on AIM in 1996 and resigned in May 2000. Stephen Landy, aged 52, Non-Executive Director Mr Landy qualified as a chartered accountant in 1971 and was an audit manager with Coopers and Lybrand. He then joined Wilder Coe, a London firm of Chartered Accountants and is now managing partner. He joined the Board of Safestore PLC on its flotation on AIM in 1998 and resigned in November 1999. He is a non-executive director of a number of private companies and specialises in providing corporate advice. In order to provide them with a suitable incentive it is proposed that Larry Lipman and Paul Davis will each be granted options to subscribe for 250,000 Bizspace Shares at 5p per share. The options would ordinarily be exercised after 18 months and prior to 10 years from Admission. The options would only be exercisable if, for the five dealing days prior to the date on which Larry Lipman or Paul Davis seek to exercise his options, the closing middle market quotation for a Bizspace share, as derived from the appropriate section of the Daily Official List of the London Stock Exchange, is at least 80p. In view of the fact that Larry Lipman and Paul Davis are directors of Safeland, the granting of the share option arrangements by Bizspace requires the approval of the independent shareholders of Safeland. Larry Lipman, Paul Davis and Safeland Holdings Corporation have agreed to abstain from voting on the appropriate resolution at the EGM and have undertaken to take reasonable steps to ensure that their associates also abstain from voting on such resolution. Under the terms of their secondment agreements, each of Larry Lipman and Paul Davis will seek the approval of the Board of Safeland before either of them introduces to Bizspace the opportunity to purchase any suitable property of which they become aware. Business of Safeland following the demerger Safeland will continue to carry on its core property business with its principal activities being property trading and development by way of refurbishment. This business has achieved continuing growth in terms of the net asset value per share, which has increased progressively over the last three years to 31st March, 2000. Financial effects of the demerger In the absence of the proposed demerger, the Board would have expected to declare a final cash dividend of 2p per share, giving rise to a total dividend of 3p per share for the year ended 31st March, 2000. This dividend would have represented a 36 per cent. increase over the cash dividend paid in the previous financial year of Safeland to 31st March, 1999 of 2.2p. After the demerger, Safeland will continue to carry its investment in Bizspace at cost and therefore the demerger itself will have no overall material effect on the net asset position of Safeland. The directors believe that implementation of the Proposals should provide a significant benefit to Safeland Shareholders. As stated above, the Board considers that Safeland is currently valued by the stock market primarily by reference to its net asset value. This method of valuation is typically applied by stock market analysts and investors to property companies with core operating activities similar to those undertaken by the property business of Safeland. In contrast, Bizspace Trading is an earnings-related business and its directors anticipate that following its admission to AIM, Bizspace should be valued by analysts and investors on a suitable price earnings multiple of its prospective earnings. The anticipated market capitalisation of Bizspace following the demerger will be approximately £10.0 million at the placing price of 70p per Bizspace share. On this basis, the gross value of the distribution in specie is approximately 24 pence per existing issued Safeland share. SAFELAND PLC NOTES TO EDITORS 1. Following the demerger, Bizspace will have a market capitalisation of £10m based on the 70p per share Placing price. 2. On admission to AIM there will be a total of 14.275m ordinary Bizspace shares in issue 3. Safeland and its Directors will have an interest in, directly or indirectly, approximately 37.3% of Bizspace. 4. The demerger of Bizspace represents Safeland's third demerger since 1996. 5. In 1996 the company demerged Hercules Property Services with an initial Market Capitalisation of £1.5m. Today Hercules' market cap is approx. £33.5m 6. Hercules is a property services group that embraces property auctioneers Harman Healy, consultant surveyors Dunlop Heywood, residential property managers Simmonds & Partners and the insurance intermediary Heritage Insurance Services. 7. Two years ago Safeland demerged and floated on AIM the self-storage company Safestore which today has a market capitalisation of approximately £30m. 8. Safeland is a fully listed property trading business.

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