Annual Financial Report

RNS Number : 7884T

Schroder AsiaPacific Fund PLC

18 December 2012

 



18 December 2012

Annual Report and Accounts

Schroder AsiaPacific Fund plc (the "Company") hereby submits its Annual Report and Accounts for the year ended 30 September 2012 as required by the UK Listing Authority's Disclosure and Transparency Rule 4.1.

The Company's Annual Report and Accounts for the year ended 30 September 2012 are also being published in hard copy format and an electronic copy will shortly be available to download from the Company's website http://www.schroderasiapacificfund.com.  Please click on the following link to view the document:

The Company has submitted its Annual Report and Accounts to the National Storage Mechanism and it will shortly be available for inspection at www.hemscott.com/nsm.do.

Enquiries:

John Spedding

Schroder Investment Management Limited                                        Tel: [phone]

Chairman's Statement

Investment Performance

The year to 30 September 2012 was a positive year for investors in Asia and the Company's diluted net asset value produced a total return of 28.7%. The Company also significantly out-performed its benchmark Index, the MSCI All Countries Asia ex Japan Index, which produced a total return of 15.7% over the year. The Company's share price also performed well producing a total return of 25.7% over the year.

Further comment on performance and investment policy may be found in the Investment Manager's Report.

Appointment of a Director

As part of our commitment to the refreshment of the composition of the Board over time, the Directors undertook a search for an additional Board member during the year. Following a successful conclusion of that search, we are pleased to announce the appointment of Mrs Rosemary Morgan as a non-executive Director of the Company with effect from 1 July 2012. In accordance with the Company's Articles of Association, the election of Mrs Morgan will be proposed at the forthcoming Annual General Meeting. We recommend that shareholders vote in favour of the resolution which is set out in the Annual Report.

A full biography for Mrs Morgan can be found on the inside front cover of the Annual Report.

Final Dividend

The Directors recommend the payment of a final dividend of 3.35 pence per share for the year ended 30 September 2012, an increase of 21.8% from the 2.75 pence per share paid in respect of the previous financial year. Net revenue after taxation for the year significantly increased when compared to the previous year (2012: £4,916,000 - 2011: £4,033,000). If the resolution proposed at the Annual General Meeting to pay a final dividend is passed, the dividend will be paid on 30 January 2013 to shareholders on the Register on 4 January 2013.

Gearing

At the beginning of the year, the Company's gearing stood at 4.4% and this had increased to 5.7% at the end of the year. All of the borrowings were obtained via a revolving credit facility in order to provide flexibility, and the facility was renewed on an unsecured basis in May 2012. The Board continues to review the gearing position on a regular basis and believes that the ability to gear will add value over the long term.

Purchase of Shares for Cancellation

At the Company's last Annual General Meeting on 1 February 2012, the Company was given the authority to purchase up to 14.99% of its issued share capital for cancellation. The share buy-back facility is one of a number of tools that may be used to enhance shareholder value and to reduce discount volatility.

The Board continues to believe that it is not necessarily in the best interests of shareholders as a whole to adopt a rigid discount control mechanism that seeks to target a defined maximum discount level regardless of market conditions. Instead the Board continues to follow a more flexible strategy that takes into account the level of discount at which the Company's peer group trades as well as the absolute level of its own discount and prevailing market conditions. Over the last year, the longer term target maximum discount level was again set at approximately 10% and the Board will continue to target this level but will review it quarterly and will amend the target in line with market conditions as necessary. In this context the Board, together with its broker, monitors the discount at which the shares trade to the fully diluted capital-only net asset value which currently stands at 9.5% (as at 13 December 2012) and which averaged 8.6% over the year ended 30 September 2012.

The Directors did not need to utilise the authority given to them last year and no Ordinary shares were purchased for cancellation during the year ended 30 September 2012. However, a total of 4,700,000 Ordinary shares have been purchased for cancellation since the end of the year. The Board continues to monitor the discount to which the Company's Ordinary shares trade on the market and to consider whether purchases of the Ordinary shares should be made on a regular basis. It therefore proposes that this authority be renewed at the forthcoming Annual General Meeting.

Subscription Shares

During the year under review, a total of 34,951 Subscription shares were converted into Ordinary shares, and since the end of the financial year, a further 1,118 Subscription shares have been converted into Ordinary shares.

A Circular reminding shareholders of the final subscription date on 31 December 2012, the final Subscription share price of 245p per share, outlining procedures for subscription and setting out the base costs for the Subscription shares for capital gains tax purposes, has already been sent to all Subscription shareholders.

We would urge all Subscription shareholders to consider whether they wish to convert their Subscription shares into Ordinary shares on 31 December 2012, as this is the final exercise date. The subscription price for the one remaining subscription date is 245p per share. Investors should seek independent financial advice if they are unsure about what action to take.

If Subscription shares remain unexercised on 31 December 2012, the last Subscription date, they will expire.

Annual General Meeting

The Annual General Meeting will be held on Tuesday 29 January 2013 at 11.30 a.m. and shareholders are encouraged to attend. As in previous years, Matthew Dobbs, on behalf of the Investment Manager, will give a presentation on the prospects for Asia and the Company's investment strategy.

Outlook

It is always pleasing to report on a year when both the share price and the net asset value are up by more than a quarter. It is also pleasing to report that, far from coincidentally, the Asia Pacific region is a relative oasis of calm at a time when most of the developed world continues to struggle with low growth and too much debt.

There are local risks, as discussed in the Manager's Review, and there must always be short-term concern about any market or investment strategy that outperforms Western markets by as much as has happened recently. Your Board continues to believe, however, that the region should be an integral part of most long-term investment portfolios, based on its growth potential and financial stability.

The Hon Rupert Carington

Chairman

14 December 2012

Investment Manager's Review

The net asset value of the Company recorded a total return of 28.7% over the twelve months to end September 2012. This represents substantial outperformance of the benchmark, the MSCI All Countries Asia ex Japan Index which rose 15.7% over the same period.

Regional markets made positive progress over the year under review despite some challenging global developments, particularly the continued bouts of uncertainty over the future of the euro with the focus shifting from the smaller economies of Greece and Portugal to the systemically more critical cases of Spain and Italy. The impact of a potential break-up and attendant economic dislocation in Europe would come through many channels. Most obviously the European economic bloc is a major trading partner of, and competitor to, Asia while European domiciled banking groups play important roles in the region, particularly in the corporate and trade finance sectors. The experience of 2008 has left Asian investors with a healthy respect for the indiscriminate effects of a global credit crunch.

While Europe has tended to grab the headlines, sluggish growth in the United States also contributed to the subdued sentiment. Washington brinkmanship over the debt ceiling, the downgrading of its sovereign rating, and a perception of policy drift has added to the mood even though America's economic performance has been respectable compared to other developed economies due to stabilization of private consumption and improvement in the net trade position.

The big domestic talking point in the region was China. Expectations on growth were revised downwards with a modest recovery in the residential property market one of the few bright spots despite distinct ambivalence on the part of the authorities. Although there were some indications of monetary and fiscal loosening later in the period, the quantum was very limited, resulting in cautious sentiment among local investors, and a widespread feeling that the leadership transition was hampering any material Government-led initiatives.

Despite the lacklustre global back drop and the travails of both China and India as the regional giants, a number of markets offered respectable returns. This was particularly true in ASEAN where domestic factors dominated, and discipline in capital spending enhanced corporate returns. The exception was Indonesia given exposure to weak commodity prices and a negative swing in the trade balance.

Outside ASEAN, Hong Kong was able to shrug off the cold winds from its giant neighbour, as well as a flow of government measures seeking to cool the residential property market. The trade dependent markets of Taiwan and Korea struggled to progress as exports have slowed and policy responses to lower inflationary pressures have been muted.

India has been the notable laggard overall, at least in sterling terms. Concern over weak fiscal and external balances have been compounded by the perception of political deadlock, contributing to a notable fall in the rupee exchange rate.

Performance and Portfolio Activity

The relative performance of the Company's portfolio has been strong over the period. The main contributors were strong stock selection in Korea, Hong Kong, Taiwan and Singapore, with lesser added value from the Philippines, Thailand and Indonesia. Country allocation also contributed, though to a lesser extent, with the underweightings in India and Indonesia and the overweighting in Thailand and Singapore being the main contributors.

Portfolio positioning in terms of country and sector exposure has been broadly stable over the period. At the margin, we added to Thailand, Indonesia and Australia at the expense of Singapore and Malaysia. Within HK/China, our emphasis has remained upon Hong Kong given superior corporate governance and more seasoned management in the face of an overall slowing in the Chinese economy.

Outlook and Policy

We remain wary of basing any substantive portion of portfolio policy on grand thinking on whether the United States will be stronger than people expect (though on balance we think it will not) and that Europe will be even weaker than expectations. It seems similarly futile to second guess the next stages of QE in its various forms apart from a suspicion that, for highly indebted Western democracies, the tendency must be towards inflation and devaluation of the currency as opposed to internal price adjustments. Consequently the creditors (savers including Asia) will end up sharing some of the pain of adjustment.

However, despite all this uncertainty, we believe there are pockets of value in Asia where valuations overall remain somewhat below the historic averages and consequently we maintain a modest level of gearing. Generally, we do not see much attractiveness in the more defensive sectors such as consumer staples, health care and utilities, and we are underweight these sectors. High valuations by historic standards reflect the fact that these sectors are over-owned and consensus. Even telecoms are not that cheap but their yield characteristics remain attractive. In contrast, a number of more cyclical areas such as industrials, information technology and basic materials are offering much better value.

Asia cannot be immune to the trends in the broader global economy and, at least in the short-term, the regional markets will remain somewhat correlated with developed equity markets. However, generally robust financial conditions and well capitalized banking sectors, high domestic savings and strong monetary and fiscal positions do give the region policy flexibility should external conditions deteriorate further.

The key domestic worry in Asia remains China, which also has potential ramifications for those parts of the region (commodity producers most obviously) which are the results of that country's investment led growth. The recent earnings season was tough for Chinese companies due to rising costs, slowing revenues, still strong capital spending and government measures which, generally consciously, are tending to squeeze SOE profitability. We continue to be underweight China along with Taiwan and Korea among major regional markets, while remaining overweight Hong Kong, Singapore and Thailand.

Schroder Investment Management Limited

14 December 2012

Principal Risks and Uncertainties

The Board has adopted a matrix of key risks which affect its business and a robust framework of internal control which is designed to monitor those risks to enable the Directors to mitigate them as far as possible and which assists in determining the nature and extent of the significant risks the Board is willing to take in achieving its strategic objectives. A full analysis of the Directors' system of internal control and its monitoring system is set out in the Corporate Governance Statement. The principal risks are considered to be as follows:

Financial Risk

The Company is exposed to the effect of market fluctuations due to the nature of its business. A significant fall in regional equity markets would have an adverse impact on the market value of the Company's underlying investments. The Board considers the portfolio's risk profile at each Board meeting and discusses with the Manager appropriate strategies to mitigate any negative impact of substantial changes in markets.

The Company invests in underlying assets which are denominated in a range of currencies and therefore has an exposure to changes in the exchange rate between Sterling and other currencies, which has the potential to have a significant effect on returns. While the Directors consider the Company's hedging policy on a regular basis, the Company did not engage in currency hedging to reduce the risk of currency fluctuations and the volatility of returns which might result from such currency exposure during the year ended 30 September 2012.

The Company may invest in put options on indices and equities in the region, to protect part of the capital value of the assets against market falls.

The Company utilises a credit facility, currently in the amount of US$75 million, which increases the funds available for investment through borrowing ("gearing"). Therefore, in falling markets, any reduction in the net asset value and, by implication, the consequent share price movement is amplified by the gearing. The Directors keep the Company's gearing under constant review and impose strict restrictions on borrowings to mitigate this risk. The Company's gearing continues to operate within pre-agreed limits so that gearing does not exceed 20% of shareholders' funds.

A full analysis of the financial risks facing the Company is set out in note 20 on pages 35 to 39 of the Annual Report.

Strategic Risk

Over time investment vehicles and asset classes can become out of favour with investors or may fail to meet their investment objectives. This may be reflected in a wide discount of the share price to underlying asset value. Directors periodically review whether the Company's investment remit remains appropriate and continually monitor the success of the Company in meeting its stated objectives. Further details may be found under "Investment Performance" and "Discount Management" above.

Accounting, Legal and Regulatory Risk

In order to continue to qualify as an investment trust, the Company must comply with the requirements of Section 1158 of the UK Corporation Tax Act 2010. Should the Company not comply with these requirements, it might lose investment trust status and capital gains within the Company's portfolio could, as a result, be subject to Capital Gains Tax.

Breaches of the UK Listing Rules, the Companies Acts or other regulations with which the Company is required to comply, could lead to a number of detrimental outcomes and damage the Company's reputation. Breaches of controls by service providers, including the Manager, could also lead to reputational damage or loss.

The Board's system of internal control seeks to mitigate the potential impact of these risks and it also relies on its advisers to assist it in ensuring continued compliance.

Statement of Directors' Responsibilities

The Directors are responsible for preparing the Annual Report, the Remuneration Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law they have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

•          select suitable accounting policies and then apply them consistently;

•          make judgements and accounting estimates that are reasonable and prudent; and

•          state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements respectively.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements and the Remuneration Report comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Under applicable law and regulations, the Directors are also responsible for preparing a Report of the Directors and Corporate Governance Statement that comply with that law and those regulations.

Each of the Directors, whose names and functions are set out in the inside front cover of this Report, confirms that, to the best of their knowledge:

•          the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and net return of the Company; and

•          the Report of the Directors includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

Going Concern

The Directors believe that, having considered the Company's investment objective (see inside front cover of the Annual Report), risk management policies (see note 20 to the accounts on pages 35 to 39 of the Annual Report), capital management policies and procedures (see note 21 to the accounts on page 40 of the Annual Report), the nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. For these reasons, they consider that there is reasonable evidence to continue to adopt the going concern basis in preparing the financial statements.

Income Statement

For the year ended 30 September

			2012			2011
		Revenue	Capital	Total	Revenue	Capital	Total
		£'000	£'000	£'000	£'000	£'000	£'000
Gains/(losses) on investments held at fair
value through profit or loss		-	86,326	86,326	-	(25,272)	(25,272)
Net foreign currency gains/(losses)		-	809	809	-	(1,718)	(1,718)
Income from investments		9,897	-	9,897	9,284	242	9,526
Other interest receivable and similar income		229	-	229	117	-	117
Gross return/(loss)		10,126	87,135	97,261	9,401	(26,748)	(17,347)
Investment management fee		(3,617)	-	(3,617)	(3,527)	-	(3,527)
Administrative expenses		(699)	-	(699)	(777)	-	(777)
Net return/(loss) before finance costs and
taxation		5,810	87,135	92,945	5,097	(26,748)	(21,651)
Finance costs		(456)	-	(456)	(260)	-	(260)
Net return/(loss) on ordinary activities
before taxation		5,354	87,135	92,489	4,837	(26,748)	(21,911)
Taxation		(438)	(52)	(490)	(804)	(75)	(879)
Net return/(loss) on ordinary activities
after taxation		4,916	87,083	91,999	4,033	(26,823)	(22,790)
Return/(loss) per Ordinary share
Undiluted		3.37p	59.67p	63.04p	2.60p	(17.32)p	(14.72)p
Diluted		3.37p	59.67p	63.04p	2.59p	(17.22)p	(14.63)p

The "Total" column of this statement is the profit and loss account of the Company. The "Revenue" and "Capital" columns represent supplementary information prepared under guidance issued by The Association of Investment Companies. The Total column includes all the information that is required to be disclosed in a Statement of Total Recognised Gains and Losses ("STRGL"). For this reason a STRGL has not been presented.

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year.

Reconciliation of Movements in Shareholders' Funds

for the year ended 30 September 2012

Called-up	Capital		Share	Warrant
	share	redemption	Share	purchase	exercise	Capital	Revenue
	capital	reserve	premium	reserve	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 30 September 2010	17,103	81	25,592	110,529	8,704	221,101	5,003	388,113
Repurchase and cancellation of
the Company's own Ordinary shares	(52)	52	-	(1,157)	-	-	-	(1,157)
Repurchase and cancellation of
the Company's own Ordinary shares
following a tender offer	(2,571)	2,571	-	(60,893)	-	-	-	(60,893)
Issue of Ordinary shares on exercise
of Subscription shares	397	-	8,152	-	-	-	-	8,549
Net (loss)/return on ordinary activities	-	-	-	-	-	(26,823)	4,033	(22,790)
Ordinary dividends paid in the year	-	-	-	-	-	-	(4,542)	(4,542)
At 30 September 2011	14,877	2,704	33,744	48,479	8,704	194,278	4,494	307,280
Issue of Ordinary shares on exercise
of Subscription shares	3	-	72	-	-	-	-	75
Net return on ordinary activities	-	-	-	-	-	87,083	4,916	91,999
Ordinary dividends paid in the year	-	-	-	-	-	-	(4,014)	(4,014)
At 30 September 2012	14,880	2,704	33,816	48,479	8,704	281,361	5,396	395,340

Balance Sheet

at 30 September 2012

		2012	2011
		£'000	£'000
Fixed assets
Investments held at fair value through profit or loss		417,326	320,519
Current assets
Debtors		1,775	4,155
Cash and short-term deposits		11,493	12,274
		13,268	16,429
Current liabilities
Creditors: amounts falling due within one year		(35,254)	(29,668)
Net current liabilities		(21,986)	(13,239)
Net assets		395,340	307,280
Capital and reserves
Called-up share capital		14,880	14,877
Share premium		33,816	33,744
Capital redemption reserve		2,704	2,704
Share purchase reserve		48,479	48,479
Warrant exercise reserve		8,704	8,704
Capital reserves		281,361	194,278
Revenue reserve		5,396	4,494
Total equity shareholders' funds		395,340	307,280
Net asset value per Ordinary share
Undiluted		270.86p	210.58p
Diluted		266.64p	210.16p

Cash Flow Statement

for the year ended 30 September 2012

		2012	2011
		£'000	£'000
Net cash inflow from operating activities		5,769	5,322
Servicing of finance
Interest paid		(488)	(224)
Net cash outflow from servicing of finance		(488)	(224)
Taxation
UK tax paid		-	(40)
Overseas tax paid		(442)	(897)
Total taxation paid		(442)	(937)
Investment activities
Purchases of investments		(251,005)	(409,875)
Sales of investments		240,132	437,770
Net cash (outflow)/inflow from investment activities		(10,873)	27,895
Dividends paid		(4,014)	(4,542)
Net cash (outflow)/inflow before financing		(10,048)	27,514
Financing
Issue of Ordinary shares on exercise of Subscription shares		75	8,549
Repurchase and cancellation of the Company's own Ordinary shares		-	(1,157)
Repurchase and cancellation of the Company's own Ordinary shares
following a tender offer		-	(60,893)
Bank loan drawn down		9,482	18,599
Net cash inflow/(outflow) from financing		9,557	(34,902)
Net cash outflow in the year		(491)	(7,388)

Notes to the Accounts

for the year ended 30 September 2012

1. Accounting Policies

The accounts are prepared in accordance with the Companies Act 2006. United Kingdom Generally Accepted Accounting Practice ("UK GAAP") and with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" (the "SORP") issued by the Association of Investment Companies in January 2009. All of the Company's operations are of a continuing nature.

The accounts have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of investments at fair value through profit or loss.

The policies applied in these accounts are consistent with those applied in the preceding year.

2. Income

	2012	2011
	£'000	£'000
Income from investments:
Overseas dividends	9,772	9,050
UK dividends	125	71
Scrip dividends	-	163
	9,897	9,284
Other interest receivable and similar income:
Stock lending fees	181	64
Deposit interest	48	53
	229	117
Total income	10,126	9,401
Capital:
Special dividend allocated to capital	-	242

3. Investment management fee

	2012	2011
	£'000	£'000
Investment Management fee	3,617	3,527

The basis for calculating the investment management fee is set out in the Report of the Directors on page 14 of the Annual Report.

4. Return/(loss) per Ordinary share

	2012	2011
	£'000	£'000
Revenue return	4,916	4,033
Capital return/(loss)	87,083	(26,823)
Total return/(loss)	91,999	(22,790)
Undiluted:
Weighted average number of Ordinary shares in issue during the year
used for the purpose of the undiluted calculation	145,950,002	154,830,888
Revenue return per share	3.37p	2.60p
Capital return/(loss) per share	59.67p	(17.32)p
Total return/(loss) per share	63.04p	(14.72)p
Diluted:
Weighted average number of Ordinary shares in issue during the year
used for the purpose of the diluted calculation	145,950,002	155,803,975
Revenue return per share	3.37p	2.59p
Capital return/(loss) per share	59.67p	(17.22)p
Total return/(loss) per share	63.04p	(14.63)p
5. Net asset value per Ordinary share
	2012	2011
	£'000	£'000
Undiluted:
Net assets attributable to the Ordinary shareholders (£'000)	395,340	307,280
Number of Ordinary shares in issue	145,956,071	145,921,120
Undiluted net asset value per Ordinary share	270.86p	210.58p
Diluted:
Net assets attributable to the Ordinary shareholders
assuming exercise of Subscription shares (£'000)	465,029	366,518
Number of potential Ordinary shares in issue	174,400,716	174,400,716
Diluted net asset value per Ordinary share	266.64p	210.16p

The diluted net asset value per Ordinary share assumes that all outstanding Subscription shares were converted into Ordinary shares at the year-end.

The diluted net asset value per Ordinary share has been calculated on the assumption that the 28,444,645 (2011: 28,479,596) Subscription shares in issue are converted at 245 pence per share (2011: 208 pence per share), resulting in a total number of shares in issue of 174,400,716 (2011: 174,400,716).

6. Transactions with the Manager

The Company has appointed Schroder Investment Management Limited, a wholly owned subsidiary of Schroders plc, to provide investment management, accounting, company secretarial and administration services. If the Company invests in funds managed or advised by the Manager or any of its associated companies, those funds are excluded from the assets used for the purposes of the management fee calculation and therefore attract no fee. Under the terms of the Investment Management Agreement, the Manager is also entitled to receive a company secretarial fee. Details of the Investment Management Agreement are given in the Report of the Directors on page 14 of the report.

The management fee payable in respect of the year ended 30 September 2012 amounted to £3,617,000 (2011: £3,527,000), of which £993,000 (2011: £769,000) was outstanding at the year-end. The company secretarial fee payable to Schroders in respect of the year ended 30 September 2012 amounted to £89,000 (2011: £84,000), of which £51,000 (2011: £37,000) was outstanding at the year-end.

Current account facilities were provided during the year by Schroder & Co Limited. At 30 September 2012, the balance held at Schroder & Co Limited was £499,000 (2011: £498,000).

No Director of the Company served as a director of Schroder Investment Management Limited, or any member of the Schroder Group, at any time during the year.

7. Status of announcement

2011 Financial Information

The figures and financial information for 2011 are extracted from the published Annual Report and Accounts for the year ended 30 September 2011 and do not constitute the statutory accounts for that year. The Annual Report and Accounts have been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

2012 Financial Information

The figures and financial information for 2012 are extracted from the Annual Report and Accounts for the year ended 30 September 2012 and do not constitute the statutory accounts for the year. The Annual Report and Accounts include the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Accounts will be delivered to the Registrar of Companies in due course.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

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