Interim Results
Steppe Cement Limited
15 September 2005
STEPPE CEMENT LTD
Interim Financial Statements (Unaudited)
For the six months ended 30 June 2005
General Information
a) Steppe Cement Ltd was incorporated on 17 September 2004 and as such
there are no comparative figures for the 6 month period ended 30 June 2004;
b) Prior to acquisition of Central Asia Cement Holding BV (the 100% holding
company of the Cement Business owner, Central Asia Cement JSC), the Steppe
Cement Ltd Group did not have any operating business. Readers should refer to
the Steppe Cement Ltd AIM Admission Document dated 9 September 2005 for details
of the Group reconstruction;
c) So as to provide readers with an indication of the operating results of
the core business now owned by the Group, the interim financial statements for
Central Asia Cement JSC, for the six months to 30 June 2005 are provided as an
addendum to the Group's accounts (see Appendix I); furthermore
d) The pro forma balance sheet from 31 December 2004 as included in the
Steppe Cement Ltd AIM Admission Document has been updated based on the 30 June
2005 accounts for each of the Group companies (see Appendix II). This pro forma
is provided to illustrate the effects of the corporate reorganization events
which established the current Group structure on the financial statements of
Steppe Cement Ltd as of 30 June 2005 on the assumption the corporate
reorganization events which took place during July and August 2005 were
completed at 30 June 2005.
Summary of Contents
1. Consolidated interim financial statements of Steppe Cement Ltd for the six
months ended 30 June 2005;
2. Interim financial statements of Central Asia Cement JSC for the six months
ended 30 June 2005 - Appendix I; and
3. Pro forma Consolidated Balance Sheet of the Group as at 30 June 2005 -
Appendix II.
Page 1.
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Offshore Companies Act, 1990)
AND ITS SUBSIDIARY COMPANY
INCOME STATEMENTS (Unaudited)
FOR THE SIX MONTHS ENDED 30 JUNE 2005
Note The Group US$'000 The Company US$'000
Revenue - -
Other operating expenses (3) (2)
-------- ----------
Loss before tax (3) (2)
Income tax expense - -
-------- ----------
Net loss for the period (3) (2)
======== ==========
The accompanying Notes form an integral part of this interim financial
statements.
Page 2.
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Offshore Companies Act, 1990)
AND ITS SUBSIDIARY COMPANY
BALANCE SHEETS (Unaudited)
AS AT 30 JUNE 2005
The Group The Company
Note US$'000 US$'000
Investment in subsidiary company 4 - 1
--------- --------
Current Assets
Amount owing by subsidiary company 4 - 25
Prepayment 2 1
Cash and cash equivalents 22 -
--------- --------
24 26
--------- --------
Current Liabilities
Amount owing to holding company 5 28 28
Accrued expenses 3 2
--------- --------
31 30
--------- --------
--------- --------
Net Current Liabilities (7) (4)
--------- --------
Net Liabilities (7) (4)
========= ========
Represented by:
Issued capital 6 1 1
Accumulated loss (8) (5)
--------- --------
Capital Deficiency (7) (4)
--------- --------
The accompanying Notes form an integral part of this interim financial
statements.
Page 3.
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Offshore Companies Act, 1990)
AND ITS SUBSIDIARY COMPANY
CASH FLOW STATEMENTS (Unaudited)
FOR THE SIX MONTHS ENDED 30 JUNE 2005
The Group The Company
US$'000 US$'000
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax (3) (2)
-------- ---------
Operating Loss Before Working Capital Changes (3) (2)
Increase in:
Amount owing by subsidiary company - (23)
Increase in:
Amount owing to holding company 23 23
Other payables and accrued expenses 2 2
-------- ---------
Net Cash Generated / (Used) In Operating Activities 22 (0)
-------- ---------
CASH FLOWS FROM FINANCING ACTIVITY - -
-------- ---------
Net Cash From Financing Activity - -
-------- ---------
CASH FLOW USED IN INVESTING ACTIVITY - -
-------- ---------
Net Cash Used In Investing Activity - -
-------- ---------
NET INCREASE IN CASH AND CASH 22 -
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD - -
-------- ---------
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 22 -
-------- ---------
The accompanying Notes form an integral part of this interim financial
statements.
Page 4.
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Offshore Companies Act, 1990)
AND ITS SUBSIDIARY COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION
The Company was incorporated on 17 September 2004 and its principal activity is
investment holding. The registered office of the Company is located at Brumby
House, Jalan Bahasa, 87011 Labuan FT, Malaysia.
As of 30 June 2005 the Group comprised Steppe Cement Ltd ('the Company') and its
100% subsidiary Steppe Cement (M) Sdn Bhd ('the Group'). The Group did not have
an operating business at 30 June 2005 but through a series of transactions which
took place subsequent to 30 June 2005, the Group acquired a 100% interest in the
owner of a significant cement manufacturing business based in Kazakhstan,
Central Asia Cement JSC, through the acquisition of a 100% interest in Central
Asia Cement JSC's 100% holding company Central Asia Cement Holding BV.
Further information on the Group reorganisation which took place subsequent to
30 June 2005 is provided in the Steppe Cement Ltd AIM Admission Document dated 9
September 2005.
2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements of the Group and the Company have been prepared in
accordance with International Financial Accounting Standards.
3. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements of the Group and the Company have been prepared under
the historical cost convention.
Basis of Consolidation
The consolidated interim financial statements incorporate the interim financial
statements of the Company and of its subsidiary made up to 30 June 2005.
Subsidiary companies are consolidated using the acquisition method of
accounting. On acquisition, the assets and liabilities of the relevant
subsidiary companies are measured at their fair values at the date of
acquisition.
Page 5.
Basis of Consolidation (Continued)
The results of subsidiary companies acquired or disposed during the financial
period are included in the consolidated financial statements from the effective
date of acquisition or up to the effective date of disposal.
All significant inter-company transactions, balances and resulting unrealised
gains are eliminated on consolidation. Unrealised losses are eliminated on
consolidation unless costs cannot be recovered.
Foreign Currency Transactions
Transactions in foreign currencies are converted into United States Dollar at
the exchange rates prevailing at the transaction dates or, where settlement has
not been made at the date of the financial statements, at the approximate
exchange rates prevailing at that date. All foreign exchange gains or losses are
taken up in the income statement.
The principal closing rates used in translation of foreign currency amounts in
this interim financial statements:
US$
---
Ringgit Malaysia 3.80
Kazakstan Tenge 136.25
Investment In Subsidiary Company
Investment in subsidiary company, which is eliminated on consolidation, is
stated at cost in the Company's financial statements. Where there is an
indication of impairment, the carrying amount of the investment is assessed and
written down to its recoverable amount.
Cash Flow Statement
The Group and the Company adopt the direct method in the preparation of the cash
flow statement.
Cash equivalents are short-term, highly liquid investments with maturities of
three months or less from the date of acquisition and are readily convertible to
cash with insignificant risk of changes in value.
Page 6.
4. INVESTMENT IN SUBSIDIARY COMPANY
The Company
US$
Unquoted shares, at cost 1
===========
As at 30 June 2005, the subsidiary company is as follows:
Effective Principal Activities
Percentage of
Ownership
%
Steppe Cement (M) Sdn Bhd 100 Dormant
- incorporated in Malaysia
The amount owing by subsidiary company arose mainly from payments made on its
behalf, which are unsecured, interest-free and have no fixed term of repayment.
5. HOLDING COMPANY
As at 30 June 2005, the Company is a wholly-owned subsidiary of Asian Investment
Management Services Ltd, a company incorporated in the British Virgin Islands.
Upon completion of the Group's re-organisation (see note 1), the shareholding of
Asian Investment Management Services Ltd was reduced to 34.4% of the Company's
issued share capital.
6. SHARE CAPITAL
The Group and
the Company
US$
Authorised:
1,000,000 ordinary shares of US$0.01 each 10,000
=========
Issued and fully paid:
100,000 ordinary shares of US$0.01 each 1,000
=========
As at 30 June 2005, the authorised share capital of the Company was US$10,000
consisting of 1,000,000 ordinary shares of US$0.01 each, and the issued and
paid-up share capital was US$1,000 consisting of 100,000 ordinary shares of
US$0.01 each.
Upon completion of the Group's re-organisation the authorised share capital of
the Company increased to US$5,000,000 consisting of 500,000,000 ordinary shares
of US$0.01 each, and the issued and paid-up share capital will increase to
US$1,000,000 consisting of 100,000,000 ordinary shares of US$0.01 each.
Page 7.
APPENDIX I
CENTRAL ASIA CEMENT
JOINT STOCK COMPANY
Interim Financial Statements (Unaudited)
For the period of six months ended 30 June 2005
Page 8.
CENTRAL ASIA CEMENT JOINT STOCK COMPANY
TABLE OF CONTENTS
FINANCIAL STATEMENTS FOR THE PERIOD OF
SIX MONTHS ENDED 30 JUNE 2005 (Unaudited)
Balance Sheet
Income Statement
Statement of Cash Flow
Notes to the Financial Statements
Page 9.
CENTRAL ASIA CEMENT JSC
BALANCE SHEET AS AT 30 JUNE 2005 (Unaudited)
Notes 30-Jun-05 30-Jun-04
US$'000 US$'000
ASSETS
NON-CURRENT ASSETS:
Property, plant and equipment, net 1 15,620 2,596
Intangible assets, net 4 1
-------- --------
15,624 2,597
-------- --------
CURRENT ASSETS:
Inventories, net 2 5,576 3,436
Trade accounts receivable, net 89 587
Advances paid, net 867 1,043
Other receivables 3 247 443
Short-term investments
Cash and cash equivalents 4 6,222 4,951
-------- --------
13,101 10,460
-------- --------
TOTAL ASSETS 28,725 13,057
======== ========
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share capital 587 586
Accumulated profit / (deficit) 5 3,644 (5,766)
Capital reserve 6 11,737 -
-------- --------
15,968 (5,180)
-------- --------
NON-CURRENT LIABILITIES
Loans 7 6,000 -
-------- --------
6,000 -
-------- --------
CURRENT LIABILITIES
Trade accounts payable 397 133
Other payables and accrued liabilities 8 574 4,775
Taxes payable 10 981 301
Loans 7 4,000 12,360
Advance received 805 667
-------- --------
6,757 18,237
-------- --------
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 28,725 13,057
======== ========
Page 10.
CENTRAL ASIA CEMENT JSC
INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2005 (Unaudited)
Notes 30-Jun-05 30-Jun-04
US$'000 US$'000
REVENUE 9 19,690 13,633
COST OF SALES 11 (8,200) (5,960)
--------- --------
GROSS PROFIT 11,490 7,673
Selling expenses 12 (1,029) (1,030)
General and administrative 13 (1,938) (1,882)
expenses --------- --------
OPERATING PROFIT 8,523 4,761
--------- --------
Finance cost, net (692) (311)
Other income / (loss),net 14 (183) 686
--------- --------
PROFIT BEFORE INCOME TAX 7,648 5,136
INCOME TAX EXPENSE (2,294) (1,342)
--------- --------
NET PROFIT for the period 5,354 3,794
========= ========
Page 11.
CENTRAL ASIA CEMENT JSC
STATEMENT OF CASH FLOWS
FOR SIX MONTHS ENDED 30 JUNE 2005 (Unaudited)
30-Jun-05 30-Jun-04
US$'000 US$'000
OPERATING ACTIVITIES
Profit before income tax 7,648 5,136
Adjustments for:
Depreciation and amortisation 295 113
Loss on disposal of property, plant and equipment 2 5
Unrealised exchange (gain)/loss 459 (705)
Finance costs, net 599 302
------- -------
Operating cash flow before movements in working 9,003 4,851
capital
Increase in trade and other debtors (316) 276
Increase in inventories (44) (691)
Increase in trade accounts payable and other accrued (173) 642
liabilities ------- -------
8,470 5,078
Income tax paid (1,816) (1,342)
Interest paid (614) (311)
------- -------
Net cash provided by operating activities 6,040 3,425
------- -------
INVESTING ACTIVITIES
Interest received 16 9
Purchase of property, plant and equipment (738) (521)
Purchase of intangible assets (4)
------- -------
Net cash used in investing activities (726) (512)
------- -------
FINANCING ACTIVITIES
Bank loan repayment (1,908) -
Repayment of loans (259) -
------- -------
(2,167) -
------- -------
NET INCREASE IN CASH AND CASH EQUIVALENTS 3,147 2,913
CAH AND CASH EQUIVALENTS, beginning of the period 3,075 2,038
------- -------
CAH AND CASH EQUIVALENTS, end of the period 6,222 4,951
======= =======
Page 12.
CENTRAL ASIA CEMENT JSC
NOTES TO THE ACCOUNTS FOR THE SIX MONTHS ENDED 30 JUNE 2005
1. PROPERTY PLANT AND EQUIPMENT, NET
Property, plant and equipment as at 30 June 2005 and 2004 consisted of the following:
Land & Improvement Buildings Machinery and Other assets Construction Total
equipment in
progress
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
-------- -------- -------- ------- -------- -------
Cost
As at 1 179 1,487 1,320 1,124 156 4,266
January 2005
Additions 2,999 69 164 176 605 4,013
Revaluation - 11,737 - - - 11,737
Disposals - - (2) (28) (271) (301)
-------- -------- -------- ------- -------- -------
As at 30 June 3,178 13,293 1,482 1,272 490 19,715
2005 -------- -------- -------- ------- -------- -------
Accumulated
depreciation
As at 1 - 179 386 261 - 826
January 2005
Additions - 3,136 51 82 - 3,269
Disposals - - - - - -
-------- -------- -------- ------- -------- -------
As at 30 June 3,315 437 343 - 4,095
2005 -------- -------- -------- ------- -------- -------
NET BOOK 3,177 9,978 1,047 929 490 15,620
VALUE ======== ======== ======== ======= ======== =======
At 30 June 3,178 9,978 1,045 929 490 15,620
2005
At 30 June 179 937 819 584 77 2,596
2004
2. INVENTORIES, NET
Inventories, net as at 30 June 2005 and 2004 consisted of the following:
30-Jun-05 30-Jun-04
US$'000 US$'000
Work in progress 1,551 1,286
Finished goods 628 224
Fuel 411 213
Raw materials 233 1,124
Spare parts 233 158
Goods for resale 89 103
Packing material 65 42
Other materials 2,365 628
Provision for 7 (342)
obsolete stock -------- -------
Total 5,576 3,436
======== =======
3. OTHER RECEIVABLES
Other receivables as at 30 June 2005 and 2004 consisted of the following:
30-Jun-05 30-Jun-04
US$'000 US$'000
Loans to employees 99 57
Amount due from subsidiary company - 105
Prepayments 73 54
Others 75 227
------- --------
Total 247 443
======= ========
4. CASH AND CASH EQUIVALENTS
Cash and cash equivalents as at 30 June 2005 and 2004 consisted of the following:
30-Jun-05 30-Jun-04
US$'000 US$'000
Cash in banks, in KZT 5,970 4,853
Cash in banks, in USD 7 7
Petty cash 37 35
Restricted cash 208 56
------- -------
Total 6,222 4,951
======= =======
5. ACCUMULATED SURPLUS
30-Jun-05 30-Jun-04
US$'000 US$'000
Balance as at 31 December 2004 (1,709) (9,560)
Net profit for the period 5,353 3,794
------- -------
Balance as at 30 June 2005 3,644 (5,766)
======= =======
6. CAPITAL RESERVE
30-Jun-05 30-Jun-04
US$'000 US$'000
Net book value of revalued assets 206 -
At valuation 11,943 -
------- -------
Valuation surplus 11,737 -
======= =======
Page 14.
7. LOANS
Interest 30-Jun-05 30-Jun-04
rate US$'000 US$'000
JSC 12.5% 10,000 -
Kazkommertsbank
Cement Engineering 2 x 1 - 350
Consultancy year
LIBOR
Kazakhstan 2 x 1 - 12,010
Investment Fund year ------- -------
LIBOR
Total 10,000 12,360
======= =======
8. OTHER PAYABLES AND ACCRUED LIABILITIES
30-Jun-05 30-Jun-04
US$'000 US$'000
Payables to 197 152
employees
Other payables to related 107 3,899
parties
Other payables and 270 724
accruals ------- -------
Total 574 4,775
======= =======
9. REVENUE
Revenue for the periods ended 30 June 2005 and 2004 consisted of the
following:
30-Jun-05 30-Jun-04
-----------
US$'000 US$'000
Sales - manufactured 19,374 13,435
goods
Other sales 316 198
------- -------
Total 19,690 13,633
======= =======
10. TAXES PAYABLE
Taxes payable as at 30 June 2005 and 2004 consisted of the
following:
30-Jun-05 30-Jun-04
US$'000 US$'000
Corporate income 454 -
tax, net
Value added tax 506 279
Personal income (3) (25)
tax
Other taxes 24 47
------- -------
Total 981 301
======= =======
Page 15.
11. COST OF SALES
Cost of sales for the period ended 30 June 2005 and 2004 consisted of the
following:
30-Jun-05 30-Jun-04
----------- -----------
US$'000 US$'000
Cost of production
Materials 4,422 3,518
Payroll and related taxes 1,396 1,034
Electricity 762 722
Depreciation 43 15
Other 988 769
------- -------
7,611 6,058
------- -------
------- -------
Work in progress at beginning of the 1,400 818
year
Work in progress at end of the year 1,551 1,286
------- -------
------- -------
Change in work in progress (151) (468)
------- -------
Finished goods at beginning of the 1,134 470
year
Finished goods at end of the year 629 224
------- -------
------- -------
Change in finished goods 505 246
------- -------
Cost of sales, manufactured goods 7,965 5,836
Cost of sales, purchased goods 235 124
------- -------
Total 8,200 5,960
======= =======
12. SELLING EXPENSES
Selling expenses for the period ended 30 June 2005 and 2004 consisted of
the following:
30-Jun-05 30-Jun-04
----------- -----------
US$'000 US$'000
Railway transportation 858 907
Payroll and related taxes 71 48
Shipping and transportation 55 43
Rent 8 11
Advertising 8 3
Others 29 18
------- -------
Total 1,029 1,030
======= =======
Page 16.
13. GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses for the period ended 30 June 2005 and 2004
consisted of the following:
30-Jun-05 30-Jun-04
US$'000 US$'000
Legal services 82 797
Payroll and related taxes 430 369
Management fee 288 180
Tax and custom duties 113 45
Utilities 23 24
Bank service payments 90 24
Bad debt provision - -
Business trip expenses 50 16
Communication costs 27 16
Stationeries 2 1
Depreciation and amortisation 26 12
Office costs 29 6
Laboratory expenses 2 2
Other expenses 776 390
------- -------
Total 1,938 1,882
======= =======
14. OTHER INCOME, NET
30-Jun-05 30-Jun-04
US$'000 US$'000
Foreign exchange gain/ (loss) (488) 705
Gain/(loss) on disposal of property, plant (2) (5)
and equipment
Other gain / (loss) 307 (14)
------- -------
Total (183) 686
======= =======
15. RELATED PARTIES 30-Jun-05 30-Jun-04
US$'000 US$'000
Management service fee 300 150
Legal service fee - 734
Loans payable - 12,360
Accrued management fee - 617
Accrued interest on loans - 3,282
------- -------
Total 300 17,143
======= =======
Page 17.
APPENDIX II
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Offshore Companies Act, 1990)
PRO FORMA CONSOLIDATED BALANCE SHEETS AS AT 30 JUNE 2005
The Pro forma Consolidated Balance Sheets as at 30 June 2005 as set out below is
prepared for illustrative purposes only to show the effects of the corporate
re-organisational events which established the current Group structure on the
financial statements of Steppe Cement Ltd on the assumption that the corporate
re-organisational events were completed on 30 June 2005.
Because of its nature, the Pro forma Consolidated Balance Sheet addresses a
hypothetical situation and, therefore, does not represent the Group's actual
financial position.
Central Asia Cement
Steppe Cement Ltd and JSC Pro forma
its subsidiary After corporate
reorganisation
Adjustment
30 June 2005 30 June 2005 30 June 2005
US$'000 US$'000 US$'000 US$'000
Assets
Non-current assets
Property, plant and - 15,620 - 15,620
equipment, net
Intangible assets, net - 4 - 4
Total non-current assets - 15,624 - 15,624
Current Assets
Inventories, net - 5,576 - 5,576
Trade receivables, net - 189 - 189
Advances paid, net - 867 - 867
Other receivables, net 2 247 27 276
Cash and cash equivalents 22 6,222 (2,867) 3,377
Total current assets 24 13,101 (2,840) 10,285
Total assets 24 28,725 (2,840) 25,909
Page 18.
Steppe Central Adjustment Pro forma After
Cement Ltd Asia corporate
and its Cement reorganisation
subsidiary JSC
30June 30 June 30 June 2005
2005 2005
US$'000 US$'000 US$'000 US$'000
Liabilities and
Equity
Shareholder's equity
Share capital 1 587 412 1,000
Share premium - - 6,300 6,300
Revaluation
Reserve - 11,737 (11,737) -
Reserve on
consolidation - - 5,786 5,786
Accumulated
profits /
(loss) (8) 3,644 (3,644) (8)
Total
shareholders'
equity (7) 15,968 (2,883) 13,078
Non-current
liabilities
Loans - 6,000 - 6,000
Current Liabilities
Trade payables - 397 - 397
Other payables
and accruals 31 574 43 648
Taxes payable - 981 - 981
Loans - 4,000 - 4,000
Advance
received - 805 - 805
Total current
liabilities 31 6,757 43 6,831
24 28,725 (2,840) 25,909
Page 19.
NOTES TO THE PRO FORMA CONSOILDATED BALANCE SHEETS
AS AT 30 JUNE 2005
1. BASIS OF PREPARATION
The Pro forma Consolidated Balance Sheet of Steppe Cement Ltd as at 30 June 2005
has been prepared for illustrative purposes only based on:
(i) the unaudited consolidated balance sheet of Steppe Cement
Ltd as at 30 June 2005;
(ii) the unaudited balance sheet of Central Asia Cement JSC as at
30 June 2005.
2. BASIS OF CONSOLIDATION
The financial statements of the subsidiary companies have been consolidated
using the acquisition method of accounting. On acquisition, the assets and
liabilities of the relevant subsidiary companies are measured at their fair
values at the date of acquisition. All significant intercompany balances are
eliminated on consolidation.
Goodwill arising on consolidation represents the excess of the purchase price
over the fair value of the net assets of subsidiary companies and is recognised
as an asset.
3. PRO FORMA CONSOLIDATED BALANCE SHEET
The Pro forma Consolidated Balance Sheet incorporate on a pro forma basis
adjustments for the following transactions as though they were effected as of 30
June 2005:
(i) The declaration and payment of dividends of US$3,040,000 in
cash by Central Asia Cement JSC to Central Asia Cement Holding BV;
(ii) The payment of US$3,040,000 in cash by Central Asia Cement
Holding BV to its shareholders in partial satisfaction of shareholders loans
established on the acquisition of Central Asia Cement JSC by Central Asia Cement
Holding BV;
(iii) The acquisition by Steppe Cement (M) Sdn Bhd, the wholly
owned subsidiary of Steppe Cement Ltd, of 100% equity interest in Central Asia
Cement Holding BV;
(iv) The issue and allotment by Steppe Cement Ltd of 70,000,000
ordinary shares of US$0.01 each at an issue price of US$0.10 per share and the
issue and allotment of 29,900,000 ordinary shares of US$0.01 each at an issue
price of US$0.01 per share as part of the corporate reorganisation.
The resulting share premium of US$6,300,000 has been credited to the share
premium account.
Page 20.
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