Final Results

British Smaller Companies VCT PLC 19 May 2006 BRITISH SMALLER COMPANIES VCT PLC UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2006 British Smaller Companies VCT plc ('the Company') today announces its unaudited preliminary results for the year ended 31 March 2006. Chairman's Statement For the third successive year, I am pleased to be able to report significant growth in the net asset value per share of your Company. For the year ended 31 March 2006, the total return, which takes into account both this net asset value and cumulative dividend distributions, has increased by 12.9%; with the three year increase amounting to 51.1%. There has also been a pleasing increase in the net asset value of the C shares of 7.6%. The continued growth has resulted from further significant realisations and sustained profitability from many of the portfolio companies, both unquoted and quoted. Your Company has strengthened cash reserves and your Board and its Investment Adviser, YFM Private Equity, are focused on increasing the investment rate to build on the returns achieved to date. Investment Portfolio There were two major realisations in the year, being the unquoted investments in Harlands of Hull Limited and International Resources Group Limited. Your Company's investment of £0.5 million in Harlands of Hull was realised for £1.59 million on the sale of the business to Clondalkin Group (UK) Limited. This successful exit was recognised by being short-listed for the European Venture Capital Deal of the Year award. It was encouraging for your Company to be associated with this prestigious award. The realisation of International Resources Group was finalised in December 2005 when the conditional offer from PSD Group plc was approved by its shareholders and the combined business changed its name to OPD Group plc. Your Company received cash consideration of £1.39 million, which brought the total proceeds on this investment, including revenue income, to £2.62 million on an original cost of £609,000. A total of £1.23 million was invested into four businesses in the year; £900,000 from the Ordinary share pool and £330,000 from the C share pool. Three of these investments were in companies at the time of their successful admission to AIM, all of which have traded at a premium to their admission price. The other was in unquoted company Intuita Limited, an established business based in Manchester that provides integrated IT solutions to end-users in the construction industry. Subsequent to our investment and the acquisition of one of its competitors, the enlarged business changed its name to Tekton Group Limited. Financial Results and Dividend With Reporting Standards committed to international convergence, we have considered the option of full adoption of International Financial Reporting Standards (IFRS) for this Company. In line with our policy of transparent and full reporting, the decision was reached to report the results to 31 March 2006 under IFRS. We feel that the results presented under IFRS provide the best picture of your Company's performance and its financial position at 31 December 2005, whilst ensuring your Company complies with best practice reporting. It is likely that IFRS will become the generally accepted regime for all publicly quoted companies in the next few years. The net asset value of the Ordinary shares at 31 March 2006 was 97.5 pence per share, and 102.2 pence per share for the C shares. Taking account of the dividends paid to date on the Ordinary shares, the total return for eligible founder shareholders at the balance sheet date was 128 pence per share. The Ordinary shares recorded a pre-tax profit of £2.18 million after taking account of unrealised valuation gains of £1.48 million. The C share pool also recorded pre-tax profits, delivering £0.1 million for its first full trading period. The results of the C share fundraising were reported in my Interim Statement. The early investments in the C share portfolio have performed well during the year. Once the initial target of 70% of funds raised has been invested, the C shares will be converted into Ordinary shares in line with the Prospectus dated 7 January 2005. In the meantime, the Ordinary shares and C shares are maintained, and accounted for, in separate pools with dividend distributions determined by the performance of each pool independent of the other. An interim dividend of 1.5 pence per share was declared on the Ordinary shares and paid in January of this year. No interim dividend was paid on the C shares. Your Board is now proposing a final dividend of 3.0 pence per share on the Ordinary shares and 0.5 pence per share on the C shares. If approved, these dividends will be paid on 11 August 2006 to shareholders on the register at 2 June 2006. The final dividend has not been recognised in the accounts under IFRS as the contractual obligation did not exist at the balance sheet date. In the budget in March, the Chancellor announced changes to a number of the rules affecting VCTs. It is unclear whether the Treasury had given any consideration to the effect of these changes on dividend reinvestment schemes, but the combination of certain changes make it impractical to continue your Company's scheme unless, and until, rules are published to deal with the problem. We have, therefore, suspended the Scheme pending further clarification. Consequently, the final dividends, if approved, will be paid in cash. Shareholders and Fundraising Shareholders will be aware that, on 22 February 2006, your Board published proposals offering investors the opportunity to subscribe for up to 1.49 million new Ordinary shares in the Company at an offer price of 99.5 pence per share. This enabled eligible investors to participate in a maturing well-balanced portfolio of investments with the prospect of regular tax-free dividends, whilst obtaining income tax relief at 40% before the changes were made to VCT regulations in the 2006 budget. In recognition of their support for the Company, existing shareholders, both Ordinary and C shareholders, were given priority to apply for shares in the first three weeks of the Offer. I am pleased to report that the Offer closed fully subscribed. The Company continues to operate a share buy back policy to enable shareholders to obtain some liquidity in an otherwise illiquid market where there is a need to dispose of their stock. This policy is kept under review to ensure that any decisions taken are in the best interests of shareholders as a whole. In accordance with this policy, the Company purchased for cancellation a total of 420,000 shares during the year, at an average price of 78.8 pence per share. The existing buy back authority expires on 6 July 2006 and a resolution to renew the authority will be proposed at the Company's AGM on 1 August 2006. Outlook The current investment portfolio has continued to mature, producing a healthy flow of investments progressing onto AIM and a number of profitable realisations through trade sales. The focus for your Board and YFM Private Equity is to actively support the growth businesses in the existing portfolio, seeking to maximise and realise value, and to continue to be selective in identifying the next generation of businesses for this portfolio to ensure that the growth evidenced to date can be continued in the future. The changes relating to VCTs announced in the Budget, particularly the reduction of the gross asset test for a qualifying company, will have some impact on the industry but, with your Board and its Investment Adviser already focusing primarily on this market, the changes are not expected to have any material impact on your Company. Sir Andrew Hugh Smith Chairman Unaudited Income Statement for the year ended 31 March 2006 Ord Notes shares C shares Total 2006 2006 2006 2005 £000 £000 £000 £000 Income 413 38 451 396 Administrative expenses: Investment advisory fee (314) (18) (332) (272) Other expenses (202) (13) (215) (262) -------- -------- -------- -------- (516) (31) (547) (534) Gain on realisation of investments 806 1 807 229 Gains (losses) on investments held at fair value 1,477 95 1,572 (136) -------- -------- -------- -------- Profit (loss) on ordinary activities before taxation 2,180 103 2,283 (45) Taxation - - - - -------- -------- -------- -------- Profit (loss) for the year from continuing operations 2,180 103 2,283 (45) -------- -------- -------- -------- Basic and diluted earnings(loss) per share 7 14.55p 8.38p 13.89p (0.29)p ======== ======== ======== ======== There was no income or expenditure in the comparative periods in respect of the C shares. Consequently, the results above for the comparative periods relate only to the Ordinary shares. Unaudited Balance Sheet at 31 March 2006 Notes Ord Ord shares C shares Total shares C shares Total 2006 2006 2006 2005 2005 2005 £000 £000 £000 £000 £000 £000 Assets Non-current assets Financial assets at fair value through profit or loss 10,382 427 10,809 11,045 - 11,045 -------- -------- -------- -------- -------- -------- Current assets Trade and other receivables 448 10 458 160 - 160 Cash and cash equivalents 4,531 864 5,395 1,970 246 2,216 -------- -------- -------- -------- -------- -------- 4,979 874 5,853 2,130 246 2,376 Liabilities Current liabilities Trade and other payables (101) (14) (115) (85) (9) (94) -------- -------- -------- -------- -------- -------- Net current assets 4,878 860 5,738 2,045 237 2,282 -------- -------- -------- -------- -------- -------- Net assets 15,260 1,287 16,547 13,090 237 13,327 ======== ======== ======== ======== ======== ======== Shareholders'equity Share capital 1,566 629 2,195 1,512 125 1,637 Share premium account 781 555 1,336 - 112 112 Capital redemption reserve 117 - 117 75 - 75 Revaluation reserve - - - 7,116 - 7,116 Special reserve 3,330 - 3,330 3,661 - 3,661 Retained earnings 9,466 103 9,569 726 - 726 -------- -------- -------- -------- -------- -------- Total shareholders' equity 15,260 1,287 16,547 13,090 237 13,327 ======== ======== ======== ======== ======== ======== Net asset value per share 8 97.5p 102.2p 97.9p 86.6p 95.0p 86.7p ======== ======== ======== ======== ======== ======== Unaudited Statement of Changes in Equity Share Capital Share premium redemption Revaluation Special Retained Total capital account reserve reserve reserve earnings equity £000 £000 £000 £000 £000 £000 £000 Balance at 31 March 2004 1,544 - 43 5,039 3,871 1,596 12,093 -------- -------- -------- -------- -------- -------- -------- Valuation gains taken to equity - - - 2,392 - - 2,392 Gains realised on disposal - - - (315) - 315 - Loss for the year - - - - - (45) (45) -------- -------- -------- -------- -------- -------- -------- Total recognised income and expense for the year - - - 2,077 - 270 2,347 Dividends - - - - - (1,140) (1,140) Purchase of own shares (32) - 32 - (210) - (210) Issue of C shares 125 112 - - - - 237 -------- -------- -------- -------- -------- -------- -------- Balance at 31 March 2005 1,637 112 75 7,116 3,661 726 13,327 Profit for the year - - - - - 2,283 2,283 Transfer of the revaluation reserve on adoption of IAS39 - - - (7,116) - 7,116 - Dividends - - - - - (556) (556) Purchase of own shares (42) - 42 - (331) - (331) Issue of C share capital 504 505 - - - - 1,009 Issue costs of C share capital - (62) - - - - (62) Issue of Ordinary share capital 90 788 - - - - 878 Issue costs of Ordinary shares - (47) - - - - (47) Issue of share capital on DRIS* 6 40 - - - - 46 -------- -------- -------- -------- -------- -------- -------- Balance at 31 March 2006 2,195 1,336 117 - 3,330 9,569 16,547 ======== ======== ======== ======== ======== ======== ======== *DRIS being the Dividend Re-investment Scheme. Shareholders' equity as at 31 March 2004 and 2005 has been restated following adoption of IFRS. The adoption of IFRS, particularly IAS 10, 'Events after the balance sheet date', has resulted in the restatement of the retained earnings balance as at 31 December 2003 with dividends of £741,000 being derecognised and recognised in the year ended 31 December 2004 when they were approved and paid. Retained earnings as at 31 December 2003 of £855,000 has been restated to £1,596,000. Unaudited Cash Flow Statement for the year ended 31 March 2006 Ord Ord shares C shares Total shares C shares Total 2006 2006 2006 2005 2005 2005 £000 £000 £000 £000 £000 £000 Net cash outflow from operating activities (54) 2 (52) (212) - (212) -------- -------- -------- -------- -------- -------- Cash flows from investing activities Purchase of fixed asset investments (899) (330) (1,229) (401) - (401) Proceeds from sale of fixed asset investments 3,518 - 3,518 1,107 - 1,107 -------- -------- -------- -------- -------- -------- Net cash from investing activities 2,619 (330) 2,289 706 - 706 Cash flows from financing activities Issue of C shares - 1,009 1,009 - 250 250 Costs of C share issue - (62) (62) - (4) (4) Issue of Ordinary shares 878 - 878 - - - Purchase of own Ordinary shares (367) - (367) (174) - (174) Dividends paid (510) - (510) (1,140) - (1,140) -------- -------- -------- -------- -------- -------- Net cash from (used in) financing activities 1 947 948 (1,314) 246 (1,068) -------- -------- -------- -------- -------- -------- Net cash increase (decrease) in cash and cash eqivalents 2,566 619 3,185 (820) 246 (574) Cash and cash equivalents at beginning of the year 1,970 246 2,216 2,840 - 2,840 Effect of market value changes in cash equivalents (5) (1) (6) (50) - (50) -------- -------- -------- -------- -------- -------- Cash and cash equivalents at the end of the year 4,531 864 5,395 1,970 246 2,216 ======== ======== ======== ======== ======== ======== Notes to Financial Statements for the year ended 31 March 2006 1. Accounting Policies This preliminary announcement does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The information for the year ended 31 December 2004, with the exception of the adjustments in respect of the transition to IFRS, is an extract from the statutory accounts to that date which have been delivered to the Registrar of Companies. Those accounts included an audit report which was unqualified and which did not contain a statement under Section 237(2) or (3) of the Companies Act 1985. The statutory accounts for the year ended 31 December 2005, upon which the auditors have still to report, will be delivered to the Registrar following the Company's annual general meeting. The financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), which comprise standards and interpretations approved by the International Accounting Standards Board (IASB) and International Accounting Standards Committee (IASC) as adopted by the European Union. These are the Company's first annual results prepared in accordance with IFRS. Previous financial statements were prepared in accordance with UK Generally Accepted Accounting Principles (UK GAAP) including the requirements of Schedule 4 of the Companies Act 1985. The Company is required to determine its IFRS accounting policies and apply them retrospectively to establish its opening balance sheet under IFRS. The date of transition for the Company is 1 January 2004. In preparing these financial statements certain accounting and valuation methods previously applied under UK GAAP have been amended to comply with IFRS as follows: Under IAS 10 'Events after the Balance Sheet Date' dividends are only recorded where an obligation exists at the balance sheet date. Consequently, dividends which the Company proposes after the balance sheet date are no longer accrued for but are required to be disclosed in the notes to the financial statements. Under IAS 39 'Financial Instruments: Recognition and Measurement', the Company has designated its investments as fair value through profit and loss resulting in a transfer of the revaluation reserve to retained earnings. The Company has taken advantage of the exception available to it under IFRS 1 'First-time Adoption of International Financial Reporting Standards' not to adopt IAS 39 and IAS 32 'Financial Instruments: Disclosure and Presentation' retrospectively but to adopt them with effect from 1 January 2005. Consequently, prior year comparatives have not been restated. As required with IFRS 1 'First-time Adoption of International Financial Reporting Standards' reconciliations showing the effects of the changes are set out below. A summary of the principle accounting policies followed is set out below. Income Dividend income on unquoted equity shares is recognised at the time when the right to the income is established. Fixed returns on non-equity shares are recognised on a time apportionment basis so as to reflect the effective yield, provided there is no reasonable doubt that payment will be received in due course. All other income is recognised on an accruals basis. Expenses Expenses are accounted for on an accruals basis. Investments Held at Fair Value All investments are classified as held at fair value through profit or loss. Transaction costs on purchases are expensed immediately through the income statement in accordance with IFRS. All investments are measured at fair value with gains and losses arising from changes in fair value being included in net profit or loss for the year. Quoted investments are valued at market bid prices. Unquoted investments are valued in accordance with IAS 39 'Financial Instruments: Recognition and measurement' and where appropriate the International Private Equity and Valuation Guidelines issued in 2005. A detailed explanation of the valuation policies of the Company will be included in the audited financial statements. Investments are derecognised at the date of disposal. Due to the Company's status as a venture capital trust and the continued intention to meet the conditions required to comply with Section 842AA of the Income and Corporation Taxes Act (1988), no provision for taxation is required in respect of any realised or unrealised appreciation of the Company's investments which arises. Although the Company holds more than 20% of the equity of certain companies, it is considered that the investments are held as part of the investment portfolio. Accordingly, and as permitted by IAS 28 'Investments in associates' and IAS 31 'Financial reporting of interest in joint ventures' their value to the Company lies in the marketable value as part of that portfolio. It is not considered that any of the holdings represent investments in associated undertakings. Under IAS 27 'Consolidated and separate financial statements' control is presumed to exist when the parent owns, directly or indirectly more than half of the voting power by a number of means. The company does not hold more than 50% of the equity of any of the companies within the portfolio. In addition, they do not control any of the companies held as part of the investment portfolio. It is not considered that any of the holdings represent investments in subsidiary undertakings. Cash and Cash Equivalents. Investments in quoted Government Securities are classified as cash equivalents as they meet the definition in IAS 7 'Cash flow statements' of short-term highly liquid investments that are readily convertible into known amounts of cash and subject to insignificant risk of change in value. Government Securities are valued at market bid prices. Deferred Taxation Deferred tax is recognised on all timing differences that have originated, but not reversed, by the balance sheet date. Deferred tax assets are only recognised to the extent that they are regarded as recoverable. Deferred tax is calculated at the tax rates that are expected to apply when the asset is realised. Foreign Exchange Foreign currency assets at the balance sheet date are translated into sterling at the rates of exchange ruling at that date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling on the date of each transaction. Realised losses or profits on exchange, together with differences arising on the translation of foreign currency assets, are taken to the income statement. Dividends Payable Dividends payable are recognised only when an obligation exists. Interim dividends are recognised when paid and final and special dividends are recognised when approved by Shareholders in general meetings. Segmental Reporting Business segments are considered to be the primary reporting segment. The directors are of the opinion that the Company has engaged in a single segment of business of investing in equity and debt securities and therefore no segmental reporting is provided. Geographical segments are considered to be the secondary reporting segment. Investment income and expenses are all derived from one geographical segment being that of the United Kingdom. An analysis of investments and the remaining assets and liabilities of the Company by geographical segment has not been given as the results are not considered to be significant. Restatement of balances as at 1 April 2004 The following is a reconciliation of the balance sheet as at 1 April 2004 (the date of transition to IFRS) as previously reported at that date to the restated figures following adoption of IFRS. Notes Previously Effect of reported UK transition to Restated GAAP IFRS Reclassifications IFRS £000 £000 £000 £000 Assets Non-current assets Investments at fair value through profit or loss 9,216 - - 9,216 -------- -------- -------- -------- Current assets Trade and other receivables 101 - - 101 Investments 2 2,656 - (2,656) - Cash 184 - (184) - Cash and cash equivalents 2 - - 2,840 2,840 -------- -------- -------- -------- 2,941 - - 2,941 Liabilities Current liabilities Trade and other payables (805) 741 - (64) -------- -------- -------- -------- Net current assets 2,136 741 - 2,877 -------- -------- -------- -------- Net assets 11,352 741 - 12,093 ======== ======== ======== ===== Shareholders' equity Share capital 1,544 - - 1,544 Capital redemption reserve 43 - - 43 Revaluation reserve 5,039 - - 5,039 Special reserve 3,871 - - 3,871 Retained earnings 855 741 - 1,596 -------- -------- -------- -------- Total shareholders' equity 11,352 741 - 12,093 ======== ======== ======== ======== Net asset value per Ordinary share 73.5p 4.8p - 78.3p ======== ======== ======== ======== The adoption of IFRS resulted in a number of restatements to the 1 April 2004 figures. The following is a reconciliation the income statement and cash flow statement for the year ended 31 March 2004 as previously reported in the annual report to the restated figures following adoption of IFRS. Restatement of balances as at 31 March 2005 The following is a reconciliation of the balance sheet at 31 March 2005 and the income statement and cash flow statement for the year ended 31 March 2005 as previously reported in the annual report to the restated figures following adoption of IFRS. Balance Sheet as at 31 March 2005 Notes Previously Effect of reported UK transition to Restated GAAP IFRS Reclassifications IFRS £000 £000 £000 £000 Assets Non-current assets Investments at fair value through profit or loss 11,045 - - 11,045 -------- -------- -------- -------- Current assets Trade and other receivables 160 - - 160 Investments 2 1,656 - (1,656) - Cash 2 560 - (560) - Cash and cash equivalents 2 - - 2,216 2,216 -------- -------- -------- -------- 2,376 - - 2,376 Liabilities Current liabilities Trade and other payables 3 (427) 333 - (94) -------- -------- -------- -------- Net current assets 1,949 333 - 2,282 -------- -------- -------- -------- Net assets 12,994 333 - 13,327 ======== ======== ======== ======== Shareholders' equity Share capital 1,637 - - 1,637 Share premium account 112 - - 112 Capital redemption reserve 75 - - 75 Revaluation reserve 7,116 - - 7,116 Special reserve 3,661 - - 3,661 Retained earnings 3 393 333 - 726 -------- -------- -------- -------- Total shareholders' equity 12,994 333 - 13,327 ======== ======== ======== ======== Net asset value per Ordinary share 84.6p 2.1p - 86.7p ======== ======== ======== ======== Income Statement for the year ended 31 March 2005 Notes Previously Effect of reported UK transition to Restated GAAP IFRS IFRS £000 £000 £000 Income 396 - 396 Administrative expenses: Investment advisory fee (272) - (272) Other expenses (262) - (262) -------- -------- -------- (534) - (534) Gain on realisation of investments 229 - 229 Losses on investments held at fair value (136) - (136) -------- -------- -------- Loss on ordinary activities before taxation (45) - (45) Taxation - - - -------- -------- -------- Loss for the year from continuing operations (45) - (45) Dividends 3 (732) (732) - -------- -------- -------- Loss for the year (777) (732) (45) ======== ======== ======== Basic and diluted Loss per Ordinary share (0.29)p - (0.29)p ======== ======== ======== Summarised Cash Flow for the year ended 31 March 2005 Notes Previously Effect of reported UK transition to Restated GAAP IFRS IFRS £000 £000 £000 Net cash used in operating activities (212) - (212) -------- -------- -------- Net cash from investing activities 706 - 706 -------- -------- -------- Equity dividends paid 4 (1,140) 1,140 - -------- -------- -------- Net cash from management of liquid resources 5 950 (950) - -------- -------- -------- Net cash from (used in) financing activities 4 72 (1,140) (1,068) -------- -------- -------- Net increase (decrease) in cash and cash equivalents 5 376 (950) (574) ======== Cash and cash equivalents at beginning of the year 2,840 2,840 Effect of market value changes in cash equivalents 5 (50) (50) -------- Cash and cash equivalents at the end of the year 2,216 ======== 2. Under IFRS liquid fund investments are now classified as cash equivalents. Cash and cash equivalents being shown together on the face of the Balance Sheet. 3. No provision was made for the final dividend for the year ended 31 March 2005 of £333,000. Under IFRS, this dividend is not recognised until it is declared. Dividends declared are no longer included in the income statement for the year but are taken straight to reserves. 4. Under IFRS dividends paid are shown as a cost of financing. 5. Under IFRS investments in fixed income securities are classified as cash equivalents as they meet the definition of short-term highly liquid investments that are readily convertible into known amounts of cash and subject to insignificant risk of change in value. A cash flow presented under IFRS reconciles the movement in cash and cash equivalents and includes market value changes in cash and cash equivalents. 6. Dividends A final dividend of 3 pence per Ordinary share (£470,000) and 0.5 pence per C share (£6,000) is proposed. These dividends have not been recognised in the results for the year ended 31 March 2006 as that obligation did not exist at the balance sheet date. 7. Earnings (Loss) per Share The earnings (loss) per Ordinary share is based on net profit from ordinary activities after tax of £2,180,000 (2005: £45,000 net loss) and 14,979,000 (2005: 15,343,000) shares, being the weighted average number of shares in issue during the year. The earnings per C share is based on net profit from ordinary activities after tax of £103,000 and 1,228,000 shares, being the weighted average number of shares in issue during the year. The Company has no securities that would have a dilutive effect in either period and hence the basic and diluted net earnings (loss) per share are the same. 8. Net Asset Value per Share The net asset value per Ordinary share is calculated on attributable assets of £15,260,000 (2005: £13,090,000) and 15,654,160 (2005: 15,117,838) shares in issue at the year end. The Company has no securities that would have a dilutive effect in either period and hence the basic and diluted net asset value per share are the same. The net asset value per C share is calculated on attributable assets of £1,287,000 (2005: £237,000) and 1,258,677 (2004: 249,575) shares in issue at the year end. The Company has no securities that would have a dilutive effect in either period and hence the basic and diluted net asset value per share are the same. 9. Total Return per Ordinary Share The total return per Ordinary share takes into account the closing net asset value per share and cumulative dividends paid per share at the balance sheet date to eligible founder shareholders. The net asset value and cumulative dividends per Ordinary share have been restated in accordance with IAS 10 (see note 1). The restatement does not affect the total return per Ordinary share. For the year ended 31 March 2006 2005 2004 2003 Net asset value per Ordinary share 97.5p 86.6p 78.3p 65.9p Cumulative dividend paid per Ordinary share 30.5p 26.8p 19.4p 18.8p -------- -------- -------- -------- Total Return per Ordinary share 128.0p 113.4p 97.7p 84.7p ======== ======== ======== ======== 10. Annual General Meeting Copies of the full financial statements for the year ended 31 March 2006 will be available to the public at the registered office of the Company at Saint Martins House, 210-212 Chapeltown Road, Leeds, LS7 4HZ. For further information, please contact: David Hall YFM Private Equity Limited Tel: 0161 832 7603 Alan Davies YFM Private Equity Limited Tel: 0113 294 5000 Jonathan Becher Teather & Greenwood Limited Tel: 0207 426 3269 Michael Bellamy Teather & Greenwood Limited Tel: 0207 426 9547 This information is provided by RNS The company news service from the London Stock Exchange

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