Final Results
Falkland Islands Holdings PLC
13 June 2007
Falkland Islands Holdings plc
Preliminary Results for the year ended 31 March 2007
Falkland Islands Holdings ('FIH'), an AIM listed company operating a range of
businesses in the Falkland Islands and the Portsmouth Harbour Ferry Company
('PHFC') in the UK, announces preliminary results for the year ended 31 March
2007.
Financial Highlights
• Turnover up 2.6% to £15.6m (2006: £15.2m)
• Underlying profit* up 11% to £1.66m (2006: £1.49m)
• Operating profit up 36% to £1.5m (2006: £1.1m)
• Profit on sale of investments £485,000 (2006: £2.1m)
• Net cash balances of £2.2m at year end (2006: £0.3m)
• Positive net operating cash flow: £2.3m (2006: £1.7m)
• Basic Earnings per Share 17.2p (2006: 31.8p )
• EPS on Underlying Profits 13.4p (2006: 12.2p )
• Dividend increased by 7.7% to 7p (2006:6.5p)
* Underlying profit is defined as profit before tax, exceptional items and the
amortisation of goodwill.
Operating Highlights
• Falkland Islands business produced strong results - 2.5% increase in
revenue to £12.2m
o Underlying pre-tax contribution up £0.2m to £1.1m
o Improved squid catch boosted fishing agency
• Portsmouth Harbour Ferry Company - had a solid year - increase in
revenue to £3.4m
o Underlying pre-tax contribution £0.55m (2006 £0.63m)
o Passenger numbers 3.6m (2006 3.75m) reflecting Trafalgar celebrations
in 2006
• Divestiture of Falklands Gold and Minerals stake for £675 000, generating
£485,000 profit
• Falkland Oil and Gas - (16.3% shareholding) continues to progress its
exploration programme
Outlook
• Positive start to 2007
• Potential for steady sustainable growth over the medium term
David Hudd, Chairman of Falkland Islands Holdings plc, said:
'We have made solid progress this year, recording pleasing increases in
turnover, profit and liquidity.
We continue to hold our strategic investment in Falkland Oil and Gas and await
the results later in the year of their current seismic and sea bed logging work
and of any progress in securing a drilling rig.
The Board looks to the future with confidence, and is pleased to propose a
further increase in dividend to 7 p per share.'
13 June 2007
Enquiries:
Falkland Islands Holdings
David Hudd, Chairman Tel: 07771 893 267
John Foster, Managing Director Tel 07710 764 556
KBC Peel Hunt
Peter Joseph Tel: 020 7418 8900
Dawnay Day (NOMAD)
David Floyd Tel: 020 7509 4570
College Hill
Nick Elwes, Paddy Blewer Tel: 020 7457 2020
Chairman's Statement
Overview
I am pleased to report that the year to 31 March 2007 has been another year of
progress for your Company with record levels of profitability achieved from
trading and a useful profit from the sale of investments.
Trading
In the year to 31 March 2007 the Group's underlying profit (defined as profit
before tax, exceptional items and the amortisation of goodwill), rose from £1.49
million in 2006 to £1.66 million. Profit before tax after exceptional items and
the amortisation of goodwill was £1.84 million (2006: £3.0 million)
After the seasonally slower first half, the businesses in the Falklands
performed well, with strong vehicle sales and general activity was buoyed by the
interest surrounding the 25th anniversary of the war. The Portsmouth Harbour
ferry business had a solid year with profits only a little lower than last year
which benefited from the Trafalgar celebrations.
Investments
In January 2007 the 14.4% shareholding in Falkland Gold and Minerals was sold at
a price of 6p per share. The cash proceeds of £0.7 million generated a profit
over the cost of the investment of £0.5 million.
The Group retains its investment of 15 million shares (16.3%) in Falkland Oil
and Gas ('FOGL'). As shareholders will appreciate, your Company was actively
involved in the initial formation of FOGL and its subsequent admission to AIM
and your Board continues to believe in the company's potential. As FOGL's
licence area is very large and unexplored, exploration is a necessarily lengthy
and expensive process. FOGL is continuing to progress its exploration programme
and we intend to retain a substantial shareholding while this exploration effort
continues.
We were pleased to note that our view on the potential is shared by others as
FOGL was able to raise a further £8 million in December 2006 which has been used
to finance further offshore exploration, this comprises a further 2D seismic
survey and sea bed logging. We are awaiting the results of this work and of the
continuing efforts to secure a drilling rig.
Earnings and Dividends
Earnings per share on underlying profits rose by 10% to 13.4p per share (2006
12.2p) and EPS calculated on all earnings including profits on the sale of
investments were 17.2p per share (2006: 31.8p).
Reflecting the continued confidence of your Board in the future of the Company
it is proposed to increase the annual dividend by 7.7% from 6.5p to 7.0p per
share.
Net assets
The Group has a solid base of well established trading businesses and good
liquidity position. At 31 March 2007 the Group had net cash balances of £2.2
million (2006: £0.3 million) and shareholders funds of £14.1 million at historic
cost (2006: £12.9 million).This includes the investment in FOGL at a cost of
£2.4m which compares to a market value at the year end of £13.0 million (2006
cost £2.4 million; market value £21.5 million). On this basis the net asset
value per share at 31 March 2007 was £2.92 (2006 £4.00)
People
The Group continues to move forward because of the commitment of all its staff
and we are fortunate to have the services of a highly professional workforce
many of whom have worked for the Company for many years. Their passion in
delivering a high quality service to their customers underpins the strength of
the Group and I would like to thank them all for their efforts in producing
another successful year of growth.
Outlook
The new financial year has started in promising fashion and we are well placed
to build on the solid progress seen in recent years.
David L Hudd
June 13 2007
Managing Director's Business Review
Falkland Islands Holdings ('FIH') owns two trading businesses: the Falkland
Islands Company in the Falkland Islands, which provides a wide range of
essential goods and services to the Islanders; and in the UK, the Portsmouth
Harbour Ferry Company ('PHFC') which provides the vital passenger service across
the mouth of Portsmouth Harbour. Both have been established for well over 100
years and both have a history of consistent profitability and cash generation.
Group Performance
In the year to 31 March 2007 turnover from continuing activities in the Group's
trading businesses rose by 2.6% to £15.6 million (2006: £15.2 million). Progress
was seen at both businesses. The Falklands recovered from a sluggish start, and
revenue increased by 2.5% from £11.9 million to over £12.2 million. Revenue at
PHFC increased to £3.4 million (2006: £3.3 million), a satisfactory performance
given the absence of the maritime festivals which boosted revenue in 2005/6.
Revenue
Year ended 31 March 2007 2006 Change
£m £m %
Falklands 12.2 11.9 2.5%
Gosport Ferry 3.4 3.3 3.0%
Total 15.6 15.2 2.6%
Underlying Profits
A healthy 11% increase in underlying profits (defined as profit before tax, the
amortisation of goodwill and exceptional items) was achieved in the year to 31
March 2007 to £1.66 million (2006: £1.49 million) with a strong performance from
the group's Falkland business and a solid contribution in the UK from the ferry
operations at Portsmouth Harbour.
Year ended 31 March 2007 2006
£m £m
Falkland Islands - FIC 1.10 0.86
Gosport Ferry - PHFC 0.56 0.63
Underlying Profit 1.66 1.49
Amortisation (0.20) (0.20)
Exceptional costs (0.11) (0.49)
Profit on sale of investments 0.49 2.22
Profit Before Tax 1.84 3.02
Exceptional Items
During the year the decision was taken to close the Falkland Islands defined
benefit pension scheme in respect of future service for existing members and in
consultation with the employees it was agreed to move to a defined contribution
basis. The effect of this is a significant reduction in the exposure of the
Group to further increases in pension liabilities. In the current year these
changes have resulted in a one off exceptional charge of £105,000.
Profit on the sale of Investments
On January 12th 2007 FIH sold its entire shareholding in Falkland Gold and
Minerals ('FGML'). The sale of its 14.4% holding at 6p per share generated net
cash proceeds of £675,000 and a profit on sale of £485,000.
Profit before Tax
After taking account of charges for the amortisation of goodwill, the
exceptional pension charge and profits on the sale of investments, which in
aggregate represent a net credit of £176,000, the Group's profit before tax for
the year was £1.84 million (2006: £3.0 million).
Group Structure
In operational terms the Group structure was unchanged during the year.
During the year the Group sold its entire investment in FGML, but retained its
shareholding in FOGL, holding 15 million shares (16.3%) in this AIM-listed
exploration company.
Portsmouth Harbour Ferry Company
PHFC performed well in the year despite the absence of the Trafalgar 200
celebrations and International Festival of the Sea, which boosted revenues and
profits in the prior year. In August 2006 the company was successful in winning
a contract from Berkeley Homes to provide water taxi services from its new
residential development overlooking the harbour at Royal Clarence Yard to the
company's pontoon at Portsea. The service, which runs during peak times 5 days a
week, does not directly compete with PHFC's core ferry services which operate
from Gosport. During the year leisure cruising and private hire services
continued, but revenues from cruising were disappointing so this activity has
now been scaled back, allowing PHFC to focus on core ferry operations and
increasing availability for corporate hire.
During the year ended 31 March 2007 PHFC carried nearly 3.6 million passengers
across the harbour, although passenger numbers were marginally lower than the
exceptionally high figures seen during the maritime celebrations in 2005.
As in the prior year, fares were increased on 1 June 2006, with normal daily
adult return fares increased by 11% to £2.00. This enabled the company to freeze
fares for regular users and to hold the price of 10 trip tickets at £8.00 or 80p
each way. In addition, to reinforce the value for money offered to our
passengers, 10 trip concessionary fares for children and seniors were frozen at
£4.40 or 44p per trip. With overall passenger numbers down on the prior year,
the fare increases seen in June 2006 produced a modest overall increase in
passenger revenues.
2006/7 saw continued inflationary pressures on operating costs and particularly
large increases were seen in fuel prices over the year. After the allocation of
head office costs, the underlying profit before tax of the ferry operations
amounted to £0.55 million (2006: £0.63 million).
The ferry pontoon at the Gosport terminus is coming to the end of its useful
life and the pontoon owners Gosport Borough Council are moving ahead with plans
to replace the existing pontoon with a new structure before the end of 2008.
The financing of the replacement pontoon remains under discussion but
maintenance of the existing arrangements, with a nominal rent payable by the
ferry company, would allow PHFC to continue to provide this essential service
safely and reliably, whilst still providing excellent value for money to
passengers.
Local residents are aware of the benefits of the service PHFC offers. The ferry
trip is not only significantly shorter than the land journey around the north of
the harbour, but with ever increasing petrol costs it is also significantly
cheaper. The ferry is also a more environmentally friendly means of transport:
with a carbon footprint per passenger less than 3% of that of a car. In May 2007
PHFC ran a special offer highlighting the ferry's green credentials to encourage
more car drivers to leave their car at home and instead make their journey on
the Gosport ferry.
Falklands Operations
Total revenue in the Group's Falklands businesses in the year to 31 March 2007
increased by 2.5% to £12.2 million (2006: £11.9 million).
In the Islands the general economic backdrop was helped initially by a better
Illex squid catch in the early part of the financial year. Retailing remained
competitive, but in Stanley increased tourist activity associated with the 25th
anniversary of the Falklands War helped provide a boost to the group's other
operations, particularly the Capstan and Gift shop, Penguin Travel and the
Upland Goose Hotel. Significant fleet vehicle sales boosted results in the
second half of the year.
After allocating head office costs, which are integral to the management and
operation of the group's Falklands business activities, underlying profit before
tax and exceptional items rose from £ 0.9 million to £1.1 million.
Retailing - Sales £9.8 million (2006: £9.4 million)
Retailing is the most important business activity undertaken by the Group in the
Falklands and accounts for over 80% of turnover.
In the year to 31 March 2007 overall retail sales increased by 4.2% to £9.8
million and the bulk of the increase was accounted for by the company's
automotive dealership.
Sales at the flagship West Store continued to move ahead although competition
from local independent retailers, and the subdued economic conditions, meant
that like for like sales growth was restricted to 0.4%. Sales at the Capstan
gift shop were helped by the continued growth in the number of cruise ship
visitors and revenues increased by 3.3% compared to the prior year. At the
Group's DIY business, Homecare, trading conditions were more difficult with a
sluggish housing market and customers experimenting with internet purchasing
from UK suppliers, particularly for higher value items. Sales at Homecare were
5.9% lower in the year, although it was encouraging to note that the performance
recovered towards the end of the year with double digit increases in sales being
seen as the product range was refreshed and improved. At its automotive
dealership, FIC had a very successful year with unit vehicles sales increasing
by 120%.
Other Activities - Sales £2.4 million (2006: £2.5 million)
Overall sales in the company's other activities fell slightly in the year to
£2.4 million. Low margin stevedoring at the Stanley floating port FIPAS was
scaled back, and the volume of third party freight carried by Darwin Shipping
fell, but the overall change in the mix of revenue was positive, and the
contribution to group profits from other activities increased during the year.
The Fishing Agency had a better year with a recovery in the squid catch in
Spring 2006 leading to a healthy increase in the number of fishing vessels
requiring support services from FIC. The Illex squid catch was the best for 4
years and revenue from Agency activities increased by over 35% boosting
profitability.
FIC's insurance agency, property rental activities and stevedoring services all
saw growth in the year. Darwin Shipping continued to work with the UK Ministry
of Defence, chartering space on its supply vessels and with a tight control of
costs and more efficient management of container rentals, despite a decline
revenues Darwin had another solid year.
The Upland Goose Hotel continues to face strong local competition and is loss
making during the quiet winter period, but this year increased number of
visitors over the summer months linked to Falklands 25, helped lift revenues and
saw the hotel move closer to a break even position for the year. These positive
factors are unlikely to continue in the medium term, and given the recent
history of losses at the hotel, the Group will be considering its future over
the next 12 months.
Falkland Oil and Gas (FOGL)
The Group continues to hold a strategic stake in FOGL of 15 million shares
representing a 16.3% interest. At 31 March 2007 the market value of this
shareholding was £13.0 million (2006: £21.5 million).
During the year FOGL made further progress with its programme of exploration. In
November 2006 TRACS International completed an independent review of what it
considers to be the Company's top ten prospects and reported that FOGL had net
prospective resources in excess of 10 billion barrels. The existence of
commercial quantities of oil or gas can only be determined by drilling, but
during the year FOGL made good progress in raising further funds to continue
with its exploration programme, with the issue of £8 million of convertible loan
notes in December 2006.
FOGL has also completed the third phase of its 2D seismic programme, acquiring a
further 9,950km of detailed infill seismic data, and early indications are that
it will provide a much higher definition of FOGL's best prospects. This
programme was supplemented in February 2007 when the company commenced a
programme of Closed Source Electro Magnetic ('CSEM') surveying, a new technology
designed to reduce risk and help highlight the best prospects for drilling. The
first phase, which covered 6 prospects, has been completed and the second phase
is expected to be completed by the end of July 2007. Once processing of the
data from both surveys is complete the results will be integrated, a process
which will take several months. If the results are positive this will then lead
to the determination of a shortlist of the best prospects for drilling.
In parallel with the exploration programme FOGL has continued discussions with
potential farm-in partners and rig owners. The objective remains a drilling
programme commencing in 2008.
Trading Outlook for 2007/8
With a stable economic climate in the UK and in the Falklands the prospects for
further steady growth over the medium term are good. In the current year the
Falklands businesses have started well with squid catches in April and May
exceeding 2006. In Portsmouth, ferry passenger numbers have been boosted by the
recent sunny spring weather and are ahead year-on-year. Although cost pressures
exist in both businesses, with further investment in our infrastructure planned
for the current year, the foundations are in place for another solid
performance.
John Foster
Managing Director
13 June 2007
Group profit and loss account
FOR THE YEAR ENDED 31 MARCH 2007
As Restated
2007 2006
Notes £'000 £'000
Turnover
1 Continuing operations 15,618 15,209
Discontinued operations - 527
Turnover 15,618 15,736
Cost of sales (9,531) (9,855)
Gross profit 6,087 5,881
Administrative expenses (4,606) (4,471)
Amortisation of goodwill (204) (204)
Administrative expenses - exceptional costs (105) (487)
Total administrative expenses (4,915) (5,162)
Other operating income 338 344
Continuing operations 1,510 1,062
Discontinued operations - 1
Group operating profit 1,510 1,063
Profit on sale of discontinued operation 84
Profit on sale of fixed asset investment 485 2,135
Bank interest receivable 205 38
Bank interest payable (236) (194)
Pension schemes net financing cost (124) (108)
Profit on ordinary activities before taxation 1,840 3,018
Taxation (394) (374)
Profit on ordinary activities after taxation for the 1,446 2,644
financial year
2 Earnings per share
Basic 17.2p 31.8p
Diluted 17.1p 31.3p
Proposed dividend per ordinary share 7.0p 6.5p
In both the current and preceding year, there was no material difference between
results reported in the profit and loss account and the result on an unmodified
historical cost basis.
Group balance sheet
AT 31 MARCH 2007
2007 2006
Notes £'000 £'000 £'000 £'000
Fixed assets
Intangible assets 3,775 3,979
Tangible assets 7,856 8,042
Investments 2,420 2,610
14,051 14,631
Current assets
Stocks 2,678 3,107
Debtors due within one year 2,517 1,789
Debtors due after one year 45 48
2,562 1,837
3 Cash at bank and in hand 4,959 3,601
10,199 8,545
Creditors: amounts falling due (5,310) (4,797)
within one year
Net current assets 4,889 3,748
Total assets less current 18,940 18,379
liabilities
Creditors: amounts falling due (2,191) (2,765)
after more than one year
Provisions for liabilities (744) (853)
Net assets excluding pension 16,005 14,761
liabilities
Net pension scheme liabilities (1,869) (1,909)
Net assets 14,136 12,852
Capital and reserves
Called up share capital 847 838
Share premium account 7,206 7,064
Other reserves 703 703
Revenue reserves 5,380 4,247
Equity shareholders' funds 14,136 12,852
Group Cash Flow Statement
FOR THE YEAR ENDED 31 MARCH 2007
Reconciliation of operating profit to net cash inflow from operating activities
As
restated
2007 2006
£'000 £'000
Operating profit 1,510 1,063
Profit on sale of fixed assets - (12)
Amortisation of goodwill 204 204
Depreciation and impairment charges 468 838
Decrease in stocks 429 201
(Increase) in debtors (725) (12)
Increase / (Decrease) in creditors and provisions 316 (687)
Provision for share-based payments 101 70
Net cash inflow from operating activities 2,303 1,665
Cash Flow Statement
2007 2006
£'000 £'000 £'000 £'000
Cash flow from operating activities 2,303 1,665
Returns on investments and servicing of
finance
Interest received 205 38
Interest paid (236) (203)
(31) (165)
Taxation
UK corporation tax paid (162) (250)
Overseas taxation paid (176) (141)
(338) (391)
Capital expenditure and financial
investment
Purchase of tangible fixed assets (282) (505)
Purchase of investments (2,000)
Receipts from sale of tangible fixed 15
assets
Receipts from sale of investments 675 2,427
393 (63)
Acquisitions and disposals
Sale of subsidiary undertaking - 178
- 178
Dividends paid (545) (502)
Cash inflow before financing 1,782 722
Financing
Repayment of secured loan (532) (524)
Repayment of loan notes (43) (43)
Issue of ordinary share capital 151 3
New secured loan 2,609
Sale of own shares
Cash flow from financing (424) 2,045
Increase in cash in year 1,358 2,767
Reconciliation of cash flow to movement in net funds / (debt)
2007 2006
£'000 £'000
Increase in cash in the year 1,358 2,767
Cash outflow / (inflow) from movement in 575 (2,042)
debt
1,933 725
Change in net debt resulting from cash 1,933 725
flows
Net (debt) / funds at start of year 293 (432)
Net funds at end of year 2,226 293
Group Cash Flow Statement - continued
FOR THE YEAR ENDED 31 MARCH 2007
Analysis of changes in net funds As at As at
1 April 31 March
2006 Cash flows 2007
£'000 £'000 £'000
Cash at bank and in hand 3,601 1,358 4,959
Debt due within one year (542) 0 (542)
Debt due after one year (2,766) 575 (2,191)
Net funds at end of year 293 1,933 2,226
Consolidated Statement of Total Recognised Gains and Losses
FOR THE YEAR ENDED 31 MARCH 2007
As restated
2007 2006
£'000 £'000 £'000 £'000
Profit for the year 1,446 2,644
PHFC scheme gain / (loss) 61 (88)
FIC scheme gain 118 57
Actuarial gain / (loss) on pension schemes 179 (31)
Movement on deferred tax asset relating (48) (123)
to pension schemes
Actuarial gain / (loss) on pension schemes 131 (154)
net of tax
Total recognised gains and losses relating 1,577 2,490
to financial year
Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2007
1. Segmental information
2007 2006
General Ferry Total General Ferry Total
trading services trading services
Falklands Portsmouth Falklands Portsmouth
£'000 £'000 £'000 £'000 £'000 £'000
Turnover
- continuing operations 12,256 3,362 15,618 11,902 3,307 15,209
Discontinued operations 527 527
- Cobham Travel
12,256 3,362 15,618 11,902 3,834 15,736
Net assets 9,998 4,138 14,136 8,941 3,911 12,852
Segment operating profit 1,122 388 1,510 637 426 1,063
Profit on sale of fixed 485 485 2,135 2,135
asset investments
Profit on sale of 84 84
discontinued operations
Net interest expense (115) (40) (155) (212) (52) (264)
Group profit before tax 1,492 348 1,840 2,560 458 3,018
Underlying profit before
tax:
Group profit before tax 1,492 348 1,840 2,560 458 3,018
Goodwill amortisation - 204 204 204 204
Exceptional costs 105 105 435 52 487
Profit on sale of fixed (485) (485) (2,135) (2,135)
asset investments
Profit on sale of (84) (84)
discontinued operations
Underlying profit before 1,112 552 1,664 860 630 1,490
tax
Underlying profit before tax is presented to illustrate the Group's trading
profit before tax, goodwill amortisation, exceptional items, profit on the sale
of fixed asset investments and discontinued operations.
Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2007
2. Earnings per share
The calculation of basic earnings per share is based on profits on ordinary
activities after taxation, and the weighted average number of shares in issue in
the period, excluding shares held under the Employee Share Ownership Plan
('ESOP').
The calculation of diluted earnings per share is based on profits on ordinary
activities after taxation, and the weighted average number of shares in issue in
the period, excluding shares held under ESOP, adjusted to assume the full issue
of share options in issue, to the extent that they are dilutive.
As restated
2007 2006
£'000 £'000
Profit on ordinary activities after taxation 1,446 2,644
The profits above form the basis of calculating the basic and diluted earnings
per share.
As restated
2007 2006
Number Number
Weighted average number of shares in issue 8,466,060 8,380,066
Less: shares held under ESOP (48,917) (55,417)
Average number of shares in issue excluding ESOP 8,417,143 8,324,649
Maximum dilution with regard to share options 30,927 109,736
Diluted weighted average number of ordinary shares 8,448,070 8,434,385
Basic earnings per share 17.2p 31.8p
Diluted earnings per share 17.1p 31.3p
To provide a comparison of earnings per share based on underlying performance,
the calculation below sets out basic and diluted earnings per share based on
profits before amortisation of goodwill and exceptional items.
Earnings per share on underlying profitability
2007 2006
£'000 £'000
Underlying profit before tax (see note 1) 1,664 1,490
Less: tax thereon (532) (477)
Underlying profit after tax 1,132 1,013
Increase 2007 2006
Underlying performance basic earnings per 10.5% 13.4p 12.2p
share (pence)
Underlying performance diluted earnings 11.5% 13.4p 12.0p
per share (pence)
3. Borrowings, derivatives and other financial instruments
Group
2007 2006
£'000 £'000
The bank loans, overdrafts and unsecured loan notes
are repayable as follows:
Within one year (542) (542)
Between one and two years (499) (542)
Between two and five years (1,054) (1,590)
Over five years (638) (634)
(2,733) (3,308)
Cash 4,959 3,601
Net funds / (debt) 2,226 293
The Group's financial instruments comprise cash and borrowings and arise
directly from its operations. The principal function of these financial
instruments is to fund the Group's operations. Cash at bank is the money on
call or short term deposit. This together with cash in hand is used to fund the
day-to-day operations. The Group has an unutilised overdraft facility of £2.0
million.
4. Statutory Information
The financial information does not constitute the Company's statutory accounts
for the years ended 31 March 2007 and 2006 but is derived from those accounts.
Statutory accounts for 2006 have been delivered to the Registrar of Companies,
and those for 2007 will be delivered following the Company's Annual General
Meeting. The auditors have reported on those; their reports were unqualified and
do not contain statements under section 237(2) or 237(3) of the Companies Act
1985. Copies of the Falkland Islands Holdings plc annual report and financial
statements will be with shareholders in late-June.
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