Final Results

RNS Number : 9820R

Henderson Far East Income Limited

11 November 2011

 



11 November 2011

This announcement contains regulated information.

HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2011

Per Ordinary Share	31 August 2011	31 August 2010	% change
Net asset value	287.09p	295.00p	-2.7%
Market price	294.50p	298.25p	-1.3%
Total earnings	5.74p	47.78p	-88.0%
Revenue earnings	16.49p	15.35p	+7.4%

MANAGEMENT REPORT

Extracts from the Chairman's Statement

I am pleased to report that revenues grew over the year under review, enabling your Board to raise the total annual dividend by 10.3% year on year. Capital performance was, however, disappointing due to our overweight position in China, where fears of inflation subdued the market. Australia's poor performance, where we had an underweight position was transformed into a positive sterling performance by a very strong Australian dollar.

Performance

In the year under review, the net asset value total return was 2.1%. Share price total return was 3.4%   against the FTSE-All World Asia Pacific ex Japan Index (sterling adjusted) which returned 6.7%. Revenue earnings after taxation per ordinary share rose by 7.4% to 16.49p, compared to 15.35p in the previous year.

Dividends

A fourth interim dividend of 3.90p has been declared making a total of 15.00p for the year, an increase of 10.3% year on year. This total has been met from current year revenue with a modest addition to our revenue reserve, which will help to underpin dividends in future years. Your Board is confident that it will be able to at least maintain the level of total dividend in the coming year.

Capital and gearing

During the year your Company continued to enjoy consistent demand for its shares with the share price trading predominantly at an attractive premium to net asset value. In view of this, your Board took the opportunity to issue further shares at premiums of 2% or above thereby enhancing the net asset value per share for shareholders. In total, 3,525,000 shares were issued in the year, resulting in proceeds of over £11.3 million and a further 375,000 shares have been allotted since 31 August 2011, with proceeds of £1,029,000.

Your Board has maintained its cautious stance on borrowings and has not geared the portfolio during the year under review. However, the market volatility seen since the summer has led us to the view that some flexible gearing might be introduced during the coming year. To that end, we are looking at taking out a multi-currency loan facility.

Shareholder Communication

Your Board is committed to understanding shareholder aspirations and expectations and to this end Simon Meredith Hardy and I visited most of the major shareholders earlier in the year to listen to their views. These meetings were held without the Manager present so that conversations could be frank and fulsome. We came away with an enhanced understanding of what is expected and more

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2011

MANAGEMENT REPORT (continued)

Extracts from the Chairman's Statement (continued)

importantly what is critical from their perspective. The resulting feedback has guided the deliberations of the Board in a significant way.

Counterparty Risk

The Board assesses counterparty risk on a regular basis but against the background of the current debt crisis we undertook an even more rigorous approach. We met with service providers and, in particular, with our custodian, JP Morgan, to assure ourselves that the sub custodians in Asian jurisdictions where it is not represented are properly managed from a risk perspective. We are satisfied that their management is robust and that we can place an appropriate degree of reliance on it. We met, too, with the Registrar, Computershare Investor Services, and satisfied ourselves as to the quality of their risk management procedures.

Regional Perspective

Much is written about China in the press; some of it misleading, some of it inaccurate and some the result of old fashioned prejudice. But there is no doubt that the future success of Asia as a region will be dependent on the continuing growth of China into the most powerful economy in the world. It is difficult to understand the scale of change happening there and what effect this will have on the rest of the world. While it is not possible to predict the future with any certainty there are some things of which we can be certain. China will have an impact on the world at least as great, possibly greater than the Industrial Revolution which started 150 years ago. The results of that revolution still reverberate around the world today. How much more then can we expect from China whose home grown industrial revolution is being rolled out many times faster than the western industrial revolution? Tens of millions of people have moved from the countryside to the cities and this process will continue for many years to come. The impact on global economics, politics and demographics will be both significant and long lasting.

Of course this rapid rate of change will not be without problems and big ones at that. However we should remember that China was a leading economy in the world for 18 of the past 20 centuries. It stumbled in the nineteenth century and suffered horribly in the twentieth but is now nationally committed to regaining its place among the foremost nations of the world. Those in the west who fail to appreciate what is happening and to engage with China either as investors or in business will, I believe, be making a grave mistake.

Annual General Meeting

The Annual General Meeting will be held at 12 noon on Tuesday 20 December 2011 in Jersey and shareholders are most welcome to attend.  In addition, an open presentation to shareholders will be held at 11am on Wednesday 21 December 2011 at Henderson's offices in London where the Manager will make an investment presentation and both he and I will be happy to answer questions.  If you would like to attend please complete and return the invitation card which is enclosed with this report.

John Russell

Chairman

11 November 2011

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2011

MANAGEMENT REPORT (continued)

Principal Risks and Uncertainties

The Board has drawn up a matrix of risks facing the Company and has put in place a schedule of investment limits and restrictions appropriate to the Company's investment objective and policy, in order to mitigate risks as far as practicable. The principal risks which have been identified and the steps taken by the Board to mitigate these are as follows:

• Investment and Strategy

An inappropriate investment strategy, for example, in terms of asset allocation or level of gearing, may result in under performance against the companies in the peer group, and also in the Company's shares trading on a wider discount. The Board manages these risks by ensuring a diversification of investments and a regular review of the extent of borrowings. The Portfolio Manager operates in accordance with an investment limits and restrictions policy determined by the Board, which includes limits on the extent to which borrowings may be employed. The Board reviews the limits and restrictions on a regular basis and the Manager confirms adherence to them every month. The Manager provides the Board with management information, including performance data and reports and shareholder analyses. The Directors monitor the implementation and results of the investment process with the Portfolio Manager at each Board meeting and monitor risk factors in respect of the portfolio. Investment strategy is reviewed at each meeting.

• Market

Market risk arises from uncertainty about the future prices of the Company's investments. This is commented on in the Annual Report.

• Accounting, legal and regulatory

The Company must comply with the provisions of the Companies (Jersey) Law 1991 and since its shares are listed on the London Stock Exchange, the UKLA's Listing and Disclosure Rules. The Company must also ensure compliance with the listing rules of the New Zealand Stock Exchange. A breach of company law could result in the Company and/or the Directors being fined or the subject of criminal proceedings and financial and reputational damage. A breach of the UKLA Rules could result in the suspension of the Company's shares. The Board relies on its Company Secretary and advisers to ensure adherence to company law and UKLA and New Zealand Stock Exchange Rules.

• Operational

Disruption to, or the failure of, the Manager's or the Administrator's accounting, dealing, or payment systems or the Custodian's records could prevent the accurate reporting or monitoring of the Company's financial position. The Administrator, BNPP, sub-contracts some of the operational functions (principally relating to trade processing, investment administration and accounting) to BNP Paribas Securities Services. Details of how the Board monitors the services provided by the Manager and other suppliers, and the key elements designed to provide effective internal control, are explained further in the internal control section of the Annual Report.

• Financial

The financial risks faced by the Company include market risk (market price risk, interest rate risk and currency risk), liquidity risk and credit risk. Further details are disclosed in the Annual Report. Additional disclosures are provided in accordance with IFRS 7: Financial Instruments: Disclosures.

Related party transactions

The contracts with Henderson and BNPP are the only related party arrangements currently in place. Other than fees payable in the ordinary course of business, there have been no material transactions with these related parties which have affected the financial position or performance of the Company in the financial year.

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2011

MANAGEMENT REPORT (Continued)

Statement under Disclosure and Transparency Rules

The Directors, who are listed in the Annual Report, each confirm to the best of their knowledge that:

(a)     the financial statements, prepared in accordance with applicable accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

(b)    the Report of the Directors in the Annual Report 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 they face.

For and on behalf of the Board

David Staples

Director

11 November 2011

Twenty Largest Holdings

These twenty investments total £143,601,000 (twenty largest holdings in 2010: £143,551,000) representing 50.9% (2010: 51.1%) by value of the total investments.

Rank 2011	Name of Investment	Country	Sector	Value £'000
1	Korean Reinsurance	South Korea	Financials	8,715
2	Telstra Corporation	Australia	Telecommunications	8,522
3	Philippine Long Distance Telephone	The Philippines	Telecommunications	8,328
4	Amcor	Australia	Industrials	7,722
5	Incitec Pivot	Australia	Basic Materials	7,680
6	Link REIT	Hong Kong	Property	7,574
7	Kangwon Land	South Korea	Consumer Services	7,202
8	QBE Insurance Group	Australia	Financials	7,025
9	Jiangsu Expressway	China	Industrials	6,998
10	Ascendas Real Estate	Singapore	Property	6,975
11	Yuanta Financial	Taiwan	Financials	6,934
12	Advanced Information Services	Thailand	Telecommunications	6,889
13	CTCI Corporation	Taiwan	Industrials	6,848
14	Singapore Telecommunications	Singapore	Telecommunications	6,758
15	Tabcorp Holdings	Australia	Consumer Services	6,685
16	Fraser & Neave	Singapore	Industrials	6,674
17	Television Broadcasts	Hong Kong	Consumer Services	6,632
18	Taiwan Semiconductor Manufacturing	Taiwan	Technology	6,486
19	Capitamall Trust REIT	Singapore	Property	6,483
20	China Construction Bank	China	Financials	6,471

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2011

Consolidated and Parent Company Statement of Comprehensive Income

for the year ended 31 August 2011

	Year ended 31 August 2011			Year ended 31 August 2010
	Revenue return	Capital return	Total	Revenue return	Capital return	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Investment income (note 2)	18,023	-	18,023	15,894	-	15,894
Other income (note 3)	1,532	-	1,532	1,308	-	1,308
(Losses)/gains on investments held at fair value through profit or loss	-	(8,754)	(8,754)	-	31,367	31,367
	---------	---------	---------	---------	---------	---------
Total income	19,555	(8,754)	10,801	17,202	31,367	48,569
	---------	---------	---------	---------	---------	---------
Expenses
Management fees	(1,566)	(1,566)	(3,132)	(1,322)	(1,322)	(2,644)
Other expenses	(293)	(293)	(586)	(328)	(319)	(647)
	---------	---------	---------	---------	---------	---------
Profit/(loss) before finance costs and taxation	17,696	(10,613)	7,083	15,552	29,726	45,278
Finance costs	(14)	(14)	(28)	(11)	(11)	(22)
	---------	---------	---------	---------	---------	---------
Profit/(loss) before taxation	17,682	(10,627)	7,055	15,541	29,715	45,256
Taxation	(1,379)	-	(1,379)	(1,474)	-	(1,474)
	---------	---------	---------	---------	---------	---------
Profit/(loss) for the year and total comprehensive income	16,303	(10,627)	5,676	14,067	29,715	43,782
	=====	=====	=====	=====	=====	=====
Earnings/(loss) per ordinary share  (note 4)	16.49p	(10.75)p	5.74p	15.35p	32.43p	47.78p
	=====	=====	=====	=====	=====	=====

The total column of this statement represents the Consolidated and Parent Company Statement of Comprehensive Income, prepared in accordance with IFRS. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.

All income is attributable to the equity holders of Henderson Far East Income Limited. There are no minority interests.

The net profit of the Company for the year was £5,676,000 (2010: £43,782,000).

The Company does not have any other comprehensive income and hence the net profit for the year as disclosed above is the same as the Company's total comprehensive income.

The investment income and associated withholding tax for the comparative period to 31 August 2010 has been adjusted by £180,000 to reflect comparable treatment in the current financial year. 

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2011

Consolidated and Parent Company Statement of Changes in Equity

for the year ended 31 August 2011

Consolidated and Parent Company (Year ended 31 August 2011)	Stated share capital £'000	Distributable reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000
Total equity at 31 August 2010	52,146	180,471	40,390	11,909	284,916
Total comprehensive income:
(Loss)/profit for the year	-	-	(10,627)	16,303	5,676
Transactions with owners, recorded directly to equity:
Dividends paid Receipt of unclaimed dividends from predecessor company	- -	- -	- -	(14,563) 11	(14,563) 11
Shares issued	11,371	-	-	-	11,371
Issue costs	(22)	-	-	-	(22)
	---------	---------	---------	---------	---------
Total equity at 31 August 2011	63,495	180,471	29,763	13,660	287,389
	=====	=====	=====	=====	=====
Consolidated and Parent Company (Year ended 31 August 2010)	Stated share capital £'000	Distributable reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000
Total equity at 31 August 2009	14,323	180,471	10,675	10,027	215,496
Total comprehensive income:
Profit for the year	-	-	29,715	14,067	43,782
Transactions with owners, recorded directly to equity:
Dividends paid	-	-	-	(12,185)	(12,185)
Shares issued	38,084	-	-	-	38,084
Issue costs	(261)	-	-	-	(261)
	---------	---------	---------	---------	---------
Total equity at 31 August 2010	52,146	180,471	40,390	11,909	284,916
	=====	=====	=====	=====	=====

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HENDERSON FAR EAST INCOME LIMITED

 Annual Financial Report for the year ended 31 August 2011

Consolidated and Parent Company Balance Sheet

at 31 August 2011

			Consolidatedand Parent Company 2011 £'000	Consolidated and Parent Company 2010 £'000
Non current assets
Investments held at fair value through profit or loss			283,077	281,108
			----------	----------
Current assets
Other receivables			3,043	5,994
Cash and cash equivalents			3,288	2,448
			----------	----------
			6,331	8,442
			----------	----------
Total assets			289,408	289,550
			----------	----------
Current liabilities
Written options			(813)	(348)
Other payables			(702)	(658)
Bank overdrafts			(504)	(3,628)
			----------	----------
			(2,019)	(4,634)
			----------	----------
Net assets			287,389	284,916
			======	======
Equity attributable to equity shareholders
Stated share capital			63,495	52,146
Distributable reserve			180,471	180,471
Retained earnings:
Other capital reserves			29,763	40,390
Revenue reserve			13,660	11,909
			----------	----------
Total equity			287,389	284,916
			======	======
Net asset value per ordinary share			287.09p	295.00p
			======	======

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2011 and were signed on its behalf by:

David Payne Staples                                                                                          

Director                                                                                                                 

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2011

Consolidated and Parent Company Cash Flow Statement

for the year ended 31 August 2011

	Consolidated and Parent Company 2011 £'000	Consolidated and Parent Company 2010 £'000
Operating activities
Profit before taxation	7,055	45,436
Add back interest payable	28	22
Add/(less) losses/(gains) on investments held at fair value through profit or loss	8,754	(31,367)
Less movements in investments held at fair value through profit or loss	(10,049)	(43,225)
Decrease/(increase) in other receivables	51	(3)
Decrease/(increase) in dividends received, net of withholding tax	128	(387)
Decrease in amounts due from brokers	3,201	952
(Decrease)/increase in other payables	(37)	198
Decrease in amounts due to brokers	-	(35)
Stock dividends included in investment income	(405)	(24)
	----------	----------
Net cash inflow/(outflow) from operating activities before interest and taxation	8,726	(28,433)
Interest paid	(28)	(32)
Withholding tax on investment income	(1,298)	(1,649)
Taxation recovered	-	179
	----------	----------
Net cash inflow/(outflow) from operating activities	7,400	(29,935)
	----------	----------
Financing activities
Equity dividends paid	(14,563)	(12,185)
Unclaimed dividends received from predecessor company	11	-
Share issue proceeds	10,920	37,943
	----------	----------
Net cash (outflow)/inflow from financing	(3,632)	25,758
	----------	----------
Increase/(decrease) in cash and cash equivalents	3,768	(4,177)
Cash and cash equivalents at the start of the year	(1,180)	2,384
Exchange movements	196	613
	----------	----------
Cash and cash equivalents at the end of the year (including bank overdrafts of £504,000 (2010: £3,628,000))	2,784	(1,180)
	======	======

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2011

Notes:

1.	Accounting Policies
	Basis of preparation
	This consolidated financial information for the year ended 31 August 2011 has been prepared in accordance with International Financial Reporting Standards ('IFRS'). These comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'), together with interpretations of the International Accounting Standards and Standing Interpretations Committee approved by the International Accounting Standards Committee ('IASC') that remain in effect, to the extent that IFRS have been adopted. The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the revaluation of certain financial instruments. The financial statements are presented in sterling and all values are rounded to the nearest thousand pounds (£'000) except where otherwise indicated. The principal accounting policies adopted are set out in the Annual Report. Where consistent with IFRS, the financial statements have also been prepared in accordance with the guidance set out in the Statement of Recommended Practice ('SORP') for Investment Companies issued by the Association of Investment Companies ('AIC') as revised in January 2009.
		2011	2010
2.	Investment income	£'000	£'000
	Overseas dividends	17,618	15,870
	Stock dividends	405	24
		---------	---------
		18,023	15,894
		======	======
	Analysis of investment income by geographical segment:
	Australia	2,945	1,508
	China	2,649	2,145
	Hong Kong	2,167	2,512
	Indonesia	320	453
	Japan	312	-
	Malaysia	339	-
	The Philippines	757	583
	Singapore	2,168	1,663
	South Korea	1,610	1,522
	Taiwan	2,901	4,079
	Thailand	1,855	1,429
		---------	---------
		18,023	15,894
		======	======
	All of the above income is derived from equity investments. -MORE-

	-10 - HENDERSON FAR EAST INCOME LIMITED Annual Financial Report for the year ended 31 August 2011
		2011		2010
3.	Other income	£'000		£'000
	Bank and other interest	5		24
	Option premium income	1,527		1,284
		-------		-------
		1,532		1,308
		======		======
4.	Earnings/(loss) per ordinary share
	The earnings per ordinary share figure is based on the net gains for the year of £5,676,000 (2010: £43,782,000) and on 98,873,304 (2010: 91,639,804) being the weighted average number of ordinary shares in issue during the year. The earnings per ordinary share figure detailed above can be further analysed between revenue and capital, as below.
			2011	2010
			£'000	£'000
	Net revenue profit		16,303	14,067
	Net capital (loss)/profit		(10,627)	29,715
			-------	-------
	Net total profit		5676	43,782
			======	======
	Weighted average number of ordinary shares in issue during the year		98,873,304	91,639,804
	Revenue earnings per ordinary share		16.49p	15.35p
	Capital (loss)/earnings per ordinary share		(10.75)p	32.43p
			-------	-------
	Total earnings per ordinary share		5.74p	47.78p
			======	======
	The company has no securities in issue that could dilute the return per ordinary share. Therefore the basic and diluted earnings per ordinary share are the same. - MORE -

	-11 - HENDERSON FAR EAST INCOME LIMITED Annual Financial Report for the year ended 31 August 2011
				2011		2010
5.	Dividends	Record date	Pay date	£'000		£'000
	Fourth interim dividend 3.20p for the year ended 2009	6 November 2009	30 November 2009	-		2,721
	First interim dividend 3.20p for the year ended 2010	5 February 2010	26 February 2010	-		2,963
	Second interim dividend 3.20p for the year ended 2010	7 May 2010	28 May 2010	-		3,035
	Third interim dividend 3.60p for the year ended 2010	6 August 2010	31 August 2010	-		3,466
	Fourth interim dividend 3.60p for the year ended 2010	5 November 2010	30 November 2010	3,530		-
	First interim dividend 3.60p for the year ended 2011	4 February 2011	28 February 2011	3,562		-
	Second interim dividend 3.60p for the year ended 2011	6 May 2011	31 May 2011	3,577		-
	Third interim dividend 3.90p for the year ended 2011	5 August 2011	31 August 2011	3,894		-
				-------		-------
				14,563		12,185
				======		======
	The fourth interim dividend for the year ended 31 August 2011 has not been included as a liability in these financial statements as it was announced and paid after the year end. The table below sets out the total dividends paid and to be paid in respect of the financial year. The revenue available for distribution by way of dividend for the year is £16,303,000 (2010: £14,067,000).
					2011
					£'000
	First interim dividend for 2011 - 3.60p				3,562
	Second interim dividend for 2011 - 3.60p				3,577
	Third interim dividend for 2011 - 3.90p				3,894
	Fourth interim dividend for 2011 - 3.90p (payable 30 November 2011 based on 100,480,564 shares in issue at 4 November 2011)				3,919
					--------
					14,952
					======
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6.	Net asset value per share
	The basic net asset value per ordinary share and the net asset value attributable to ordinary shareholders at the year end calculated in accordance with the Articles of Association were as follows:
		Net asset value per share 2011 pence	Net asset value attributable 2011 £'000	Net asset value per share 2010 pence	Net asset value attributable 2010 £'000
	Ordinary shares	287.09	287,389	295.00	284,916
		======	======	======	======
	The basic net asset value per ordinary share is based on 100,105,564 (2010: 96,580,564) ordinary shares, being the number of ordinary shares in issue.
7.	Stated share capital		Authorised	Issued and fully paid		£'000
	At 31 August 2010
	Ordinary shares of no par value		Unlimited	96,580,564		52,146
	Issued in year			3,525,000		11,349
				----------------		------------
	At 31 August 2011			100,105,564		63,495
				===========		=========
	During the year the Company issued 3,525,000 (2010: 13,222,943) shares for proceeds of £11,349,000 (2010: £37,823,000) net of costs. Since the year end and up to 11 November 2011 a further 375,000 shares have been issued for proceeds of £1,029,000.             .
8.	Going concern statement
	The Directors believe it is appropriate to continue to adopt the going concern basis in preparing the financial statements as the assets of the Company consist mainly of securities which are readily realisable and, accordingly, the Company has adequate financial resources to continue in operational existence for the foreseeable future. In reviewing the position as at the date of this statement, the Board has considered the going concern and liquidity risk: 'Guidance for Directors of UK Companies 2009' issued by the Financial Reporting Council in October 2009.
9.	2011 Financial information
	The figures and financial information for the year ended 31 August 2011 are compiled from an extract of the latest financial statements and do not constitute statutory accounts. These financial statements included the report of the auditors which was unqualified.
10.	2010 Financial information
	The figures and financial information for the year ended 31 August 2010 are compiled from an extract of the latest published accounts and do not constitute the statutory accounts for that period.
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	-13- HENDERSON FAR EAST INCOME LIMITED Annual Financial Report for the year ended 31 August 2011
11.	Company Status
	The Company is a Jersey domiciled closed-end investment company, number 95064, which was incorporated in 2006 and which is listed on the London and New Zealand Stock Exchanges. The Company is a Jersey fund with its registered office at Liberté House, 19-23 La Motte Street, St. Helier, Jersey, JE2 4SY and is regulated by the Jersey Financial Services Commission.
12.	Annual Report and Annual Review
	The Annual Report and Financial Statements will be available for posting to those shareholders who have requested a copy on 18 November 2011 and copies will be available on the Company's website (www.hendersonfareastincome.com) or in hard copy format from the Company's registered office, Liberté House, 19-23 La Motte Street, St Helier, Jersey, JE2 4SY. Shareholders who did not in 2010 indicate that they wish to receive the full Annual Report in future years will receive an abbreviated report on the Company's results for the year, the Annual Review. The Annual General Meeting will be held at the registered office on Tuesday 20 December 2011 at 12 noon. The Notice of the Annual General Meeting will be sent to shareholders with the Annual Report.
	For further information please contact:
	Mike Kerley
	Portfolio Manager, Henderson Far East Income Limited
	Telephone: [phone]
	James de Sausmarez
	Head of Investment Trusts, Henderson Global Investors
	Telephone: [phone]
	Sarah Gibbons-Cook
	Investor Relations and PR Manager, Henderson Global Investors
	Telephone: [phone]
	Jeremy Hamon
	BNP Paribas Securities Services Fund Administration, Company Secretary
	Telephone: [phone]
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.

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