Preliminary Results

RNS Number : 5050S

Standard Life Euro Pri Eqty Tst PLC

03 December 2012

 

3 December 2012

STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC

RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2012

Highlights

·     For the financial year ended 30 September 2012 the Company's undiluted net asset value per ordinary share ("NAV") fell by 0.5% to 227.6p (diluted NAV - 224.9p).

·     The 1.1p fall in NAV during the year was due principally to unrealised foreign exchange movements. The fall comprised 23.2p of net realised gains and income from the Company's portfolio of 37 private equity fund interests, 3.3p of net unrealised losses on the portfolio on a constant exchange rate basis, 16.7p of unrealised foreign exchange losses on the portfolio and 4.3p of fees, dividends and costs.

·     The closing mid-market price of the Company's ordinary shares on 30 September 2012 was 162.4p, a rise of 21.2% over the year and a discount of 27.8% to the diluted NAV.

·     The Board is recommending a final dividend of 2.0p per ordinary share (year ended 30 September 2011 - 1.3p).

·     At 30 September 2012 the Company's net assets were £369.7 million. The Company had interests in 37 private equity funds with a value of £365.9 million. In preparing the Company's year end valuation, 95.5% by value of the portfolio was valued by the relevant fund manager at 30 September 2012.

·     Reflecting the fall in new transactional activity and value in the European private equity market, draw downs during the year declined to £40.1 million, whilst a more robust exit environment saw distributions remain fairly constant at £76.9 million. The positive cash inflow during the year resulted in the Company having a net cash balance of £3.5 million at 30 September 2012.

·     The Company made two new fund commitments during the year, with a €35 million commitment to BC European Capital IX and a €30 million commitment to Equistone European Fund IV. Since the year end the Company has also made a €20 million commitment to Advent Global Private Equity VII.

·     The Company had £129.0 million of outstanding commitments at 30 September 2012. After undertaking a detailed review, the Manager continues to believe that up to £40 million of the Company's existing outstanding commitments are unlikely to be drawn.

·     During the period from 30 September 2012 to 30 November 2012 the Company funded £6.0 million of draw downs and received £7.6 million of distributions. At 30 November 2012 the Company's total outstanding commitments and net cash balance were £140.8 million and £4.5 million respectively.

·     Following a wide ranging review, the Board has concluded that it is appropriate to continue with the Company's over-commitment strategy, but to limit this to a lower proportion of net assets than heretofore. There will in future be more emphasis on the shorter term deployment of resources both in buying secondary fund interests and, when conditions are appropriate, in purchasing the Company's shares for cancellation where the share price discount provides a meaningful enhancement to NAV.

Quote from Scott Dobbie, Chairman:-

"It is expected that new private equity investment activity will remain weak and that managers will focus their efforts on building and distributing value at investee companies. The Company is well positioned to meet this difficult environment. It has a proven management team and a portfolio of investments, well diversified geographically and by sector and vintage year, which generates cash to be deployed flexibly to meet conditions, as they arise."

For further information please contact:-

Peter McKellar of SL Capital Partners LLP (on 0131 245 0055)

Chairman's Statement

Results and performance

Over the last year listed financial markets have continued to show significant volatility, however, most listed equity indices have risen. This upward move has been particularly apparent in recent months, as confidence has grown about progress towards a possible resolution of the political, debt and banking problems affecting Europe. Against this background the Company saw a marginal fall in its NAV, due principally to the 8.1% depreciation in the euro relative to sterling over the year. For the year ended 30 September 2012 the Company's NAV fell by 0.5% to 227.6p (diluted NAV - 224.9p), from 228.7p at 30 September 2011 (diluted NAV - 225.9p). At 30 September 2012 the Company's net assets were almost unchanged on the prior year at £369.7 million.

The closing mid-market price of the Company's ordinary shares on 30 September 2012 was 162.4p, compared to 134.0p a year earlier. The share price discount to the Company's diluted NAV was 27.8% at the year end. This discount, while still high, was materially lower than the share price discount to diluted NAV of 40.7% at 30 September 2011, with the Company's share price discount, and that of its peers, narrowing notably during the summer of 2012 as European listed equity markets rose.

The Company's practice has been one of reinvestment and to pay a dividend marginally in excess of the minimum required to maintain investment trust status. Accordingly, the Board is recommending a final dividend of 2.0p per ordinary share (year ended 30 September 2011 - 1.3p). Subject to shareholder approval at the forthcoming Annual General Meeting, this dividend will be paid on 1 February 2013 to shareholders on the Company's share register at 4 January 2013. As in previous years shareholders will have the opportunity to elect to receive the final dividend in the form of ordinary shares. A circular and an election form are enclosed with the Company's annual report and accounts.

Private equity is a long-term asset class. As I mention later in this statement this is my last Chairman's statement and it is perhaps appropriate to consider the performance of the Company since it was listed on the London Stock Exchange just over eleven years ago. For the period from listing on 29 May 2001 to 30 September 2012 the Company's NAV and share price, both on an annualised total return basis, rose by 8.3% and 5.4%  respectively, while the FTSE All-Share Index and the MSCI Europe Index (in euros), on a similar total return basis, were 4.0% and 0.8% higher respectively.

Investment activity

The last year saw a fall in the number and value of new private equity investments completed in Europe. The value of all new buy-out transactions completed in the European private equity market during the year ended 30 September 2012 was €48.0 billion (year ended 30 September 2011 and 2010 - €83.2  billion and €52.8 billion respectively). This fall not only reflected concerns by private equity managers about the political and macro-economic outlook for Europe, but also difficulties in raising debt for leveraged transactions. However, many private equity managers reported a better exit environment for realising investments.

As a result the Company received distributions during the year of £76.9 million and paid £40.1 million in draw downs (year ended 30 September 2011 - distributions of £82.6 million and draw downs of £49.6 million). After taking account of fees, dividends and costs, the Company was £32.0 million cashflow positive during the year. The distributions received by the Company generated net realised gains and income of £37.7 million, equivalent to an average return on the acquisition cost of the realised investments of 2.0 times (year ended 30 September 2011 - 1.8 times).

The Company made two new fund commitments during the year, with a €35 million commitment to BC European Capital IX, a €6.5 billion pan-European large buy-out fund, and a €30 million commitment to Equistone European Fund IV, currently a €1.2 billion mid-market buy-out fund focused on the UK, France and Germany. The Company's aggregate outstanding commitments were £129.0 million at 30 September 2012. As previously reported, a number of the private equity funds held by the Company have completed their respective investment periods and any future draw downs are likely to be limited. After undertaking a detailed review, the Manager continues to believe that up to £40 million of the Company's existing outstanding commitments are unlikely to be drawn.

During the period from 30 September 2012 to 30 November 2012 the Company funded £6.0 million of draw downs and received £7.6 million of distributions and at 30 November 2012 had a net cash balance of £4.5 million. The Company also made a €20 million commitment to Advent Global Private Equity VII in November 2012. Accordingly, at 30 November 2012 the Company's total outstanding commitments were £140.8 million.

Valuation

At 30 September 2012 the Company's portfolio comprised 37 private equity fund interests. The value of this portfolio was £365.9 million, of which net unrealised losses arising during the year were £32.5 million.

Unrealised losses on a constant exchange rate basis were £5.4 million (1.3% of the opening portfolio valuation), while negative foreign exchange movements, which principally arose from the 8.1% depreciation in the euro relative to sterling during the year, were £27.1 million (6.8% of the opening portfolio valuation).

95.5% by value of the private equity funds held by the Company was valued by the relevant fund manager at 30 September 2012.  In undertaking the valuations the fund managers followed the International Private Equity and Venture Capital Valuation Guidelines. In so doing, the principal valuation methodology is to use listed comparable valuation multiples.

Investment strategy

In the years following its listing in 2001 the Company pursued a strategy of material over-commitment, which provided good returns in a period in which the European economies and listed financial markets were strong.  Following the 2008 financial crash, distributions to the Company weakened significantly and the Board found it necessary to make a number of secondary market sales to reduce outstanding commitments and to draw on the Company's bank facility.   Subsequently, after two years of positive cashflow the Company was debt free by mid 2012, with a modest level of outstanding commitments. This position provided the opportunity for the Board to re-assess the Company's investment strategy.  In doing so, the Board took account not only of the anticipated European macro-economic environment, but also of the large and sustained discount to diluted NAV at which the Company's shares and that of its peers have traded. 

After a comprehensive review, the Board believes it is appropriate to continue with the Company's investment strategy and with the policy of over-commitment, but to limit this to a lower proportion of net assets than was historically the case.  Given that the Company has a small net cash balance and is projected to remain cashflow positive, in addition to making new primary fund commitments more emphasis will be placed on buying secondary fund interests and, when conditions are appropriate, on the investment benefit of purchasing the Company's shares for cancellation where the share price discount provides a meaningful enhancement to NAV.

Dividends from capital 

In reviewing the options available to the Company, the Board considered the recent changes in taxation legislation and the ability of investment companies to pay dividends from realised capital profits. The Board has no present intention of paying dividends from capital profits, but believes it is prudent for the Company to amend its articles of association to provide such flexibility in its capital structure. A special resolution to amend the Company's articles of association has been proposed for the forthcoming Annual General Meeting.

Debt facility

In November 2010 the Company entered into a £120 million syndicated revolving credit facility, led by The Royal Bank of Scotland plc. This facility expires on 31 December 2013. At 30 September 2012 the Company had a net cash balance of £3.5 million.  Given the Company's improved financial position and a proposed lower proportion of outstanding commitments in future, the Board and the Manager have decided that a smaller credit facility is appropriate. Accordingly, the Company expects shortly to put in place a new £80 million four year revolving credit facility to replace the existing facility.

The Board

I have had the privilege to serve as Chairman of this Company since the time of its listing in 2001, and have informed my colleagues that I wish to retire from the Board at the forthcoming Annual General Meeting.  In a decade of challenge for private equity investors, I have been fortunate to work with a group of wise and able director colleagues and to have the support of a highly experienced and professional management team.  The Board has invited Edmond Warner OBE, now Senior Independent Director, to succeed me as Chairman.  Ed, who has served on the Board since 2008, brings wide experience of the financial services industry and contributes to public life as Chairman of UK Athletics. I am very confident that the Company will make good progress, in hopefully a more sympathetic environment, under Ed's leadership and would like to thank all who have supported me during my time in the Chair.

Outlook

The difficult political and macro-economic environment in Europe, coupled to weak corporate earnings growth, has led to a continuing lack of business and investor confidence. It is thus expected that new private equity investment activity will remain weak and that managers will focus their efforts on building and distributing value at investee companies. The Company is well positioned to meet this difficult environment. It has a proven management team and a portfolio of investments, well diversified geographically and by sector and vintage year, which generates cash to be deployed flexibly to meet conditions, as they arise.  I believe that the Company and its shareholders can look forward to a positive long-term future with confidence.

Scott Dobbie CBE

Chairman

30 November 2012

INCOME STATEMENT (audited)

for the year ended 30 September 2012

	Revenue	Capital	Total
	£'000	£'000	£'000
Losses on investments	-	(583)	(583)
Currency gains	-	1,447	1,447
Income from investments	5,986	-	5,986
Interest receivable and other income	1	-	1
Investment management fee	(292)	(2,633)	(2,925)
Administrative expenses	(696)	-	(696)
	_________	_________	_________
NET RETURN ON ORDINARY ACTIVITIES
BEFORE FINANCE COSTS AND TAXATION	4,999	(1,769)	3,230
Finance costs	(195)	(1,749)	(1,944)
	_________	_________	_________
NET RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION	4,804	(3,518)	1,286
Taxation	(946)	918	(28)
	_________	_________	_________
NET RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION	3,858	(2,600)	1,258
	_________	_________	_________
NET RETURN PER ORDINARY SHARE	2.38p	(1.60p)	0.78p
	_________	_________	_________
DILUTED NET RETURN PER ORDINARY SHARE	2.37p	(1.59p)	0.78p
	_________	_________	_________

The "Total" column of this statement represents the profit and loss account of the Company.

All revenue and capital items in the above statement derive from continuing operations.

No operations were acquired or discontinued in the year.

A Statement of Total Recognised Gains and Losses has not been prepared as all gains and losses are recognised in the Income Statement.

The dividend which has been recommended based on this Income Statement is 2.0p (2011 - 1.3p) per ordinary share.

INCOME STATEMENT (audited)

for the year ended 30 September 2011

	Revenue	Capital	Total
	£'000	£'000	£'000
Gains on investments	-	56,281	56,281
Currency losses	-	(4)	(4)
Income from investments	4,514	-	4,514
Interest receivable and other income	7	-	7
Investment management fee	(294)	(2,644)	(2,938)
Administrative expenses	(714)	-	(714)
	_________	_________	_________
NET RETURN ON ORDINARY ACTIVITIES
BEFORE FINANCE COSTS AND TAXATION	3,513	53,633	57,146
Finance costs	(285)	(2,565)	(2,850)
	_________	_________	_________
NET RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION	3,228	51,068	54,296
Taxation	(565)	547	(18)
	_________	_________	_________
NET RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION	2,663	51,615	54,278
	_________	_________	_________
NET RETURN PER ORDINARY SHARE	1.65p	31.97p	33.62p
	_________	_________	_________
DILUTED NET RETURN PER ORDINARY SHARE	1.64p	31.74p	33.38p
	_________	_________	_________

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (audited)

For the year ended 30 September 2012				Capital
	Share	Share	Special	redemption	Capital	Revenue
	capital	premium	reserve	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 30 September 2011	357	79,817	79,148	3	202,037	8,002	369,364
Total recognised gains	-	-	-	-	(2,600)	3,858	1,258
Scrip Issue of ordinary shares	2	1,137	-	-	-	-	1,139
Dividends paid	-	-	-	-	-	(2,099)	(2,099)
	______	_______	______	_______	________	_______	_______
Balance at 30 September 2012	359	80,954	79,148	3	199,437	9,761	369,662
	______	_______	______	_______	________	_______	_______
For the year ended 30 September 2011				Capital
	Share	Share	Special	redemption	Capital	Revenue
	capital	premium	reserve	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 30 September 2010	357	79,650	79,148	3	150,422	5,662	315,242
Total recognised gains	-	-	-	-	51,615	2,663	54,278
Scrip Issue of ordinary shares	-	167	-	-	-	-	167
Dividends paid	-	-	-	-	-	(323)	(323)
	______	_______	______	_______	________	_______	_______
Balance at 30 September 2011	357	79,817	79,148	3	202,037	8,002	369,364
	______	_______	______	_______	________	_______	_______

BALANCE SHEET (audited)

		As at		As at
		30 September		30 September
		2012		2011
		£'000	£'000	£'000	£'000
NON-CURRENT ASSETS
Investments at fair value through profit or loss			365,897		397,433
CURRENT ASSETS
Debtors		587		709
Cash and short term deposits		3,489		3,384
		_________		_________
		4,076		4,093
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR		(311)		(32,162)
		_________		_________
NET CURRENT ASSETS/(LIABILITIES)			3,765		(28,069)
			_________		_________
TOTAL ASSETS LESS CURRENT LIABILITIES			369,662		369,364
			_________		_________
CAPITAL AND RESERVES
Called up share capital			359		357
Share premium			80,954		79,817
Special reserve			79,148		79,148
Capital redemption reserve			3		3
Capital reserves			199,437		202,037
Revenue reserve			9,761		8,002
			_________		_________
TOTAL SHAREHOLDERS' FUNDS			369,662		369,364
			_________		_________
ANALYSIS OF SHAREHOLDERS' FUNDS
Equity interests (ordinary shares)			369,628		369,330
Non-equity interests (founder shares)			34		34
			_________		_________
			369,662		369,364
			_________		_________
NET ASSET VALUE PER EQUITY SHARE			227.6p		228.7p
			_________		_________
NET ASSET VALUE PER EQUITY SHARE (DILUTED)			224.9p		225.9p
			_________		_________

CASHFLOW STATEMENT (audited)

		For the year		For the year
		ended 30 September		ended 30 September
		2012		2011
		£'000	£'000	£'000	£'000
NET CASH INFLOW FROM OPERATING ACTIVITIES			2,444		291
NET CASH OUTFLOW
FROM SERVICING OF FINANCE			(1,911)		(2,851)
NET CASH FLOW FROM TAXATION			-		-
FINANCIAL INVESTMENT
Purchase of investments		(40,090)		(49,604)
Disposal of underlying investments by funds		71,043		78,082
		_________		_________
NET CASH INFLOW FROM FINANCIAL			30,953		28,478
INVESTMENTS
ORDINARY DIVIDENDS PAID			(960)		(156)
			_________		_________
NET CASH INFLOW BEFORE FINANCING			30,526		25,762
Bank loans repaid		(207,333)		(673,867)
Bank loans drawn down		175,465		645,090
		_________		_________
NET CASH OUTFLOW FROM FINANCING			(31,868)		(28,777)
			_________		_________
DECREASE IN CASH			(1,342)		(3,015)
			_________		_________
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS/(DEBT)
Decrease in cash as above			(1,342)		(3,015)
Repayment of loan			31,868		28,777
Currency movements			1,447		(4)
			_________		_________
MOVEMENT IN NET FUNDS/(DEBT) IN THE PERIOD			31,973		25,758
Opening net debt			(28,484)		(54,242)
			_________		_________
CLOSING NET FUNDS/(DEBT)			3,489		(28,484)
			_________		_________
REPRESENTED BY:
Cash and short term deposits			3,489		3,384
Loans			-		(31,868)
			_________		_________
			3,489		(28,484)
			_________		_________

Notes:

1.   Standard Life European Private Equity Trust PLC is an investment company managed by SL Capital Partners LLP, the ordinary shares of which are admitted to listing by the UK Listing Authority and to trading on the London Stock Exchange. It seeks to conduct its affairs so as to continue to qualify as an investment trust under section 1158-1165 of the Corporation Taxes Act 2010.  The Board is wholly independent of the Manager and Standard Life plc.
2.  Accounting Policies
(a) Basis of preparation and going concern
The financial statements have been prepared under the historical cost convention, as modified to include the revaluation of investments, and in accordance with applicable UK Accounting Standards and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' (issued January 2009). They have also been prepared on the assumption that approval as an investment trust will continue to be granted. The financial statements have been prepared on a going concern basis. The financial statements, and the net asset value per equity share figures, have been prepared in accordance with UK Generally Accepted Accounting Principles ("UK GAAP"). The directors consider the Company's functional currency to be sterling, as the Company is registered in Scotland, the Company's shareholders are predominantly based in the UK and the Company is subject to the UK's regulatory environment.
(b) Revenue, expenses and finance costs
Dividends from quoted investments are included in revenue by reference to the date on which the price is marked ex-dividend. Interest on quoted investments and other interest receivable are dealt with on an effective interest rate basis. Dividends and income from unquoted investments are included when the right to receipt is established. All expenses are accounted for on an accruals basis. Incentive fees are recognised in the Income Statement as they are earned and when the return exceeds the specified hurdle rate. Expenses are charged through the revenue account of the Income Statement except as follows:
-      transaction costs incurred on the purchase and disposal of investments are recognised as a capital item in the Income Statement;
-      the Company charges 90% of investment management fees and finance costs to capital, in accordance with the Board's expected long-term split of returns between capital gains and income from the Company's investment portfolio; and
-      any incentive fees payable are allocated wholly to capital, as they are expected to be attributable largely, if not wholly, to capital performance.
(c) Investments
Investments have been designated upon initial recognition as fair value through the profit or loss. On the date of making a legal commitment to invest in a fund, such commitment is recorded and disclosed. When funds are drawn in respect of such fund commitment the resulting investment is recognised in the financial statements. The investment is removed when it is realised or the fund is wound up. Subsequent to initial recognition, investments are valued at fair value as detailed below. Gains and losses arising from changes in fair value are included in net profit or loss for the period as a capital item in the Income Statement and are ultimately recognised in the capital reserves.
Unquoted investments are stated at the directors' estimate of fair value and follow the recommendations of the EVCA and the BVCA. The estimate of fair value is normally the latest valuation placed on a fund by its manager as at the balance sheet date. The valuation policies used by the manager in undertaking that valuation will generally be in line with the joint publication from the EVCA and the BVCA, 'International Private Equity and Venture Capital Valuation guidelines'. Where formal valuations are not completed as at the balance sheet date the valuation from the fund manager is adjusted for any subsequent cash flows occurring between the valuation date and the balance sheet date. The Company's Manager may further adjust such valuations to reflect any changes in circumstances from the last manager's formal valuation date to arrive at the estimate of fair value.
(d) Dividends payable - Interim and final dividends are recognised in the period in which they are paid. Scrip dividends are recognised in the period in which shares are issued.
(e) Capital reserves - Gains or losses on investments realised in the year that have been recognised in the Income Statement are transferred to the "capital reserve - gains/(losses) on disposal". In addition, any prior unrealised gains or losses on such investments are transferred from the "capital reserve - revaluation" to the "capital reserve - gains/(losses) on disposal" on the disposal of the investment. Increases and decreases in the fair value of investments are recognised in the Income Statement and are then transferred to the "capital reserve - revaluation".
(f) Taxation
i)      Current taxation - Provision for corporation tax is made at the current rate on the excess of taxable income net of any allowable deductions.
ii)     Deferred taxation is recognised in respect of all temporary differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in future have occurred at the balance sheet date, measured on an undiscounted basis and based on enacted tax rates. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the underlying timing differences can be deducted. Timing differences are differences arising between the Company's taxable profits and its results as stated in the accounts which are capable of reversal in one or more subsequent periods.
Due to the Company's status as an investment trust company, and the intention to continue meeting the conditions required to obtain approval in the foreseeable future, the Company has not provided deferred tax on any capital gains and losses arising on the revaluation or disposal of investments.
(g)  Overseas currencies - Overseas assets and liabilities are translated at the exchange rate prevailing at the Company's balance sheet date.  Gains or losses on translation of investments held at the year end are accounted for through capital reserves.  Gains or losses on the translation of overseas currency balances held at the year end are also accounted for through capital reserves.
Rates of exchange to sterling as at 30 September were:
	2012	2011
Euro	1.2552	1.1611
US dollar	1.6148	1.5578
Transactions in overseas currency are translated at the exchange rate prevailing on the date of transaction.

		Year to	Year to
		30 September 2012	30 September 2011
3.	Income	£'000	£'000
	Income from unquoted investments	5,986	4,514
	Interest receivable on cash	1	7
		______________	______________
	Total income	5,987	4,521
		______________	______________

4.      The number of ordinary shares in issue as at 30 September 2012 was 162,378,566 (30 September 2011 - 161,496,597).  The return per ordinary share is based on the weighted average number of ordinary shares in issue.

5.      The Directors recommend that a final dividend of 2.00p (2011 - 1.30p) per ordinary share be paid on 1 February 2013 to shareholders on the Company's share register as at the close of business on 4 January 2013.  The ex-dividend date for the final dividend is 2 January 2013.

6.      The financial information for the year ended 30 September 2012 comprises non-statutory accounts as defined in sections 434-436 of the Companies Act 2006.  The financial information for the year ended 30 September 2011 has been extracted from published accounts that have been delivered to the Registrar of Companies and on which the report of the auditors was unqualified.  The statutory accounts for the year ended 30 September 2012 contain an unqualified audit report and will be delivered to the Registrar of Companies following the Company's Annual General Meeting, which will be held at The Balmoral Hotel, 1 Princes Street, Edinburgh EH2 2EQ on 29 January 2013 at 12.30pm.

7.      The report and accounts for the year ended 30 September 2012 will be posted to shareholders in mid-December 2012 and copies will be available from the Company Secretary - Personal Assets Trust Administration Company Limited, 10 St. Colme Street, Edinburgh EH3 6AA.

for Standard Life European Private Equity Trust PLC,

Personal Assets Trust Administration Company Limited, Company Secretary

END

 

END

 

 

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