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Octopus Eclipse VCT 2 plc (OEC2)

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Thursday 30 September, 2010

Octopus Eclipse VCT 2 plc

Half-yearly report






Octopus Eclipse VCT 2 plc
Half-Yearly Results

30 September 2010

Octopus Eclipse VCT 2 plc, managed by Octopus Investments Limited, today
announces the Half-Yearly results for the six months ended 31 July 2010.

These results were approved by the Board of Directors on 29 September 2010.

You will shortly be able to view the Half-Yearly Report in full at
www.octopusinvestments.com by navigating to the VCT Meetings & Reports under the
'Services' section.

About Octopus Eclipse VCT 2 plc
Octopus Eclipse VCT 2 plc ('Eclipse 2', 'Company' or 'Fund') is a venture
capital trust ('VCT') which aims to provide shareholders with attractive
tax-free dividends and long-term capital growth, by investing in a diverse
portfolio of unquoted and AIM-quoted companies.  The Company is managed by
Octopus Investments Limited ('Octopus' or 'Manager').

Eclipse 2 was launched in January 2005 and raised over £18.4 million (£17.7
million net of expenses) through an offer for subscription.  The Company has
raised a further £2.3 million (£2.2 million net of expenses) by way of
"top-ups". The Company co-invests with other funds managed by Octopus. This
allows Eclipse 2 to invest in a wider range of opportunities and in larger and
more developed companies than are typically available to a single VCT.

Further details of the Fund's progress are discussed in the Chairman's Statement
on pages 5 and 6.

Venture Capital Trusts (VCTs)

VCTs were introduced in the Finance Act 1995 to provide a means for private
individuals to invest in unlisted companies in the UK.  Subsequent Finance Acts
have introduced changes to VCT legislation. The tax benefits currently available
to eligible new investors in VCTs include:

·           upfront income tax relief of 30%
·           exemption from income tax on dividends paid; and
·           exemption from capital gains tax on disposals of shares in VCTs

The Company has been approved as a VCT by HM Revenue & Customs.  In order to
maintain its approval, the Company must comply with certain requirements on a
continuing basis.  Above all, the Company is required at all times to hold at
least 70% of its investments (as defined in the legislation) in VCT qualifying
holdings, of which at least 30% must comprise eligible Ordinary shares.  For
this purpose, a 'VCT qualifying holding' consists of up to £1 million invested
in any one year in new shares or securities of a UK unquoted company (which may
be quoted on AIM) which is carrying on a qualifying trade, and whose gross
assets at the time of investment do not exceed a prescribed limit.  The
definition of 'qualifying trade' excludes certain activities such as property
investment and development, financial services and asset leasing. The Company
will continue to ensure its compliance with these qualification requirements.

Financial Summary

                                   Six months to Six months to           Year to
                                    31 July 2010  31 July 2009   31 January 2010

Net assets (£'000s)                       14,861        13,171            15,476

Net return after tax (£'000s)                332           101             2,284

Net asset value per share ("NAV")          76.8p         71.5p             82.0p

Cumulative dividends since launch
- paid and proposed                        25.5p         16.5p             23.5p


Chairman's Statement

I am pleased to present the half-year report for the period ended 31 July 2010
for Octopus Eclipse VCT 2 plc.

Results
In the six months to 31 July 2010, the Fund reported a positive total return
(being the change in NAV plus cumulative dividends paid) of 2.1%.  After
accounting for the dividend paid of 7.0p, the NAV increased by 1.8p which was
largely attributable to an increase in the value of the unquoted portfolio, as
detailed below.

Portfolio
The Fund is invested in 17 unquoted and 11 AIM-quoted companies and is almost
fully invested. By value, 69.9% of the Company's net assets are in unquoted
investments, 6.9% in AIM-quoted investments and 23.2% of the Company's net
assets are currently in cash or cash equivalents.

The Board's strategy is to maintain an appropriate level of liquidity in the
balance sheet to achieve four aims:
   ·     to support further investment in existing portfolio companies if
required;
  * to support a consistent dividend flow;
  *  to assist liquidity in the shares through the buy back facility; and
  * to take advantage of new investment opportunities as they arise.


Liquidity in the Fund is primarily driven by capital realisations and there have
been no significant realisations in the period, which is a reflection of the
economic climate. After balancing these objectives it is envisaged that there
will only be limited new additions to the portfolio in the near future.

Unquoted
During the period the most significant uplift in fair value related to CSL
Dualcom, with minor uplifts to seven other investments. However this was partly
offset by a fall in the fair value of Luther Pendragon. These movements have
predominately been based on calculations by reference to reported earnings and
discounted market multiples in accordance with the valuation guidelines, as
detailed in the report. The overall impact has been an increase in the unquoted
portfolio valuation of £826,000, adding 4.3p to the NAV.

The Fund made no new investments and only one small follow on investment into
Lilestone Holdings of £14,000.
Whilst conditions are still tough across many business sectors we are pleased
with the general performance across the unquoted portfolio. A number of
companies are showing strength in their niche markets with improvements in sales
and earnings which has been reflected in the uplift in net asset value, however
the general economic environment still requires caution and the Manager has been
active in strengthening balance sheets and credit facilities where the
opportunity arises.  In particular, Lilestone Holdings and Sweet Cred, which
were in funding negotiations at the time of the last report, have now concluded
those discussions.  Lilestone Holdings has secured further equity investment,
primarily from an existing shareholder, and is now looking to strengthen its
management team. Sweet Cred has now obtained working capital facilities which
should allow it to build sales volumes on the back of interest shown in its
products.

AIM-quoted
The performance of the AIM holdings has been mixed during the period.  The big
disappointment was Healthcare Locums which had its profit forecast downgraded in
March following a change to the accounting treatment of their long term
international contracts.  The decision was made to sell the shares at that time,
which still realised a profit of £205,000. The holding in Invocas was also sold,
disappointingly for a loss of £46,000, as the management team made moves to take
the company private.  The holding in Pressure Technologies was further reduced
for a small net profit.  The combined disposals over the last six months
realised a net profit of £177,000.

As 2010 has progressed, the remaining holdings in the portfolio have continued
to suffer from poor market sentiment for smaller companies which has seen an
overall reduction in the AIM portfolio valuation of £114,000, reducing NAV by
0.6p.  However, the Manager continues to have confidence in the underlying
performance of these companies and expects to see a long overdue re-rating of
quoted smaller companies once the macro economic outlook becomes clearer.

Principal Risks and Uncertainties
The principal risks and uncertainties are set out in note 6 of the Notes to the
Half-Yearly Report on page 13.

Dividend and Dividend Policy
As noted above, it is your Board's policy to strive to maintain a regular
dividend flow whilst maintaining an appropriate level of liquidity in the Fund.
Taking this into account, for the six months ended 31 July 2010, the Board is
pleased to announce an interim dividend of 2.0p per share.  This dividend will
be paid on 29 October 2010 to those shareholders on the register on 8 October
2010.

Outlook
Economic recovery is still in a very early phase and the environment in which
portfolio companies are operating remains fragile. Various events in the last
six months have created uncertainty and contributed to business slowing as
management teams have delayed decisions.

Despite positive figures recently being released on a stronger than expected
economic recovery, it is anticipated that the second half of the year will be
fairly muted in terms of further growth - and in fact we may see this flattening
out. It's also possible that the price of goods imported from China and the Far
East may rise, which could affect supplies and budgets for UK companies.

There are opportunities in this environment for companies to progress through
making good value acquisitions. We will be working to ensure that portfolio
companies can make the most of these as they arise, as well as continuing to
make new investments when the opportunity allows.



Marc Vlessing
Chairman
29 September 2010

Investment Portfolio
                                                                                                    %
                                                                                               equity
                                                                        Change in             held by
                                                             Carrying   Valuation         %       all
                                             Unrealised      value at      in the    equity     funds
                                Investment       profit       31 July      period   held by   managed
Unquoted                           at cost      /(loss)         2009      (£'000)   Eclipse        by
Investments  Sector                (£'000)      (£'000)       (£'000)                     2   Octopus

CSL DualCom  Technology &              589        1,397         1,986         722      7.1%     44.7%
Limited      telecommunications


The History  Publishing              1,436            2         1,438           -      9.7%     60.0%
Press
Limited

Luther       Media & marketing       1,000          140         1,140       (282)     18.8%     37.6%
Pendragon    services
Limited

Promotion    Media & marketing         719          197           916         197      5.1%     40.5%
Space        services
Limited

The Kendal   Consumer products         576          315           891          54      5.7%     16.0%
Group
Limited

First Sports General retailers       1,260        (585)           675           -     17.6%     38.0%
Group
Limited

Perfect      Leisure & hotels        1,082        (494)           588          47     19.7%     65.0%
Pizza
Limited

Audio Visual Technology &              454          109           563          25      6.5%     40.4%
Machines     telecommunications
Limited

Sweet Cred   Consumer products         935        (420)           515           -      6.3%     45.0%
Holdings
Limited

Tristar      Transport services        446            -           446           -      4.5%     30.0%
Worldwide
Limited

T4 Holdings  Media & marketing         752        (383)           369           -      9.0%     51.2%
Limited      services

Hydrobolt    Engineering               258           40           298          40      3.0%     43.5%
Limited

Convivial    Leisure & hotels          350         (91)           259           2      1.1%      7.8%
London Pubs
plc

Bruce Dunlop Media & marketing         211         (83)           128           -      1.7%     32.0%
Associates   services
Limited

Lilestone    Consumer products         963        (842)           121           -      6.9%     24.0%
Holdings
Limited

Blanc        Leisure & hotels           62         (12)            50          21      0.6%      2.9%
Brassieres
Holdings plc

Total unquoted investments          11,094        (710)        10,384         826

AIM-quoted
investments

Plastics     Engineering             1,068        (694)           374          21        4%     16.8%
Capital plc

InterQuest   Recruitment               138            -           138          20      0.8%      5.3%
plc

Hasgrove plc Media & marketing         200        (117)            83          17      0.7%     11.6%
             services

CBG Group    Financial services        312        (237)            75        (49)      1.4%     16.8%
plc

Vertu Motors General retailers         150         (84)            66        (34)      0.1%      3.4%
plc

Autoclenz    Support services          207        (144)            63           2      1.6%     11.6%
Holdings plc

Brulines     Support services           59          (1)            58        (10)      0.2%      4.7%
(Holdings)
plc

Cohort plc   Engineering                86         (29)            57        (21)      0.2%      4.3%

Pressure     Engineering                55          (8)            46        (38)      0.3%      5.9%
Technologies
plc

Tanfield     Engineering               132         (94)            38           4      0.2%      2.5%
Group plc

Northern     Construction &            200        (174)            26        (26)      0.7%      6.6%
Bear plc     materials

Total AIM-quoted investments         2,607      (1,582)         1,024       (114)

Money market funds & cash at                                                    4
bank                                 3,593         (83)         3,510

Total investments                   17,294        2,375        14,918

Net current assets                                               (57)

Total net
assets                                                         14,861




Valuation Methodology
Investments are valued at fair value. For quoted investments this is either bid
price or the last traded price, depending on the convention of the exchange on
which the investment is traded.

In respect of unquoted investments, these are fair valued by the Directors using
methodology which is consistent with the International Private Equity and
Venture Capital (IPEVC) guidelines. This means investments are valued using an
earnings multiple, which has a discount or premium applied which adjusts for
points of difference to appropriate stock market or comparable transaction
multiples. Alternative methods of valuation will include application of an arm's
length third party valuation, an impairment on cost or a net asset value basis.
Investments are not normally revalued upwards within 12 months of acquisition.

If you would like to find out more regarding the IPEVC valuation guidelines,
please visit their website at: www.privateequityvaluation.com.

Responsibility Statement of the Directors in respect of the Half-Yearly Report

We confirm that to the best of our knowledge:

  * the half-yearly financial statements have been prepared in accordance with
    the statement "Half-Yearly Financial Reports" issued by the UK Accounting
    Standards Board;


  * the half-yearly report includes a fair review of the information required by
    the Financial Services Authority Disclosure and Transparency Rules, being:


      o  an indication of the important events that have occurred during the
first six months of the financial year and their impact on the condensed set of
financial statements.

      o  a description of the principal risks and uncertainties for the
remaining six months of the year; and

      o  a description of related party transactions that have taken place in
the first six months of the current financial year, that may have materially
affected the financial position or performance of the Company during that period
and any changes in the related party transactions described in the last annual
report that could do so.


On behalf of the Board

Marc Vlessing
Chairman
29 September 2010

Income Statement
                 +---------------------------------------+
                 |      Six months to 31 July 2010       |      Six months to 31 July 2009
                 |                                       |
                 |      Revenue      Capital        Total|      Revenue      Capital        Total
                 |                                       |
                 |        £'000        £'000        £'000|        £'000        £'000        £'000
                 |                                       |
                 |                                       |
                 |                                       |
(Loss)/Gain on   |                                       |
disposal of fixed|                                       |
asset investments|            -        (167)        (167)|            -           74           74
                 |                                       |
                 |                                       |
                 |                                       |
Gain on valuation|                                       |
of fixed asset   |                                       |
investments      |                       685          685|            -          141          141
                 |                                       |
Gain on valuation|                                       |
of current asset |                                       |
investments      |                         4            4|            -           35           35
                 |                                       |
                 |                                       |
                 |                                       |
Income           |          137                       137|          132            -          132
                 |                                       |
                 |                                       |
                 |                                       |
       Investment|                                       |
management fees  |         (43)        (129)        (172)|         (33)        (100)        (133)
                 |                                       |
                 |                                       |
                 |                                       |
Other expenses   |        (154)                     (154)|        (148)            -        (148)
                 |                                       |
                 |                                       |
                 |                                       |
(Loss)/profit on |                                       |
ordinary         |                                       |
activities before|                                       |
tax              |         (61)          393          332|         (49)          150          101
                 |                                       |
                 |                                       |
                 |                                       |
Taxation on      |                                       |
profit on        |                                       |
ordinary         |                                       |
activities       |            -            -            -|            -            -            -
                 |                                       |
                 |                                       |
                 |                                       |
(Loss)/profit on |                                       |
ordinary         |                                       |
activities after |                                       |
tax              |         (61)          393          332|         (49)          150          101
                 |                                       |
Earnings per     |                                       |
share - basic and|                                       |
diluted          |       (0.3)p         2.0p         1.7p|       (0.3)p         0.8p         0.5p
                 +---------------------------------------+



                               Year to 31 January 2010

                                               Revenue      Capital        Total

                                                 £'000        £'000        £'000
                              --------------------------------------------------


(Loss)/Gain on disposal of
fixed asset investments                              -        1,862        1,862



Gain on valuation of fixed
asset investments                                    -          657          657

Gain on valuation of current
asset investments                                    -           40           40



Income                                             256            -          256



       Investment management
fees                                              (64)        (191)        (255)



Other expenses                                   (276)            -        (276)


                              --------------------------------------------------
(Loss)/profit on ordinary
activities before tax                             (84)        2,368        2,284



Taxation on profit on ordinary
activities                                           -            -            -


                              --------------------------------------------------
(Loss)/profit on ordinary
activities after tax                              (84)        2,368        2,284
                              --------------------------------------------------
Earnings per share - basic and
diluted                                         (0.5)p        12.7p        12.3p


  * The 'Total' column of this statement is the profit and loss account of the
    Company; the supplementary revenue return and capital return columns have
    been prepared under guidance published by the Association of Investment
    Companies.
  * All revenue and capital items in the above statement derive from continuing
    operations
  * The accompanying notes are an integral part of the half-yearly report
  * The Company has no recognised gains or losses other than those disclosed in
    the income statement.



Reconciliation of Movements in Shareholders' Funds

                +-----------------+
                | Six months ended|   Six months ended
                |     31 July 2010|       31 July 2009   Year to 31 January 2010
                |                 |
                |            £'000|              £'000                     £'000
                |                 |
Shareholders'   |                 |
funds at start  |                 |
of period       |           15,476|             13,444                    13,444
                |                 |
Profit on       |                 |
ordinary        |                 |
activities after|                 |
tax             |              332|                101                     2,284
                |                 |
Net proceeds of |                 |
share issue     |              619|                 51                       684
                |                 |
Cancellation of |                 |
own shares      |            (192)|               (55)                     (332)
                |                 |
Dividends paid  |          (1,374)|              (370)                     (604)
                |                 |
Shareholders'   |                 |
funds at end of |                 |
period          |           14,861|             13,171                    15,476
                +-----------------+

Balance Sheet

                     +-------------------+
                     |                   |                      As at 31 January
                     | As at 31 July 2010| As at 31 July 2009               2010
                     |                   |
                     |   £'000      £'000|   £'000      £'000    £'000     £'000
                     |                   |
                     |                   |
                     |                   |
Fixed asset          |                   |
investments*         |             11,408|             10,317             11,257
                     |                   |
Current assets:      |                   |
                     |                   |
Money market         |                   |
securities*          |   2,977           |   2,608               2,131
                     |                   |
Debtors              |      18           |     272               2,042
                     |                   |
Cash at bank         |     534           |      96                 107
                     |                   |
                     |   3,529           |   2,969               4,280
                     |                   |
Creditors: amounts   |                   |
falling due within   |                   |
one year             |    (76)           |   (122)                (61)
                     |                   |
Net current assets   |              3,453|              2,854              4,219
                     |                   |
                     |                   |
                     |                   |
 Net assets          |             14,861|             13,171             15,476
                     |                   |
                     |                   |
                     |                   |
Called up equity     |                   |
share capital        |   1,936           |   1,842               1,887
                     |                   |
Share premium        |   1,940           |     853               1,399
                     |                   |
Special distributable|                   |
reserve              |  12,589           |  14,974              12,780
                     |                   |
Capital redemption   |                   |
reserve              |     171           |     101                 143
                     |                   |
 Capital reserve -   |                   |
gains/(losses) on    |                   |
disposal             |   1,593           |   (461)               2,919
                     |                   |
               -     |                   |
holding              |                   |
gains/(losses)       | (3,321)           | (4,188)             (3,666)
                     |                   |
Revenue reserve      |    (47)           |      50                  14
                     |                   |
 Total equity        |                   |
shareholders' funds  |             14,861|             13,171             15,476
                     |                   |
 Net asset value per |                   |
share                |              76.8p|              71.5p              82.0p
                     +-------------------+


*Held at fair value through profit and loss

Company Number: 5260491


Cash flow statement
                                   +---------------+
                                   |  Six months to|Six months to    Year to 31
                                   |   31 July 2010| 31 July 2009   January 2010
                                   |               |
                                   |          £'000|        £'000          £'000
                                   |               |
                                   |               |
                                   |               |
        Net cash inflow/(outflow)  |               |
from operating activities          |          1,849|        (259)          (590)
                                   |               |
                                   |               |
                                   |               |
        Financial investment :     |               |
                                   |               |
Purchase of fixed asset investments|           (28)|        (407)        (1,122)
                                   |               |
Disposal of fixed asset investments|            394|          423            876
                                   |               |
                                   |               |
                                   |               |
        Management of liquid       |               |
resources:                         |               |
                                   |               |
Purchase of current asset          |               |
investments                        |        (3,459)|        (271)        (1,491)
                                   |               |
Sale of current asset investments  |          2,618|          854          2,556
                                   |               |
                                   |               |
                                   |               |
        Dividends                  |        (1,374)|        (370)          (604)
                                   |               |
                                   |               |
                                   |               |
        Financing :                |               |
                                   |               |
Issue of own shares                |            655|           53            721
                                   |               |
Share issue expenses               |           (36)|          (2)           (37)
                                   |               |
Cancellation of own shares         |          (192)|         (55)          (332)
                                   |               |
        Increase/(decrease) in cash|               |
resources                          |            427|         (34)           (23)
                                   +---------------+




 Reconciliation of Net Cash Flow to Movement in Net Funds

                             +----------------+
                             |   Six months to|   Six months to      Year to 31
                             |    31 July 2010|    31 July 2009     January 2010
                             |                |
                             |           £'000|           £'000            £'000
                             |                |
Increase/(decrease) in cash  |                |
at bank                      |             427|            (34)             (23)
                             |                |
Movement in money market     |                |
funds                        |             845|           (548)          (1,025)
                             |                |
Opening net cash resources   |           2,238|           3,286            3,286
                             |                |
Net cash resources at end of |                |
period                       |           3,510|           2,704            2,238
                             +----------------+




 Reconciliation of Profit before Taxation to Cash Flow from Operating Activities

                              +----------------+
                              |   Six months to|  Six months to      Year to 31
                              |    31 July 2010|   31 July 2009     January 2010
                              |                |
                              |           £'000|          £'000            £'000
                              |                |
Return on ordinary activities |                |
before tax                    |             332|            101            2,284
                              |                |
Loss/(gain) on disposal of    |                |
fixed asset investments       |             167|           (74)           (1862)
                              |                |
(Gain)/loss  on valuation of  |                |
fixed asset investments       |           (685)|          (141)            (657)
                              |                |
(Gain)/loss on valuation of   |                |
current asset investment      |             (4)|           (35)             (40)
                              |                |
Decrease/(increase) in debtors|           2,024|           (78)            (230)
                              |                |
Increase/((decrease) in       |                |
creditors                     |              15|           (32)             (85)
                              |                |
Net cash inflow/(outflow) from|                |
operating activities          |           1,849|          (259)            (590)
                              +----------------+

Notes to the Half-Yearly Report


1.     Basis of preparation
The unaudited half-yearly results which cover the six months to 31 July 2010
have been prepared in accordance with the Accounting Standard Board's (ASB)
statement on half-yearly financial reports (July 2007) and adopting the
accounting policies set out in the statutory accounts of the Company for the
year ended 31 January 2010, which were prepared under UK GAAP and in accordance
with the Statement of Recommended Practice for Investment Companies issued by
the Association of Investment Companies in January 2009.

2.     Publication of non-statutory accounts
The unaudited half-yearly results for the six months ended 31 July 2010 do not
constitute statutory accounts within the meaning of Section 415 of the Companies
Act 2006 and have not been delivered to the Registrar of Companies. The
comparative figures for the year ended 31 January 2010 have been extracted from
the audited financial statements for that year, which have been delivered to the
Registrar of Companies. The independent auditor's report on those financial
statements, in accordance with chapter 3, part 16 of the Companies Act 2006, was
unqualified. This half-yearly report has not been reviewed by the Company's
auditor.

3.     Earnings per share
The earnings per share at 31 July 2010 is calculated on the basis of 18,939,413
(31 January 2010: 18,624,732 and 31 July 2009: 18,473,994) shares, being the
weighted average number of shares in issue during the year.

There are no potentially dilutive capital instruments in issue and, therefore,
no diluted return per share figures are relevant. The basic and diluted earnings
per share are therefore identical.

4.     Net asset value per share
The net asset value per share is based on net assets as at 31 July 2010 divided
by 19,362,805 (31 January 2010: 18,866,785 and 31 July 2009: 18,424,677) shares
in issue at that date.

5.     Dividends
The interim dividend of 2.0 pence per share for the six months ending 31 July
2010 will be paid on 29 October 2010, to those shareholders on the register on
8 October 2010. This will be paid from Capital reserves.

A final dividend for the year ending 31 January 2010 of 7.0 pence per share was
paid on 9 July 2010 to shareholders on the register on 11 June 2010. This was
paid wholly from capital reserves.

6.      Principal Risks and Uncertainties
The Company's assets consist of equity and fixed-rate interest investments, cash
and liquid resources. Its principal risks are therefore market risk, credit risk
and liquidity risk. Other risks faced by the Company include economic, loss of
approval as a VCT, investment and strategic, regulatory, reputational,
operational and financial risks. These risks, and the way in which they are
managed, are described in more detail in the Company's Annual Report and
Accounts for the year ended 31 January 2010. The Company's principal risks and
uncertainties have not changed materially since the date of that report.

7.      Related Party Transactions
Octopus acts as the investment manager of the Company. Under the management
agreement, Octopus receives a fee of 2.0 per cent per annum of the net assets of
the Company for the investment management services. During the period, the
Company incurred management fees of £172,000 (31 January 2010: £255,000 and 31
July 2009: £133,000) payable to Octopus. At the period end there was £Nil (31
January 2008: £Nil and 31 July 2008: £Nil) outstanding to Octopus.  Furthermore,
Octopus provides administration and company secretarial services to the
Company.  Octopus receives a fee of 0.3 per cent per annum of net assets of the
Company for administration services and £10,000 per annum for company
secretarial services.

8.     Copies of this report are available from the registered office of the
Company at 20 Old Bailey, London, EC4M 7AN.





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Source: Octopus Eclipse VCT 2 plc via Thomson Reuters ONE
  



                                                                                                                                            

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