TIDMOTE
RNS Number : 7304T
O Twelve Estates Limited
12 December 2011
12 December 2011
O TWELVE ESTATES LIMITED
("O Twelve" / the "Company")
UNAUDITED HALF YEARLY RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER
2011
O Twelve Estates Limited, the London and South East focused property
investment group, today announces results for the six months ended
30 September 2011.
Key points
* Portfolio valuation of GBP158.2 million (30 September
2010: GBP168.9 million, 31 March 2011: GBP158.5
million) representing an increase of 0.3% on a
like-for-like basis
* Group net loss of GBP3.7 million, (30 September 2010:
loss of GBP5.9 million, 31 March 2011: loss of GBP8.6
million) representing a loss per Ordinary Share of
0.78p (30 September 2010: loss of 4.78p, 31 March
2011: loss of 4.64p)
* Consolidated net assets of GBP36.3 million (30
September 2010: GBP7.6 million, 31 March 2011:
GBP40.1 million), 7.56p per Ordinary Share (30
September 2010: 6.18p, 31 March 2010: 8.34p)
* Contracted annual rental income of GBP11.6 million
with an estimated rental value ("ERV") of GBP13.5
million per annum
* Void rate increased to 13.2% (31 March 2011: 7.7%)
due to a lease surrender of the tenant at Western
Avenue, Thurrock
* 13 new leases contracted, accounting for 45,000 sq ft
of space and GBP0.7 million of annual rental income
after rent free periods
* Continued progress with planned portfolio realisation
over the term of the loan facility with surplus cash
to be returned to shareholders
Commenting on the results, Phillip Rhodes, Chairman of O Twelve,
said:
"Assets will be realised when the Board believes that they have achieved
their optimal values, given the particular circumstances of each
individual property. It is the Board's intention that the majority
of any realisation proceeds will be applied against debt as required
and that any cash surplus, after considering the Company's overall
financial position, will then be distributed to shareholders.
"The Board has confidence in the ability of the Group's London and
South East based property portfolio to withstand the continuing uncertain
economic environment. Whilst the Group's debt position presents ongoing
challenges, the current loan terms and relatively high gearing would
be very difficult to achieve for a new borrower today and, as a result
of our leveraged position, any growth in capital values over the
next few years will enhance shareholder returns significantly."
For further information, please contact:
David Tye / Andrew Wilson
Rugby Asset Management Limited
Tel: +44 (0)20 7016 0050
Simon Bennett / Katy Birkin / Laura Littley
Fairfax I.S. PLC
Tel: +44 (0)20 7598 5368
Dido Laurimore / Will Henderson
FTI Consulting
Tel: +44 (0)20 7831 3113
CHAIRMAN'S STATEMENT
I am pleased to present the Group's results for the six months ended
30 September 2011.
At 30 September 2011, the Group's investment property portfolio was
valued by CB Richard Ellis ("CBRE") at GBP158.2 million (31 March
2011: GBP158.5 million), an increase of 0.3% on a like-for-like basis,
although after taking into account capital expenditure during the
period the value remained static. The rental value of the portfolio
increased by 0.2% in the six months ended 30 September 2011, matching
the Investment Property Databank ("IPD") All Property Monthly Index
over the same period.
During the period there was a partial disposal of two units at Larkfield
Mill in Aylesford for a total consideration of GBP725,000.
During the period, the Group accepted a lease surrender from the
tenant of Western Avenue, Thurrock. The tenant, then the Group's
largest with an annual rental of GBP800,000, had been in serious
financial difficulty and it was felt that the best course of action
would be to accept a surrender of its lease, subject to payment by
the tenant of GBP262,500, rather than pursue a claim after an insolvency
event.
Results
The Group reported a net loss for the six months ended 30 September
2011 of GBP3.7 million (30 September 2010: loss of GBP5.9 million,
31 March 2011: loss of GBP8.6 million), representing a loss per Ordinary
Share of 0.78p (30 September 2010: loss of 4.78p, 31 March 2011:
loss of 4.64p). A significant contributor to the loss was the adverse
movement in the mark to market of interest rate swaps of GBP3.4 million.
The consolidated net assets at 30 September 2011 were GBP36.3 million
(30 September 2010: GBP7.6 million, 31 March 2011: GBP40.1 million),
representing net asset value per Ordinary Share of 7.56p (30 September
2010: 6.18p, 31 March 2010: 8.34p).
Financing
On 9 May 2011, the Group announced that the fixed rate hedging arrangement
on GBP26 million of loan principal had been broken and reset to variable
rates at a one-off cost of GBP3 million.
The loss of the tenant at Western Avenue had a negative impact on
the interest cover ratio ("ICR"). However, this was offset by the
reduction in interest cost following the hedging break and the thirteen
new leases which were contracted in the period, accounting for 45,000
sq ft of space and GBP0.7 million of rental income after rent free
periods.
Following the above, the interest cover ratio ("ICR") under the loan
facility improved from 117% as at 25 April 2011 to 135% as at 25
October 2011 against a current default level of 105%. The loan to
value ratio ("LTV") at 30 September 2011 remained unchanged from
31 March 2011 at 71% which is satisfactorily below the default level
of 85%.
The loan principal outstanding at 30 September 2011 was GBP124.8
million, with GBP12.8 million of the Group's cash balances being
held on blocked deposits over which the lenders have security. In
October 2011, GBP5.9 million of cash held on blocked deposit was
applied in partial repayment of the loan principal. As LTV under
the loan facility is calculated after deducting the blocked deposits,
this had no effect on LTV, but will have a small positive effect
on ICR. At 30 September 2011, cash balances freely available to the
Group amounted to GBP4.9 million.
Dividend
The Board does not recommend the payment of an interim dividend (31
March 2011: nil).
Future Prospects
The Board believes that the resolution passed at the Annual General
Meeting to extend the Group's Target Area is a positive step, which
will enable the Group to take advantage of projects and acquisitions
outside the original Target Area that it believes will add shareholder
value. However, in the present unfavourable economic and financial
climate, the Directors do not expect the Group's lenders to approve
new acquisitions or projects other than those which would directly
benefit existing assets. For the foreseeable future it must, therefore,
be assumed that the greater part of any realisation proceeds will
not be reinvested and will be applied in paying down the loan facility.
Your Board and its advisers have examined the strategies available
to the Group and believe that the interests of shareholders are best
served by continuing to unlock the latent value within the portfolio
through proactive asset management. Assets will be realised when
the Board believes that they have achieved their optimal values,
given the particular circumstances of each individual property. The
balance of the Group's properties will be disposed of by the end
of the loan facility term in 2016. All disposals will take into account
the impact on loan covenant compliance at that time. It is your Board's
intention that the majority of any realisation proceeds will be applied
against debt as required and that any cash surplus, after considering
the Company's overall financial position, will then be distributed
to shareholders.
The Directors do not believe that it is in shareholders' interests
to use freely available cash resources to break the Group's existing
fixed rate loans. Earlier property realisations will, therefore,
be limited to the outstanding debt not subject to these arrangements
(GBP30 million at 9 December 2011). The adverse mark to market of
fixed rate loans, amounting to GBP15 million as at 30 September 2011
should, assuming current circumstances continue, be allowed naturally
to reduce to zero over the remaining loan term. This alone would
increase net assets attributable to shareholders by 41% over the
period.
In light of current market conditions and its realisation plan for
the next few years, your Board is reviewing all aspects of the Group's
operations to minimise costs over the period. This involves consideration
of all management and advisory arrangements and the Group's tax residency
and status. This review will be completed by the end of this financial
year.
The Board has confidence in the ability of the Group's London and
South East based property portfolio to withstand the continuing uncertain
economic environment. Whilst the Group's debt position presents ongoing
challenges, the current loan terms and relatively high gearing would
be very difficult to achieve for a new borrower today, and as a result
of our leveraged position, any growth in capital values over the
next few years will enhance shareholder returns significantly.
Phillip Rhodes
Chairman
9 December 2011
PROPERTY ADVISER'S REPORT
Rugby Asset Management
Rugby Asset Management Limited ("RAM"), a member of the Rugby Estates
Plc group, was appointed Property Adviser to O Twelve Estates on
its admission to AIM on 27 March 2006. Our role is to identify transactions
for recommendation to and consideration by the Board of O Twelve
and to negotiate on its behalf. We undertake, on a day to day basis,
under delegated authority from the Board, all aspects of assembling,
managing and financing O Twelve's property portfolio. The Rugby Estates
Plc group holds a 1.6% interest in O Twelve Estates Limited.
Market Comment
In the six months to September 2011, UK commercial property capital
values generally continued to increase, albeit at a sluggish pace.
The IPD Monthly Index showed a marginal increase of 0.6% over the
period. The uncertainty over the Eurozone debt crisis, however, continues
to undermine confidence and it is difficult to see any meaningful
economic growth in the short term. Investor perception of risk is
of paramount importance and the divergence between prime and secondary
property remains. London and the South East remain the preferred
locations for investors and this bodes well for the Group's portfolio,
which is wholly located in the South East.
The property to bond yield spread, at approaching 400 bps, remains
high but, in our view, reflects the nervousness on occupational demand
over the next few years. One of our principal asset management aims
continues to be to maximise cash flow with a particular focus on
minimising voids and reducing associated property outgoings. Over
the period we have completed thirteen new leases producing a contracted
rental income of GBP0.7 million per annum. In the 31 March 2011 Annual
Report, we noted that the void level within the portfolio had fallen
to 7.7%. Since then, we have accepted a surrender of the lease at
our distribution unit at Western Avenue, Thurrock which increased
the Group's void rate to 13.2% as at 30 September 2011. The tenant
company was in financial difficulty and, after a detailed review
of its position, it was felt that the best course of action would
be to accept a surrender payment of GBP262,500 from them rather than
pursue a claim after an insolvency event.
Portfolio Review as at 30 September 2011
* Valuation GBP158.2 million
* 20 properties
* Average lot size of GBP7.9 million
* Contracted annual rental income of GBP11.6 million
* Estimated rental value ("ERV") of GBP13.5 million per
annum, thus indicating additional potential rental
income from reversions and letting vacant units of
GBP1.9 million per annum
* 176 separately lettable units*
* 142 units are let to 127 tenants*
* 34 units are vacant and available for letting with an
ERV of GBP1.8 million per annum *
* 30% of income is from leases with more than five
years to expiry
* Weighted average unexpired lease term is 5.3 years
* Excluding long leasehold ground rents, assured shorthold tenancies
and other miscellaneous income.
Capital Value Split by Sector as at 30 September 2011
Retail 46%
Industrial 36%
Office 13%
Residential 5%
Valuation
The external valuation of the Group's properties as at 30 September
2011 was GBP158.2 million (31 March 2011: GBP158.5 million). On a
like-for-like basis, the value of the portfolio increased by 0.3%,
but remained static having taken capital expenditure during the period
into account. This compares with the IPD Monthly Index, which showed
a minimal rise of 0.6%. The equivalent yield for the portfolio remained
stable over the period at 7.5%. This compares with the IPD Monthly
Index which showed an equivalent yield of 7.2%, a compression of
10 bps over the same period.
A comparison of the capital value movement of the Company's portfolio
against the IPD Monthly Capital Value Index is shown below.
Capital Value Movement compared to IPD Monthly Index (March 2011
to September 2011)
O Twelve IPD
All Property 0.0% 0.6%
Retail 0.7% 0.1%
Office -1.7% 1.7%
Industrial -0.7% -0.1%
Rental values within the portfolio have generally moved in line with
the IPD Monthly Index and increased by 0.2% over the period. Both
the industrial and retail sectors performed better than IPD with
falls of 0.1%. Office rental values within the portfolio remained
stable.
Rental Value Movement compared to IPD Monthly Index (March 2011 to
September 2011)
O Twelve IPD
All Property 0.2% 0.2%
Retail -0.1% -0.4%
Office 0.0% 1.3%
Industrial -0.1% -0.4%
Reversion by Sector (including vacant space) (as at 30 September
2011)
Rent ERV
GBPmillion GBPmillion
Retail 5.7 6.0
Residential 0.4 0.4
Office 1.9 2.1
Industrial 3.6 5.0
Activity
There were no material sales or acquisitions during the period, with
only a partial disposal of two units at Larkfield Mill in Aylesford,
which realised GBP725,000.
Our focus has continued to be on asset management and we are pleased
to report that thirteen new leases were contracted over the period,
accounting for 45,000 sq ft of space and GBP0.7 million of annual
rental income after rent free periods. Some of the key progress is
highlighted below:
* Queensgate, Waltham Cross: Telford Homes have
completed a new 10 year lease without break on 19,500
sq ft of office space.
* The Mall, Dagenham: Five leases have completed
accounting for GBP146,800 per annum of contracted
rental income after rent free periods.
* Units 1-4 Mill River Trading Estate, Enfield:
Refurbishment works to these four units have now
completed and terms have been agreed with our
existing tenant, Edmundson Electrical, to extend
their lease on Unit 1 and also to take a new lease on
the newly refurbished Unit 2.
Rental Value Analysis as at 30 September 2011
GBP million
Current annualised income 11.2
Rent free periods 0.4
Total contracted rent 11.6
Available for letting 1.8
Reversions 0.1
Rental value 13.5
Void Analysis
The income from Western Avenue, Thurrock accounted for 6.5% of the
contracted rent for the portfolio and consequently, as a result of
the lease surrender, the void rate has risen from 7.7% at 31 March
2011 to 13.2% at 30 September 2011. The rental value of vacant space
at 30 September 2011 was GBP1.8 million in 34 lettable units. During
the coming year our focus will continue to be on reducing the void
rate and minimising associated void costs.
Income Security
Given the continuing uncertainty in the economy and in the wider
banking and financial markets, investors are increasingly focusing
on security of income and tenant covenant strength. Some 30% of current
rental income is contracted for more than five years. Where leases
have less than five years to run, opportunities exist to refurbish
or consider changes of use in order to maximise value. In our view,
the portfolio offers a good balance between income security and opportunities
to add value.
Rent Collection
Maintaining a high level of rent collection remains one of our priorities.
Rent collection for the most recent quarter (September 2011) stands
at 97%, an increase from the collection rate of 90% in the March
and June quarters, which was reduced principally due to the non-payment
of rent by the tenant at Western Avenue, Thurrock. The tenant had
been in serious financial difficulty and in August 2011 a surrender
of their lease was agreed, on payment by the tenant of GBP262,500.
Income Expiry Profile as at 30 September 2011
Under 5 years 70%
Between 5 and 10 years 25%
Over 10 years 5%
Of the portfolio's 127 tenants, 20 account for 56% of the contracted
rental income with the top 10 accounting for 40%. Tenants of, in
our view, a very strong or "national" standard account for 84% of
the contracted rent, while smaller regional and local businesses
account for 16% of the contracted rent.
Tenants in the portfolio include:
All Saints DHL Hitachi Kokusai Staples
Electric UK
Bank of New York Edmundson Electrical Marks & Spencer Telford Homes
Mellon
Barclays GE Transportation Moss Bros WH Smith
Systems
Chelmsford Star Halfords O2 Wilkinson Hardware
Co-Operative Society Stores
Portfolio at 30 September 2011
Valuation band at
30 September 2011
Property Type GBP million
Gascoigne Road, Barking Distribution warehousing 5 - 10
QED, Thurrock Distribution warehousing 5 - 10
Western Avenue, Thurrock Distribution warehousing 5 - 10
Bakers Court, Basildon Industrial 0 - 5
Barratt Industrial Estate,
Bow Industrial 0 - 5
Larkfield Mill, Aylesford Industrial 15 - 20
Mill River Trading Estate,
Enfield Industrial 5 - 10
Baytree Shopping Centre,
Brentwood Shopping centre 25 - 30
George Yard, Braintree Shopping centre 15 - 20
The Mall, Dagenham Shopping centre 5 - 10
214/216 Heathway, Dagenham Retail 0 - 5
38-42 High Street, Brentwood Retail 0 - 5
75 High Street, Brentwood Retail 0 - 5
Grove Farm, Chadwell
Heath Retail park 10 - 15
Inspira House, Welwyn
Garden City Office 0 - 5
Mellon House, Brentwood Office 5 - 10
Queensgate, Waltham
Cross Office 5 - 10
Redwing Court, Romford Office 0 - 5
34 St Thomas Road, Brentwood Residential 0 - 5
Salway Place, Stratford Residential 5 - 10
Outlook
With Government measures to reduce the budget deficit ongoing and
the Eurozone debt crisis unresolved, the occupational market is certain
to remain challenging for the near term. The focus of the portfolio
in the London/South East area generally and on the "Olympic" side
of London in particular should mitigate the impact if there is a
prolonged period of economic stagnation.
On a more positive note, there are clear opportunities to create
additional value within the portfolio from asset management initiatives
and these are actively being pursued.
David Tye
Andrew Wilson
Rugby Asset Management Limited
9 December 2011
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 September 2011 (unaudited)
1 April 2011 1 April 2010 1 April
to 30 September to 30 September 2010 to
2011 (unaudited) 2010 (unaudited) 31 March
2011 (audited)
GBP'000 GBP'000 GBP'000
Income
Rent receivable 5,770 5,937 12,157
Service charges receivable 1,277 935 2,314
Bank interest 21 7 15
Other interest - - 1
------------ ------------ ---------------
Total income 7,068 6,879 14,487
------------ ------------ ---------------
Expenses
Service charges payable (1,277) (935) (2,314)
Management fees (484) (518) (1,035)
Other operating expenses (1,803) (1,243) (3,156)
------------ ------------ ---------------
Total expenses (3,564) (2,696) (6,505)
------------ ------------ ---------------
Investment gains and losses
Unrealised gain/(loss) on revaluation
of investment properties 79 (1,304) (5,048)
Realised loss from sale of investment
properties (101) - (630)
------------ ------------ ---------------
Total investment gains and losses (22) (1,304) (5,678)
------------ ------------ ---------------
Net profit from operating activities 3,482 2,879 2,304
------------ ------------ ---------------
Net (loss)/gain on interest rate
swap (3,393) (3,911) 18
Interest payable and similar charges (3,829) (4,806) (10,928)
------------ ------------ -----------
Total financing gains and losses (7,222) (8,717) (10,910)
------------ ------------ -----------
Loss before taxation (3,740) (5,838) (8,606)
Taxation (3) (15) (37)
------------ ------------ ------------
Total comprehensive loss for the
period/year attributable to owners
of the Company (3,743) (5,853) (8,643)
------------ ------------ ------------
Loss per Ordinary Share - basic and
diluted (0.78)p (4.78)p (4.64)p
Items in the above statement are derived from continuing operations.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2011 (unaudited)
Share capital Other reserves Total
GBP'000 GBP'000 GBP'000
Balance at 1 April 2011 4,802 35,257 40,059
Loss for the period attributable
to owners of the Company - (3,743) (3,743)
---------- ---------- ----------
Balance at 30 September 2011 4,802 31,514 36,316
---------- ---------- ----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2010 (unaudited)
Share capital Other reserves Total
GBP'000 GBP'000 GBP'000
Balance at 1 April 2010 1,225 12,386 13,611
Loss for the period attributable
to owners of the Company - (5,853) (5,853)
Restructuring costs - (183) (183)
---------- ---------- ----------
Balance at 30 September 2010 1,225 6,350 7,575
---------- ---------- ----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2011 (audited)
Share capital Other reserves Total
GBP'000 GBP'000 GBP'000
Balance at 1 April 2010 1,225 12,386 13,611
Loss for the year attributable to
owners of the Company - (8,643) (8,643)
Issue of Ordinary Shares 3,577 31,514 35,091
---------- ---------- ----------
Balance at 31 March 2011 4,802 35,257 40,059
---------- ---------- ----------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 September 2011 (unaudited)
30 September 30 September 31 March
2011 (unaudited) 2010 (unaudited) 2011 (audited)
GBP'000 GBP'000 GBP'000
Non-current assets
Investment property 158,210 168,910 158,540
Restricted cash and cash equivalents 15,042 938 14,413
------------- ------------- -------------
173,252 169,848 172,953
Current assets
Receivables and prepayments 3,688 6,363 4,359
Cash and cash equivalents 4,852 2,149 8,137
------------- ------------- -------------
8,540 8,512 12,496
------------- ------------- -------------
Total assets 181,792 178,360 185,449
------------- ------------- -------------
Current liabilities
Payables and accruals (5,667) (6,432) (5,984)
Bank loan - (4,698) -
Fair value of interest rate
swap - - (2,990)
------------- ------------- -------------
(5,667) (11,130) (8,974)
Non-current liabilities
Bank loan (124,824) (141,144) (124,824)
Fair value of interest rate
swap (14,985) (18,511) (11,592)
------------- ------------- -------------
(139,809) (159,655) (136,416)
------------- ------------- -------------
Total liabilities (145,476) (170,785) (145,390)
------------- ------------- -------------
Net assets 36,316 7,575 40,059
------------- ------------- -------------
Capital and reserves attributable
to owners of the Company
Called-up share capital 4,802 1,225 4,802
Other reserves 31,514 6,350 35,257
------------- ------------- ------------
Attributable to owners of
the Company 36,316 7,575 40,059
------------- ------------- -------------
Net asset value per Ordinary
Share - basic and diluted 7.56p 6.18p 8.34p
CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 September 2011 (unaudited)
1 April
1 April 2011 1 April 2010 2010 to
to 30 September to 30 September 31 March
2011 (unaudited) 2010 (unaudited) 2011 (audited)
GBP'000 GBP'000 GBP'000
Operating activities
Loss before taxation (3,740) (5,838) (8,606)
Adjustments for:
Unrealised (gain)/loss on revaluation
of investment properties (79) 1,304 5,048
Realised loss from sale of investment
properties 101 - 630
Net loss/(gain) on interest rate
swap 3,393 3,911 (18)
Interest payable and similar
charges 3,829 4,806 10,928
Taxation (paid)/received (41) 65 39
------------- ------------- -------------
Net cash inflow from operating
activities before working capital
changes 3,463 4,248 8,021
Decrease/(increase) in receivables
and prepayments 696 (1,309) 681
(Decrease)/increase in payables
and accruals (175) 593 267
------------- ------------- -------------
Net cash inflow from operating
activities ([1]) 3,984 3,532 8,969
Investing activities
Purchase/refurbishment of investment
property (396) (154) (194)
Proceeds from sale of investment
property 710 - 6,036
------------- ------------- -------------
Net cash inflow/(outflow) from
investing activities 314 (154) 5,842
Financing activities
Loan interest and similar charges
paid (3,965) (4,367) (8,498)
Interest rate swap break cost (2,989) - -
Net equity raising proceeds - - 35,091
Repayment of loan - - (19,874)
Loan arrangement fees paid - - (3,121)
Refinancing costs - (65) -
------------- ------------- -------------
Net cash (outflow)/inflow from
financing activities (6,954) (4,432) 3,598
------------- ------------- -------------
(Decrease)/increase in cash and
cash equivalents (2,656) (1,054) 18,409
------------- ------------- -------------
Cash and cash equivalents at
beginning of period/year 22,550 4,141 4,141
(Decrease)/increase in cash and
cash equivalents (2,656) (1,054) 18,409
------------- ------------- -------------
Cash and cash equivalents at
end of period/year 19,894 3,087 22,550
------------- ------------- -------------
Cash and cash equivalents at
end of period/year comprise:
Non-current cash and cash equivalents 15,042 938 14,413
Cash and cash equivalents 4,852 2,149 8,137
------------- ------------- -------------
19,894 3,087 22,550
------------- ------------- -------------
([1]) Net cash inflow from operating
activities includes:
Bank interest received 21 7 15
NOTES
1. The financial information set out in this announcement does
not constitute the Group's statutory financial statements for the
periods ended 30 September 2011, 30 September 2010 or for the year
ended 31 March 2011 but is derived from those accounts.
2. Half yearly report
The half yearly report will be posted to shareholders by the end
of January 2012. Copies of the half yearly report will be available
from the Company's office at 1st Floor, Royal Chambers, St Julian's
Avenue, St Peter Port, Guernsey, GY1 3JX and on its website,
www.otwelveestates.com.
3. Dividends
The Directors do not propose an interim dividend for the period
ended 30 September 2011.
4. Loss per Ordinary Share
The loss per Ordinary Share is based on a loss of GBP3,743,000
(30 September 2010: loss of GBP5,853,000, 31 March 2011: loss of
GBP8,643,000) and on a weighted average number of 480,200,008 (30
September 2010: 122,500,002, 31 March 2011: 186,200,003) Ordinary
Shares in issue.
5. Net asset value per Ordinary Shares
The net asset value per Ordinary Share is based on the net
assets attributable to owners of the Company of GBP36,316,000 (30
September 2010: GBP7,575,000, 31 March 2011: GBP40,059,000) and on
480,200,008 (30 September 2010: 122,500,002, 31 March 2011:
480,200,008) Ordinary Shares in issue at the end of the period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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