Guscio Plc - Final Results & Notice of AGM

This announcement contains inside information as stipulated under the Market Abuse Regulation (EU) No 596/2014 (MAR).

Guscio plc / Index: AIM / Epic: GUSC.L / Sector: Software

23 December 2016

Guscio plc

(“Guscio”, the “Company” or the “Group”)

Final Results & Notice of AGM

Guscio plc, the technology company focused on programmes in physical literacy and sporting assessment, announces its final audited results for the year ended 30 September 2016.

OVERVIEW

·     Successful transformation into a technology company focused on innovation in physical education and sport tracking and performance, a fast-growing sector

·     Sales of Skills2Achieve (“S2A”), a web-based programme which can track and assess progress in physical literacy in schools, have not increased at the rate that the Board had expected but proactive steps are being taken to try to address this issue

·     A new initiative named the Champions Programme has been launched. The Saracens Sport Foundation, Haileybury School, and a high-net-worth individual have signed up to this philanthropic programme to roll-out S2A. Ryman, the high street stationer, has also sponsored a number of schools with a view to increasing these numbers in 2017

·     Board and management strengthened

For further information, please visit www.guscioplc.com or contact:

Gail Ganney	Guscio plc	Tel: [phone]
David Worlidge James Reeve Liz Kirchner Graham Bell	Allenby Capital Limited	Tel: [phone]
Duncan Vasey Lucy Williams	Peterhouse Corporate Finance	Tel: [phone]
Lottie Brocklehurst Grace-Anne Marius	St Brides Partners	Tel: [phone]

CHAIRMAN’S STATEMENT

The Group’s results for the year ended 30 September 2016 are the first results since completion of the acquisition of the remaining 70% of Sportsdata Limited (“Sportsdata”) and 100% of Dataplay Holdings Limited (“Dataplay”) and the re-admission of the Company’s shares to trading on AIM.  The Company completed these acquisitions on 24 May 2016 and the consolidated results therefore reflect the inclusion of these two businesses from that date.

The Company originally acquired 30% of Sportsdata, a technology company that has developed and implemented a website application for monitoring and improving the physical literacy of children in association with the Youth Sport Trust (“YST”), in February 2015.  During the financial year, the directors decided, after consultation with the Company’s main shareholders, to proceed with the acquisition of the remaining 70% of Sportsdata and the acquisition of a complementary business, Dataplay.  Dataplay has developed a white-label platform for the tracking, assessment and impact-evidencing of performance in sports.

The Group’s loss for the year was £3,910,000 (2015 - £812,000), which includes an impairment charge of £2,838,000 (2015 - £Nil) in respect of the goodwill in Sportsdata and Dataplay and £517,000 (2015 - £Nil) of costs incurred in respect of the acquisition of the two businesses and the re-admission of the Company’s shares to trading on AIM. 

As Sportsdata and Dataplay both had net liabilities as at 30^th September 2016, the decision was taken to make a full provision in the Company’s accounts against the Company’s investments in both companies.  This treatment is consistent with last year and does not necessarily reflect the directors’ view of the underlying value of the two businesses.  In a similar way, the goodwill arising on the acquisition of the two businesses has not been recognised as an asset in the Group accounts at the year end with a full provision being made in the Group accounts.

Since the acquisition of Sportsdata, the level of its sales has not increased at the rate that had been hoped for.  This trend has continued into the current year with the result that current trading remains behind budget.  The board has taken certain steps to try to improve the level of sales, including taking over responsibility for the sales process from the YST, which had been selling the licence previously and appointing Jim Morris as a dedicated sales executive.  Jim was previously Development Manager at the YST with considerable experience of working with the primary school sector.  We have also commenced a sponsorship programme, the “Champions Programme”, which enables philanthropic organisations, corporate sponsors and high net worth individuals (“HNWIs”) to acquire packages of licences for the benefit of clusters of primary schools.  We are delighted that Saracens Sports Foundation and Haileybury School have become the first organisations to purchase licences under this programme.  In addition, Ryman, the high street stationer, has sponsored a small number of schools as part of an initial test programme, which we anticipate will be extended in 2017.

Dataplay has undertaken two development contracts, which will both result in a satisfactory profit, and new contracts are being sought and need to be secured if this year’s budget is to be achieved.  Our new sales executive’s responsibilities include securing this new business.

The board is therefore still focusing on making a success of the businesses acquired in May 2016 with the initiatives outlined above.  However, if sales do not grow from current levels then the board will take the necessary steps to run the Group in a prudent way to preserve value for shareholders.  This will include seeking to reduce the cost base of the Group and to look at what other business initiatives might be pursued within this sector to try to supplement the existing businesses in order to achieve profitability.

Merger of Sportsdata and Dataplay

One of the reasons for acquiring the businesses of both Sportsdata and Dataplay was, and remains, the fact that there are considerable commercial synergies between both businesses as they operate in the same sports technology sector.  Following their acquisitions, it became apparent to the Directors that the most efficient way to harness these synergies and to save costs is to amalgamate both businesses within one company.  Consequently, on 22 September 2016 the Dataplay business was transferred to Sportsdata and, as such, all commercial activities from 1 October 2016 have been conducted through Sportsdata.  The Directors consider that the merger of Sportsdata and Dataplay will lead to a cost saving of approximately £10,000 for the Group annually.

Board changes

On 23 September 2016, the Board was pleased to announce the appointment of Professor Michael Caine to the Board as non-executive director.

As Dean and Professor of Sports Technology and Innovation at Loughborough University and a founding director of two university spin-out technology companies, Professor Caine brings considerable experience in the growth and development of innovative technology companies, as well as an extensive network within the academic and commercial sport, education and technology communities, to the role.

Proposed Change of Name

The Board considers, particularly in light of the above merger of the underlying businesses, that it is appropriate to change the Company’s name to Sportsdata Group plc and the Board will implement this change following the Annual General Meeting (“AGM”).

A Humphreys

Chairman

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2016

	Notes	2016 £’000			2015 £’000
Revenue	2	40			-
Cost of sales		(51)			-
Gross loss		(11)			-
Administrative expenses	2	(878)			(286)
Operating loss		(889)			(286)
Share of loss of associate undertakings	7	(57)			(46)
Impairment charge	6, 7	(2,964)			(483)
Finance income		-			3
Loss before taxation		(3,910)			(812)
Income tax expense	4	-			-
Loss for the year		(3,910)			(812)
Other comprehensive income		-			-
Comprehensive loss for the year		(3,910)			(812)
Earnings per share attributable to the equity holders of the Company during the year:
		2016				2015
Basic loss per share	5	(5.52p)		--		(6.17p)
Diluted loss per share	5	(5.52p)				(6.17p)

There are no recognised gains or losses other than the results for the period as set out above.

All of the Group’s activities are classified as continuing.

CONSOLIDATED  STATEMENT OF FINANCIAL POSITION

AT 30 SEPTEMBER 2016

		2016					2015
	Notes	£’000		£’000			£’000		£’000
Assets
Non-Current Assets
Intangible Assets	6			-					-
Investments	7			-					-
				-					-
Current Assets
Trade Receivables	8	121					68
Cash & Cash equivalents	9	714					6
				835					74
Total Assets				835					74
Equity and liabilities
Equity
Share capital				6,501					6,382
Share premium				16,987					12,718
Share option reserve				4					3
Retained earnings				(22,972)					(19,062)
Total Equity				520					41
Current Liabilities
Trade & other payables	10			315					33
Total Liabilities				315					33
Total equity & liabilities				835					74

CONSOLIDATED STATEMENT OF CASH FLOW

FOR THE YEAR TO 30 SEPTEMBER 2016

		2016 £’000		2015 £’000
Cash flows from continuing operations
Operating loss before taxation		(889)		(286)
Adjustments for:
Share-based payment expense		1		-
(Increase)/Decrease in trade & other receivables		(48)		(2)
(Decrease) in trade & other payables		(273)		(40)
Interest received	4	-		3
Net cash outflow from operating activities		(1,209)		(325)
Cash flows from investing activities
Acquisition of associates		-		(543)
Acquisition of subsidiaries		(13)		-
Add cash acquired on acquisition of subsidiaries		42		-
Sale proceeds of investments		-		14
Net cash inflow / (outflow) from investing activities		29		(529)
Cash flows from financing activities
Issue of new shares net of expenses		1,888		860
Net cash inflow from financing activities		1,888		860
Net increase in cash & cash equivalents	9	708		6
Cash and cash equivalents at 1 October	9	6		-
Cash and cash equivalents at 30 September	9	714		6

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2016

Group		Share Capital £’000		Share Premium £’000		Share Option Reserve £’000		Retained Earnings £’000		Total £’000
Balance at 1 October 2014		6,369		11,871		3		(18,250)		(7)
Comprehensive loss for the year		-		-		-		(812)		(812)
Issue of shares		13		847		-		-		860
Balance as at 30 September 2015		6,382		12,718		3		(19,062)		41
Balance as at 1 October 2015		6,382		12,718		3		(19,062)		41
Comprehensive loss for the year		-		-		-		(3,910)		(3,910)
Issue of shares		119		4,269		-		-		4,388
Equity warrants issued		-		-		1		-		1
At 30 September 2016		6,501		16,987		4		(22,972)		520

Share capital relates to the nominal value of shares issued.  Share premium relates to the amounts subscribed for share capital in excess of the nominal value of the shares.

The share option reserve arose on the grant of warrants to employees and directors.

Retained earnings relates to cumulative profits and losses recognised in the statement of comprehensive income.

Notes to the consolidated financial statements for the year ended 30 September 2016

1.   General information

While the financial information included in this preliminary announcement has been prepared in accordance with International Financial Reporting Standards (IFRSs), this announcement does not itself contain sufficient information to comply with IFRSs. The Group has also published full financial statements that comply with IFRSs available on its website and to be circulated shortly.

The financial information set out in the announcement does not constitute the company’s statutory accounts for the years ended 30 September 2016 or 2015.  The financial information for the year ended 30 September 2015 is derived from the statutory accounts for that year, which were prepared under IFRSs, and which have been delivered to the Registrar of Companies.  The auditors reported on those accounts, their report was unqualified and did not contain a statement under either Section 498(2) or Section 498(3) of the Companies Act 2006.:

We draw your attention to note 1.2, which was included in the financial results for the year ended 30 September 2015, which describes the uncertainty surrounding the Group’s ability to continue as going concern.  The proposed transactions outlined in note 1.2 are considered likely to happen.  If the proposed transactions do not proceed, then this could cast doubt over the Group’s ability to continue as a going concern.  Our opinion is not qualified in respect of this matter.

The financial information for the year ended 30 September 2016 is derived from the audited statutory accounts for the year ended 30 September 2016 on which the auditors have given an unqualified report, that did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006 and included the following matter to which the auditors drew attention by way of emphasis. 

Material uncertainty relating to going concern

We draw attention to note 1.2 in the financial statements, which indicates the conditions identified that may cast significant doubt on the entity’s ability to continue as a going concern.

As explained in note 1.2 to the financial statements, the directors have confirmed that the Group has sufficient cash resources to support the business for a period of at least 12 months from the signing of the accounts.  In the Group financial statements, the directors have taken the decision to impair the goodwill and the intangible asset to £nil.  In the Parent Company accounts, the directors have taken the decision to impair the investments in subsidiaries and the amounts due from the subsidiaries to the Company to £nil.  These impairments at the Group level and Parent Company level, suggest that the value of these assets cannot be substantiated.

We have reviewed the working capital projections and assumptions made about the level of income the Group will generate in the period up until 31 December 2017 and beyond and the level of expenses that it will occur.  Although the income projections are subjective, the expenses to run the business are able to be predicted with reasonable certainty, and therefore we have satisfied ourselves that the Group have sufficient cash resources in order for the company to meet its liabilities as they fall due in the 12 months following the signing of these financial statements.  Furthermore, we have received assurances from the directors that the company have considered a cost saving strategy, should the need for this arise.

As stated in note 1.2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

The statutory accounts will be delivered to the Registrar of Companies following the Company’s annual general meeting.

The accounting policies adopted in the preparation of this preliminary announcement are consistent with those set out in the latest Group Annual financial statements.  There is no material seasonality associated with the Group’s activities.

1.1       Basis of preparation and consolidation

The financial statements are prepared under the historical cost convention and have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and applied in accordance with the provisions of the Companies Act 2006 applicable to companies reporting under IFRS.

The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings made up to 30 September 2016.

The principal accounting policies adopted by the Group are set out below.

1.2       Going concern

The Group has reported a loss of £3,910,000 for the year (2015 - £812,000).

During the year the Company has acquired Sportsdata Limited and Dataplay Holdings Limited through a reverse takeover.  At 30 September 2016 the Company held 100% of the ordinary shares of both of these businesses.  Full details about the acquisition are disclosed in note 6 in the Company's Annual Report and Financial Statements for the year ended 30 September 2016.  A significant proportion of the costs incurred during the year relate to the acquisition of these businesses.  The current year loss has been further increased as the directors have taken the decision to impair the Goodwill in respect of the acquisition of these two subsidiary companies in the Group accounts.  They have also impaired the investment in the two subsidiary companies in the parent Company accounts.  Although the principal activity of the parent Company is that of an investment company, there are no further investments expected to take place in the short term, and therefore similar costs are not expected in the near future.

The Group’s revenue for the year ended 30 September 2016 was below expectations and since the year end, revenue is underperforming compared to the budget for the year ended 30 September 2017.  At the date the financial statements are signed, the directors have no visibility that the Group will be able to generate sufficient revenues to achieve the budgeted profit and cashflow for the year ended 30 September 2017.  If the budget is not achieved and if mitigating steps were not taken then there would be a material uncertainty surrounding going concern.  However, the directors believe that steps can be taken to ensure the Group has sufficient cash to trade as a going concern in the short to medium term.

The directors are taking steps to try accelerate the Group’s revenue growth but there are no guarantees that these steps will be successful.  Should the anticipated revenue growth not be achieved, the directors have already reviewed the costs of the business and believe that they will be able to rationalise the cost base of the business.  The directors’ current focus, however, is to ensure steps are followed so that they can execute the current Group business plan and grow revenue.

At the year end the Group had cash resources of £714,000. The Directors have prepared detailed working capital projections for the Company, Sportsdata Limited and Dataplay Holdings Limited which includes the Group's committed costs covering a period up until 31 December 2017.  Based on these projections, the directors have a reasonable expectation that the Group’s current cash resources are adequate to allow the Group to continue in operational existence for the foreseeable future and meet its liabilities as they fall due for at least a period of 12 months from the signing of these financial statements. The Group therefore continues to adopt the going concern basis in preparing its financial statements.

1.3       Joint operations

Sportsdata Limited operates under a joint contractual arrangement with Youth Sport Direct Limited whereby revenues are shared equally. The arrangement is not structured through a separate vehicle and each party to the arrangement accounts for the assets, liabilities, revenues and expenses relating to its involvement in the joint operation.

1.4       Revenue recognition

Revenue is recognised when the right to receive payment is established, to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured, regardless of when the payment is made. Revenue is measured at the fair value of the consideration received or receivable, excluding Value Added Tax.

The directors are of the opinion that this accounting policy accurately reflects commercial reality and the recording of revenue.

1.5       Impairment

(a)       Impairment of Financial Assets

All financial assets (other than those categorised at fair value through profit or loss), are assessed at the end of each reporting period as to whether there is any objective evidence of impairment as a result of one or more events having an impact on the estimated future cash flows of the asset. For an equity instrument, a significant or prolonged decline in the fair value below its cost is considered to be objective evidence of impairment.

An impairment loss in respect of loans and receivables financial assets is recognised in profit or loss and is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the financial asset at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

(b)       Impairment of Non-Financial Assets

The carrying values of assets, other than those to which IAS 36 – Impairment of Assets does not apply, are reviewed at the end of each reporting period for impairment when there is an indication that the assets might be impaired. Impairment is measured by comparing the carrying values of the assets with their recoverable amounts. The recoverable amount of the assets is the higher of the assets’ fair value less costs to sell and their value in use, which is measured by reference to discounted future cash flow.

An impairment loss is recognised in profit or loss immediately.

When there is a change in the estimates used to determine the recoverable amount, a subsequent increase in the recoverable amount of an asset is treated as a reversal of the previous impairment loss and is recognised to the extent of the carrying amount of the asset that would have been determined (net of amortisation and depreciation) had no impairment loss been recognised. The reversal is recognised in profit or loss immediately, unless the asset is carried at its revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2          Revenue and loss on continued activities before taxation

By geographical origin

For the year to 30 September 2016:

	Revenue £’000		Loss before tax £’000		Total assets £’000		Total liabilities £’000
United Kingdom	40		(3,910)		835		(315)
	40		(3,910)		835		(315)

For the year to 30 September 2015:

	Revenue £’000		Loss before tax £’000		Total assets £’000		Total liabilities £’000
United Kingdom	-		(812)		74		(33)
	-		(812)		74		(33)

   

	2016 £’000		2015 £’000
Loss before taxation is arrived at after charging / (crediting):
Impairment of fixed asset investments	(57)		483
Impairment of goodwill	2,838		-
Impairment of other intangible fixed assets	183		-
Auditor’s remuneration:
-     audit of the annual accounts of the Group	10		5
-     other services relating to taxation	8		3
Provision for bad debt	-		13

3        Directors and employees                            

	2016 £’000		2015 £’000
Staff costs, including director’s emoluments during the year were as follows:
Wages, salaries and emoluments	122		94
Social security costs	9		6
	131		100

4        Taxation        

		2016 £’000		2015 £’000
Domestic current year tax
UK corporation tax		-		-
		-		-
Factors affecting the tax charge for the period:
Loss on ordinary activities before taxation	(3,910)			(812)
Loss on ordinary activities multiplied by the standard rate of Corporation tax in the UK of 20% (2015 - 20%)	(782)			(162)
Non-tax deductible impairment of goodwill	568			-
Non-tax deductible impairment of investments	-			96
Non-tax deductible impairment of intangible assets	36			-
Expenses not deductible for tax purposes	115			29
Deferred tax not recognised	63			37
Current tax charge		-		-

The Company has estimated tax losses of £1,567,000 (2015 - £1,375,000) available to offset against future profits.

A deferred tax asset for the Company of £431,000 (2015 - £275,000) at a rate of 17% (2015 – 20%) has not been recognised in these financial statements on the basis of uncertainty over the availability of future taxable profits of the Company.

5        Loss per share

(a)  Basic

Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year.

The calculation of the basic loss per ordinary share is based on:

	2016 Number		2015 Number
Weighted average number of Ordinary shares in issue during the period	70,772,462		13,160,582
Loss for the year (£’000)	(3,910)		(812)

(b)  Diluted

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.  The Company has one category of dilutive potential shares and warrants.  A calculation is performed to determine the number of shares that could have been acquired at fair value (determined as to the average annual market share price of the Company’s shares) based on the monetary value of the subscription rights attached to outstanding warrants.  The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the warrants.

The calculation of diluted earnings per share is based on:

	2016 Number		2015 Number
Weighted average number of Ordinary shares in issue Adjustments for dilutive effect of: -     Employee warrants	70,772,462 -		13,160,582 -
Weighted average number of ordinary shares for diluted earnings per share	70,772,462		13,160,582
Employee warrants could in future have a dilutive effect, however, they are antidilutive in the current year as the Company is loss making.

6        Intangible assets

	Goodwill £’000	Computer platform  £’ 000	Total £’ 000
Cost
At 1 October 2015	-	-	-
Additions	2,838	-	2,838
On acquisition of a subsidiary	-	183	183
At 30 September 2016	2,838	183	3,021
Impairment
At 1 October 2015	-	-	-
Impairment for the year	2,838	183	3,021
Disposals	-	-	-
At 30 September 2016	2,838	183	3,021
Net book value at 30 September 2016	-	-	-

   

Goodwill on acquisition of Sportsdata Limited	Book Value £’000	Fair Value  £’ 000
Debtors	5	5
Cash at bank and in hand	6	6
Creditors	(294)	(294)
Net liabilities at acquisition	(283)	(283)

            On 23 May 2016 the Company acquired the remaining 70% Ordinary share capital of Sportsdata Limited for £1,500,000 by the issue of Ordinary 0.1p shares in Guscio Plc. See note 6 in the Company's Annual Report and Financial Statements for the year ended 30 September 2016 for further details.

With associated stamp duty of £8,000, the fair value of consideration was £1,508,000. The fair value of the net liabilities acquired amounted to £283,000 resulting in goodwill of £1,791,000.

Goodwill on acquisition of Dataplay Holdings Limited	Book Value £’000	Fair Value  £’ 000
Intangible fixed assets	183	183
Cash at bank and in hand	36	36
Creditors	(261)	(261)
Net liabilities at acquisition	(42)	(42)

            On 23 May 2016 the Company acquired 100% of the Ordinary share capital of Dataplay Holdings Limited for £1,000,000 by the issue of Ordinary 0.1p shares in Guscio Plc. See note 6 in the Company's Annual Report and Financial Statements for the year ended 30 September 2016 for further details.

With associated stamp duty of £5,000, the fair value of consideration was £1,005,000. The fair value of the net liabilities acquired amounted to £42,000 resulting in goodwill of £1,047,000.

The primary reason for the business combinations outlined above was to achieve the strategy set out in the Chairman’s report of focussing activities on the sports information sector. Goodwill on both acquisitions represent the directors’ assessment of the underlying value of the intangible assets and business plans of the two businesses at the date of acquisition.

The effect on revenue and the loss for the year of the group as a result of the two business combinations are as follows:

	Sportsdata Limited £’000	Dataplay Holdings Limited £’000	Total  £’ 000
Increase in revenue	12	28	40
Increase in loss for the year	301	30	331

Impairment of goodwill

As a result of the losses made by Sportsdata Limited and Dataplay Holdings Limited to date, the directors have taken the prudent view and provided against the goodwill value in full at 30 September 2016.  The impairment charged in the current year is included within the statement of comprehensive income.

7        Fixed asset investments

	Associated undertakings £’ 000	Investments £’ 000
Cost
At 1 October 2014	-	-
Additions	529	14
Loss for the year	(46)	-
Impairment	(483)	(14)
Disposals	-	-
Net book value at 30 September 2015	-	-
Cost
At 1 October 2015	483	-
Loss for the year	(57)	-
Disposals	(426)	-
At 30 September 2016	-	-
Impairment
At 1 October 2015	(483)	-
Impairment for the year	57	-
Disposals	426	-
At 30 September 2016	-	-
Net book value at 30 September 2016	-	-

8        Trade and other receivables

	2016 £’000		2015 £’000
Due within one year:
Other receivables	108		51
Prepayments and accrued income	13		17
	121		68

9        Cash and cash equivalents

	2016 £’000		2015 £’000
Cash at bank and in hand	714		6
	714		6

10      Trade and other payables: Amounts falling due within one year

	2016 £’000		2015 £’000
Amounts owed to related parties	183		-
Trade payables	56		-
Accruals and deferred income	76		33
	315		33

With the exception of social security and other taxes, the above items represent financial liabilities (financial instruments) of the Group.

At 30 September 2016, an amount of £183,000 is owed to Starnevesse Limited, a company in which R C Thompson is a director and shareholder (note 6). This amount is unsecured and interest free and is payable from the profits generated by the Dataplay business division of Sportsdata Limited as and when they arise but with an end payment date of 1 May 2018.

11       Notice of Annual General Meeting (“AGM”) and availability of Annual Report and Financial Statements    

The Company hereby announces that its AGM will be held at the offices of Brown Rudnick LLP, 8 Clifford Street, London W1S 2LQ at 2.00 p.m. on 18 January 2017.  

The Company's Annual Report and Financial Statements for the year ended 30 September 2016 are expected to be posted to shareholders, along with the Notice of AGM, on 23 December 2016 and will be available thereafter at the Company's registered office, 27/28 Eastcastle Street, London, W1W 8DH and on its website: http://www.guscioplc.com/key-corporate-documents.

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