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Share Name | Share Symbol | Market | Type |
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Royal Road Minerals Limited | TG:RLU | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0015 | -2.10% | 0.07 | 0.063 | 0.077 | 0.00 | 22:50:10 |
RNS Number:3265S Royal London UK Eqty&Income Tst PLC 20 November 2003 ROYAL LONDON UK EQUITY & INCOME TRUST PLC Preliminary results for the year ended 31 August 2003 Chairman's Statement Your Company's second year of operation up to 31 August 2003 was a year of two distinct halves. The first six months saw a continuing deterioration in the economic environment throughout the world, disappointing company results, and an increase in political uncertainty as the Iraq war loomed on the horizon. Unsurprisingly, against this background world markets were weak and interest rates continued to fall. The second half of the year under review saw a marked change of fortune and was altogether more encouraging for investors. The low point of the UK equity market was reached in March 2003 and since then there has been a sharp rebound from an oversold position. This has taken place on the back of a short and militarily successful operation in Iraq, as well as an apparent improvement in the global economic outlook being no worse than expected. Your Manager reports in detail on the different sectors of the portfolio in the Manager's Report. Once again the problem here for your Company has been the income portfolio. In my Interim Statement, I mentioned that overall exposure to illiquid, highly geared investment companies had fallen to under 5% of the assets of the Company and it was not envisaged that there would be a quick recovery in values. In fact, due to the gearing inherent in the structure of some of these holdings, the recovery in the equity market has led to some spectacular gains in this sector - admittedly from an exceptionally depressed level. The structure of your Company changed during the year due to the repayment of #20 million of your Company's loan facility to comply with banking covenants, incurring breakage costs of #1,059,000. During the year, your Company has operated within its covenant agreements and now has total borrowings of #50 million and a loan to value ratio of 55.3%. During the year, the buy-back of Zero Dividend Preference ('ZDP') shares issued by the Company's subsidiary, Royal London UK Equity & Income Securities plc, was instigated and a total of 6,575,900 ZDP shares were purchased in the market by the Company at prices between 55p and 65p (compared to the middle market price of 95p as at 12 November 2003). These shares were subsequently gifted back to the subsidiary and cancelled, enhancing the net asset value of the Group by #3.4 million. As at the date of this report, there remain 13,424,100 ZDP shares in issue. Your Company is still not in a position to declare or pay a dividend due to its inability to meet the requirements of section 265 of the Companies Act 1985 as its assts have fallen to less than 1.5 times its liabilities. Against this background, the Group's total assets less current liabilities fell 23.4% (including repayment of bank debt) during the year under review. Your Manager comments in detail on the performance of the various components of the portfolio against their benchmarks in their Report. At 31 August 2003 the breakdown of the Group's assets was as follows: Market-value % #000 UK Equity Portfolio 56,150 58.9 Income Portfolio 4,493 4.7 UK Bond Portfolio 26,206 27.5 Cash (Net Liquidity) 8,464 8.9 ----------------- ---------------- 95,313 100.0 Looking to the future I am happy to report that the outlook for the UK equity market appears more positive: having staged a marked recovery from the depressed levels of the Spring of 2003, the market has been through a period of consolidation and current signs look encouraging. The outlook for bond markets is less clear with the possibility of further interest rate rises on the horizon. Your Manager's asset allocation reflects these factors and your Board looks forward to a more rewarding year. The Board's decision to retain a substantial level of gearing has been a positive factor recently and I am hopeful that this will continue to be the case. Finally I would like to thank Chris Phillips, who resigned as a Director of the Company and its subsidiary on 19 September 2003, for his valuable contribution and to wish him every success in his new role. Jonathan Carr Chairman 19 November 2003 ROYAL LONDON UK EQUITY & INCOME TRUST PLC Investment Manager's Report for the year ended 31 August 2003 Summary During the year to 31 August 2003 there was a gradual improvement in global economic prospects. This reflected the considerable loosening of fiscal and monetary policy in the USA and Europe (including the UK) and an improvement in business & consumer confidence following the Iraq war. Securities markets proved to be volatile over the year. UK equity prices fell in early 2003 in the run up to hostilities in the Middle East, a trend made worse by selling from life and pension funds. A low point was reached in March 2003, but there was a strong recovery from this level, with the main UK equity index rising by over 25%. Bond prices tended to move in opposite directions to equity prices over the year. In the latter part of the year, US treasury yields rose sharply in anticipation of higher growth in 2004. This had an impact upon UK yields where ten year yields rose from below 4% in June to 4.6% by the end of August 2003. The fall in asset prices in the first half of the financial year proved to be extremely detrimental to split capital securities. During the latter part of 2002, bank debt has been reduced from #70m to #50m to comply with banking covenants. This was financed through the sale of equity and bond securities, incurring breakage costs of #1,059,000. Economic and market background During the year, UK base rates were lowered to 3.5% as the Monetary Policy Committee responded to weak economic growth recorded in the first half of 2003. This represented the lowest level of base rates since the mid 1950s and should be seen in a global context in which the major monetary authorities were concerned about the threat of deflation. In the US the Federal Reserve took the lead in warning about deflation and over the year official US rates were reduced from 1.75% to 1%. European rates were also reduced, ending the year at 2%, although the European Central Bank appeared more reluctant to stimulate activity despite the poor economic performance of the major European economies. Post the Iraq war, business and consumer confidence improved and, in consequence, investors began to expect rises in interest rates. This improvement in sentiment was also reflected in higher consensus growth forecasts for the leading economies. In the UK it is likely that growth in 2003 will be around 2% with the prospect of over 2.5% for 2004. Our forecasts are modestly below official expectations as we feel that the government's forecasts on productivity growth may be too high. Official inflation forecasts, on the other hand, look reasonable and it is expected that the UK will experience stable inflation for at least the next two years. Growth portfolio During the year the broader stockmarket indices made little progress - a rise in the FTSE All Share Index of only 0.9%. However, this simple statistic does no justice to the very volatile market movements between the Company's first and second halves - a decline of 22% followed by an increase of 30%. It also hides the very strong performance by mid-cap and smaller companies in the run up to the Company's year end. There was little to encourage stockmarkets during the early months of the year under review. Company results continued to disappoint with regular profits warnings from both sides of the Atlantic. Economic news was downbeat with the Chancellor reducing his growth forecasts in his autumn statement. The Bank of England lowered interest rates early in 2003 to counter weakening consumer demand and the poor manufacturing outlook. There was increasing concern over the potential outbreak of war in the Middle East which adversely affected market sentiment. Early in 2003 the UK market fell on 11 consecutive days, an unprecedented event in recent decades. Once it was clear that the conflict in Iraq was to be short lived, the market was well placed to rally from very oversold levels. The uncertainty of a long drawn-out war was no longer overhanging the market, company results were not getting any worse, M & A activity started to return and the Global macroeconomic background appeared to be responding to various stimulatory measures. Against this background, the leadership in market changed dramatically during the year. This favoured those stocks and sectors well placed to benefit from a pick up in any cyclical activity at the expense of the more defensive ones. For example, beverages, food manufacturing, drugs, utilities and tobaccos all significantly under-performed the market and were well represented in the portfolio. Investments that served the portfolio well include Whitbread, GUS, BHP Billiton, Wolseley, Rio Tinto, Standard Chartered and Vodafone, all were overweight and outperformed the market by at least 10%. The shift into higher yielding equities, that was mentioned in last year's report, has resulted in a portfolio yield higher than the market average. During the year additions were made to a range of stocks including BP, GUS, BAA, Scottish & Newcastle and Royal Bank of Scotland. New investments were made in Headlam Group and BHP Billiton. Bond portfolio Corporate bonds outperformed government bonds over the year. This reflected the steady on-going demand for bonds by institutions, seeking a yield advantage over government securities, and an improvement in the financial health of the corporate sector. The main characteristics of the Bond portfolio were retained during the year. A high exposure to non-rated bonds, a bias towards higher-yielding investment grade debt and a substantial investment in bank preference shares were evident throughout the year. Overall, the portfolio was broadened and the unit size of holdings reduced. At the end of the year the Bond portfolio consisted of 53 holdings; by value 64.9% were rated investment grade by at least one major rating agency and the balance was secured against some form of specific asset - usually property or financial security. During the year the portfolio was adversely impacted by several corporate developments. First Hydro, Mutual Securitisation and Fixed Link Finance recorded falls in value and all currently trade at 80% of nominal value. First Hydro was affected by concerns about the fall in the price of UK electricity; Mutual Securitisation was impacted by the problems of the UK life assurance sector; and Fixed Link Finance is the senior debt of Eurotunnel plc. Income portfolio During the year the value of the Income portfolio fell. This reflected a fall in the price of securities and the sale of certain shares. Over the course of the year the weakness of the equity market and the geared nature of the portfolio investments led to a number of holdings being suspended and subsequently liquidated. The prospects for the recovery of any value from these investments is low, reflecting the subordinated nature of geared ordinary and income shares. The exposure to property-related investment companies provided support to the Income portfolio. Real Estates Opportunities appreciated considerably over the year as investors focused upon the underlying asset strength of the company. During the year the exposure to the geared ordinary shares of this company was reduced as opportunities were taken in the latter part of the year to sell stock above asset value. In August 2003 a holding was taken in Real Estates Opportunities 7.5% convertible loan stock 2011. Over the year the Income portfolio's heavy weighting in companies investing in financial sectors was maintained. This reflected the view that the prospects for financial companies in the UK were relatively good. Performance Excluding the effects of gearing, the Company's investments produced a total return of +1.2%. At the asset class level, the UK equity return of +2.2% compared to +4.6% for the FTSE All-Share, while the bond component return of +8.4% out-performed that of its benchmark, the Barclays Non-Gilt Over Ten Year Index, which returned +6.1%. The income portfolio had a return of -29.9% compared to the AITC SCI Composite Index (comprising a fixed weighting of 25% income shares and 75% ordinary shares), of +9.4%. Investment outlook The investment outlook appears to be more encouraging than at the end of August 2002. The relaxation in monetary and fiscal policies, the signs of improving business and consumer confidence and the reduced prospect of deflation can be taken as positive developments. Against such a background, the UK equity market should continue to make progress. However, equity valuations in the US remain high and this remains the greatest threat to a sustained recovery in UK equity prices. The UK economy has become more unbalanced over the last year, with government expenditure and rising house prices acting as powerful factors stimulating the economy. Business investment has not recovered and this may reflect the relatively slow improvement in UK corporate profitability. Interest rates may rise further during 2004, but market expectations of the speed and the ultimate level of UK base rates seem too pessimistic. The Managers believe that UK base rates will end 2004 at 4% and that bond returns will lag equity returns over the next twelve months. This background should give some stability to the Income portfolio. However, the weakness and volatility of markets over the last two years and the actions taken by Boards to comply with banking covenants has meant that the income generation of the portfolio has been severely impacted. Royal London Asset Management Limited Investment Manager 19 November 2003 GROUP STATEMENT OF TOTAL RETURN (incorporating the revenue account) for the year ended 31 August 2003 (Unaudited) For year ended 31 August 2003 Revenue Capital Total #'000 #'000 #'000 Total capital losses from investments - (4,585) (4,585) Income from fixed asset investments 5,133 - 5,133 Other interest receivable and similar income 100 - 100 ------------ ------------ ------------ Gross revenue and capital losses 5,233 (4,585) 648 Investment management fee (422) (633) (1,055) Other administrative expenses (369) - (369) ------------ ------------ ------------ Net return/(loss) on ordinary activities before 4,442 (5,218) (776) interest payable and taxation Interest payable (1,775) (2,663) (4,438) ------------ ------------ ------------ Net return/(loss) on ordinary activities before 2,667 (7,881) (5,214) taxation Taxation on net return/(loss) on ordinary - - - activities ------------ ------------ ------------ Net return/(loss) on ordinary activities after 2,667 (7,881) (5,214) taxation Provision for redemption of ZDP shares in - (1,396) (1,396) subsidiary Gain on repurchase and cancellation of ZDP shares - 3,426 3,426 ------------ ------------ ------------ 2,667 (5,851) (3,184) ------------ ------------ ------------ Dividends and appropriations attributable to annuity shareholders Dividends on annuity shares: First interim dividend of nil (2002: 1.790p) - - - Second interim dividend of nil (2002: 2.125p) - - - Appropriation of dividend attributable to annuity (2,550) - (2,550) shareholders of 8.50p (2002: 4.585p) ------------ ------------ ------------ (2,550) - (2,550) ------------ ------------ ------------ Net return/(loss) attributable to ordinary 117 (5,851) (5,734) shareholders ------------ ------------- ------------- Dividends on ordinary shares: First interim dividend of nil (2002: 2.0p) - - - Second interim dividend of nil (2002: 2.0p) - - - ------------ ------------ ------------ - - - ------------ ------------ ------------ Transfer to/(from) reserves 117 (5,851) (5,734) ============ ============ ============ Pence Pence Pence Return/(loss) per ordinary share (Note 2) 0.17 (8.36) (8.19) Return per annuity share (Note 2) 8.50 - 8.50 Return per ZDP share in subsidiary (Note 2) - 9.47 9.47 The revenue column of this statement represents the revenue account of the Group. No operations were acquired or discontinued during the year. All revenue and capital items in the above statement derive from continuing operations. GROUP STATEMENT OF TOTAL RETURN (incorporating the revenue account) for the year ended 31 August 2003 (CONTINUED) (Audited) For the period 31 August 2001 to 31 August 2002 Revenue Capital Total #'000 #'000 #'000 Total capital losses from investments - (60,816) (60,816) Income from fixed asset investments 10,753 - 10,753 Other interest receivable and similar income 408 - 408 ------------ ------------ ------------ Gross revenue and capital losses 11,161 (60,816) (49,655) Investment management fee (738) (1,108) (1,846) Other administrative expenses (372) - (372) ------------ ------------ ------------ Net return/(loss) on ordinary activities before 10,051 (61,924) (51,873) interest payable and taxation Interest payable (2,120) (3,179) (5,299) ------------ ------------ ------------ Net return/(loss) on ordinary activities before 7,931 (65,103) (57,172) taxation Taxation on net return/(loss) on ordinary (919) 919 - activities ------------ ------------ ------------ Net return/(loss) on ordinary activities after 7,012 (64,184) (57,172) taxation Provision for redemption of ZDP shares in subsidiary - (1,679) (1,679) ------------- -------------- --------------- Gain on repurchase and cancellation of ZDP shares - - - 7,012 (65,863) (58,851) ------------ ------------- ------------- Dividends and appropriations attributable to annuity shareholders Dividends on annuity shares: First interim dividend of nil (2002: 1.790p) (537) - (537) Second interim dividend of nil (2002: 2.125p) (638) - (638) Appropriation of dividend attributable to annuity (1,375) - (1,375) shareholders of 8.50p (2002: 4.585p) ------------ ------------ ------------ (2,550) - (2,550) ------------ ------------ ------------ Net return/(loss) attributable to ordinary 4,462 (65,863) (61,401) shareholders -------------- -------------- --------------- Dividends on ordinary shares: First interim dividend of nil (2002: 2.0p) (1,400) - (1,400) Second interim dividend of nil (2002: 2.0p) (1,400) - (1,400) ------------ ------------ ------------ (2,800) - (2,800) ------------ ------------ ------------ Transfer to/(from) reserves 1,662 (65,863) (64,201) ============ ============ ============ Pence Pence Pence Return/(loss) per ordinary share (Note 2) 6.37 (94.09) (87.72) Return per annuity share (Note 2) 8.50 - 8.50 Return per ZDP share in subsidiary (Note 2) - 8.40 8.40 The revenue column of this statement represents the revenue account of the Group. No operations were acquired or discontinued during the year. All revenue and capital items in the above statement derive from continuing operations. BALANCE SHEETS at 31 August 2003 (Unaudited) (Audited) Group Company Group Company 2003 2003 2002 2002 #'000 #'000 #'000 #'000 Fixed asset investments Listed investments 86,849 86,849 112,751 112,751 Subsidiary undertaking - 4,227 - 50 -------------- -------------- -------------- -------------- 86,849 91,076 112,751 112,801 -------------- -------------- -------------- -------------- Current assets Debtors and prepayments 1,563 1,563 1,365 1,365 Cash at bank 8,987 8,979 12,105 12,096 -------------- -------------- -------------- -------------- 10,550 10,542 13,470 13,461 Current liabilities Creditors: amounts falling due within one (2,086) (2,086) (1,868) (1,868) year -------------- -------------- -------------- -------------- Net current assets 8,464 8,456 11,602 11,593 -------------- -------------- -------------- -------------- Total assets less current liabilities 95,313 99,532 124,353 124,394 Creditors: amounts falling due after more (50,000) (70,042) (70,000) (91,720) than one year -------------- -------------- -------------- -------------- Total net assets 45,313 29,490 54,353 32,674 ============== ============== ============== ============== Capital and reserves Called-up share capital 1,000 1,000 1,000 1,000 Share premium 94,500 94,500 94,500 94,500 Capital reserve - realised (12,027) (16,204) (4,583) (4,583) Capital reserve - unrealised (59,687) (55,510) (61,280) (61,280) Revenue reserve 5,704 5,704 3,037 3,037 -------------- -------------- -------------- -------------- Shareholders' funds 29,490 29,490 32,674 32,674 Minority interest - ZDP shares 15,823 - 21,679 - -------------- -------------- -------------- -------------- 45,313 29,490 54,353 32,674 ============== ============== ============== ============== Attributable to annuity shareholders 26,425 26,425 23,875 23,875 (non-equity) Attributable to ordinary shareholders 3,065 3,065 8,799 8,799 (equity) -------------- -------------- -------------- -------------- 29,490 29,490 32,674 32,674 ============== ============== ============== ============== Net asset value per: Pence Pence Pence Pence Annuity share (Note 3) 88.08 88.08 79.58 79.58 Ordinary share (Note 3) 4.38 4.38 12.57 12.57 ZDP share in subsidiary (Note 3) 117.87 - 108.40 - The accounts were approved by the Board of Directors on 19 November 2003. Jonathan Carr Chairman GROUP CASH FLOW STATEMENT for the year ended 31 August 2003 (Audited) (Unaudited) For the period For the year 31 August 2001 ended 31 August 2003 to 31 August 2002 #'000 #'000 #'000 #'000 Net cash inflow from operating activities 4,021 7,915 Servicing of finance Interest paid (4,759) (4,211) Dividend on non-equity shares - (1,175) -------------- ------------- (4,759) (5,386) Financial Investment Acquisition of investments (14,556) (326,140) Sale of investments 36,445 152,573 ---------------- --------------- Net cash inflow/(outflow) from financial 21,889 (173,567) investment Equity dividends paid - (2,800) -------------- -------------- Net cash inflow/(outflow) before financing 21,151 (173,838) Financing Gross proceeds from the issue of ordinary and - 100,000 annuity shares Gross proceeds from issue of ZDP shares - 20,000 Purchase of ZDP shares issued by subsidiary (3,826) - Issue expenses paid (443) (4,057) Loan drawn down - 80,000 Loan repayment (20,000) (10,000) -------------- --------------- Net cash (outflow)/inflow from financing (24,269) 185,943 -------------- -------------- (Decrease)/increase in cash (3,118) 12,105 ============== ============== Reconciliation of net cash flow to movement in net debt (Decrease)/increase in cash as above (3,118) 12,105 Net cash outflow/(inflow) from loans repaid/ 20,000 (70,000) (drawn down) --------------- --------------- 16,882 (57,895) Net debt at start of period (57,895) - Net debt at 31 August -------------- -------------- (41,013) (57,895) ============== ============== NOTES TO THE ACCOUNTS for the year ended 31 August 2003 1. Accounting policies a. Basis of accounting The accounts are prepared on the historical cost basis of accounting, modified to include the revaluation of fixed asset investments and in accordance with applicable accounting standards and with the Statement of Recommended Practice - Financial Statements of Investment Trust Companies (the "SORP") dated December 1995. All of the Company's operations are of continuing nature. b. Group accounts The Group accounts consolidate the accounts of the Company and its wholly owned subsidiary Royal London UK Equity & Income Securities Plc. The revenue account is only presented in consolidated form as provided by section 230 of the companies Act 1985. Net revenue after taxation of the Company for the year amounted to #2,667,000 (2002: #7,012,000). c. Dividends on annuity shares In accordance with FRS4, all dividends relating to non-equity shares are charged to the Statement of Total Return as they accrue, irrespective of whether the Company has sufficient distributable reserves and passes the requirements of Section 265 of the Companies Act 1985 at the time that the dividend falls due. An amount equal to dividends due but not paid is included within the amount of shareholders' funds attributable to non-equity shares. As soon as the Company has sufficient distributable reserves, the accrued dividends will be transferred out of reserves to creditors and the dividend will then be paid. 1. Return/(loss) per share Return/(loss) per ordinary share Revenue return per ordinary share is calculated by dividing the net revenue return on ordinary activities after taxation for the year of #117,000 (2002: #4,462,000) by the number of ordinary shares in issue throughout the year of 70,000,000 (2002: 70,000,000). Capital loss per ordinary share is calculated by dividing the net capital loss on ordinary activities after taxation for the year of #5,851,000 (2002: loss #65,863,000) by the number of ordinary shares in issue throughout the year of 70,000,000 (2002: 70,000,000). Return per annuity share Revenue return per annuity share is calculated by dividing the total amount attributable to the annuity shareholders of #2,550,000 (2002: #2,550,000) by the number of annuity shares in issue throughout the year of 30,000,000 (2002: 30,000,000). Return per ZDP share in the subsidiary Capital return per ZDP share is calculated by dividing the predetermined growth in capital entitlement per the Articles of Association of #1,396,000 (2002: #1,679,000) by the weighted average number of ZDP shares in issue for the year ended 31 August 2003 of 14,741,705 (2002: 20,000,000). 2. Net asset value per share Net asset value per ordinary share Net asset value per ordinary share is calculated in accordance with the Articles of Association, which is consistent with FRS4, and is based on net assets attributable to ordinary shares of #3,065,000 (2002: #8,799,000) and 70,000,000 (2002: 70,000,000) ordinary shares in issue at 31 August 2003. The movement during the period of the assets attributable to the ordinary shares was as follows: 2003 2002 #'000 #'000 Net assets attributable to ordinary shareholders at start of period 8,799 - Proceeds from issues of shares - 70,000 Premium on issue of annuity shares - 7,500 Issue expenses - (4,500) Total net loss on ordinary activities after taxation for the period (5,734) (61,401) Dividends - (2,800) ------------ ------------ Net assets attributable to ordinary shareholders at end of period 3,065 8,799 ============ =========== Net asset value per annuity share Net asset value per annuity share is calculated in accordance with the Articles of Association and is based on net assets attributable to annuity shares of #26,425,000 (2002: #23,875,000) and 30,000,000 (2002: 30,000,000) annuity shares in issue at 31 August 2003. The movement during the period of the assets attributable to the annuity shares was as follows: 2003 2002 #'000 #'000 At start of period 23,875 - Proceeds from issues of shares - 30,000 Dividend attributable to annuity shareholders* 2,550 1,375 Premium transferred to ordinary shares - (7,500) ----------- ---------- Net assets attributable to annuity shareholders at end of period 26,425 23,875 * see note I (c) =========== ========== Net asset value per ZDP share in the subsidiary Net asset value per ZDP share is calculated in accordance with the Articles of Association and is based on net assets attributable to ZDP shares of #15,823,000 (2002: #21,679,000) and 13,424,100 (2002: 20,000,000) ZDP shares in issue at 31 August 2003. The movement during the period of the assets attributable to the ZDP shares was as follows: 2003 2002 #'000 #'000 Net assets attributable to ZDP shareholders at start of period 21,679 - Proceeds from issue of shares - 20,000 ZDP shares cancelled (7,252) - ------------ ------------ Net asset value remaining after buyback 14,427 20,000 Capital return for the period 1,396 1,679 ------------ ------------ Net assets attributable to ZDP shareholders at end of period 15,823 21,679 ============ ============ 3. Accounts The above financial information for the year ended 31 August 2003 does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The comparative financial information is based on statutory accounts for the period end 31 August 2002. These accounts, upon which the Auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. Statutory accounts for the year ended 31 August 2003 will be delivered to the Registrar of Companies in due course. 4. Annual General Meeting The Annual General Meeting of Royal London UK Equity & Income Trust plc will be held on 16 December 2003 at 12 noon. 20 NOVEMBER 2003 This information is provided by RNS The company news service from the London Stock Exchange END FR FEEFWSSDSEFF
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