Final Results

 

TIDMBDT 
 
RNS Number : 1534Y 
Bidtimes PLC 
28 August 2009 
 

 
 
 
 
Bidtimes PLC (the "Company") 
28 August 2009 
 
 
Preliminary results for the year ended 28 February 2009 
 
 
 
 
 
 
Chairman's Statement 
 
 
I am pleased to present the final results for the Group for the year ended 28 
February 2009. 
 
 
During the period the Company decided to review and subsequently change its 
investment strategy in order to find the best way to build value for its 
Shareholders. 
 
 
As part of this review I was appointed as Executive Chairman on 1 July 2008, 
along with Julian Moore as a non executive director.  In the circular to 
Shareholders issued on 6 June 2008 the Company outlined a new investing strategy 
focusing on investing in the mineral and energy resources sectors. The Company 
raised GBP440,000 before expenses by way of a placing and entered into a joint 
venture agreement with ASX listed company, Burey Gold Limited ('Burey Gold'), to 
invest in three uranium tenements: Yankalilla Area, Taraleach-Loch Area and Port 
Lincoln Area, all in South Australia. 
 
 
Under the terms of the joint venture agreement the Company committed to acquire 
a 10% joint venture interest in each of the tenements by committing to incur 
minimum expenditure of A$130,000.  As announced in March 2009 the initial 
exploration work on the three tenements has indicated that they do not have the 
prospectivity to justify further ongoing expenditure and they have been dropped 
from the Company's exploration portfolio. 
 
 
These old tenements were immediately replaced by another joint venture project 
with Burey Gold in relation to an exploration licence over the Kyber Pass Area, 
southeast of Marla in Southern Australia. This covers an area of approximately 
367km² and again the exploration targets are uranium, copper and gold. The 
Company has undertaken to fund the exploration costs (estimated to be of the 
order of A$700,000) up to completion of a bankable feasibility study to earn an 
80 per cent interest in the joint venture property. The minimum first year 
expenditure is approximately A$65,000.  The Company has to date, in line with 
the joint venture agreement, paid the A$3,300 application costs and following 
the issue of the licence to Burey Gold in July 2009 it has also paid the 
A$10,000 for Burey Gold to carry out a full geological assessment of the area to 
identify possible drilling targets. 
 
 
In light of the significant increases in the gold price, particularly in 
Australian dollar terms, and interest in uranium the Directors believe that this 
new property offers shareholders good opportunity for exposure to both 
commodities. 
 
 
The Company will continue to identify other attractive investment opportunities 
in the minerals and energy sectors in line with its investment strategy, and is 
also currently assessing opportunities in the clean energy sector. 
 
 
During the year the Company made a loss for the period of GBP153,696, after 
taxation and amounts written off investments, compared with a loss of GBP119,276 
in the prior year. The non-core assets held by the Company, those being the 
assets held prior to the fund raising and which the Company is seeking to 
dispose of, have been written down to zero in the accounts. 
 
 
As part of the fund raising and change of investment strategy it was agreed that 
Richard Griffiths, a non executive director, would settle the liabilities of the 
Company as at 30 June 2008, excluding the costs of the fund raising, and that 
the Company would dispose of the assets held at that date. To the extent that 
these assets are realised, the proceeds would be paid to Richard Griffiths in 
repayment of the liabilities that he had settled, and to the extent that there 
were any surplus proceeds, 75 per cent. of this surplus would be paid to Richard 
Griffiths in consideration of his entering into the agreement. 
 
 
 
 
 
 
 
 
Following the fund raising the Board has made every effort to keep the day to 
day running costs of the Company as low as possible. As such I would like to 
point out that the results for the year should be considered as two periods: 1) 
the 4 month period prior to the fund raising; and 2) the 8 month period 
following the fund raising. The table below sets out the key Income Statement 
line items and the split between the two periods, illustrating that the ongoing 
operating expenses are being kept as low as possible and that the overall 
increase in administrative expenses is due solely to the costs of the placing 
that could not be written off to share premium: 
+----------------------------+------------+-------------+------------+------------+ 
|                            | (1) 4      | (2) 8       | Year ended | Year ended | 
|                            | months     | months      | 28         | 28         | 
|                            | Mar 08 -   | Jul 08 -    | February   | February   | 
|                            | Jun 08     | Feb 09      | 09         | 08         | 
+----------------------------+------------+-------------+------------+------------+ 
|                            | GBP        | GBP         | GBP        | GBP        | 
+----------------------------+------------+-------------+------------+------------+ 
| Other administrative       |            |             |            |            | 
| expenses                   |            |             |            |            | 
| (comprising):              |            |             |            |            | 
+----------------------------+------------+-------------+------------+------------+ 
| Expenses relating to the   | -          | 36,027      | 36,027     | -          | 
| placing*                   |            |             |            |            | 
+----------------------------+------------+-------------+------------+------------+ 
| Ongoing operating expenses | 37,502     | 79,608      | 117,110    | 96,579     | 
+----------------------------+------------+-------------+------------+------------+ 
|                                                       |            |            | 
+-------------------------------------------------------+------------+------------+ 
| Total Administrative Expenses                         | 153,137    | 96,579     | 
+-------------------------------------------------------+------------+------------+ 
| * total expenses relating to the placing amounted to  |            |            | 
| GBP76,027, with GBP40,000 being written off to share  |            |            | 
| premium and the balance of GBP36,027 being expensed   |            |            | 
| during the year                                       |            |            | 
+----------------------------+------------+-------------+------------+------------+ 
 
 
While market conditions remain challenging your board believes that there remain 
many attractive investment opportunities and we look forward to pursuing the 
Company's investment strategy and generating value for shareholders. 
 
 
A.T. Brennan 
Executive Chairman 
 
 
28 August 2009 
 
 
 
Income Statement for the year ended 28 February 2009 
 
 
 
+-----------------------------------------------+------+------------+-----------+ 
|                                               | Note |       2009 |      2008 | 
+-----------------------------------------------+------+------------+-----------+ 
|                                               |      |        GBP |       GBP | 
+-----------------------------------------------+------+------------+-----------+ 
|                                               |      |            |           | 
+-----------------------------------------------+------+------------+-----------+ 
| Revenue                                       |      |          - |     1,000 | 
+-----------------------------------------------+------+------------+-----------+ 
|                                               |      |            |           | 
+-----------------------------------------------+------+------------+-----------+ 
| Administrative expenses                       |      |            |           | 
+-----------------------------------------------+------+------------+-----------+ 
| Amounts written off investments               |      |    (4,136) |  (18,324) | 
+-----------------------------------------------+------+------------+-----------+ 
| Other administrative expenses                 |      |  (153,137) |  (96,579) | 
+-----------------------------------------------+------+------------+-----------+ 
|                                               |      |  (157,273) | (114,903) | 
+-----------------------------------------------+------+------------+-----------+ 
| Operating loss                                |      |  (157,273) | (113,903) | 
+-----------------------------------------------+------+------------+-----------+ 
|                                               |      |            |           | 
+-----------------------------------------------+------+------------+-----------+ 
| Loss on disposal of fixed assets              |      |          - |     (684) | 
+-----------------------------------------------+------+------------+-----------+ 
|                                               |      |            |           | 
+-----------------------------------------------+------+------------+-----------+ 
| Loss on ordinary activities before taxation   |      |  (157,273) | (114,587) | 
| and finance costs                             |      |            |           | 
+-----------------------------------------------+------+------------+-----------+ 
|                                               |      |            |           | 
+-----------------------------------------------+------+------------+-----------+ 
| Finance income                                |      |      3,814 |   (3,540) | 
+-----------------------------------------------+------+------------+-----------+ 
| Finance costs                                 |      |      (237) |   (1,149) | 
+-----------------------------------------------+------+------------+-----------+ 
| Net finance income/(cost)                     |      |      3,577 |   (4,689) | 
+-----------------------------------------------+------+------------+-----------+ 
|                                               |      |            |           | 
+-----------------------------------------------+------+------------+-----------+ 
| Loss before taxation                          |      |  (153,696) | (119,276) | 
+-----------------------------------------------+------+------------+-----------+ 
|                                               |      |            |           | 
+-----------------------------------------------+------+------------+-----------+ 
| Taxation                                      |      |          - |         - | 
+-----------------------------------------------+------+------------+-----------+ 
|                                               |      |            |           | 
+-----------------------------------------------+------+------------+-----------+ 
| Loss after taxation                           |    3 |  (153,696) | (119,276) | 
+-----------------------------------------------+------+------------+-----------+ 
|                                               |      |            |           | 
+-----------------------------------------------+------+------------+-----------+ 
| Attributable to:                              |      |            |           | 
+-----------------------------------------------+------+------------+-----------+ 
|                                               |      |            |           | 
+-----------------------------------------------+------+------------+-----------+ 
| Equity shareholders of the Company            |      |  (153,696) | (119,276) | 
+-----------------------------------------------+------+------------+-----------+ 
|                                               |      |            |           | 
+-----------------------------------------------+------+------------+-----------+ 
| Loss transferred to reserves                  |      |  (153,696) | (119,276) | 
+-----------------------------------------------+------+------------+-----------+ 
|                                               |      |            |           | 
+-----------------------------------------------+------+------------+-----------+ 
| Basic loss per share (pence)                  |    2 |    (0.22)p |   (0.69)p | 
+-----------------------------------------------+------+------------+-----------+ 
 
 
All activities relate to continuing operations. 
 
 
Balance Sheet as at 28 February 2009 
 
 
+----------------------------------------+------+---------+-------------+-------------+ 
|                                        | Note |         |        2009 |        2008 | 
+----------------------------------------+------+---------+-------------+-------------+ 
|                                        |      |         |         GBP |         GBP | 
+----------------------------------------+------+---------+-------------+-------------+ 
| Non-current assets                     |      |         |             |             | 
+----------------------------------------+------+---------+-------------+-------------+ 
| Held for sale investments              |      |         |           - |       4,136 | 
+----------------------------------------+------+---------+-------------+-------------+ 
|                                        |      |         |           - |       4,136 | 
+----------------------------------------+------+---------+-------------+-------------+ 
| Current assets                         |      |         |             |             | 
+----------------------------------------+------+---------+-------------+-------------+ 
| Trade and other receivables            |      |         |       2,956 |      59,708 | 
+----------------------------------------+------+---------+-------------+-------------+ 
| Cash and cash equivalents              |      |         |     319,897 |       3,123 | 
+----------------------------------------+------+---------+-------------+-------------+ 
|                                        |      |         |     322,853 |      62,831 | 
+----------------------------------------+------+---------+-------------+-------------+ 
|                                        |      |         |             |             | 
+----------------------------------------+------+---------+-------------+-------------+ 
| Total assets                           |      |         |     322,853 |      66,967 | 
+----------------------------------------+------+---------+-------------+-------------+ 
|                                        |      |         |             |             | 
+----------------------------------------+------+---------+-------------+-------------+ 
| Current liabilities                    |      |         |             |             | 
+----------------------------------------+------+---------+-------------+-------------+ 
| Trade and other payables               |      |         |    (41,353) |    (31,771) | 
+----------------------------------------+------+---------+-------------+-------------+ 
|                                        |      |         |             |             | 
+----------------------------------------+------+---------+-------------+-------------+ 
| Total liabilities                      |      |         |    (41,353) |    (31,771) | 
+----------------------------------------+------+---------+-------------+-------------+ 
|                                        |      |         |             |             | 
+----------------------------------------+------+---------+-------------+-------------+ 
| Net assets                             |      |         |     281,500 |      35,196 | 
+----------------------------------------+------+---------+-------------+-------------+ 
|                                        |      |         |             |             | 
+----------------------------------------+------+---------+-------------+-------------+ 
|                                        |      |         |             |             | 
+----------------------------------------+------+---------+-------------+-------------+ 
| Shareholders funds                     |      |         |             |             | 
+----------------------------------------+------+---------+-------------+-------------+ 
| Issued capital                         |      |         |   1,268,676 |     868,676 | 
+----------------------------------------+------+---------+-------------+-------------+ 
| Share premium account                  |      |         |     714,948 |     714,948 | 
+----------------------------------------+------+---------+-------------+-------------+ 
| Retained earnings                      |      |         | (1,702,124) | (1,548,428) | 
+----------------------------------------+------+---------+-------------+-------------+ 
| Total equity                           |    3 |         |     281,500 |      35,196 | 
+----------------------------------------+------+---------+-------------+-------------+ 
 
 
 
 
Cash Flow Statement for the year ended 28 February 2009 
 
 
 
+----------------------------------------+------+---------+-----------+-----------+ 
|                                        | Note |         |      2009 |      2008 | 
+----------------------------------------+------+---------+-----------+-----------+ 
|                                        |      |         |       GBP |       GBP | 
+----------------------------------------+------+---------+-----------+-----------+ 
|                                        |      |         |           |           | 
+----------------------------------------+------+---------+-----------+-----------+ 
| Cash outflow from operating activities |    4 |         |  (86,803) | (136,803) | 
+----------------------------------------+------+---------+-----------+-----------+ 
|                                        |      |         |           |           | 
+----------------------------------------+------+---------+-----------+-----------+ 
| Cash (outflow)/inflow from investing   |      |         |           |           | 
| activities                             |      |         |           |           | 
+----------------------------------------+------+---------+-----------+-----------+ 
| Finance income received                |      |         |     3,814 |   (3,540) | 
+----------------------------------------+------+---------+-----------+-----------+ 
| Proceeds from disposal of freehold     |      |         |         - |   158,016 | 
| investments                            |      |         |           |           | 
+----------------------------------------+------+---------+-----------+-----------+ 
|                                        |      |         |           |           | 
+----------------------------------------+------+---------+-----------+-----------+ 
| Net cash inflow from investing         |      |         |     3,814 |   154,476 | 
| activities                             |      |         |           |           | 
+----------------------------------------+------+---------+-----------+-----------+ 
|                                        |      |         |           |           | 
+----------------------------------------+------+---------+-----------+-----------+ 
| Cash (outflow)/inflow from financing   |      |         |           |           | 
| activities                             |      |         |           |           | 
+----------------------------------------+------+---------+-----------+-----------+ 
| Finance cost paid                      |      |         |     (237) |   (1,149) | 
+----------------------------------------+------+---------+-----------+-----------+ 
| Repayment of borrowings                |      |         |         - |  (13,707) | 
+----------------------------------------+------+---------+-----------+-----------+ 
| Proceeds from the issue of share       |      |         |   400,000 |         - | 
| capital                                |      |         |           |           | 
+----------------------------------------+------+---------+-----------+-----------+ 
|                                        |      |         |           |           | 
+----------------------------------------+------+---------+-----------+-----------+ 
| Net cash inflow/(outflow) from         |      |         |   399,763 |  (14,856) | 
| financing activities                   |      |         |           |           | 
+----------------------------------------+------+---------+-----------+-----------+ 
|                                        |      |         |           |           | 
+----------------------------------------+------+---------+-----------+-----------+ 
| Net increase in cash and cash          |      |         |   316,774 |     2,817 | 
| equivalents                            |      |         |           |           | 
+----------------------------------------+------+---------+-----------+-----------+ 
|                                        |      |         |           |           | 
+----------------------------------------+------+---------+-----------+-----------+ 
| Cash and cash equivalents at beginning |      |         |     3,123 |       306 | 
| of period                              |      |         |           |           | 
+----------------------------------------+------+---------+-----------+-----------+ 
|                                        |      |         |           |           | 
+----------------------------------------+------+---------+-----------+-----------+ 
| Cash and cash equivalents at end of    |      |         |   319,897 |     3,123 | 
| period                                 |      |         |           |           | 
+----------------------------------------+------+---------+-----------+-----------+ 
 
 
Statement of total recognised gains and losses for the year ended 28 February 
2009 
 
 
 
 
+-----------------------------------------------------+------------+------------+ 
|                                                     |       2009 |       2008 | 
+-----------------------------------------------------+------------+------------+ 
|                                                     |        GBP |        GBP | 
+-----------------------------------------------------+------------+------------+ 
|                                                     |            |            | 
+-----------------------------------------------------+------------+------------+ 
| Loss for the financial year                         |  (153,696) |  (119,276) | 
+-----------------------------------------------------+------------+------------+ 
|                                                     |            |            | 
+-----------------------------------------------------+------------+------------+ 
| Total losses recognised since the last financial    |  (153,696) |  (119,276) | 
| statements                                          |            |            | 
+-----------------------------------------------------+------------+------------+ 
|                                                     |            |            | 
+-----------------------------------------------------+------------+------------+ 
| Attributable to:                                    |            |            | 
+-----------------------------------------------------+------------+------------+ 
| Equity shareholders of the Company                  |  (153,696) |  (119,276) | 
+-----------------------------------------------------+------------+------------+ 
 
 
 
 
 
 
Notes to the Preliminary Results for the period ended 28 February 2009 
 
 
1.    Basis of preparation 
 
 
The financial statements have continued to be prepared in accordance with IFRS 
(International Financial Reporting Standards) as adopted by the European Union, 
and with those parts of the Companies Act 1985 applicable to companies reporting 
under IFRS. In the previous years financial statements the disclosures required 
by IFRS 1 "First Time Adoption of International Reporting Standards" concerning 
the transition from UK GAAP to IFRS were defined in the notes to the financial 
statements, but are not required for disclosure in the current financial 
statements. 
 
 
Bidtimes plc's financial statements were previously prepared in accordance with 
United Kingdom accounting standards (United Kingdom Generally Accepted 
Accounting Practice) until 28 February 2007. The date of transition to IFRS was 
1 March 2007. The previous years financial statements comparative figures in 
respect of 2006/07 were restated, where required, to reflect changes in 
accounting policies as a result of adoption of IFRS. 
 
 
The preparation of financial statements in conformity with IFRS requires 
management to make judgements, estimates and assumptions that affect the 
application of policies and reported amounts in the financial statements. The 
areas involving a higher degree of judgements or complexity, or areas where 
assumptions or estimates are significant to the financial statements are 
disclosed with the notes. 
 
 
Going concern 
 
 
Trading in the Company's Ordinary Shares on AIM had previously been suspended on 
8 December 2007, meaning that the Company must have searched for and found a 
reverse takeover opportunity by 8 June 2008 or the Company's AIM listing would 
be cancelled. The Company revised its investment strategy, raised GBP440,000 by 
way of a placing and changed its board structure and subsequently a General 
Meeting of the Company to seek approval from shareholders was held on the 30 
June 2008. The proposed resolutions in this general meeting were all passed by 
voting shareholders and consequently trading in the Company's Ordinary Shares on 
AIM was restored on 1 July 2008. 
 
 
Therefore, after making enquiries, the board have a reasonable expectation that 
the Company has adequate resources to continue in operational existence for the 
foreseeable future. For this reason, the directors believe that it is 
appropriate to prepare the financial statements on the going concern basis. 
 
 
2.    Loss per share 
 
 
The calculation of the basic loss per share is based on the loss on ordinary 
activities after tax and on the weighted average number of ordinary shares in 
issue during the year. The impact of the share options is anti dilutive. 
 
 
 
 
 
 
+----------------+-----------+------------+----------+-----------+------------+---------+ 
|                |         28 February 2009          |        29 February 2008          | 
+----------------+-----------------------------------+----------------------------------+ 
|                |      Loss |   Weighted | Loss per |      Loss |   Weighted |    Loss | 
|                |       GBP |    average |    share |       GBP |    average |     per | 
|                |           |  number of |  (pence) |           |     number |   share | 
|                |           |     shares |          |           |         of | (pence) | 
|                |           |            |          |           |     shares |         | 
+----------------+-----------+------------+----------+-----------+------------+---------+ 
|                |           |            |          |           |            |         | 
+----------------+-----------+------------+----------+-----------+------------+---------+ 
| Basic loss per | (153,696) | 70,633,797 |   (0.22) | (119,276) | 17,373,523 |  (0.69) | 
| share          |           |            |          |           |            |         | 
+----------------+-----------+------------+----------+-----------+------------+---------+ 
 
 
 
 
3.    Reconciliation of movements in shareholders' funds 
 
 
+--------------------------------------------------------+-----------+-----------+ 
|                                                        |      2009 |      2008 | 
+--------------------------------------------------------+-----------+-----------+ 
|                                                        |       GBP |       GBP | 
+--------------------------------------------------------+-----------+-----------+ 
|                                                        |           |           | 
+--------------------------------------------------------+-----------+-----------+ 
| Loss on ordinary activities after taxation             | (153,696) | (119,276) | 
+--------------------------------------------------------+-----------+-----------+ 
| Share subscription                                     |   440,000 |         - | 
+--------------------------------------------------------+-----------+-----------+ 
| Share subscription costs                               |  (40,000) |         - | 
+--------------------------------------------------------+-----------+-----------+ 
| Net increase/(decrease) in shareholders' funds         |   246,304 | (119,276) | 
+--------------------------------------------------------+-----------+-----------+ 
| Opening shareholders' funds                            |    35,196 |   154,472 | 
+--------------------------------------------------------+-----------+-----------+ 
| Closing shareholders' funds                            |   281,500 |    35,196 | 
+--------------------------------------------------------+-----------+-----------+ 
 
 
4.    Reconciliation of cash (outflow)/inflow from operating activities 
 
 
+-------------------------------------------------------+-----------+-----------+ 
|                                                       |      2009 |      2008 | 
+-------------------------------------------------------+-----------+-----------+ 
|                                                       |       GBP |       GBP | 
+-------------------------------------------------------+-----------+-----------+ 
|                                                       |           |           | 
+-------------------------------------------------------+-----------+-----------+ 
| Operating loss                                        | (157,273) | (113,903) | 
+-------------------------------------------------------+-----------+-----------+ 
| Decrease in debtors                                   |    56,752 |     7,148 | 
+-------------------------------------------------------+-----------+-----------+ 
| Increase/(decrease) in creditors                      |     9,582 |  (48,372) | 
+-------------------------------------------------------+-----------+-----------+ 
| Amounts written off investments                       |     4,136 |    18,324 | 
+-------------------------------------------------------+-----------+-----------+ 
| Net cash outflow from operating activities            |  (86,803) | (136,803) | 
+-------------------------------------------------------+-----------+-----------+ 
 
 
5.    Analysis of changes in cash and cash equivalents and net funds/(debt) 
 
 
+---------------------------------+-----------+-----------+-----------+------------+ 
|                                 |       At  | Cash flow |  Non cash |         At | 
|                                 |  1 March  |           |  movement |         28 | 
|                                 |      2008 |           |           |   February | 
|                                 |           |           |           |       2009 | 
+---------------------------------+-----------+-----------+-----------+------------+ 
|                                 |       GBP |       GBP |       GBP |        GBP | 
+---------------------------------+-----------+-----------+-----------+------------+ 
|                                 |           |           |           |            | 
+---------------------------------+-----------+-----------+-----------+------------+ 
| Cash at bank and in hand        |     3,123 |   316,774 |         - |    319,897 | 
+---------------------------------+-----------+-----------+-----------+------------+ 
|                                 |           |           |           |            | 
+---------------------------------+-----------+-----------+-----------+------------+ 
| Cash and cash equivalents       |     3,123 |   316,774 |         - |    319,897 | 
+---------------------------------+-----------+-----------+-----------+------------+ 
|                                 |           |           |           |            | 
+---------------------------------+-----------+-----------+-----------+------------+ 
|                                 |     3,123 |   316,774 |         - |    319,897 | 
+---------------------------------+-----------+-----------+-----------+------------+ 
 
 
 
6.    Publication of non-statutory accounts 
 
 
The financial information set out in this preliminary announcement does not 
constitute statutory accounts as defined in Section 240 of the Companies Act 
1985. The summarised balance sheet at 28 February 2009 and the summarised profit 
and loss account, summarised cashflow statement, summarised statement of total 
recognised gains and losses and associated notes for the year then ended have 
been extracted from the Company's 2009 statutory financial statements upon which 
the auditors' opinion is unqualified and does not contain any statement under 
section 237 of the Companies Act 1985 and which will be filed with the Registrar 
of Companies in due course. The Company's 2008 statutory financial statements 
have been filed with the Registrar of Companies. 
 
 
7.         Copies of the Report and Accounts will be posted to shareholders 
today and will be available from the 
Company's registered office Meriden House, 6 Great Cornbow, Halesowen, West 
Midlands, B63 
3AB and on the Company's website www.bidtimes.com. 
 
 
Enquiries: 
 
 
+----------------------------------------------------------+----------------------+ 
| Julian Moore                                             |                      | 
+----------------------------------------------------------+----------------------+ 
| Non-Executive Director, Bidtimes Plc                     | [phone] | 
+----------------------------------------------------------+----------------------+ 
|                                                          |                      | 
+----------------------------------------------------------+----------------------+ 
| Tim Cofman                                               | [phone] | 
+----------------------------------------------------------+----------------------+ 
| WH Ireland Limited                                       |                      | 
+----------------------------------------------------------+----------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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