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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Caliber Global | LSE:CLBR | London | Ordinary Share | GB00B09LSD21 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.06 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 3279W
Caliber Global Investment Ltd
10 June 2008
Caliber Global Investment Limited ("Caliber" or the "Company")
Results for the Second Quarter Ended March 31, 2008
* Company only NAV of $0.59 per share as at March 31, 2008 (December 31, 2007: $0.91)
* Consolidated NAV of $(4.70) per share as at March 31, 2008 (December 31, 2007: $(3.15))
* Estimated company only NAV at April 30, 2008 is $0.48 per share and the consolidated NAV is $(4.81) per share
* At current market levels the first distribution may be delayed beyond March 2009.
Caliber Q2 2008 Investment Manager's Report
Overview
The second quarter has seen little improvement in credit market conditions as the global credit crisis continued to deepen and broaden.
Further multi-billion dollar asset write-offs by a variety of commercial banks, additional reductions in liquidity and available financing,
worsening collateral performance and deepening fears of a recession in the US led to dramatically lower prices for the vast majority of the
securities in Caliber's portfolio.
During this period the UK government nationalised Northern Rock Plc after it was unable to find a purchaser for the bank and in March
2008 JP Morgan announced that it was purchasing Bear Stearns for $10 per share which represented a 88% discount on the share price at the
beginning of the year of $85 per share.
Central banks have provided liquidity facilities to banks whereby they can pledge high investment grade mortgage securities as
collateral for loans. This resulted in spreads contracting on high investment grade securities but had little impact on spreads on sub
investment grade securities.
Continued falls in asset prices have caused a further decline in the value of the Company's portfolio during the second quarter. At
March 31, 2008 the investment portfolio stood at $176 million in comparison to $251 million at the end of December 2007. The decrease of $75
million was due to $20 million of asset sales with the bulk of the remainder ($55 million) coming from the already underwater financing
facilities.
As noted in December 2007, collateral performance in the US security portfolio is below expectations and has not improved in the second
quarter. Delinquency rates, foreclosure rates and loss severities are still occurring at rates in excess of our projections leading to
reduction in anticipated recoveries. Liquidity in the Company's target markets remains poor, but transaction volume in the US has increased
since the beginning of January 2008.
The European Asset Backed Securities ("ABS") market has come under increased pressure in 2008. Prices for UK and European Residential
Mortgage Backed Securities ("RMBS") and European Commercial Mortgage Backed Securities ("CMBS") continued to decline due to higher required
discount rates and dramatically wider credit spreads prompted by reported decreases in the market value of underlying properties. New
issuances have virtually ceased and many dealers have significantly reduced their market making activities in ABS.
Cash flow from net interest margin and principal repayments has continued in the investment portfolio. During the quarter this cash flow
totalled $40.8 million. The vast majority of this cash flow has been trapped in the Company's SPVs, and has been used to repay the third
party borrowings.
The majority of the value of the Company is generated by the cash and securities held directly by the Company and the Company's
investment in the Crown Woods SPV. The Assabet and Tormes SPVs are still significantly underwater with little prospect of having a positive
impact on the NAV during the short to medium term.
The Crown Woods facility entered into a further restructuring agreement in April 2008 under which all portfolio limits and tests,
including rating enhancement, would no longer apply and all principal, excess spread and proceeds from sales would be used first to repay
interest and principal on the borrowings from the bank. The facility is scheduled to terminate on September 1, 2008. Without assuming
control of Crown Woods the funding bank has the right to direct Crown Woods to sell assets and consent is required for any disposals from
the portfolio.
Net Asset Value ("NAV")
The company only net asset value at March 31, 2008 was $0.59 (December 31, 2007: $0.91). The company only NAV excludes those
non-recourse special purpose vehicles (SPVs) which contributed negative net assets to the consolidated NAV of ($4.70) as at March 31, 2008
(December 31, 2007: ($3.15)). The continued decline in company only and consolidated NAVs is largely due to unrealized losses, and reflects
the depressed market prices for assets in the Company's portfolio. In respect of the ongoing disruption in the financial markets and the
illiquidity of the Company's asset portfolio, neither NAV should be taken as a guide to the likely disposal price in the current environment
or in the future.
The Investment Manager continues to believe that the consolidated NAV does not represent the fair NAV of the Company. The net assets of
certain of the Company's various non-recourse funding facilities were negative at March 31, 2008, that is, the market value of the assets
was less than the amount of the third party borrowings. As discussed in the year end report, the Investment Manager believes that a more
commercially accurate NAV excludes those facilities from the calculation. The greater decline in the consolidated NAV relative to the
company only NAV reflects the protection afforded to the Company by the non-recourse nature of the SPVs.
The following table shows the NAV of Caliber and each of its funding SPVs as at March 31, 2008:
Caliber Assabet Crown Woods Tormes Consolidated
$m $m $m $m $m
Investments 5.6 49.7 35.5 85.3 176.2
Investment in subsidiaries 6.1 - - - -
Other assets 3.9 46.5 2.6 2.2 55.3
Total Assets 15.6 96.2 38.1 87.5 231.5
3rd party borrowings - ( 154.6) ( 31.8) ( 157.5) ( 344)
Intercompany borrowings - ( 71.9) ( 26.5) ( 43.8) -
Other liabilities ( 1.1) ( 1.3) ( 0.3) ( 0.1) ( 2.9)
Total Liabilities ( 1.1) ( 227.8) ( 58.6) ( 201.4) ( 346.9)
Net Assets 14.5 ( 131.6) ( 20.5) ( 113.9) ( 115.4)
0.59 ( 4.70)
Net Assets per Share
Consolidated Investment Portfolio
As of March 31, 2008 the investment portfolio of approximately $176.2 million (December 31, 2007: $251 million) comprised 170 (December
31, 2007: 181) individual investments at an average position size of $1.0 million (December 31, 2007: $1.4 million).
The reduction in portfolio value was largely a result of decreases in the market value of the company's holdings. During the quarter,
securities with a market value of $20 million were sold and there were no security purchases. The sales reflected a desire to improve cash
balances to satisfy the company's obligations.
Sector Profile
Value ($) % Gains/losses ($)
RMBS 89,195,965 50.6% ( 251,411,098)
CMBS 47,103,158 26.8% ( 5,345,477)
Other ABS 39,869,839 22.6% ( 4,726,087)
Total 176,168,962 100.0% ( 261,482,662)
Holdings of RMBS securities decreased during the quarter from 56.0% at December 31, 2007, while holdings of CMBS and other ABS
increased.
Geographical Profile
Value ($) % Gains/Losses ($)
US 83,750,245 47.5% ( 252,913,169)
Europe 40,600,596 23.1% ( 5,965,640)
UK 51,818,121 29.4% ( 2,603,853)
Total 176,168,962 100.0% ( 261,482,662)
US assets now represent less than half of the company's portfolio, down from 52% at December 31, 2007.
Credit Rating Profile
Value ($) % Gains/losses ($)
Investment Grade 103,352,277 58.7% ( 149,453,311)
Sub-investment Grade 65,475,210 37.1% ( 98,922,427)
Unrated 7,341,475 4.2% ( 13,106,924)
Total 176,168,962 100.0% ( 261,482,662)
The proportion of investment grade assets in the portfolio declined (December 31, 2007: 70.4%) due to the combination of the impact of
asset sales and security downgrades during the quarter.
US RMBS Analysis
Rating Value ($) % % Portfolio Average Price
A 8,829,699 12.7% 5.0% 25.6
BBB 41,213,939 59.4% 23.4% 24.0
BB 7,155,988 10.3% 4.1% 11.4
Other 12,118,822 17.5% 6.9% 9.6
Unrated 103,644 0.1% 0.1% NA
Total 69,422,092 100.0% 39.5%
US RMBS portfolio by vintage
Vintage Value ($) % portfolio % US RMBS portfolio Average Price
2003 50,138 0.0% 0.1% 6.0
2004 18,405,069 10.4% 26.5% 25.1
2005 50,062,481 28.4% 72.1% 17.2
2006 904,404 0.5% 1.3% 3.3
69,422,092 39.3% 100.0%
2006 Vintage
Rating Value ($) % US RMBS % Portfolio Average Price
Other 800,760 1.2% 0.5% 5.14
Unrated 103,644 0.1% 0.1% 0.10
Totals 904,404 1.3% 0.6%
In the US RMBS 2006 vintage, the market has witnessed further significant pricing declines at all rating levels.
2nd Lien
Rating Value ($) % US RMBS % Portfolio Average Price
BBB 1,617,738 2.3% 0.9% 16.6
BB 38,160 0.1% 0.0% 2.0
Other 408,394 0.6% 0.2% 2.3
Totals 2,064,292 3.0% 1.1%
In the US RMBS second lien securities market there have been further significant pricing declines.
Pricing Distribution
Pricing Distribution Total EUR EUR Value % of portfolio (EUR US US Value % of portfolio (USD
portfolio) portfolio)
=95 2 2 3,942,364 2.2% - - 0.0%
Total 170 39 92,418,717 52.5% 131 83,750,245 47.5%
The pricing distribution table highlights the profound decline in the market value of the US portfolio. Since December 31, 2007 the
number of securities priced below 50c has increased from 114 to 118 highlighting the continued distress in the company's US portfolio.
Additionally, increased weakness in the market for European securities can be observed as the number of securities priced below 90c has
increased from 14 to 33.
Caliber (Company only)
Sector Profile
Value ($) %
RMBS 1,607,885 28.5%
CMBS 2,758,176 48.8%
Other ABS 1,283,485 22.7%
Total 5,649,546 100.0%
Geographical Profile
Value ($) %
US 3,925,631 69.5%
Europe 1,283,485 22.7%
UK 440,430 7.8%
Total 5,649,546 100.0%
Credit Rating Profile
Value ($) %
Investment Grade 3,048,026 54.0%
Sub-investment Grade 1,214,390 21.5%
Unrated 1,387,130 24.5%
Total 5,649,546 100.0%
Assabet
Sector Profile
Value ($) %
RMBS 45,821,873 92.1%
CMBS 1,094,694 2.2%
Other ABS 2,830,507 5.7%
Total 49,747,074 100.0%
Geographical Profile
Value ($) %
US 49,747,074 100.0%
Credit Rating Profile
Value ($) %
Investment Grade 44,184,079 88.8%
Sub-investment Grade 5,562,995 11.2%
Total 49,747,074 100.0%
Crown Woods
Sector Profile
Value ($) %
RMBS 7,060,584 19.9%
CMBS 12,102,576 34.1%
Other ABS 16,331,074 46.0%
Total 35,494,234 100.0%
Geographical Profile
Value ($) %
Europe 20,887,766 58.8%
UK 14,606,468 41.2%
Total 35,494,234 100.0%
Credit Rating Profile
Value ($) %
Investment Grade 22,773,017 64.2%
Sub-investment Grade 12,721,217 35.8%
Total 35,494,234 100.0%
Tormes
Sector Profile
Value ($) %
RMBS 34,705,623 40.7%
CMBS 31,147,707 36.5%
Other ABS 19,424,774 22.8%
Total 85,278,104 100.0%
Geographical Profile
Value ($) %
US 30,077,539 35.3%
Europe 18,429,345 21.6%
UK 36,771,220 43.1%
Total 85,278,104 100.0%
Credit Rating Profile
Value ($) %
Investment Grade 33,347,153 39.1%
Sub-investment Grade 45,976,605 54.0%
Unrated 5,954,346 6.9%
Total 85,278,104 100.0%
Funding
Caliber maintains three dedicated funding lines, Tormes, Assabet and Crown Woods. All three funding lines have now been restructured
(Tormes and Assabet in 2007, Crown Woods in April 2008) and as such these facilities are currently repaying debt on a sequential basis,
using the proceeds from any excess spread, principal repayments or proceeds from sale to repay the senior loan facilities. Only after these
facilities are repaid in full will the Company receive any excess cashflows (apart from a nominal amount of excess spread the Company
receives monthly on the Tormes facility). As at March 31, 2008 the outstanding loan amounts for these facilities were:
* Tormes $157,549,950
* Assabet $109,580,000 and
* Crown Woods $31,850,972
The Company has no assets funded by uncommitted repurchase transactions. There remains one derivative contract outstanding at the
Company level which is fixed to a floating interest rate swap. The total notional value of this instrument is $1.75m and it is due to expire
in June 2010.
Outlook
The Investment Manager expects that market conditions will remain difficult during 2008, as at the current time, we see no signs of a
meaningful return of liquidity to this market.
The Investment Manager will continue to manage the portfolio to preserve the asset value of the Company and the Crown Woods SPV.
Selective and opportunistic asset sales will continue to support this goal. At the current time, the prospects for recovery in the value of
the Assabet and Tormes SPVs are remote and uncertain, although the Company has no obligation to provide any additional support to these
SPVs.
The disrupted market conditions have continued to delay the liquidation and realization timetable for the Company. We continue to
believe that liquidating the Company's assets in the current market is not in the best interests of the Company.
For further information please contact:
Investor Relations:
Cambridge Place Investment Management LLP
+44 (0) 20 7938 5713
Media:
Financial Dynamics
Ed Gascoigne-Pees
+44 (0) 20 7269 7132
About Caliber
Caliber is a Guernsey-incorporated investment company listed on the London Stock Exchange (CLBR). The investment objective of the
Company is to manage the sale of the Company's investment portfolio and to maximise the return of invested capital to shareholders during
the 12 months ending on August 30, 2008. Caliber's investment manager is Cambridge Place Investment Management LLP.
www.caliberglobal.com
Independent review report of KPMG Channel Islands Limited to Caliber Global Investment Limited on the interim financial information
Introduction
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six
months ended 31 March 2008 which comprises the Condensed Unaudited Balance Sheet, Condensed Unaudited Income Statement and the Condensed
Unaudited Statements of Changes in Equity and Cash Flows and the related explanatory notes 1 to 15. We have read the other information
contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with
the information in the condensed set of financial statements.
This report is made solely to the company in accordance with the terms of our engagement to assist the company in meeting the
requirements of the Disclosure and Transparency Rules ("the DTR") of the UK's Financial Services Authority ("the UK FSA"). Our review has
been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for
this report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for
preparing the half-yearly financial report in accordance with the DTR of the UK FSA.
As disclosed in note 3, the annual financial statements of the company are prepared in accordance with International Financial Reporting
Standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with
International Accounting Standard 34, "Interim Financial Reporting".
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial
report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim
Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United
Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the
half-yearly financial report for the six months ended 31 March 2008 is not prepared, in all material respects, in accordance with IAS 34 and
the DTR of the UK FSA.
Emphasis of matter
In forming our review conclusion, which is not qualified, we have considered the adequacy of the disclosures in note 1 and note 2
concerning the basis of preparation of the financial statements and the valuation of debt securities respectively.
As further described in note 1, the financial statements have been prepared on a basis which assumes that the Group and Company will
terminate in the fifteen months. In this situation the going concern assumption is not applicable and provision has been made for
termination costs.
The Group and Company holds investments in debt securities. As described in note 2, current market conditions have introduced
uncertainty into debt security markets with restricted trading and greater price volatility giving rise to difficulties in determining the
fair value of the debt securities held by the Group and Company. As alluded to in note 15, shareholders, investors and other stakeholders
should be aware that reduced liquidity and increased volatility have continued to be features of the market since this period end. The
ability of the Group to repay its outstanding debt obligations is dependent upon the portfolio of debt securities being realized at the
requisite level to meet its obligations.
KPMG Channel Islands Limited
Chartered Accountants
Guernsey
June 9, 2008
Condensed consolidated income statement (unaudited)
For the period from January 1, 2008 to March 31, 2008 and for the period from January 1, 2007 to March 31, 2007
Note 3 months ended 6 months ended
March 31, March 31, March 31, March 31,
2008 2007 2008 2007
(unaudited) (unaudited) (unaudited) (unaudited)
$000 $000 $000 $000
Operating income
Interest income 4 8,822 20,356 22,082 42,579
Gains on investments 5 8,078 455 8,185 829
Losses on investments 5 (18,552) (59) (19,841) (1,384)
Movement in gains on 224 2,998 823 676
derivatives
Movement in losses on (43) (1,219) (81) (1,314)
derivatives
Net foreign exchange (10,016) (2,675) (10,236) (186)
gains/(losses)
Total operating (loss)/income $(11,487) $19,856 $933 $41,200
Operating expenses
Interest expense 6 (3,871) (11,370) (9,419) (23,438)
Provision for impairment of (20,210) (15,117) (104,421) (15,735)
investments
Other operating expenses (2,568) (2,199) (4,914) (4,510)
Total operating expenses $(26,650) $(28,686) $(118,754) $(43,683)
Net (deficit)/profit $(38,137) $(8,830) $(117,821) $(2,483)
(Loss)/Earnings per ordinary
share
Basic $ (1.5551) $ (0.3601) $ (4.8043) $ (0.1013)
Diluted $ (1.5551) $ (0.3601) $ (4.8043) $ (0.1013)
Weighted average ordinary shares outstanding
Basic Number 24,523,810 Number 24,523,810 Number 24,523,810 Number 24,523,810
Diluted Number 24,523,810 Number 24,523,810 Number 24,523,810 Number 24,523,810
See notes to the interim financial information
Condensed consolidated statement of changes in equity (unaudited)
For the period from January 1, 2008 to March 31, 2008 and for the period from January 1, 2007 to March 31, 2007
Accumulated (deficit)/profit
Ordinary Shares Net unrealized Distributable Non-distributable
Amount gains/(losses) Total equity
Number $000 $000 $000 $000 $000
Balance at September 30, 2006 $235,198 $(6,477) $7,930 $237,624
(audited) 24,523,810 $973
Net unrealized loss on (66,988) (66,988)
available-for-sale securities - - - -
Dividends paid - - - (13,733) - (13,733)
Net profit - - - (3,312) 829 (2,483)
Balance at March 31, 2007 $235,198 $(73,465) $(9,115) $1,802 $154,420
(unaudited) 24,523,810
Movement in net unrealized - - 73,465 - - 73,465
loss on available-for-sale
securities
Dividends paid - - - - - -
Net deficit - - - (229,593) 4,147 (225,446)
Balance at September 30, 2007 24,523,810 $235,198 - ($238,708) $5,949 $2,439
(audited)
Net deficit - - - (126,006) 8,185 (117,821)
Balance at March 31, 2008 24,523,810 $235,198 - ($364,714) $14,134 ($115,382)
(unaudited)
See notes to interim financial information.
Condensed consolidated balance sheet (unaudited)
As at March 31, 2008
Note March 31, September 30,
2008 2007
(unaudited) (audited)
$000 $000
Assets
Cash at bank and in hand 5,630 11,204
8
Cash held by brokers as 8 47,389 59,973
collateral
Available for sale securities 9 176,169 392,593
Loans and receivables 9 - -
Other assets 10 2,304 3,754
Total assets 231,492 $467,524
Liabilities
Bank overdrafts and loans 6 343,981 459,951
Provision for liquidation costs 1,569 1,569
Trade and other payables 11 1,324 3,565
Total liabilities 346,874 $465,085
Net (liabilities)/assets ($115,382) $2,439
Equity
Share capital - -
Share premium account 233,916 233,916
Share options 13(b) 1,282 1,282
Accumulated deficit (350,580) (232,759)
(Deficit in) / Equity ($115,382) $2,439
attributable to equity holders
of the Company
The interim financial information was approved by the Board of Directors on June 9, 2008.
Signed on behalf of the Board of Directors by:
Haruko Fukuda OBE Anthony Hall
Director Director
See notes to interim financial information.
Condensed company balance sheet (unaudited)
As at March 31, 2008
Note March 31, September 30,
2008 2007
(unaudited) (audited)
$000 $000
Assets
Cash and cash equivalents 3,473 5,807
8
Cash held with brokers as 8 188 1,829
collateral
Investment in subsidiaries 7, 9 6,082 13,900
Available for sale securities 9 5,650 12,865
Other assets 10 197 694
Total assets $15,590 $35,095
Liabilities
Bank overdrafts and loans - 712
Provision for liquidation costs 575 575
Trade and other payables 11 495 2,083
Total liabilities $1,070 $3,370
Net assets $14,520 $31,725
Equity
Share capital - -
Share premium account 235,051 233,916
Share options 13(b) 140 1,282
Accumulated deficit (220,671) (203,473)
Equity attributable to equity $14,520 $31,725
holders of the Company
The Company balance sheet does not come under the scope of the independent auditors' interim review.
See notes to interim financial information.
Condensed consolidated cash flow statement (unaudited)
For the period from October 1, 2007 to March 31, 2008 and for the period from October 1, 2006 to March 31, 2007
Note 6 months ended 6 months ended
March 31, March 31,
2008 2007
(unaudited) (unaudited)
$000 $000
Net cash from operating activities 12 697 (6,013)
Investing activities
Purchases of asset-backed securities (113,597)
-
Proceeds on sale of asset-backed 109,699 176,980
securities and paydowns
Cash flows from investing activities $63,383
$109,699
Financing activities
Increase / (Decrease) in borrowings 31,139 (289,730)
under repurchaseagreements
Decrease in bank borrowings (147,109) 288,972
Dividends paid to shareholders (13,733)
Cash flows from financing activities $(115,970) $(14,491)
Net (decrease)/increase in cash and (5,575) 42,879
cash equivalents
Cash and cash equivalents at 11,205 22,090
beginning of period
Cash and cash equivalents at end of 8 $5,630 $64,969
period
6 months ended 6 months ended
March 31, March 31,
2008 2007
(unaudited) (unaudited)
$000 $000
42,522
Interest 23,241
received
(23,458)
Interest paid (10,056)
See notes to interim financial information.
Notes to the interim financial information
For the period ended March 31, 2008
1. General information
Caliber Global Investment Limited (the "Company") was registered on May 4, 2005 with registered number 43124 and is domiciled in
Guernsey, Channel Islands, and commenced its operations on June 13, 2005. The Company is a closed-ended investment company with limited
liability formed under the Companies Law of Guernsey and its shares are listed on the London Stock Exchange. The registered office of the
Company is Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1 3BG, Channel Islands. "Group" is defined as the Company and its
subsidiaries, see Note 3 (c) below.
Prior to August 30, 2007 the principal activities of the Group included the investing in and managing a globally diversified portfolio
of mortgage backed and other asset backed securities and loans. The Group's investment objective was to preserve capital and provide stable
returns to shareholders, both in the form of dividends and capital growth. It intended to achieve this through investing primarily in
mortgage-backed and other asset-backed securities and loans. Income would be generated from the difference between income received and
interest expense plus any gains arising from the sale of assets.
On August 30, 2007 the shareholders approved the following two ordinary resolutions and one special resolution:
Ordinary resolutions:
* To approve a change in the investment objective of the Company to "manage the sale of the Company's investment portfolio and to
maximize the return of invested capital to shareholders during the 12 months ending on August 30, 2008."
* To approve a change to the Investment Management Agreement pursuant to the Deed of Amendment dated August 3, 2007.
Special resolution:
* To approve the reduction of the share premium account of the Company to $250,000 and its conversion into a capital realisation
reserve
The Group utilises funding facilities in order to enhance returns to shareholders. The Group mitigates its exposure to interest rate and
currency fluctuations through the use of hedging arrangements. The Group's revised investment objective, the means by which it will be able
to achieve this and its use of funding facilities is affected by the matters described elsewhere in this report.
The Group's investment management activities are managed by its Investment Manager, Cambridge Place Investment Management LLP (the
"Investment Manager"). The Group has entered into an Investment Management Agreement (the "Investment Management Agreement") under which the
Investment Manager manages its day-to-day investment operations, subject to the supervision of the Group's Board of Directors. The Group has
no direct employees. For its services, the Investment Manager receives an annual management fee (which includes a reimbursement of expenses)
and a quarterly performance related fee. The Group has no ownership interest in the Investment Manager. The Group is administered by
Kleinwort Benson (Channel Islands) Fund Services Limited, ("the Administrator"). Investors Fund Services (Ireland) Limited ("IFS") provides
certain administration services to the Group under a sub-administration agreement between IFS, the Administrator and the Group.
On June 13, 2005 the Group issued 15,000,000 ordinary shares in its Initial Public Offering at a price of $10 per share, for net
proceeds of $140.5 million.
On May 11, 2006 the Group issued 9,523,810 ordinary shares in a Follow On at a price of $10.50 per share, for net proceeds of $94.7
million.
2. Financial instruments valuations
The portfolio of asset backed securities at March 31, 2008 amounted to US$176.2 million (September 30, 2007 $392.6 million) ("the Debt
securities") and has been fair valued using independent broker quotes received.
In preparing the Debt securities fair value estimates the Directors have taken account of the recent market turmoil in financial
markets. Current market conditions have introduced uncertainty into the debt security market with restricted trading and greater price
volatility which has given rise to difficulties in pricing the portfolio of Debt securities.
As a consequence of these conditions, the Directors consider that markets as at March 31, 2008, and subsequently, were less active than
normal for the type of securities held by the Group. Reduced levels of market data raise significant uncertainties over the broker quotes
used as fair value estimates for such positions. In such circumstances, IFRS can require appropriate valuation models to be used in order to
estimate fair values. However, it is unlikely that the use of market models would provide more appropriate valuations, given the scarcity of
observable data in the marketplace upon which to prepare fair value estimates.
In these circumstances, the Directors are of the view that the most appropriate estimate of the fair value of the Debt securities
remains the independent broker quotes sourced for these positions. Consequently the Directors have opted to use the broker quotes provided.
Due to the inherent uncertainty of valuation and a low level of trading activity in such Debt securities, if any, these broker values may
differ from the values that would have been used had a more active market for the securities existed and the differences could be material.
Note 15 on subsequent events confirms that reduced liquidity and increased volatility have continued to be features of the market since the
year end and show no imminent signs of easing.
3. Significant accounting policies
a) Statement of compliance
The condensed consolidated interim financial statements for the half year ended 31 March 2008 have been prepared in accordance with IAS
34, 'Interim Financial Reporting' and the Disclosure and Transparency Rules of the UK's Financial Services Authority.
The interim financial statements do not include all of the information required for full annual financial statements, and should be read
in conjunction with the Consolidated financial statements of the Group as at and for the year ended September 30, 2007. The Consolidated
Financial statements of the Group as at and for the year ended September 30, 2007 was prepared in accordance with International Financial
Reporting Standards (IFRS).
b) Basis of preparation
The interim financial information is presented in US dollars and rounded to the nearest thousand. The interim financial information is
for the period from January 1, 2008 to March 31, 2008. The comparative figures in respect of the Consolidated Income Statement, Consolidated
Statement of Changes in Equity and the Consolidated Cash Flow Statement are for the period from January 1, 2007, to March 31, 2007. They are
prepared on a fair value basis for available for sale investments, with fair value changes being taken directly to reserves unless impaired.
Derivatives are also recognised on a fair value basis, with fair value changes being recognised in the Income Statement. Any other financial
assets and financial liabilities are stated at amortised cost.
The financial statements have been prepared on the assumption that the Group and Company will terminate within the next fifteen months
and because the going concern assumption is not applicable, appropriate provision has been made for termination costs. Investments, as in
previous periods, continue to be included at their fair vale in the financial statements.
A Company-only balance sheet has been prepared and is included in these financial statements as the results and reserves of the Company
are materially different from those of the consolidated Group, due to the non-recourse nature of the funding facilities.
The preparation of financial information in accordance with IAS 34 requires the Board to make judgments, estimates and assumptions that
affect the application of policies and the reported amounts of assets and liabilities, income and expense.
The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable
under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that
are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the
revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future
periods.
The accounting policies adopted in this interim financial information are consistent with those adopted in the preparation of the
Group's latest audited financial statements for the year ended 30 September 2007 and have been applied consistently by the Group and the
Company.
c) Basis of consolidation
The consolidated interim financial information comprises the financial information of Caliber Global Investment Limited and its
subsidiaries for the period from January 1, 2008 to March 31, 2008. Subsidiaries are consolidated from the date on which control is
transferred to the Company and cease to be consolidated from the date on which control is transferred from the Company. Control exists when
the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from
its activities. Minority interests represent interests held by outside parties in the consolidated subsidiaries.
At March 31, 2008 the Company's subsidiaries consisted of its interests in Assabet Funding Limited, Crown Woods Limited, O.F.L. Limited,
Tormes Asset Funding Limited and Serval Asset Funding Limited. The ordinary share capital of these companies is held by outside parties and
the Company has no associated voting rights. The Company retains control over these companies through its retention of the residual risks
and rewards of the assets transferred to these companies. In accordance with Standing Interpretations Committee Interpretation 12 (Special
Purpose Entities), the Company consolidates these entities as it retains control of them and retains the residual risks and rewards of
ownership of them. Voluntary liquidation proceedings for Serval Asset Funding Limited started on May 28, 2008.
At March 31, 2008 the Company consolidated the results of Serval Asset Funding Limited, a special purpose entity which purchases
securities from and provides loans to structured finance entities. To fund the purchases and loans the company is able to borrow under a
multi user £200 million revolving credit facility provided by a US bank and issue notes to the Company. The borrowings under the facility
rank senior to the notes issued to the Company. During the year ended September 30, 2007 the borrowings were repaid and the remaining cash
balance has been consolidated.
On April 11, 2008 Caliber has entered into a further restructuring agreement for Crown Woods under which it has been agreed with the
funding bank that all portfolio limits and tests, including rating and credit enhancement, will no longer apply and that all principal,
excess spread and proceeds from sales of assets will be used first to repay interest and principal on the borrowings from the bank.
Accordingly, cash payments will only be made to Caliber once the borrowings have been repaid in full. Additionally, the sale of assets from
the portfolio requires consent from the bank, and the bank has the right to direct Crown Woods to sell assets. It is the intention to repay
borrowings in full by September 1, 2008.
At September 30, 2007 the Company had consolidated the results of Amber Funding Limited up to September 13, 2007, the date on which the
Company transferred the residual risks and rewards associated with the assets and liabilities of Amber Funding Limited to the senior
lender.
On August 24, 2007 the terms of Assabet Funding Limited were renegotiated. The significant terms of the restructuring are documented in
the Investment Manager's report. The results of Assabet for the quarter ended March 31, 2008 and the assets and liabilities as at March 31,
2008 are shown in the consolidated income statement and balance sheet of the Company as under the terms of the restructuring the Company
still retains the significant risks and rewards associated with the assets.
On August 17, 2007 the terms of Tormes Asset Funding Limited ("Tormes") were renegotiated. The significant terms of the restructuring
are documented in the Investment Manager's report. The results of Tormes for the quarter ended March 31, 2008 and the assets and liabilities
as at March 31, 2008 are shown in the consolidated income statement and balance sheet of the Company as under the terms of the restructuring
the Company still retains the significant risks and rewards associated with the assets.
Intragroup balances, and any unrealized gains and losses or income and expenses arising from intragroup transactions, are eliminated in
preparing the consolidated financial information. Unrealized gains arising from transactions with jointly controlled entities are eliminated
to the extent of the Group's interest in the entity.
Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.
d) Foreign currency translation
Transactions in foreign currencies, other than US$, are translated at the foreign currency exchange rate ruling at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies are translated to US dollars at the foreign currency closing
exchange rate ruling at the balance sheet date. Foreign currency exchange differences arising on translation and realized gains and losses
on disposals or settlements of monetary assets and liabilities are recognised in the income statement. Non-monetary assets and liabilities
denominated in foreign currencies that are measured at fair value are translated to US dollars at the foreign currency exchange rates ruling
at the dates that the values were determined. Foreign currency exchange differences relating to investments at fair value through the income
statement and derivative financial instruments are included in gains and losses on investments and gains and losses on derivatives,
respectively.
All other foreign currency exchange differences relating to monetary items, including cash and cash equivalents are presented separately
in the income statement.
e) Financial instruments
Financial assets and liabilities are recognised on the Group's balance sheet when the Group becomes a party to the contractual
provisions of the instrument.
i. Investments
IAS 39 establishes specific categories into which all financial assets and liabilities must be classified. The classification of
financial instruments dictates how these assets and liabilities are subsequently measured in the financial statements. There are four
categories of financial assets: assets at fair value through the income statement, available for sale, loans and receivables and held to
maturity.
A regular way purchase of financial assets is recognised using trade date accounting. From this date any gains and losses arising from
changes in fair value of the financial assets or financial liabilities are recorded.
Financial instruments are measured initially at fair value (transaction price) plus, in case of a financial asset or financial liability
not at fair value through the income statement, transaction costs that are directly attributable to the acquisition or issue of the
financial asset or financial liability. Transaction costs on financial assets and financial liabilities at fair value through the income
statement are expensed immediately, while on other financial instruments they are amortised. Subsequent to initial recognition, all
instruments classified at fair value through the income statement are measured at fair value with changes in their fair value recognised in
the income statement. Financial investments held by the Group classified as available for sale are stated at fair value, with any resultant
gain or loss being recognised directly in equity, except for impairment losses and, in the case of monetary items such as debt securities,
foreign exchange gains and losses. The fair value of debt securities classified as available for sale is determined through third-party broker quotes for each investment.
Financial assets classified as loans and receivables are carried at amortised cost using the effective interest rate method, less
impairment losses, if any. Financial liabilities, other than those at fair value through the income statement, are measured at amortised
cost using the effective interest rate method.
The fair value of financial instruments is based on their quoted market prices at the balance sheet date without any deduction for
estimated future selling costs. Financial assets are priced at current bid prices, while financial liabilities are priced at current asking
prices.
If a quoted market price is not available on a recognised stock exchange or from a broker/dealer for non-exchange-traded financial
instruments, the fair value of the instrument is estimated using valuation techniques, including use of recent arm's length market
transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow techniques,
option pricing models or any other valuation technique that provides a reliable estimate of prices obtained in actual market transactions.
The fair value of derivatives that are not exchange-traded is estimated at the amount that the Group would receive or pay to terminate
the contract at the balance sheet date taking into account current market conditions (volatility, appropriate yield curve) and the current
creditworthiness of the counterparties. Specifically, the fair value of a forward contract is determined as a net present value of estimated
future cash flows, discounted at appropriate market rates on the valuation date. The fair value of an option contract may be determined by
applying a binomial option valuation model.
Unquoted equity securities
For unquoted equity securities independent valuations are received from an independent investment bank who value the securities using
appropriate private equity valuation techniques. These include discounted cash flow models, together with applicable price/earnings ratios
for similar listed companies to estimate the fair value of the securities.
ii. Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An
equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
iii. Bank borrowings
Interest bearing bank loans and overdrafts are recorded as the amount of the proceeds received, net of direct issue costs. Finance
charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis to the income
statement using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not
settled in the period in which they arise.
iv. Derivative financial instruments and hedge accounting
The Group may use derivative financial instruments to hedge its exposure to foreign exchange and interest rate risks arising from
operational, financing and investment activities. However derivatives that do not qualify for hedge accounting are accounted for as trading
instruments. Derivative financial instruments are recognised initially at cost. Subsequent to initial recognition, derivative financial
instruments are stated at fair value. The gain or loss on re-measurement to fair value is recognised immediately in the income statement.
However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being
hedged.
The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to terminate the swap at the balance
sheet date, taking into account current interest rates and the current creditworthiness of the swap counterparties. The fair value of
forward exchange contracts is their quoted market price at the balance sheet date, being the present value of the quoted forward price.
Financial assets and liabilities are offset and the net amount is reported within assets and liabilities where there is a legally
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realize the asset and settle the
liability simultaneously.
Cashflow hedges
Where a derivative financial instrument is designated as a hedge of the variability in cashflows of a recognised asset or liability, or
a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognised
directly in equity. When the forecasted transaction subsequently results in the recognition of a non-financial asset or non-financial
liability, or the forecast transaction for a non-financial asset or non-financial liability, the associated cumulative gain or loss is
removed from equity and included in the initial cost or other carrying amount of the non-financial asset or liability. If a hedge of a
forecasted transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains and
losses that were recognised directly in equity are reclassified into the income statement in the same period or periods during which the
asset acquired or liability assumed affects the income statement (i.e. when interest income or expense is recognised).
For cashflow hedges, other than those covered by the preceding two policy statements, the associated cumulative gain or loss is removed
from equity and recognised in the income statement in the same period or periods during which the hedged forecast transaction affects the
income statement. The ineffective part of any gain or loss is recognised immediately in the income statement.
When a hedging instrument expires or is sold, terminated or exercised, or the Group revokes designation of the hedge relationship but
the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in
accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative
unrealized gain or loss recognised in equity is recognised immediately in the income statement.
Hedge of monetary assets and liabilities
Where a derivative financial instrument is used to hedge economically the foreign exchange exposure of a recognised monetary asset or
liability, no hedge accounting is applied and any gain or loss on the hedging instrument is recognised in the income statement.
Fair value hedges
Changes in fair value of derivatives that qualify and are designated as fair value hedges are recorded in the income statement, together
with changes in the fair value of the hedged asset or liability that are attributable to the risk being hedged.
If the hedge no longer meets the criteria for hedge accounting, the fair value hedging adjustment cumulatively made to the carrying
value of the hedged item is, for items carried at amortised cost, amortised over the period to maturity of the previously designated hedge
relationship using the effective interest rate method. For available-for-sale items this fair value hedging adjustment remains in equity
until the hedged item affects the income statement.
If the hedged item is sold or repaid, the unamortised fair value adjustment is recognised immediately in the income statement.
Embedded derivatives
Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and
characteristics are not closely related to those of host contracts and the host contracts are not carried at fair value with unrealized
gains or losses reported in the income statement.
Credit default swaps
Credit default swaps are contracts in which the Group pays or receives premium flows in return for the counterparty accepting or selling
all or part of the risk of default or failure to pay of a reference entity on which the swap is written. Where the Group has bought
protection the maximum potential loss is the value of the premium flows the Group is contracted to pay until maturity of the contract. Where
the Group has sold protection the maximum potential loss is the nominal value of the protection sold.
Credit default swaps are stated at market value. The net income or expense on the swap agreements entered into by the Group is reflected
in the income statement. Unrealized gains are reported as an asset and unrealized losses are reported as a liability in the balance sheet.
Changes in the market value are reflected in the Income Statement in the period in which they occur.
(v) Specific instruments
Cash and cash equivalents
Cash comprises cash balances and call deposits with banks. Cash equivalents are short-term highly liquid investments that are readily
convertible to known amounts of cash, are subject to an insignificant risk of changes in value, and are held for the purpose of meeting
short-term cash commitments rather than for investment or other purposes. Bank overdrafts that are repayable on demand and form an integral
part of the Group's cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash
flows.
Repurchase and reverse repurchase agreements
Securities purchased under agreements to resell ("repurchase agreements") and securities sold under agreements to repurchase ("reverse
repurchase agreements") are treated as collateralised financing transactions and are carried at the amounts at which the securities were
acquired or sold plus accrued interest, which approximates fair value. It is the Group's policy to take possession of securities purchased
under agreements to resell. Interest earned on securities owned on reverse repurchase agreements and interest expense on securities sold,
not yet purchased and repurchase agreements are included in the income statement.
Securities sold short and associated securities borrowing
Securities sold short are those positions where the Group has sold a security that it does not own in anticipation of a decline in the
market value of the security and are classified as liabilities held for trading. To enter a short sale, the Group may need to borrow the
security for delivery to the buyer. On each day obligations to deliver securities borrowed by the Group to fulfil its short sale contracts
are marked to market and an unrealized gain or loss is recorded in gains and losses on investments in the income statement. While the
transaction is open the Group will also incur an expense for any dividends or interest that will be paid to the lender of the securities.
(vi) Derecognition of financial assets and liabilities
The Company and Group derecognise a financial asset when the contractual rights to the cash flows from the financial asset expire or it
transfers the financial asset and the transfer qualifies for derecognition in accordance with IAS 39. The Company and Group use the first in
first out ("FIFO") method to determine realized gains and losses on derecognition. A financial liability is derecognised when the obligation
specified in the contract is discharged, cancelled or expired.
f) Impairment
Financial assets that are stated at cost or amortised cost are reviewed at each balance sheet date to determine whether there is
objective evidence of impairment. If any such indication exists, an impairment loss is recognised in the income statement 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.
Objective evidence that a financial asset is impaired includes observable data that comes to the attention of the Group about any of the
following loss events:
* Significant financial difficulty of the issuer or obligor;
* A breach of contract, such as a default or delinquency in interest or principal payments, granting to the borrower a concession
that the lender would not otherwise consider;
* It becomes probable that the borrower will enter bankruptcy, administration or other analogous financial reorganisation; or
* The disappearance of an active market for that financial asset because of financial difficulties.
At March 31, 2008 the entire portfolio has been classified as impaired as Caliber is now unable to hold many of the securities (which
have an expected average life of 2.86 years) in its portfolio to maturity.
When a decline in the fair value of an available-for-sale financial asset has been recognised directly in equity and there is objective
evidence that the asset is impaired, the cumulative loss that had been recognised directly in equity is recognised in the income statement
even though the financial assets have not been derecognised. The amount of the cumulative loss that is recognised in the income statement is
the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously
recognised in the income statement.
Calculation of recoverable amount
The recoverable amount of the Group's investments in loans and receivables carried at amortised cost is calculated as the present value
of estimated future cash flows, discounted at the original effective interest rate (i.e. the effective interest rate computed at initial
recognition of these financial assets). Receivables with a short duration are not discounted.
The recoverable amount of other assets is the greater of their net selling price and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the
recoverable amount is determined for the cash-generating unit to which the asset belongs.
Reversals of impairment
If in a subsequent period the amount of an impairment loss recognised on a financial asset carried at amortised cost decreases and the
decrease can be linked objectively to an event occurring after the write-down, the write-down is reversed through the income statement.
An impairment loss in respect of an investment in an equity instrument classified as available for sale is not reversed through the
income statement. If the fair value of a debt instrument classified as available for sale increased and the increase can be objectively
related to an event occurring after the impairment loss was recognised in the income statement, the impairment loss shall be reversed, with
the amount of the reversal recognised in the income statement.
In respect of other assets, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount.
An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have
been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
g) Trade and other payables
Trade and other payables are stated at cost.
h) Provisions
A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past
event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material,
provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the
time value of money and, where appropriate, the risks specific to the liability.
The Group has provided for expected termination costs in relation to the company and any agreements which it has entered into.
i) Share capital
The initial set up costs of the Group have been charged to the share premium account and the expenses directly related to the Follow On.
j) Revenue and expenses
Revenue is recognised to the extent that it is possible that economic benefits will flow to the Group and the revenue can be reliably
measured. Deferred financing costs represent costs associated with the issuance of certain securities and are amortised over the term of
such financing using effective yield methodology. Expenses are accounted for an on accruals basis.
Dividend income is recognised in the income statement on the date the entity's right to receive payments is established which, in the
case of quoted securities, is usually the ex-dividend date.
Interest income and expense is recognised in the income statement as it accrues, using the original effective interest rate of the
instrument calculated at the acquisition or origination date. Interest income includes the amortisation of any discount or premium,
transaction costs or other differences between the initial carrying amount of an interest-bearing instrument and its amount at maturity
calculated on an effective interest rate basis.
Interest income on debt instruments at fair value through the income statement is accrued using the original effective interest rate and
classified to the interest income line item within the income statement. Interest income is recognised on a gross basis, including
withholding tax, if any. In preparing the original effective interest rate, the Board has made its best estimate of the expected inflows on
the investments held. Such estimates and associated assumptions are based on historical experience and various other factors that are
believed to be reasonable under the circumstances. Actual timing and amounts of future inflows on these investments may differ from these
estimates.
Expenses are charged to the income statement except for expenses incurred on an acquisition of an investment which are included within
the cost of that investment. Expenses arising on the disposal of investments are deducted from the disposal proceeds.
k) Dividend income
Dividend income relating to exchange-traded equity investments is recognised in the income statement on the ex-dividend date.
In some cases, the Group may receive or choose to receive dividends in the form of additional shares rather than cash. In such cases the
Group recognises the divided income for the amount of the cash dividend alternative with the corresponding debit treated as an additional
investment.
Income distributions from private equity investments and other investment companies are recognised in the income statement as dividend
income when declared.
l) Net financing costs
Net financing costs comprise interest payable on financing facilities calculated using the effective interest rate method, dividends on
redeemable preference shares, interest receivable on funds invested, dividend income, foreign exchange gains and losses, and gains and
losses on hedging instruments that are recognised in the income statement.
m) Taxation
The Group is classed as exempt for taxation purposes under the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 and as such incurs
a flat fee (presently £600 per annum). No other taxes are incurred in Guernsey.
n) Dividends payable
Dividends payable on ordinary shares are recognised in the statement of changes in equity.
o) Ancillary costs
Ancillary costs incurred in the arrangement of financing facilities are capitalised and amortised from the date the facilities are
available for use to the termination date of the financing facility. Following the approval of the resolutions at the Extraordinary General
Meeting on August 30, 2007 the ancillary costs will be amortised over a one year period to August 31, 2008. However, the remaining lives of
the facilities, based on current commitments, are as follows:
* Assabet Funding Limited 27 months (June 2010)
* Crown Woods Limited 5 months (September 2008)
* Tormes Asset Funding Limited 15 months (August 2009)
4. Interest income (Group)
3 months ended 3 months ended
March 31, 2008 March 31, 2007
(unaudited) (unaudited)
$000 $000
Interest income arises from:
Cash and cash equivalents 45 295
Investments in asset-backed securities 8,777 19,509
Investments in loans and receivables - 552
Total interest income $8,822 $20,356
6 months ended 6 months ended
March 31, 2008 March 31, 2007
(unaudited) (unaudited)
$000 $000
Interest income arises from:
Cash and cash equivalents 136 669
Investments in asset-backed securities 21,946 40,343
Investments in loans and receivables 1,567
Total interest income $22,082 $42,579
5. Gains and losses on debt and equity investments (Group)
3 months ended 3 months ended
March 31, 2008 March 31, 2007
(unaudited) (unaudited)
$000 $000
Net gains and losses on debt investments (20,940) 5,597
Net gains and losses on equity investments - -
Net gains and losses on debt and equity $ (20,940) $5,597
investments
Realized gains on investments 8,078 455
Realized gains (foreign exchange) 930 5,228
Total gains $ 9,008 $5,683
Realized losses on investments (18,552) (59)
Realized losses (foreign exchange) (11,396) (27)
Total losses $ (29,948) $(86)
6 months ended 6 months ended
March 31, 2008 March 31, 2007
(unaudited) (unaudited)
$000 $000
Net gains and losses on debt investments (18,903) 6,248
Net gains and losses on equity investments - -
Net gains and losses on debt and equity $(18,903) $6,248
investments
Realized gains on investments 8,185 829
Realized gains (foreign exchange) 4,148 6,841
Total gains $12,334 $7,670
Realized losses on investments (19,841) (1,384)
Realized losses (foreign exchange) (11,396) (38)
Total losses $(31,237) $(1,422)
6. Interest expense and sources of funding (Group)
3 months ended 3 months ended
March 31, 2008 March 31, 2007
(unaudited) (unaudited)
$000 $000
Interest expense arises from:
Committed financing 3,872 5,262
Sale and repurchase agreements - 1,945
Commercial paper borrowings - 4,163
Total finance costs $ 3,872 $ 11,370
6 months ended 6 months ended
March 31, 2008 March 31, 2007
(unaudited) (unaudited)
$000 $000
Interest expense arises from:
Committed financing 9,413 10,063
Sale and repurchase agreements 6 6,285
Commercial paper borrowings - 7,090
Total finance costs $ 9,419 $ 23,438
March 31, 2008 (unaudited) September 30, 2007
(audited)
$000 $000
Sources of funding:
Committed financing 312,130 459,239
Sale and repurchase agreements 31,851 712
$343,981 $459,951
All borrowings are secured on specific assets. Collateral pledged against securities sold under agreements to repurchase amounts to
US$nil at March 31, 2008 (approximately US$1 million at September 30, 2007).
7. Subsidiaries
The following entities are deemed to be subsidiaries of Caliber Global Investment Limited at March 31, 2008 as it retains control over
these entities through its retention of the residual risks and rewards of the assets transferred to, or purchased from, these entities. The
ordinary share capital of these entities is held by outside parties and the Group has no associated voting rights. The subsidiaries each
have minimal ordinary share capital and therefore minority interests are immaterial. The subsidiaries provide the funding referred to in
Note 6.
Name of subsidiary Place of Proportion of Proportion of voting Method used to
incorporation (or ownership power account for
registration) and investment
operation
Assabet Funding Limited Jersey - - Purchase method
Crown Woods Limited Republic of Ireland - - Purchase method
O.F.L. Limited Jersey - - Purchase method
Serval Asset Funding Limited Republic of Ireland - - Purchase method
Tormes Asset Funding Limited Republic of Ireland - - Purchase method
See Note 3 (c) above.
8. Current deposits with bank and brokers
Group
March 31, 2008 (unaudited) September 30, 2007
(audited)
$000 $000
Cash and cash equivalents 5,630 11,204
Cash held with brokers as 47,389 59,973
collateral
$53,019
$71,177
Cash and cash equivalents comprise cash at bank and other short-term highly liquid investments with a maturity of three months or less.
Included in the cash held with brokers as collateral is a balance of $45,000,000 (September 30, 2007: $45,000,000) which is held on deposit
as security under the terms of a loan arrangement. This deposit is available to the Group upon the repayment of amounts due under this
specific loan arrangement. Also included is a balance of US$2,389,035 (September 30, 2007: $14,973,318) which represents amounts held with
other brokers as collateral.
Company
March 31, 2008 (unaudited) September 30, 2007
(audited)
$000 $000
Cash and cash equivalents 3,473 5,807
Cash held with brokers as 188 1,829
collateral
$3,661 $7,636
9. Investments
Available-for-sale securities
The following is a summary of the Group's available-for-sale securities at March 31, 2008 (unaudited):
Gross unrealized Weighted average
Current face amount Amortised cost basis Gains Losses Carrying value S&P Rating Coupon Expected Years to
Expected
% Yield %
Maturity
$000 $000 $000 $000 $000
RMBS - Rated 356,332 89,093 - - 89,093 BBB- 4.80 4.90
1.81
RMBS - Unrated 636,654 104 - - 104 NR 7.10 2.70
3.75
CMBS - Rated 90,977 41,149 - - 41,149 BBB- 4.60 5.10
4.00
CMBS - Unrated 6,494 5,954 - - 5,954 NR 0.80 13.10
3.46
Other ABS - Rated 48,731 38,586 - - 38,586 BBB- 5.30 5.40
3.82
Other ABS - Unrated 1,585 1,283 - - 1,283 NR 13.90 10.00
8.00
$1,140,773 $176,169 - - $176,169
The following is a summary of the Group's available-for-sale securities at September 30, 2007 (audited):
Gross unrealized Weighted average
Current face amount Amortised cost basis Gains Losses Carrying value S&P Rating Coupon Expected Years to
Expected
% Yield %
Maturity
$000 $000 $000 $000 $000
RMBS - Rated 439,152 247,848 - - 247,848 BBB- 7.30 8.90
1.99
RMBS - Unrated 683,244 1,902 - - 1,902 NR 5.20 26.90
4.55
CMBS Rated 132,930 79,311 - - 79,311 BBB- 6.90 7.20
4.69
CMBS Unrated 7,406 7,114 - - 7,114 NR 5.20 18.30
3.95
Other ABS - Rated 59,354 55,138 - - 55,138 BBB- 7.70 7.80
4.17
Other ABS - Unrated 1,447 1,280 - - 1,280 NR 16.50 12.50
8.00
$1,323,533 $392,593 - - $392,593
The expected yield is based on the US 1 month LIBOR rate as at March 31, 2008 and September 30, 2007, respectively, and the expected
yield over LIBOR of the securities.
Equity securities
The Group did not hold any equity securities in its portfolio as at March 31, 2008 or September 30, 2007.
Loans and receivables
The Group did not hold any loans and receivables in its portfolio as at March 31, 2008 or September 30, 2007.
Available-for-sale securities
The following is a summary of the Company's available-for-sale securities at March 31, 2008 (unaudited):
Gross unrealized Weighted average
Current face amount Amortised cost basis Gains Losses Carrying value S&P Rating Coupon Expected Years to
Expected
% Yield %
Maturity
$000 $000 $000 $000 $000
RMBS - Rated 20,116 1,504 - - 1,504 BBB- 5.30 34.60
2.43
RMBS - Unrated 636,654 104 - - 104 NR 7.10 2.70
3.75
CMBS Rated 41,873 2,758 - - 2,758 BBB- 1.60 6.90
3.31
CMBS Unrated - - - - - - - -
-
Other ABS - Rated - - - - - - - -
-
Other ABS - Unrated 1,585 1,284 - - 1,284 NR 13.90 10.00
8.00
$700,228 $5,650 - - $5,650
The following is a summary of the Company's available-for-sale securities at September 30, 2007 (audited):
Gross unrealized Weighted average
Current face amount Amortised cost basis Gains Losses Carrying value S&P Rating Coupon Expected Years to
Expected
% Yield %
Maturity
$000 $000 $000 $000 $000
RMBS - Rated 26,859 6,149 - - 6,149 BBB- 8.20 79.70
2.02
RMBS - Unrated 683,244 1,903 - - 1,903 NR 5.20 26.90
4.80
CMBS Rated 49,092 3,523 - - 3,523 BBB- 5.20 12.20
4.00
CMBS Unrated 10 10 - - 10 NR 5.20 5.20
2.00
Other ABS - Rated - - - - - - - -
-
Other ABS - Unrated 1,447 1,280 - - 1,280 NR 16.50 12.50
8.00
$760,652 $12,865 - - $12,865
The expected yield is based on the US 1 month LIBOR rate as at March 31, 2008 and September 30, 2007, respectively, and the expected
yield over LIBOR of the securities.
Equity securities
The Company did not hold any equity securities in its portfolio as at March 31, 2008 or September 30, 2007.
Loans and receivables
The Company did not hold any loans and receivables in its portfolio as at March 31, 2008 or September 30, 2007.
Impairment of securities
For the six month period to March 31, 2008, additional unrealised losses of $104,421,389 have been recognised in the Group following a
review of the portfolio for impairment and the relevant amount was transferred from equity to the income statement. As at March 31, 2008 the
total impairment charges for the six months ended March 31, 2008, based on the fair value of the securities, was $104,421,389 (March 31,
2007 $15,735,190).
As at September 30, 2007, unrealised losses of $170,651,092 have been recognised following a review of the portfolio for impairment and
the corresponding amount was transferred from equity to the income statement. As at September 30, 2007 the total impairment charges for the
year ended September 30, 2007, based on the fair value of the securities, was $208,102,186.
A total of $ 122.3 million (2007: $4.9 million) of income has been recognised on the impaired securities since purchase, as at March 31,
2008 and March 31, 2007 respectively. For the six months ended March 31, 2008 $22.1 million of income has been recognised. (March 31, 2007
$1.8 million).
Investment in subsidiaries
This balance relates to the recoverability of a subordinated note issued by Crown Woods. At March 31, 2008 the total note issued by
Crown Woods amounted to $26.5 million with $20.5 million recorded as recoverable by the Company. At September 30, 2007 the total note issued
by Crown Woods amounted to $26 million with $13.7 million recorded as recoverable by the Company. The actual amount to be recovered is
dependent upon the realised value of Crown Woods' portfolio of securities. See notes 2 and 14 for further information relating to current
valuation risks and subsequent events.
10. Other financial assets
Group
March 31, 2008 September 30, 2007
(unaudited) (audited)
$000 $000
Interest receivable 1,789 2,948
Derivative financial assets - - 54
unrealized gains on forward
contracts
Derivative financial assets - - 27
unrealized gains on swaps
Capitalised ancillary costs 194 326
Amounts paid in advance 62 185
Other receivables 259 214
$2,304 $3,754
Company
March 31, 2008 September 30, 2007
(unaudited) (audited)
$000 $000
Interest receivable 99 351
Derivative financial assets - - 54
unrealized gains on forward
contracts
Derivative financial assets - - 27
unrealized gains on swaps
Amounts paid in advance 62 185
Other receivables 36 77
$197 $694
11. Other financial liabilities
Group
March 31, 2008 September 30, 2007
(unaudited) (audited)
$000 $000
Interest payable 409 1,046
Derivative financial - 849
liabilities - unrealized loss
on forward contracts
Derivative financial 81 95
liabilities - unrealized loss
on swaps
Due to related parties - - 360
Investment Manager
Accrued expenses and other 834 1,215
payables
$1,324 $3,565
Company
March 31, 2008 September 30, 2007
(unaudited) (audited)
$000 $000
Interest payable - 10
Derivative financial - 849
liabilities - unrealized loss
on forward contracts
Derivative financial 81 95
liabilities - unrealized loss
on swaps
Due to related parties - - 360
Investment Manager
Accrued expenses and other 414 769
payables
$495 $2,083
12. Notes to cashflow statement
Group
6 months ended 6 months ended
March 31, 2008 March 31, 2007
(unaudited) (unaudited)
$000 $000
(Deficit)/Profit from operations $(117,821) $(2,483)
Adjustments for:
Movement in unrealized gain on 81 (716)
derivatives
Movement in unrealized loss on derivatives (863) 1,627
Unrealized FX (gain)/loss 3,086 (7,225)
Impairment losses 104,421 15,735
Operating cash flows before movements in 6,938
working capital (11,096)
Decrease/(increase) in receivables 1,450 73
(Decrease)/increase in payables (2,241) (1,130)
Decrease in amounts paid in advance - (26)
Decrease/(increase) in cash held with (11,868)
brokers as collateral
12,584
Cash provided by/(used by) operations 11,793 (12,951)
Net cash from operating activities $697 $(6,013)
13. Investment Management Agreement and related party transactions
a) Investment Management Agreement
The Group entered into the Investment Management Agreement with the Manager, which provides for an initial term of five years from June
13, 2005 subject to certain termination rights. The Group may terminate the Investment Management Agreement without cause at any time by
giving not less than 24 months' prior notice in writing. The Group may not give notice to terminate prior to the third anniversary of the
effective date of the Investment Management Agreement meaning that the Investment Management Agreement has a minimum term of five years.
If following notice of termination by the Group to the Investment Manger the Group and the Investment Manager agree that the Investment
Manager will cease to act as such during the 24 months to which such notice of termination applied there shall be payable to the Investment
Manager an early termination payment calculated in the following manner:
The Early Termination Payment will be an amount equal to the Projected Termination Payment less any management fees and performance fees
paid or accrued and payable to the Investment Manager during such notice period. The Projected Termination Payment will, following the
second anniversary of the date of the agreement, be an amount equal to the aggregate, over the previous eight completed quarters, of the
Management Fees and Performance Fees paid to the Investment Manager. As at March 31, 2008 the aggregate amount paid to the Investment
Manager over the previous eight completed quarters was $12,340,446.
The effective date of the Investment Management Agreement was the date of admission to the London Stock Exchange, June 13, 2005. If the
Investment Manager commits any material breach of its obligations under the Investment Management Agreement and fails (in the case of a
breach capable of rectification) to make good such breach within 30 days of receipt of written notice from the Group requiring it to do so,
the Group may terminate the Investment Management Agreement with cause by giving the Investment Manager not less than 60 days' prior notice
in writing. Such termination shall not take effect until the Group has appointed a replacement Investment Manager. The Group may terminate
the Investment Management Agreement by giving notice to the Investment Manager, effective forthwith, if the Investment Manager is dissolved
or unable to pay its debts or commits any act of bankruptcy or if a receiver is appointed over all or a substantial portion of its assets.
The Investment Manager may resign its appointment at any time by giving the Group not less than 60 days' prior notice in writing,
provided that such termination shall not take effect until the earlier of (i) the date on which the Group has appointed a replacement
Investment Manager; and (ii) six months after the date on which the Investment Manager gave such notice. The Investment Manager may resign
its appointment by giving the Group not less than 60 days' prior notice in writing if the Group commits any material breach with respect to
its obligations under the Investment Management Agreement and fails to make good any breach within 30 days of receipt of written notice from
the Investment Manager requiring it to do so. The Investment Manager may resign its appointment by giving notice in writing to the Group,
effective forthwith, if the Group is dissolved or is unable to pay its debts or commits any act of bankruptcy or if a receiver is appointed
over all or a substantial portion of its assets.
Under the terms of the Investment Management Agreement the Group also pays or reimburses in respect of all out-of-pocket expenses
reasonably incurred by it in the performance of its duties under the Investment Management Agreement. These expenses include (without
limitation) all expenses connected to cash deposits made by the Group, issuance and transaction costs incidental to the acquisition,
disposition and financing of investments, legal and auditing fees and expenses, the compensation and expenses of the Directors, the costs
associated with the establishment and maintenance of any credit facilities and other indebtedness of the Group (including commitment fees,
legal fees, closing costs, etc.), all fees and expenses incurred in relation to the incorporation and initial organisation of the Company
and the special purpose vehicles, expenses associated with other securities offerings of the Group, the costs of printing and mailing
proxies and reports to its shareholders, costs incurred by employees of for travel on the Group's behalf, costs associated with any computer software or hardware that is used by the Group, costs to obtain
liability insurance to indemnify the Directors and officers and the compensation and expenses of its transfer agent, custodian, prime
broker, Registrar and Administrator.
Under the terms of the Investment Management Agreement the Investment Manager is entitled to receive from the Group an annual management
fee of 1.75 per cent of the gross equity of the Group, payable monthly in arrear. For these purposes, "gross equity" means the aggregate
gross proceeds to the Group of all issues of shares in the capital of the Group (less any capital dividends paid or capital distributions
made by the Group). The Investment Manager is entitled to receive a performance-related fee in respect of each incentive period which will
be paid quarterly in arrear. An incentive period comprises each successive three-month period, except the first period was the period from
admission to the London Stock Exchange to September 30, 2005.
The performance-related fee is equivalent to 25 per cent of the amount by which A exceeds B x C where:
A = the Group's consolidated net income before tax as shown in the Group's
consolidated management accounts for the relevant period, and before
payment of the performance-related fee;
B = gross equity; and
C = the greater of (i) 2 per cent or (ii) 1 percent plus one quarter of the
interest rate on ten-year US Treasury Bonds (as at the beginning of the
relevant quarter).
During the period January 1, 2008 to March 31, 2008 a management fee of $1,090,753 (January 1, 2007 to March 31, 2007: $1,078,767) and
an incentive fee of $Nil (January 1, 2007 to March 31, 2007: $Nil) was earned by the Investment Manager. At March 31, 2008, management fees
and expense reimbursements of US$Nil (2007: $371,575) were due to the Investment Manager.
The Investment Management Agreement was amended at the EGM held on August 30, 2007.
b) Rebilac Limited
At the Initial Public Offering 840,000 shares of no par value were issued to Rebilac Limited, an affiliate of, for $10 each. 1,500,000
options were granted to Cambridge Place Investment Management LLP as a fee for its work in raising capital for the Group. Cambridge Place
Investment Management LLP subsequently transferred these options to Rebilac Limited. The options represent the right to purchase 1,500,000
shares in the Group. The options are fully vested and immediately exercisable from the date of the grant at an exercise price per share
equal to $10 and will remain exercisable until the tenth anniversary of admission and listing. Included in the expenses of issue of ordinary
shares borne by the Group is $260,849 relating to legal and professional fees incurred in setting up Rebilac Limited.
The fair value of the options granted using a binomial option valuation model was $0.474 per share. This equates to $711,000 and is
regarded as a cost of the Initial Public Offering.
At the Follow On, 204,297 shares of no par value were issued to Rebilac Limited for $10.50 each. In addition 952,381 options were
granted to Cambridge Place Investment Management LLP as a fee for its work in raising capital for the Group. Cambridge Place Investment
Management LLP transferred 408,594 of these options to Rebilac Limited on November 30, 2006. The options represent the right to purchase
952,381 shares in the Group. The options are fully vested and immediately exercisable from the date of the grant at an exercise price per
share equal to $10.50 and will remain exercisable until the tenth anniversary of the Follow On. Included in the expenses of the Follow On
borne by the Group is $75,000 relating to legal and professional fees incurred in relation to Rebilac.
The fair value of the options granted using a binomial option valuation model was $0.5994 per share. This equates to $570,837 and is
regarded as a cost of the Follow On.
No. of options Exercise price
As at October 1, 2007 2,452,381 $10.19
Granted during the 6 months ended March 31, - -
2008
Exercised during the 6 months ended March 31, - -
2008
Outstanding as at March 31, 2008 2,452,381 $10.19
The options will be settled with the issuance of new shares when they are exercised.
c) Old Court Funding plc
Cambridge Place Investment Management LLP is the Investment Manager of Old Court Funding, a commercial paper conduit, which provides
funding to the Group by way of loans on arms length terms (see Note 6 above). Cambridge Place Investment Management LLP does not receive any
fees or remuneration from Old Court Funding. As at March 31, 2008 the amount owed to Old Court Funding was $Nil (March 31, 2007: $167.8
million) and interest payable to Old Court Funding from January 1, 2008 to March 31, 200 was $Nil (January 1, 2007 to March 31, 2007:
$2,877,211). As at March 31, 2008 the amount owed to Old Court Funding in respect of interest was $Nil (March 31, 2007: $429,628).
d) Directors' Interests
Mr Kramer has a direct interest in 18,415 shares of the Company through his holding in Rebilac Limited and a direct interest in options
in respect of 36,830 of the ordinary shares of the Company. Mr Kramer also has an indirect interest in 30,000 shares of the Company through
a holding in Rebilac Limited and an indirect interest in options in respect of 60,000 of the ordinary shares of the Company. These are
amongst the options initially granted at the time of the Initial Public Offer and Follow On.
The other directors' interests in the share capital of the Company were:
March 31, 2008 March 31, 2007
Miss Haruko Fukuda OBE 12,380 8,000
Mr Anthony Hall 45,000 25,000
Mr Robert Kramer 48,415 48,415
Mr Chris Waldron Nil Nil
e) Other investments of Investment Manager
During the year ended September 30, 2007 the private investments held at September 30, 2006 were sold to other funds managed by CPIM at
the latest available independent third party valuations. Total proceeds received were $30.8 million.
f) Contingent Liabilities
Except for the Early Termination Payment, described in Note 13 (a), as of March 31, 2008, under the terms of a share purchase agreement,
following the disposal of an interest in a UK property, the Group has guarantee obligations to the purchaser of the asset for a maximum of
£6.56 million, for a period of up to two years, effective from March 2007.
14. Repayment risk
Shareholders, investors and other stakeholders should be aware that reduced liquidity and increased volatility have continued to be
features of the market since the period end and show no imminent signs of easing. Linked to the uncertainty surrounding the fair value
estimates of debt securities held by the Group, the ability of the Group to repay its outstanding debt obligations is dependent upon the
portfolio of debt securities being realised at the requisite level to meet its obligations. Given these further falls in the market value
of the securities there is a risk that the borrowings from the funding providers will not be repaid in full.
15. Subsequent events
Since March 31, 2008 there has been further deterioration in the global credit markets. The current estimate for the company only NAV at
April 30, 2008, as indicated by the Administrator, is $0.48 and for the consolidated NAV it is ($4.81). Given these further falls in the
market value of the securities there is a continued significant risk that the borrowings from the funding banks, the non-recourse SPVs, are
not repaid in full.
On April 11, 2008 Caliber has entered into a further restructuring agreement for Crown Woods under which it has been agreed with the
funding bank that all portfolio limits and tests, including rating and credit enhancement, will no longer apply and that all principal,
excess spread and proceeds from sales of assets will be used first to repay interest and principal on the borrowings from the bank.
Accordingly, cash payments will only be made to Caliber once the borrowings have been repaid in full. Additionally, the sale of assets from
the portfolio requires consent from the bank, and the bank has the right to direct Crown Woods to sell assets. It is the intention to repay
borrowings in full by September 1, 2008.
Voluntary liquidation proceedings for Serval Asset Funding Limited started on May 28, 2008.
Shareholder information
Registrar Capita IRG (CI) Limited
2nd Floor
No. 1 Le Truchot
St. Peter Port
Guernsey
UK transfer agent Capita IRG Plc
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Tel: +44 (0) 870 162 3100
Fax: +44 (0) 20 8639 3197
e-mail: ssd@capitaregistrars.com
Cambridge Place Investment Management LLP Lexicon House
17 Old Court Place
London W8 4PL
Tel: +44 (0) 20 7938 5700
Attention: Dominic Peasley
Public relations consultant Financial Dynamics
Business Communications
Holborn Gate
26 Southampton Buildings
London WC2A 1PB
Tel: +44 (0) 20 7831 3113
Attention: Ed Gascoigne-Pees or
Geoffrey Pelham-Lane
Glossary of market terms
ABS Asset-backed securities - debt securities which have
their interest and principal repayments sourced
principally from a generic group of income producing
assets.
CDS Credit default swap - contracts in which one market
participant pays or receives premium flows in return
for the counterparty accepting or selling all or part
of the risk of default or failure to pay of a reference
security on which the swap is written
CMBS Commercial mortgage-backed securities - a category of
ABS which have their interest and principal repayments
sourced principally from a pool of commercial real
estate assets.
EURIBOR The euro-area inter-bank offered rate for the Euro
IPO Initial Public Offer
LIBOR London Interbank Offer Rate for sterling, dollars or
euros as applicable.
Repurchase agreement A method of financing the acquisition of an asset
involving an agreement for the sale of securities for
spot or current delivery and the simultaneous
repurchase of those securities for forward or delayed
delivery. The difference between the sale price and the
higher purchase prices provides income to the
counterparty.
RMBS Residential mortgage-backed securities - a category of
ABS which have their interest and principal repayments
sourced principally from a pool of residential real
estate assets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DKLFBVQBFBBL
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