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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Fiske Plc | LSE:FKE | London | Ordinary Share | GB0003353157 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 75.00 | 70.00 | 80.00 | 75.00 | 75.00 | 75.00 | 0.00 | 08:00:15 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Security Brokers & Dealers | 6.07M | 253k | 0.0214 | 35.05 | 8.87M |
Hot Features
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TIDMFKE
RNS Number : 1501Y
Fiske PLC
28 August 2009
Fiske Plc
('Fiske' or 'the Company')
Final Results
Fiske Plc (the 'Company') announces its final results for the twelve months
ended 31 May 2009.
In accordance with rule 26 of the AIM Rules for Companies this information is
also available, under the Investors section, at the Company's website,
http://www.fiskeplc.com .
For further information please contact:
- Gerry Beaney/David Hignell, Grant Thornton UK LLP (Nominated Adviser)
(tel: 020 7383 5100)
- Gerard Luchini, Fiske Plc - Compliance Officer
(tel: 020 7448 4700)
Chairman's Statement
The past financial year to the 31 May 2009 has been one of the most difficult in
a long experience of events in the City. Its only real living rival is 1974 when
London suffered a banking crisis and a decline in the stock market which ended
with a fall from its peak just over two years earlier of 74%. If we have seen,
last March, the end of the bear market and if there are really "green shoots"
then we will be getting off lightly. The bear market from peak to trough will
only have lasted 16 months, at least on Wall Street, and the economy will only
have suffered a modest decline against the background of the worst banking
crisis since the 1930s. It may well be that there is to be a further leg to the
bear market and to the recession. After all, the experts who are reassuring us
that the worst is over are, as to 90%, the same people who failed signally to
forecast the disaster we have been experiencing. However the strength of the
stock market rally since March this year is very impressive and the actions of
the authorities worldwide have been dramatically different from those of their
1930s predecessors - at least the jury is out. The real question is what happens
when the effects of the worldwide stimuli begin to wear off. Will it have primed
a restoration of modest growth or will it be a "one off"? Given the indebtedness
we have already created, can we afford or want to continue to create even more?
The answer to that will probably not really be evident for a further 12 months
and over that period of uncertainty we can confidently forecast high levels of
volatility.
Fiske's lacklustre results should be judged against the fairly dire investment
background of the past twelve months. At the operating level excluding the
goodwill impairment charge we effectively broke even and incidentally did not
award any bonus to directors. The write down of goodwill of GBP145,000
represents the assessment of the value of the Ionian business we acquired in
2002, although this assessment takes no account of funds under management gained
over the same period. This item is not tax deductable or considered of
significance to our underlying profitability.
In April this year we acquired Vor Financial Strategy Ltd for GBP273,000 of
which GBP150,000 was in respect of goodwill, the remainder being in respect of
cash assets. The goodwill element was satisfied by GBP100,000 in cash and
GBP50,000 by the issue of 85,470 new ordinary shares of Fiske. Vor is a fund
management business with a bias towards investment in corporate bonds and the
integration of this business will lead to significant economies. We have every
confidence that this will prove a very successful acquisition.
We have continued to build our institutional business and it now makes a very
good contribution, although of course our private clients are the mainstay of
our business and are expected and intended to remain so. Corporate Finance has
always been peripheral to our operations and so the decline of smaller company
Corporate Finance activity in the City is not of major concern.
As you were informed in last year's report and again in my first interim
statement our chairman for the previous four years, Michael Allen, retired in
November 2008 and I would like to thank him for his valued help and advice over
his six years as a director.
The outlook remains cloudy but we work from a secure base and we are hopeful of
exceeding last year's uninspiring result. We have decided that the right balance
between prudence and confidence is to pay a rebased second interim dividend of
2p per share, a reduction from the 3p of last year. We are conscious both of the
strength of our balance sheet and the desire of our shareholders for income, but
at the end of the day dividends must reflect the underlying earnings. This
dividend will be paid out of reserves and will be paid on 16 October 2009 to
those on the register at 18 September 2009 and the shares will trade ex-dividend
on 16 September 2009.
Our Annual General Meeting will be held at our offices at Salisbury House at
12.30 p.m. on Thursday, 1 October 2009 and we welcome shareholders to attend our
meeting.
Clive Fiske Harrison
Chairman
28 August 2009
Group Income Statement
For the year ended 31 May 2009
+--------------------------------------------+--------+---------+-----------+
| | | 2009 | 2008 |
+--------------------------------------------+--------+---------+-----------+
| | Notes | GBP'000 | GBP'000 |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| Fee and commission income | 3 | 3,480 | 3,769 |
+--------------------------------------------+--------+---------+-----------+
| Fee and commission expenses | 3 | (863) | (913) |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| Net fee and commission income | | 2,617 | 2,856 |
+--------------------------------------------+--------+---------+-----------+
| Other income | 3 | 154 | 200 |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| TOTAL REVENUE | | 2,771 | 3,056 |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| Profit on disposal of available-for-sale | | - | 7 |
| investments | | | |
+--------------------------------------------+--------+---------+-----------+
| Impairment on available-for-sale | | (27) | - |
| investments | | | |
+--------------------------------------------+--------+---------+-----------+
| Loss on investments held for trading | | (107) | (88) |
+--------------------------------------------+--------+---------+-----------+
| Operating expenses | | (2,741) | (2,706) |
+--------------------------------------------+--------+---------+-----------+
| Write-down of goodwill | 12 | (145) | - |
+--------------------------------------------+--------+---------+-----------+
| Amortisation of intangibles | 13 | (45) | (96) |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| OPERATING (LOSS)/PROFIT | 6 | (294) | 173 |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| Investment revenue | | 52 | 36 |
+--------------------------------------------+--------+---------+-----------+
| Finance income | 7 | 109 | 228 |
+--------------------------------------------+--------+---------+-----------+
| Finance costs | 8 | (6) | (4) |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| (LOSS)/PROFIT ON ORDINARY ACTIVITIES | | (139) | 433 |
| BEFORE TAXATION | | | |
+--------------------------------------------+--------+---------+-----------+
| Taxation | 9 | (11) | (116) |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| (LOSS)/PROFIT ON ORDINARY ACTIVITIES AFTER | | (150) | 317 |
| TAXATION | | | |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| (LOSS)/PROFIT ATTRIBUTABLE TO EQUITY | | (150) | 317 |
| SHAREHOLDERS | | | |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| BASIC (LOSSES)/EARNINGS PER SHARE | 11 | (1.8)p | 3.8p |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
| DILUTED (LOSSES)/EARNINGS PER SHARE | 11 | (1.8)p | 3.8p |
+--------------------------------------------+--------+---------+-----------+
| | | | |
+--------------------------------------------+--------+---------+-----------+
Group Balance Sheet
31 May 2009
+---------------------------------------------+--------+-----------+------------+
| | | 2009 | 2008 |
+---------------------------------------------+--------+-----------+------------+
| | Notes | GBP'000 | GBP'000 |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| ASSETS | | | |
+---------------------------------------------+--------+-----------+------------+
| NON-CURRENT ASSETS | | | |
+---------------------------------------------+--------+-----------+------------+
| Goodwill | 12 | 380 | 375 |
+---------------------------------------------+--------+-----------+------------+
| Other intangible assets | 13 | - | 45 |
+---------------------------------------------+--------+-----------+------------+
| Property, plant and equipment | 14 | 75 | 106 |
+---------------------------------------------+--------+-----------+------------+
| Available-for-sale investments | 16 | 1,233 | 1,437 |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| TOTAL NON-CURRENT ASSETS | | 1,688 | 1,963 |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| CURRENT ASSETS | | | |
+---------------------------------------------+--------+-----------+------------+
| Trade and other receivables | 17 | 10,664 | 8,584 |
+---------------------------------------------+--------+-----------+------------+
| Investments held for trading | 18 | 187 | 353 |
+---------------------------------------------+--------+-----------+------------+
| Cash and cash equivalents | 19 | 3,143 | 3,786 |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| TOTAL CURRENT ASSETS | | 13,994 | 12,723 |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| TOTAL ASSETS | | 15,682 | 14,686 |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| LIABILITIES | | | |
+---------------------------------------------+--------+-----------+------------+
| CURRENT LIABILITIES | | | |
+---------------------------------------------+--------+-----------+------------+
| Trade and other payables | 20 | 10,836 | 9,009 |
+---------------------------------------------+--------+-----------+------------+
| Current tax liabilities | | 22 | 113 |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| TOTAL CURRENT LIABILITIES | | 10,858 | 9,122 |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| NON-CURRENT LIABILITIES | | | |
+---------------------------------------------+--------+-----------+------------+
| Deferred tax liabilities | 21 | 257 | 312 |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| TOTAL NON-CURRENT LIABILITIES | | 257 | 312 |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| TOTAL LIABILITIES | | 11,115 | 9,434 |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| EQUITY | | | |
+---------------------------------------------+--------+-----------+------------+
| Share capital | 22 | 2,109 | 2,087 |
+---------------------------------------------+--------+-----------+------------+
| Share premium | 23 | 1,216 | 1,187 |
+---------------------------------------------+--------+-----------+------------+
| Revaluation reserve | 23 | 722 | 850 |
+---------------------------------------------+--------+-----------+------------+
| Retained earnings | 23 | 520 | 1,128 |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| SHAREHOLDERS' EQUITY | | 4,567 | 5,252 |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
| TOTAL EQUITY AND LIABILITIES | | 15,682 | 14,686 |
+---------------------------------------------+--------+-----------+------------+
| | | | |
+---------------------------------------------+--------+-----------+------------+
These financial statements were approved by the Board of Directors and
authorised for issue on 28 August 2009.
Signed on behalf of the Board of Directors
C F Harrison
Chairman and Chief Executive Officer
Parent Company Balance Sheet
31 May 2009
+--------------------+--------+---------+---------+
| | | 2009 | 2008 |
+--------------------+--------+---------+---------+
| | Notes | GBP'000 | GBP'000 |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| ASSETS | | | |
+--------------------+--------+---------+---------+
| NON-CURRENT | | | |
| ASSETS | | | |
+--------------------+--------+---------+---------+
| Goodwill | 12 | 230 | 375 |
+--------------------+--------+---------+---------+
| Other | 13 | - | 45 |
| intangible | | | |
| assets | | | |
+--------------------+--------+---------+---------+
| Property, | 14 | 75 | 106 |
| plant and | | | |
| equipment | | | |
+--------------------+--------+---------+---------+
| Investments | 15 | 705 | 432 |
| in | | | |
| subsidiary | | | |
| undertakings | | | |
+--------------------+--------+---------+---------+
| Available-for-sale | 16 | 1,233 | 1,437 |
| investments | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| TOTAL | | 2,243 | 2,395 |
| NON-CURRENT | | | |
| ASSETS | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| CURRENT | | | |
| ASSETS | | | |
+--------------------+--------+---------+---------+
| Trade | 17 | 10,661 | 8,584 |
| and | | | |
| other | | | |
| receivables | | | |
+--------------------+--------+---------+---------+
| Investments | 18 | 187 | 353 |
| held for | | | |
| trading | | | |
+--------------------+--------+---------+---------+
| Cash | 19 | 3,087 | 3,786 |
| and | | | |
| cash | | | |
| equivalents | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| TOTAL | | 13,935 | 12,723 |
| CURRENT | | | |
| ASSETS | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| TOTAL | | 16,178 | 15,118 |
| ASSETS | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| LIABILITIES | | | |
+--------------------+--------+---------+---------+
| CURRENT | | | |
| LIABILITIES | | | |
+--------------------+--------+---------+---------+
| Trade | 20 | 11,395 | 9,494 |
| and | | | |
| other | | | |
| payables | | | |
+--------------------+--------+---------+---------+
| Current | | 12 | 113 |
| tax | | | |
| liabilities | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| TOTAL | | 11,407 | 9,607 |
| CURRENT | | | |
| LIABILITIES | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| NON-CURRENT | | | |
| LIABILITIES | | | |
+--------------------+--------+---------+---------+
| Deferred | 21 | 257 | 312 |
| tax | | | |
| liabilities | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| TOTAL | | 257 | 312 |
| NON-CURRENT | | | |
| LIABILITIES | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| TOTAL | | 11,664 | 9,919 |
| LIABILITIES | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| EQUITY | | | |
+--------------------+--------+---------+---------+
| Share | 22 | 2,109 | 2,087 |
| capital | | | |
+--------------------+--------+---------+---------+
| Share | 23 | 1,216 | 1,187 |
| premium | | | |
+--------------------+--------+---------+---------+
| Revaluation | 23 | 722 | 850 |
| reserve | | | |
+--------------------+--------+---------+---------+
| Retained | 23 | 467 | 1,075 |
| earnings | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| SHAREHOLDERS' | | 4,514 | 5,199 |
| EQUITY | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
| TOTAL | | 16,178 | 15,118 |
| EQUITY | | | |
| AND | | | |
| LIABILITIES | | | |
+--------------------+--------+---------+---------+
| | | | |
+--------------------+--------+---------+---------+
These financial statements were approved by the Board of Directors and
authorised for issue on 28 August 2009.
Signed on behalf of the Board of Directors
C F Harrison
Chairman and Chief Executive Officer
Group and Parent Company Cash Flow Statement
For the year ended 31 May 2009
+--------------------+--------+---------+---------+---------+---------+
| | | 2009 | 2008 |
+--------------------+--------+-------------------+-------------------+
| | | Group | Company | Group | Company |
+--------------------+--------+---------+---------+---------+---------+
| | Notes | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------+--------+---------+---------+---------+---------+
| | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| NET | 24 | (320) | (216) | (304) | (304) |
| CASH | | | | | |
| USED | | | | | |
| IN | | | | | |
| OPERATING | | | | | |
| ACTIVITIES | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| INVESTING | | | | | |
| ACTIVITIES | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| Interest | | 109 | 109 | 228 | 228 |
| received | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| Investment | | 52 | 52 | 37 | 37 |
| income | | | | | |
| received | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| Proceeds | | - | - | 65 | 65 |
| on | | | | | |
| disposal | | | | | |
| of | | | | | |
| available-for-sale | | | | | |
| investments | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| Purchases | | - | - | (192) | (192) |
| of | | | | | |
| available-for-sale | | | | | |
| investments | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| Purchases | | (25) | (25) | (11) | (11) |
| of | | | | | |
| property, | | | | | |
| plant and | | | | | |
| equipment | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| Payments | 15 | (160) | (160) | - | - |
| to | | | | | |
| acquire | | | | | |
| subsidiary | | | | | |
| undertaking | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| Cash | 15 | 160 | - | - | - |
| acquired | | | | | |
| with | | | | | |
| subsidiary | | | | | |
| undertaking | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| NET | | 136 | (24) | 127 | 127 |
| CASH | | | | | |
| GENERATED | | | | | |
| FROM/(USED | | | | | |
| IN) | | | | | |
| INVESTING | | | | | |
| ACTIVITIES | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| FINANCING | | | | | |
| ACTIVITIES | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| Proceeds | | - | - | 11 | 11 |
| from | | | | | |
| issue of | | | | | |
| ordinary | | | | | |
| share | | | | | |
| capital | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| Dividends | | (459) | (459) | (459) | (459) |
| paid | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| NET | | (459) | (459) | (448) | (448) |
| CASH | | | | | |
| USED | | | | | |
| IN | | | | | |
| FINANCING | | | | | |
| ACTIVITIES | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| Net | | (643) | (699) | (625) | (625) |
| decrease | | | | | |
| in cash | | | | | |
| and cash | | | | | |
| equivalents | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| Cash | | 3,786 | 3,786 | 4,411 | 4,411 |
| and | | | | | |
| cash | | | | | |
| equivalents | | | | | |
| at | | | | | |
| beginning | | | | | |
| of year | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| CASH | | 3,143 | 3,087 | 3,786 | 3,786 |
| AND | | | | | |
| CASH | | | | | |
| EQUIVALENTS | | | | | |
| AT END OF | | | | | |
| YEAR | | | | | |
+--------------------+--------+---------+---------+---------+---------+
| | | | | | |
+--------------------+--------+---------+---------+---------+---------+
Group Statement of Recognised Income and Expense
For the year ended 31 May 2009
+--------------------+---------+---------+
| | 2009 | 2008 |
+--------------------+---------+---------+
| | GBP'000 | GBP'000 |
+--------------------+---------+---------+
| | | |
+--------------------+---------+---------+
| | | |
+--------------------+---------+---------+
| (Losses)/gains | (178) | 762 |
| on revaluation | | |
| of | | |
| available-for-sale | | |
| investments taken | | |
| to equity | | |
+--------------------+---------+---------+
| Deferred | 50 | (198) |
| tax on | | |
| revaluation | | |
| of | | |
| available-for-sale | | |
| investments | | |
+--------------------+---------+---------+
| | | |
+--------------------+---------+---------+
| | | |
+--------------------+---------+---------+
| (LOSS)/INCOME | (128) | 564 |
| RECOGNISED | | |
| DIRECTLY IN | | |
| EQUITY | | |
| TRANSFERS | | |
+--------------------+---------+---------+
| | | |
+--------------------+---------+---------+
| (LOSS)/PROFIT | (150) | 317 |
| FOR THE YEAR | | |
+--------------------+---------+---------+
| | | |
+--------------------+---------+---------+
| | | |
+--------------------+---------+---------+
| TOTAL | (278) | 881 |
| RECOGNISED | | |
| INCOME AND | | |
| EXPENSE | | |
| FOR THE | | |
| YEAR | | |
+--------------------+---------+---------+
| | | |
+--------------------+---------+---------+
| | | |
+--------------------+---------+---------+
| ATTRIBUTABLE | (278) | 881 |
| TO EQUITY | | |
| SHAREHOLDERS | | |
+--------------------+---------+---------+
| | | |
+--------------------+---------+---------+
Notes to the Accounts
For the year ended 31 May 2009
1. Accounting policies
Adoption of new and revised standards
Recent accounting developments
The following standards and interpretations issued by the International
Accounting Standards Board (IASB) and IFRIC have been adopted in these financial
statements.
+----+--------------------------------------------------------------------+
| - | IFRIC12 Service Concession Arrangements |
+----+--------------------------------------------------------------------+
| | |
+----+--------------------------------------------------------------------+
| - | IFRIC14 IAS19 - The Limit on a Defined Benefit Asset, Minimum |
| | Funding requirements and their Interaction |
+----+--------------------------------------------------------------------+
IFRIC12 has no impact on the financial statements of the Company or the Group.
The adoption of IFRIC14 has not had a material impact on the financial
statements of the Company or the Group.
The following standards, amendments and interpretations have been issued by the
IASB and IFRIC subject to EU endorsement in some cases, which does not impact on
these financial statements.
IFRS various Annual improvements 2008
IFRS1, IAS27 Cost of an investment in subsidiary, jointly controlled entity or
associate
IFRS2 Share-based Payment - Amendment relating to vesting conditions and
cancellations
IFRS3 Business Combinations - Comprehensive revision on applying the acquisition
method
IFRS8 Operating Segments
IAS1 Presentation of Financial Statements - Comprehensive revision including
requiring a statement of comprehensive income and amendments relating to
disclosure of puttable instruments and obligations arising on liquidation
IAS23 Borrowing Costs - Comprehensive revision to prescribed treatment
IAS27 Consolidated and Separate Financial Statements - Consequential amendments
arising from amendments to IFRS3
IAS28 Investments in Associates - Consequential amendments arising from
amendments to IFRS3
IAS31 Interests in Joint Ventures - Consequential amendments arising from
amendments to IFRS3
IAS32 Financial Instruments: Presentation - Amendments relating to puttable
instruments and obligations arising on liquidation
IAS38 Intangible Assets - Accounting for advertising and promotional costs
IAS39 IFRS7 Financial Instruments: Recognition and measurement - amendments for
eligible hedged items
IFRIC11, IFRS2 Group and treasury share transactions
IFRIC13 Customer Loyalty Programmes
IFRIC15 Agreements for the construction of real estate
IFRIC16 Hedges of a net investment in a foreign operation
IFRIC17 Distribution of non-cash assets to owners
IFRIC18 Transfer of assets from customers
The impact on the Group's financial statements of the future standards,
amendments and interpretations is still under review, but the Group does not
currently expect any of these changes to have a material impact on the results
or the net assets of the Company or the Group.
(a) Basis of preparation
These financial statements have been prepared in accordance with the
requirements of IFRS implemented by the Group for the year ended 31 May 2008 as
adopted by the European Union and International Financial Reporting
Interpretations Committee and with the Companies Act 2006. The Group financial
statements have been prepared under the historical cost convention, with the
exception of financial instruments, which are stated in accordance with IAS 39
Financial Instruments: recognition and measurement. The principal accounting
policies are set out below.
(b) Going concern basis
The Group's activities, together with the factors likely to affect its future
development, performance and position are set out in the Directors' Report. It
also includes the Group's objectives, policies and processes for managing its
business risk objectives, which includes its exposure to credit, market and
operational risks. The Group continues to hold a substantial cash resource.
After making enquiries, the Directors have formed a judgement, at the time of
approving the financial statements, that there is a reasonable expectation that
the Group has adequate resources to continue in operational existence for the
foreseeable future. For this reason the Directors continue to adopt the going
concern basis in preparing the financial statements.
(c) Basis of consolidation
The Group financial statements incorporate the financial statements of the
Company and entities controlled by the Company (its subsidiaries) made up to 31
May each year. Control is achieved where the Company has the power to govern the
financial and operating policies of an investee entity so as to obtain benefit
from its activities. The results of subsidiaries acquired during the year are
included in the Group income statement from the effective date of acquisition as
appropriate. Where necessary adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used in line with those used by
the Group. All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
(d) Revenue recognition
The Group follows the principles of IAS 18, 'Revenue Recognition', in
determining appropriate revenue recognition policies. In principle, therefore,
revenue is recognised to the extent that the economic benefits associated with
the transaction will flow into the Group.
Stockbroking: Revenue comprises commission and other fees and is recognised when
receivable in accordance with the trade date of the underlying transaction.
Corporate Finance: Revenue comprises the value of services supplied by the
Group, exclusive of value added tax and retainer fees which are recognised over
the length of time of the agreement.
Other income includes dividend income on available-for-sale investments,
recognised when an unconditional right to receive the income has been
established.
(e) Business combinations
The acquisition of subsidiaries is accounted for using the purchase method. The
cost of acquisition is measured as the aggregate of the fair values, at the date
of exchange, of the assets given, liabilities incurred or assumed, and equity
instruments issued by the Group in exchange for control of the acquiree, plus
any costs directly attributable to the business combination. The acquiree's
identifiable assets, liabilities and contingent liabilities that meet the
conditions for recognition under IFRS 3 are recognised at their fair value at
the acquisition date. As permitted by IFRS 1, the Group has chosen not to
restate, under IFRS, business combinations that took place prior to 1 June 2006
the date of transition to IFRS.
(f) Goodwill
Goodwill arising on consolidation represents the excess of the cost of
acquisition over the Group's interest in the fair value of the identifiable
assets and liabilities of a subsidiary, associate or jointly controlled entity
at the date of acquisition. Goodwill is initially recognised as an asset at cost
and is subsequently measured at cost less any impairment. Goodwill which is
recognised as an asset is reviewed for impairment at least annually. Any
impairment is recognised immediately and is not subsequently reversed.
For the purpose of impairment testing, goodwill is allocated to each of the
Group's cash-generating units expected to benefit from the synergies of the
combination. Cash-generating units to which goodwill has been allocated are
tested for impairment annually, or more frequently where there is an indication
that the unit may be impaired. If the recoverable amount of the cash-generating
unit is less than the carrying value of the unit, the impairment loss is
allocated first to reduce the carrying amount of any goodwill allocated to the
unit and then to the other assets of the unit pro rata on the basis of the
carrying value of each asset in the unit. An impairment loss recognised for
goodwill is not reversed in a subsequent period.
On disposal of a subsidiary, associate or jointly controlled entity, the
attributable amount of goodwill is included in the determination of the profit
or loss on disposal. Goodwill arising on acquisitions before the date of
transition to IFRSs has been retained at the previous UK GAAP amounts subject to
being tested for impairment at that date.
(g) Property, plant and equipment
All property, plant and equipment are shown at cost less subsequent depreciation
and impairment. Cost includes expenditure that is directly attributable to the
acquisition of items. Depreciation is charged so as to write off the cost or
valuation of assets over their useful economic lives, using the straight line
method, which is considered to be as follows:
+-------------------+-----+-------------------------------------------------+
| Office | - | 5 years |
| refurbishment | | |
+-------------------+-----+-------------------------------------------------+
| | | |
+-------------------+-----+-------------------------------------------------+
| Office furniture | - | 4 years |
| and fittings | | |
+-------------------+-----+-------------------------------------------------+
| | | |
+-------------------+-----+-------------------------------------------------+
| Computer | - | 3 years |
| equipment | | |
+-------------------+-----+-------------------------------------------------+
The assets' residual values and useful lives are reviewed, and if appropriate
asset values are written down to their estimated recoverable amounts, at each
balance sheet date. Gains and losses on disposals are determined by comparing
proceeds with the carrying amounts, and are included in the income statement.
(h) Impairment of intangible assets
The Group's policy is to amortise the intangible assets over the life of the
contract.
At each balance sheet date, the Group reviews the carrying amounts of its
intangible assets to determine whether there is any indication that those assets
have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). Where the asset does not generate cash flows that are
independent from other assets, the Group estimates the recoverable amount of the
cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell 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 which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to
be less than its carrying amount, the carrying amount of the asset
(cash-generating unit) is reduced to its recoverable amount. An impairment loss
is recognised as an expense immediately.
(i) Available-for-sale investments
Investments previously classified as fixed asset investments under UK GAAP were
re-classified as available-for-sale investments under IFRS and initially
recognised at fair value. Subsequent available-for-sale investments are
recognised and derecognised on a trade date where a purchase or sale of an
investment is effected under a contract whose terms require delivery of the
investment within the timeframe established by the market concerned, and are
initially measured at cost.
At subsequent reporting dates, available-for-sale investments are measured at
fair value. Gains or losses arising from changes in fair value are recognised
directly in equity, until the security is disposed of or is determined to be
impaired, at which time the cumulative gain or loss previously recognised in
equity is included in the net profit or loss for the period. Impairment losses
recognised in profit or loss are not subsequently reversed through profit or
loss.
The fair values of available-for-sale investments quoted in active markets are
determined by reference to the current quoted bid price. Where independent
market prices are not available, fair values may be determined using valuation
techniques with reference to observable market data. See note 2.
(j) Trade and other receivables
Trade and other receivables are measured at initial recognition at fair value,
and are subsequently measured at amortised cost using the effective interest
rate method. Appropriate allowances for estimated irrecoverable amounts are
recognised in profit or loss when there is objective evidence that the asset is
impaired. The allowance recognised is measured as the difference between the
asset's carrying amount and the present value of estimated future cash flows
discounted at the effective interest rate computed at initial recognition.
(k) Investments held for trading
Investments held for trading, which from time to time may include derivatives,
including traded options and warrants traded on an exchange, are measured at
market value.
(l) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, and other
short-term highly liquid investments that are readily convertible to known
amounts of cash and are subject to insignificant risk of changes in value. Such
investments are normally those with original maturities of three months or less.
(m) Client money
The Company holds money on behalf of clients in accordance with the Client Money
Rules of the Financial Services Authority. With the exception of money arising
in the course of clients' transactions, as disclosed in note 19, such monies and
the corresponding liability to clients are not shown on the face of the balance
sheet as the Company has no beneficial entitlement thereto. The amount so held
on behalf of clients at the year end is stated in note 27.
(n) Trade and other payables
Trade and other payables are recognised initially at fair value, which is the
agreed market price at the time goods or services are provided. The Group
accrues for all goods and services consumed but as yet unbilled at amounts
representing management's best estimate of fair value.
(o) Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received,
net of direct issue costs.
(p) Dividends
Equity dividends are recognised when paid.
(q) Share-based payments
Where share options are awarded to employees, the fair value of the options at
the date of grant is charged to the income statement over the vesting period.
Non-market vesting conditions are taken into account by adjusting the number of
equity instruments expected to vest at each balance sheet date so that,
ultimately, the cumulative amount recognised over the vesting period is based on
the number of options that eventually vest. Market vesting conditions are
factored into the fair value of the options granted. As long as all other
vesting conditions are satisfied, a charge is made irrespective of whether the
market vesting conditions are satisfied. The cumulative expense is not adjusted
for failure to achieve a market vesting condition.
When the terms and conditions of options are modified before they vest, the
increase in the fair value of the options, measured immediately before and after
the modification, is also charged to the income statement over the remaining
vesting period.
Where equity instruments are granted to persons other than employees, the income
statement is charged with the fair value of the goods and services received.
There has been no material share options charge to the income statement to date
and therefore no disclosure appears in these financial statements.
(r) Taxation
The tax expense represents the sum of the tax currently payable and the deferred
tax.
The tax currently payable is based on taxable profit for the year. Taxable
profit differs from net profit as reported in the income statement because it
excludes items of income or expense that are taxable or deductible in other
years and it further excludes items that are never taxable or deductible. The
Group's liability for current tax is calculated using tax rates that have been
enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the balance sheet liability method. Deferred
tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary differences
can be utilised. Such assets and liabilities are not recognised if the temporary
difference arises from the initial recognition of goodwill or from the initial
recognition (other than in a business combination) of other assets and
liabilities in a transaction that affects neither the tax profit nor the
accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences
arising on investments in subsidiaries and associates, except where the Group is
able to control the reversal of the temporary difference and it is probable that
the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be
recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised. Deferred tax is
charged or credited in the income statement, except when it relates to items
charged or credited directly to equity, in which case the deferred tax is also
dealt with in equity.
Deferred tax assets and liabilities are offset where there is a legally
enforceable right to set off current tax assets against current tax liabilities
and when they relate to income taxes levied by the same taxation authority and
the Group intends to settle its current tax assets and liabilities on a net
basis.
(s) Foreign currencies
The individual financial statements of each Group company are presented in the
currency of the primary economic environment in which it operates (its
functional currency). For the purpose of the Group financial statements, the
results and financial position of each group company are expressed in pounds
sterling, which is the functional currency of the Company, and the presentation
currency for the group financial statements.
In preparing the financial statements of the individual companies, transactions
in currencies other than the entity's functional currency (foreign currencies)
are recorded at the rates of exchange prevailing on the dates of the
transactions. At each balance sheet date, monetary assets and liabilities that
are denominated in foreign currencies are retranslated at the rates prevailing
on the balance sheet date. Non-monetary items carried at fair value that are
denominated in foreign currencies are translated at the rates prevailing at the
date when the fair value was determined. Non-monetary items that are measured in
terms of historical costs in a foreign currency are not retranslated.
Exchange differences arising on the settlement of monetary items, and on the
retranslation of monetary items, are included in profit or loss for the period.
Exchange differences arising on the retranslation of non-monetary items carried
at fair value are included in profit or loss for the period except for
differences arising on the retranslation of non-monetary items in respect of
which gains and losses are recognised directly in equity. For such non-monetary
items, any exchange component of that gain or loss is also recognised directly
in equity.
(t) Leases
Rentals payable under operating leases are charged to income on a straight-line
basis over the term of the relevant lease. Benefits received and receivable as
an incentive to enter into an operating lease are also spread on a straight-line
basis over the lease term.
2. Critical accounting judgements and key uncertainties of estimation
uncertainty
In the application of the Group's accounting policies, which are described in
note 1, the Directors are required to make judgements, estimates and assumptions
about the carrying amounts of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based
on historical experience and other factors that are considered to be relevant.
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.
Allowance for bad debts
The Group makes provision for the element of fees which it believes will not be
recovered from clients. This is based on past experience and detailed analysis
of the outstanding fees position particularly with regard to the value of
customers' portfolios relative to the fees owed.
Fair value of investments
The Group currently holds an investment in Euroclear Plc, which is held as an
available-for-sale financial asset and measured at fair value at the balance
sheet date. The Euroclear Plc shares do not trade in an active market, and
therefore fair value is calculated on the most recently published Euroclear Plc
financial statements based on earnings per share.
Impairment
The assets on the balance sheet are reviewed for any indications of impairment.
This is done with reference to the recoverability and market value of the assets
concerned but may involve an element of judgement or estimation in determining
whether there are any indications of impairment and if so, the extent of any
impairment loss.
3. Total Revenue
Total revenue comprises:
+----------------------------------------+-------------------------+---------------+
| | 2009 | 2008 |
+----------------------------------------+-------------------------+---------------+
| | GBP'000 | GBP'000 |
+----------------------------------------+-------------------------+---------------+
| | | |
+----------------------------------------+-------------------------+---------------+
| | | |
+----------------------------------------+-------------------------+---------------+
| Commission receivable | 3,121 | 3,248 |
+----------------------------------------+-------------------------+---------------+
| Corporate finance and advisory fees | 15 | 121 |
+----------------------------------------+-------------------------+---------------+
| Investment management fees | 344 | 400 |
+----------------------------------------+-------------------------+---------------+
| | | |
+----------------------------------------+-------------------------+---------------+
| | | |
+----------------------------------------+-------------------------+---------------+
| | 3,480 | 3,769 |
+----------------------------------------+-------------------------+---------------+
| | | |
+----------------------------------------+-------------------------+---------------+
| | | |
+----------------------------------------+-------------------------+---------------+
| Commission payable to associates | (818) | (886) |
+----------------------------------------+-------------------------+---------------+
| Commission payable to third parties | (45) | (27) |
+----------------------------------------+-------------------------+---------------+
| | | |
+----------------------------------------+-------------------------+---------------+
| | | |
+----------------------------------------+-------------------------+---------------+
| | (863) | (913) |
+----------------------------------------+-------------------------+---------------+
| | | |
+----------------------------------------+-------------------------+---------------+
| | | |
+----------------------------------------+-------------------------+---------------+
| | 2,617 | 2,856 |
+----------------------------------------+-------------------------+---------------+
| Other income | 154 | 200 |
+----------------------------------------+-------------------------+---------------+
| | | |
+----------------------------------------+-------------------------+---------------+
| | | |
+----------------------------------------+-------------------------+---------------+
| | 2,771 | 3,056 |
+----------------------------------------+-------------------------+---------------+
| | | |
+----------------------------------------+-------------------------+---------------+
All revenue in the current and prior year is generated in the UK and derives
solely from the provision of financial services.
4. Staff Costs
The average number of employees, including Directors, employed by the company
within each category of persons was:
+----------------------------------------------+------------+-------------+
| | 2009 | 2008 |
+----------------------------------------------+------------+-------------+
| | No. | No. |
+----------------------------------------------+------------+-------------+
| | | |
+----------------------------------------------+------------+-------------+
| | | |
+----------------------------------------------+------------+-------------+
| Dealing and sales | 7 | 8 |
+----------------------------------------------+------------+-------------+
| Settlement | 9 | 9 |
+----------------------------------------------+------------+-------------+
| Administration | 8 | 8 |
+----------------------------------------------+------------+-------------+
| | | |
+----------------------------------------------+------------+-------------+
| | | |
+----------------------------------------------+------------+-------------+
| | 24 | 25 |
+----------------------------------------------+------------+-------------+
| | | |
+----------------------------------------------+------------+-------------+
| | | |
+----------------------------------------------+------------+-------------+
| Employees', including Directors', costs | | |
| comprise: | | |
+----------------------------------------------+------------+-------------+
| | | |
+----------------------------------------------+------------+-------------+
| | 2009 | 2008 |
+----------------------------------------------+------------+-------------+
| | GBP'000 | GBP'000 |
+----------------------------------------------+------------+-------------+
| | | |
+----------------------------------------------+------------+-------------+
| | | |
+----------------------------------------------+------------+-------------+
| Wages, salaries and other staff costs | 1,198 | 1,317 |
+----------------------------------------------+------------+-------------+
| Social security costs | 135 | 152 |
+----------------------------------------------+------------+-------------+
| | | |
+----------------------------------------------+------------+-------------+
| | | |
+----------------------------------------------+------------+-------------+
| | 1,333 | 1,469 |
+----------------------------------------------+------------+-------------+
| | | |
+----------------------------------------------+------------+-------------+
5. Directors
(a) Directors' emoluments comprise:
+-----------------------------------------------+------------+-------------+
| | 2009 | 2008 |
+-----------------------------------------------+------------+-------------+
| | GBP'000 | GBP'000 |
+-----------------------------------------------+------------+-------------+
| | | |
+-----------------------------------------------+------------+-------------+
| | | |
+-----------------------------------------------+------------+-------------+
| Emoluments | 547 | 673 |
+-----------------------------------------------+------------+-------------+
| | | |
+-----------------------------------------------+------------+-------------+
| | | |
+-----------------------------------------------+------------+-------------+
| Highest paid director's remuneration: | | |
+-----------------------------------------------+------------+-------------+
| Emoluments | 136 | 131 |
+-----------------------------------------------+------------+-------------+
| | | |
+-----------------------------------------------+------------+-------------+
Information regarding Directors' share options is shown under Directors'
Interests in the Directors' Report.
The emoluments of the Directors for the current and previous year are as
follows:
+-------------------+-------------+-----------+---------+------------+----------+---------+
| | | Bonus | | | | |
+-------------------+-------------+-----------+---------+------------+----------+---------+
| | Gross | relating | | | | |
| | | to | | | | |
+-------------------+-------------+-----------+---------+------------+----------+---------+
| | salary | 2007/2008 | Fees | Commission | Benefits | Total |
+-------------------+-------------+-----------+---------+------------+----------+---------+
| 31 May 2009 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------+-------------+-----------+---------+------------+----------+---------+
| | | | | | | |
+-------------------+-------------+-----------+---------+------------+----------+---------+
| | | | | | | |
+-------------------+-------------+-----------+---------+------------+----------+---------+
| M J Allen (i) | - | - | 13 | - | - | 13 |
+-------------------+-------------+-----------+---------+------------+----------+---------+
| A J Andrews | 81 | 10 | - | - | 1 | 92 |
+-------------------+-------------+-----------+---------+------------+----------+---------+
| C F Harrison | 106 | - | - | - | 30 | 136 |
+-------------------+-------------+-----------+---------+------------+----------+---------+
| J P Q Harrison | 71 | 4 | - | - | 1 | 76 |
+-------------------+-------------+-----------+---------+------------+----------+---------+
| F G Luchini | 99 | 4 | - | - | 2 | 105 |
+-------------------+-------------+-----------+---------+------------+----------+---------+
| A D Meech | 68 | 3 | - | 22 | 2 | 95 |
+-------------------+-------------+-----------+---------+------------+----------+---------+
| S J Cockburn | - | - | 15 | - | - | 15 |
+-------------------+-------------+-----------+---------+------------+----------+---------+
| M H W Perrin | - | - | 15 | - | - | 15 |
+-------------------+-------------+-----------+---------+------------+----------+---------+
| | | | | | | |
+-------------------+-------------+-----------+---------+------------+----------+---------+
| | | | | | | |
+-------------------+-------------+-----------+---------+------------+----------+---------+
| | 425 | 21 | 43 | 22 | 36 | 547 |
+-------------------+-------------+-----------+---------+------------+----------+---------+
| | | | | | | |
+-------------------+-------------+-----------+---------+------------+----------+---------+
(i) Resigned 1 November 2008.
No directors' bonuses have been awarded in respect of the year to 31 May 2009.
Bonuses included in the table above were awarded in the prior year, to 31 May
2008 and were accrued for in that year, but paid in the year to 31 May 09.
+--------------------+---------+-----------+---------+------------+----------+---------+
| | | Bonus | | | | |
+--------------------+---------+-----------+---------+------------+----------+---------+
| | Gross | relating | | | | |
| | | to | | | | |
+--------------------+---------+-----------+---------+------------+----------+---------+
| | salary | 2006/2007 | Fees | Commission | Benefits | Total |
+--------------------+---------+-----------+---------+------------+----------+---------+
| 31 May 2008 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------+---------+-----------+---------+------------+----------+---------+
| | | | | | | |
+--------------------+---------+-----------+---------+------------+----------+---------+
| | | | | | | |
+--------------------+---------+-----------+---------+------------+----------+---------+
| M J Allen (i) | - | - | 31 | - | - | 31 |
+--------------------+---------+-----------+---------+------------+----------+---------+
| A J Andrews | 89 | 20 | - | - | 1 | 110 |
+--------------------+---------+-----------+---------+------------+----------+---------+
| B A F Harris (ii) | 90 | 5 | - | - | - | 95 |
+--------------------+---------+-----------+---------+------------+----------+---------+
| C F Harrison | 78 | 20 | - | - | 33 | 131 |
+--------------------+---------+-----------+---------+------------+----------+---------+
| J P Q Harrison | 67 | 5 | - | - | 1 | 73 |
+--------------------+---------+-----------+---------+------------+----------+---------+
| F G Luchini | 96 | 5 | - | - | 2 | 103 |
+--------------------+---------+-----------+---------+------------+----------+---------+
| A D Meech | 66 | 5 | - | 26 | 3 | 100 |
+--------------------+---------+-----------+---------+------------+----------+---------+
| S J Cockburn | - | - | 15 | - | - | 15 |
+--------------------+---------+-----------+---------+------------+----------+---------+
| M H W Perrin | - | - | 15 | - | - | 15 |
+--------------------+---------+-----------+---------+------------+----------+---------+
| | | | | | | |
+--------------------+---------+-----------+---------+------------+----------+---------+
| | | | | | | |
+--------------------+---------+-----------+---------+------------+----------+---------+
| | 486 | 60 | 61 | 26 | 40 | 673 |
+--------------------+---------+-----------+---------+------------+----------+---------+
| | | | | | | |
+--------------------+---------+-----------+---------+------------+----------+---------+
| | | | | | | |
+--------------------+---------+-----------+---------+------------+----------+---------+
(i) Resigned 1 November 2008 (ii) Resigned 31 March 2008
(b) Directors' balances
The Directors' trading balances have been included within trade receivables and
payables and Directors' current account balances are included in other payables.
6. Operating (loss)/profit
+---------------+---------+---------+
| | 2009 | 2008 |
+---------------+---------+---------+
| | GBP'000 | GBP'000 |
+---------------+---------+---------+
| | | |
+---------------+---------+---------+
| | | |
+---------------+---------+---------+
| The | | |
| operating | | |
| (loss)/profit | | |
| is arrived at | | |
| after | | |
| charging: | | |
+---------------+---------+---------+
| Auditors' | 60 | 58 |
| remuneration | | |
| for the | | |
| audit | | |
+---------------+---------+---------+
| Other | 5 | 5 |
| fees | | |
| payable | | |
| to | | |
| auditors | | |
| - | | |
| Interim | | |
| review | | |
+---------------+---------+---------+
| | 3 | 14 |
| - Tax | | |
| compliance | | |
+---------------+---------+---------+
| | - | 5 |
| - PAYE | | |
| advice | | |
+---------------+---------+---------+
| | - | 7 |
| - VAT | | |
| advice | | |
+---------------+---------+---------+
| Net | 13 | 2 |
| foreign | | |
| exchange | | |
| losses | | |
+---------------+---------+---------+
| Depreciation | 56 | 57 |
| of property, | | |
| plant and | | |
| equipment | | |
+---------------+---------+---------+
| Impairment | 145 | - |
| of | | |
| goodwill | | |
+---------------+---------+---------+
| Amortisation | 45 | 96 |
| of | | |
| intangible | | |
| assets | | |
+---------------+---------+---------+
| Operating | 189 | 171 |
| lease | | |
| rentals - | | |
| Land and | | |
| buildings | | |
+---------------+---------+---------+
| | 5 | 5 |
| - | | |
| Other | | |
+---------------+---------+---------+
| | | |
+---------------+---------+---------+
| | | |
+---------------+---------+---------+
The loss for the financial year dealt with in the financial statements of the
parent Company was GBP150,000 (2008 -profit GBP317,000) before dividend.
As permitted by Section 408 of the Companies Act 2006, no separate income
statement is presented in respect of the parent Company.
7. Finance income
+-------------+---------+---------+
| | 2009 | 2008 |
+-------------+---------+---------+
| | GBP'000 | GBP'000 |
+-------------+---------+---------+
| | | |
+-------------+---------+---------+
| | | |
+-------------+---------+---------+
| Interest | | |
| receivable: | | |
+-------------+---------+---------+
| Banks | 109 | 228 |
+-------------+---------+---------+
| | | |
+-------------+---------+---------+
| | | |
+-------------+---------+---------+
| | 109 | 228 |
+-------------+---------+---------+
| | | |
+-------------+---------+---------+
| | | |
+-------------+---------+---------+
8. Finance costs
+------------+---------+---------+
| | 2009 | 2008 |
+------------+---------+---------+
| | GBP'000 | GBP'000 |
+------------+---------+---------+
| | | |
+------------+---------+---------+
| | | |
+------------+---------+---------+
| Interest | | |
| payable: | | |
+------------+---------+---------+
| Bank | 6 | 4 |
| loans, | | |
| overdrafts | | |
| and other | | |
| interest | | |
| payable | | |
+------------+---------+---------+
| | | |
+------------+---------+---------+
| | | |
+------------+---------+---------+
9. Tax
Analysis of tax charge on ordinary activities:
+------------+---------+---------+
| | 2009 | 2008 |
+------------+---------+---------+
| | GBP'000 | GBP'000 |
+------------+---------+---------+
| | | |
+------------+---------+---------+
| | | |
+------------+---------+---------+
| Current | | |
| tax | | |
+------------+---------+---------+
| Current | 12 | 115 |
| year | | |
+------------+---------+---------+
| Prior | 4 | 5 |
| year | | |
| adjustment | | |
+------------+---------+---------+
| | | |
+------------+---------+---------+
| | | |
+------------+---------+---------+
| | 16 | 120 |
+------------+---------+---------+
| Deferred | | |
| tax | | |
+------------+---------+---------+
| Current | (5) | (4) |
| year | | |
+------------+---------+---------+
| | | |
+------------+---------+---------+
| | | |
+------------+---------+---------+
| Total | 11 | 116 |
| tax | | |
| charge | | |
| (to | | |
| income | | |
| statement) | | |
+------------+---------+---------+
| | | |
+------------+---------+---------+
| | | |
+------------+---------+---------+
Factors affecting the tax charge for the year
The standard rate of tax for the year, based on the United Kingdom standard rate
of corporation tax, is 28% (2008 - 28%).
The charge for the year can be reconciled to the profit per the income statement
as follows:
+--------+--------------------------------------------------------+---------+---------+
| | 2009 | 2008 |
+-----------------------------------------------------------------+---------+---------+
| | GBP'000 | GBP'000 |
+-----------------------------------------------------------------+---------+---------+
| | | |
+--------+------------------------------------------------------------------+---------+
| | | |
+--------+------------------------------------------------------------------+---------+
| (Loss)/profit before tax | (139) | 433 |
+-----------------------------------------------------------------+---------+---------+
| | | |
+--------+------------------------------------------------------------------+---------+
| | | |
+--------+------------------------------------------------------------------+---------+
| (Credit)/charge on (loss)/profit on ordinary activities at | (39) | 121 |
| standard rate | | |
+-----------------------------------------------------------------+---------+---------+
| Effect of: | | |
+-----------------------------------------------------------------+---------+---------+
| Expenses not deductible in determining taxable profit | 18 | 10 |
+-----------------------------------------------------------------+---------+---------+
| Non taxable income | (9) | - |
+-----------------------------------------------------------------+---------+---------+
| Effect of tax rate change | - | 8 |
+-----------------------------------------------------------------+---------+---------+
| Double tax relief | (1) | (4) |
+-----------------------------------------------------------------+---------+---------+
| Amortisation of goodwill | 41 | - |
+-----------------------------------------------------------------+---------+---------+
| Small company relief | (3) | (24) |
+-----------------------------------------------------------------+---------+---------+
| Adjustment to tax charge in respect of prior years | 4 | 5 |
+-----------------------------------------------------------------+---------+---------+
| | | |
+--------+------------------------------------------------------------------+---------+
| | | |
+--------+------------------------------------------------------------------+---------+
| | 11 | 116 |
+-----------------------------------------------------------------+---------+---------+
| | | |
+--------+------------------------------------------------------------------+---------+
| | | |
+--------+--------------------------------------------------------+---------+---------+
10. Dividends paid
+--------+---------------------+---------------------+---------------------+---------+
| | 2009 | 2008 |
+------------------------------+-------------------------------------------+---------+
| | GBP'000 | GBP'000 |
+------------------------------+-------------------------------------------+---------+
| | | |
+--------+-------------------------------------------+-------------------------------+
| | | |
+--------+-------------------------------------------+-------------------------------+
| Second interim dividend paid | 249 | 249 |
| in 2008/09 for the year | | |
| 2007/08 | | |
+------------------------------+-------------------------------------------+---------+
| First interim dividend | 210 | 210 |
+------------------------------+-------------------------------------------+---------+
| | | |
+--------+-------------------------------------------+-------------------------------+
| | | |
+--------+-------------------------------------------+-------------------------------+
| | 459 | 459 |
+------------------------------+-------------------------------------------+---------+
| | | |
+--------+-------------------------------------------+-------------------------------+
| | | |
+--------+-------------------------------------------+-------------------------------+
| | | |
+------------------------------+-------------------------------------------+---------+
| | | |
+--------+-------------------------------------------+-------------------------------+
| | | |
+--------+-------------------------------------------+-------------------------------+
| Second interim dividend | 169 | 249 |
+------------------------------+-------------------------------------------+---------+
| | | |
+--------+-------------------------------------------+-------------------------------+
| | | |
+--------+---------------------+---------------------+---------------------+---------+
The second interim dividend will be paid to holders of 8,425,715 ordinary 25p
shares.
The Employee Share Option Scheme, which is controlled by Fiske plc held shares
to the benefit of nominated employees and waived the entitlement to any dividend
on its holding of 9,490 ordinary shares at 25p each (2008 -9,490 ordinary shares
of 25p each).
11. Earnings per share
Basic earnings per share has been calculated by dividing the profit on ordinary
activities after taxation by the weighted average number of shares in issue
during the year. Diluted earnings per share is basic earnings per share adjusted
for the effect of conversion into fully paid shares of the weighted average
number of share options during the year.
Headline earnings per share has been calculated in accordance with the
definition in the Institute of Investment Management Research ("IIMR") Statement
of Investment Practice No. 1, 'The Definition of IIMR Headline Earnings', in
order to take out the exceptional gain arising on disposal of certain fixed
asset investment, as follows:
+------------------------------------+---------+----------+---------+----------+
| | | | Diluted | Diluted |
+------------------------------------+---------+----------+---------+----------+
| 31 May 2009 | Basic | Headline | Basic | Headline |
| | eps | eps | eps | eps |
+------------------------------------+---------+----------+---------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| Loss on ordinary activities after | (150) | (150) | (150) | (150) |
| taxation | | | | |
+------------------------------------+---------+----------+---------+----------+
| Adjustment to reflect impact of | - | - | 1 | 1 |
| dilutive share options | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| Losses | (150) | (150) | (149) | (149) |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| Number of shares (000's) | 8,353 | 8,353 | 8,399 | 8,399 |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| Losses per share (pence) | (1.8) | (1.8) | (1.8) | (1.8) |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | Diluted | Diluted |
+------------------------------------+---------+----------+---------+----------+
| 31 May 2008 | Basic | Headline | Basic | Headline |
| | eps | eps | eps | eps |
+------------------------------------+---------+----------+---------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| Profit on ordinary activities | 317 | 317 | 317 | 317 |
| after taxation | | | | |
+------------------------------------+---------+----------+---------+----------+
| Adjustment to reflect impact of | - | - | 4 | 4 |
| dilutive share options | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| Earnings | 317 | 317 | 321 | 321 |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| Number of shares (000's) | 8,331 | 8,331 | 8,400 | 8,400 |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| Earnings per share (pence) | 3.8 | 3.8 | 3.8 | 3.8 |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | 31 May | 31 May |
| | | | 2009 | 2008 |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| Number of shares (000's): | | | | |
+------------------------------------+---------+----------+---------+----------+
| Weighted average number of shares | | | 8,353 | 8,331 |
+------------------------------------+---------+----------+---------+----------+
| Dilutive effect of share option | | | 46 | 69 |
| scheme | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | 8,399 | 8,400 |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
| | | | | |
+------------------------------------+---------+----------+---------+----------+
12. Goodwill
+------------------------------------------+------------------------+---------+
| Fund management acquisitions | Group | Company |
+------------------------------------------+------------------------+---------+
| | GBP'000 | GBP'000 |
+------------------------------------------+------------------------+---------+
| | | |
+------------------------------------------+------------------------+---------+
| | | |
+------------------------------------------+------------------------+---------+
| Cost | | |
+------------------------------------------+------------------------+---------+
| At 1 June 2008 | 1,146 | 1,146 |
+------------------------------------------+------------------------+---------+
| Additions | 150 | - |
+------------------------------------------+------------------------+---------+
| | | |
+------------------------------------------+------------------------+---------+
| | | |
+------------------------------------------+------------------------+---------+
| At 31 May 2009 | 1,296 | 1,146 |
+------------------------------------------+------------------------+---------+
| | | |
+------------------------------------------+------------------------+---------+
| | | |
+------------------------------------------+------------------------+---------+
| Accumulated impairment losses | | |
+------------------------------------------+------------------------+---------+
| At 1 June 2008 | 771 | 771 |
+------------------------------------------+------------------------+---------+
| Impairment losses for the year | 145 | 145 |
+------------------------------------------+------------------------+---------+
| | | |
+------------------------------------------+------------------------+---------+
| | | |
+------------------------------------------+------------------------+---------+
| At 31 May 2009 | 916 | 916 |
+------------------------------------------+------------------------+---------+
| | | |
+------------------------------------------+------------------------+---------+
| | | |
+------------------------------------------+------------------------+---------+
| Net book value | | |
+------------------------------------------+------------------------+---------+
| | | |
+------------------------------------------+------------------------+---------+
| | | |
+------------------------------------------+------------------------+---------+
| At 31 May 2009 | 380 | 230 |
+------------------------------------------+------------------------+---------+
| | | |
+------------------------------------------+------------------------+---------+
| | | |
+------------------------------------------+------------------------+---------+
| At 31 May 2008 | 375 | 375 |
+------------------------------------------+------------------------+---------+
| | | |
+------------------------------------------+------------------------+---------+
The impairment loss for the year is a result of the value of the original
acquired investment management contracts of the Ionian Group suffering a
diminution in value at 31 May 2009, due to the fall in value of the investments
under management.
13. Other intangible assets
+----------------------------------------+----------------------------+---------+
| | Systems | |
+----------------------------------------+----------------------------+---------+
| Group and Company | licence | Total |
+----------------------------------------+----------------------------+---------+
| | GBP'000 | GBP'000 |
+----------------------------------------+----------------------------+---------+
| | | |
+----------------------------------------+----------------------------+---------+
| | | |
+----------------------------------------+----------------------------+---------+
| Cost | | |
+----------------------------------------+----------------------------+---------+
| At 1 June 2008 | 282 | 282 |
+----------------------------------------+----------------------------+---------+
| | | |
+----------------------------------------+----------------------------+---------+
| | | |
+----------------------------------------+----------------------------+---------+
| At 31 May 2009 | 282 | 282 |
+----------------------------------------+----------------------------+---------+
| | | |
+----------------------------------------+----------------------------+---------+
| | | |
+----------------------------------------+----------------------------+---------+
| Accumulated amortisation | | |
+----------------------------------------+----------------------------+---------+
| At 1 June 2008 | 237 | 237 |
+----------------------------------------+----------------------------+---------+
| Charge in year | 45 | 45 |
+----------------------------------------+----------------------------+---------+
| | | |
+----------------------------------------+----------------------------+---------+
| | | |
+----------------------------------------+----------------------------+---------+
| At 31 May 2009 | 282 | 282 |
+----------------------------------------+----------------------------+---------+
| | | |
+----------------------------------------+----------------------------+---------+
| | | |
+----------------------------------------+----------------------------+---------+
| Net book value | | |
+----------------------------------------+----------------------------+---------+
| At 31 May 2009 | - | - |
+----------------------------------------+----------------------------+---------+
| | | |
+----------------------------------------+----------------------------+---------+
| | | |
+----------------------------------------+----------------------------+---------+
| At 31 May 2008 | 45 | 45 |
+----------------------------------------+----------------------------+---------+
| | | |
+----------------------------------------+----------------------------+---------+
14. Property, plant and equipment
+--------------+-----------+-----------+---------------+---------+
| | Office | | | |
+--------------+-----------+-----------+---------------+---------+
| | furniture | Computer | Office | |
| | and | | | |
+--------------+-----------+-----------+---------------+---------+
| Group | equipment | equipment | refurbishment | Total |
+--------------+-----------+-----------+---------------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| Cost | | | | |
+--------------+-----------+-----------+---------------+---------+
| At 1 | 130 | 106 | 175 | 411 |
| June | | | | |
| 2008 | | | | |
+--------------+-----------+-----------+---------------+---------+
| Additions | 1 | 24 | - | 25 |
+--------------+-----------+-----------+---------------+---------+
| Disposals | - | (1) | - | (1) |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| At 31 | 131 | 129 | 175 | 435 |
| May | | | | |
| 2009 | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| Accumulated | | | | |
| depreciation | | | | |
+--------------+-----------+-----------+---------------+---------+
| At 1 | 128 | 92 | 85 | 305 |
| June | | | | |
| 2008 | | | | |
+--------------+-----------+-----------+---------------+---------+
| Charge | 2 | 20 | 34 | 56 |
| for | | | | |
| the | | | | |
| year | | | | |
+--------------+-----------+-----------+---------------+---------+
| Disposals | - | (1) | - | (1) |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| At 31 | 130 | 111 | 119 | 360 |
| May | | | | |
| 2009 | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| Net | | | | |
| book | | | | |
| value | | | | |
+--------------+-----------+-----------+---------------+---------+
| At 31 | 1 | 18 | 56 | 75 |
| May | | | | |
| 2009 | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| At 31 | 2 | 14 | 90 | 106 |
| May | | | | |
| 2008 | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
+--------------+-----------+-----------+---------------+---------+
| | Office | | | |
+--------------+-----------+-----------+---------------+---------+
| | furniture | Computer | Office | |
| | and | | | |
+--------------+-----------+-----------+---------------+---------+
| Company | equipment | equipment | refurbishment | Total |
+--------------+-----------+-----------+---------------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| Cost | | | | |
+--------------+-----------+-----------+---------------+---------+
| At 1 | 130 | 98 | 175 | 403 |
| June | | | | |
| 2008 | | | | |
+--------------+-----------+-----------+---------------+---------+
| Additions | 1 | 24 | - | 25 |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| At 31 | 131 | 122 | 175 | 428 |
| May | | | | |
| 2009 | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| Accumulated | | | | |
| depreciation | | | | |
+--------------+-----------+-----------+---------------+---------+
| At 1 | 128 | 84 | 85 | 297 |
| June | | | | |
| 2008 | | | | |
+--------------+-----------+-----------+---------------+---------+
| Charge | 2 | 20 | 34 | 56 |
| for | | | | |
| the | | | | |
| year | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| At 31 | 130 | 104 | 119 | 353 |
| May | | | | |
| 2009 | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| Net | | | | |
| book | | | | |
| value | | | | |
+--------------+-----------+-----------+---------------+---------+
| At 31 | 1 | 18 | 56 | 75 |
| May | | | | |
| 2009 | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
| At 31 | 2 | 14 | 90 | 106 |
| May | | | | |
| 2008 | | | | |
+--------------+-----------+-----------+---------------+---------+
| | | | | |
+--------------+-----------+-----------+---------------+---------+
15. Investment in subsidiary undertakings
+-----------------------------------+----------------------------+------------+
| | 2009 | 2008 |
+-----------------------------------+----------------------------+------------+
| Company | GBP'000 | GBP'000 |
+-----------------------------------+----------------------------+------------+
| | | |
+-----------------------------------+----------------------------+------------+
| | | |
+-----------------------------------+----------------------------+------------+
| Cost at 1 June 2008 | 432 | 432 |
+-----------------------------------+----------------------------+------------+
| Additions | 273 | - |
+-----------------------------------+----------------------------+------------+
| | | |
+-----------------------------------+----------------------------+------------+
| | | |
+-----------------------------------+----------------------------+------------+
| Cost at 31 May 2009 | 705 | 432 |
+-----------------------------------+----------------------------+------------+
| | | |
+-----------------------------------+----------------------------+------------+
The following are the principal subsidiaries of the Company at 31 May 2009 and
at the date of these financial statements.
Incorporated in the UK:
+------------------------+-----------+-----------------+----------------------+
| | | Proportion of | |
+------------------------+-----------+-----------------+----------------------+
| | | nominal value | |
| | | and | |
+------------------------+-----------+-----------------+----------------------+
| | Class of | voting rights | Nature of |
| | | held by | |
+------------------------+-----------+-----------------+----------------------+
| | shares | parent company | business |
+------------------------+-----------+-----------------+----------------------+
| | | | |
+------------------------+-----------+-----------------+----------------------+
| | | | |
+------------------------+-----------+-----------------+----------------------+
| Vor Financial Strategy | Ordinary | 100% | Investment |
| Limited | | | consultants |
+------------------------+-----------+-----------------+----------------------+
| Ionian Group Limited | Ordinary | 100% | Intermediate holding |
| | | | company |
+------------------------+-----------+-----------------+----------------------+
| | | | |
+------------------------+-----------+-----------------+----------------------+
Vor Financial Strategy Limited was acquired on 8 April 2009 for a total
consideration of GBP273,000.
+-----------------------------------------------------+-----------------------+
| | Book and |
+-----------------------------------------------------+-----------------------+
| | fair value |
+-----------------------------------------------------+-----------------------+
| | GBP'000 |
+-----------------------------------------------------+-----------------------+
| | |
+-----------------------------------------------------+-----------------------+
| | |
+-----------------------------------------------------+-----------------------+
| Net assets acquired | 123 |
+-----------------------------------------------------+-----------------------+
| Goodwill | 150 |
+-----------------------------------------------------+-----------------------+
| | |
+-----------------------------------------------------+-----------------------+
| | |
+-----------------------------------------------------+-----------------------+
| Total cost of acquisition | 273 |
+-----------------------------------------------------+-----------------------+
| | |
+-----------------------------------------------------+-----------------------+
| | |
+-----------------------------------------------------+-----------------------+
| Satisfied by: | |
+-----------------------------------------------------+-----------------------+
| Allotment of 85,470 new Ordinary Shares in Fiske | 51 |
| plc | |
+-----------------------------------------------------+-----------------------+
| Cash paid | 160 |
+-----------------------------------------------------+-----------------------+
| Cash payable in the year to 31 May 2010 | 62 |
+-----------------------------------------------------+-----------------------+
| | |
+-----------------------------------------------------+-----------------------+
| | |
+-----------------------------------------------------+-----------------------+
| Total consideration | 273 |
+-----------------------------------------------------+-----------------------+
| | |
+-----------------------------------------------------+-----------------------+
| | |
+-----------------------------------------------------+-----------------------+
| Gross cash outflow arising in the year on | |
| acquisition: | |
+-----------------------------------------------------+-----------------------+
| Cash consideration paid | (160) |
+-----------------------------------------------------+-----------------------+
| Cash and cash equivalents acquired | 160 |
+-----------------------------------------------------+-----------------------+
| | |
+-----------------------------------------------------+-----------------------+
| | |
+-----------------------------------------------------+-----------------------+
| | - |
+-----------------------------------------------------+-----------------------+
| | |
+-----------------------------------------------------+-----------------------+
16. Available-for-sale investments
+------------------------------------------+---------------------+-------------+
| | 2009 | 2008 |
+------------------------------------------+---------------------+-------------+
| Group and Company | GBP'000 | GBP'000 |
+------------------------------------------+---------------------+-------------+
| | | |
+------------------------------------------+---------------------+-------------+
| | | |
+------------------------------------------+---------------------+-------------+
| Listed | 165 | 189 |
+------------------------------------------+---------------------+-------------+
| Unlisted | 1,068 | 1,248 |
+------------------------------------------+---------------------+-------------+
| | | |
+------------------------------------------+---------------------+-------------+
| | | |
+------------------------------------------+---------------------+-------------+
| Available-for-sale investments carried | 1,233 | 1,437 |
| at fair value | | |
+------------------------------------------+---------------------+-------------+
| | | |
+------------------------------------------+---------------------+-------------+
The shares included above represent investments in equity securities that
present the Group with the opportunity for return through dividend income and
capital gains. These shares are not held for trading and are accordingly
classified as available-for-sale.
17. Trade and other receivables
+---------------------------------------------+---------+---------+---+---------+---------+
| | 2009 | | 2008 |
+---------------------------------------------+-------------------+---+-------------------+
| | Group | Company | | Group | Company |
+---------------------------------------------+---------+---------+---+---------+---------+
| | GBP'000 | GBP'000 | | GBP'000 | GBP'000 |
+---------------------------------------------+---------+---------+---+---------+---------+
| | | | | | |
+---------------------------------------------+---------+---------+---+---------+---------+
| | | | | | |
+---------------------------------------------+---------+---------+---+---------+---------+
| Counterparty debtors | 2,989 | 2,989 | | 4,755 | 4,755 |
+---------------------------------------------+---------+---------+---+---------+---------+
| Trade receivables | 7,060 | 7,060 | | 3,473 | 3,473 |
+---------------------------------------------+---------+---------+---+---------+---------+
| | | | | | |
+---------------------------------------------+---------+---------+---+---------+---------+
| | | | | | |
+---------------------------------------------+---------+---------+---+---------+---------+
| | 10,049 | 10,049 | | 8,228 | 8,228 |
+---------------------------------------------+---------+---------+---+---------+---------+
| Other debtors | 67 | 67 | | 84 | 84 |
+---------------------------------------------+---------+---------+---+---------+---------+
| Prepayments and accrued income | 548 | 545 | | 272 | 272 |
+---------------------------------------------+---------+---------+---+---------+---------+
| | | | | | |
+---------------------------------------------+---------+---------+---+---------+---------+
| | | | | | |
+---------------------------------------------+---------+---------+---+---------+---------+
| | 10,664 | 10,661 | | 8,584 | 8,584 |
+---------------------------------------------+---------+---------+---+---------+---------+
| | | | | | |
+---------------------------------------------+---------+---------+---+---------+---------+
Trade receivables
Included in the Group's trade receivables balance are debtors with a carrying
amount of GBP143,000 (2008 -GBP127,000) which are past due at the reporting date
for which the Group has not provided as there has not been a significant change
in credit quality and the amounts are still considered recoverable.
Ageing of past due but not impaired trade receivables:
+-------------------------------------------------+------------+------------+
| | 2009 | 2008 |
+-------------------------------------------------+------------+------------+
| | GBP'000 | GBP'000 |
+-------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------+------------+------------+
| 0 - 15 days | 132 | 126 |
+-------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------+------------+------------+
| 16 - 30 days | 1 | - |
+-------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------+------------+------------+
| 31 - 60 days | 10 | 1 |
+-------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------+------------+------------+
| | 143 | 127 |
+-------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------+------------+------------+
Counterparty receivables
Included in the Group's counterparty receivables are debtors with a carrying
amount of GBP306,000 (2008 - GBP304,000) which are past due at the reporting
date for which the Group has not provided as there has not been a significant
change in credit quality and the amounts are still considered recoverable.
Ageing of past due but not impaired counterparty receivables:
+-------------------------------------------------+------------+------------+
| | 2009 | 2008 |
+-------------------------------------------------+------------+------------+
| | GBP'000 | GBP'000 |
+-------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------+------------+------------+
| 0 - 30 days | 64 | 219 |
+-------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------+------------+------------+
| 31 - 60 days | 242 | 85 |
+-------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------+------------+------------+
| | 306 | 304 |
+-------------------------------------------------+------------+------------+
| | | |
+-------------------------------------------------+------------+------------+
18. Investments held for trading
+---------------------------------------------+---------+---------+---+---------+---------+
| | 2009 | | 2008 |
+---------------------------------------------+-------------------+---+-------------------+
| | Group | Company | | Group | Company |
+---------------------------------------------+---------+---------+---+---------+---------+
| | GBP'000 | GBP'000 | | GBP'000 | GBP'000 |
+---------------------------------------------+---------+---------+---+---------+---------+
| | | | | | |
+---------------------------------------------+---------+---------+---+---------+---------+
| | | | | | |
+---------------------------------------------+---------+---------+---+---------+---------+
| Listed | 187 | 187 | | 353 | 353 |
+---------------------------------------------+---------+---------+---+---------+---------+
| | | | | | |
+---------------------------------------------+---------+---------+---+---------+---------+
19. Cash and cash equivalents
Cash and cash equivalents includes GBP294,000 (2008 - GBP774,000) received in
the course of settlement of client trades.
This amount is held by the Company in trust on behalf of clients but may be
utilised to complete settlement of outstanding trades.
20. Trade and other payables
+--------------------------------------------+---------+---------+---+---------+---------+
| | 2009 | | 2008 |
+--------------------------------------------+-------------------+---+-------------------+
| | Group | Company | | Group | Company |
+--------------------------------------------+---------+---------+---+---------+---------+
| | GBP'000 | GBP'000 | | GBP'000 | GBP'000 |
+--------------------------------------------+---------+---------+---+---------+---------+
| | | | | | |
+--------------------------------------------+---------+---------+---+---------+---------+
| | | | | | |
+--------------------------------------------+---------+---------+---+---------+---------+
| Counterparty creditors | 6,319 | 6,319 | | 5,106 | 5,106 |
+--------------------------------------------+---------+---------+---+---------+---------+
| Trade payables | 4,071 | 4,071 | | 3,517 | 3,517 |
+--------------------------------------------+---------+---------+---+---------+---------+
| | | | | | |
+--------------------------------------------+---------+---------+---+---------+---------+
| | | | | | |
+--------------------------------------------+---------+---------+---+---------+---------+
| | 10,390 | 10,390 | | 8,623 | 8,623 |
+--------------------------------------------+---------+---------+---+---------+---------+
| Amount owed to group undertakings | - | 563 | | - | 485 |
+--------------------------------------------+---------+---------+---+---------+---------+
| Sundry creditors and accruals | 446 | 442 | | 386 | 386 |
+--------------------------------------------+---------+---------+---+---------+---------+
| | | | | | |
+--------------------------------------------+---------+---------+---+---------+---------+
| | | | | | |
+--------------------------------------------+---------+---------+---+---------+---------+
| | 10,836 | 11,395 | | 9,009 | 9,494 |
+--------------------------------------------+---------+---------+---+---------+---------+
| | | | | | |
+--------------------------------------------+---------+---------+---+---------+---------+
21. Deferred taxation
+-----------------------------------------+------------+-------------+-----------+
| | | Available- | |
+-----------------------------------------+------------+-------------+-----------+
| | Capital | for-sale | Deferred |
| | | | tax |
+-----------------------------------------+------------+-------------+-----------+
| Group and Company | allowances | investments | liability |
+-----------------------------------------+------------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+------------+-------------+-----------+
| | | | |
+-----------------------------------------+------------+-------------+-----------+
| | | | |
+-----------------------------------------+------------+-------------+-----------+
| At 1 June 2008 | (9) | 321 | 312 |
+-----------------------------------------+------------+-------------+-----------+
| Credit for the year | (5) | - | (5) |
+-----------------------------------------+------------+-------------+-----------+
| Credit to statement of recognised | - | (50) | (50) |
| income and expense | | | |
+-----------------------------------------+------------+-------------+-----------+
| | | | |
+-----------------------------------------+------------+-------------+-----------+
| | | | |
+-----------------------------------------+------------+-------------+-----------+
| At 31 May 2009 | (14) | 271 | 257 |
+-----------------------------------------+------------+-------------+-----------+
| | | | |
+-----------------------------------------+------------+-------------+-----------+
22. Called up share capital
+------------------------------------------+--------+------+---------+---------+------+---------+
| | |2009 | | |2008 | |
+------------------------------------------+--------+------+---------+---------+------+---------+
| | No. | | | No. of | | |
| | of | | | shares | | |
| | shares | | | | | |
+------------------------------------------+--------+------+---------+---------+------+---------+
| | '000 | | GBP'000 | '000 | | GBP'000 |
+------------------------------------------+--------+------+---------+---------+------+---------+
| | | | | | | |
+------------------------------------------+--------+------+---------+---------+------+---------+
| | | | | | | |
+------------------------------------------+--------+------+---------+---------+------+---------+
| Authorised: | | | | | | |
+------------------------------------------+--------+------+---------+---------+------+---------+
| Ordinary shares of 25p | 12,000 | | 3,000 | 12,000 | | 3,000 |
+------------------------------------------+--------+------+---------+---------+------+---------+
| | | | | | | |
+------------------------------------------+--------+------+---------+---------+------+---------+
| | | | | | | |
+------------------------------------------+--------+------+---------+---------+------+---------+
| Allotted and fully paid: | | | | | | |
+------------------------------------------+--------+------+---------+---------+------+---------+
| Ordinary shares of 25p | 8,435 | | 2,109 | 8,350 | | 2,087 |
+------------------------------------------+--------+------+---------+---------+------+---------+
| | | | | | | |
+------------------------------------------+--------+------+---------+---------+------+---------+
During the year the Company issued 85,470 new ordinary shares at an issue price
of 58.5 pence per share as part of the consideration payable upon the
acquisition of Vor Financial Strategy Limited.
Included within the allotted and fully paid share capital were 9,490 ordinary
shares of 25p each (2008 - 9,490 ordinary shares of 25p each) held for the
benefit of employees.
At 31 May 2009 the following options to subscribe for ordinary shares of 25p
each granted to staff and associates (being in addition to those granted to
Directors as set out in the Directors' Report) were outstanding:
+--------------------+------------------+----------------+------------------+
| | | | Date from |
+--------------------+------------------+----------------+------------------+
| Grant date | No. of options | Exercise price | which |
| | | | exercisable |
+--------------------+------------------+----------------+------------------+
| | | | |
+--------------------+------------------+----------------+------------------+
| | | | |
+--------------------+------------------+----------------+------------------+
| 11 September 2003 | 25,000 | 50.00p | 11 September |
| | | | 2006 |
+--------------------+------------------+----------------+------------------+
| 11 November 2003 | 37,500 | 80.00p | 12 November 2006 |
+--------------------+------------------+----------------+------------------+
| | | | |
+--------------------+------------------+----------------+------------------+
23. Reconciliation of shareholders' funds and statement of movement on reserves
+---------------------------------+---------+---------+-------------+----------+---------+
| | Share | Share | Revaluation | Retained | |
+---------------------------------+---------+---------+-------------+----------+---------+
| Group | capital | premium | reserve | earnings | Total |
+---------------------------------+---------+---------+-------------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+---------+---------+-------------+----------+---------+
| | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| Balance at 1 June 2007 | 2,078 | 1,185 | 286 | 1,270 | 4,819 |
+---------------------------------+---------+---------+-------------+----------+---------+
| Issue of ordinary share capital | 9 | 2 | - | - | 11 |
+---------------------------------+---------+---------+-------------+----------+---------+
| Revaluation of | - | - | 762 | - | 762 |
| available-for-sale investments | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| Deferred tax on revaluation of | | | | | |
| available-for-sale | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| investments | - | - | (198) | - | (198) |
+---------------------------------+---------+---------+-------------+----------+---------+
| Profit for the financial year | - | - | - | 317 | 317 |
+---------------------------------+---------+---------+-------------+----------+---------+
| Dividends paid | - | - | - | (459) | (459) |
+---------------------------------+---------+---------+-------------+----------+---------+
| | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| Balance at 1 June 2008 | 2,087 | 1,187 | 850 | 1,128 | 5,252 |
+---------------------------------+---------+---------+-------------+----------+---------+
| Issue of ordinary share capital | 22 | 29 | - | - | 51 |
+---------------------------------+---------+---------+-------------+----------+---------+
| Revaluation of | - | - | (128) | - | (128) |
| available-for-sale investments | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| Loss for the financial year | - | - | - | (150) | (150) |
+---------------------------------+---------+---------+-------------+----------+---------+
| Dividends paid | - | - | - | (458) | (458) |
+---------------------------------+---------+---------+-------------+----------+---------+
| | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| Balance at 31 May 2009 | 2,109 | 1,216 | 722 | 520 | 4,567 |
+---------------------------------+---------+---------+-------------+----------+---------+
| | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| | Share | Share | Revaluation | Retained | |
+---------------------------------+---------+---------+-------------+----------+---------+
| Company | capital | premium | reserve | earnings | Total |
+---------------------------------+---------+---------+-------------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+---------+---------+-------------+----------+---------+
| | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| Balance at 1 June 2007 | 2,078 | 1,185 | 286 | 1,217 | 4,766 |
+---------------------------------+---------+---------+-------------+----------+---------+
| Issue of ordinary share capital | 9 | 2 | - | - | 11 |
+---------------------------------+---------+---------+-------------+----------+---------+
| Revaluation of | - | - | 762 | - | 762 |
| available-for-sale investments | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| Deferred tax on revaluation of | | | | | |
| available-for-sale | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| investments | - | - | (198) | - | (198) |
+---------------------------------+---------+---------+-------------+----------+---------+
| Profit for the financial year | - | - | - | 317 | 317 |
+---------------------------------+---------+---------+-------------+----------+---------+
| Dividends paid | - | - | - | (459) | (459) |
+---------------------------------+---------+---------+-------------+----------+---------+
| | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| Balance at 1 June 2008 | 2,087 | 1,187 | 850 | 1,075 | 5,199 |
+---------------------------------+---------+---------+-------------+----------+---------+
| Issue of ordinary share capital | 22 | 29 | - | - | 51 |
+---------------------------------+---------+---------+-------------+----------+---------+
| Revaluation of | | | | | |
| available-for-sale investments | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| net of tax | - | - | (128) | - | (128) |
+---------------------------------+---------+---------+-------------+----------+---------+
| Loss for the financial year | - | - | - | (150) | (150) |
+---------------------------------+---------+---------+-------------+----------+---------+
| Dividends paid | - | - | - | (458) | (458) |
+---------------------------------+---------+---------+-------------+----------+---------+
| | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
| Balance at 31 May 2009 | 2,109 | 1,216 | 722 | 467 | 4,514 |
+---------------------------------+---------+---------+-------------+----------+---------+
| | | | | | |
+---------------------------------+---------+---------+-------------+----------+---------+
24. Notes to cash flow statement
+---------------------+---------+---------+--------+----------+----------+
| | 2009 | | 2008 |
+---------------------+-------------------+--------+---------------------+
| | Group | Company | | Group | Company |
+---------------------+---------+---------+--------+----------+----------+
| | GBP'000 | GBP'000 | | GBP'000 | GBP'000 |
+---------------------+---------+---------+--------+----------+----------+
| | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| Operating | (294) | (294) | | 173 | 173 |
| (loss)/profit | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| Profit | - | - | | (7) | (7) |
| on | | | | | |
| disposal | | | | | |
| of | | | | | |
| available-for-sale | | | | | |
| investments | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| Depreciation | 56 | 56 | | 57 | 57 |
| of property, | | | | | |
| plant and | | | | | |
| equipment | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| Write-down | 145 | 145 | | - | - |
| of | | | | | |
| goodwill | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| Amortisation | 45 | 45 | | 96 | 96 |
| of | | | | | |
| intangibles | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| Decrease/(increase) | 166 | 166 | | (140) | (140) |
| in investments held | | | | | |
| for trading | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| Impairment | 27 | 27 | | - | - |
| of | | | | | |
| available-for-sale | | | | | |
| investments | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| (Increase)/decrease | (2,001) | (2,077) | | 13,968 | 13,968 |
| in receivables | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| Increase/(decrease) | 1,659 | 1,839 | | (14,152) | (14,152) |
| in payables | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| Cash | (197) | (93) | | (5) | (5) |
| used | | | | | |
| in | | | | | |
| operations | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| Interest | (6) | (6) | | (4) | (4) |
| paid | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| Tax | (117) | (117) | | (295) | (295) |
| paid | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| Net | (320) | (216) | | (304) | (304) |
| cash | | | | | |
| used | | | | | |
| in | | | | | |
| operating | | | | | |
| activities | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| | | | | | |
+---------------------+---------+---------+--------+----------+----------+
| | | | | | |
+---------------------+---------+---------+--------+----------+----------+
25. Contingent liabilities
In the ordinary course of business, the Company has given letters of indemnity
in respect of lost certified stock transfers and share certificates. While the
contingent liability arising thereon is not quantifiable, it is not believed
that any material liability will arise under these indemnities.
26. Financial commitments
Operating leases
At 31 May 2009 the Group had outstanding commitments for future minimum lease
payments under non-cancellable operating leases which fall due as follows:
+------------+-----------+---------+--------+-----------+---------+
| | 2009 | | 2008 |
+------------+---------------------+--------+---------------------+
| | Land | | | Land | |
| | and | | | and | |
+------------+-----------+---------+--------+-----------+---------+
| | buildings | Other | | buildings | Other |
+------------+-----------+---------+--------+-----------+---------+
| | GBP'000 | GBP'000 | | GBP'000 | GBP'000 |
+------------+-----------+---------+--------+-----------+---------+
| | | | | | |
+------------+-----------+---------+--------+-----------+---------+
| | | | | | |
+------------+-----------+---------+--------+-----------+---------+
| In the | 178 | 5 | | 172 | 5 |
| next | | | | | |
| year | | | | | |
+------------+-----------+---------+--------+-----------+---------+
| In the | 103 | 7 | | 272 | 12 |
| second | | | | | |
| to | | | | | |
| fifth | | | | | |
| years | | | | | |
| inclusive | | | | | |
+------------+-----------+---------+--------+-----------+---------+
| | | | | | |
+------------+-----------+---------+--------+-----------+---------+
| | | | | | |
+------------+-----------+---------+--------+-----------+---------+
| Total | 281 | 12 | | 444 | 17 |
| commitment | | | | | |
+------------+-----------+---------+--------+-----------+---------+
| | | | | | |
+------------+-----------+---------+--------+-----------+---------+
| | | | | | |
+------------+-----------+---------+--------+-----------+---------+
27. Clients' money
At 31 May 2009 amounts held by the Company on behalf of clients in accordance
with the Client Money Rules of the Financial Services Authority amounted to
GBP39,584,000 (2008 - GBP44,981,000). The Company has no beneficial interest in
these amounts and accordingly they are not included in the balance sheet.
28. Financial instruments
Capital risk management
The Group manages its capital to ensure that it will be able to continue as a
going concern while maximising the return to stakeholders. The Group's capital
structure consists of equity attributable to equity holders of the parent,
comprising issued capital, reserves and retained earnings. The Group has no
debt.
Externally imposed capital requirement
The Group is subject to the minimum capital requirements required by the
Financial Services Authority (FSA), and has complied with those requirements
throughout both financial periods. Capital adequacy and capital resources are
monitored by the Group on the basis of the Capital Requirements Directive. The
Group has a strong balance sheet, and has maintained regulatory capital at a
level in excess of its regulatory requirement. The Group's capital requirement
is under continuous review as part of the Internal Capital Adequacy Assessment
Process.
Significant accounting policies
Details of the significant accounting policies and methods adopted, including
the criteria for recognition, the basis for measurement and the basis on which
income and expenses are recognised, in respect of each class of financial asset,
financial liability and equity instrument, are disclosed in the accounting
policies in note 1.
Categories of financial instruments
+--------------------+---------+---------+--------+---------+---------+
| | 2009 | | 2008 |
+--------------------+-------------------+--------+-------------------+
| | Group | Company | | Group | Company |
+--------------------+---------+---------+--------+---------+---------+
| | GBP'000 | GBP'000 | | GBP'000 | GBP'000 |
+--------------------+---------+---------+--------+---------+---------+
| | | | | | |
+--------------------+---------+---------+--------+---------+---------+
| | | | | | |
+--------------------+---------+---------+--------+---------+---------+
| Available-for-sale | 1,233 | 1,233 | | 1,437 | 1,437 |
| investments | | | | | |
+--------------------+---------+---------+--------+---------+---------+
| Trade | 10,664 | 10,661 | | 8,584 | 8,584 |
| and | | | | | |
| other | | | | | |
| receivables | | | | | |
+--------------------+---------+---------+--------+---------+---------+
| Investments | 187 | 187 | | 353 | 353 |
| held for | | | | | |
| trading | | | | | |
+--------------------+---------+---------+--------+---------+---------+
| Cash | 3,143 | 3,087 | | 3,786 | 3,786 |
| and | | | | | |
| cash | | | | | |
| equivalents | | | | | |
+--------------------+---------+---------+--------+---------+---------+
| Trade | 10,836 | 11,395 | | 9,009 | 9,494 |
| and | | | | | |
| other | | | | | |
| payables | | | | | |
+--------------------+---------+---------+--------+---------+---------+
| | | | | | |
+--------------------+---------+---------+--------+---------+---------+
| | | | | | |
+--------------------+---------+---------+--------+---------+---------+
The carrying value of each class of financial asset denoted above approximates
to its fair value.
The Group's finance function monitors and manages the financial risks relating
to the operations of the Group. The Group is exposed to market and other price
risk, interest rate risk, credit risk and liquidity risk.
The Board of Directors monitors risks and implements policies to mitigate risk
exposures.
Credit risk
Credit risk refers to the risk that a third party will default on its
contractual obligations resulting in financial loss to the Group.
Third party receivables consist of customers, spread across institutional and
private clients. Ongoing credit evaluation is performed on the financial
condition of accounts receivable.
The Group does not have any significant credit risk exposure to any single third
party or any group of third parties having similar characteristics. The credit
risk on liquid funds is limited because the third parties are banks with high
credit-ratings assigned by international credit-rating agencies.
The amount that best represents its maximum exposure to credit risk at the
reporting date is GBP10,116,000 (2008 -GBP8,312,000). In respect of the credit
quality of financial assets that are neither past due or impaired the Directors
are of the opinion that such balances are fully recoverable.
Market risk
The Group is mainly exposed to market risk in respect of its trading as agent in
equities and debt instruments with the volume of trading and thus transaction
revenue retreating in market downturns, and to variations in asset values and
thus management fees. There has been no material change to the Group's exposure
to market risks or the manner in which it manages and measures the risks.
Market risk also gives rise to variations in the value of investments held by
Fiske, acting as principal. These are designated as available-for-sale and are
mostly held for strategic rather than trading purposes and not actively traded.
Interest rate risk management
The Group has no borrowings and is therefore not exposed to interest rate risk
in that respect. The Group's exposure to interest rates on financial assets is
detailed in the liquidity risk management section of this note.
Liquidity risk management
The Group manages liquidity risk by maintaining adequate reserves and by
continuously monitoring forecast and actual cash flows and matching the maturity
profiles of financial assets and liabilities. In respect of counterparty
creditors and trade payables the amounts due are all payable between 0 and 30
days.
Sensitivity analysis
Equity
The fair values of all available-for-sale investments and their exposure to
equity price risks at the reporting date are based on the accounting policy in
note 1(h). If equity prices had been 5% higher/lower the revaluation reserve
would increase/decrease by GBP62,000 (2008 - increase/decrease by GBP72,000).
In respect of investments held for trading purposes and their exposure to equity
price risks at the reporting date, if equity prices had been 5% higher, net
profit for the year ended 31 May 2009 would have been GBP9,000 higher (2008 -
GBP18,000 higher) and vice versa if prices were lower.
Cash
The Group's financial cash asset of GBP3,143,000 (2008 - GBP3,786,000) is held
at a fixed interest rate and is available on demand. The financial statements
are not materially affected by interest rate movements.
29. Related party transactions
Group
Transactions between the Company and its subsidiaries which are related parties,
have been eliminated on consolidation and are not disclosed in this note.
Directors' transactions
The Company paid fees amounting in total of GBP4,453 (2008 - GBP4,504) for
services supplied by Fairfax Perrin Limited and Chatsford Corporate Finance
Limited, companies of which M H W Perrin is a Director and holds an interest.
The Group and Company received by way of a service fee GBP114,000 (2008 -
GBP111,000) from The Investment Company Plc, a company of which S J Cockburn is
a Director and holds an interest.
Notice of Meeting
The Companies Act 2006 (the "2006 Act") will come fully into force on 1 October
2009 and as a result references to sections under the Companies Act 1985 will be
replaced by references to the relevant sections in the 2006 Act. As a
consequence, the format of resolutions 6, 7 and 8 of the Notice of Annual
General Meeting may appear different.
Notice is hereby given that an Annual General Meeting of Fiske plc will be held
at Salisbury House, London Wall, London EC2M 5QS (entrance via Circus Place) on
1 October 2009 at 12.30 p.m. for the following purposes:
Ordinary Business:
1. To receive the Report of the Directors and Auditors and the Accounts for the
year ended 31 May 2009.
2. To re-elect Clive Fiske Harrison as a Director of the company.
3. To re-elect Francis Gerard Luchini as a Director of the company.
4. To re-elect Stephen John Cockburn as a Director of the company.
5. To reappoint Deloitte LLP as auditors and to authorise the Board to fix their
remuneration.
Special Business:
To consider and, if thought fit, to pass the following Resolutions which will be
proposed as to Resolution 6 as an ordinary Resolution and as to Resolutions 7, 8
and 9 as special Resolutions:
+-------------------------------------+-------------+
| 6. | THAT |
| | for |
| | the |
| | purposes |
| | of |
| | section |
| | 551 |
| | Companies |
| | Act 2006 |
| | ("2006 |
| | Act") |
| | (and so |
| | that |
| | expressions |
| | used in |
| | this |
| | resolution |
| | shall bear |
| | the same |
| | meanings as |
| | in the said |
| | section |
| | 551): |
+-------------------------------------+-------------+
+----+--------+-----------------+
| | (a) | the |
| | | Directors |
| | | be |
| | | generally |
| | | and |
| | | unconditionally |
| | | authorised to |
| | | exercise all |
| | | powers of the |
| | | Company to |
| | | allot shares |
| | | and to grant |
| | | such |
| | | subscription |
| | | and conversion |
| | | rights as are |
| | | contemplated by |
| | | sections |
| | | 551(1)(a) and |
| | | (b) of the 2006 |
| | | Act |
| | | respectively up |
| | | to a maximum |
| | | nominal amount |
| | | of GBP623,640 |
| | | to such persons |
| | | and at such |
| | | times and on |
| | | such terms as |
| | | they think |
| | | proper during |
| | | the period |
| | | expiring at the |
| | | conclusion of |
| | | the next Annual |
| | | General Meeting |
| | | of the Company |
| | | (unless |
| | | previously |
| | | varied, revoked |
| | | or renewed by |
| | | the Company in |
| | | general |
| | | meeting); and |
+----+--------+-----------------+
| | | |
+----+--------+-----------------+
| | (b) | the |
| | | Company |
| | | shall |
| | | be |
| | | entitled |
| | | to make, |
| | | prior to |
| | | the |
| | | expiry |
| | | of such |
| | | authority, |
| | | any offer |
| | | or |
| | | agreement |
| | | which |
| | | would or |
| | | might |
| | | require |
| | | relevant |
| | | securities |
| | | to be |
| | | allotted |
| | | after the |
| | | expiry of |
| | | such |
| | | authority |
| | | and the |
| | | Directors |
| | | may allot |
| | | any |
| | | relevant |
| | | securities |
| | | pursuant |
| | | to such |
| | | offer or |
| | | agreement |
| | | as if such |
| | | authority |
| | | had not |
| | | expired; |
| | | and |
+----+--------+-----------------+
| | | |
+----+--------+-----------------+
| | (c) | all |
| | | prior |
| | | authorities |
| | | to allot |
| | | securities |
| | | be revoked |
| | | but without |
| | | prejudice |
| | | to the |
| | | allotment |
| | | of any |
| | | securities |
| | | already |
| | | made or to |
| | | be made |
| | | pursuant to |
| | | such |
| | | authorities. |
+----+--------+-----------------+
+-------------------------------------+--------+
| 7. | THAT: |
+-------------------------------------+--------+
+----+-----+-----------------------------------------------------------------+
| | (a) | the Company be and is hereby generally and unconditionally |
| | | authorised for the purpose of section 701 of the Companies Act |
| | | 2006 (the "2006 Act") to make market purchases (within the |
| | | meaning of section 693 of the 2006 Act) of ordinary shares of |
| | | 25p each in the capital of the Company ("ordinary shares") on |
| | | such terms and in such manner as the Directors may from time to |
| | | time determine provided that: |
+----+-----+-----------------------------------------------------------------+
| | | |
+----+-----+-----------------------------------------------------------------+
| | (b) | the maximum number of ordinary shares hereby authorised to be |
| | | acquired is 843,520; |
+----+-----+-----------------------------------------------------------------+
| | | |
+----+-----+-----------------------------------------------------------------+
| | (c) | the minimum price which may be paid for an ordinary share is |
| | | 25p; |
+----+-----+-----------------------------------------------------------------+
| | | |
+----+-----+-----------------------------------------------------------------+
| | (d) | the maximum price which may be paid for an ordinary share is an |
| | | amount equal to 105% of the average of the middle market |
| | | quotations for an ordinary share as derived from The London |
| | | Stock Exchange Daily Official List for the five business days |
| | | immediately preceding the day on which an ordinary share is |
| | | contracted to be purchased; |
+----+-----+-----------------------------------------------------------------+
+-------------------------+-------------------------+------------+
| | (e) | unless |
| | | previously |
| | | revoked or |
| | | varied, |
| | | the |
| | | authority |
| | | hereby |
| | | conferred |
| | | shall |
| | | expire at |
| | | the close |
| | | of the |
| | | next |
| | | Annual |
| | | General |
| | | Meeting of |
| | | the |
| | | Company or |
| | | 18 months |
| | | from the |
| | | date on |
| | | which this |
| | | resolution |
| | | is passed, |
| | | whichever |
| | | shall be |
| | | the |
| | | earlier; |
| | | and |
+-------------------------+-------------------------+------------+
| | | |
+-------------------------+-------------------------+------------+
| | (f) | the |
| | | Company |
| | | may |
| | | make a |
| | | contract |
| | | to |
| | | purchase |
| | | ordinary |
| | | shares |
| | | under |
| | | the |
| | | authority |
| | | hereby |
| | | conferred |
| | | prior to |
| | | the |
| | | expiry of |
| | | such |
| | | authority, |
| | | which |
| | | contract |
| | | will or |
| | | may be |
| | | executed |
| | | wholly or |
| | | partly |
| | | after the |
| | | expiry of |
| | | such |
| | | authority, |
| | | and may |
| | | purchase |
| | | ordinary |
| | | shares in |
| | | pursuance |
| | | of any |
| | | such |
| | | contract. |
+-------------------------+-------------------------+------------+
+-------------------------------------+------------+
| 8. | THAT |
| | the |
| | Directors |
| | be |
| | granted |
| | power |
| | pursuant |
| | to |
| | Section |
| | 571 of |
| | the |
| | Companies |
| | Act 2006 |
| | (the |
| | "2006 |
| | Act") to |
| | allot |
| | equity |
| | securities |
| | (within |
| | the |
| | meaning of |
| | section |
| | 560 of the |
| | 2006 Act) |
| | for cash, |
| | pursuant |
| | to the |
| | authority |
| | conferred |
| | on them to |
| | allot such |
| | shares or |
| | grant such |
| | rights by |
| | Resolution |
| | 6 |
| | contained |
| | in the |
| | Notice of |
| | the Annual |
| | General |
| | Meeting of |
| | the |
| | Company of |
| | which this |
| | Resolution |
| | forms part |
| | as if |
| | section |
| | 561(1) and |
| | sub |
| | sections |
| | (1)-(6) of |
| | section |
| | 562 of the |
| | 2006 Act |
| | did not |
| | apply to |
| | any such |
| | allotment, |
| | provided |
| | that the |
| | power |
| | conferred |
| | by this |
| | Resolution |
| | shall be |
| | limited |
| | to: |
+-------------------------------------+------------+
+----+-----+-----------------------------------------------------------------+
| | (a) | the allotment of equity securities in connection with an issue |
| | | or offering in favour of holders of equity securities and any |
| | | other persons entitled to participate in such issue or offering |
| | | where the equity securities respectively attributable to the |
| | | interests of such holders and persons are proportionate (as |
| | | nearly as maybe) to the respective number of equity securities |
| | | held or deemed to be held by them on the record date of such |
| | | allotment, subject only to such exclusions or other |
| | | arrangements as the Directors may consider necessary or |
| | | expedient to deal with fractional entitlements or legal or |
| | | practical problems under the laws or requirements of any |
| | | recognised regulatory body or stock exchange in any territory; |
| | | and |
+----+-----+-----------------------------------------------------------------+
| | | |
+----+-----+-----------------------------------------------------------------+
| | (b) | the allotment of equity securities up to an aggregate nominal |
| | | value of GBP105,440; and |
+----+-----+-----------------------------------------------------------------+
| | | |
+----+-----+-----------------------------------------------------------------+
| | (c) | shall expire at the conclusion of the next Annual General |
| | | Meeting of the Company or, if earlier, the date 15 months from |
| | | the date of passing of this Resolution unless previously |
| | | varied, revoked or renewed by the Company in general meeting |
| | | provided that the Company may, before such expiry, make any |
| | | offer or agreement which would or might require equity |
| | | securities to be allotted after such expiry and the Directors |
| | | may allot equity securities pursuant to any such offer or |
| | | agreement as if the power hereby conferred had not expired; and |
+----+-----+-----------------------------------------------------------------+
| | | |
+----+-----+-----------------------------------------------------------------+
| | (d) | all prior powers granted under section 95 of the Companies Act |
| | | 1985 be revoked provided that such revocation shall not have |
| | | retrospective effect. |
+----+-----+-----------------------------------------------------------------+
+-------------------------------------+----------+
| 9. | THAT |
| | with |
| | effect |
| | from |
| | the |
| | end of |
| | this |
| | Meeting: |
+-------------------------------------+----------+
+-------------------------+--------+----------------+
| | (a) | the |
| | | Articles |
| | | of |
| | | Association |
| | | of the |
| | | Company be |
| | | amended by |
| | | deleting |
| | | all the |
| | | provisions |
| | | of the |
| | | Company's |
| | | Memorandum |
| | | of |
| | | Association |
| | | which, by |
| | | virtue of |
| | | section 28 |
| | | Companies |
| | | Act 2006, |
| | | are to be |
| | | treated as |
| | | provisions |
| | | of the |
| | | Company's |
| | | Articles of |
| | | Association; |
| | | and |
+-------------------------+--------+----------------+
| | | |
+-------------------------+--------+----------------+
| | (b) | the |
| | | Articles |
| | | of |
| | | Association |
| | | produced to |
| | | the meeting |
| | | and |
| | | initialled |
| | | by the |
| | | chairman of |
| | | the Meeting |
| | | for the |
| | | purpose of |
| | | identification |
| | | be adopted as |
| | | the Articles |
| | | of Association |
| | | of the Company |
| | | in |
| | | substitution |
| | | for, and to |
| | | the exclusion |
| | | of, the |
| | | existing |
| | | Articles of |
| | | Association. |
+-------------------------+--------+----------------+
By Order of the Board
+---------------------------------------------------------+---------------+
| F G Luchini | Registered |
| | office: |
+---------------------------------------------------------+---------------+
| Secretary | Salisbury |
| | House |
+---------------------------------------------------------+---------------+
| | London Wall |
+---------------------------------------------------------+---------------+
| 28 August 2009 | London EC2M |
| | 5QS |
+---------------------------------------------------------+---------------+
Notes to Notice of Annual General Meeting
+-------------------------------------+-------------------+
| 1. | A |
| | member |
| | entitled |
| | to |
| | attend |
| | and vote |
| | at the |
| | Meeting |
| | convened |
| | by the |
| | above |
| | notice |
| | may |
| | appoint |
| | a proxy |
| | to |
| | exercise |
| | all or |
| | any of |
| | his |
| | rights |
| | to |
| | attend, |
| | speak |
| | and vote |
| | at a |
| | meeting |
| | of the |
| | Company. |
| | A proxy |
| | need not |
| | be a |
| | member |
| | of the |
| | Company. |
| | A member |
| | may |
| | appoint |
| | more |
| | than one |
| | proxy in |
| | relation |
| | to the |
| | Meeting, |
| | provided |
| | that |
| | each |
| | proxy is |
| | appointed |
| | to |
| | exercise |
| | the |
| | rights |
| | attached |
| | to a |
| | different |
| | share or |
| | shares |
| | held by |
| | that |
| | member. A |
| | form of |
| | proxy is |
| | enclosed. |
| | To be |
| | valid the |
| | enclosed |
| | form of |
| | proxy |
| | together |
| | with the |
| | power of |
| | attorney |
| | or other |
| | authority, |
| | if any, |
| | under |
| | which it |
| | is signed |
| | or a |
| | notarially |
| | certified |
| | or office |
| | copy |
| | thereof, |
| | must be |
| | delivered |
| | in |
| | accordance |
| | with |
| | instructions |
| | on it so as |
| | to be |
| | received by |
| | the |
| | Company's |
| | registrars, |
| | Capita |
| | Registrars, |
| | Proxies, The |
| | Registry, 34 |
| | Beckenham |
| | Road, |
| | Beckenham |
| | BR3 4TU, not |
| | less than 48 |
| | hours before |
| | the time |
| | appointed |
| | for holding |
| | the Meeting |
| | or any |
| | adjournment |
| | thereof. |
| | Lodgement of |
| | a form of |
| | proxy will |
| | not prevent |
| | a member |
| | from |
| | attending |
| | and voting |
| | in person if |
| | so desired. |
+-------------------------------------+-------------------+
| | |
+-------------------------------------+-------------------+
| 2. | Copies |
| | of |
| | contracts |
| | of |
| | service |
| | between |
| | the |
| | non-executive |
| | directors and |
| | the Company |
| | will be |
| | available at |
| | the |
| | registered |
| | office of the |
| | company on |
| | any weekday |
| | prior to the |
| | meeting |
| | (weekends and |
| | public |
| | holidays |
| | excepted) |
| | during normal |
| | business |
| | hours. Copies |
| | of the above |
| | mentioned |
| | documents |
| | will also be |
| | available on |
| | the date of |
| | the Meeting |
| | at the place |
| | of the |
| | meeting for |
| | 15 minutes |
| | prior to the |
| | meeting until |
| | its |
| | conclusion. |
+-------------------------------------+-------------------+
| | |
+-------------------------------------+-------------------+
| 3. | Pursuant |
| | to |
| | section |
| | 360B of |
| | the |
| | Companies |
| | Act 2006 |
| | (the |
| | "2006 |
| | Act") and |
| | regulation |
| | 41 of the |
| | Uncertificated |
| | Securities |
| | Regulations |
| | 2001, only |
| | shareholders |
| | registered in |
| | the register |
| | of members of |
| | the Company as |
| | at 12.30 p.m. |
| | on 29 |
| | September 2009 |
| | shall be |
| | entitled to |
| | attend and |
| | vote at the |
| | Meeting in |
| | respect of the |
| | number of |
| | shares |
| | registered in |
| | their name at |
| | such time. If |
| | the Meeting is |
| | adjourned, the |
| | time by which |
| | a person must |
| | be entered on |
| | the register |
| | of members of |
| | the Company in |
| | order to have |
| | the right to |
| | attend and |
| | vote at the |
| | adjourned |
| | meeting is at |
| | 12.30 p.m. on |
| | the day |
| | preceding the |
| | date fixed for |
| | the adjourned |
| | meeting. |
| | Changes to the |
| | register of |
| | members after |
| | the relevant |
| | times shall be |
| | disregarded in |
| | determining |
| | the rights of |
| | any person to |
| | attend or vote |
| | at the |
| | Meeting. |
+-------------------------------------+-------------------+
| | |
+-------------------------------------+-------------------+
| 4. | In the |
| | case |
| | of |
| | joint |
| | holders, |
| | the vote |
| | of the |
| | senior |
| | who |
| | tenders |
| | a vote |
| | whether |
| | in |
| | person |
| | or by |
| | proxy |
| | will be |
| | accepted |
| | to the |
| | exclusion |
| | of the |
| | votes of |
| | the other |
| | joint |
| | holders |
| | and for |
| | this |
| | purpose |
| | seniority |
| | will be |
| | determined |
| | by the |
| | order in |
| | which |
| | names |
| | stand in |
| | the |
| | register |
| | of members |
| | of the |
| | Company in |
| | respect of |
| | the |
| | relevant |
| | joint |
| | holding. |
+-------------------------------------+-------------------+
| | |
+-------------------------------------+-------------------+
| 5. | By |
| | attending |
| | the |
| | Meeting |
| | members |
| | agree to |
| | receive |
| | any |
| | communications |
| | made at the |
| | meeting. |
+-------------------------------------+-------------------+
| | |
+-------------------------------------+-------------------+
| 6. | In |
| | order |
| | to |
| | facilitate |
| | voting by |
| | corporate |
| | representatives |
| | at the Meeting, |
| | arrangements |
| | will be put in |
| | place at the |
| | Meeting so that |
| | (i) if a |
| | corporate |
| | shareholder has |
| | appointed the |
| | Chairman of the |
| | Meeting as its |
| | corporate |
| | representative |
| | to vote on a |
| | poll in |
| | accordance with |
| | the directions |
| | of all of the |
| | other corporate |
| | representatives |
| | for that |
| | shareholder at |
| | the Meeting, |
| | then on a poll |
| | those corporate |
| | representatives |
| | will give |
| | voting |
| | directions to |
| | the Chairman |
| | and the |
| | Chairman will |
| | vote (or |
| | withhold a |
| | vote) as |
| | corporate |
| | representative |
| | in accordance |
| | with those |
| | directions; and |
| | (ii) if more |
| | than one |
| | corporate |
| | representative |
| | for the same |
| | corporate |
| | shareholder |
| | attends the |
| | Meeting but the |
| | corporate |
| | shareholder has |
| | not appointed |
| | the Chairman of |
| | the Meeting as |
| | its corporate |
| | representative, |
| | a designated |
| | corporate |
| | representative |
| | will be |
| | nominated, from |
| | those corporate |
| | representatives |
| | who attend, who |
| | will vote on a |
| | poll and the |
| | other corporate |
| | representatives |
| | will give |
| | voting |
| | directions to |
| | that designated |
| | corporate |
| | representative. |
| | Corporate |
| | shareholders |
| | are referred to |
| | the guidance |
| | issued by the |
| | Institute of |
| | Chartered |
| | Secretaries and |
| | Administrators |
| | on proxies and |
| | corporate |
| | representatives |
| | (www.icsa.org.uk) |
| | for further |
| | details of the |
| | procedure. The |
| | guidance includes |
| | a sample form of |
| | appointment |
| | letter if the |
| | Chairman is being |
| | appointed as |
| | described in (i) |
| | above. |
+-------------------------------------+-------------------+
- END -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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