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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Fluormin | LSE:FLOR | London | Ordinary Share | GB00B5PC8898 | ORD 15P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMFLOR
RNS Number : 9286O
Fluormin PLC
17 October 2012
Fluormin plc
("Fluormin" or the "Company")
PRELIMINARY RESULTS
FOR THE YEAR ENDED 30 JUNE 2012
LONDON, UK -- (Marketwire - 17 October 2012)
Fluormin Plc (AIM: FLOR) is pleased to announce the preliminary results for the consolidated entity (referred to hereafter as the "Group") consisting of Fluormin Plc ("Fluormin" or the "Company") and the entities it controlled at the end of, or during, the year ended 30 June 2012 as well as the Company Statement of Financial Position and Company Statement of Cashflows.
Highlights and accomplishments during the financial year
- successfully disposed of its Tunisian lead and zinc assets in August 2011 to subsidiaries of Glencore International AG ("Glencore") for GBP6.3m (US$10.2m);
- secured off-take agreements with subsidiaries of Glencore for any fluorspar subsequently produced at those Tunisian assets;
- successfully completed the admission process commencing trading on AIM on 15 September 2011;
- completed the Sallies Limited ("Sallies) and Kenya Fluorspar Company Limited ("KFC") acquisitions;
- completed the regulatory process of bidding for the minority shareholding and debenture holding in Sallies in December 2011 and January 2012 respectively; and
- subsequently disposed of its minority KFC interest for GBP8.5m (US$14m) realising a profit of approximately GBP7.1m (US$10.7m).
Recent activity
- The Company successfully disposed of its Buffalo Fluorspar Project ("Buffalo") for the aggregate consideration of ZAR 10m (GBP0.74m). Buffalo has been on care and maintenance since 2008 with no plans to reopen; and
- The Company has placed its Witkop mine on care and maintenance, following further weakness in the fluorspar market. Despite an improvement in the Company's operational performance and significant cost reductions, the prevailing price for acid grade fluorspar has fallen below current operating costs. Having met with trade union representatives in South Africa it was concluded to place the mine on care and maintenance with effect from the close of business on 12 October 2012. Recommencement of operations will be contemplated when the fluorspar industry enters into a more favourable price environment.
Financials
The Company remains well funded with cash and receivables at the reporting date of GBP13.2m (US$20.7m). The balance includes restricted cash of GBP1.4m (US$2.2m) and GBP4.2m (US$6.5m) cash consideration due from the sale of the Company's 20% interest in KFC, which is due to be received on or before 30 November 2012.
The strong cash position has been achieved through a combination of fundraisings and strategic asset disposals. The Company raised approximately GBP4.5m through subscriptions to new investors and management in the period, whilst approximately GBP14.8m (US$24.2m) was received through the disposal of the Tunisian base metal assets and 20% interest in KFC.
For the year ended 30 June 2012 the Group recorded a profit after tax of GBP3.5m, compared to a loss of GBP2.8m for the year ended 30 June 2011. Net assets of the Group increased from GBP6m as at 30 June 2011 to GBP22.4m as at 30 June 2012.
The operating loss for the year ended 30 June 2012 includes an impairment charge of GBP8.2m.
Mark Bolton, Company CEO, commented:
"The year ended 30 June 2012, and subsequently to the date of this report, witnessed a period of transformation and challenge for the Company. Despite the many highlights and accomplishments achieved by the Company and its employees in the period, these have been overshadowed somewhat by the recent decision to place the Witkop mine on care and maintenance. However, in the current economic environment, it was concluded that this was the only defensible strategy for the Company at this time. Recommencement of operations will be contemplated when the fluorspar industry enters into a more favourable price environment. By keeping the mine on care and maintenance the Company is seeking to minimize both the cost and challenges associated with restarting operations at Witkop at such time as the Fluorspar market improves."
About Fluormin Plc
Fluormin is a producer of acid grade fluorspar, an industrial mineral widely used in the chemical and aluminum industries for the making of products such as HFCs (Hydrofluorocarbons used as refrigerant gases like Freon (TM)) and aluminum fluoride.
Contact Information
Fluormin plc Mark Bolton, Chief Executive Officer +44 (0) 20 7034 7150 mbolton@fluormin.com Westhouse Securities Martin Davison +44 (0) 20 7601 6100 martin.davison@westhousesecurities.com
Consolidated income statement
For the year ended 30 June 2012
Notes 2012 2011 GBP'000 GBP'000 Continuing Operations Revenue 20,802 - Cost of sales (18,165) - Gross profit 2,637 - Exploration expenses - (116) Impairment charge (8,163) - Administrative expenses (7,361) (2,614) Operating loss (12,887) (2,730) Other income 9,158 - Finance costs (296) - Finance income 184 61 Share in loss of joint venture (314) (4) -------- ------- Loss before taxation (4,155) (2,673) Taxation 1,536 - Loss for the period from continuing operations (2,619) (2,673) -------- ------- Discontinued Operations Profit for the period from discontinued operations 2 6,093 (123) Profit / (loss) for the year 3,474 (2,796) ======== ======= Profit / (loss) attributable to: Owners of Fluormin Plc 3,604 - Non-controlling interest (130) - -------- ------- 3,474 (2,796) ======== ======= Earnings / (loss) per share (pence) Continuing operations Basic 3 (5.25) (15.31) Diluted 3 (5.25) (15.31) Discontinued operations Basic 3 12.86 (0.70) Diluted 3 11.73 (0.70) Continuing and discontinued operations Basic 3 7.61 (16.01) Diluted 3 6.48 (16.01)
Consolidated statement of comprehensive income
For the year ended 30 June 2012
2012 2011 GBP'000 GBP'000 Profit / (loss) for the period 3,474 (2,796) Exchange differences on translation (1,662) - Total comprehensive income / (loss) for the period 1,812 (2,796) ------- ------- Profit / (loss) attributable to: Owners of Fluormin Plc 2,107 - Non-controlling interest (295) - ------- ------- 1,812 (2,796) ======= =======
Consolidated and company statement of financial position
Company Registration Number: 5146673
As at 30 June 2012
Notes Group Company 2012 2011 2012 2011 GBP'000 GBP'000 GBP'000 GBP'000 Non-current assets Intangible assets 4 - - - - Property, plant and equipment 8,105 38 - 1 Available-for-sale investments - - - - Investment property 43 - - - Other investments 1,408 776 2,048 1,087 Interest in joint venture - 311 - - --------- -------- ------- -------- Total non-current assets 9,556 1,125 2,048 1,088 --------- -------- ------- -------- Current assets Inventories 4,435 - - - Trade and other receivables 6,416 89 116 81 Loans to affiliated companies 1,281 3,864 10,702 3,819 Cash and cash equivalents 7,666 1,280 7,420 1,277 --------- -------- ------- -------- Total current assets 19,798 5,233 18,238 5,177 --------- -------- ------- -------- Current liabilities Trade and other payables (2,204) (382) (537) (374) Borrowings (162) - - - --------- -------- ------- -------- Total current liabilities (2,366) (382) (537) (374) --------- -------- ------- -------- Net current assets 17,432 4,851 17,701 4,803 ========= ======== ======= ======== Non-current liabilities Provisions (3,841) - - - Deferred tax liability (779) - - - --------- -------- ------- -------- Total non-current liabilities (4,620) - - - --------- -------- ------- -------- Net assets 22,368 5,976 19,749 5,891 ========= ======== ======= ======== Equity Share capital 5 8,380 3,805 8,380 3,805 Share premium account 724 12,199 724 12,199 Reserves (1,360) 862 580 862 Retained earnings /(loss) 14,579 (10,890) 10,065 (10,975) --------- -------- ------- -------- Capital and reserves attributable to the owners of Fluormin Plc 22,323 5,976 19,749 5,891 Non-controlling interests 45 - - - Total equity 22,368 5,976 19,749 5,891 ========= ======== ======= ========
Consolidated statement of changes in equity
For the year ended 30 June 2012
Attributable to the owners of Fluormin Plc ---------------------------------------------------------- Share Share Retained Non-controlling Total capital premium Reserves earnings Total interests equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 July 2011 3,805 12,199 862 (10,890) 5,976 - 5,976 Profit / (loss) for the year - - - 3,604 3,604 (130) 3,474 Foreign exchange - - (1,497) - (1,497) (165) (1,662) Total comprehensive income for the year - - (1,497) 3,604 2,107 (295) 1,812 Issue of equity share capital 4,575 9,996 - - 14,571 - 14,571 Share issue costs - (14) - - (14) - (14) Cancellation of share premium account - (21,457) - 21,457 - - - Share based payment expense - - 126 - 126 - 126 Options lapsed or cancelled - - (408) 408 - - - Adjustment on change on non-controlling interest - - (443) - (443) 2,143 1,700 Elimination of non-controlling interest - - - - - (1,803) (1,803) Balance at 30 June 2012 8,380 724 (1,360) 14,579 22,323 45 22,368 ========== ========== =========== =========== ======== ================ =========
For the year ended 30 June 2011
Attributable to the owners of Fluormin Plc ---------------------------------------------------------- Share Share Retained Non-controlling Total capital premium Reserves earnings Total interests equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 July 2010 1,079 7,441 48 (8,094) 474 - 474 Loss for the year - - - (2,796) (2,796) - (2,796) Total comprehensive income for the year - - - (2,796) (2,796) - (2,796) Issue of equity share capital 2,726 4,758 - - 7,484 - 7,484 Share based payment expense - - 814 - 814 - 814 Balance at 30 June 2011 3,805 12,199 862 (10,890) 5,976 - 5,976 ========== ========== =========== =========== ======== ================ =========
Consolidated and company statement of cash flows
For the year ended 30 June 2012
Group Company 2012 2011 2012 2011 GBP'000 GBP'000 GBP'000 GBP'000 Net cash used in operating activities before taxation (3,688) (5,760) (4,090) (5,710) Taxation 310 - - - --------- ------- ------- ------- Net cash used in operating activities after taxation (3,378) (5,760) (4,090) (5,710) Investing activities Payments to acquire subsidiary undertaking, net of cash acquired 6 (3,865) - - - Payments for property, plant and equipment (1,220) (1) - (1) Payments for restricted investments (1,114) - - - Loans to related parties (886) - (8,070) - Investment in affiliated companies - (1,079) - (1,079) Proceeds from sale of subsidiary undertaking 6,329 - 6,329 - Proceeds from sale of property, plant and equipment 556 - - - Proceeds from sale of investment property 64 - - - Proceeds from sale of investments 4,166 - - Repayment of loans by related parties 341 - 2,303 - Other income - - 67 - Dividend received 577 - 4,743 - Interest received 184 175 65 129 Net cash from / (used in) investing activities 5,132 (905) 5,437 (951) Financing activities Proceeds on issue of share capital 4,586 7,484 4,586 7,484 Share issue costs (14) - (14) - Interest paid (164) - - - --------- ------- ------- ------- Net cash from / (used in) financing activities 4,408 7,484 4,572 7,484 Net increase in cash and cash equivalents 6,162 819 5,919 823 Cash and cash equivalents at the beginning of the year 1,280 461 1,277 454 Effects of exchange rate changes on cash and cash equivalents 224 - 224 - Cash and cash equivalents at the end of the year 7,666 1,280 7,420 1,277 ========= ======= ======= =======
Notes to the Accounts
1. Basis of preparation
This announcement has been prepared in accordance with the Group's accounting policies, which in turn are in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU") applied in accordance with the Companies Act 2006.
IFRS is subject to amendment and interpretation by the International Accounting Standards Board ("IASB") and the IFRS Interpretations Committee and there is an ongoing process of review and endorsement by the European Commission. The accounting policies comply with each IFRS that is mandatory for accounting periods ended 30 June 2012.
The financial information is presented in pounds sterling, prepared on a historical cost basis and, unless otherwise stated and rounded to the nearest thousand. The financial information set out in this announcement does not comprise the Group's statutory accounts for the years ended 30 June 2012 or 30 June 2011.
The financial information for the year ended 30 June 2011 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under either Section 498 (2) or Section 498 (3) of the Companies Act 2006 and did not include references to any matters to which the auditor drew attention by way of emphasis.
The statutory accounts for the year ended 30 June 2012 have not yet been delivered to the Registrar of Companies, nor have the auditors yet reported on them. This preliminary announcement does not constitute statutory accounts under section 435 of the Companies Act 2006.
2. Discontinued operations (a) Description
On 11 August 2011 the Company entered into a share purchase agreement with Glencore International AG ("Glencore"), whereby it sold the entire issued share capital of HMH Fluor Limited ("HMH") and High Marsh Services ("HMS") to Zullma Corporation, the entire issued share capital of European Industrial Base Metals Limited ("EIBM") to Strongest Network Corporation and the entire issued share capital of North African Mining and Minerals Limited ("NAMM") to Nager Business Inc. for an aggregate consideration of US$10.2m (subject to an adjustment amount pursuant to the terms and conditions of the share purchase agreement).
As a result of the share purchase agreement, Fluormin also entered into offtake agreements with HMH, EIBM and NAMM and Glencore provided a guarantee to the Fluormin in respect of performance under the off take agreements. Financial information relating to the discontinued operation for the period to the date of disposal is set out below.
(b) Financial performance and cash flow information
The financial performance and cash flow information presented are for the two months ended 31 August 2011 (2012 column) and the year ended 30 June 2011:
2012 2011 GBP'000 GBP'000 Revenue - - Expenses (180) (123) ------- ------- Loss from operations (180) (123) Taxation - - ------- ------- Loss after taxation from discontinued operations (180) (123) ======= ======= Gain on sale of subsidiary before taxation 6,273 - Taxation - - ----- Gain on sale of subsidiaries after taxation 6,273 - ===== Profit from discontinued operations 6,093 - ===== Net cash outflow from operating activities (180) - Net cash inflow from investing activities 6,329 - ----- Net increase in cash generated 6,149 - ===== (c) Details of the sale of the subsidiary undertaking 2012 2011 GBP'000 GBP'000 Consideration received: Cash 6,329 - Carrying amount of net assets sold (56) ------- ------- Gain on sale before taxation 6,273 - Taxation - - ------- ------- Gain on sale after taxation 6,273 - ======= =======
The carrying amount of assets and liabilities as at date of sale (11 August 2011) were:
11 August 2012 GBP'000 Property, plant and equipment 37 Other receivables 6 Cash and cash equivalents 17 --------- 60 Accruals (4) --------- Net assets 56 ========= 3. Earnings / (loss) per share (a) Basic earnings / (loss) per share 2012 2011 pence pence From continuing operations attributable to the ordinary equity holders of the Company (5.25) (15.31) From discontinued operation 12.86 (0.70) ------ ------- Total basic earnings / (loss) per share attributable to the ordinary equity holders of the Company 7.61 (16.01) ====== ======= (b) Diluted earnings / (loss) per share 2012 2011 pence pence From continuing operations attributable to the ordinary equity holders of the Company (5.25) (15.31) From discontinued operation 11.73 (0.70) ------ ------- Total basic earnings / (loss) per share attributable to the ordinary equity holders of the Company 6.48 (16.01) ====== ======= (c) Reconciliation of earnings / (loss) used in calculating earnings / (loss) per share 2012 2011 GBP'000 GBP'000 Basic and diluted earnings / (loss) per share Profit / (loss) attributable to the ordinary equity holders of the Company used in calculating basic earnings per share: From continuing operations (2,489) (2,673) From discontinued operation 6,093 (123) ------- ------- 3,604 (2,796) ------- ------- (d) Weighted average number of shares used as the denominator 2012 2011 Number of shares Weighted average number of ordinary shares for the purposes of basic earnings / (loss) per share 47,390,308 17,467,212 Number of dilutive shares under option 4,552,666 4,801,333 ---------------- ---------- Weighted average number of ordinary shares for the purposes of dilutive earnings / (loss) per share 51,942,974 22,268,545 ================ ==========
The calculation of diluted earnings per share assumes conversion of all potentially dilutive ordinary shares, all of which arise from share options. A calculation is performed to determine the number of share options that are potentially dilutive based on the number of shares that could have been acquired at fair value, considering the monetary value of the subscription rights attached to outstanding share options. Share options in issue during the year ended 30 June 2011 decrease the loss per share for the year end and as such are deemed anti-dilutive. Therefore, the diluted loss per share is the same as the basic loss per share for 2011.
* At the General Meeting held on 31 August 2011, shareholders approved the consolidation of the former ordinary shares into ordinary shares on a 1 for 25 basis.
4. Intangible assets - Group Mining Rights Goodwill Total GBP'000 GBP'000 GBP'000 Cost At 1 July 2010 - - - Additions - - - Disposals - - - ------------- -------- ------- At 30 June 2011 - - - Acquisition of subsidiary 6,466 2,672 9,138 Disposals - - - ------------- -------- ------- At 30 June 2012 6,466 2,672 9,138 ============= ======== ======= Accumulated amortisation and impairment At 1 July 2010 - - Impairment charge - - ------------- -------- ------- At 30 June 2011 - Amortisation (232) - (232) Impairment charge (5,776) (2,387) (8,163) Exchange differences (458) (285) (743) ------------- -------- ------- At 30 June 2012 (6,466) (2,672) (9,138) ============= ======== ======= Net Book Value At 30 June 2012 - - - ============= ======== ======= At 30 June 2011 - - - ============= ======== =======
Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units (CGUs) that are expected to benefit from that business combination identified according to operating segments. Mining Rights and Goodwill have been calculated and initially recognised as part of the acquisition of Sallies.
The recoverable amount of the CGU is based on fair value of the net identifiable assets as at reporting date. As at the reporting date it was determined that the fair value of the net identifiable assets of Sallies equated to their approximate cost, with the exception of the property, plant and equipment.
The fair value of the property, plant and equipment has been determined based on an independent valuation conducted by Pretoria Demolition and Excavating Contractors in March 2012. The valuation was based on the demolishing and dismantling of the structures of the Group's Witkop mine in Zeerust, South Africa and the value of the material and/or structures in the open market. Factors that were taken into consideration for the disposal of the materials and structures including the location of the mine, similar sales in the past and the prices that were paid and the feasibility to locate different structures.
As at 30 June 2012, the Mining Rights and Goodwill have been fully impaired. The impairment decision reflects the reduction in fair value of the net identifiable assets of Sallies as at 30 June 2012, in light of the operational challenges at the Witkop mine and the weaker outlook for Fluorspar prices, which has led to it being placed on care and maintenance.
None of the Mining Rights or Goodwill is expected to be tax deductible.
5. Share capital 2012 2011 GBP'000 GBP'000 Allotted, called up and fully paid 634,129,513 ordinary shares of GBP0.06 each - 3,805 ======= ======= 55,865,722 ordinary shares of GBP0.15 each 8,380 - ======= =======
The Company has one class of ordinary shares which carry no right to fixed income.
During the course of the year, the movement in the called up, allotted and fully paid share capital was as follows:
Number Nominal value Note ('000) GBP'000 Balance as at 1 July 2011 634,129 3,805 Shares issued: August 2011 40,000 240 674,129 4,045 Share consolidation (i) (647,164) - 26,965 4,045 Shares issued: September 2011 27,063 4,060 December 2011 1,735 260 January 2012 103 15 Balance as at 30 June 2012 55,866 8,380 ========= ============= (i) Share consolidation
At the General Meeting held on 31 August 2011, shareholders approved the consolidation of the former ordinary shares into ordinary shares on a 1 for 25 basis.
In this financial year 69m (2011: 454m pre-share consolidation) ordinary shares were issued.
6. Business combination (a) Summary of acquisition
On 31 August 2011 the Company acquired 66.93% of the issued share capital of Sallies Limited, increasing its aggregate shareholding to 78.29%. On the same day it also acquired 57.83% of the Sallies debentures in issue, marking the Company's strategic shift to the Fluorspar industry.
Details of the purchase consideration, the net assets acquired and goodwill relating to the initial acquisition is as follows:
GBP'000 Purchase consideration: Cash paid - Share based consideration 7,196 Acquisition-date fair value of the previously held equity interest 856 Plus: Loan to Rubio Investments 391 (Proprietary) Limited 3,012 Net gain on acquisition of debentures * 1,222 Fair value of consideration transferred 12,286 =======
* The net gain on acquisition of debentures has arisen due to the fair value of Fluormin Plc shares issued being less than the fair value of the debentures purchased at acquisition date.
The assets and liabilities recognised as a result of the acquisition are as follows:
Fair value GBP'000 Investment properties 116 Mining rights 6,466 Property, plant and equipment 8,577 Restricted investment 364 Inventories 4,344 Accounts receivable 2,569 Cash 1,370 Convertible loan (1,745) Provision for environmental rehabilitation (4,231) Portion of unsecured unsubordinated convertible debentures (5,677) Deferred tax liability (2,005) Trade and other payables (1,339) Provisions - other (263) Current portion of long-term loans (71) ---------- Net identifiable assets acquired 8,475 Plus: Liability element of debentures acquired 3,283 Less: Non-controlling interest (2,144) Net assets acquired 9,614 ==========
As a result of the above acquisition goodwill of GBP2,672k has been recognised. The goodwill is attributable to the Witkop mine and essentially relates to a premium paid for exposure to the fluorspar market. It will not be deductible for tax purposes.
Subsequently, on 19 December 2011, the Company acquired the remaining 21.71% of the issued share capital of Sallies for a total consideration of GBP3,956k, resulting in the elimination of the above noted non-controlling interest. The consideration comprised of a share based component of GBP954k (1,735,995 shares issued) and a cash component of GBP3,002k (refer to note (b) below).
Furthermore, on 23 January 2012, pursuant to the unconditional mandatory offer to Sallies debenture holders, the Company acquired a further 39.16% of the Sallies debentures for a total consideration of GBP2,292k, increasing its aggregate debenture holding to 96.99%. The consideration comprised of a share based component of GBP59k (102,950 shares issued) and a cash component of GBP2,233 (refer to note (b) below).
Acquired receivables
The fair value of acquired trade receivables was GBP1,566k. The gross contractual amount for trade receivables due approximated the fair value and is expected to be collectible.
Acquired property, plant and equipment
The fair value of the property, plant and equipment of GBP8,577k was based on an independent valuation conducted by Pretoria Demolition and Excavating Contractors in March 2012. The valuation was based on the demolishing and dismantling of the structures of the Group's Witkop mine in Zeerust, South Africa and the value of the material and/or structures in the open market. Factors that were taken into consideration for the disposal of the materials and structures including the location of the mine, similar sales in the past and the prices that were paid and the feasibility to locate different structures.
Non-controlling interests
The Company has elected to recognise the non-controlling interest at share of net assets for the initial acquisition on 31 August 2011. However, as noted above the non-controlling interest was subsequently eliminated on 19 December 2011 following the acquisition of the entire issued share capital of Sallies Limited.
Revenue and profit contribution
The acquired business contributed revenues of GBP20,802k and a net loss of GBP1,532k to the group for the period from 1 September 2011 to 30 June 2012.
If the acquisition of Sallies Limited had been completed on the first day of the financial year, group revenues for the period would have been GBP24,936k and group loss attributable to equity holders of the parent would have been GBP1,995k.
(b) Mandatory offer - cash outflow GBP'000 Outflow of cash to acquire subsidiary, net of cash acquired: Cash consideration - paid on 19 December 2011 3,002 Cash consideration - paid on 23 January 2012 2,233 ------- Total cash consideration 5,235 Less: Balances acquired Cash (1,370) 3,865 ------- Outflow of cash - investing activities 3,865 =======
Acquisition-related costs
Acquisition-related costs of GBP684k are included in other expenses in profit or loss and in operating cash flows in the statement of cash flows.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UBVORUWARAAA
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