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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Frasers Group Plc | LSE:FRAS | London | Ordinary Share | GB00B1QH8P22 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
12.50 | 1.55% | 817.50 | 814.50 | 815.50 | 815.50 | 802.50 | 807.50 | 293,962 | 16:35:14 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Sport Gds Stores, Bike Shops | 5.45B | 488M | 1.0774 | 7.57 | 3.69B |
TIDMSPD Secured Property Developments plc Annual report and financial statements Registered number 2055395 For the year ended 31 December 2014 Contents Notice of meeting 1 Company information 2 Chairman's statement 3 Strategic report 5 Directors' report 7 Statement of directors' responsibilities in respect of the Strategic report, the Directors' report and the financial statements 9 Independent auditor's report to the members of Secured Property Developments plc 10 Consolidated profit and loss account 12 Consolidated balance sheet 13 Company balance sheet 14 Consolidated cash flow statement 15 Consolidated Statement of Total Recognised Gains and Losses 16 Reconciliation of movements in shareholders' funds 17 Notes to the financial statements 18 Form of proxy for use at the annual general meeting on 15 July 2015 28 Notice of meeting NOTICE IS HEREBY GIVEN that the Twenty fourth Annual General Meeting of Secured Property Developments plc will be held at The Small Mall Room, The Royal Automobile Club, 89 Pall Mall, London, SW1Y 5HS on 15 July 2015 at 11am for the following purposes: * To receive and adopt the financial statement for the year ended 31 December 2014 together with the reports of the Directors and the Auditor thereon. * To re-elect R Shane as a director (retired by rotation) * To re-elect J Soper as a director (retired by rotation) * To authorise, by special resolution in accordance with s701 of the Companies Act 2006, the Board to purchase up to 5% of the Company's own shares in the open market at a minimum price of 20p per share and a maximum price of 60p per share, such powers to expire at the AGM to be held in 2016, or on 15 July 2016 if earlier. * To appoint as Auditors KPMG LLP, and to authorise the Directors to agree their remuneration, such powers to expire at the AGM held in 2016. * To consider and, if deemed fit, pass the following resolution as a special resolution: + THAT the regulations set forth in the printed document produced to this meeting and for the purposes of identification signed by the chairman hereof, be approved and adopted as the articles of association of the Company, in substitution for, and to the exclusion of, all existing articles thereof The purpose of this resolution is to enable the members to transfer their shares in uncertificated form (via CREST) and to send notices by electronic means. * To transact any other ordinary business of the Company. By order of the board I H Cobden Date: 15 June 2015 Secretary Notes: 1. Enclosed with these accounts is a letter concerning the supply of documents and information by e-mail. Please read this letter and, if you would like to receive documents and information in this way, please complete and return the enclosed form. 2. A member entitled to attend and vote at this meeting is entitled to appoint a proxy to attend and vote in his stead. A proxy need not be a member of the Company. Proxy forms must be lodged at the Registered Office not later than forty-eight hours before the time fixed for the meeting. 3. We would draw the attention of members proposing to attend the meeting to the RAC Club dress code, which requires men to wear a tailored jacket and trousers, collared shirt and tie at all times and women to dress with commensurate formality. Company information Directors R France G Green R Shane P Stansfield D Duffield J Soper Secretary I Cobden Registered office Unit 6 42 Orchard Road London N6 5TR Auditor KPMG LLP 8 Princes Parade Liverpool L3 1QH Bankers The Royal Bank of Scotland Plc Piccadilly Circus Branch 48 Haymarket London SW17 4SE Solicitors Summers 22 Welbeck Street London W1G 8EF Share Dealing The Company's Ordinary shares are quoted on the ICAP Security and Derivative Exchange (ISDX) and persons can buy or sell shares through their stockbroker. Registrars Avenir Registrars Ltd Suite A, 6 Honduras Street, London EC1Y 0TH ylva.baeckstrom@avenir-registrars.co.uk www.avenir-registrars.co.uk Telephone 020 7692 5500 Share Price The middle market price of the Ordinary shares were quoted at 31 December 2014 on the ISDX (previously the PLUS Market) at 20.5p pence per share (2013: 12.5 pence per share) Chairman's statement In February of this year the Board approved a change of Company strategy to focus on acquisitions and development of UK residential property. Since the parliamentary election there has been renewed interest in residential property, particularly from international investors. Indeed Savills are now predicting price increases across the UK of around 19.3% over the next five years. As part of this change of strategy the Board also approved the disposal of three of the Company's retail properties and repayment of the RBS loan. On 26 March 2015, commercial units at 14 St Sampson's Square York, and 11 & 13 Newborough Scarborough were sold at auction for an amount of GBP1,325,000. Upon completion on 12 May 2015 the RBS loan facility of GBP1,500,000 was repaid in full using a combination of net sale proceeds and existing cash holdings. This leaves the Company free of bank debt and in a strong position to pursue residential property acquisitions and development opportunities. RBS Swap Claim In May 2014 following the resolution of the Group's original interest rate swap dispute with Royal Bank of Scotland, a provisional basic address payment of GBP 476,309 was received from RBS. This payment was subject to additional claims for consequential loss and additional tax which were submitted to RBS in July 2014. In March 2015 RBS made an offer in settlement of the additional claims in the sum of GBP43,930. For various reasons this offer has been challenged by the Company and a response from RBS is now awaited. As such no amount has been recognised in these accounts in respect of the consequential loss claim. 2014 Accounts Turnover in 2014 has increased to GBP148,437 compared with GBP131,003 in 2013. The profit before taxation was GBP404,044 compared with a loss of GBP78,011 in 2013, due mainly to the compensation payment from RBS received in the year and disclosed as an exceptional item in the Profit and Loss account. Electronic Communication Accompanying the notice of AGM is a letter to all members relating to the supply of documents and information in electronic form. In common with other listed companies your Board recommends approval to electronic communication and the consequential revisions to the Company's Articles of Association. Cash resources and dividends We continue to maintain a tight control of the Company's cash resources, which we consider adequate to support current levels of expenditure, although we keep them under constant review. In current circumstances the Board considers it is not appropriate to recommend the payment of a dividend for the year ending 31 December 2014. I should like to welcome John Soper as a member of the Board with effect from 19 December 2014. John is a chartered accountant and has considerable experience in the property industry. Chairman's statement (continued) AGM The annual general meeting will take place at the Royal Automobile Club, 89 Pall Mall London, SW1Y 5HS on 15 July 2015 at 11am and the directors look forward to meeting those shareholders, who can attend. D Duffield Chairman Strategic report Principal Activities
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