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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ortus Vct | LSE:ORT | London | Ordinary Share | GB0003945101 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMORT TIDMMAV4
RNS Number : 0189Q
Ortus VCT PLC
31 October 2012
Ortus VCT
Half-yearly Report
For the six months ended 31 August 2012
Chairman's Statement
During the six months ended 31 August 2012, the portfolio has continued to generate a steadily improving level of revenues, but at the same time it has been necessary to revalue several of the legacy portfolio assets to reflect the terms of offers received for those businesses or downturn in trading at certain of these older assets. As a consequence, the Net Asset Value has reduced by 5.3p per share to 33.4p. Conversely, the new Maven portfolio has continued to increase in value but, with smaller unit sizes, the corresponding positive impact on NAV has been less pronounced. The Company has nevertheless improved its cash reserves and going forward is well placed to invest in all Maven-led transactions, albeit still in modest unit sizes.
As can be seen in the Investment Portfolio Summary on page 11, the Maven team has now introduced more than twenty new private equity investments, which are generally valued at or above cost and are generating attractive levels of revenue, which is demonstrated by the increase in income to your Company highlighted above.
Strategy
For some time, your Board has been examining strategic options aimed at restoring value and improving returns for Ortus Shareholders. We are pleased to inform Shareholders that, to this end, we have recently entered discussions with Maven Income and Growth VCT 4 PLC to merge the two companies. The potential merger, which will be subject to approval by both companies, is expected to achieve, among other things, cost savings and administrative efficiency through the creation of an enlarged VCT that will provide benefits for all Shareholders. The intention is that any merger will be carried out on a relative net assets basis by transferring the assets and liabilities of Ortus VCT to Maven Income and Growth VCT 4 in consideration for new shares of that company pursuant to a section 110 scheme of reconstruction. A merger on this basis will be outside the provisions of The City Code on Takeovers and Mergers. Full details will be set out in a circular to be issued to Shareholders in due course.
The Board believes that this is a very positive development for Ortus Shareholders. Maven Income and Growth VCT 4 is a top decile performing VCT and has one of the narrowest discounts of its peer group (Source: Trustnet, 31 October 2012), reflecting the quality of the underlying portfolio of assets. It also has an established dividend stream.
The Board is confident in Maven's ability to continue to provide the type of income-generating private equity investments to the enlarged VCT that they have been successfully introducing to other Maven clients for several years. The range of independent industry recognition of Maven's successful VCT strategy, which is described in more detail in the Investment Manager's Review, is testament to that.
Principal risks and uncertainties
The Board has reviewed the principal risks and uncertainties facing the Company, which are as set out in the Annual Report, with the addition of the risks associated with entering into a merger such as that set out in the section on Strategy above. The VCT qualifying status of the Company is reviewed regularly by your Board and monitored on a continuous basis by the Manager in order to ensure that all of the criteria for VCT status are met. The Board has confirmed that all tests continue to be met.
Outlook
The Board recognises that although the new Maven portfolio has performed well, overall returns to Shareholders from the combined new and legacy portfolios have not been what we or Shareholders would wish. The Board is committed to improving returns and believes that the merger currently under discussion has the potential to significantly improve Shareholder value. Assuming that the merger proceeds, it is anticipated that the enlarged company would provide a diversified portfolio better positioned to generate positive Shareholder returns in keeping with those previously achieved by Maven Income and Growth VCT 4.
Maven has worked closely and supportively with the Board and remains committed to the recovery of value for Ortus Shareholders. The Board is grateful for their support and strategic assistance, and it is expected that the proposed merger would provide a major impetus to the re-alignment and broadening of the portfolio in order to provide Shareholders with long-awaited improvements in capital growth and dividend generation.
Investment Manager's Review
Overview
In recent years your Company has focused on reducing exposure to a small number of large and non-yielding legacy assets, repaying borrowings and generating cash with a view to building a properly balanced portfolio of later-stage private equity assets. The current scarcity of bank finance means that Maven's investment team, operating from six key regional centres throughout the UK, continue to be introduced to a steady flow of good quality private companies as these businesses look for alternative sources of funding.
During the six month period your Company's portfolio generated increased revenues and, following several realisations, has improved cash reserves which enhance its capability to invest in all Maven-led transactions. However, as a result of a review of legacy holding valuations in the light of current offers or poor trading results, the Net Asset Value has decreased to 33.4p per share.
Shareholders who attended the Ortus AGM this year will be aware that the three large holdings in the legacy portfolio continue to represent a disproportionately large element of the Ortus portfolio, and meaningful levels of new investment are constrained until these holdings have been realised. Nevertheless, Maven is continuing to expand and broaden the portfolio within the confines of existing cash resources available, and the rebuilding and repositioning of the fund continues. Somewhat unfortunately, the increase in value and realisations achieved on the Maven investments has been masked by reductions in the legacy holdings; however, the portfolio is steadily becoming more balanced, which is a positive development in the long term interest of Shareholders.
We are pleased to note that since publication of the Annual Report there has been a wide range of independent industry recognition of the success of Maven's VCT investment strategy and ability to deliver a consistent level of shareholder returns.
In August Maven was announced as the winner in the UK Small Buyout House of the Year category for the ACQ Finance Magazine Global Awards 2012. Maven was also recently named as winner of VCT Exit of the Year at the 2012 unquote" British Private Equity Awards for the 3 times exit from Walker Technical Resources in 2011, as well as being a finalist in the VCT House of the Year category. These awards acknowledge innovation and excellence in the private equity and venture capital sectors.
Dividends
Although the revenue position continues to improve as a result of increasing levels of investment income, the Company is not yet in a position to make Shareholder distributions. The short to medium term priorities for Maven are to continue to reduce the revenue account deficit and to retain funds to enable the Company to participate to an increasing extent in new later-stage private company investments.
Investment activity
During the period the Maven team completed two qualifying private equity investments at a cost of GBP0.3 million on behalf of your Company, and made six follow-on investments in existing portfolio companies. At the period end, the portfolio was comprised of 39 unlisted and AIM/PLUS quoted investments at a total cost of GBP8.3 million, with quoted holdings representing less than 4.4% of the portfolio by value.
Two new private company investments were added to the portfolio during the period under review:
-- Vodat International, a provider of payment and communications solutions to high street businesses, which enable retailers to reduce costs, boost store productivity and increase sales in an increasingly competitive trading environment. The company has an established and diverse customer base, has consistently improved profitability in recent years and enjoys high levels of recurring revenue from a number of long-term service and support contracts; and
-- CatTech International, a niche industrial services business offering catalyst handling products and services to petro-chemical plants operating in the major international markets. The business specialises in servicing equipment used in applications where operational efficiency is critical and
there is an increasing global focus on health and safety issues, and has developed a range of patented products and processes to improve the efficiency, speed and safety of catalyst operations.
The following new investments have been completed during the period:
Investment Investment Date Sector cost GBP'000 Website ------------------------------------ ------------ ------------------- -------------- ----------------------------- Unlisted CatTech International Limited March 2012 Support services 149 www.cat-tech.com Glacier Energy Services Group June 2012 Oil equipment Limited services 24 www.glacier.co.uk Nessco Group Holdings Limited March 2012 Oil equipment services 75 www.nesscogroup.com Networks by Wireless Limited June 2012 Telecommunication services 142 www.networksbywireless.co.uk TC Communications Holdings Limited July 2012 Support services 23 www.tccommunications.co.uk Tosca Penta Exodus Mezzanine Telecommunication Limited services Partnership (trading as 6deg Group) July 2012 52 www.6dg.co.uk Venmar Limited (trading as XPD8 Oil and gas Solutions Limited) June 2012 91 www.xpd8solutions.com Vodat International Holdings Telecommunication Limited March 2012 services 150 www.vodat-int.com Total unlisted investment 706 ----------------------------------------------------------------------- -------------- ----------------------------- Listed fixed income Treasury bill 24 December 2012 July 2012 949 Total 1,655 ----------------------------------------------------------------------- -------------- -----------------------------
The follow-on investments were made to support the development of existing portfolio businesses and, in the case of Glacier Energy Services Group and 6(o) Group, to fund acquisitions.
Ortus VCT PLC has co-invested in some or all of the above transactions with Maven Income and Growth VCT, Maven Income and Growth VCT 2, Maven Income and Growth VCT 3, Maven Income and Growth VCT 4, Maven Income and Growth VCT 5 and Talisman First Venture Capital Trust. Co-investment allows the Companies to underwrite a wider range and larger size of transaction than would be the case on a stand-alone basis.
Realisations
There were three significant private company realisations during the period. In March 2012, Maven completed the realisation of ATR Holdings for GBP19.25 million via a secondary buy-out funded by the private equity manager NBGI, realising a total return of 1.7 times the initial cost. ATR provides rental services for specialist plant, equipment and consumables, along with a comprehensive range of support services, to offshore and onshore energy services maintenance contractors operating in highly regulated environments. The exit from Ashford Colour Press completed in June 2012 with the Company repaying all loan notes and overall achieving a small uplift on cost. During July 2012 the realisation of the holding in Nessco Group Holdings completed with a sale to NASDAQ listed RigNet Inc. for a 2.7 times return on the cost of investment.
The table below gives details of realisations during the reporting period.
Cost Value Gain/(loss) Date Complete/ of shares at 29 over 29 first partial disposed February Sales Realised February invested exit of 2012 proceeds gain/(loss) 2012 value GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------------------- ---------- ----------- -------------- ----------------- ------------- ------------------ ----------------- Unlisted Ashford Colour Press Limited 2002 Complete 214 223 223 9 - ATR Holdings Limited 2007 Complete 124 170 124 - (46) Dalglen (1150) Limited (trading as Walker Technical Resources) 2009 Complete - - 2 2 2 Nessco Group Holdings Limited 2008 Complete 448 706 979 531 273 Space Student Living Limited 2011 Partial 22 22 22 - - Westchester Holdings 1999 Complete - - 41 41 41 Total unlisted disposals 808 1,121 1,391 583 270 --------------------------------------------- -------------- ----------------- ------------- ------------------ ----------------- AIM Deltex Medical Group PLC 2001 Partial 23 62 76 53 14 Total AIM disposals 23 62 76 53 14 --------------------------------------------- -------------- ----------------- ------------- ------------------ ----------------- Total 831 1,183 1,467 636 284 --------------------------------------------- -------------- ----------------- ------------- ------------------ -----------------
The Manager has continued its policy of disposing of quoted holdings for best possible value in cases where the investments were underperforming.
VCT regulation
The Manager was pleased to note that the Finance Act received Royal Assent in July, following approval by the European Commission of Government increases to the level of investment in an individual business which qualifies for VCT funding, and to the size of business which can benefit. The gross asset limit for investee companies has been raised from GBP7 million to GBP15 million, and the maximum number of employees from 50 to 250, while the annual investment limit has been raised from GBP2 million to GBP5 million. These revised limits are consistent with the Maven focus on investing in later-stage companies, and reinforce the position of generalist VCTs as a tax-efficient means of investment in high-growth smaller businesses.
Maven Capital Partners UK LLP
Manager
31 October 2012
Ortus VCT PLC Summary of Investment Changes For the six months ended 31 August 2012 Valuation Net investment/ Appreciation/ Valuation 29 February 31 August 2012 (disinvestment) (depreciation) 2012 GBP'000 % GBP'000 GBP'000 GBP'000 % -------------------- -------------- ----------- ------------------------ ----------------------- ------------ --------- Unlisted investments Equities 9,124 65.3 (485) (1,772) 6,867 56.9 Preference - - - - - - Loan Stock 3,118 22.3 (200) (180) 2,738 22.7 -------------------- -------------- ----------- ------------------------ ----------------------- ------------ --------- 12,242 87.6 (685) (1,952) 9,605 79.6 AIM investments Equities 550 3.9 (76) 58 532 4.4 Treasury Bills - - 949 1 950 7.9 -------------------- -------------- ----------- ------------------------ ----------------------- ------------ --------- Total investments 12,792 91.5 188 (1,893) 11,087 91.9 Other net assets 1,189 8.5 (217) - 972 8.1 Net assets 13,981 100.0 (29) (1,893) 12,059 100.0 -------------------- -------------- ----------- ------------------------ ----------------------- ------------ --------- Investment Portfolio Summary As at 31 August 2012 % of equity % of % of held Valuation Cost total equity by other Investment GBP'000 GBP'000 assets held clients(1) -------------------------------------------------- ---------- --------- -------- ---------- ------------- Unlisted Vyre Limited 2,700 324 22.4 29.8 - Espresso Group Limited 1,500 461 12.4 7.2 - Higher Nature Limited 1,000 500 8.3 11.2 - Networks by Wireless Limited 450 542 3.7 28.3 - Lab M Holdings Limited 292 1,000 2.4 17.6 - Other 0 1,704 - - - Total unlisted legacy investments 5,942 4,531 49.2 -------------------------------------------------- ---------- --------- -------- ---------- ------------- Torridon Capital Limited 500 161 4.2 1.2 38.8 TC Communications Holdings Limited 293 326 2.5 3.5 26.5 Venmar Limited (trading as XPD8 Solutions Limited) 250 250 2.2 2.4 32.6 Maven Co-invest Exodus Limited Partnership (trading as 6deg Group) 230 164 1.9 0.5 10.0 Flexlife Group Limited 198 149 1.6 0.6 14.0 Lawrence Recycling & Waste Management Limited 197 197 1.6 2.4 59.6 Attraction World Holdings Limited 187 94 1.6 1.9 36.6 Tosca Penta Investments Limited Partnership (trading as esure) 174 85 1.4 - 0.2 Westway Services Limited 173 75 1.4 0.8 21.1 Intercede (Scotland) 1 Limited (trading as Electro-Flow Controls) 169 99 1.4 1.1 27.4 Lemac No. 1 Limited (trading as John McGavigan Limited) 164 164 1.4 2.8 34.0 Moriond Limited 150 150 1.2 3.1 46.9 LCL Hose Limited (trading as Dantec) 149 149 1.2 2.7 27.3 Cat Tech International Limited 149 149 1.2 1.4 28.6 Vodat International Holdings Limited 149 149 1.2 1.7 40 Glacier Energy Services Group Limited 123 123 1.0 1.0 24.1 CHS Engineering Services Limited 114 114 0.9 1.3 22.1 Training for Travel Group Limited 103 228 0.9 2.3 27.7 Atlantic Foods Group Limited 71 71 0.6 - 8.8 Tosca Penta Exodus Mezzanine Limited Partnership 52 52 0.4 0.5 7.2 Claven Holdings Limited 48 19 0.4 3.3 46.7 Others 20 305 0.2 1.1 28.9 Total unlisted new portfolio 3,663 3,273 30.4 -------------------------------------------------- ---------- --------- -------- ---------- ------------- Total unlisted investments 9,605 7,804 79.6 -------------------------------------------------- ---------- --------- -------- ---------- ------------- AIM Vectura Group PLC 261 257 2.2 0.1 0.3 Chime Communications PLC 108 95 0.9 0.1 0.2 OMG PLC 56 47 0.5 0.3 - Deltex Medical Group PLC 54 19 0.4 0.1 - Angle PLC 48 15 0.4 0.3 - Others 5 17 - - 0.3 Total AIM investments 532 450 4.4 -------------------------------------------------- ---------- --------- -------- ---------- ------------- Listed fixed income Treasury bill 24 December 2012 950 949 7.9 Total investments 11,087 9,203 91.9 ================================================== ========== ========= ======== ========== =============
1 Other clients of Maven Capital Partners UK LLP.
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
-- The Financial Statements for the six months ended 31 August 2012 have been prepared in accordance with applicable accounting standards and with the Statement of Recommended Practice 'financial Statements of Investment Trust Companies' (the SORP) issued in January 2009;
-- The Interim Management Report includes a fair review of the information required by DTR 4.2.7R in relation to the indication of important events during the first six months, and of the principal risks and uncertainties facing the Company during the second six months, of the year ending 28 February 2013; and
-- The Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to related party transactions and any changes therein.
By order of the Board
Maven Capital Partner UK LLP
Secretary
31 October 2012
Income Statement For the six months ended 31 August 2012 Six months Six months ended ended Year ended 31 August 31 August 29 February 2012 2011 2012 (unaudited) (unaudited) (audited) -------------- --------------------------------- ----------------- ------------------------------------ ----------------- ------------------------------- Revenue Capital Total Revenue Capital Total Revenue Capital Total Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------------ ------- -------------- ---------------- --------------- ----------------- ----------------- ----------------- ----------------- -------------- --------------- (Losses)/gains on investments - (1,893) (1,893) - 226 226 - (266) (266) Investment income and deposit interest 252 - 252 236 - 236 367 - 367 Investment management fees 4 (35) (106) (141) (36) (110) (146) (73) (220) (293) Incentive fees 4 (36) (26) (62) (19) (21) (40) (41) (123) (164) Other expenses (78) - (78) (87) - (87) (184) - (184) ------------------ ------- -------------- ---------------- --------------- ----------------- ----------------- ----------------- ----------------- -------------- --------------- Net return on ordinary activities before taxation 103 (2,025) (1,922) 94 95 189 69 (609) (540) Tax on ordinary activities (10) 10 - - - - (11) 11 - ------------------ ------- -------------- ---------------- --------------- ----------------- ----------------- ----------------- ----------------- -------------- --------------- Return attributable to equity shareholders 93 (2,015) (1,922) 94 95 189 58 (598) (540) --------------------------- -------------- ---------------- --------------- ----------------- ----------------- ----------------- ----------------- -------------- --------------- Earnings per share (pence) 0.26 (5.58) (5.32) 0.26 0.26 0.52 0.20 (1.70) (1.50) ------------------ ------- -------------- ---------------- --------------- ----------------- ----------------- ----------------- ----------------- -------------- --------------- A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses are recognised in the Income Statement. All items in the above statement are derived from continuing operations. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits. The total column of this Statement is the Profit and Loss Account of the Company. Six months Six months Year ended ended ended Reconciliation of Movements in Shareholders' Funds 31 August 2012 31 August 2011 29 February 2012 GBP'000 GBP'000 GBP'000 Opening Shareholders' funds 13,981 14,521 14,521 Net return for period (1,922) 189 (540) Closing Shareholders' funds 12,059 14,710 13,981 =============== =============== ================= Balance Sheet As at 31 August 2012 31 August 29 February 2012 31 August 2011 2012 (unaudited) (unaudited) (audited) Notes GBP'000 GBP'000 GBP'000 --------- ----- ------ ------------------- ------- --------- ----------------- ----- ----------------- ----- ------------------- Fixed assets Investments at fair value through profit or loss 11,087 12,855 12,792 Current assets Debtors 725 1,116 753 Cash and overnight deposits 334 803 594 --------------------------------------------- ------- --------- ----------------- ----- ----------------- ----- ------------------- 1,059 1,919 1,347 Creditors: Amounts falling due within one year (87) (64) (158) --------------------------------------------- ------- --------- ----------------- ----- ----------------- ----- ------------------- Net current assets 972 1,855 1,189 ------------------------ ------------------- ------- --------- ----------------- ----- ----------------- ----- ------------------- Net assets 12,059 14,710 13,981 ------------------------ ------------------- ------- --------- ----------------- ----- ----------------- ----- ------------------- Capital and reserves Called up share capital 3,611 3,611 3,611 Distributable reserve 2 24,022 24,022 24,022 Share premium account 2 3,261 3,261 3,261 Capital redemption reserve 2 455 455 455 Capital reserve - realised 2 (20,219) (20,569) (20,733) Capital reserve - unrealised 2 1,882 4,940 4,411 Revenue reserve 2 (953) (1,010) (1,046) ------------------------ ------------------- --------- ----------------- ----- ----------------- ----- ------------------- Net assets attributable to Ordinary Shareholders 12,059 14,710 13,981 --------------------------------------------- ------- --------- ----------------- ----- ----------------- ----- ------------------- Net Asset Value per Ordinary Share (pence) 33.4 40.7 38.7 --------------------------------------------- ------- --------- ----------------- ----- ----------------- ----- ------------------- The Financial Statements of Ortus VCT PLC, registered number 3160586, were approved and authorised for issue by the Board of Directors and were signed on its behalf by: D Potter Director 31 October 2012 The accompanying Notes are an integral part of the Financial Statements. Cash Flow Statement For the six months ended 31 August 2012 Six months to Six months to Year ended 31 August 2012 31 August 2011 29 February 2012 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 --------------------- ------------------ -------------- -------------- ------------- ------------------ ------------------ Operating activities Investment income received 287 198 301 Investment management fees paid (141) (147) (293) Secretarial fees paid (15) (16) (37) Directors' expenses paid (28) (31) (59) Other cash payments (175) (231) (294) ---------------------- ------------------ -------------- -------------- ------------- ------------------ ------------------ Net cash outflow from operating activities (72) (227) (382) Financial investment Purchase of investments (1,655) (541) (1,024) Sale of investments 1,467 943 1,372 ---------------------- ------------------ -------------- -------------- ------------- ------------------ ------------------ Net cash (outflow)/inflow from financial investment (188) 402 348 ---------------------- ------------------ -------------- -------------- ------------- ------------------ ------------------ Net cash (outflow)/inflow before financing (260) 175 (34) (Decrease)/increase in cash (260) 175 (34) ---------------------- ------------------ -------------- -------------- ------------- ------------------ ------------------ At 29 February 2012 Cash flows At 31 August 2012 GBP'000 GBP'000 GBP'000 Cash and overnight deposits 594 (260) 334 -------------- Net funds 594 (260) 334 -------------- ------------- ------------------ Notes to the Financial Statements 1. Accounting policies The financial information for the six months ended 31 August 2012 and the six months ended 31 August 2011 comprises non-statutory accounts within the meaning of the Companies Act 2006. The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ended 29 February 2012, which have been filed at Companies House and which contained an Auditor's Report which was not qualified and did not contain a statement under s498 (2) or s498 (3) of the Companies Act 2006. The results for the year ended 29 February 2012 are extracted from the full accounts for that year, which received an unqualified report from the Auditor and have been filed with the Registrar of Companies. Share Capital Capital Capital Distributable premium redemption reserve reserve Revenue reserve account reserve realised unrealised reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 2. Movement in reserves At 29 February 2012 24,022 3,261 455 (20,733) 4,411 (1,046) Gain on sales of investments - - - 636 - - Net decrease in value of investments - - - - (2,529) - Investment management fees - - - (106) - - Incentive fees - - - (26) - - Tax effect of capital items - - - 10 - - Net return on ordinary activities after taxation - - - - - 93 As at 31 August 2012 24,022 3,261 455 (20,219) 1,882 (953) ================== ================ ================ =================== ==================== ================== Six months ended Return per Ordinary 3. Shares 31 August 2012 The returns per share have been based on the following figures: Weighted average number of ordinary shares 36,110,992 Revenue Return GBP93,000 Capital Return (GBP2,015,000) Six months ended Six months ended Year ended Investment Management 31 August 31 August 29 February 4 Fees 2012 2011 2012 (unaudited) (unaudited) (audited) Revenue Capital Revenue Capital Revenue Capital GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Fees for period 35 106 36 110 73 220 Incentive fee 36 26 19 21 41 123 71 132 55 131 114 343 ================== ================ ================ =================== ==================== ==================
Copies of this announcement will be available to the public at the office of Maven Capital Partners UK LLP, 149 St Vincent Street, Glasgow and at the registered office of the Company, 9 - 13 St Andrew Street, London.
The Interim Report and Financial Statements will be printed and sent to Shareholders.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
31 October 2012
ENDS
Neither the content of the Company's website nor the contents of any website accessible from this document or hyperlinks on the company's website (or any other website) is incorporated into, or forms part of, this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UAONRUKAROAA
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