TIDMCDFF
RNS Number : 4528Q
Cardiff Property PLC
30 November 2016
THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES
FOR RELEASE 7.00 AM 30 November 2016
THE CARDIFF PROPERTY PLC
(The group, including Campmoss, specialises in property
investment and development in the Thames Valley. The total
portfolio under management, valued in excess of GBP39m, is
primarily located to the west of London, close to Heathrow Airport
and in Surrey and Berkshire.)
PRELIMINARY RESULTS FOR THE YEARED 30 SEPTEMBER 2016
Highlights:
2016 2015
Rental income GBP'000 580 577
Profit before
tax GBP'000 2,673 2,586
Earnings per share pence 195.3 191.3
Dividend per share
-
paid and proposed pence 14.0 13.5
Net assets per
share pence 1,876 1,684
Gearing % Nil Nil
Richard Wollenberg, Chairman, commented:
"During the period prior to the UK European Referendum vote the
Thames Valley commercial property market enjoyed increased
activity. The leave vote brought about uncertainty with
commentators predicting falls in rental levels and capital values.
Despite this, activity in the investment and occupational markets
has been higher than expected with office, retail and industrial
rents in parts of the Thames Valley showing small increases."
For further information:
The Cardiff Property plc Richard Wollenberg 01784 437444
Stockdale Securities Richard Johnson 020 7601 6100
THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES
(The group, including Campmoss, specialises in property
investment and development in the Thames Valley. The total
portfolio under management, valued in excess of GBP39m, is
primarily located to the west of London, close to Heathrow Airport
and in Surrey and Berkshire.)
PRELIMINARY RESULTS FOR THE YEARED 30 SEPTEMBER 2016
Chairman's Statement and Property Review
Dear Shareholder
During the period prior to the UK European Referendum vote the
Thames Valley commercial property market enjoyed increased
activity. The leave vote brought about uncertainty with
commentators predicting falls in rental levels and capital values.
Despite this, activity in the investment and occupational markets
has been higher than expected with office, retail and industrial
rents in parts of the Thames Valley showing small increases.
Institutional and private investors continue to remain active,
assisted by low interest rates and the availability of funding.
Enquiries from occupiers who wish to purchase their own freehold
have noticeably increased.
Residential values in Surrey and Berkshire have in the main
retained increases achieved over the last few years with those at
the higher level experiencing some softening in demand. Letting
activity continues to indicate a stable market.
The group's development programme is primarily directed towards
small retail units and 1, 2 and 3 bedroom apartments. Although
residential investors have encountered tax and stamp duty changes,
various government Help to Buy schemes continue to assist first
time home buyers.
FINANCIAL
For the year to 30 September 2016 the group profit before tax
was GBP2.67m (2015: GBP2.59m). This figure includes a revaluation
increase of GBP0.25m (2015: GBP0.18m) for the group and a profit of
GBP1.87m (2015: GBP1.92m) in respect of our after-tax profit share
of Campmoss Property Company Limited, our 47.62% owned joint
venture.
Revenue for the year which represented gross rental income,
excluding Campmoss, totalled GBP0.58m (2015: GBP0.58m).
The group's share of revenue from Campmoss was GBP2.54m (2015:
GBP1.70m) represented by gross rental income of GBP1.23m (2015:
GBP1.39m) and property sales, as referred to later in this report,
of GBP1.31m (2015: GBP0.31m). These figures are not included in
group revenue.
The profit after tax attributable to shareholders for the
financial year, was GBP2.49m (2015: GBP2.49m) and the earnings per
share was 195.3p (2015: 191.3p).
At the year-end, the group's commercial and residential
portfolio was valued by Cushman & Wakefield LLP and Nevin &
Wells totalling GBP4.88m (2015: GBP4.66m). This value excludes own
use freehold property, which is included under property, plant and
equipment in the balance sheet and held at valuation.
Property when completed and held for re-sale is held as stock at
the lower of cost or net realisable value. At the year end this
represented commercial property at The Windsor Business Centre.
Chairman's Statement and Property Review (continued)
The group's total property portfolio, including the Campmoss
investment and development portfolio, was valued at GBP39.1m (2015:
GBP37.5m). The company's share of the net assets of Campmoss was
GBP13.03m (2015: GBP11.16m).
In view of the contracted sale of Worplesdon View, Guildford at
GBP15.85m, the directors of Campmoss increased the value of this
property at the half year to GBP13m. Further details of the
contracted sale are included in the Campmoss section of this
report.
The group's net assets as at the year-end were GBP23.84m (2015:
GBP21.56m) equivalent to 1,876p per share (2015: 1,684p) an
increase of 11.4% over the year (2015: 13.0%). The group, including
Campmoss, has adequate financial facilities and resources to
complete works in progress and the proposed development programme.
Cash balances are held on short term deposit. At the year end the
company had nil gearing (2015: nil). During the year, the company
purchased and cancelled 9,037 ordinary shares at a total cost of
GBP136,066.
Your directors are proposing the annual renewal of their
authority to acquire shares and the approval of the Rule 9 Waiver.
Both will be included in the resolutions being placed before
shareholders at the Annual General Meeting and General Meeting
respectively, both to be held on 19 January 2017. Full details of
the Rule 9 Waiver are set out in the document accompanying this
report and are also available on the company's website
www.cardiff-property.com.
Current IFRS accounting recommends that deferred tax is
chargeable on the difference between, the indexed cost of
properties and quoted investments and their current market value.
Campmoss has also adopted this policy as required under FRS 102.
However current IFRS accounting does not require the same treatment
in respect of the Group's unquoted investment in Campmoss Property
our 47.62% owned joint venture. The investment in Campmoss is a
substantial part of the company's net assets and for indicative
purposes a disposal of this investment based on the value in the
company's balance sheet at the year-end could generate a tax
liability that would equate to GBP2.34m (2015: GBP2.16m) equivalent
to 185p (2015: 169p) per share. This information is provided to
shareholders as an additional, non-statutory disclosure.
Due to the withdrawal of UK GAAP accounting, the figures for
Campmoss as at the half year were based on Financial Reporting
Standard 101 (FRS 101). As Campmoss is not required to produce
consolidated group accounts, FRS 102 must now instead be adopted.
There is no difference in the results for Campmoss under FRS 101 or
FRS 102 and a reconciliation of the impact on the results from old
UK GAAP is set out in note 29.
DIVID
The directors recommend a final dividend of 10.4p per share
(2015: 10p) making a total dividend for the year of 14p (2015:
13.5p) an increase of 3.7%. The final dividend will be paid on 16
February 2017 to shareholders on the register at 27 January
2017.
THE PROPERTY PORTFOLIO
The group continues to concentrate its property activities in
the Thames Valley primarily to the west of London close to Heathrow
Airport and in Surrey and Berkshire.
The Windsor Business Centre, Windsor, comprises 4 business units
totalling 9,500 sq. ft. All 4 units are let. Following discussions
with the local authority, planning has recently been granted to
increase the office area within one of the units and discussions
with the current tenant are in progress.
The office and retail investment at The White House, Egham,
comprises 5 ground floor retail units with offices above. The
retail and office space are fully occupied on medium term leases,
three of the agreements include annual rental increases.
Chairman's Statement and Property Review (continued)
The Maidenhead Enterprise Centre, Maidenhead, comprises 6
business units totalling 14,000 sq. ft. Each unit comprises
industrial use on the ground floor with offices above. One unit was
let during the year and all are now occupied on either short or
medium term leases. Two leases expire during the next 6 months and
discussions are in hand with new tenants at increased rental
levels.
At Heritage Court, Egham, adjacent to the company's offices, the
building comprises 4 retail units, 3 of which are let on medium
term leases. One lease is due to expire this year and negotiations
are in progress with the existing tenant at an expected increased
rent.
The company occupies its own freehold office in Egham and
retains a freehold residential property in Egham which is let on an
Assured Shorthold Tenancy Agreement. A planning application has
been submitted to extend the residential property.
The property at Cowbridge Road, Cardiff, comprises a 14,650 sq.
ft. commercial property on two floors and let on a medium term
lease to Royal Mail for use as a mail sorting centre.
At Tilehurst, Reading, discussions are taking place with the
Local Planning Authority to achieve residential use on part of the
site. The site is now owned by Thames Valley Retirement Homes
Limited following the lapse of a joint venture option.
CAMPMOSS PROPERTY COMPANY LIMITED AND SUBSIDIAIRES
During the year, the Campmoss group completed works to convert
part of its office portfolio in Bracknell to residential use,
finalised a number of residential and commercial property sales and
negotiated several new commercial and residential lettings.
Following detailed discussions with the respective planning
authorities three residential planning applications were submitted
on existing commercial properties. The group's' freehold investment
portfolio includes office, retail and residential property in
Bracknell, Burnham, Slough, Maidenhead, Woking and a care home in
Worplesdon.
At Worplesdon View, Worplesdon, Guildford, the 78-bedroom care
home is let to Barchester Healthcare Homes on a 35-year
institutional lease with annualised RPI increases. During the first
half of this year contracts were exchanged with the tenant for the
freehold sale at a price of GBP15.85m. Rental income will be
received until completion which is expected to take place by August
2017. Following completion of the sale Campmoss will continue to
own an adjacent 2-acre site which, subject to planning, could be
available for development.
At Gowring House, Bracknell conversion of the 3 upper floors to
18 residential units has been completed and similar works are now
underway on the first and second floors to achieve a further 12
residential units. Sales of 15 apartments have now been completed
of which 12 took place during the year. Of the 3 remaining
apartments 2 are currently let. Works to the first and second
floors are anticipated to complete early next year with the units
being offered either for sale or letting. Three commercial units on
the ground floor are all let on medium term leases.
At Westview, Market Street, Bracknell, adjacent to Gowring House
the development of 8 retail units on ground and first floor has now
been completed and all units have been let on medium to long term
leases.
Adjacent to Westview (to be known as Alston House) demolition of
the existing building was completed and planning permission granted
to construct 10 new retail units on the ground and first floors.
Following detailed discussions with the local authority a further
planning application has been submitted for 12 residential units on
the third and fourth floors. Commencement of any development will
depend on the outcome of the planning application.
At the north-eastern end of Market Street Bracknell the company
retains an investment in 12 retail units, 11 of which are currently
let to local businesses on medium term leases. One unit was
sub-divided during the year creating an additional unit which was
subsequently let, one unit remains available.
Chairman's Statement and Property Review (continued)
At Brickfields Industrial Park, Bracknell 16 business units and
an adjoining office unit are all let on short or medium term
leases. One unit was sold on a long leasehold basis during the
early part of the year making a total of 4 units now sold to owner
occupiers. Subsequent to the year-end Campmoss Property Company
Limited has exchanged contracts to sell the freehold at
Brickfields, Bracknell for a consideration of GBP3.7m. At 30
September 2016 Brickfields was valued at GBP3.1m.
At The Priory, Burnham, the 26,000 sq ft building comprises new
office premises on 3 floors totalling 17,000 sq ft and an adjoining
grade II Listed office building of 9,000 sq ft which is used as a
Business Centre. The new building is let to 3 tenants on a
medium-term lease whilst the Business Centre is partly let on short
term leases expiring over the next 3 years. Further lettings at the
Business Centre have recently been completed.
Planning applications have been submitted for the re-development
of Britannia Wharf, Woking for either a care home or residential
scheme. The building comprises four floors of offices totalling
27,743 sq ft. Following negotiations and expiry of leases, vacant
possession of the whole building is anticipated in early 2017.
Comprehensive proposals from a number of care home operators have
been received and interest in the potential residential scheme has
been considerable. The outcome of our planning applications is
expected early next year.
Highway House and Clivemont House, Maidenhead are both vacant
sites with planning permissions to develop individual office
schemes. At Highway House a pre-letting continues to be sought
prior to the commencement of any development. At Clivemont House a
planning application for residential use was submitted early in the
year and discussions with the Local Authority are in progress.
At the year end the investment portfolio was valued by the
directors of Campmoss, taking into account external advice where
available and assessed at a current market value of GBP32.8m (2015:
GBP29.95m). This figure includes property under development but
excludes stock.
Total revenue for Campmoss for the year amounted to GBP5.3m
(2015: GBP3.6m) representing gross rental income of GBP2.6m (2015:
GBP2.9m) and sales of property of GBP2.7m (2015: GBP0.7m). At the
year-end net borrowing amounted to GBP2.9m (2015: GBP5.8m) and
gearing was 11% (2015: 24%).
QUOTED INVESTMENTS
The company retains a small portfolio of quoted retail bonds and
equity investments comprising, The Renewables Infrastructure Group
Limited, A2D Funding Plc, ImmuPharma plc, Galileo Resources plc and
Aquila Services Group plc (formerly General Industries plc). I
remain a director of Galileo Resources plc and Aquila Services
Group plc. The value of the portfolio at the year-end exceeds the
original cost.
RELATIONSHIP AGREEMENT
The company has entered into a written and legally binding
relationship agreement with myself, its controlling shareholder, to
address the requirements of LR9.2.2AR of the Listing Rules.
MANAGEMENT AND TEAM
Following the retirement of David Whitaker, our Finance
Director, I would like to take this opportunity of welcoming Karen
Chandler as Finance Director and Company Secretary. Karen together
with the group's small management team and our joint venture
partner have been extremely busy during the year and I thank them
all for their efforts, achievements and support. The intensive day
to day management of the group's portfolio remains essential in
achieving continued success.
OUTLOOK
Progressing our residential programme together with exciting
projects in Bracknell and Woking should provide for a busy year
ahead. Completion of the contracted sale at Worplesdon and the
successful achievement of further planning permissions will be
important. The economic uncertainties surrounding Brexit will
influence the market, and whilst our properties and most tenants
are UK resident the precise impact of Brexit is uncertain. However,
I look forward to reporting further progress at the half year
stage.
Chairman's Statement and Property Review (continued)
Subsequent to the year-end Campmoss Property Company Limited has
exchanged contracts to sell the freehold at Brickfields, Bracknell
for a consideration of GBP3.7m. At 30 September 2016 Brickfields
was valued at GBP3.1m.
J. Richard Wollenberg
Chairman
29 November 2016
Consolidated Income Statement
FOR THE YEARED 30 SEPTEMBER 2016
2016 2015
GBP'000 GBP'000
Revenue 577 577
Cost of sales (31) (31)
Gross profit 546 546
Administrative expenses (540) (540)
Other operating income 406 406
Operating profit before
gains on
investment properties and
other
properties 412 412
Surplus on revaluation of
investment properties 150 150
Surplus on revaluation of
other properties 25 25
Operating profit 587 587
Financial income 77 77
Share of results of joint
venture 1,976 1,922
Profit before taxation 2,640 2,586
Taxation (96) (96)
Profit for the financial
year attributable to equity
holders 2,544 2,490
Earnings per share on profit
for the
financial year - pence
Basic 195.5 191.3
Diluted 195.5 191.3
Dividends
Final 2015 paid 10p (2014:
9.55p) 128 126
Interim 2016 paid 3.6p (2015:
3.5p) 46 46
174 171
Final 2016 proposed 10.4p
(2015: 10p) 132 128
These results relate entirely to continuing operations. There
were no acquisitions or disposals in either year.
Consolidated Balance Sheet
AT 30 SEPTEMBER 2016
2016 2015
GBP'000 GBP'000 GBP'000 GBP'000
Non-current assets
Freehold investment properties 4,880 4,660
Investment in joint venture 13,025 11,156
Property, plant and equipment 278 238
Other financial assets 842 744
Deferred tax asset 5 5
19,030 16,803
Current assets
Stock and work in progress 668 668
Trade and other receivables 1,594 132
Financial assets 1,047 1,050
Cash and cash equivalents 2,198 3,579
5,507 5,429
Total assets 24,537 22,232
Current liabilities
Corporation tax (103) (99)
Trade and other payables (461) (516)
(564) (615)
Non-current liabilities
Deferred tax liability (134) (60)
Total liabilities (698) (675)
Net assets 23,839 21,557
Equity
Called up share capital 254 256
Share premium account 5,076 5,076
Other reserves 2,699 2,544
Investment property revaluation
reserve 3,749 2,158
Retained earnings 12,091 11,523
Shareholders' funds attributable
to equity holders 23,839 21,557
Net assets per share 1,876p 1,684p
Consolidated Cash Flow Statement
FOR THE YEARED 30 SEPTEMBER 2016
2016 2015
GBP'000 GBP'000
Cash flows from operating activities
Profit for the year 2,494 2,490
Adjustments for:
Depreciation 2 1
Financial income (79) (77)
Share of profit of joint venture (1,869) (1,922)
Surplus on revaluation of investment
properties (220) (150)
Surplus on revaluation of other
properties (25) (25)
Taxation 179 96
Cash flows from operations before
changes in working capital 482 413
Decrease in trade and other receivables 38 632
Increase in trade and other payables (57) 19
Cash generated from operations 463 1,064
Tax paid (97) (96)
Net cash flows from operating activities 366 968
Cash flows from investing activities
Interest received 77 77
Acquisition of investments and
property, plant and equipment (17) (1)
Held to maturity deposits 3 1,154
Net cash flows from investing activities 63 1,230
Cash flows from financing activities
Purchase of own shares (136) (305)
Dividends paid (174) (171)
Loan to Joint Venture (1,600) -
Net cash flows from financing activities (1,810) (476)
Net increase/(decrease) in cash
and cash equivalents (1,381) 1,722
Cash and cash equivalents at beginning
of year 3,579 1,857
Cash and cash equivalents at end
of year 2,198 3,579
Consolidated statement of comprehensive income and expense
FOR THE YEARED 30 SEPTEMBER 2016
Consolidated statement of comprehensive income and expense
2016 2015
GBP'000 GBP'000
Profit for the financial year 2,494 2,490
Other items recognised directly in
equity
Net change in fair value of available
for sale financial assets 98 19
Total comprehensive income and expense
for the year
attributable to the equity holders
of the parent company 2,592 2,509
Consolidated statement of changes in equity
FOR THE YEARED 30 SEPTEMBER 2016
Consolidated statement of changes in equity
Share Share Other Investment Retained Total
capital premium reserves property earnings equity
account revaluation
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 October 2014 262 5,076 2,494 577 11,115 9,524
Profit for the year - - - - 2,490 2,490
Other comprehensive
income - revaluation
of investments - - 19 - - 19
Transactions with
equity holders
Dividends - - - - (171) (171)
Purchase of own shares (6) - 6 - (305) (305)
Total transactions
with equity holders (6) - 6 - (476) (476)
Realisation of investment
reserve - - - (41) 41 -
Transfer on revaluation
of investment properties - - - 1,622 (1,622) -
Transfer on revaluation
of other properties - - 25 - (25) -
At 30 September 2015 256 5,076 2,544 2,158 11,523 21,557
Profit for the year - - - - 2,494 2,494
Other comprehensive
income - revaluation
of investments - - 98 - - 98
Transactions with
equity holders
Dividends - - - - (174) (174)
Purchase of own shares (2) - 2 - (136) (136)
Total transactions
with equity holders (2) - 2 - (310) (310)
Realisation of investment
reserve - - - (41) 41 -
Transfer on revaluation
of investment properties - - - 1,632 (1,632) -
Transfer on revaluation
of other properties - - 25 - (25) -
At 30 September 2016 254 5,076 2,669 3,749 12,091 23,839
Notes to the Financial Statements
FOR THE YEARED 30 SEPTEMBER 2016
1. Basis of preparation
The consolidated results for the year ended 30 September 2016
and 2015 are prepared by the group under applicable International
Financial Reporting Standards adopted by the EU ("adopted IFRS")
and applicable law.
The financial information set out above does not constitute the
company's statutory financial statements for the years ended 30
September 2016 or 30 September 2015 but is derived from those
financial statements. Statutory financial statements for 2015 have
been delivered to the Registrar of Companies and those for 2016
will be delivered in due course. The auditor has reported on those
financial statements; their reports were (i) unqualified, (ii) did
not include a reference to any matters to which the auditor drew
attention by way of emphasis without qualifying their report and
(iii) did not contain a statement under section 498 (2) or (3) of
the Companies Act 2006 in respect of the financial statements for
2015 nor 2016.
Going concern
The group has sufficient financial resources to enable it to
continue to trade and to complete the current maintenance and
development programme. As a consequence, the directors believe that
the group is well placed to manage its business risks
successfully.
After making enquiries, the directors have a reasonable
expectation that the company and the group have adequate resources
to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in
preparing the annual report and financial statements.
New, revised or changes to existing financial reporting
standards
Subject to the adoption of the IFRS's available for application
noted below, this announcement is prepared on the basis of the
accounting policies as set out in the most recently published set
of annual financial statements.
IFRS
The following accounting standards and interpretations, issued
by the IASB and endorsed by the EU or International Financial
Reporting Interpretations Committee (IFRIC), are effective for the
first time in the current financial year and have been adopted by
the group with no significant impact on the consolidated results or
financial position:
-- IFRS 14 Regulatory Deferral Accounts
-- Accounting for Acquisitions of Interests in Joint Operations - Amendments to IFRS 11
-- Clarification of Acceptable Methods of Depreciation and
Amortisation - Amendments to IAS 16 and IAS 38.
-- Agriculture: Bearer Plants - Amendments to IAS 16 and IAS 41
-- Equity Method in Separate Financial Statements - Amendments to IAS 27
-- Sale or Contribution of Assets between an Investor and its
Associate or Joint Venture - Amendments to IFRS 10 and IAS 28
-- Annual Improvements to IFRSs - 2012-2014 Cycle
-- Investment entities: Applying the Consolidation Exception -
Amendments to IFRS 10, IFRS 12 and IAS 28
-- Disclosure Initiative - Amendments to IAS 1
-- IFRS 15 - Revenue from Contracts with Customers.
None of these standards and interpretations, when applied, are
expected to have a material impact upon the consolidated results of
financial position of the group (other than in relation to
disclosures or presentation), except for IFRS16 "Leases". This
standard requires lessees to recognise a lease liability reflecting
future lease payments and a "right-of-use asset" for virtually all
lease contracts. For lessors, the accounting stays almost the same.
However, as the IASB has updated the guidance on the definition of
a lease (as well as the guidance on the combination and separation
of contracts), lessors will also be affected by the new standard.
At the very least, the new accounting model for lessees is expected
to impact negotiation between lessors and lessees. The group has
not yet assessed the full impact of this standard.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2016 (continued)
2. Segmental analysis
The group manages its operations in two segments, being property
and other investment and property development. The results of these
segments are regularly reviewed by the board as a basis for the
allocation of resources, in conjunction with individual site
investment appraisals, and to assess their performance. Information
regarding the results and net operating assets for each reportable
segment are set out below:
2016 2015
GBP'000 GBP'000
Revenue (wholly in the United Kingdom):
Property and other investment being
gross rents receivable 580 577
Property development being sales of - -
development properties
580 577
Profit before taxation:
Property and other investment 2,511 2,455
Property development 162 131
2,673 2,586
Net operating assets:
Assets
Property and other investment 23,783 21,472
Property development 4,033 3,919
Eliminations (3,279) (3,159)
Total assets 24,537 22,232
Liabilities
Property and other investment (3,760) (3,602)
Property development (217) (232)
Eliminations 3,279 3,159
Total liabilities (698) (675)
Net operating assets 23,839 21,557
Of the group's share of the profit in its joint venture of
GBP1,869,000 (2015: GBP1,922,000), GBP450,000 (2015: GBP167,000)
relates to property development and GBP1,419,000 (2015:
GBP1,755,000) relates to property investment. The interest income
of GBP4,000 (2015: GBP2,000) relates entirely to property
investment. Of the income tax expense of GBP395,000 (2015:
GBP187,000), GBP282,000 (2015: GBP146,000) relates to property
investment and GBP113,000 (2015: GBP41,000) to property
development. Due to the reportable segments being accounted for in
separate legal entities it is possible to directly allocate the
group results and net assets to the reportable segments.
3. Earnings per share
Earnings per share has been calculated in accordance with IAS 33
- Earnings Per Share using the profit after tax for the financial
year of GBP2,494,000 (2015: GBP2,490,000) and the weighted average
number of shares as follows:
Weighted average
number of shares
2016 2015
Basic and diluted basis 1,276,736 1,301,461
Financial Calendar
2016 30 November Final results for 2016 announced
2017 19 January Annual General Meeting/General Meeting
26 January Ex-dividend date for the final dividend
27 January Record date for the final dividend
16 February Final dividend to be paid
May Interim results for 2016 to be announced
July Interim dividend for 2016 to be paid
30 September Year end
Directors and Advisers
Directors Auditor
J Richard Wollenberg KPMG LLP
Chairman and chief executive
Karen L Chandler FCA
Finance director Stockbrokers and financial advisers
Stockdale Securities Ltd
Nigel D Jamieson BSc, FCSI
Independent non-executive director
Secretary Bankers
Karen L Chandler FCA HSBC Bank Plc
Non-executive director of wholly owned Solicitors
subsidiary
First Choice Estates plc Blake Morgan LLP
Derek M Joseph BCom, FCIS
Head office Registrar and transfer office
56 Station Road Neville Registrars Ltd
Egham Neville House
Surrey TW20 9LF 18 Laurel Lane
Telephone: 01784 437444 Halesowen
Fax: 01784 439157 B63 3DA
E-mail: webmaster@cardiff-property.com Telephone: 0121 585 1131
Web: www.cardiff-property.com
Registered office Registered number
3 Assembly Square 227050
Britannia Quay
Cardiff Bay
CF10 4AX
This information is provided by RNS
The company news service from the London Stock Exchange
END
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