TIDMDPV9
Downing Protected VCT IX plc
Final results for the year ended 31 December 2009
FINANCIAL HIGHLIGHTS
Year Period
ended ended
(All "pence per share") 31 Dec 09 31 Dec 08
Net asset value per Ordinary Share 88.1 93.9
Net asset value per 'A' Share 0.1 0.1
Total distributions paid since inception 2.5 0.0
------------- ------------
Total return 90.7 94.0
------------- ------------
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present the Company's second Annual Report and to update
Shareholders on developments that have taken place in the year ended 31 December
2009.
Portfolio activity
The task of investing the Company's funds in qualifying investments progressed
during the year and is now close to complete. The Company invested GBP2.5 million
in three new VCT qualifying investments and two follow-on investments.
Additionally, the Company made a number of non-qualifying investments, some of
which were related to qualifying investments already made by the Company and
others were short-term property loans, aimed at enhancing the yield on our
portfolio.
Full details of the portfolio activity are included in the Investment Manager's
Report.
Investment valuations
At the year end, the Board has reviewed the investment valuations with the
Investment Manager and three adjustments to the previous carrying values have
been made.
West Tower Holdings Limited has been unable to develop its business as was
originally envisaged and has therefore made some significant adjustments to its
plans. As a result, a further provision of GBP250,000 has been made.
The Thames Club Limited has recently completed an extensive reconfiguration and
refurbishment of the health club which it owns. The disruption to the business
has been substantial and has understandably resulted in poorer recent trading
results. In view of this, a provision of GBP150,000 has been made.
Trading at the hotel owned by Kings Gap Group Limited has deteriorated. The
hotel has now been closed ahead of the implementation of development plans. In
view of the poor trading a provision of GBP100,000 has been made against the
GBP400,000 investment.
All other investments have been held at their previous carrying values. Total
unrealised losses for the year were therefore GBP500,000.
Net Asset Value
The Net Asset Value per Ordinary Share ("NAV") at 31 December 2009 stood at
88.1p and NAV per 'A' Share at 0.1p. With dividends paid to date of 2.5p per
share Total Return (NAV plus cumulative dividends) stood at 90.7p per share.
Results
The loss on ordinary activities after taxation for the period was GBP282,000
(2008: GBP49,000) comprising a revenue profit of GBP216,000 (2008: GBP101,000) and a
capital loss of GBP498,000 (2008: GBP150,000).
Dividends
The Board is proposing to pay a revenue dividend of 2.5p per Ordinary Share on
28 May 2010 to Shareholders on the register at the close of business on 14 May
2010.
Share buybacks
The Company has operated a policy, subject to certain restrictions, of buying
shares that become available in the market at a price equivalent to a 10%
discount to the Company's most recently published NAV.
No shares were purchased in the year for cancellation.
A special resolution to continue this policy is proposed for the forthcoming
AGM.
Change of name
You may be aware that a number of Downing-managed VCTs have recently been
renamed in order that their names better describe their key objectives and
differentiate them from other Downing-managed VCTs with different strategies.
In line with this process, the Board is proposing to change the name of this
Company to "Downing Planned Exit VCT 9 plc". Resolution 7 is proposed at the
AGM to seeking Shareholder approval to effect this change.
Annual General Meeting
The Company's second Annual General Meeting ("AGM") will be held at Kings
Scholars House, 230 Vauxhall Bridge Road, London SW1V 1AU at 2.50 pm on 25 May
2010.
Two items of special business are proposed at the AGM in respect of the
authority to buy in shares and change the name of the Company as noted above.
Outlook
Although it is a little disappointing to have made provisions against three
investments, in all cases there are reasonable prospects that the businesses
will recover and ultimately produce a successful outcome for the Company.
Though economic conditions may not be favourable to realising our investments
for some time, the Company is only two years old and it therefore has three
years before it needs to seek an exit from the majority of its investments. The
Board is satisfied that the Manager has built a reasonably solid investment
portfolio which can deliver the targeted outcome over the planned life of the
Company.
Hugh Gillespie
Chairman
26 April 2010
INVESTMENT MANAGER'S REPORT
Introduction
The Company had a busy year in terms of investment activity. The Company
continued to build its investment portfolio during 2009 as it invested GBP3.5m
into nine new, or follow-on, investments whilst also exiting from some
non-qualifying VCT investments. The recessionary backdrop throughout 2009
created difficult trading conditions for all the companies in the portfolio.
Investment activity
The Company began the year with GBP5.3m of investments and ended with GBP6.9m spread
across a portfolio of 11 companies. The GBP1.6m net increase in the value of
investments was driven by a GBP3.5m investment programme, GBP1.4m of divestments and
a GBP0.5m valuation decrease on existing investments.
The GBP3.5m investment programme has enabled the Company to increase its VCT
qualifying investments by GBP1.9m and to reduce the uninvested cash from GBP2.9m to
GBP0.8m. Deal sizes ranged from GBP0.1m to GBP1.0m for an investment into Kingsclere
nurseries which provides child care services across multiple sites.
The portfolio returned income of GBP520k in the year and a net GBP216k after
expenses and tax; or 2.5 pence/share. Unfortunately this has been offset by a
GBP498k capital loss (or 5.8 pence/share) on the reduction in value on three
investments as their performance was below expectations. The resulting net loss
of 3.3 pence/share in the period is disappointing but perhaps less so in the
context of the wider UK economy.
The Company expects its current portfolio to provide the core of its income and
growth in the medium term and will therefore focus on existing investments
through these difficult economic times before seeking to return funds to
shareholders in 2012-2014.
Portfolio valuation
Whilst the majority of the portfolio performed in line with expectations during
the period, the GBP0.5m valuation reduction in the period was driven by three
investments: GBP0.15m in The Thames Club Limited (The Thames Club), GBP0.25m West
Tower Holdings Limited and GBP0.1m in Kings Gap Group Limited.
The Thames Club underwent an extensive refurbishment during 2009 which is now
complete. The disruption endured resulted in lower than expected trading results
in 2009 which have been reflected by a reduction in the carrying value of the
investment. Since the year-end trading has been strong with an increase of 225
members, approximately 10%, up to the end of February.
West Tower Holdings Limited comprises two sites, each operating a restaurant
which underperformed in 2009. The first, The Swan, was re-launched in January
2010 as a Marco Pierre White Steakhouse and Grill. The other, on the West Tower
site, has been closed and re-incorporated into the main building which itself
has been re-launched as an exclusive wedding venue. Whilst it is too early to
assess the success of the revised offerings we continue to work with the
management teams to ensure the businesses are well positioned to benefit from
the improving economy.
Kings Gap Group Limited owns a hotel in Hoylake which was acquired primarily to
pursue develop opportunities on the site. Progress has been made in obtaining
planning permission, however trading at the existing hotel has been poor,
resulting in the decision to close it down to stem losses.
Outlook
Whilst the general economic conditions in the UK are expected to see an
improvement in 2010 the continued lack of available funding from traditional
sources creates opportunities and challenges. The Company has a strong deal flow
of suitable businesses that are not able to secure bank finance but the
difficult trading environment has depressed earnings.
Downing Protected Managers IX Limited
26 April 2010
REVIEW OF INVESTMENTS
Portfolio of investments
The following investments, all of which are incorporated in England and Wales,
were held at 31 December 2009:
Valuation
movement
Cost Valuation in period % of
GBP'000 GBP'000 GBP'000 portfolio
Hoole Hall Country Club Holdings 1,094 1,094 - 14.3
Ltd**
Crossco (1135) Ltd t/a Kingsclere 998 998 - 13.1
Nurseries
Horsham Bowl Ltd** 861 861 - 11.3
The Thames Club Limited 1,000 850 (150) 11.1
West Tower Holdings Limited 1,150 750 (250) 9.8
Cadbury House Holdings Limited 700 700 - 9.2
Hoole Hall Spa and Leisure Club 562 562 - 7.4
Limited
Pocket Living (Bath Road) Limited* 448 448 - 5.8
Kings Gap Group Limited* 400 300 (100) 3.9
Sanguine Hospitality Limited* 250 250 - 3.3
Bijou Wedding Venues Limited* 100 100 - 1.3
-------- ----------- ------------- ----------
7,563 6,913 (500) 90.5
Cash at bank and in hand 727 9.5
----------- ----------
Total investments 7,640 100.0
Investment movements for the year ended 31 December 2009
ADDITIONS
GBP'000
Crossco (1135) Ltd t/a Kingsclere Nurseries 998
Horsham Bowl Ltd** 880
Cadbury House Holdings Limited 700
Hoole Hall Country Club Holdings Ltd* 344
Downing Acquisitions 1 Ltd* 187
West Tower Holdings Limited 150
Pocket Living (Bath Road) Limited* 100
Bijou Wedding Venues Limited* 100
The Thames Club Limited 32
--------
3,491
DISPOSALS
Profit/
MV at (loss) Realised
Cost 31/12/08 Proceeds vs cost gain/(loss)
Loan stock redemptions GBP000 GBP000 GBP000 GBP000 GBP000
Bowman Care Homes Ltd* 600 600 600 - -
Pocket Living (Bath Road) Limited* 548 548 550 2 2
Downing Acquisitions 1 Ltd* 187 187 187 - -
Horsham Bowl Ltd* 19 19 19 - -
--------------------------------------------
1,354 1,354 1,356 2 2
* Non qualifying investment
** Partially non qualifying investment
Statement of Directors' responsibilities
The Directors are responsible for preparing the Report of the Directors, the
Directors Remuneration Report, and the financial statements in accordance with
applicable law and regulations. They are also responsible for ensuring that the
Annual Report includes information required by the Listing Rules of the
Financial Services Authority.
Company law requires the Directors to prepare financial statements for each
financial year. Under that law the Directors have elected to prepare the
financial statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the directors must not approve the financial statements unless
they are satisfied that they give a true and fair view of the state of affairs
of the Company and of the profit or loss of the Company for that period. In
preparing those financial statements, the Directors are required to:
*select suitable accounting policies and then apply them consistently;
*make judgments and estimates that are reasonable and prudent;
*state whether applicable UK Accounting Standards have been followed, subject to
any material departures disclosed and explained in the financial statements; and
*prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Company's transactions and disclose with
reasonable accuracy at any time the financial position of the Company and to
enable them to ensure that the financial statements comply with the requirements
of the Companies Act 2006. They are also responsible for safeguarding the
assets of the Company and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate
and financial information included on the Manager's website. Legislation in the
United Kingdom governing the preparation and dissemination of the financial
statements and other information included in annual reports may differ from
legislation in other jurisdictions.
Statement as to disclosure of information to Auditors
The Directors in office at the date of the report have confirmed, as far as they
are aware, that there is no relevant audit information of which the Auditors are
unaware. Each of the Directors has confirmed that they have taken all the steps
that they ought to have taken as Directors in order to make themselves aware of
any relevant audit information and to establish that it has been communicated to
the Auditors.
By Order of the Board
Grant Whitehouse
Secretary
Kings Scholars House
230 Vauxhall Bridge Road
London SW1V 1AU
26 April 2010
INCOME STATEMENT
for the year ended 31 December 2009
Year ended 31 December Period ended 31 December
2009 2008
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 529 - 529 392 - 392
Net loss on investments - (498) (498) - (150) (150)
--------- --------- -------- --------- --------- -------
529 (498) 31 392 (150) 242
Investment management (108) - (108) (82) - (82)
fees
Other expenses (125) - (125) (171) - (171)
--------- --------- -------- --------- --------- -------
(Loss)/return on 296 (498) (202) 139 (150) (11)
ordinary
activities before tax
Tax on ordinary (80) - (80) (38) - (38)
activities
--------- --------- -------- --------- --------- -------
(Loss)/return 216 (498) (282) 101 (150) (49)
attributable to
equity shareholders
Basic and diluted return
per
share:
Ordinary Share 2.5p (5.8p) (3.3p) 1.2p (1.7p) (0.5p)
'A' Share - - - - - -
All Revenue and Capital items in the above statement derive from continuing
operations. The total column within the Income Statement represents the profit
and loss account of the Company.
A Statement of Total Recognised Gains and Losses has not been prepared as all
gains and losses are recognised in the Income Statement noted above.
Other than revaluation movements arising on investments held at fair value
through the Income Statement, there were no differences between the return/loss
as stated above and historical cost.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
Year ended Period ended
31 December 31 December
2009 2008
GBP'000 GBP'000
Opening Shareholders' funds 8,140 -
Proceeds from share issue - 8,665
Share issue costs - (476)
Dividends paid (217) -
Total (losses)/gains for the period (282) (49)
-----------------------------
Closing Shareholders' funds 7,641 8,140
BALANCE SHEET
as at 31 December 2009
2009 2008
GBP'000 GBP'000 GBP'000 GBP'000
Fixed assets
Investments
6,913 5,276
Current assets
Debtors 168 99
Cash at bank and in hand 727 2,892
--------- ---------
895 2,991
Creditors: amounts falling due within one year (167) (127)
--------- ---------
Net current assets 728 2,864
--------- --------
Net assets 7,641 8,140
Capital and reserves
Called up Ordinary Share capital 9 9
Called up 'A' Share capital 13 13
Deferred Share capital 3 3
Special reserve 8,034 8,164
Investment holding losses (650) (150)
Capital reserve - realised 2 -
Revenue reserve 230 101
--------- --------
Total equity Shareholders' funds 7,641 8,140
Basic and diluted net asset value per share
Ordinary Share 88.1p 93.9p
'A' Share 0.1p 0.1p
CASH FLOW STATEMENT
for the year ended 31 December 2009
Year Period
ended ended
31 Dec 31 Dec
2009 2008
GBP'000 GBP'000
Net cash inflow from operating activities 224 129
Taxation
Corporation tax paid (38) -
Capital expenditure
Purchase of investments (3,491) (5,426)
Proceeds from disposal of investments 1,356 -
----------- ----------
Net cash outflow from capital expenditure (2,135) (5,426)
----------- ----------
Equity dividends paid (216) -
Net cash outflow before financing (2,165) (5,297)
Financing
Proceeds from Ordinary Share issue - 8,649
Proceeds from 'A' Share issue - 16
Proceeds from Preference Share issue - 50
Redemption of Preference Shares - (50)
Share issue costs - (476)
----------- ----------
Net cash (outflow) from financing - 8,189
----------- ----------
Increase in cash (2,165) 2,892
NOTES TO THE ACCOUNTS
for the year ended 31 December 2009
1. Accounting policies
Basis of accounting
The Company has prepared its financial statements under UK Generally Accepted
Accounting Practice ("UK GAAP") and in accordance with the Statement of
Recommended Practice "Financial Statements of Investment Trust Companies and
Venture Capital Trusts" revised January 2009 ("SORP").
The financial statements are prepared under the historical cost convention
except for the certain financial instruments measured at fair value and on the
basis that it is not necessary to prepare consolidated accounts.
The Company implements new Financial Reporting Standards ("FRS") issued by the
Accounting Standards Board when required.
Presentation of Income Statement
In order to better reflect the activities of a venture capital trust and in
accordance with the SORP, supplementary information which analyses the Income
Statement between items of a revenue and capital nature has been presented
alongside the Income Statement. The net revenue is the measure the directors
believe appropriate in assessing the Company's compliance with certain
requirements set out in Part 6 of the Income Tax Act 2007.
Investments
Venture capital investments are designated as "fair value through profit or
loss" assets due to investments being managed and performance evaluated on a
fair value basis. A financial asset is designated within this category if it
is both acquired and managed on a fair value basis, with a view to selling after
a period of time, in accordance with the Company's documented investment policy.
The fair value of an investment upon acquisition is deemed to be cost.
Thereafter investments are measured at fair value in accordance with the
International Private Equity and Venture Capital Valuation Guidelines ("IPEV")
together with FRS26.
For unquoted investments, fair value is established by using the IPEV
guidelines. The valuation methodologies for unquoted entities used by the IPEV
to ascertain the fair value of an investment are as follows:
*Price of recent investment;
*Multiple;
*Net assets;
*Discounted cash flows or earnings (of underlying business);
*Discounted cash flows (from the investment); and
*Industry valuation benchmarks.
The methodology applied takes account of the nature, facts and circumstances of
the individual investment and uses reasonable data, market inputs, assumptions
and estimates in order to ascertain fair value.
Gains and losses arising from changes in fair value are included in the Income
Statement for the year as a capital item and transaction costs on acquisition or
disposal of the investment are expensed.
It is not the Company's policy to exercise significant influence over investee
companies. Therefore the results of these companies are not incorporated into
the Income Statement except to the extent of any income accrued. This is in
accordance with the SORP that does not require portfolio investments to be
accounted for using the equity method of accounting.
Income
Dividend income from investments is recognised when the Shareholders' rights to
receive payment has been established, normally the ex-dividend date.
Interest income is accrued on a time apportionment basis, by reference to the
principal sum outstanding and at the effective rate applicable and only where
there is reasonable certainty of collection.
Expenses
All expenses are accounted for on an accruals basis. In respect of the analysis
between revenue and capital items presented within the Income Statement, all
expenses have been presented as revenue items except as follows:
*Expenses which are incidental to the disposal of an investment are deducted
from the disposal proceeds of the investment.
*Expenses are split and presented partly as capital items where a connection
with the maintenance or enhancement of the value of the investments held can be
demonstrated. The Company has adopted the policy of allocating Investment
Manager's fees 100% as revenue.
Taxation
The tax effects on different items in the Income Statement are allocated between
capital and revenue on the same basis as the particular item to which they
relate, using the Company's effective rate of tax for the accounting period.
Due to the Company's status as a Venture Capital Trust and the continued
intention to meet the conditions required to comply with Part 6 of the Income
Tax Act 2007, no provision for taxation is required in respect of any realised
or unrealised appreciation of the Company's investments which arises.
Deferred taxation is provided in full on timing differences that result in an
obligation at the balance sheet date to pay more tax, or a right to pay less tax
at a future date, at rates expected to apply when they crystallise based on
current tax rates and law. Timing differences arise from the inclusion of items
of income and expenditure in taxation computations in periods different from
those in which they are included in the accounts.
2. Basic and diluted return per share
Weighted average Revenue Capital gain/
number of shares return/ (loss)
in issue (loss)
Return per share is calculated on GBP'000 GBP'000
the following:
Year ended 31 Ordinary Shares 8,657,673 216 (498)
December 2009
'A' Shares 12,986,657 - -
Year ended 31 Ordinary Shares 8,575,470 101 (150)
December 2008
'A' Shares 12,904,456 - -
As the Company has not issued any convertible securities or share options, there
is no dilutive effect on return per Ordinary share or 'A' Share. The return per
share disclosed therefore represents both the basic and diluted return per
Ordinary share and 'A' Share.
3. Basic and diluted net asset value per share
2009 2008
Shares in issue Net Asset Value Net Asset Value
2009 2008 Pence GBP'000 Pence GBP'000
per share per share
Ordinary Shares 8,657,673 8,657,673 88.1 7,630 93.9 8,132
'A' Shares 12,986,657 12,986,657 0.1 11 0.1 8
----------- ------- ----------- ------
88.2 7,641 94.0 8,140
As the Company has not issued any convertible shares or share options, there is
no dilutive net asset value per Ordinary Share or per 'A' Share. The Net Asset
Value per share disclosed therefore represents both the basic and diluted net
asset value per Ordinary Share and per 'A' Share.
4. Principal financial risks
As a VCT, the majority of the Company's assets are represented by financial
instruments which are held as part of the investment portfolio. In order to
ensure continued compliance with relevant VCT regulation and to be in a position
to deliver the long term capital growth, which is part of the Company's
investment objective, the Board is very much aware of the need to manage and
mitigate the risks associated with these financial instruments.
The management of these risks starts with the application of a clear investment
policy which has been developed by the Board who are experienced investment
professionals. Furthermore, the Board has appointed an experienced Investment
Manager to whom they have communicated the Company's investment objectives and
whose remuneration is linked to the achievement of those objectives. The
Investment Manager reports regularly to the Board on performance, and to
facilitate the direct Board involvement with key decisions, on whether or not to
invest, disinvest and the nature, terms and the security of investments being
made.
In assessing the risk profile of its investment portfolio, the Board has
identified two principal classes of financial instrument. All investments are
"fair value through the profit and loss account".
In addition to its investment portfolio, the VCT maintains a cash position.
Cash is mainly held by Bank of Scotland plc and Royal Bank of Scotland plc. The
Directors consider that the risk profile associated with cash deposits is low
and thus the carrying value in the financial statements is a close approximation
of the fair value.
The Board has reviewed the Company's financial risk profile. Despite the fact
that there has been a clear deterioration in the economic climate followed by a
limited recovery, the Board has concluded that, as a result of the manner in
which the Company structures its investments so as to try to reduce downside
risk, the Company's exposure to financial risk has not changed significantly
since the previous year.
The main risks arising from the Company's financial instruments are interest
rate, market risk and credit risk. The Board reviews and agrees policies for
managing each of these risks and they are summarised below. These policies have
remained unchanged since the beginning of the financial year. A review of the
specific financial risks faced by the Company is presented below.
Market risk
Market risk arises from uncertainty about fair values or future cash flows of
financial instruments because of changes in market prices. This is a fundamental
aspect of investing in unquoted companies and one which is regularly assessed by
the Board and the investment manager.
Market price risk
The Company has no holdings in any listed or quoted equities at the year end. As
such it has no direct exposure to substantial movements experienced by stock
markets. The Company generally structures its investments such that the
majority of any losses are initially borne by its investment partners. Therefore
the Company has reduced its exposure to a fall in the value of the businesses in
which it invests and any underlying assets held by those businesses, such that
it has a charge over substantial assets of the underlying business.
Interest rate risk
The Company's investment portfolio is comprised of variable rate, floating rate
and fixed rate financial instruments, the fair values of which are influenced by
differing degrees to changes in market price. Generally, unless the risk
profile attaching to the loan note changes, the fair value of variable and
floating rate investments is unlikely to alter materiality. The fair value of
fixed rate investments would, theoretically, decrease as base rates increase.
However, as a result of the structuring of the Company's investments, the fixed
rate investments (loan notes) have strict redemption and transferability
conditions and, therefore, any theoretical change in fair value would not be a
fair reflection of the realisable value of this class of investment.
The Company's future cash flows can be influenced by changes in interest rates
resulting in an increase or decrease in income from investments linked to the
base rate, and by the credit worthiness of the borrowers of the funds. The
maximum exposure to this risk amounts to the value of floating rate assets of
GBP0.8 million (2008: GBP2.9 million). Sensitivity has been tested by assessing the
impact on the NAV over a one year period of a fall in the base rate to nil,
being the largest possible fall. The estimated impact on performance and NAV is
not deemed significant.
Credit risk
Credit risk is the risk that the counterparty to a financial instrument is
unable to discharge a commitment to the Company made under that instrument.
Credit risk in respect of investments in liquidity funds is minimised by
investing in AA-, or better, rated funds.
Investments in loan stocks comprise a fundamental part of the Company's venture
capital investments and are managed within the main investment management
procedures. The Company's policy is to invest in businesses with substantial
assets, with security being taken over the assets of the business.
Cash is mainly held by Bank of Scotland plc, consequently the Directors consider
that the risk profile associated with cash deposits is low.
Interest, dividends and other receivables are predominantly covered within the
investment management procedures.
Liquidity risk
Liquidity risk is the risk that the Company encounters difficulties in meeting
obligations associated with its financial liabilities. As the Company only ever
has a very low level of creditors being GBP167,000 (2008: GBP127,000), holds
significant cash balances and no borrowings, the Board believes that the
Company's exposure to liquidity risk is low.
5. Related party transactions
Downing Protected Managers IX Limited ("DPM IX"), a wholly owned subsidiary, is
the Company's Investment Manager. During the year ended 31 December 2009,
GBP108,000 (2008: GBP82,000) was payable to DPM IX. Additionally, DPM IX provides
accounting, secretarial and administrative services for an annual fee of GBP40,000
(plus VAT and RPI) per annum. During the year ended 31 December 2009, GBP40,000
(2008: GBP43,000) was due in respect of administration fees. At the year end a
balance of GBP37,000 (2008: GBP38,000) was due to DPM IX.
Announcement based on audited accounts
The financial information set out in this announcement does not constitute the
Company's statutory financial statements in accordance with section 434
Companies Act 2006 for the year ended 31 December 2009, but has been extracted
from the statutory financial statements for the year ended 31 December 2009,
which were approved by the Board of Directors on 26 April 2010 and will be
delivered to the Registrar of Companies following the Company's Annual General
Meeting. The Independent Auditor's Report on those financial statements was
unqualified and did not contain any emphasis of matter nor statements under s
498(2) and (3) of the Companies Act 2006.
The statutory accounts for the period ended 31 December 2008 have been delivered
to the Registrar of Companies and received an Independent Auditors report which
was unqualified and did not contain any emphasis of matter nor statements under
S237(2) or (3) of the Companies Act 1985.
A copy of the full annual report and financial statements for the year ended 31
December 2009 will be printed and posted to shareholders shortly. Copies will
also be available to the public at the registered office of the Company at Kings
Scholars House, 230 Vauxhall Bridge Road, London SW1V 1AU and will be available
for download from www.downing.co.uk.
[HUG#1408416]
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