RNS Number:7889I
Guinness Peat Group PLC
14 March 2003
14 March 2003
GUINNESS PEAT GROUP PLC
("GPG" or "the Company or "the Group")
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002
CHAIRMAN'S STATEMENT
Although the reported net profit for 2002 was marginally less
than for 2001, it was nevertheless a very good result -
particularly having regard to the resources required on
several large projects which are important to GPG, but did not
contribute to earnings for the year. These include:
* The Brunel deal, which converted the corporate structure
of the former Brunel Holdings plc to the "new" GPG to provide
a more appropriate UK tax and administrative base, but
otherwise with no change to existing profile and activities.
* The merger of ENZA Ltd and Turners & Growers Ltd (GPG
80%) to create a significant new force in the New Zealand
fruit and produce distribution business.
* The "spin-off" of Turners Auctions Ltd as a separate
listed public company. The new listing has been well received
by the market with the shares trading well above the book
value of GPG's 38% residual shareholding.
* Extensive preparation and planning of the takeover offer
for Coats plc. Although Coats is no longer the textile
manufacturing giant of the bygone era of British industrial
supremacy it is still by far the world leader in thread
manufacture. It is located in 63 countries worldwide, with a
level of technical excellence which allows considerable scope
for further growth and expansion.
GPG has an 80% economic interest in the joint venture
company which is bidding for all of Coats' capital. This
is a big investment for GPG which we are confident will be
vindicated by future performance.
* A greater proprietorial involvement in Premier
Investments Ltd (GPG 16%), which is the largest single
shareholder in Coles Myer Ltd. Unfortunately, Coles Myer's
recent performance has been very disappointing, particularly
having regard to its dominant position as Australia's biggest
retail organisation. Premier is an advocate for major Board
and management changes in 2003 as a first step to restoring
results to a more acceptable level.
* An investment of NZ$56.1m (#18.2m) in the shares of
Rubicon Ltd and Fletcher Challenge Forests Ltd, with a view to
influencing the most appropriate structure for the ownership
of New Zealand's major forest assets has so far been
frustrating and unproductive. A rather complex situation has
evolved, but should be resolved in the current term.
A major contributor to realised profits was the year end sale
of shares in Joe White Maltings Ltd when we accepted a
takeover offer by Ausbulk Ltd. The three year life cycle of
this shareholding represents a classic investment exercise for
GPG - the original identification of potential value, the
acquisition of a strategic stake, the success of a "hostile"
partial offer (a rare occurrence), the implementation of
management changes and sale of non-core assets to maximise the
impact of an uplift in the malt price cycle. The market
capitalisation doubled during the GPG period of control and
the change of ownership successfully concluded our role in the
Joe White corporate revival.
Particular mention should be made of Canberra Investment
Corporation Ltd (CIC) (GPG 68%) which has always been a solid
performer and which excelled in 2002 with a net profit of
A$8.7m. CIC has a low profile, notwithstanding it is
Canberra's only publicly listed corporation, but has become an
increasingly valuable member of the GPG group. A booming
Federal bureaucracy should ensure a continuation of the steady
demand for sub-divided housing land in Canberra, which is
CIC's core activity.
GPG's involvement in the rationalisation of the UK motor
vehicle distributors again proved rewarding with favourable
sales of shares in Quicks plc and Ryland Group plc. Our 50%
joint venture, Nationwide Accident Repair Services incurred an
overall loss in the course of selling or closing uneconomic
operations but the company is strongly cash positive and value
is being created for the future, albeit at a cost to current
profitability.
Tower Corporation Ltd - in GPG's 1998 Annual Report, we
predicted the demutualised Tower was "likely to struggle to
survive in a fully competitive market environment." That is
what duly transpired with Tower reporting a substantial loss
for 2002. We recently acquired a 10% stake and two GPG
representatives are proposed for election as Directors at the
AGM on 27 March. Tower obviously has some problems and
legacies to overcome, but there is also considerable strength
in its undoubted intrinsic value as one of New Zealand and
Australia's oldest financial institutions.
As always, GPG's published accounts are presented on a
conservative basis with all items which are considered
doubtful written down in the revenue statements. The only
"black spot" is the necessity to "equity account" the profits
and losses of other public companies in which GPG is a
substantial shareholder. The amounts are not material in
aggregate in our case, but the principle is completely wrong.
GPG receives dividends from these companies on exactly the
same basis as the smallest private shareholder and the
inclusion of additional amounts to which there is no legal or
commercial entitlement is simply reporting bogus income. This
course is not adopted by choice, but is forced upon us by so
called "international accounting standards" of which "equity
accounting" is but one of many serious deficiencies.
The "simplified" balance sheet below provides a useful
snapshot of the company's investment profile:
Simplified Balance Sheet at 31 December 2002
------------------------------------------------------------
#m
Cash at Bank 95
Debtors 28
Future tax benefit 9
Coats plc 85
Nationwide 11
Staveley (UK & USA) 8
MEM 8
Canberra Investment Corp 9
Turners & Growers 31
Turners Auctions 2
Share portfolio 185
-----------------------------------------------------------
Total Assets 471
Creditors (24)
Note Issues (79)
-----------------------------------------------------------
SHAREHOLDERS' FUNDS #368
-----------------------------------------------------------
Capital and Dividend
As usual, it is proposed to make a 1 for 10 bonus issue (the
10th in succession, producing a multiple of 259% on an
original 1990 shareholding) and to pay a cash dividend of 1p
per share.
With the Brunel merger process now having been completed, it
is timely to consider additional benefits to shareholders and
it is proposed to offer to redeem up to 10% of each
shareholder's shares (ex bonus) on the basis of five 8%
convertible unsecured notes (CLNs) of 20p for every two GPG
shares. These notes will rank "pari passu" with existing
CLNs with the principal repayable in two equal
instalments on 30 June 2004 and 2005 and an option to the
holder to convert back to shares at 48.84 pence in 2004 and
52.59 pence in 2005. This is an attractive offer which, if
it proves popular, will be repeated in future years. GPG
shareholders will thus have regular opportunities to redeem
shares at a premium to market, but which, equally, does not
disadvantage long term holders.
Whether the same level of profit can be achieved in 2003
depends to some extent upon the certainty and timing of events
beyond our control. More importantly, we are confident of
continuing to fulfil our commitment to the steady enhancement
of long term shareholder value.
Ron Brierley
CHAIRMAN
London, 14 March 2003
Enquiries:
Guinness Peat Group plc 020 7236 0336
Blake Nixon, UK Executive Director
Weber Shandwick Square Mile 020 7067 0700
Kevin Smith/Josh Royston
GUINNESS PEAT GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Year ended 31 December 2002 2001
Unaudited Re-stated
#000 #000
Turnover: group and share of joint ventures 335,552 309,697
Less: share of joint ventures (2,954) (5,524)
------------- -------------
Continuing operations 332,598 304,173
Acquisitions
Turnover: group and share of joint ventures 165,935 -
Less: share of joint ventures (39,985) -
------------- -------------
125,950 -
Group turnover - continuing operations 458,548 304,173
Group turnover - discontinued operations 56,288 46,651
------------- -------------
Group turnover 514,836 350,824
Cost of sales (425,292) (268,951)
------------- -------------
Gross profit 89,544 81,873
Profit on disposal of investments and other
net investment income 47,420 60,706
Net operating expenses (90,101) (82,642)
------------- -------------
Operating profit - continuing operations 39,488 55,974
Operating profit - acquisitions (excluding
joint ventures and associates) 332 -
------------- -------------
39,820 55,974
Operating profit - discontinued operations 7,043 3,963
Group operating profit 46,863 59,937
Share of operating (loss)/profit of joint ventures (635) 1,901
Share of operating profit/(loss) of
associated undertakings 3,169 (630)
------------- -------------
49,397 61,208
Profit on sale of subsidiary - discontinued
operations 12,238 -
Interest payable and similar charges (10,546) (5,301)
------------- -------------
Profit on ordinary activities before taxation 51,089 55,907
Tax on profit on ordinary activities (5,203) (7,355)
------------- -------------
Profit on ordinary activities after taxation 45,886 48,552
Minority interests (3,425) (1,667)
--------------------------------------------------------------------------------
PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS #42,461 #46,885
--------------------------------------------------------------------------------
Equity dividends (6,252) (5,393)
------------- -------------
Retained profit for the year 36,209 41,492
------------- -------------
Earnings per ordinary share - basic (pence) 7.00p 7.99p
Earnings per ordinary share - diluted (pence) 5.93p 7.18p
Dividends per ordinary share (pence) 1.00p 0.91p
GUINNESS PEAT GROUP PLC
CONSOLIDATED BALANCE SHEET
31 December 2002 2001
Unaudited Re-stated
#000 #000
Fixed assets
Intangible assets - net negative goodwill (10,734) (3,123)
Tangible assets 74,349 47,164
Investments 256,189 202,082
------------- -------------
319,804 246,123
Current assets
Stocks and development work in progress 13,981 22,596
Debtors 128,727 88,920
Investments 36,874 24,101
Cash at bank and in hand 113,827 169,985
------------- -------------
293,409 305,602
Creditors: amounts falling due within one year
Trade and other creditors (116,131) (107,666)
Convertible subordinated loan notes (3,863) (3,863)
Other borrowings (5,404) (5,035)
------------- -------------
(125,398) (116,564)
Net current assets 168,011 189,038
Total assets less current liabilities 487,815 435,161
Creditors: amounts falling due after one year
Trade and other creditors (306) (1,708)
Convertible subordinated loan notes (7,725) (11,587)
Capital notes (67,765) (67,502)
Other borrowings (13,672) (6,868)
------------- -------------
(89,468) (87,665)
Provisions for liabilities and charges (15,784) (12,977)
------------- -------------
NET ASSETS 382,563 334,519
------------- -------------
Capital and reserves
Share capital 31,094 53,926
Share premium account 1,344 12,857
Capital redemption reserve - 3,863
Other reserve 263,761 -
Profit and loss account 71,966 246,777
------------- -------------
EQUITY SHAREHOLDERS' FUNDS 368,165 317,423
Minority interests (equity) 14,398 17,096
------------- -------------
CAPITAL EMPLOYED 382,563 334,519
------------- -------------
Net asset backing per ordinary share (pence) 59.20 53.51
GUINNESS PEAT GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
Year ended 31 December 2002 2001
Unaudited Audited
#000 #000
Net cash inflow from operating activities 75,550 70,451
Dividends received from associates and joint ventures 2,955 2,014
Returns on investments and servicing of finance (10,148) (5,516)
Taxation (4,093) (2,277)
Capital expenditure and financial investment (58,579) (5,716)
Acquisitions and disposals (19,229) 6,332
Equity dividends paid (1,878) (1,041)
------------- -------------
Cash (outflow)/inflow before management of liquid
resources and financing (15,422) 64,247
Management of liquid resources 85,866 (96,597)
Financing
(Decrease) / increase in debt (44,355) 48,170
Issue of ordinary shares, net of buyback expenses 1,670 306
------------- -------------
Increase in cash for the year 27,759 16,126
------------- -------------
On 5 July 2002 the Group redeemed the second 10p tranche of the
convertible subordinated loan notes through the payment of
#997,000 in cash with the balance of #2,866,000 being satisfied by
the issue of Ordinary Shares.
On 13 December 2002 the shares in the former GPG were acquired by the
former Brunel, as part of a reverse acquisition takeover, in
exchange for an issue of shares in that company.
On 31 December 2002 the Group in effect sold a 19.96% interest in ENZA
Ltd, formerly a 100% subsidiary, in return for an additional
34.12% of Turners & Growers Ltd, formerly a 45.92% associated
undertaking.
Analysis of Changes in Cash
and Liquid Resources During the
Year ended 31 December 2002 2001
Unaudited Audited
#000 #000
Opening balance 169,985 58,924
Net cash inflow 27,759 16,126
(Increase)/decrease in liquid resources (85,866) 96,597
Increase/(decrease) in bank overdraft 509 (172)
Currency translation differences 1,440 (1,490)
------------- -------------
Closing balance 113,827 169,985
------------- -------------
Guinness Peat Group plc
Supplementary information required for Australian Stock Exchange (ASX) Appendix 4B
For the full year ended 31 December 2002 2001
Re-stated
Unaudited Unaudited
#000 #000
Profit on disposal of investments and other
net investment income 47,420 60,706
Dividends received from associates 1,818 80
Other dividends received 7,839 10,567
Interest and other income received 9,170 9,211
Interest and other finance costs paid (9,462) (3,878)
Interest capitalised 67 293
Expenses from ordinary activities (515,393) (351,593)
Depreciation 8,205 6,326
Amortisation of intangibles:
-----------------------------------------------------------------------------------
Release of negative goodwill (net) (1,343) (422)
Amortisation of other intangibles
-----------------------------------------------------------------------------------
Total amortisation of intangibles (1,343) (422)
-----------------------------------------------------------------------------------
Diluted EPS 5.93p 7.18p
Retained profits:
-----------------------------------------------------------------------------------
Retained profits brought forward
As previously stated 248,168 203,341
Prior year adjustment on change of accounting policy (1,391) 210
-----------------------------------------------------------------------------------
As restated 246,777 203,551
Net profit 36,209 41,492
Scrip dividend alternative 3,548 3,716
Premium on former Brunel shares 3,651
Difference between share capital, share premium and other
statutory reserves of combining entities (221,009)
Currency translation differences (net) 427 (2,867)
Deferred tax on currency translation differences 36 885
Unrealised gain on sale of subsidiary 2,490 -
Negative goodwill written back on disposals (164) -
-----------------------------------------------------------------------------------
Retained profits carried forward 71,965 246,777
-----------------------------------------------------------------------------------
Non-current equity accounted investments 52,666 28,642
Non-current tax assets 10,890 1,667
Current tax liabilities 3,876 4,496
Notes to the Preliminary Announcement of Results for
the year ended 31 December 2002
1. PRESENTATIONAL CHANGE
The group has adopted Financial Reporting Standard 19 ("FRS
19") - Deferred Tax, which requires that full provision is
made for deferred tax on timing differences, except that
deferred tax assets are only recognised to the extent that it
is considered more likely than not that they will be
recovered. The group previously recognised deferred tax on
timing differences which were expected to reverse within the
foreseeable future. This change has reduced the profit for the
years to 31 December 2002 and 31 December 2001 by #2.5m and
#0.7m respectively, and has reduced shareholders' funds as at
those dates by #3.9m and #1.4m respectively.
2. MERGER WITH BRUNEL HOLDINGS PLC
On 13 December 2002, Guinness Peat Group plc (now renamed GPG
(UK) Holdings plc) ("the former GPG") was acquired by Brunel
Holdings plc (now renamed Guinness Peat Group plc) ("the
former Brunel" or "GPG") by means of a Court Approved Scheme of
Arrangement. Due to the relative value of the companies, the
shareholders in the former GPG received as a result of the
merger more than 98% of the share capital of the enlarged
group. Although the legal form of this transaction is that
the former Brunel acquired the former GPG, the substance of
the transaction is that the former GPG acquired the former
Brunel. The group's financial statements have been prepared
accordingly using reverse acquisition accounting. The key
features of this basis of consolidation are as follows:
* The consolidated profit and loss account includes the
results of the former GPG for the year ended 31 December 2002
and of the former Brunel from the date of acquisition.
* The comparative assets, liabilities and results relate to
the former GPG as at, and for the year ended
31 December 2001.
* The share capital and statutory reserves as at 31
December 2002 relate to GPG, but the consolidated profit and
loss account reserves are based on the pre-acquisition profit
and loss account reserves of the former GPG as reduced by a
reverse acquisition reserve (which represents the extent to
which the reserves of the former GPG have been capitalised as
a result of the reverse acquisition).
3. OTHER ACQUISITIONS AND DISPOSALS
On 18 April 2002 GPG acquired 100% control of ENZA Ltd
("ENZA"), a New Zealand fruit storage and distribution
company. On 31 December 2002, ENZA was merged with Turners &
Growers Ltd ("Turners & Growers"). From 18 April 2002 to 31
December 2002, ENZA contributed #125.9m to turnover and
incurred a loss before taxation of #3.0m. The merger between
ENZA and Turners & Growers increased GPG's interest in Turners
& Growers from 45% to 80%. It also reduced GPG's interest in
ENZA from 100% to 80%. A gain of #2.5m has been recorded
within the Statement of Total Recognised Gains and Losses in
respect of this reduction in its interest.
During the year the then Turners & Growers Ltd was split into
two separate businesses, Turners & Growers and Turners
Auctions Ltd. Turners Auctions Ltd obtained a full listing on
the New Zealand Stock Exchange and raised NZ$6m in cash
through a share issue. As a result, GPG's interest was diluted
from 45% to 38%. GPG has recognised a gain of #0.5m on the 7%
reduction in its interest.
Three further associates / joint ventures were acquired during
the year, Nationwide Accident Repair Services plc (a 50% joint
venture) and Dawson International plc (a 30% associate), both
of which are registered in the UK, and Green's Foods Ltd (a
23% associate) which is registered in Australia.
In October 2002, GPG purchased the minority shareholdings in
MEM Group Ltd ("MEM") and this subsidiary is now wholly owned.
During the year, the group disposed of its interest in Joe
White Maltings Ltd under a takeover by Ausbulk. This gave rise
to a profit on disposal of #12.2m.
Since the year-end, MEM has merged its associate, Aurora Gold
Ltd ("Aurora"), with another listed mining company, Abelle
Resources Ltd. This has reduced GPG's effective interest in
Aurora to below 20%.
4. EARNINGS PER SHARE
Basic earnings per share is calculated on a net basis using
the earnings attributable to ordinary shareholders of #42.5m
(2001: #46.9m as restated) and the weighted average number of
ordinary shares in issue during the year of 606.6m (2001:
586.7m) and amounts to 7.00 pence (2001: 7.99 pence as
restated). For this purpose, the weighted average number
of shares represents the number of the former GPG's
shares in issue up to 13 December 2002 and the number of GPG
shares in issue from that date. The shareholders in the former
GPG received 1 share in GPG for each of their existing shares
in the former GPG as part of the reverse acquisition described
earlier. Earnings per ordinary share for 2001 have been
adjusted for the 2002 Capitalisation issue of shares.
For diluted earnings per share, the weighted average number of
ordinary shares in issue is adjusted to assume conversion of
all dilutive potential ordinary shares, being share options
granted to employees, Convertible Loan Notes and Capital
Notes.
5. DIVIDEND
No final dividend is recommended for the year ended 31
December 2002. The Directors have declared an interim
ordinary dividend of 1.00 pence per share payable on 19 May
2003 and making a total of 1.00 pence per share for the year.
This is subject to a right for shareholders to elect, instead
of the cash dividend, to receive one new ordinary share for
every 50 existing shares held at the appropriate record date.
An interim dividend of 0.91 pence (adjusted to reflect the
2002 Capitalisation Issue) in respect of the year to 31
December 2001 was paid on 13 May 2002 to the former GPG
shareholders.
There are local regulatory differences in the countries in
which the Group's shares are listed, which can result in
different taxation treatment and timing. This may have a
significant effect on the tax treatment of the dividend for
shareholders resident outside the UK. Shareholders are advised
to obtain their own professional advice.
6. PROPOSED YEAR END TIMETABLE 2003
An Extraordinary General Meeting of the Company will be held
on 15 May 2003 to consider the proposed Capitalisation Issue.
A circular will be posted in late April which will contain details
of the Interim Dividend, the Scrip Dividend Alternative and the
Capitalisation Issue together with Notice of EGM.
In order to accommodate the different market practices of the
London Stock Exchange ("LSE"), Australian Stock Exchange
("ASX") and New Zealand Stock Exchange ("NZSE"), being those
markets on which GPG's shares are quoted and subject to
approval of the Capitalisation Issue by shareholders, the
Stock Events timetable will be as follows*:
Preliminary announcement of results, interim
dividend and Scrip Dividend Alternative and
Capitalisation Issue 14.03.03
Shares marked ex-dividend (ASX) 24.03.03
Shares marked ex-dividend (UK) 26.03.03
Record date for dividend 28.03.03
Head securities quoted ex-dividend (NZSE) 31.03.03
Post out Circular with Forms of Election for
the Scrip Dividend and Notice of EGM 29.04.03
Final date for receipt of Scrip Dividend elections 12.05.03
Final date for receipt of EGM proxies (48 hours
in advance of the EGM) 13.05.03
EGM (11:00am UK time) 15.05.03
Allotment of Scrip Shares (5:00pm UK time) 16.05.03
Payment of Cash Dividend ** 19.05.03
Update of UK CREST accounts (5:00am UK time) 19.05.03
Dealings commence in Scrip Dividend Shares 19.05.03
Dispatch of FASTER mailings notifying NZ holders
of the change in holdings following the Scrip
Dividend allotment 19.05.03
Dispatch of Scrip Dividend Share Certificates
(UK) and holding statement (AUS) 19.05.03
Shares marked Ex-Capitalisation on ASX and
traded on deferred settlement basis 19.05.03
Record date for Capitalisation Issue 23.05.03
Head shares marked Ex-Capitalisation in NZ 26.05.03
Dealings commence in Capitalisation Shares on a
deferred basis on NZSE 26.05.03
Allotment of Capitalisation (5:00pm UK time) 27.05.03
Last day of deferred settlement trading on
ASX and NZSE 27.05.03
Update of UK CREST accounts (5:00am UK time) 28.05.03
Shares marked Ex-Capitalisation in UK 28.05.03
Dealings commence in Capitalisation Shares 28.05.03
Post out Capitalisation Shares Certificates
(UK) and holding statements (Australia) 28.05.03
Dispatch of FASTER statements in NZ notifying
NZ holders of change in holdings following
Capitalisation Issue 30.05.03
Notes:
*Actions take place on all three Exchanges on the date
specified unless otherwise indicated.
** The cash payment will be made to Shareholders on the
Australian and New Zealand share registers in Australia and
New Zealand dollars respectively, calculated at the rates of
exchange ruling at 4:30pm (UK time) on 12 May 2003.
Shareholders on all three registers will have the opportunity to
elect for one of the other two currencies, and a circular
containing further information and a currency election form
will be circulated with the Notice of EGM.
To ensure the integrity of the registers over record dates and
'ex' dates the 3 registers will be closed for transmissions
between the registers at certain times.
7. ISSUES OF SHARES
Former GPG 10p shares in issue 1 January 2002 539,255,890
Exercise of options 5,636,922
Scrip dividend alternative 7,094,991
Capitalisation issue 55,122,742
Conversion of CLNs 6,286,786
--------------
Total former GPG 10p shares in issue 13 December
2002,swapped for GPG 5p shares 613,397,331
Former Brunel 5p shares in issue prior to merger 8,490,910
--------------
Total GPG 5p shares in issue 31 December 2002 621,888,241
--------------
On 14 February 2003 GPG allotted 2,886,368 Ordinary Shares of
5p each as a result of the conversion of 4,378,034 Convertible
Loan Notes. These shares were not entitled to participate in
any dividend declared, paid or made for the year ended 31
December 2002. As the Board does not intend to declare, pay
or make any dividend for the year ended 31 December 2002,
other than the 1.00p interim dividend, GPG confirms that these
shares will merge pari passu with all other 5p Ordinary Shares
of the Company following the relevant record date set out in
the timetable.
8. SIMPLIFIED BALANCE SHEET
The simplified group balance sheet presented in the Chairman's
Statement shows GPG's share of the net assets of, together
with the goodwill attributable to, certain subsidiaries:
Staveley (including Staveley Inc), Turners & Growers
(including ENZA), MEM and Canberra Investment Corporation
rather than their respective assets and liabilities. The
group's remaining net assets are shown at their book value.
The net assets attributable to Staveley exclude the cash it
held but which is generally available to GPG for investment
purposes; such cash is presented instead within the aggregate
cash balance. The shareholders' funds are those reported in
the published balance sheet.
9. OFFER FOR COATS PLC
On 3 March 2002, Avenue Acquisitions plc, a UK unconsolidated
joint venture company in which GPG has an effective 50% voting
interest, announced a recommended bid for Coats plc at 56
pence plus an interim dividend of 2.5 pence per Coats share.
The bid values Coats plc at #414.2m.
10. NON-STATUTORY ACCOUNTS
This announcement does not constitute full financial
statements. The Company's full financial statements for the
year ended 31 December 2002 have not yet been signed by the
auditors. The financial information for 2001 has been
extracted from the latest published accounts, as adjusted for
the implementation of FRS 19. These accounts have been
delivered to the Registrar of Companies. The report of the
auditors on the 2001 accounts was unqualified and did not
contain a statement under s237(2) or s237(3) of the Companies
Act 1985.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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