Half Yearly Report

18th Sep 2009 13:00



RedHot Media International Limited

('RedHot' or the 'Company')

Half Yearly Financial Results

Six Months Ended 30 June 2009

18 September 2009

RedHot Media International Limited announces its unaudited interim results for the 6 months ended 30 June 2009 for the Company and its subsidiary undertakings (the "Group").

A summary of the Group's unaudited interim financial results for 2009 is as follows:

Total revenue marginally decreased by 2% in 2009 H1 to RM12.1 million (2008 H1: RM12.4 million)

Gross profit grew by 62% to RM7.5 million (2008 H1: RM4.7million)

Gross margin improved to 62% (2008 H1: 38%)

Profit before tax was RM3.2 million (2008 H1: RM1.0 million)

Net profit was RM3.2 million (2008 H1: RM1.2 million)

Cash balances available at 30 June 2009 stood at a negative 1.5 million (2008 H1: RM6.3 million)

Net assets of RM24.4 million (2008 H1: RM24.4 million)

Commenting on the financial results for the year, the Company's Chairman, Datuk Oh Chong Peng said: 

"I am pleased to report that the Group has performed well despite 2009 being one of the most challenging times ever for the global advertising and media sector.

The Group experienced a general decline in the first quarter of 2009 as a result of reduced advertising and consumer expenditure due to the global economic environment. Although the advertising sector was further distressed by the outbreak of H1N1 flu in the second quarter of 2009, our business model AxChange has proven to be more resilient than many in this challenging first half of 2009.

During the period under review, the Group focused on reorganization and integration of its business operations in Malaysia, Beijing, Shanghai and Guangzhou. Managements' strategies have been effective and produced more than modest results in overall business growth and cultivation of human resources.

AxChange has continued to grow with increased interests from Malaysia's key media groups and secured strategic participation from China's provincial television - Yunnan TV and China's leading mass transit digital media - Digital Media Group. We believe these new mandates mark a strong growth indicator for our businesses both locally and regionally.

The acquisition of Ausscar Group towards the end 2008 has contributed remarkably well to the Group. Its strategic value as the Group's marketing arm of financial products and services in Malaysia has led to increased business volume from advertisers in the insurance sector and new contracts from reputable insurance companies. Ausscar Group's performance is expected to continue improving and contribute to the Group's strategic focus in cultivating AxChange's appetite for the respective sector.

In the meantime, the Group also continues to seek merger and acquisition opportunities of businesses that will strategically contribute to its business growth and development in Malaysia and China.

We believe that with our unique market positioning, adequate geographic presence, dedication of talented employees and committed management; and with continued support from our shareholders, the Group will continue to grow and meet our business objectives.

For further information, contact:

RedHot Media International Limited

Melissa Gilmour or +44 7970 767869

Cheong Chia Chieh or +601 2329 5522

Raymond Hor +603 7651 0188

Blomfield Corporate Finance Limited (Nominated Adviser)  +44 207 489 4500

James Pinner or

Nick Harriss

Religare Hichens, Harrison plc (Broker) +44 207 382 4450

Daniel Briggs or 

Colin Rowbury

Notes to editors:

Exchange rate: £1 = RM5.86

RedHot Media International Limited (AIM: RHM), is a Cayman Islands incorporated holding company. Its primary activity is that of media broking group, including an innovative barter sales trading activity, in Malaysia and the major cities of the People's Republic of China ("PRC"), namely Shanghai, Beijing and Guangzhou. 

A media broker conventionally purchases advertising space on behalf of its clients and earns commissions from the media providers based on the amount of advertising purchased. The AxChange business model adopts a pull marketing approach by aggregating demand from advertisers and consumers/merchants to generate additional sales for both the media owners and advertisers respectively.

RedHot also acts, to a lesser extent, as a non-stockholding distributor for certain clients (for whom it also acts as a media broker) with the intention of generating higher margins for the Group than would be obtained in conventional media buying.

Using this distribution based business model (AxChange), which the Directors aim to grow, RedHot enters into a contract to draw down various lines of inventory and then, as the inventory is sold through RedHot's distribution network, the proceeds from the sales are used to purchase media space for the same client.

The AxChange business model has been designed to free up working capital; allowing RedHot's customers to pay for advertising and assist new entrants into Malaysia & China (where capital controls are still in place) in selling their products using RedHot's established distribution network. RedHot also believes the model provides benefits to its distributors; providing them with lower unit prices and access to credit facilities to which they otherwise would not have access.

CONSOLIDATED INCOME STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE

			Notes	6 months to 30 June 2009	6 months to 30 June 2008
				(Unaudited)	(Unaudited)
				RM'000	RM'000
Revenue				12,110	12,408
Cost of sales				(4,573)	(7,744)
Gross profit				7,538	4,665
Other income			3	13,113	-
Selling and distribution costs				-	(854)
Administrative expenses				(4,544)	(2,355)
Other expenses			3	(12,877)	(515)
					-
Operating profit/(loss)				3,230	941
Finance income				15	53
Finance costs				(53)	-
Profit/(loss) before taxation				3,193	993
Taxation				(28)	(166)
Profit/(loss) for the year				3,165	1,159
Attributable to:
	Equity holders of the company			3,148	1,202
	Minority interests			17	(43)
				3,165	1,159
Earnings per share (Sen):			4
	Basic			8.68	3.33
	Diluted			8.68	3.74
Net dividend per share (Sen)				-	-

The results shown above relate entirely to continuing and acquired operations.

  CONSOLIDATED BALANCE SHEETS

AS AT 30 JUNE

			Notes	30 June 2009	30 June 2008
				(Unaudited)	(Unaudited)
				RM'000	RM'000
ASSETS
Non-current assets
Property, plant and equipment				977	696
Intangible assets			5	4,479	4,030
Investments in subsidiaries				150	-
Goodwill			6	13,902	2,205
Available-for-sale investments				18	-
				19,525	6,932
Current assets
Inventories				141	6
Trade and other receivables			7	18,161	16,067
Fixed deposits			8	3,063	1,500
Cash and cash equivalents			8	1,214	5,698
				22,580	23,271
TOTAL ASSETS				42,106	30,203
EQUITY AND LIABILITIES
Equity
Share capital				12,549	5,794
Share premium				3,339	14,452
Share-based payments reserve				2,210	158
Other reserves				(3,586)	-
Retained earnings/(losses)				9,579	4,024
Shareholders' equity				24,090	24,429
Minority interests				757	-
Total Equity				24,847	24,429
Current Liabilities
Trade and other payables				14,528	4,876
Bank overdrafts			9	2,725	898
				17,253	5,774
Non-current liabilities
Provision for deferred consideration
Deferred taxation				6	-
Total Liabilities				17,258	5,774
TOTAL EQUITY AND LIABILITIES				42,106	30,203

  CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE

						6 months to 30 June 2009		6 months to 30 June 2008
						(Unaudited)		(Unaudited)
						RM'000		RM'000
Cash flows from operating activities
Group operating profit/(loss)						3,230		941
Impairment of investments and intangibles						237		-
Depreciation and amortization						554		608
Foreign exchange loss arising from issuance of ordinary shares						-		131
Operating profit/(loss) before changes in working capital						4,021		1,680
Changes in working Capital:
(Increase)/decrease in inventories						(119)		5
Increase trade and other receivables						(2,347)		(2,972)
Increase trade and other payables						(2,253)		(3,850)
Interest paid						(38)		53
Income taxes payables						(28)		166
Net cash used in operating activities						(765)		(4,919)
Investing activities
Placement of fixed deposits						(20)		-
Proceeds from disposals of Investment						7		-
Funds used in development						-		(2,200)
Proceeds from disposals of property, plant and equipment and software						107		100
Payments to acquire property, plant and equipment and software						(1,309)		(474)
Net cash used in investing activities						(1,216)		(2,574)
Financing activities
Proceeds from issue of ordinary shares						-		11,115
Proceeds from issue of ordinary preference shares						238		-
Net Cash from financing activities						238		11,115
(Decrease)/increase in cash and cash equivalents						(1,743)		3,622
Effects of foreign exchange rate changes						-		110
Cash and cash equivalents at 1 January						232		2,568
Cash and cash equivalents at 30 June						(1,511)		6,300

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE

		Share	Share	Share	Other	Retained	Minority	Total
		Capital	Premium	Based Payments	Reserves	Earnings / (Losses)	Interests	Equity
		RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
At 1 January 2009		12,549	3,101	2,210	(3,460)	6,704	15	21,119
Subscriber shares issued		-	-	-	-	-	643	643
Translation differences of Investments in foreign operations	-		-	-	(126)	(253)	-	(379)
Share-based payment charge (note 10)		-	238	-	-	-	-	238
Retained loss c/f from business combination		-	-	-	-	(20)	82	62
Profit for the year	-		-	-	-	3,148	17		3,165
At 30 June 2009		12,549	3,339	2,210	(3,586)	9,579	757	24,847

The Group's other reserves comprise the following:

	2009 RM'000
Pooling of interests reserve	(4,183)
Contingent consideration to be settled by the issue of shares	588
Currency translation reserve	(126)
	(3,586)

Notes to the unaudited results for the six months to 30 June 2009

1. General information

RedHot Media International Limited is quoted on the AIM Market of the London Stock Exchange.

The Group's interim financial statements for the six months to 30 June 2009, from which this financial information has been extracted, and for the comparative six months ended 30 June 2008, are prepared on a going concern basis and in accordance with IFRS.

The financial information contained in this announcement does not constitute full statutory accounts. The figures are extracted from the financial statements for the six month period to 30 June 2009. 

These financial statements consolidate the accounts of RedHot Media International Limited and all of its subsidiary undertakings drawn up to 30 June each year.

The financial information in this announcement has not been audited or reviewed by the Company's auditors.

2.  Accounting policies

A full listing of accounting policies is shown in the Group financial statements. The significant accounting policies are detailed below:

i)  Basis of preparation and parent company income statement

The financial statements are prepared under the historical cost convention and on a going concern basis.

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards, as adopted by the European Union ("IFRS") and in accordance with applicable company law. The parent company's financial statements have also been prepared in accordance with IFRS. 

The financial statements are presented in Malaysian Ringgit and all values are rounded to the nearest thousand Ringgit (RM'000) except when otherwise indicated. The exchange rate of Malaysian Ringgit to Pounds Sterling at 30 June 2009 was £1 : RM5.8592.

ii) Basis of consolidation and comparative information presented

The consolidated financial statements incorporate the financial statements of the company and its subsidiary undertakings. The financial information of the subsidiaries are prepared for the same reporting period as the parent company using consistent accounting policies. Intra-group sales, transactions and results are eliminated on consolidation. 

Business combinations involving entities under common control

The company acquired Redhot Media Group and its subsidiaries ("RHM") by means of a share-for-share exchange; this, under IFRS3 'Business Combinations', has resulted in a business combination involving entities under common control, where no acquirer is identified.

As the company acquired another company, by means of such a share-for-share exchange, resulting in a business combination involving entities under common control and where no acquirer is identified, the "pooling of interests" method of consolidation has been used. Therefore, the difference between the purchase consideration and the carrying value of the share capital and premium acquired is adjusted to equity and the comparative consolidated figures are stated on a combined basis.

As these are the company's first half-year interim statements, there are no corresponding amounts. However, in order to provide meaningful comparative information, corresponding amounts have been prepared as if the company and hence the group had been in existence prior to the date of combination on 11 September 2008. The results shown in the consolidated income statement and the cash flows shown in the consolidated cash flow statement for the six months period up to 30 June 2008 therefore consists of the results and cash flows of RHM for that year. The assets, liabilities and equity shown in the consolidated balance sheet as at 30 June 2008 therefore consists of the assets, liabilities and equity of RHM as at that date. 

As these are the first half-year interim statements of the company, no comparative information exists for the company's income statement, balance sheet, statement of changes in equity or cash flow statement.

Business combinations involving entities not under common control

Subsidiaries are entities over which the group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. For business combinations involving entities not under common control, the consolidated financial statements have been prepared by using the principles of acquisition accounting ("the purchase method") which includes the results of the subsidiaries from their date of acquisition.

The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the group's share of the identifiable net assets acquired is recorded as goodwill.

All intra-group balances, transactions, income and expenses and profits and losses resulting from intra-group transactions are eliminated fully on consolidation.

The gain or loss on disposal of a subsidiary company is the difference between net disposals proceeds and the Group's share of its net assets together with any goodwill and exchange differences. 

iii)Goodwill

Goodwill represents amounts arising on the acquisitions of subsidiaries and is stated at cost less any accumulated impairment losses. Goodwill represents the excess of the cost of an acquisition of a subsidiary over the fair value of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisition of subsidiaries is included in intangible assets. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Any impairment on goodwill is recognised immediately in the income statement and is not subsequently reversed. Gains and losses on the disposal of a subsidiary include the carrying amount of goodwill relating to the subsidiary sold.

Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose.

iv) Intangible assets

Intangible assets include software purchase and development costs, copyrights and internet content providers licenses. These assets are capitalised as intangible assets at cost, less accumulated amortisation oand impairment charges. Amortisation is being charged on a straight line basis over 3 to 5 years.

v) Revenue

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured at the fair value of consideration received or receivable net of any sales tax, returns, rebates or discounts and after eliminating sales with the group. Revenue is recognised as follows:

Sales of advertising space, data base management, internet and other electronic commerce services - on the rendering of services

Commission received - when the right to receive payment is established

Subscription fees - on the acceptance of services

Software maintenance and management fees - on the accruals basis

Financial planning, advisory fees and seminar fees - upon performance of services

Business loan application service fees - upon client acceptance of the letter of offer and the execution of all the requisite loan and security documents to the satisfaction of the banks

Insurance commission income - on the inception of insurance policies

3. Other Income & Other Expenses

The Group had undergone an internal restructuring exercise to reconcile the holdings of its companies by geographic region. RedHot Media Group Sdn. Bhd. and RH Media Group Sdn. Bhd. are now parent companies of the Group's Malaysian and Chinese business operations respectively, with Red Media Asia Limited being the parent company of RH Media Group Sdn. Bhd. and wholly-owned subsidiary of RedHot Media International Limited.

This restructuring exercise required internal reconciliation of subsidiary book values, which impacted other income and other expenses of the Group as follows :

RedHot Media International Limited
Sale of RH Media Group Sdn. Bhd. to Red Media Asia Limited
						RM
	Total sales consideration					13,549,503
less	Total investments in RH Media Group Sdn. Bhd.					20,246,000
	Loss on disposal of investment					(6,696,497)
Red Media Asia Limited
Acquisition of RH Media Group Sdn. Bhd.
						RM
	Purchase consideration					13,549,503
less	Total investment in RH Media Group Sdn. Bhd.					20,246,000
	Negative goodwill on acquisition					(6,696,497)

The sale and purchase of RH Media Group Sdn. Bhd. from RedHot Media International Limited to Red Media Asia Limited resulted in an expense of RM6,696,497 and an income of 6,696,497 from the negative goodwill on acquisition respectively.

Subsidiaries of RH Media Group Sdn. Bhd. at the time of the exercise consisted of RedHot Media Sdn. Bhd. ("RHM"), EPP Solutions Sdn. Bhd. ("EPPS") and RHC Tech Sdn. Bhd. ("RHCT").

RH Media Group Sdn. Bhd.
Sale of investments in RHM, EPPS & RHCT to RedHot Media Group Sdn. Bhd..
	RHM
	Total sale consideration				12,201,106
less	Investment amount				6,000,000
	Gain				6,201,106
	EPP
	Total sales consideration				279,323
less	Investment amount				300,000
	Loss				(20,677)
	RHCT
	Total sales consideration				150,000
	Gain				150,000
	Total gain on disposal of investment				6,330,429

RedHot Media Group Sdn. Bhd.
Acquisition of RHM, EPP and RHCT.
	RHM
	Purchases consideration				12,201,106
less	Investment cost				6,000,000
	Gain				6,201,106
	EPP
	Purchase consideration				279,323
less	Investment cost				300,000
	Loss				(20,677)
	RHCT
	Purchase consideration				150,000
less	Investment cost				150,000
	Gain				-
	Total acquisition of goodwill (impaired goodwill)				6,180,429

The disposal of RHM, EPPS and RHCT by RH Media Group Sdn. Bhd. at a fair value of RM6,330,429 to RedHot Media Group Sdn. Bhd. resulted in a gain for RH Media Group Sdn. Bhd. and an acquisition of goodwill of RM6,180,429 expensed in RedHot Media Group Sdn. Bhd. as an impairment of goodwill.

4. Earnings Per Share

 

The basic earnings per ordinary share has been calculated using the profit for the six months ended 30 June 2009 attributable to the company's equity shareholders of RM3,148,436 (2008: RM3,882,000) and the weighted average number of ordinary shares in issue of 36,269,727.

There were no shares issued in 2009, the weighted average number of shares in issue for 2008 were calculated on a "pooling of interests" accounting basis and 2009 have also adopted the same basis as follows:

2009 2008

No. of Shares No. Of Shares

Incorporation shares - 10

Number of ordinary shares issued 

by the company on the share-for-share 

exchange on 11 September 2008 - 36,129,470

Number of ordinary shares issued by 

the company after the share-for-share 

exchange - 140,247

__________ __________

Actual number of shares issued 

as at 31 Dec 2008 and 30 June 2009 36,269,727 36,269,727

==========  ==========

Deemed weighted average number of 

shares issued 36,269,727 36,172,521

========== ==========

 

5. Intangible assets

 

Group	Software purchased and developed	Internet content provider license	Total
	RM'000	RM'000	RM'000
Cost
At 1 January 2008	3,644	136	3,780
Arising from acquisition of subsidiary	20	-	20
Additions	2380	-	2380
At 1 January 2009	6,044	136	6,180
Arising from acquisition of subsidiary	-	-	-
Additions in 2009	1,091	-	1,091
At 30 June 2009	7,135	136	7,271
Accumulated amortisation
At 1 January 2008	1,459	50	1,509
Amortisation for 2008	829	27	856
At 1 January 2009	2,288	77	2,365
Amortisation for 2009	413	14	427
At 30 June 2009	2,701	91	2,792
Net book values
At 30 June 2009	4,434	45	4,479
At 30 June 2008	3,894	136	4,030

Intangible assets are amortised over 3 to 5 years. The directors have assessed the carrying value of the intangible assets and in their opinion no provision for impairment is currently considered necessary.

6.  Goodwill

2009 2008

RM'000 RM'000

Cost

At 1 January 2009 13,870 13,857

Foreign exchange movements 34 -

________ ________

At 30 June 2009 13,902 13,857

======= =======

Adjustments of exchange rates for the 6-month ended 30 June 2009 resulted in a difference of RM0.34 million compared to the results for financial year ended 2008.

Goodwill acquired in business combinations is allocated, at acquisition, to the cash generating units ("CGUs") that are expected to benefit from the business combinations. 

 

The carrying amounts of goodwill was allocated as follows as of 30 June 2009 :

2009 2008

RM'000 RM'000

CMAD and CMIT businesses 4,814 4,937

IMM Business 4,960 4,792

Oscar Wealth Advisory Sdn Bhd 539 539

Ausscar Capital Holding Sdn Bhd 69 69

Wealth Pursuit Sdn Bhd 1,315 1,315

RedHot Media Sdn Bhd 2,205 2,205

_______ ________

13,902 13,857

======= =======

The group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. 

The recoverable amounts of the CGU's are determined from value in use calculations. The key assumptions for the value in use calculations are those regarding the discount rates, growth rates and expected changes to selling prices and direct costs during the forecast period. Management estimated the discount rates of 7% to 8% using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGU's. The growth rates are based on industry growth forecasts. Changes in selling prices and direct costs are based on past practices and expectations of future changes in the market.

The group prepares cash flow forecasts derived from the most recent financial budgets approved by management and extrapolates cash flows based on an estimated growth rate of 3 per cent. after the third year of forecasts. 

The assets and liabilities arising on the acquisitions of the Ausscar Group, CMAD, CMIT and IMM are as follows:

	Book and fair values
	Ausscar Group RM'000	CMAD, CMIT & IMM RM'000	Total RM'000
Property, plant & equipment	196	26	222
Investments	25	-	25
Intangible assets	20	-	20
Trade and other receivables	861	21	882
Cash and bank	226	93	319
Trade and other payables	(2,586)	-	(2,586)
Taxation	(6)	-	(6)
Minority interests	(15)	-	(15)
Fair values of net (liabilities)/assets acquired	(1,279)	140	(1,139)
Goodwill arising on acquisition	1,922	9,730	11,652
Total consideration	643	9,870	10,513
Total consideration was satisfied by:
Cash to be paid	-	5,072	5,072
Shares in subsidiaries to be issued	643	-	643
Deferred contingent consideration	-	4,798	4,798
	643	9,870	10,513
Net cash outflow arising from the acquisitions was as follows:
Cash consideration	-	-	-
Cash and cash equivalents acquired	(226)	(93)	(319)
Net cash acquired	(226)	(93)	(319)

Deferred consideration is payable on all three acquisitions made in the year based on future profit targets being reached by each business over the period 2008 to 2011. On the acquisition of the Ausscar group and CMAD & CMIT future consideration is payable as cash and for IMM future consideration is payable as a combination of both shares and cash. Based on currently estimated future expectations the directors are recognising the following as deferred consideration at 31 December 2008:

a) On the acquisition of CMAD & CMIT - RM1.32 million in cash

b) On the acquisition of IMM - RM2.89 million in cash and RM0.588 million as shares to be issued in Red Hot Media International Limited

7. Trade and other receivables

	2009 RM'000	2008 RM'000
Trade receivables	14,764	8,455
Provision for impairment	(123)	(60)
	14,641	8,395
Other receivables	896	2,325
Prepayments and accrued income	1,374	5,347
Amounts due from subsidiary  undertakings	803 -	-
Amounts due from associated  undertakings	114	-
Amounts due from related  undertakings	8	-
Amounts due from directors	325	-
	18,161	16,067

8. Cash and cash equivalents

	2009	2008
	RM'000	RM'000
Cash at bank	1,214	5,698
Fixed deposits	3,063	1,500
	4,277	7,198

Cash and cash and cash equivalents includes fixed deposits of RM3,043,000 pledged as security for bank borrowings. As these are pledged accounts they are not included in the cash and cash equivalents in the cash flow statement and are shown separately on the balance sheet.

9 Bank overdrafts

	2009	2008
Current liabilities:	RM'000	RM'000
Bank overdrafts	2,725	-

The average interest rate per annum during the 6-months to 30 June 2009 for bank overdrafts was 6.25% (2008: 7.88%) per annum.

The bank overdrafts are secured by the following:

a) Fixed deposits of RM3,043,000 together with interest accrued thereon;

b) Certificate of Guarantee from Credit Guarantee Corporation Malaysia Berhad under Enhancer Scheme for RM800,000; and

c) Personal guarantee by one of the directors.

10. Share-based payments

The Company recognised the following charge in share issue

costs in respect of share based payments made to advisors for services

provided:

2009 2008

RM'000  RM'000

IFRS 2 charge 2,210 2,858

========== =======

The above charge for 2008 is based on the requirements of IFRS 2 on share-based payments. For this purpose, the weighted average estimated fair value for the share options granted was calculated using a Black-Scholes option pricing model. The volatility measured at the standard deviation of expected share price return is based on the future expected volatility of the share price and has been calculated at 40%. The risk free rate was 5%. The estimated fair values and other details which were processed into the model are as follows:

Number  Grant date Option price Fair value Expected exercise 

of options

361,294 21/9/08 5.62p 80.72p 21/09/08-21/09/13

180,647 21/9/08 5.62p 80.16p 21/09/08-21/09/11

The company's share price varied between 60p and 100p during the period. The closing share price at 30 June 2009 was 102.50p.

 

-ends-

ENDIR GUUBUBUPBGGR

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Related Shares:

RHM.L