10th Oct 2007 07:00
Edge Performance VCT PLC09 October 2007 Edge Performance VCT plcInterim Reportfor the six months ended 31 August 2007 Financial SummaryPeriod ended 31 August 2007 31 August 2006 28 February 2007 Ordinary C Total Ordinary C Total Ordinary C Total Net assets, £'000 5,894 12,616 18,510 6,008 - 6,008 5,998 - 5,998 Net asset valueper share, pence 92.08 94.65 - 93.87 - - 93.70 - - Investment income, £'000 81 249 330 91 - 91 215 - 215 Return on ordinaryactivities before tax, £'000- Revenue 20 132 152 (3) - (3) 64 - 64- Capital (123) (81) (204) 5 - 5 (60) - (60)- Total (103) 51 (52) 2 - 2 4 - 4Return per share, pence- Revenue 0.35 1.04 0.81 (0.06) - (0.06) 0.82 - 0.82- Capital (1.92) (0.65) (1.08) 0.09 - 0.09 (0.94) - (0.94)- Total (1.57) 0.39 (0.27) 0.03 - 0.03 (0.12) - (0.12)Dividend per share declaredin respect of the period- Revenue Nil Nil Nil Nil Nil Nil Nil Nil Nil- Capital Nil Nil Nil Nil Nil Nil Nil Nil Nil- Total Nil Nil Nil Nil Nil Nil Nil Nil NilShare price atend of period, £1 £1 - £1 - - £1 - - Chairman's Statement The six months ended 31 August 2007 have seen several significant developmentsfor the Company:• The C share offer closed on 25 May 2007 having raised £13,224,820• The final VCT qualifying investment for the Ordinary share fund was identified (and the investment was completed in September 2007)• Further to a decision taken at an extraordinary general meeting held on June 2007, an application was made to cancel the Ordinary and C share premium accounts (with the cancellation becoming effective in September 2007)• The Company's board of directors ("Board") stated its intention to declare an interim dividend for the Ordinary shareholders in the second half of the year ending 29 February 2008• The Board decided to undertake a further fund-raising through an offer for subscription to be launched in November 2007 Funds under Management With the closure of the C share offer, the Company has two funds - the Ordinaryand C share funds - each of which will be managed separately in the pursuit ofdifferent investment objectives. The management of the Ordinary fund is focused very clearly on capitalprotection with a targeted minimum tax-free return for investors of 115p per100p invested (equivalent to a return of 75p per 60p invested net of incometax). The Ordinary fund invests in events companies which have successfullyentered into event licensing arrangements with an established promoter underwhich the revenues received by the company from the events promoted with thatpromoter over a specified period will be at least 75% of the aggregate of the amount invested by Edge Performance in the company and the agreed running costs of the company. In September 2007, the Company completed an investment in Thunderroad PromotionsLimited. With this investment the Ordinary fund is now fully invested andsatisfies - some seventeen months before the deadline - the VCT qualificationtest of having at least 70% of its investments in VCT qualifying holdings. The management of the C fund will seek to combine capital protection withrealising a higher return - the targeted tax-free return for investors is 160pper 100p invested (equivalent to a return of 130p per 70p invested net of incometax). The investment strategy, which will also feature investment in eventscompanies which have made event licensing arrangements with establishedpromoters, will target a blend of investments amongst those offering highminimum guaranteed returns, with little of investors' capital at risk, and thosewith more modest minimum guaranteed returns but with significantly higherpotential returns. As at 31 August 2007, the C fund had not made any VCT qualifying investments.Edge Investment Management Limited, the Company's investment manager, is,however, reporting a healthy pipeline of attractive investment opportunities andexpects to announce the C fund's first investments in qualifying holdings beforethe end of our financial year. A full report on the Company's investment activities is given in the investmentmanager's review on pages 4 to 8. Financial Performance The Company's financial performance is summarised on page 1 and detailed in thefinancial statements commencing on page 9. The Ordinary and C funds areaccounted for as separate pools of funds necessitating a period of dualreporting of financial information. The Board is satisfied that the reported financial performance is consistentwith its expectations and with the targeted returns referred to above. In particular, the Board has stated its intention to declare, later this year,an interim dividend for Ordinary fund investors which, it believes, may be 6pper share. Corporate Activity Encouraged by the response to the C share offer and by the quality and volume ofinvestment opportunities being seen by Edge Investment Management, the Board hasdecided that it would be in the best interests of the Company's shareholders toseek to raise more funds. To this end, an extraordinary general meeting will beconvened shortly at which shareholders will be asked to approve the issue of anew class of share, D ordinary shares, which, if approved, would be offeredthrough an offer for subscription opening in November 2007. During the period ended 31 August 2007, the Company also applied to have itsshare premium account cancelled. The application was approved in September 2007allowing the creation of a special reserve which can be used, among otherthings, to fund buy-backs of the Company's shares when the Board considers thatit is in the best interests of the Company to do so. Outlook The immediate future is very important to the Company's development strategy:• The Ordinary fund is fully invested and the focus is now on investee company performance rather than identifying investment opportunities• The C fund will begin to build its venture capital portfolio with its more diverse investment profile• Further fund-raising is planned The Board is confident that the foundations already laid will deliver success ineach of these areas and is particularly pleased that the next few months shouldsee the declaration of the Company's first dividendfor its Ordinary shareholders. Sir Robin MillerChairman 9 October 2007 Investment Manager's Review Investment Overview The Ordinary Share Pool ("OSP") - Qualifying Investments The principal activity of the OSP is investing in events companies which havesuccessfully entered into event licensing arrangements with establishedpromoters. Under these event licensing arrangements the Company seeks a minimumreturn for the events company, from the events promoted with that promoter, ofat least 75% of the amount invested by the Company.With this emphasis on capital protection the targeted minimum return forinvestors is 75p per 60p invested (net of income tax). We are pleased to report on the progress towards achieving this target. The events companies in which the OSP has invested have co-promoted with twoestablished promoters, SJM Limited and AEG Live (UK) Limited, across a range ofmusical genres with overall satisfactory results. The cost to the Company ofthis portfolio of investments was £3,447,000 and there has been only a small(1.4%) decrease in value to £3,399,000, leading to a Net Asset Value of 92p per60 pence invested (net of income tax), as against our targeted return of 75p. Accordingly, the aim of capital protection is currently being realised with theNet Asset Value of the Company currently reflecting a return on investment (netof income tax) of over 53%, as against a target of 25%. At the end of the period, the portfolio consisted of investments in fourqualifying companies following the investment in LC Presents Limited in March2007 with a further qualifying investment completed after the period ended. It is satisfying to advise shareholders that the OSP met the 70% qualifyinginvestment rule on 28 September 2007 some 17 months ahead of the date by whichthe Company is obliged to comply with these VCT regulations. Whilst the period was one characterised by investments being assessed and made,the events companies in which the OSP invested, each of whose business is thepromotion, marketing, advertising and management of shows, concerts, tours,festivals, and other events, completed some 25 events in front of liveaudiences. A more detailed review of the performance for each individualinvestee company is noted under the Review of Qualifying Portfolio Investments. It is expected that 2008 will show those companies maintaining a continuinglevel of activity in promoting events alongside established promoters. The Ordinary Share Pool ("OSP") - Non-qualifying Investments During the period, the Company continued to invest in the Rothschild PreferredIncome Fund and the Rothschild SSga Fund. At the end of the period, the value ofthose investments stood at £818,000 and £832,000, as against costs of £844,000and £832,000, respectively. The C Share Pool ("CSP") - Investment Activity In December 2006, the Company offered C Shares for subscription across the twotax years 2006/2007 and 2007/2008. The offers closed on 25 May 2007 havingraised, net of expenses, £12,573,243. This was initially deposited with HSBC and Rothschild banks before beinginvested in a range of higher return investment grade funds as set out in theInvestment Portfolio Review. This initial investment activity has produced asmall profit and therefore an increase in the net asset value to 94.65p. The investment strategy for the CSP is one of capital protection together withan attractive return (net of income tax). The intention is for a significant proportion of the Qualifying portfolio toalso be invested in events companies which have successfully entered into eventlicensing agreements with established promoters. Unlike the OSP, however,investments will be spread amongst those offering high minimum guaranteedreturns, with little of investors' capital at risk, and those with more modestminimum guaranteed returns but with significantly higher potential returns. With this continued emphasis on capital protection the targeted minimum returnfor investors in the CSP is 130p per 70p invested (net of income tax). We are actively seeking, reviewing and evaluating investment opportunities forthe CSP Qualifying portfolio. As regards the portion of the Qualifying portfolio to be invested in eventscompanies which will have event licensing agreements with established promotersoffering high minimum guaranteed returns, with little of investors' capital atrisk, we anticipate soon being able to announce investments of up to £2.5million, some 60% of the targeted allocation to investments of this complexion.As regards the portion of the Qualifying portfolio where we will be seekinghigher potential returns, we are reviewing a number of opportunities and we areconcentrating our efforts on making investments to the value of up to £1.5million, some 35% of our targeted allocation to investments with this profile. Outlook The Fund has started well, the OSP exceeding its 70% qualifying investmenttarget in good quality investments with strong co-promoters in approximatelyhalf the time allowed under the VCT legislation. The live events sector continues to be buoyant as seen from recent statistics. Annual expenditure on live entertainment exceeds £2.03 billion (Source: ONS).Some 52% of adults attended live music events in the first half of 2007,compared with 32% in 2005 (Source: Mintel). National Arenas Association (NAA)data forecasts the value of events in 2007 to be up 8% on 2006 and up 56% on1999 (Source: NAA/Mintel) This trend looks likely to be assisted by the opening of new venues, includingWembley Stadium, the revamped Wembley Arena and the new state of the art O2centre in London's Docklands opened in 2007 by AEG, a company with which theCompany has certain exclusive arrangements for the co-promotion of events, aswell as the Liverpool Arena & Convention Centre set to open in January 2008. We remain confident we will attract ample high quality investment opportunitiesboth from our existing co-promoter arrangements and from outside and we feelincreased scale will only enhance those opportunities. Accordingly, we remainconfident that an increased capital base will be consistent with deliveringinvestors' return aspirations. We are particularly pleased to be delivering on our stated intention to returncash to investors promptly by making a distribution to OSP investors earlierthan originally planned and we anticipate being on target for makingdistributions to the CSP investors. Gordon PowerChairman 9 October 2007 Investment Portfolio Ordinary Ordinary Shares Shares % of net C Shares C Shares % of net Cost Valuation assets Cost Valuation assets £'000 £'000 by value £'000 £'000 by value Qualifying investmentsMartha and GeorgeProductions Limited 851 845 14.3In Tandem Promotions Limited 851 858 14.6My Brother Promotions Limited 850 812 13.8LC Presents Limited 895 884 15.0 Total qualifying investments 3,447 3,399 57.7 Net Current Assets 2,495 2,495 42.3 12,616 12,616 100.0Net Assets 5,942 5,894 100.0 12,616 12,616 100.0 Review of Qualifying Portfolio Investments - Ordinary Share Pool Martha and George Productions Limited Cost £'000 850Valuation £'000 845Basis Of Valuation Net Asset ValueEquity Holding 50%Investment Date November 2006Accounting Year End 31 MarchUnaudited Profit/(Loss) before Tax 31 August 2007 (5) Martha and George Productions Limited ("MGP"), in conjunction with SJM,co-promoted 6 shows in 4 venues. Since then MGP through its founding director,Clive Black, has reviewed an number of opportunities drawn from the "urban"music and other ethnic-influenced musical genres, as well as musical theatre.The nature of events promotion is such that whilst most of the costs ofpresenting a particular event, and most of the revenues from that event areconcentrated around the event itself, there are ongoing costs of running thebusiness which remain fairly constant. This coupled with the continuing activityevaluating opportunities has culminated in a small loss before tax in its firstfinancial period.MGP is expected to announce additional events in the coming months. In Tandem Promotions Limited Cost £'000 850Valuation £'000 858Basis Of Valuation Net Asset ValueEquity Holding 49%Investment Date December 2006Accounting Year End 31 MarchUnaudited Profit/(Loss) before Tax £'000 at 31 August 2007 17 During the period In Tandem Promotions Limited ("ITP") and SJM contracted toco-promote 7 concerts in 5 venues and produced a successful result after costsand interest income in the Company's first 8 months of existence. My Brother Promotions Limited Cost 850Valuation 812Basis Of Valuation Net Asset ValueEquity Holding 45%Investment Date February 2007Accounting Year End 31 JulyUnaudited Profit/(Loss) before Tax £'000 at 31 August 2007 (38) At the very end of last year's accounting period the Company invested, alongside(AEG) and Jeremy Wakefield, in My Brother Promotions Limited ("MBP"). Inaccordance with MBP's focus on co-promotions of established artists particularlyfrom the 1970s and 1980s, in June and July 2007, MBP co-promoted a series of 12shows. With only a short period in which to promote events, the overhead costsof MBP and a small loss from the events promoted have reduced net asset value. LC Presents Limited Cost £'000 895Valuation £'000 884Basis Of Valuation Net Asset ValueEquity Holding 49%Investment Date March 2007Accounting Year End 31 JanuaryUnaudited Profit/(Loss) before Tax £'000 at 31 August 2007 (11) In March 2007, £895,000 was invested in LC Presents Limited for a 49% equityinterest The company's founding director, Lester Dales, has many years ofexperience within the entertainment industry as an accountant specialising inthe music business, in particular dealing with tours and touring income. He willbe seeking suitable events for the company to produce and promote, and willoversee the event management, production, media relations, merchandising andother aspects of the company's business. The focus of the company is rock,particularly live touring by non-UK artists; however, this will not precludeother investment opportunities. The initial costs exceeded the income from thebusiness and therefore the net asset value reflects a small reduction. On 28 September 2007, after the period end, £850,000 was invested in ThunderroadPromotions Limited for a 49% equity interest, representing the final QualifyingInvestment from the OSP. The board of Thunderroad includes Paul Burger, who has30 years of experience within the music industry, including as Chairman of SonyMusic Canada, Chairman of Sony Music UK, President of Sony Music Europe and,most recently, as founder of Soho Artists, a boutique artist management companyrepresenting both mainstream and world music artists. His role in runningThunderroad will be focus on opportunities to promote established artists. Income Statement (unaudited)for the six months ended 31 August 2007 Ordinary shares C shares Total shares Revenue Capital Total Revenue Capital Total Revenue Capital Total Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000Unrealised gains/losseson investments - (70) (70) - - - - (70) (70)Income 81 - 81 249 - 249 330 - 330Investment adviser's fees (18) (53) (71) (27) (81) (108) (45) (134) (179)Other expenses (43) - (43) (90) - (90) (133) - (133)Return on ordinary activitiesbefore tax 20 (123) (103) 132 (81) 51 152 (204) (52)Taxation onordinary activities 2 - 2 (2) - (2) - - - Return attributable to equityshareholders 22 (123) (101) 130 (81) 49 152 (204) (52)Dividends paidand proposed - - - - - - - - - Transfer to reserves 22 (123) (101) 130 (81) 49 152 (204) (52) Return per share, pence 2 0.35 (1.92) (1.57) 1.04 (0.65) 0.39 0.81 (1.08) (0.27) The Company's C shares were first in issue with effect from 27 March 2007.The final total column of this statement is the profit and loss account of theCompany.All revenue and capital items in the above statement derive from continuingoperations. Reconciliation of Movements in Shareholders' Funds (unaudited)for the six months ended 31 August 2007 Ordinary C Total shares shares shares £'000 £'000 £'000 Balance as at 28 February 2007 5,998 - 5,998Share issues - 13,225 13,225Offer expenses - (652) (652)Expenses of share premium a/c cancellation (3) (6) (9)Return on ordinary activities after tax (101) 49 (52)Balance as at 31 August 2007 5,894 12,616 18,510 Income Statement (unaudited)for the period ended 31 August 2006 Ordinary shares C shares Total shares Revenue Capital Total Revenue Capital Total Revenue Capital Total Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Unrealised gains/losseson investments - 7 7 - - - - 7 7Income 91 - 91 - - - 91 - 91Investment adviser's fees (1) (2) (3) - - - (1) (2) (3)Other expenses (93) - (93) - - - (93) - (93)Return on ordinaryactivities before tax (3) 5 2 - - - (3) 5 2Taxation onordinary activities - - - - - - Return attributable toequity shareholders (3) 5 2 - - - (3) 5 2Dividends paidand proposed - - - - - - - - - Transfer to reserves (3) 5 2 - - - (3) 5 2 Return pershare, pence 2 (0.06) 0.09 0.03 - - - (0.06) 0.09 0.03 The Company had no C shares in issue during the period ended 31 August 2006.The final total column of this statement is the profit and loss account of theCompany.All revenue and capital items in the above statement derive from continuingoperations. Reconciliation of Movements in Shareholders' Funds (unaudited)for the period ended 31 August 2006 Ordinary C Total shares shares shares £'000 £'000 £'000 Opening balance - - -Share issues 6,288 - 6,288Offer expenses (282) - (282)Return on ordinary activities after tax 2 2Balance as at 31 August 2006 6,008 - 6,008 Income Statement (audited)for the period ended 28 February 2007 Ordinary shares C shares Total shares Revenue Capital Total Revenue Capital Total Revenue Capital Total Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Unrealised gains/losseson investments - (5) (5) - - - - (5) (5)Income 215 - 215 - - - 215 - 215Investment adviser's fees (18) (55) (73) - - - (18) (55) (73)Other expenses (133) - (133) - - - (133) - (133)Return on ordinaryactivities before tax 64 (60) 4 - - - 64 (60) 4Taxation onordinary activities (12) - (12) (12) - (12) Return attributable toequity shareholders 52 (60) (8) - - - 52 (60) (8)Dividends paidand proposed - - - - - - - - - Transfer to reserves 52 (60) (8) - - - 52 (60) (8) Return pershare, pence 2 0.82 (0.94) (0.12) - - - 0.82 (0.94)(0.12) The Company had no C shares in issue during the period ended 28 February 2007.The final total column of this statement is the profit and loss account of theCompany.All revenue and capital items in the above statement derive from continuingoperations. Reconciliation of Movements in Shareholders' Funds (audited)for the period ended 28 February 2007 Ordinary C Total shares shares shares £'000 £'000 £'000 Opening balance - - -Share issues 6,288 - 6,288Offer expenses (282) - (282)Return on ordinary activities after tax (8) - (8)Balance as at 28 February 2007 5,998 - 5,998 Balance Sheets As at 31 Aug 2007 As at 31 Aug 2006 As at 28 February 2007 (unaudited) (unaudited) (audited) Ordinary C Total Ordinary C Total Ordinary C Total shares shares shares shares shares shares shares shares shares Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Fixed assets Investments 3,399 - 3,399 852 - 852 2,552 - 2,552 Current assets Debtors 105 193 298 167 - 167 82 - 82Corporate bond 818 - 818 - - - 841 - 841Liquidity funds 832 12,042 12,874 - - - 862 - 862 Cash at bank 774 498 1,272 5,210 - 5,210 1,740 - 1,740 Creditors: amounts falling due in one year (34) (117) (151) (221) - (221) (79) - (79) Net current assets 2,495 12,616 15,111 5,156 - 5,156 3,446 - 3,446 Net assets 5,894 12,616 18,510 6,008 - 6,008 5,998 - 5,998 Capital & reserves Called-up share capital 640 1,333 1,973 640 - 640 640 - 640 Share premium 5,362 11,234 16,596 5,366 - 5,366 5,366 - 5,366Capital reserve - realised (109) (81) (190) (2) - (2) (56) - (56)Capital reserve - unrealised (74) - (74) 7 - 7 (4) - (4)Revenue reserve 75 130 205 (3) - (3) 52 - 52 Equity shareholders' funds 5,894 12,616 18,510 6,008 - 6,008 5,998 - 5,998 Net asset value per share, pence 3 92.08 94.65 - 93.87 - - 93.70 - - Cash Flow Statement (unaudited)for the six months ended 31 August 2007 Ordinary shares C shares Total shares £'000 £'000 £'000 £'000 £'000 £'000 Operating activities Investment income received 39 - 39 Interest received 34 124 158 Investment adviser's fees paid (86) (252) (338) Company secretarial fees paid (17) (30) (47) Cash paid to and on behalf of directors (15) (16) (31) Other cash payments (57) (41) (98) Net cash outflow from operating activities (102) (215) (317) Financial investment Purchase of investments (895) (12,300) (13,195) Sale of investments 31 350 381 Net cash outflow from financial investment (864) (11,950) (12,814) Net cash outflow before financing (966) (12,165) (13,131) Financing Share issues - 13,225 13,225 Share issue expenses - (562) (562) Net cash inflow from financing - 12,663 12,663 Increase/(decrease) in cash (966) 498 (468) Cash Flow Statement (unaudited)for the period ended 31 August 2006 Ordinary shares C shares Total shares £'000 £'000 £'000 £'000 £'000 £'000 Operating activities Investment income received 7 - 7 Interest received 76 - 76 Investment adviser's fees paid (119) - (119) Company secretarial fees paid - - - Cash paid to and on behalf of directors (21) - (21) Other cash payments (23) - (23) Net cash outflow from operating activities (80) - (80) Financial investment Purchase of investments (844) - (844) Sale of investments - - - Net cash outflow from financial investment (844) - (844) Net cash outflow before financing (924) - (924) Financing Share issues 6,300 - 6,300 Share issue expenses (166) - (166) Net cash inflow from financing 6,134 - 6,134 Increase in cash 5,210 - 5,210 Cash Flow Statement (audited)for the period ended 28 February 2007 Ordinary shares C shares Total shares £'000 £'000 £'000 £'000 £'000 £'000 Operating activities Investment income received 49 - 49 Interest received 159 - 159 Investment adviser's fees paid (142) - (142) Company secretarial fees paid (47) - (47) Cash paid to and on behalf of directors (49) - (49) Other cash payments (15) - (15) Net cash outflow from operating (45) - (45)activities Financial investment Purchase of investments (4,259) - (4,259) Sale of investments - - - Net cash outflow from financial investment (4,259) - (4,259) Net cash outflow before financing (4,304) - (4,304) Financing Share issues 6,288 - 6,288 Share issue expenses (244) - (244) Net cash inflow from financing 6,044 - 6,044 Increase in cash 1,740 - 1,740 Notes to the Interim Financial Statements 1. Accounting Policies The unaudited interim results which cover the six month period ended 31 August2007 have been drawn up in accordance with the applicable accounting standardsand adopting the accounting policies set out in the statutory accounts for theyear ended 28 February 2007. 2. Return per Share The return per ordinary share has been calculated based on a weighted average of6,400,640 ordinary shares in issue for the six months ended 31 August 2007 (31August 2006: 6,400,640; 28 February 2007: 6,400,640). The return per C share hasbeen calculated based on a weighted average of 12,542,675 C shares in issue forthe period ended 31 August 2007 (there were no C shares in issue during theperiods ended 31 August 2006 and 28 February 2007). 3. Net Asset Value per Share The net asset value per ordinary share has been calculated based on 6,400,640ordinary shares being the number of ordinary shares in issue as at 31 August2007 (31 August 2006: 6,400,640; 28 February 2007: 6,400,640). The net assetvalue per C share has been calculated based on 13,328,599 C shares being thenumber of C shares in issue as at 31 August 2007 (there were no C shares inissue as at 31 August 2006 and as at 28 February 2007). 4. The financial information for the six month period ended 31 August 2007 hasnot been audited and does not comprise full financial statements within themeaning of Section 240 of the Companies Act 1985. 5. Copies of this interim report have been mailed to shareholders and areavailable to the public at the Company's registered office. Corporate Information DirectorsIndependentSir Robin W Miller (Chairman)Michael C A EatonJulian Paul FCAFrank Presland Not independentDavid Glick Investment Manager Company Secretary Edge Investment Management Limited The City Partnership (UK) Limited 1 Marylebone High Street Box 41 London 96 Rose Street W1U 4LZ Edinburgh EH2 4AT Taxation Adviser Auditors PricewaterhouseCoopers LLP Scott-Moncrieff 1 Embankment Place 17 Melville Street London Edinburgh WC2N 6RH EH3 7PH Receiving Agent & Registrar Registered Office The City Partnership (UK) Limited Edge Performance VCT plc Box 41 1 Marylebone High Street 196 Rose Street London Edinburgh W1U 4LZ EH2 4AT VCT web site: www.edgeperformancevct.com Reporting Calendar Year end: 28 February Results announced: Interim - October Annual - May Annual general meeting: June Edge Performance VCT plc was incorporated in England and Wales with registrationnumber 5558025. For further information, please contact Robin Smeaton, 0131 243 7210. 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