24th Sep 2007 07:00
Dawnay, Day Treveria PLC24 September 2007 Dawnay, Day Treveria PLC Interim Results for the period ended 30 June 2007 Highlights • Adjusted profit after tax of €20.3 million (period ended 30 June 2006: €10.7 million) • Adjusted EPS* for the period of 2.86c (2006: 2.41c) • Interim dividend of 2.55c per share (2006: 2.0c) • Property assets of €2,090 million, after revaluation, as at 30 June 2007 (2006: €1,162 million) • Adjusted NAV* per share increased to 116c from 112c at 31 December 2006, an increase of 3.7% • Basic EPS for the period of 7.23c • Continued progress towards full investment - €67 million purchases completed since the period end - €344 million notarised - €138 million in solicitors' hands * Adjusted NAV excludes deferred tax. Adjusted EPS exclude revaluation surplus,deferred tax and surrender premiums. Ian Henderson, Chairman of Dawnay, Day Treveria, said: "We continue to makeprogress in acquiring a substantial portfolio of German retail properties. Ourexisting portfolio has numerous value enhancing asset management opportunitiesand irrespective of what happens in the wider global market arising out of theU.S. sub-prime woes, we intend to continue to work on our portfolio to extractmaximum value for our shareholders." The Company will host a call for investors at 3.00pm on Monday 24 September2007, the details for which are: Number: +44 (0)20 8609 0205PIN: 976017# A copy of the presentation to investors will be available on the Company's website at www.dawnaydaytreveria.com Enquiries: Dawnay, Day Treveria Real Robert Goldsmith 020 7834 8060Estate Asset ManagementLimited www.dawnaydaytreveria.comCardew Group Tim Robertson 020 7930 0777 Shan Shan Willenbrock Catherine Maitland Chairman's statement I am pleased to report the Group's interim results for the 6 month period to 30June 2007. The Group has continued to acquire a diversified portfolio of retail propertiesacross Germany. During the period, the Group completed the purchase of €326million of properties, bringing the total to €2,090 million (2006: €1,162million) of properties after revaluation with an annualised net rent roll of€128.5 million, after deducting ground rents and non-recoverable costs. In an increasingly competitive market environment during the first half, we havenot compromised on the quality of the assets that we have purchased. Results The revenue for the period was €67.8 million of which gross rental income was€59.3 million and the adjusted profit after tax, which excludes revaluationsurplus, deferred tax and surrender premiums, was €20.3 million (2006: €10.7million). The corresponding adjusted earnings per share were 2.86c. Basic earnings pershare were 7.23c. In accordance with IFRS, deferred tax liabilities of €26.6 million have beenrecognised relating to the potential tax on capital gains that may in the caseof certain property disposals become payable. These tax liabilities arecalculated using a corporate tax rate of 15.825%, reflecting the new rates thatcome into effect on 1 January 2008. The effect of the rate change on the resultsfor the period is a credit to income of €12.2 million. Revaluation and Net Asset Value The portfolio has been valued by DTZ Debenham Tie Leung Limited as at 30 June2007 at €2,090 million, giving a net surplus of €24.3 million compared to eithervaluation or, for properties acquired in the period, purchase price after takinginto account the costs of acquisitions. Excluding acquisition costs, thecorresponding surplus was €48 million, an uplift of 2.4%. The adjusted net assetvalue of the Group has risen to 116c from 112c at 31 December 2006, an increaseof 3.7%. Financing As at 30 June 2007, the Group's borrowings totalled €1,413 million (2006: €902million), all of which were secured on the properties. The bank borrowings arepredominantly on fixed terms with the majority expiring in 2011. The loans areon a fixed interest rate basis, with an average weighted rate of 4.78%. Based onthe valuation, the loan to value ratio as at 30 June 2007 was 67.6%. The fair value of the debt as at 30 June 2007 was €1,370 million and this is€43.1 million lower than book value, which equates to 6c per share. This upliftis not reflected in the adjusted NAV. After taking into account its cash position, the net debt of the Group as at 30June 2007 was €1,249 million. Dividend I am pleased to announce an interim dividend of 2.55c per share (2006: 2.0c).This represents approximately 90% of the Group's recurring net income during theperiod. The interim dividend will be paid on 25 October 2007 to shareholders onthe register on 5 October 2007. The ex-dividend date is 3 October 2007. Share buyback Subsequent to the period end, the Company has bought back 53.5 million of itsown shares, representing 7.5% of its issued share capital, at an average priceof 106.7c per share. The Board believes that the Company's share price has beentrading at a level which does not reflect the intrinsic value of the Company'sportfolio of assets. As such, it believes that utilising its buy back powerswill enhance shareholder value. EGM The Company will shortly be sending a circular to shareholders convening an EGMin which it will propose that an application be made to the Isle of Man Courtfor the cancellation a portion of the Company's share premium account. Ifsanctioned by the court, this will increase the distributable reserves of theCompany. A resolution will also be put to shareholders to renew the existing buyback authority such that the Company is authorised to buy back up to a further14.99% of its issued share capital. Asset Management To support our large portfolio of properties, Dawnay, Day (the "Asset Manager")has expanded both its London and German-based teams. Having now opened twofurther German offices in Hamburg and Augsburg the Asset Manager's staff are noweven better placed to respond to tenants and to identify and implement furtherasset management initiatives. In the first half of 2007, the Company has been successful in securing newlettings and lease extensions. During the period under review, there were 81such lettings and lease extensions generating an annual rental income of €1.22million. In addition, €4.2 million has been received during the period as aresult of lease surrender premiums. The upcoming twelve months provide the Asset Manager with an opportunity toimplement numerous value creating asset management initiatives which have beenidentified and are currently in various stages of planning. In tandem with theseasset management works the Asset Manager will continue to search for strategicproperty acquisitions. As part of our asset management activities, wecontinually review our portfolio for potential disposals. Further Progress The Asset Manager continues to have access to a strong flow of acquisitionopportunities originating from its large network of local contacts. Subsequentto the period end, the Group has completed the purchase of a further €67million, has notarised €344 million and has €138 million in solicitors' hands.The blended gross current and net initial yield on the acquisitions completed ornotarised and not completed as at 30 June 2007 are 7.03 % and 6.30 %respectively. Outlook In view of the current turbulence in the global economic market arising out ofthe U.S. sub-prime woes, we are monitoring the potential effects in Germany veryclosely. It may create opportunities as the current credit squeeze drives outthe highly leveraged financial buyers, hence potentially reducing thecompetitive environment. In the meantime, our existing portfolio has numerousvalue enhancing asset management opportunities and irrespective of what happensin the wider global market, we intend to continue to work on our portfolio toextract maximum value for our shareholders. Consolidated income statementFor the six months ended 30 June 2007 (Unaudited) (Unaudited) (Audited) Notes From 1 From 20 From 20 January October October 2007 to 2005 to 2005 to 30 June 30 June 31 December 2007 2006 2006 €000 €000 €000 Gross rental income 4 59,319 26,739 70,758Direct costs 5 (8,846) (3,538) (10,882) ____________________________________Net rental income 50,473 23,201 59,876 ____________________________________Surplus on revaluation of investment properties 9 24,296 31,577 65,253Other income 4 4,214 - -Administrative expenses 5 (1,536) (1,813) (3,208)Other expenses 5 (599) (542) (1,009) ____________________________________Operating profit 76,848 52,423 120,912 Finance revenue 4 4,234 3,456 6,061Finance expense (31,615) (12,828) (39,264) ____________________________________Profit before tax 49,467 43,051 87,709 Income tax credit/(expense) 6 2,474 (26,954) (31,538) ____________________________________Profit for the period 51,941 16,097 56,171 ====================================Attributable to:Equity holders of the parent company 51,523 15,290 55,297Minority interests 418 807 874 ____________________________________Profit for the period 51,941 16,097 56,171 ====================================Earnings per shareBasic, for profit for the period attributable to ordinary equityholders of the parent 7 7.23 4.41 13.47Diluted, for profit for the period attributable to ordinary equityholders of the parent 7 7.23 4.40 13.45 Consolidated balance sheet as at 30 June 2007 (Unaudited) (Unaudited) (Audited) Notes 30 June 30 June 31 December 2007 2006 2006 €000 €000 €000Non-current assetsInvestment properties 9 2,130,758 1,162,486 1,726,959 ____________________________________Total non-current assets 2,130,758 1,162,486 1,726,959 Current assetsTrade and other receivables 20,542 19,419 11,857Prepayments 14,085 9,140 5,955Cash and short-term deposits 163,729 213,698 333,337 ____________________________________Total current assets 198,356 242,257 351,149 ____________________________________Total assets 2,329,114 1,404,743 2,078,108 ____________________________________ Current liabilitiesTrade and other payables 48,989 26,519 37,238Interest-bearing loans and borrowings 10 1,668 1,209 961Current tax liabilities 1,730 57 400 ____________________________________Total current liabilities 52,387 27,785 38,599 Non-current liabilitiesInterest-bearing loans and borrowings 10 1,402,058 895,707 1,224,126Finance lease obligations 9 40,959 - 11,803Deferred tax liabilities 6 26,633 28,559 30,560Other liabilities - 1,424 - ____________________________________Total non-current liabilities 1,469,650 925,690 1,266,489 ____________________________________Total liabilities 1,522,037 953,475 1,305,088 ____________________________________ ____________________________________Net assets 807,077 451,268 773,020 ====================================EquityIssued capital 11 7,123 4,444 7,123Share premium 624,585 336,776 624,663Retained earnings and other reserves 168,117 103,281 134,400 ____________________________________Total equity attributable to the equity holders of the parent 799,825 444,501 766,186Minority interests 7,252 6,767 6,834 ____________________________________Total equity 807,077 451,268 773,020 ==================================== Unaudited consolidated statement of changes in equityFor the six months ended 30 June 2007 Notes Issued Share Retained Total equity Minority Total capital premium earnings attributable interests equity and to the other equity reserves holders of the parent €000 €000 €000 €000 €000 €000As at 20 October 2005 - - - - - - Profit for the period - - 15,290 15,290 807 16,097Issue of share capital 4,444 439,956 - 444,400 - 444,400Transaction costs of share issue - (15,189) - (15,189) - (15,189) Court approved capital reduction - (87,991) 87,991 - - -Minority interests incompaniesacquired - - - - 5,960 5,960 __________________________________________________________As at 30 June 2006 4,444 336,776 103,281 444,501 6,767 451,268 __________________________________________________________Issue of share capital 2,679 297,322 - 300,001 - 300,001Transaction costs of share issue - (9,435) - (9,435) - (9,435)Profit for the period - - 40,007 40,007 67 40,074Equity dividends - - (8,888) (8,888) - (8,888) __________________________________________________________As at 31 December 2006 7,123 624,663 134,400 766,186 6,834 773,020 __________________________________________________________ Profit for the period - - 51,523 51,523 418 51,941Equity dividends 12 - - (17,806) (17,806) - (17,806)Transaction costs of share issue - (78) - (78) - (78) __________________________________________________________As at 30 June 2007 7,123 624,585 168,117 799,825 7,252 807,077 ========================================================== Consolidated cash flow statement for the six months ended 30 June 2007 (Unaudited) (Unaudited) (Audited) Notes 1 January 20 October 20 October 2007 to 2005 to 2005 to 30 June 30 June 31 December 2007 2006 2006 €000 €000 €000Operating activitiesOperating profit 76,848 52,423 120,912Surplus on revaluation of investment properties 9 (24,296) (31,577) (65,253) _____________________________________Cash flows from operations before changes in working capital 52,552 20,846 55,659 Changes in working capitalIncrease in trade and other receivables (9,835) (26,087) (16,840)Increase in trade and other payables 13,087 23,438 11,335 Finance costs paid (29,001) (7,047) (26,500)Finance income received 4,234 3,456 5,953Income tax paid (123) (385) (578) _____________________________________Cash flows from operating activities 30,914 14,221 29,029 _____________________________________Investing activitiesPurchase of investment properties (358,350) (1,090,393) (1,632,066) _____________________________________Cash flows used in investing activities (358,350) (1,090,393) (1,632,066) _____________________________________Financing activitiesDividends paid to equity holders of the parent company 12 (17,806) - (8,888)Proceeds from issue of share capital - 408,871 744,401Transactions costs of share issues (1,896) (15,189) (22,644)Proceeds from loans 179,592 902,079 1,235,838Repayment of loans (1,167) - (1,141)Finance charges paid (895) (5,891) (11,192) _____________________________________Cash flows from financing activities 157,828 1,289,870 1,936,374 _____________________________________ (Decrease)/Increase in cash and short-term deposits (169,608) 213,698 333,337Cash and short-term deposits as at 1 January 2007 /20 October 2005 333,337 - - _____________________________________Cash and short-term deposits at 30 June/31 December 163,729 213,698 333,337 _____________________________________ Dawnay, Day Treveria PLC Notes to the consolidated financial statements For the six months ended 30 June 2007 1. GENERAL INFORMATION Dawnay, Day Treveria PLC (the "Company") is a company incorporated and domiciledin the Isle of Man whose shares are publicly traded on AIM. The consolidated financial statements of Dawnay, Day Treveria PLC comprise theCompany and its subsidiaries (together referred to as the "Group"). The principal activities of the Group are described in note 3. The Company acts as the investment holding company of the Group. 2. SIGNIFICANT ACCOUNTING POLICIES (a) Basis of preparation The condensed financial statements have been prepared in accordance withInternational Accounting Standard (IAS) 34, Interim Financial Reporting, exceptfor the disclosure of prior year comparatives which are for the period 20October 2005 to 30 June 2006. The figures for the period ended 30 June 2006 havebeen restated to reflect the change in interpretation of IAS12 (see note 6). (b) Basis of consolidation The condensed financial statements have been prepared under the historical costconvention, except for the revaluation of properties. The condensed financialstatements are presented in Euro and all values are rounded to the nearestthousand (•'000) except when otherwise indicated. The accounting policies adopted are consistent with those followed in thepreparation of the Group's annual financial statements for the period ended 31December 2006. 3. SEGMENTAL REPORTING No segmental reporting is included in the accounts as the Group only holdsinvestment properties in Germany and as such only has one geographical segmentwhich is Germany and one business segment which is predominantly investment inretail property. 4. REVENUE (Audited) (Unaudited) (Unaudited) 31 30 June 30 June December 2007 2006 2006 €000 €000 €000 Gross rental income 59,319 26,739 70,758Other income - surrender premiums 4,214 - -Finance revenue 4,234 3,456 6,061 __________________________________ 67,767 30,195 76,819 ================================== Surrender premiums received in the period are included in other income. 5. OPERATING PROFIT The following items have been charged or (credited) in arriving at operatingprofit Direct costs (Audited) (Unaudited) (Unaudited) 31 30 June 30 June December 2007 2006 2006 €000 €000 €000 Service charge expense recoverable 10,689 3,405 8,634Service charge income (10,689) (3,405) (8,634)Non-recoverable property costs 3,701 1,403 3,560Property management fee 1,614 736 2,988Asset management fee 3,531 1,399 4,334 ___________________________________ 8,846 3,538 10,882 =================================== Administrative expenses (Audited) (Unaudited) (Unaudited) 31 30 June 30 June December 2007 2006 2006 €000 €000 €000 Audit fee 431 - 752Transactions costs relating to AIM admission - 801 801Consultants' fees and expenses - subsidiary companies 105 - 163Legal and professional fees and other administration costs 1,000 1,012 1,492 __________________________________ 1,536 1,813 3,208 ================================== Other expenses (Audited) (Unaudited) (Unaudited) 31 30 June 30 June December 2007 2006 2006 €000 €000 €000 Directors' fees and expenses 149 194 326Net foreign exchange loss 6 - 44Bank fees 73 - 149Marketing, insurance and other expenses 371 348 490 __________________________________ 599 542 1,009 ================================== The Group has one full-time employee. 6. INCOME TAX CONSOLIDATED INCOME STATEMENT (Audited) (Unaudited) (Unaudited) 31 30 June 30 June December 2007 2006 2006 €000 €000 €000 Current income taxCurrent income tax charge 453 385 978Tax charge relating to surrender premiums 1,000 - - __________________________________ 1,453 385 978Deferred taxEffect of change of tax rate (12,224) - -Relating to origination and reversal 8,297 26,569 30,560of temporary differences __________________________________ (3,927) 26,569 30,560 __________________________________Income tax (credit)/expense reported in the income statement (2,474) 26,954 31,538 ================================== DEFERRED INCOME TAX LIABILITY €000 As at 31 December 2006 30,560Effect of change of tax rate (12,224)Relating to origination and reversal of temporary differences 8,297 ___________Balance as at 30 June 2007 26,633 =========== In the interim accounts as at 30 June 2006 a deferred tax liability was providedin respect of the difference between the tax base and the carrying value ofinvestment properties that arose upon the acquisition of subsidiaries. At thetime the market interpretation of IAS 12 varied and the directors chose to adopta conservative interpretation. The users of IFRS have now reached a consensusand as such the directors consider that, as asset purchases, the initialrecognition exemption in paragraph 24 of IAS 12 is available for such temporarydifferences and consequently a deferred tax liability of €17 million is nowdisclosed as an unprovided amount as at 30 June 2007 (2006: €29 million). To theextent that any taxation is payable in respect of this temporary difference itwill be recognised as current tax in the period it becomes payable. The figuresfor the interim accounts as at 30 June 2006 have been restated to reflect thischange in interpretation. In the audited accounts as at 31 December 2006 a deferred tax provision was madebased on the prevailing tax rate in Germany at the time of 26.375%. Since thedate of the signing of the accounts the German corporate tax reform act 2008 hasbeen passed, which will be in force from 1 January 2008. As it is notanticipated that any disposals will be legally completed, from a taxation pointof view, prior to this date, the deferred tax provision has been recalculatedbased on the new tax rate of 15.825%. This results in a credit to the incomestatement of €12,224,000. 7. EARNINGS PER SHARE The calculation of the basic, diluted and adjusted earnings per share is basedon the following data: (Unaudited) (Unaudited) (Audited) 30 June 30 June 31 December 2007 2006 2006 €000 €000 €000EarningsEarnings for the purpose of basic and diluted earnings pershare (profit for the period attributable to the equityholders of the parent) 51,523 15,290 55,297 Revaluation surpluses and surrender premiums net ofrelated tax (attributable to equity holders) (31,179) (4,590) (34,136) Adjusted earnings 20,344 10,700 21,161 Number of sharesWeighted average number of ordinary shares for thepurpose of basic earnings pershare 712,257,423 346,586,667 410,536,493 Weighted average effect of dilutive share options 862,500 675,000 753,947 Weighted average number of ordinary shares for thepurpose of diluted earningsper share 713,119,923 347,261,667 411,290,440 Basic earnings per share 7.23c 4.41c 13.47c Diluted earnings per share 7.23c 4.40c 13.45c Adjusted earnings per share 2.86c 3.09c 5.15c 8. NET ASSETS PER SHARE (Unaudited) (Unaudited) (Audited) 30 June 30 June 31 December 2007 2006 2006 €000 €000 €000Net assetsNet assets for the purpose of assets per share (assetsattributable to the equityholders of the parent) 799,825 444,501 766,186 Deferred tax arising on revaluation surpluses 26,633 28,559 30,560 Adjusted net assets attributable to equity holdersof the parent 826,458 473,060 796,746 Number of shares Number of ordinary shares for the purpose of net assets pershare 712,257,423 444,400,280 712,257,423 Net assets per share 112.29c 100.02c 107.57cAdjusted net assets per share 116.03c 106.45c 111.86c 9. INVESTMENT PROPERTIES €000 As at 31 December 2006 1,726,959Additions 379,503Surplus on revaluation 24,296 ___________Balance as at 30 June 2007 2,130,758 =========== The fair value of the Group's investment properties at 30 June 2007 has beenarrived at on the basis of a valuation carried out at that date by DTZ DebenhamTie Leung Limited, an independent valuer. A reconciliation of the valuation carried out by the external valuer to thecarrying values shown in the balance sheet is as follows: €000 Investment properties at market value as determined by valuers 2,089,799 Adjustment in respect of minimum payments under head leases separately included as a liability in the balancesheet 40,959 ___________Balance as at 30 June 2007 2,130,758 =========== 10. INTEREST-BEARING LOANS AND BORROWINGS Effective Maturity €000 interest rate %CurrentDeutsche Bank and Citigroup Loan - second facility 4.79 20 July 2011 3,493Capitalised finance charges on all loans (1,825) _________ 1,668 _________Non-currentDeutsche Bank and Citigroup Loan - second facility 4.79 20 July 2011 227,067 Deutsche Bank and Citigroup Loan 4.58 20 January 577,810- first facility 2011 ABN Amro Loan 4.75 15 July 2011 395,007 ABN Amro Loan Floating 15 July 2011 43,890 Eurohypo Loan 4.531 25 July 2014 132,685 Eurohypo Loan Floating 25 July 2014 33,171 Capitalised finance charges on (7,572)all loans __________ 1,402,058 __________Total 1,403,726 ========== The Group has pledged investment properties to secure related interest bearingdebt facilities granted to the Group for the purchase of such investmentproperties. Deutsche Bank AG and Citigroup Global Markets Limited. The first facility has €577,810,000 drawn down at the period end. The interestrate on this loan is fixed at 4.58% per annum. Interest is payable quarterly inarrears. The loan is not amortising and is repayable on the repayment date of 20January 2011. This loan is secured over assets and undertakings including overreal property, various contracts, insurance policies and bank accounts. Theterms of the facility include various covenants with which the Group hascomplied. The second facility has €231,726,000 drawn down, of which €1,166,000 has beenamortised, resulting in a net liability of €230,560,000 at the period end. Theinterest rate on this loan is fixed at 4.79% per annum. The terms of thefacility are as the first facility with a final repayment date of 20 July 2011and include various covenants with which the Group has complied. ABN Amro N.V. This facility has €438,897,000 drawn down at the period end. The interest on 90%of the loan is fixed at 4.75% per annum, with the interest on the remaining 10%floating at a rate based on EURIBOR, but capped at 5.35% per annum by means ofan interest rate cap. The final repayment date is 15 July 2011. This loan issecured over assets and undertakings and is subject to various covenants withwhich the Group has complied. Eurohypo AG This facility has a total amount of €500,000,000 of which €165,856,000 had beendrawn down at the period end. The interest on 80% of the loan is fixed at 4.531%per annum, with the interest on the remaining 20% floating at a rate based onEURIBOR, but capped at 5% (before margin) per annum by means of an interest ratecap. The final repayment date is 25 July 2014. This loan is secured over assetsand undertakings and is subject to various covenants with which the Group hascomplied. 11. ISSUED CAPITAL Authorised: Number of Share Shares Capital • Ordinary shares of €0.01 each ____________________________As at 30 June 2007 1,500,000,000 15,000,000 ____________________________ Issued and fully paid: Number of Share Shares Capital •Ordinary shares of €0.01 each ____________________________As at 30 June 2007 712,257,423 7,122,574 ____________________________ 12. DIVIDENDS (Unaudited) (Unaudited) (Audited) 30 June 30 June 31 2007 2006 December 2006 €000 €000 €000 Final dividend for the period ended 31 December 2006 (2.5c per share) 17,806 - -Interim dividend for the period ended 31 December 2006 (2.0c per share) - - 8,888 _______________________________ 17,806 - 8,888 =============================== The proposed interim dividend of 2.55c (2006: 2.0c) per ordinary share, whichwill result in a further distribution of €16,798,293 based on the number ofordinary shares in issue as at 21 September 2007, was approved by the Board on21 September 2007 and is payable on 25 October 2007 to shareholders on theregister at the close of business on 5 October 2007. The dividend has not beenincluded as a liability as at 30 June 2007. 13. CAPITAL COMMITMENTS As at 30 June 2007 the Group had notarised transactions of €219,614,979(exclusive of related acquisition costs) for completion after the period end forthe acquisition of investment properties. 14. CONTINGENCIES Carried interest Arba Investment Sarl, has a right to a carried interest. In any year ArbaInvestment Sarl is not entitled to any carried interest unless the Group'sproperty assets in aggregate show a cash on equity return of at least 8 % perannum cumulative. If the hurdle is achieved then Arba Investments Sarl will be entitled to 25% ofthe cumulative return in excess of 8% per annum achieved on assets sold (or, incertain circumstances, refinanced) by the Group during that financial period.The carried interest will also be payable on the occurrence of certain otherevents, such as a take-over or liquidation of the Group. No amount has been provided as at 30 June 2007 as the minimum hurdle raterequired has not been achieved. 15. EVENTS AFTER THE BALANCE SHEET DATE Since the period end the Company has engaged in a share buy back programme. TheCompany has, as at 20 September 2007, bought back 53,500,819 ordinary shares, ata weighted average price of €1.067 per share, for cancellation since 11 July2007 when the buy back programme commenced. Following the cancellation of theseshares the company will have 658,756,604 ordinary shares in issue. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
GWIK.L