28th Feb 2007 07:02
Xtract Energy plc28 February 2007 28 February 2007 AIM: XTR XTRACT ENERGY PLC ("Xtract Energy" or the "Company") Interim Results for the six months ended 31 December 2006 The Directors have pleasure in presenting the Company's interim results andupdate on activities for the six months ended 31 December 2006. HIGHLIGHTS •Completion of the purchase of substantial holdings in Aviva Corporation Limited (ASX:AVA) and Wasabi Energy Limited (ASX:WAS). •Purchase of further shares in Cambrian Oil & Gas Plc ('COIL') resulting in a total holding of approximately 64.58 per cent. of the current issued share capital of COIL. •Placing of 109,795,800 new ordinary shares of 0.1p each at 5.5p per ordinary share raising £6,038,769 before expenses. •Net profit after tax of £1.060M for the current 6 month period, compared to a net loss of £205k for the 6 months to 31 December 2005. The net profit for the current 6 month period includes unrealised gains totalling £1.406m arising from the revaluation of investments. •Basic earnings per share of 0.23p for the current six month period, compared to a loss per share of 0.12p for the six months to 31 December 2005. •Group cash at bank of £4.2M at 31 December 2006. POST PERIOD HIGHLIGHTS •John Conlon appointed to the board. Mr Conlon is also a director of Cambrian Mining Plc, Xtract Energy's parent company. •Agreement reached with the board of COIL on the terms of a recommended proposal for the acquisition by Xtract Energy of all COIL's shares (other than those already held by Xtract Energy) by way of a scheme of arrangement under section 425 of the Companies Act 1985. Enquiries please contact: Xtract Energy Plc John Newton, CEO +44 (0) 20 7409 0890 Smith & Williamson CorporateFinance Ltd David Jones +44 (0) 20 7131 4000 Azhic Basirov Chairman's StatementFor the six months ended 31 December 2006 During the period the Company acquired substantial holdings in Cambrian Oil &Gas Plc ('COIL'), Wasabi Energy Limited ('Wasabi') and Aviva Corporation Limited('Aviva'). These acquisitions have significantly extended the range of XtractEnergy's energy and resource related investments. Wasabi is a diversified investor in renewable energy and low greenhouse emissiontechnologies, with interests in geothermal waste/heat, uranium exploration inAustralia's Northern Territory and biodiesel investments in Victoria. Wasabirecently announced that it had expanded its uranium exploration portfoliothrough its subsidiary Rum Jungle Uranium Pty Ltd entering into an agreementwith Crescent Gold Ltd to earn up to a 90% interest in highly prospectiveexploration licences in the Northern Territory. Xtract Energy has agreed to sell its holding of 61.5 million ordinary shares inAviva, together with an interest in a steel-making technology, to Wasabi inexchange for the issue to Xtract Energy by Wasabi of 175 million new Wasabiordinary shares together with 25 million warrants exercisable at a price ofA$0.03 per Wasabi share. This is subject to the approval of shareholders ofWasabi. Aviva is quoted on the ASX market with its head office in Perth, WesternAustralia. Aviva is growing a portfolio of energy assets with its most advancedassets being the Central West Project. The company has commenced definitivefeasibility work programs to study the merits of a 400MW power generationproject in the Midwest. COIL has several Oil & Gas projects in the Kyrgyz Republic including exploration(2D seismic programme completed) and water injection (with Kyrgyzneftegas, thestate oil company). COIL has also acquired approximately 22% of the issued sharecapital of ASX listed MEO. MEO has secured Australian Government environmentalapprovals to install two large scale methanol plants and one 3 million tonne perannum (Mtpa) Liquefied Natural Gas (LNG) plant in an area of shallow water knownas Tassie Shoal, located approximately 275km northwest of Darwin Australia. Xtract Oil (of which Xtract Energy completed the acquisition in February 2006)continues to develop the technology for oil extraction from oil shale minerals.The development of Xtract's technology could produce liquid hydrocarbons toaddress the global decline of conventional oil reserves with significantenvironmental benefits and higher yields over previously tried extractionmethods. Oil shale is not a commodity which is commercially traded and as such access tooil shale is required in order for Xtract to bench test and commercially developa technology for hydrocarbon extraction. Xtract Energy has acquired mining tenements in Queensland from InterminResources Limited, mainly in an area known as Julia Creek. The Julia Creekdeposits are estimated to contain substantial quantities of oil. Tests are being conducted by the Australian national research organisation, theCSIRO, and by Monash University. The initial validation tests have demonstratedthat recovery from Julia Creek shales would be in order of 150 litres of lightcrude oil per tonne of shale. Applying this yield rate increase to the yields of50-65 litres per tonne used last year in Xtract Energy's AIM admission documentin relation to certain of the Company's Julia Creek leases results in estimatedin situ shale oil resources of over 1.6 billion barrels of oil. Xtract Energy has also made application for an exploration permit encompassingthe Nevis Valley oil shale deposits located in the South Island of New Zealand.The permit EP 40-85 (10,450ha) includes locations of known oil shaleoccurrences. When permitting is completed, the area will be investigated todetermine the economic significance of the deposits. Cambrian Mining remains the major shareholder of the Company and Xtract Energycontinues to focus on the business of overseeing the development of the Xtracttechnology and the related kerogen extraction at the Xtract Energy tenements anddeveloping and expanding the Company's portfolio of energy interests. Subsequent to the period end, the boards of Xtract Energy and COIL reachedagreement as to the terms of the acquisition by Xtract Energy of all of the COILshares it does not already own by means of a scheme of arrangement under section425 of the Companies Act 1985 ("the Scheme"). Under the proposed terms of theScheme, COIL shareholders will receive 9 new Xtract Energy shares for every 10COIL shares. The closing mid market prices per share of Xtract Energy and COILon 9 February 2007, being the last business day prior to date of theannouncement in relation to the Scheme, were 5.25 pence and 3.625 pencerespectively. Based on these closing mid prices, the Scheme: • Values each COIL share at 4.725 pence; • Values COIL at approximately £14.85 million (on an undiluted basis); and • Represents a premium to COIL shareholders of approximately 30.3%. The Xtract Energy board believes Xtract Energy shareholders will benefit from: • Entry into the Australian Oil and Gas sector through COIL's holding in MEO Australia Ltd ('MEO'); • COIL becoming a wholly-owned subsidiary allowing Xtract Energy to consolidate 100% of the future cash flows from the operations of COIL; • The potential unlocking of value through the removal of the double holding company discount on COIL's associated investments; and • Overhead and management synergies. The Scheme has the support of the COIL board who have recommended that COILshareholders vote in favour of it. Robert J. AnnellsChairman27 February 2007 Independent Review Report to Xtract Energy Plc Introduction We have been instructed by the Company to review the financial informationcomprising the Consolidated Income Statement, Consolidated Statement ofRecognised Income and Expense, Consolidated Balance Sheet, Consolidated CashFlow Statement and notes thereon and we have read the other informationcontained in the interim report and considered whether it contains any apparentmis-statements or material inconsistencies with the financial information. This report, including the conclusion, has been prepared for and only for theCompany for the purpose of their interim report and for no other purpose. We donot, therefore, in producing this report, accept or assume responsibility forany other purpose or to any other person to whom this report is shown or intowhose hands it may come save where expressly agreed by our prior consent inwriting. Directors' responsibilities The interim report, including the financial information contained therein, isthe responsibility of, and has been approved by the Directors. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4issued by the Auditing Practices Board as if that Bulletin applied. A reviewconsists principally of making enquiries of the Directors and applyinganalytical procedures to the financial information and underlying financial dataand based thereon, assessing whether the accounting policies and presentationhave been consistently applied unless otherwise disclosed. A review excludesaudit procedures such as tests of controls and verification of assets,liabilities and transactions. It is substantially less in scope than an auditperformed in accordance with International Auditing Standards and thereforeprovides a lower level of assurance than an audit. Accordingly we do not expressan audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications thatshould be made to the financial information as presented for the six months andtwelve months ended 31 December 2006. Moores Rowland LLPChartered Accountants3 Sheldon SquareLondon W2 6PS Consolidated Income StatementFor the peirod ended 31 December 2006 Six months ended Year ended 31 December 31 December Notes 2006 2005 2006 2005 (Unaudited) (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 £'000 Administrative expenses (331) (199) (809) (221) Other operating income 67 - 67 - ------ ----- ------ ------Operating loss (264) (199) (742) (221) Investment revenues 25 18 33 25Finance costs (89) - (89) -Share of results ofassociates 4 812 (24) 812 (24)Other gains 4 822 - 822 - ------ ------ ----- ----- Profit/(loss) before tax 1,306 (205) 836 (220)Tax (246) - (246) - ------ ------ ----- -----Profit/(loss) for theperiod 1,060 (205) 590 (220) ====== ====== ===== ===== Profit/(loss) for the period/yearattributable to: - Equity holders of the parent 897 (205) 427 (220) - Minority interests 163 - 163 - ----- ----- ----- ----- 1,060 (205) 590 (220) ===== ===== ===== ===== Earnings/(loss) per share - basic 2 0.23p (0.12)p 0.13p (0.21)p - diluted 2 0.17p (0.12)p 0.09p (0.21)p Consolidated Statement of Recognised Income and ExpenseFor the year ended 31 December 2006 Year ended 31 December Notes 2006 2005 (Unaudited) (Audited) £'000 £'000 Exchange differences on translation offoreign operations 1 - Gain on revaluation of available for saleinvestments 374 - ------ ------Net income recognised directly in equity 375 - Profit/(loss) for the year 590 (220) ------ ------Total recognised income and expense for the 965 (220)year ------ ------ Attributable to: - Equity holders of the parent 802 (220) - Minority interests 163 - ----- ----- 965 (220) ===== ====== Consolidated Balance SheetAt 31 December 2006 As at 31 December Notes 2006 2005 (Unaudited) (Audited) £'000 £'000AssetsNon-current assetsIntangible assets 3 10,170 81Property, plant and equipment 190 -Interests in associates 1,216 412Investments - available for sale 2,798 - ------ ----- 14,374 493Current assetsCash and cash equivalents 4,214 1,321Trade and other receivables 398 13Inventories 14 -Investments - held for trading 4,847 - ------ ------ 9,473 1,334 ------ ------Total assets 23,847 1,827 ====== ====== Equity and liabilitiesCapital and reservesShare capital 7,8 557 199Share premium reserve 8 17,210 1,756Share based payments reserve 8 257 33Available for sale reserve 8 374 -Retained earnings 8 208 (220) ------ ------Equity shareholders' funds 18,606 1,768Minority interests 2,095 - ------ ------Total equity 20,701 1,768 ------ ------Current liabilitiesTrade and other payables 285 59Loans due to parent company 6 1,529 - ------ ------ 1,814 59Non-current liabilitiesDeferred tax liability 1,332 - ------ ------Total liabilities 3,146 59 ------ ------Total equity and liabilities 23,847 1,827 ====== ====== The interim accounts were approved by the Board of Xtract Energy Plc on 27February 2007 and signed on its behalf by:John Conlon Consolidated Cash Flow StatementFor the year ended 31 December 2006 Year ended 31 December Notes 2006 2005 (Unaudited) (Audited) £'000 £'000 Operating activitiesOperating loss for the period (742) (221) Adjustments for:Amortisation of intangible assets 83 21Depreciation of property plant and equipment 3 -Share based payment expense 108 79 ----- -----Operating cash flows before movement inworking capital (548) (121) Changes in working capital:Increase in inventories (1) -Increase in trade and other receivables (55) (12)Increase in trade and other payables 11 59 ----- -----Net cash used in operating activities (593) (74) ----- -----Investing activitiesInterest received 33 25Purchase of property plant and equipment (15) -Purchase of intangible assets and explorationexpenditure (172) (21)Purchase of trading investment (406) -Acquisition of associate (1,545) (436)Acquisition of subsidiaries, net of cash 4 33 (82)acquired ----- ----Net cash used in investing activities (2,072) (514) ----- ----Financing activitiesProceeds on issue of shares 7 6,185 2,010Share issue expenses 7 (355) (101)Issue of subsidiary shares to minority 128 -interestsRepayment of short-term loan (400) - ----- -----Net cash from financing activities 5,558 1,909 ----- ----- Net increase in cash and cash equivalents 2,893 1,321Cash and cash equivalents at the beginning ofthe period 1,321 - ------ -----Cash and cash equivalents at the end of theperiod 4,214 1,321 ====== ====== Notes 1. Preparation The interim financial information has been prepared in accordance withInternational Financial Reporting Standards on the historical cost basis on thebasis of the accounting policies set out in the statutory accounts for the yearended 31 December 2005. The Interim Report is unaudited and does not constitutestatutory financial statements. The Company has adopted the requirements of IFRS39 as it applies to itsinvestments that are classified as 'available for sale' and 'held for trading'.Investments treated as 'available for sale' are valued at market value and thegains or losses transferred directly to the available for sale reserve.Investments treated as 'held for trading' such as derivatives are valued atmarket value and the gains or losses recognised immediately as other gains inthe profit and loss account for the period. The Company has changed its accounting reference date to 30th June in order toalign with its ultimate parent company Cambrian Mining plc. It will thereforedraw up consolidated financial statements for the 18 month period ending 30 June2007. These interim financial statements have been presented accordingly. 2. Earnings/(loss) per share The calculation of the basic and diluted earnings/(loss) per share attributableto the ordinary equity holders of the parent is based on the following data: Six months ended Year ended 31 December 31 December 2006 2005 2006 2005 (Unaudited) (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000 £'000 Earnings/(loss) for the purposes of basic and diluted earnings per share Net profit/(loss) forthe period attributable to equity holders of the parent 897 (205) 427 (220) Number Number Number NumberWeighted average number of ordinary shares for the purposes of basicearnings per share 388,196,649 164,963,892 326,207,612 102,744,761 Effect of dilutivepotential ordinary shares- options and warrants 137,849,860 184,403,619 162,706,191 160,459,832 ------------ ----------- ----------- -----------Weighted average number of ordinary shares for the purposes of dilutedearnings per share 526,046,509 349,367,511 488,913,803 263,204,593 ----------- ----------- ----------- ----------- Prior to this period, no adjustment was made to basic earnings per share becausethe effect of including the number of outstanding options and warrants wouldhave been to dilute the loss per share. 3. Intangible assets These comprise mining rights and deferred exploration costs. Year ended 31 December 2006 Mining rights Exploration Total costs £'000 £'000 £'000CostAt 1 January 2006 102 - 102Additions 327 165 492Acquired on acquisition ofsubsidiaries 9,044 636 9,680 ------ ------ ------At 31 December 2006 9,473 801 10,274 ------ ------ ------AmortisationAt 1st January 2006 21 - 21Charge for the period 83 - 83 ------ ------ ------At 31 December 2006 104 - 104 ------ ------ ------ Carrying amount At 31 December 2006 9,369 801 10,170 ====== ====== ====== Mining rights acquired have not been amortised as the related properties are inthe stage of exploration and development. Certain amounts relate to miningtenement sharing rights and these are amortised over the tenement period of 5years. 4. Acquisition of subsidiaries Xtract Oil Limited On 17 February 2006 the Company acquired 78.3% of the issued share capital ofXtract Oil Limited increasing its holding to 100% for consideration of£4,939,000 including expenses. The consideration and net assets acquired were asfollows: Book Fair value values adjustments Fair value £000 £000 £000Net assets acquired:Trade receivables 69 - 69Bank and cash balances 65 - 65Mining rights - 5,217 5,217 ----- ----- ----- 134 5,517 5,351 ===== ===== ===== Satisfied by :Cash 817Directly attributable costs 99 ----- 916Share issue (note 7) 4,023 -----Total consideration 4,939 Carrying value of associate broughtforward 412 ----- 5,351 =====Net cash outflow arising on acquisition:Cash and cash equivalents acquired 65Cash consideration paid (817)Directly attributable costs (99) ----- (851) Xtract Oil Limited contributed to the group's 12 month consolidated results, anoperating loss of £8,163 and a loss before tax of £4,918 for the period betweenthe date of acquisition and the balance sheet date. Cambrian Oil and Gas Plc During the six month period the Company acquired 65.5% of the issued sharecapital of Cambrian Oil & Gas PLC ("COIL"), since diluted to 64.6%, for totalconsideration of £6,579,000 including expenses as follows: Effective date Number of Number of Percent Purchase Consideration £'000 shares options or acquired type warrants to date 1 September2006 15,000,000 15,000,000 9.5% Private Cash 450 purchase21 September2006 29,630,769 7,844,944 28.2% Private Convertible 889 purchase loan (note 5)23 October 2006 65,000,000 65,000,000 35.4% Placing Short-term 1,950 loan (note 6)15 November2006 53,333,333 53,333,333 52.6% Private Shares 1,855 purchase (note 7)22 November2006 40,000,000 40,000,000 65.5% Market Cash 1,800 purchase ----------- ----------- ------ 202,964,102 181,178,277 6,944 Expenses 41 ------Total consideration 6,985 ------ of which - shares 6,579 - options 406 Of the unlisted options and warrants 141m attached to shares were acquired fornil consideration, of which 7.8m have since expired; a further 40m were acquiredon 22 November 2006 for £400,000 plus expenses. Of the 173.3m outstanding 35mexpire in July 2007 and the remainder expire in October 2007. COIL is a London AIM listed company that with its subsidiary and associateundertakings ("COIL group") is involved in investment in and financing of oiland gas exploration and development assets. COIL group includes a subsidiarywith interests in Kyrgyzstan and two associates: 22% in MEO Australia Ltd("MEO"), listed on the Australian Stock Exchange, and 33% of Elko Energy Inc,based in Canada. The COIL group contributed to the group's results for the period and year, anoperating loss of £101,560 and a profit before tax of £1,530,098 for the periodbetween the date of acquisition and the balance sheet date. The net assets of the COIL group acquired are as follows: Book value Adjustments to Fair value Fair value (UK GAAP) IFRS adjustments (IFRS) £'000 £'000 £'000 £'000 Mining rightsand exploration costs 2,245 - 2,218 4,463Investment in associates 6,100 - (4,866) 1,234Property, plant and equipment 178 - - 178Investments - held for trading - 3,619 - 3,619Inventories 13 - - 13Trade and other receivables 261 - - 261Cash and cash equivalents 2,769 - - 2,769Trade and other payables (2,238) - - (2,238)Deferred tax liability - (1,086) (1,086) ----- ----- ----- ----- 9,328 2,533 (2,648) 9,213 ----- ----- ------ Less: minority interests (1,804)Less: share of results ofassociate recognised (830) ------ 6,579 ------Satisfied by:Cash 1,850Directly attributable costs 35 ----- 1,885Convertible loan (note 5) 889Short-term loan (note 6) 1,950Share issue (note 7) 1,855 ------Total consideration 6,579 ------Net cash inflow arising onacquisition:Cash paid for shares (1,885)Cash and cash equivalents acquired 2,769 ----- 884 -----COIL reports its financial data under UK GAAP and the group's share of itsresult when it was accounted as an associate for the period between 21 September2006 and 15 November 2006 is insignificant. However, the group has recognised£830,000 being the share of the post-tax gain that would have been recognised byCOIL if it has adopted IFRS, reflecting an unrealised gain in its holding ofoptions in MEO. This is included in the total share of associates resultsof £812,000. Other gains of £822,000 recorded in the consolidated profit and loss accountreflect the unrealised gain on the MEO options since COIL was fullyconsolidated as a subsidiary from 15 November 2006. After deferred tax of£246,000 and minority interests of £210,000 the impact on the profit for theperiod and profit attributable to shareholders is £576,000 and £366,000respectively. 5. Convertible loan On 21 September 2006 the Company entered into a convertible loan arrangement insettlement of the purchase of shareholdings from the Company's ultimate parentcompany Cambrian Mining Plc and its subsidiaries. This included the purchase of29.6m shares in COIL acquired for £0.9m consideration (note 4), and availablefor sale investment holdings of 19% in Wasabi Energy Limited for £0.8m and 19%in Aviva Corporation Limited for £1.6m. The value of the loan of £3.4m including interest payable was converted into61.1m new ordinary shares at the placing price of 5.5p a share on 17 November2006. 6. Short-term loan The company entered into a short-term loan facility with Cambrian Mining Plc for£2m available at 2% above LIBOR, of which £1.95m was used on 23 October 2006, inconsideration for the purchase of 65m new ordinary shares in COIL, its share ofthe placing on the same date. The loan was reduced by £0.5m in settlement ofplacing proceeds due from Cambrian Mining Plc (note 7), leaving approximately£1.4m outstanding at the balance sheet date. An additional £0.1m is outstandingbetween COIL and Cambrian Mining Plc. 7. Share capital This comprises Issued and fully paid ordinary shares of 0.1p each Number of shares At 1 January 2006 199,088,550Issued for access to mining tenement rights 30,000,000Share consideration for Xtract Oil Limited at 7p per share 57,471,250Shares issued as payment for services 250,000 -----------At 30 June 2006 286,809,800 Issue in lieu of mining exploration costs @ 1p per share 2,000,000Issue for warrants exercised at 1p per share 68,500,000Share consideration for COIL at 6.375p per share 29,090,909Conversion of loan note at 5.5p per share (note 5) 61,113,291Placing at 5.5p per share 109,795,800 -----------At 31 December 2006 557,309,800 ----------- On 17 February 2006, the Company issued 57,471,250 shares valued at £4,022,988based on the market value of 7p per share, as part consideration for acquiring78.3% of the shares in Xtract Oil Limited (note 4). On 15 November 2006, the Company issued 29,090,909 shares valued at £1,854,545based on the market value of 6.375p per share, as consideration for the purchaseof 53.3m shares in COIL from Cambrian Mining Plc. The consideration forms thecost of the acquired shares in COIL (note 4). On 22 November 2006 the Company completed a placing and open offer of109,795,800 new ordinary shares of 0.1p each at 5.5p per share generatingproceeds of £6,038,769, before expenses. These comprised £5,500,000 cash plus£538,769 in relation to 9,785,800 shares placed with Cambrian Mining Plc settledby way of offset against short-term loan amounts due to Cambrian Mining Plc(note 6). Unlisted warrants Shares issued as a result of warrants exercised generated cash proceeds of£685,000. After exercises and further grants during the period, the followingwarrants remain outstanding at 31 December 2006: Issued 29 March 2005 - 115,588,550 exercisable at 1p per shareIssued 29 March 2005 - 3,000,000 exercisable at 1.5p per shareIssued 24 April 2006 - 5,000,000 exercisable at 5.5p per shareIssued 22 November 2006 - 7,213,475 exercisable at 5.5p per share Each one of the above warrants vested immediately and expires within three yearsof issue, entitling the holder to one fully paid share in the Company uponpayment of the warrant exercise price per share. 8. Movements in capital and reserves Share capital Share premium Share based Available for Retained reserve payments sale reserve earnings reserve £000 £000 £000 £000 £000 At 1 January 2006 199 1,756 33 - (220)Issue of shares 88 4,253 (18) - -Share based paymentsexpense - - 108 - -Loss for the period - - - - (470) ---- ----- ----- ---- -----At 30 June 2006 287 6,009 123 - (690) Issue of shares 270 11,690 - - -Share issueexpenses - (489) 134 - -Gain on revaluation ofavailable for saleinvestments - - - 374 -Exchangedifferences ontranslation - - - - 1Profit for the period - - - - 897 ------ ------ ------ ----- ------As at 31December 2006 557 17,210 257 374 208 ------- ------ ------ ----- ------ 9. Events after the balance sheet date On 12 February 2007 the Boards of Xtract Energy Plc ("Xtract") and Cambrian Oil& Gas plc ("COIL") announced that they had reached agreement on the terms of arecommended proposal for COIL shareholders (other than Xtract) to acquire sharesin Xtract for shares in COIL by way of scheme of arrangement under section 425of the Companies Act 1985 (the "Scheme"). Under the proposed terms of theScheme, COIL shareholders will receive 9 new Xtract shares for every 10 COILshares. The closing mid-market prices per share of Xtract and COIL on 9 February2007 were 5.25p and 3.625p respectively. The Scheme requires approval by COlLshareholders (other than Xtract) and the sanction of the Court. 10. Other matters The financial information for the year ended 31 December 2006 does notconstitute statutory accounts, as defined in Section 240 of the Companies Act1985, but is based on the statutory accounts for the year then ended. Thoseaccounts, upon which the auditors issued an unqualified opinion, have beendelivered to the Registrar of Companies. The Interim Report for the six months ended 31 December 2006 was approved by theDirectors on 27 February 2007. Copies of the interim report are available from the Company's websitewww.xtractenergy.com or on written request to the Company Secretary, XtractEnergy Plc, 27 Albemarle Street, London, W1S 4DW. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Xtract