6th Nov 2007 07:00
Avanti Capital PLC06 November 2007 Avanti Capital plc Annual Report and Accounts for the year ended 30 June 2007 Notice of AGM Avanti Capital plc, the private equity company, is pleased to announce itsaudited final results for the year ended 30 June 2007. The annual report and accounts for the year ended 30 June 2007 and a Notice ofAGM have today been posted to shareholders. The AGM will be held at the offices of Berwin Leighton Paisner, Adelaide House,London Bridge, London EC4 on 5 December 2007 at 10.00 a.m. Highlights Net asset values (excluding the accounting effects of the consolidation ofEclectic Bars Limited) per Avanti share by category: Carrying Carrying value as at value as at 30 June 2007 30 June 2006 (pence per (pence perInvestment share) share) Eclectic Bars Limited 95 89Espresso 5 4mBlox 107 65Medcenter 4 3Others 1 2Net current assets(including cash) 19 26 ---- ----Total 231 189 ---- ---- Note: The above figures do not take account of any dilutory effect of the LTISSoptions or the carried interest under the investment advisory agreement. Pleaserefer to the Report of the directors for details of the LTISS options and thecarried interest. ENQUIRIES: Avanti Capital Plc Tel: 020 7299 1459 Julian Fellerman Richard Kleiner Collins Stewart Europe Limited Tel: 020 7523 8350 Adrian Hadden Company statementAvanti Capital plc Results of the Group As at 30 June 2007 the group had net assets (excluding the accounting effects ofthe consolidation of Eclectic Bars Limited (formerly Barclub Limited)) of £16.6m(2006: £16.1m) or 207p per ordinary share (2006: 189p per share). As at 30 June 2007, the group had net assets on a consolidated basis of £13.4m(2006: £14.8m) or 167p per share (2006: 173p per share). In the period to 30 June 2007, the loss before exceptional items, excluding theconsolidation of Eclectic Bars Limited was £2.4m (2006: profit £582,000). Theloss on a consolidated basis was £4.3m (2006: loss of £2.7m). All of the above figures have been arrived at after making a provision for thecarried interest of £1.819m (or 23p per share). The payment of such a carriedinterest is dependent upon the realisation of the individual assets being atvalues which are, at least, equal to the values stated in the accounts as at 30June 2007. In order to reflect the underlying commercial value of the group's net assets wehave provided below, by way of additional information to our shareholders,supplementary information comprising un-audited pro-forma accounts, whichreflect the separate activities of the group. Portfolio Investments Eclectic Bars (formerly Barclub) Since the restructuring of the business in June 2006 good progress has beenmade. The site EBITDA for the business for the 12 month period under review was£2.4 million. This was 4% ahead of the internal forecast made by management.Sales for that period were 3% ahead on a like-for-like basis. The management team continues to examine a number of expansion opportunitiesboth organically and by merger and acquisition. In September, Eclectic opened its first new venue. This is located in thecentre of Lincoln and trades as a top-end nightclub venue under the Sakurabrand. The team is continually seeking suitable sites to open new venues. As at 30 June 2007, the carrying value of the company's investment in Eclecticis £7.6 million or 95p per share. Espresso During 2007, Espresso made an important acquisition and the business hascontinued in its sales expansion. In April, Channel 4 Learning (Channel 4's award-winning education rightsexploitation business) joined Espresso Education, Netmedia Education andEducation Media Delivery as part of Espresso. The acquired business was mergedwith Espresso Education to provide video-rich curriculum services to primary andsecondary schools throughout the UK and abroad. Both businesses areaward-winning market leaders in video-based, interactive teaching and learningresources. As part of the deal, Espresso acquired the assets of Channel 4 Learning, as wellas a licence agreement for the exclusive commercial exploitation of Channel 4'sexisting and future schools' television programmes, where Channel 4 has therights. The undisclosed purchase price was paid in shares of Espresso. By July, Espresso had sold its broadband educational offering to around 9,500 ofthe 18,000 primary schools in England and through the acquisition is looking toexpand by developing its reach to cover the secondary schools market in additionto pursuing expansion of its non-UK business opportunities. The businesscontinues to perform in line with expectations and management remains confidentabout the potential for a successful exit. Due to the manner of the transaction with Channel 4 Learning and the fact thatthe price was undisclosed, Espresso does not feel it appropriate to recognisethe underlying value of its share in the combined business and therefore nouplift has been included in these accounts. As at 30 June 2007, the carrying value of the company's investment in Espressowas £315,000 or 5p per share. mBlox Inc During the period to 30 June 2007 mBlox continued to grow successfully. At thebeginning of February 2007 mBlox announced a record number of off-portaltransactions for 2006, with over 1.4 billion application-to-person transactionsprocessed worldwide. 2006 was the fifth consecutive year of high growth for mBlox with business up40% over 2005. In the US, the number of premium SMS transactions mBlox processedincreased 100% over 2005 and globally mBlox cleared and settled payments formobile content transactions worth more than $500 million in street (consumer)revenue. The first half of 2007 has seen revenues up over a further 40% on a like forlike basis. As an example of mBlox continued success, in August, mBlox announced that it isworking together with an application service provider Dynetic to deliver anexciting new SMS re-bidding service to eBay in the UK, France and Belgium. Thisservice, identical to that launched across Spain by the two companies inSeptember 2006, will enable users to monitor and participate in the onlinebidding process, even when they are no longer in front of their PC. It ispowered by mBlox inbound and outbound premium SMS services. As the world's largest online marketplace, with a global customer base of 266million users, SMS re-bidding is a natural extension of eBay's online auctionformat capability and mobile access is a key factor particularly as a highproportion of eBay bidders are away from their computers during the final stagesof an auction format listing. As at 30 June 2007, the carrying value of the company's investment in mBlox was£8.6 million or 107p per share. As at 30 June 2006, the carrying value of thecompany's investment in mBlox was £5.6 million or 65p per share. The increaseresults from the board's revaluation of this investment following the recentsale by two shareholders of shares in mBlox to a new investor (after adjustingfor foreign currency movements). Medcenter Medcenter is a multinational pharmaceutical marketing company specialising ininnovative solutions that increase drug sales and business effectiveness. Operating for over 10 years with offices in Europe and the Americas, Medcenterworks with 50 of the most important international laboratories (with 80 of themost sold products in the global market). Medcenter has a team of highlyqualified pharmaceutical marketing professionals ready to respond withcreativity to the needs of the pharmaceutical industry, with solutions in theareas of medical education, promotion, market research and marketing. Thesesolutions are designed to strengthen the relationship between the pharmaceuticalindustry, physicians and patients in order to increase product prescription,market share and sales. Michael Fitzgerald, the chairman of Medcenter, is currently actively looking atvarious business combinations involving Medcenter and certain third parties. As at 30 June 2007, the carrying value of the company's investment in Medcenterwas £274,000 or 4p per share. Others In relation to the remainder of the legacy investments in the group's portfolio,the Board continues to seek ways of maximising value to the group. As at 30June 2007, the aggregate carrying value of the these investments was £71,000. Property In May 2007, the company sold its leasehold office in Motcomb Street for£700,000. The book value of the property at the time of disposal was £324,000and therefore a profit against book value of £376,000 is reflected in theseaccounts. Net asset values (excluding the accounting effects of the consolidation ofEclectic Bars Limited) per Avanti share by category: Carrying value as at 30 June 2007 (pence perInvestment share) Eclectic Bars Limited 95Espresso 5mBlox 107Medcenter 4Others 1Net current assets 19(including cash) ----Total 231 ---- Note: The above figures do not take account of any dilutory effect of the LTISSoptions or the carried interest under the investment advisory agreement. Pleaserefer to the Report of the directors for details of the LTISS options and thecarried interest. Purchase of own shares During the year, the company made purchases of 526,340 of its own shares at anaverage price per share of 127p per share. As stated previously, the Board reaffirms its policy of the company makingpurchases of its own shares in circumstances where it believes the net assetvalue per share is likely to be increased. J M FellermanR H Kleiner 6 November 2007 Corporate governance Compliance with the 2003 FRC Combined Code The company is not required to comply with the 2003 FRC Combined Code. Set outbelow are the corporate procedures that have been adopted. The Board The Board of Avanti Capital plc is the body responsible for the group'sobjectives, its policies and the stewardship of its resources. At the balancesheet date, the board comprised four directors, namely Philip Crawford, JulianFellerman, Richard Kleiner and William Crewdson. The Board has six board meetings during the year. There are two non-executivesthat sit on both the audit and the remuneration committees, namely PhilipCrawford and William Crewdson. Philip Crawford is both the chairman of the auditcommittee and the remuneration committee. The terms of reference of both thesecommittees have been approved by the Board. Remuneration committee The committee's responsibilities include the determination of the remunerationand options of other directors and senior executives of the group and theadministration of the company's option schemes and arrangements. The committeetakes appropriate advice, where necessary, to fulfil this remit. Audit committee The committee meets twice a year including a meeting with the auditors shortlybefore the signing of the accounts. The terms of reference of the auditcommittee include: any matters relating to the appointment, resignation ordismissal of the external auditors and their fees; discussion with the auditorson the nature, scope and findings of the audit; consideration of issues ofaccounting policy and presentation; monitoring the work of the review functioncarried out to ensure the adequacy of accounting controls and procedures. Nomination committee The company does not maintain a nomination committee. Any board appointmentsare dealt with by the Board itself. Internal control The Board is responsible for the group's system of internal control and forreviewing the effectiveness of the system of internal control. Internal controlsystems are designed to meet the particular needs of a business and manage therisks but not to eliminate the risk of failure to achieve the businessobjectives. By its nature, any system of internal control can only providereasonable, and not absolute, assurance against material misstatement or loss. The 2003 FRC Combined Code introduced a requirement for the Board to review theeffectiveness of the group's system of internal control, including financial,operational, compliance and risk management. Guidance for directors on theCombined Code: Internal Control: Guidance for Directors on the Combined Code ("The Turnbull Report") was published in September 1999. In view of the relativesize of the organisation and the "hands-on" approach of the directors towardsystems and risk, the Board does not have the resources to meet the requirementsoutlined in The Turnbull Report. Internal audit Given the size of the group, the Board does not believe it is appropriate tohave a separate internal audit function. The group's systems are designed toprovide the directors with reasonable assurance that problems are identified ona timely basis and are dealt with appropriately. Relations with shareholders Aside from announcements that the company makes periodically to the market, theBoard uses the annual general meeting to communicate with private andinstitutional investors and welcomes their participation. Going concern On the basis of the current financial projections, the directors have areasonable expectation that the company and the group have adequate financialresources to continue in operational existence for the foreseeable future. Thedirectors accordingly have adopted the going concern basis in the preparation ofthe group's accounts. Directors' reportfor the year ended 30 June 2007 The directors present their report and accounts for the year ended 30 June 2007. Results and dividends The loss for the year before taxation of the group amounted to £4.3m (2006 -loss £2.8m) and the loss for the year after taxation and minority interest ofthe group amounted to £4.3m (2006 - loss £2.7m) which was equivalent to a lossof 51.01p per share (2006 - 29.01p per share) and the net assets of the groupwere £13.4m (2006 - £14.8m). The directors do not recommend the payment of a dividend for the year ended 30June 2007 (2006 - £nil). Principal activity and review of the business The company's principal activity during the year continued to be that of aprivate equity and ancillary services company and further details are set out inthe company statement above. The principal risks and uncertainties facing the business are investment risk,interest rate risk and liquidity risk. With the exception of the investment inmBlox, the group does not have a material exposure to foreign currency risk. The various categories of risk are proactively managed to ensure exposure torisk is mitigated wherever possible and appropriate. Further details of thisare set out in note 23 below. Future developments The company will be pursuing its policy of maximising the value of itsinvestments and, at the appropriate time, to realise such investments. Directors and their interestsThe directors during the year were as follows: P J CrawfordJ M FellermanR H KleinerW A H Crewdson The interests of the directors and their immediate families and the interests ofpersons connected with the directors for the purposes of section 346 of theCompanies Act 1985 in the issued ordinary share capital of the company as at 30June 2006 (all of which are beneficial unless otherwise noted) are as follows: Number of ordinary issued shares As at 1 July 2006 or at date of appointment, if later As at 30 June 2007P J Crawford 315,000 391,923J M Fellerman 405,720 444,182R H Kleiner 405,720 444,182W A H Crewdson - - The rights of the directors to subscribe for shares in Avanti Capital plc, theirimmediate families and persons connected with the directors for the purposes ofsection 246 of the Companies Act 1985 are as follows: At 1 July 2006 or date of At 30Rights to subscribe for shares appointment if June later Granted Cancelled Exercised 2007 J M Fellerman 416,667 - 416,667 - -R H Kleiner 416,667 - 416,667 - - As at 30 June 2006 there were 2,500,000 options to subscribe for ordinary sharesin the capital of the company at 150 pence per share under the company's LongTerm Share Scheme ("LTISS"). Following the changes to the management structure,the directors holding the options agreed to cancel the LTISS options granted tothem. Following revisions the company's purchase of its own shares and theconsequential changes to the number of options, there remain as at 30 June 2007,1,289,452 options granted under the LTISS all of which are held by previousdirectors. The terms of the LTISS are such that the options are exercisable ata price of 150p per share subject to the company's share price or net assetvalue reaching certain specified targets. The options, which were granted on 10January 2002 expire on 9 January 2012. As announced on 9 October 2006 the company entered into an investment advisoryagreement with Odyssey Partners Limited ("OPL"). The principal terms of theinvestment advisory agreement are that OPL, a company controlled by JulianFellerman and Richard Kleiner, provides all of the functions previously carriedout by the executive management team in respect of the group's portfolio. OPLbears all of its internal overheads and is paid an annual fee equal to 3% of thenet asset value of the company as at October 2006. In addition, OPL has acarried interest by reference to the realisations achieved in relation to theassets. The threshold, after which the carried interest becomes payable, isbased on realisations of not less than £12.7m or 150 pence per share (based onthe issued share capital of the company on 11 October 2006). There is a hurdleof 6% per annum to protect the company from the effects of time in relation tothe realisation of the portfolio. Once realisations are achieved in excess of£12.7m, provided that the return to the company would be at least that amounttogether with the hurdle, then in relation to any excess, OPL will be entitledto 25% of such excess up to £15.2m of realisations or 179 pence per share. OPL'sshare will be increased by 5% for each £2.5m in excess of £15.2m up to a maximumof 40% for realisations in excess of £20.2m or 239 pence per share. Report on directors' remuneration The remuneration of the directors for the year ended 30 June 2007 is as follows: Compensation Basic salary for loss of 2007 2006 and fees Benefits Bonus office Total TotalExecutive directors £ £ £ £ £ £J M Fellerman 38,365 2,399 - 150,000 190,764 149,731R H Kleiner 38,365 1,206 - 150,000 189,571 149,734 Non-executive directorsP J Crawford 25,000 1,015 - - 26,015 25,987W A H Crewdson 15,000 - - - 15,000 15,000J M Fellerman 3,750 - - - 3,750 -R H Kleiner 3,750 - - - 3,750 - Former executive directorsA J G Bilton - - - - - 12,500 124,230 4,620 - 300,000 428,850 352,952 (1) The above figures represent the due proportion of each director's annualsalary reflecting the period during the year for which each director was adirector of the company. (2) There were no pension payments in respect of either year. (3) During the year, as part of the management agreement entered into betweenthe company and Odyssey Partners Limited, Odyssey Partners Limited received feestotalling £335,237 including the non-executive directors' fees of JulianFellerman and Richard Kleiner. The remuneration committee comprises Philip Crawford (chairman) and WilliamCrewdson. Its terms of reference are concerned principally with the remunerationpackages offered to directors in that they should be competitive and aredesigned to attract, retain and motivate directors of the right calibre. Significant shareholding As at 4 July 2007, the company's significant shareholders were Moorfield GroupLimited 12.5%, Marlborough Fund Managers Limited 7.6%, Mr. R J R French 5.9% andAviation Adventures Limited 4.5%. Employee involvement The group is aware of the importance of good communication in relationships withits staff. The group follows a policy of encouraging training and regularmeetings between management and staff in order to provide common awareness onthe part of staff of the financial and economic circumstances affecting thegroup's performance. Disabled persons The group gives full consideration to applications for employment from disabledpersons where the candidate's particular aptitudes and abilities are consistentwith adequately meeting the requirements of the job. Opportunities areavailable to disabled employees for training, career development and promotion. Policy and practice on payment of creditors It is the group's policy to settle all agreed liabilities within the termsestablished with suppliers. During the year the average credit period taken was45 days (2005 - 60 days). Purchase of own shares During the year the company purchased 526,340 shares with a nominal value of 60peach at an average price of 127p per share. The aggregate consideration paid,including transaction costs of £6,723, was £675,215. The total purchasesrepresented 6.2% of the called up share capital of the company. The Boardintends to pursue the purchase by the company of its own shares where itbelieves such purchases will enhance the value per share to the continuingshareholders. International Financial Reporting Standard The Board is mindful that, for the year ending 30 June 2008, the company'sreported financial information will need to comply with IFRS. The Board is,therefore, currently reviewing what impact adopting IFRS will have on both thegroup's financial statements and the methodologies used for recording bothfinancial and related information. The Board are ensuring that the likelyimpact of IFRS on all significant transactions is fully considered. The key impacts of IFRS so far identified by the review are: • Spreading the benefit of rent-free periods on site leases in Eclectic Barsover the term of a lease, rather than the period to date of the first rentreview and related deferred tax. • Goodwill will not be amortised. An impairment review on goodwill in thebalance sheet will be undertaken each year. The previously reported results to 30 June 2007 and balance sheets as at 1 July2006 and 30 June 2007 will be restated and net assets will be impacted by theadjustments above. In addition, there will be disclosure changes which are notexpected to impact the results or net assets. Auditors In accordance with section 385 of the Companies act 1985, a resolution thatErnst & Young LLP be re-appointed will be put to the members at the AnnualGeneral Meeting. Disclosure of information to auditors The directors who were members of the board at the time of approving thedirectors' report are listed above. Having made enquiries of fellow directorsand of the company's auditors, each of these directors confirms that: • To the best of each director's knowledge and belief, there is no informationrelevant to the preparation of their report of which the company's auditors areunaware; and • Each director has taken all the steps a director might reasonably be expectedto have taken to be aware of relevant audit information and to establish thatthe company's auditors are aware of that information. By order of the board Julian FellermanSecretary 6 November 2007 Statement of directors' responsibilities The directors are responsible for preparing the Annual Report and the financialstatements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for eachfinancial year.Under that law the directors have elected to prepare thefinancial statement in accordance with United Kingdom Generally AcceptedAccounting Practice (United Kingdom Accounting Standards and applicable law).The financial statements are required by law to give a true and fair view of thestate of affairs of the company and of the group and of the profit or loss ofthe group for that period.In preparing these financial statements, the directorsare required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether applicable UK Accounting Standards have been followed, subjectto any material departures disclosed and explained in the financial statements; • prepare the financial statements on the going concern basis unless it isinappropriate to presume that the company will continue in business. The directors are responsible for keeping proper records that disclose withreasonable accuracy at any time the financial position of the group and toenable them to ensure that the financial statements comply with the CompaniesAct 1985. They are also responsible for safeguarding the assets of the groupand hence for taking reasonable steps for the prevention and detection of fraudand other irregularities. Report of the independent auditorsto the members of Avanti capital plc We have audited the group and parent company financial statements (the "financial statements") of Avanti Capital Plc for the year ended 30 June 2007which comprise the group profit and loss account, the group and company balancesheets, the group statement of cash flows, the group statement of totalrecognised gains and losses ad the related notes 1 to 27. These financialstatements have been prepared under the accounting policies set out therein. This report is made solely to the company's members, as a body, in accordancewith Section 235 of the Companies Act 1985. Our audit work has been undertakenso that we might state to the company's members those matters we are required tostate to them in an auditors' report and for no other purpose. To the fullestextent permitted by law, we do not accept or assume responsibility to anyoneother than the company and the company's members as a body, for our audit work,for this report, or for the opinions we have formed. Respective responsibilities of directors and auditors The directors' responsibilities for preparing the Annual Report and thefinancial statements in accordance with applicable United Kingdom law andAccounting Standards (United Kingdom Generally Accepted Accounting Practice) areset out in the Statement of Directors' Responsibilities. Our responsibility is to audit the financial statements in accordance withrelevant legal and regulatory requirements and International Standards onAuditing (UK and Ireland). We report to you our opinion as to whether the financial statements give a trueand fair view and are properly prepared in accordance with the Companies Act1985. We also report to you whether in our opinion the information given in thedirectors' report is consistent with the financial statements. The informationgiven in the directors' report includes that specific information presented inthe company statement that is cross referred from the Business Review section ofthe directors' report. In addition we report to you if, in our opinion, the company has not kept properaccounting records, if we have not received all the information and explanationswe require for our audit, or if information specified by law regardingdirectors' remuneration and other transactions is not disclosed. We read other information contained in the Annual Report, and consider whetherit is consistent with the audited financial statements. This other informationcomprises only the company statement and statement of corporate governance. Weconsider the implications of our report if we become aware of any apparentmisstatements or material inconsistencies with the financial statements. Ourresponsibilities do not extend to any other information. Basis of audit opinion We conducted our audit in accordance with International Standards on Auditing(UK and Ireland) issued by the Auditing Practices Board. An audit includesexamination, on a test basis, of evidence relevant to the amounts anddisclosures in the financial statements. It also includes an assessment of thesignificant estimates and judgments made by the directors in the preparation ofthe financial statements, and of whether the accounting policies are appropriateto the group's and company's circumstances, consistently applied and adequatelydisclosed. We planned and performed our audit so as to obtain all the information andexplanations which we considered necessary in order to provide us withsufficient evidence to give reasonable assurance that the financial statementsare free from material misstatement, whether caused by fraud or otherirregularity or error. In forming our opinion we also evaluated the overalladequacy of the presentation of information in the financial statements. Opinion In our opinion • the financial statements give a true and fair view, in accordance with UnitedKingdom Generally Accepted Accounting Practice, of the state of the group's andthe parent company's affairs as at 30 June 2007 and of the group's loss for theyear then ended; • the financial statements have been properly prepared in accordance with theCompanies Act 1985; and • the information given in the directors' report is consistent with thefinancial statements. Ernst & Young LLPRegistered AuditorLondon Consolidated profit and loss accountfor the year ended 30 June 2007 2007 2006 Notes £000 £000 Total turnover (continuing operations) 2 12,607 17,107Cost of sales (2,112) (3,153)Gross profit 10,495 13,954 Operating expenses:Administrative expenses - exceptional items 3 (1,471) (687)Administrative expenses - others 4 (13,821) (16,062) (15,292) (16,749)Other operating income 105 - (15,187) (16,749) Operating loss (continuing operations) (4,692) (2,795)Profit on disposal of investments 7 - 96Gain/(loss) on disposal of tangible assets 374 (273) Loss on ordinary activities before interest and taxation (4,318) (2,972)Interest receivable 8 71 352Interest payables and similar charges - other loans (5) (185) Loss on ordinary activities before taxation (4,252) (2,805)Taxation 9 - - Loss after taxation (4,252) (2,805)Minority interest - 113 Loss retained for the financial year (4,252) (2,692) Loss per equity share 11Basic loss per equity share (51.01)p (29.01)pDiluted loss per equity share (51.01)p (29.01)p Consolidated statement of total recognised gains and lossesfor the year ended 30 June 2007 Notes 2007 2006 £000 £000(Loss) for the financial year attributable to members of the parent 20 (4,252) (2,692)companyRevaluation of fixed asset investments 20 3,500 1,984Total recognised gains and losses (752) (708) Consolidated balance sheetat 30 June 2007 2007 2006 Notes £000 £000Fixed assets Intangible assets 12 3,827 4,214Tangible assets 13 871 1,513Investments 14 9,276 6,362 13,974 12,089 Current assetsStocks 15 80 201Debtors 16 967 846Cash at bank and in hand 1,340 1,803 2,387 2,850Creditors: amounts falling due within one year 17 (1,148) (129)Net current assets 1,239 2,721 Total assets less current liabilities 15,213 14,810Creditors: amounts falling due after more than one year (5) - 15,208 14,810Provisions 18 (1,819) - 13,389 14,810Capital and reservesCalled up share capital 19 4,815 5,131Revaluation reserve 20 5,484 1,984Capital redemption reserve 20 1,409 1,093Other reserves 20 2,045 2,045Profit and loss account 20 (364) 4,556Equity shareholders' funds 21 13,389 14,809Minority interest - 1 13,389 14,810 Julian Fellerman - DirectorRichard Kleiner - Director6 November 2007 Balance sheetat 30 June 2007 2007 2006 Notes £000 £000Fixed assetsTangible assets 13 3 337Investments 14 10,728 10,637 10,731 10,974 Current assetsDebtors 16 810 1,063Cash at bank and in hand 1,387 1,580 2,197 2,643Creditors: amounts falling due within one year 17 (211) (259)Net current assets 1,986 2,384 12,717 13,358 Provisions 18 1,819 - Net assets 10,898 13,358 Capital and reservesCalled up share capital 19 4,815 5,131Capital redemption reserve 20 1,409 1,093Other reserves 20 2,045 2,045Profit and loss account 20 2,629 5,089Equity shareholders' funds 10,898 13,358 Julian Fellerman - DirectorRichard Kleiner - Director6 November 2007 Consolidated statement of cash flowsfor the year ended 30 June 2007 2007 2006 Notes £000 £000Net cash outflow from operating activities 22(a) (225) (2,416)Returns on investments and servicing of financeInterest received 71 352Interest paid (5) (185) 66 167Capital expenditure and financial investmentPurchase of tangible fixed assets (87) (459)Purchase of intangible assets (334) -Purchase of investments (52) (2,081)Proceeds from sale of tangible assets 740 4Proceeds from sale of intangible fixed assets 94 -Proceeds from sale of fixed asset investments 3 27Net cash inflow/(outflow) from capital expenditure and financial 364 (2,509)investment Acquisitions and disposalsNet cash transferred with subsidiary undertakings - (164)Net cash outflow from acquisitions and disposals - (164) Net cash inflow/(outflow) before management of liquid resources and 205 (4,922)financing Management of liquid resourcesMovement on liquid resources (12) 9,314 FinancingPayments for share buy back (668) (2,050)Issue of shares by group companies to minority shareholders - 80Repayment of other loans - (2,752) Decrease in cash in the year (475) (330) Analysis of changes in net funds Cash at bank Short term and in hand deposits Total £000 £000 £000At 1 July 2006 431 1,372 1,803Net cash flow (475) 12 (463)At 30 June 2007 (44) 1,384 1,340 Short term deposits are included within cash at bank and in hand in the balancesheet, and movements in these deposits are shown as movements on liquidresources in the consolidated statement of cashflows. Notes to the accountsat 30 June 2007 1.Accounting policies Accounting convention The accounts are prepared under the historical cost convention, as modified bythe revaluation of fixed asset investments, and in accordance with applicableUnited Kingdom accounting standards. Basis of consolidation The group accounts consolidate the accounts of the company and all itssubsidiary undertakings drawn up to 30 June each year. No profit and lossaccount is presented for the company as permitted by section 230 of theCompanies Act 1985. Eclectic Bars Limited has been included in the group accounts using theacquisition method of accounting. Accordingly, the group profit and lossaccount and statement of cash flows include the results and cash flows ofEclectic Bars Limited for the 52 weeks ended 1 July 2007. The loss attributable to the parent company is £1.792m (2006 - £2.518m). Turnover Turnover, which is stated net of value added tax, represents amounts invoiced tothird parties on its ongoing activities, and amounts received and receivablefrom the management and operation of late night bars and nightclubs. Theanalysis of turnover is set out in note 2 below. Depreciation Depreciation is provided on all tangible fixed assets at rates calculated towrite off the cost, less estimated residual value based on prices prevailing atthe date of acquisition, of each asset evenly over its expected useful life asfollows: Leasehold property - Life of leaseLeasehold improvements - 4 yearsFurniture and fittings - 4 yearsIT equipment - 3 yearsMotor vehicles - 3 to 5 years The carrying values of tangible fixed assets are reviewed for impairment whenevents or changes in circumstances indicate the carrying value may not berecoverable. Stocks Stocks are stated at the lower of cost and net realisable value. Foreign currency translation Transactions in foreign currencies are recorded at the rate ruling at the dateof the transaction. Monetary assets and liabilities denominated in foreign currencies areretranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. Goodwill Goodwill is the difference between the cost of an acquired entity and theaggregate of the fair value of the entity's identifiable assets and liabilities.Positive goodwill is capitalised, classified as an asset of the balance sheetand amortised on a straight line basis over its useful economic life up to amaximum of 20 years. It is reviewed for impairment at the end of the first fullfinancial year following the acquisition and in other periods if events orchanges in circumstances indicate that the carrying value may not berecoverable. If a subsidiary or business is subsequently sold or closed, any goodwill arisingon acquisition that was written off directly to reserves or that has beenamortised through the profit and loss account is taken into account indetermining the profit or loss on sales or closure. Where the fair value of the net assets acquired exceeds the fair value of theconsideration for an acquired undertaking, the difference is treated as negativegoodwill and is capitalised and amortised through the profit and loss account inthe period in which the non-monetary assets are recovered. In the case of fixedassets this is the period over which they are depreciated, and in the case offixed asset investments, the period over which they are sold or otherwiserealised. Fixed asset investments Fixed asset investments, comprising equity shares and share options, are valuedin accordance with the "Guidelines for the valuation and disclosure of venturecapital portfolios" published by the British Venture Capital Association on thefollowing basis: (a) Early stage investments: these are investments in immature companies,including seed, start-up and early stage investments. Such investments arevalued at cost less any provision considered necessary, until no longer viewedas early stage or unless a significant transaction involving an independentthird party at arm's length, values the investment at a materially differentvalue; (b) Development stage investments: such investments are in mature companieshaving a maintainable trend of sustainable profits and from which an exit, byway of flotation or trade sale, can be reasonably foreseen. An investment ofthis stage is periodically revalued by reference to open market value.Valuation will usually be by one of four methods as indicated below: i) At cost for at least one period unless such a basis is unsustainable; ii) On a third party basis based on the price at which a subsequent significantinvestment is made involving a new investor; iii) On an earnings basis, but not until at least a period since the investmentwas made, by applying a discounted price/earnings ratio to profit aftertaxation, either before or after interest; or iv) On a net asset basis, again applying a discount to reflect the illiquidityof the investment. (c) Quoted investments: such investments are valued using the quoted marketprice, discounted if the shares are subject to any particular restrictions orare significant in relation to the issued share capital of a small quotedcompany. A review of impairment in value is undertaken by reference to funding,investment or offers in progress after the balance sheet date. Financial instruments The group uses financial instruments comprising cash and short term deposits andborrowings. It does not enter into derivative transactions such as interestrate swaps, forward rate agreements or forward currency contracts. Revenue inthe form of interest arises from the cash and short term deposits and this isrecognised in the profit and loss account as it is earned. Deferred taxation Deferred taxation is recognised in respect of all timing differences that haveoriginated but not reversed at the balance sheet date where transactions orevents have occurred at that date that will result in an obligation to pay more,or right to pay less or to receive more tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similarfair value adjustments) of fixed assets, or gains on disposal of fixed assetsthat have been rolled over into replacement assets, only to the extent that, atthe balance sheet date, there is a binding agreement to dispose of the assetsconcerned. However, no provision is made where, on the basis of all availableevidence at the balance sheet date, it is more likely than not that the taxablegain will be rolled over into replacement assets and charged to tax only wherethe replacement assets are sold. Deferred tax assets are recognised only to the extent that the directorsconsider that it is more likely than not that there will be suitable taxableprofits from which the future reversal of the underlying timing differences canbe deducted. Deferred tax is measured on an undiscounted basis at the tax rates that areexpected to apply in the periods in which timing differences reverse, based ontax rates and laws enacted or substantively enacted at the balance sheet date. Leasing commitments Rentals paid under operating leases are charged to income on a straight linebasis over the lease term. Operational exceptional items Operational exceptional items are treated as such if the matters are materialand fall within one of the categories below: a) Write down (including provisions) to recoverable amounts in respect ofproperty, investments and stock; b) Restructuring costs of an activity of the group; c) Disposals of property and investments; d) Abortive deal costs; e) Litigation settlements; and f) Reversal of provisions 2.Turnover (a) Analysis of turnover and loss before taxation Loss on ordinary Turnover* activities before tax 2007 2006 2007 2006 £000 £000 £000 £000Business sectors:*Investment and ancillary services* 59 78 (3,079) (2,015)Bar & night clubs 12,548 17,029 (1,173) (790) 12,607 17,107 (4,252) (2,805) Geographical markets:United Kingdom 12,607 17,107 (4,252) (2,805) * The geographical segmentation is by both origin and destination ofturnover.All turnover is generated from third parties. (b) Analysis of net assets 2007 2006 £000 £000Business sectors:Investment and ancillary services 9,003 14,767Bar and night clubs 4,386 43 13,389 14,810 Geographical location:United Kingdom 4,549 8,957Rest of World 8,840 5,853 13,389 14,810 3.Exceptional items Other 2007 2006 £000 £000Provision for impairment of fixed asset investments 88 223Deal and merger costs: - Redundancy costs 552 354 - Cost on abortive projects 17 54 - Others 7 -Restructuring charges 807 56 1,471 687 The proportion of exceptional items that relate to minority interests is£338,000 (2006 - £164,000). 4.Analysis of administrative expenses - other 2007 2006 £000 £000Auditors' remuneration: - audit 51 55Depreciation 362 434Amortisation of goodwill 627 396Operating lease rentals - land and buildings 1,276 2,088Others 11,505 13,089 13,821 16,062 5.Staff costs 2007 2006 £000 £000Wages and salaries 2,196 4,129Social security costs 248 339 2,444 4,468 There were no pension contributions during the year. The average monthly number of employees during the year was as follows: 2007 2006 No. No.Investment holdings 5 4Bar and night clubs - Bar staff 300 380 - Head office 20 25 325 409 6.Directors' remuneration 2007 2006 £000 £000Emoluments 129 353Compensation for loss of office 300 - 429 353 An analysis of directors' remuneration is set out in the directors' report.There were no pension payments in respect of either year. 7. Profit on disposal of investments 2007 2006 £000 £000Book profit arising from the reorganisation of Barvest Limited - 96 There were no taxation effects arising from the profit on disposal ofinvestments. 8. Interest receivable and similar income 2007 2006 £000 £000On bank deposits 71 352 9. Taxation (a) Analysis of credit in year: 2007 2006 £000 £000Current taxUK corporation tax on the loss for the year - -Deferred taxExcess capital allowance over depreciation (note 9 - -(c))Total tax credit for year - - (b) Factors affecting current tax credit for the year: The tax assessed for the year differs from the standard rate of corporation taxin the UK (30%). The differences are explained below: 2007 2006 £000 £000Loss on ordinary activities before tax (4,252) (2,805)Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 30% (2006 - 30%) (1,276) (842)Effects of:Disallowable expenses and non-taxable income 381 47Depreciation in excess of capital allowances 36 127Losses arising in the current year not relievable against current 970 886taxLosses brought forward utilised (111) (218)Current tax for the year (note 9a) - - (c) Deferred tax 2007 2006 £000 £000Excess capital allowances over depreciation - - The group has tax losses arising in the UK of approximately £22.1 million (2006- £20.4 million) that are available indefinitely for offset against futuretaxable profits of those companies in which the losses arose. Deferred taxassets of £6.6 million (2006 - £6.1 million) have not been recognised in respectof these losses as they may not be used to offset taxable profits elsewhere inthe group. 10.Dividends No dividend will be declared for the year ended 30 June 2007 (2006 - £nil). 11. Loss per share The basic (loss) per share calculation is based on the group's retained loss forthe year of £4.3m (2006 - £2.6m) and the weighted average number of shares inissue for the year of 8,333,945 (2006 - 9,278,092). The loss attributed to ordinary shareholders and the weighted average number ofshares for the purposes of calculating the diluted earnings per share isidentical to those used for basic earnings per share. This is because theexercise of options would have the effect of reducing the loss per share and istherefore not dilutive under the terms of FRS14. 12. Intangible assets Positive Negative Goodwill Goodwill 2007 2007 £000 £000Cost:At 1 July 2006 4,214 (1,749)Addition 334 -Disposal (94) -At 30 June 2007 4,454 (1,749) Amortisation:At 1 July 2006 - (1,749)Provided during the year 627 -At 30 June 2007 627 (1,749)Net book value as at 30 June 2007 3,827 -Net book value as at 30 June 2006 4,214 - Negative goodwill is written off over a period of 4 years and positive goodwillis written off over a period of 10 years. The addition to positive goodwill during the year relates to the reorganisationof Eclectic Bars that took place in June 2006 and for which there were post-yearend adjustments. 13.Tangible fixed assets Leasehold Leasehold IT Furniture Motor property improvements equipment and vehicles Total fittingsGroup £000 £000 £000 £000 £000 £000Cost:At 1 July 2006 420 326 260 821 63 1,890Additions/Adjustments - 203 4 (147) 27 87Disposals 420 (30) - (127) (21) (598)At 30 June 2007 - 499 264 547 69 1,379 Depreciation:At 1 July 2006 89 25 225 38 - 377Provided during the 10 35 20 273 24 362yearDisposals (99) (25) - (107) - (231)At 30 June 2007 - 35 245 204 24 508Net book value:At 30 June 2007 - 464 19 343 45 871 At 30 June 2006 331 301 35 783 63 1,513 Leasehold Leasehold IT Furniture property improvements equipment & fittings TotalCompany £000 £000 £000 £000 £000Cost:At 1 July 2006 420 25 194 39 678Additions - - 1 - 1Disposal (420) 25 - - (445)At 30 June 2007 - - 195 39 234Depreciation:At 1 July 2006 89 25 190 37 341Provided during the year 10 - 4 - 14Disposal (99) (25) - - (124)At 30 June 2007 - - 194 37 231Net book value:At 30 June 2007 - - 4 2 3 At 30 June 2006 331 - 4 2 337 14. Fixed asset investments Group Company Group Company 2007 2007 2006 2006 £000 £000 £000 £000Other 9,276 3,152 6,362 3,137Unlisted investments - Investment in subsidiaries - 7,576 - 7,500 9,276 10,728 6,362 10,637 Cost Provision Revaluation Book valueGroup £000 £000 £000 £000At 1 July 2006 13,821 (9,443) 1,984 6,362Additions 52 - - 52Disposals (293) 290 - (3)Provision - (88) - (88)Exchange differences - (547) - (547)Transfers (26) 26 - -Revaluation - - 3,500 3,500At 30 June 2007 13,554 (9,762) 5,484 9,276 Details of the investments in which the group and the company holds 20% or moreof the nominal value of any class of share capital are as follows: - Name of Company Holding Proportion of voting Nature of business rights and shares heldSubsidiary undertakings:Avanti Holdings plc Ordinary shares 100% Private equityAvanti Partners (UK) Limited Ordinary shares 100% Management servicesAvanti Partners NV * Ordinary shares 100% Private equityEclectic Bars Limited Ordinary shares 60% Operation of late night bars(formerly Barclub Limited) and night clubs Avanti Partners (UK) Limited and Avanti Partners NV are directly owned by AvantiHoldings plc and the rest of the subsidiaries are directly owned by AvantiCapital plc. * Incorporated in Belgium 15. Stocks 2007 2006 £000 £000Goods for re-sale 80 201 16. Debtors Group Company Group Company 2007 2007 2006 2006 £000 £000 £000 £000Trade debtors 117 11 43 -Other taxes 25 - - 11Amounts due from subsidiary company - 689 - 756Other debtors 825 110 803 296 967 810 846 1,063 17. Creditors: amounts falling due within one year Group Company Group Company 2007 2007 2006 2006 £000 £000 £000 £000Trade creditors 439 4 35 34Other taxes and social security 278 - 17 17costsAmounts due to subsidiary companies - - - -Accruals 431 207 77 208 1,148 211 129 259 18. Provisions Group Company Group Company 2007 2007 2006 2006 £000 £000 £000 £000Carried interest 1,819 1,819 - - The carried interest has been provided on the basis of terms of the agreementbetween the company and Odyssey Partners Limited. The amount has beencalculated by reference to the net assets as at 30 June 2007 which assumes thatthe amounts attributable to each asset will be realised at the amounts sostated. 19. Share capital Authorised Allotted, called up and fully paid 2007 2006 2007 2007 No. No. No. No.Ordinary shares of £0.60 each 20,833,333 20,833,333 8,025,752 8,552,092 As at 30 June 2006 there were 8,552,092 ordinary shares of 60 pence each in thecapital of the company. During the year, 526,340, ordinary shares of 60 penceeach in the capital of the company were bought back by the company forcancellation at an average price of 127 pence per share. This resulted in therebeing 8,025,752 ordinary shares of 60p each in issue at the balance sheet date. 20. Reserves Capital Profit and Revaluation redemption Other loss reserve reserve reserves account TotalGroup £000 £000 £000 £000 £000At 1 July 2006 1,984 1,093 2,045 4,556 9,678Loss retained for the - - - (4,252) (4,252)financial yearRevaluation for the year 3,500 - - - 3,500Shares buy back in the year - 316 - (668) (352)At 30 June 2007 5,484 1,409 2,045 (364) 8,574 Capital Profit and Revaluation redemption Other loss reserve reserve reserves account TotalCompany £000 £000 £000 £000 £000At 1 July 2006 - 1,093 2,045 5,089 8,227Loss retained for the financial - - - (1,792) (1,792)yearShares buy back in the year - 316 - (668) (352)At 30 June 2007 - 1,409 2,045 2,629 6,083 21. Reconciliation of movements in shareholders' funds 2007 2006 £000 £000 Loss for the financial year attributable to the members of the (4,252) (2,692)parent companyRevaluation of fixed asset investments 3,500 1,984Share buyback (668) (2,050)Shareholders' equity at 1 July 2006 14,809 17,567At 30 June 2007 13,389 14,089 22. Notes to the consolidated cash flow statement (a) Reconciliation of operating loss to net cash (outflow) from operatingactivities 2007 2006 £000 £000Operating loss (4,692) (2,795)Depreciation 362 434Goodwill amortisation 627 396Provision against fixed asset investment (including exchange 635 223losses)Provision for carried interest 1,819 -Decrease in stock 121 84(Increase)/decrease in debtors (121) 2Increase/(decrease) in creditors 1,024 (541)Bank loan issue costs - (219)Net cash (outflow) from operating activities (225) (2,416) (b) Reconciliation of net cash flow to movement in net funds 2007 2006 £000 £000Decrease in cash (475) (330)Increase/(decrease) in short term deposits 12 (9,314)Decrease in loans - 2,971Net funds at 1 July 2006 1,803 8,476At 30 June 2007 1,340 1,803 (c) Exceptional Items Cash flows relating to operating exceptional items The provision for impairment of fixed asset investments of £635,000 (2006 -£223,000) did not have an effect on cash flows. In the current year there were operating cash outflows from exceptional itemsrelating to redundancy and restructuring charges of £1.3m (2006 - £410,000) andcost of abortive projects of £17,000 (2006 - £54,000). 23. Financial Instruments The group's financial instruments comprise fixed asset investments, cash andliquid resources, and various items, such as trade debtors and trade creditorsthat arise directly from its operations. The vast majority of the group'sfinancial investments are denominated in sterling. The group does not enter into derivatives or hedging transactions. It is, and has been throughout the period under review, the group's policy thatno trading in financial instruments shall be undertaken. The main risks arising from the group's financial instruments are investmentrisk, interest rate risk and liquidity risk. With the exception of theinvestment in mBlox, the group does not have a material exposure to foreigncurrency risk. The board reviews policies for managing each of these risks, andthey are summarised as follows: Investment risk Investment risk includes investing in companies that may not perform asexpected. The group's investment criteria focus on the quality of the businessand the management team of the target company, market potential and the abilityof the investment to attain the returns required within the time horizon set forthe investment. Due diligence is undertaken on each investment. The groupregularly reviews the investments in order to monitor the level of risk andmitigate exposure where appropriate. Interest rate risk The group borrows in currencies to match the denomination at fixed and floatingrates of interest to generate the desired interest profile and to manage thegroup's exposure to interest fluctuations. Liquidity risk The group's policy is to finance its operations and expansion through workingcapital and, in the case of investing in target companies, to raise anappropriate level of acquisition finance. Short term debtors and creditors Amounts dealt with in the numerical disclosures in this note exclude short termdebtors and creditors. There is no material difference between the fair values and book values of thegroup's financial instruments. Financial assets The group has financial assets as shown below: Floating Non-interest Floating Non-interest rate bearing rate bearing financial financial financial financial assets assets assets assets 2007 2007 2006 2006Currency £000 £000 £000 £000Sterling - cash and short term deposits 1,340 - 1,803 -Sterling - unquoted investments - 9,276 - 6,362 1,340 9,276 1,803 6,362 The floating rate assets earn interest at rates based upon LIBOR. Non-interestbearing financial assets are available on demand. 24. Other financial commitments At 30 June 2007, the group had annual commitments under non-cancellableoperating leases as set out below: 2007 2007 2006 2006 Group Company Group Company £000 £000 £000 £000Land and BuildingsOperating leases which expire: - in less than one year 77 - - - - within two to five years - - 128 - - in over five years 824 - 1,245 - 901 - 1,373 - 25. Commitments The company has a cash commitment in respect of one its investments, namely XDLIntervest (USA) Limited Partnership. The company was originally committed to paya total of CAN$1m to XDL Intervest (USA) Limited Partnership but the commitmenthas now been capped at CAN$800,000 (£388,000). As at 30 June 2007, CAN$668,038(£324,000) had been paid leaving an outstanding commitment of CAN$131,962(£64,000). 26. Contingent Liabilities The company entered into a guarantee of the obligations of the bar and nightclub business previously owned by Eclectic Bars Limited in respect of its leaseat its Edinburgh site. The annual rent is £57,000. 27. Transactions with directors As reported in the accounts to 30 June 2006, the shares in Avanti PartnersLimited were transferred to Julian Fellerman and Richard Kleiner on 11 October2006. Following the management structure changes, Avanti Partners Limitedchanged its name to Odyssey Partners Limited and during the period under review,Odyssey Partners Limited provided investment advisory services amounting to£335,237. Included in provisions is an amount of £1.819 million which relates to thecarried interest that would be payable to Odyssey Partners Limited if the netassets were to be realised at their balance sheet values. Supplementary information (unaudited) Pro Forma Profit & Loss and Balance Sheets Notes to the Pro Forma Profit & Loss Account and Balance Sheets The pro forma financial information has not been audited. The pro forma financial information has been prepared to illustrate the effectof not consolidating the results and net assets of Eclectic Bars Limited andtherefore sets out the investment activity of Avanti Capital plc as distinctfrom the bars and clubs activity operated by Eclectic Bars Limited. The adjustments shown within the pro forma financial information enables areconciliation to be made to the audited figures included within this annualreport and which comprise the usual consolidation items including fees andinterest charged by the group to Eclectic Bars Limited and the inclusion, withinthe pro forma Profit & Loss, of EBITDA for Eclectic Bars Limited in respect ofthe 52-weeks period from 28 June 2006 to 1 July 2007. Avanti Eclectic Bars Adjustment Group TotalProfit & Loss £000 £000 £000 £000Turnover - continuing operations 164 12,548 (105) 12,607 164 12,548 (105) 12,607Less: cost of sales - (2,112) - (2,112)Gross profit 164 10,436 (105) 10,495Operating expenses (2,868) (9,694) 105 (12,457)Other income - 105 - 105EBITDA (2,704) 847 - (1,857)Depreciation & goodwillamortisation (14) (976) - (990)Interest payable - (199) 194 (5)Interest receivable 265 - (194) 71 Profit on ordinary activities before taxation (2,453) (328) - (2,781)and exceptional itemsExceptional items - other 75 (845) (701) (1,471) (Loss)/profit on ordinary activities before (2,378) (1,173) (701) (4,252)taxationTaxation - - - - (Loss)/profit on ordinary activities after (2,378) (1,173) (701) (4,252)taxation Avanti Eclectic Bars Adjustment Group TotalNet Assets £000 £000 £000 £000Fixed assetsGoodwill - 5,849 (2,022) 3,827Tangible assets 3 868 - 871Investments 16,852 - (7,576) 9,276 16,855 6,717 (9,598) 13,974Current assetsStock - 80 - 80Debtors 157 810 - 967Cash at bank & in-hand 1,457 (117) - 1,340 1,614 773 - 2,387Creditors: amounts falling due within one year (66) (1,082) - (1,148)Net current assets 1,548 (309) - 1,239 18,403 6,408 (9,598) 15,213Creditors: amounts falling due after one yearShareholders' loan - (7,576) 7,576 -Other creditors - (5) - (5) 18,403 (1,173) (2,022) 15,208Provisions (1,819) - - (1,819) 16,584 (1,173) (2,022) 13,389Represented by:Share capital 4,815 - - 4,815Revaluation reserve 5,484 - - 5,484Capital redemption reserve 1,409 - - 1,409Other reserves 2,045 - - 2,045Profit & loss accounts 2,831 (1,173) (2,022) (364)Shareholders' funds 16,584 (1,173) (2,022) 13,389 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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