24th Sep 2007 07:02
Gresham Computing PLC24 September 2007 Embargoed until 7am 24 September 2007 Gresham Computing plc ("Gresham" or the "Company") Placing of new Ordinary Shares Details of the Placing Gresham Computing plc is pleased to announce a placing of 2,500,000 million newOrdinary Shares (the 'Placing Shares') at a price of 110 pence per share (the'Placing Price') with institutional and other investors in order to raise £2.75million (before expenses). The funds raised will be used to strengthen theCompany's balance sheet, fund its ongoing capital requirements and to fund theexpansion of its business. The Placing Price of 110 pence per share is 6.38% below the previous day'sclosing share price of 117.5 pence per share. The following Directors intend to subscribe for Placing Shares at the PlacingPrice under the terms of the Placing: No of shares Interest in the % Interest in the subscribed under Company's enlarged Company's enlarged the Placing issued share capital issued share capital Andrew Walton-Green 11,818 677,513 1.28 Chris Errington 2,268 2,268 0.0 Alan Howarth 9,091 12,291 0.02 The placing is conditional on the Placing Shares being admitted to the officiallist of the UK Listing Authority and to trading on the London Stock Exchange'smarket for listed securities ('Admission'). Application for Admission has been made to the UK Listing Authority and theLondon Stock Exchange and it is expected that Admission will become effectiveand dealings on the London Stock Exchange will commence on 27 September 2007.The Placing Shares are expected to be credited to CREST accounts by 27 September2007. The Placing Shares will, when issued and fully paid, rank pari passu in allrespects with the Existing Ordinary Shares. The Placing Shares are to beallotted by the Company pursuant to the existing authorities approved at thelast annual general meeting of the Company. KBC Peel Hunt is acting as financial adviser and broker to Gresham in respect ofthe Placing. Background to and reasons for the Placing Gresham specializes in providing real time financial solutions and enterprisestorage solutions to its target markets - the global banking industry, theircorporate customers and the global Fortune 2000. The Company develops,integrates and implements its own software and, where appropriate, re-sells andsupports third party software. Over 100 of the Fortune 500 companies useGresham's technology, including banks, government, healthcare, technology,outsourcing and other financial services organizations. The Company now hasglobal reach and, after opening an office in New York, now has seven offices infive key financial centres, including London, New York, Sydney, Kuala Lumpur andToronto. Following the significant investment in marketing resources and headcount madein late 2006 and the first half of 2007 the Company has a significant pipelinefrom sales and marketing activities (especially in real time financialsolutions). The funds raised in the Placing will be used to strengthen the Company's balancesheet, fund its ongoing capital requirements and to fund the expansion of itsbusiness. Clareti Cash Reporting Service ("CCRS") As announced on 3 September 2007 the use of Gresham's CCRS offering continues togrow through an increased number of users and an increase in their data demands.The Company recorded an average transaction throughput of US$400 - 500 billionper day (and for June 2007 an average of in excess of US$500 billion per day),representing an increase in volume of over 90%. Gresham currently has twenty four provider banks providing data and the Companyis working with a number of others in order to satisfy existing and new userdemand. The Directors believe that the relevance of CCRS in reducing foreign exchangesettlement risks was demonstrated by a Bank for International Settlements Report(June 2007) which highlights the need for the wider banking community to nowmore rapidly adopt solutions and controls to mitigate large, and often unknown,financial risks associated with cash movements In addition, the Directors believe that a new driver in this market is thecorporate market and the demand for data from the end users. Clareti Payables Financing Further to the agreements to form a consortium with a major Asia Pacifictelecommunications company to operate in the Australian market, as announced bythe Company on 3 September 2007, the Company continues to invest in supply chainfinancing technology through the Clareti Payables Financing portal. This patentpending technology will allow Gresham to take advantage of what the Boardbelieve is a growing financial services market. The Company expects that this service will be rolled out to a number of otherFTSE sized businesses in Australia over the next few years and the Company willcontinue to seek relationships with key partners in this market and to extendinto the Asia Pacific market. The Board believes that trade finance is now all pervasive and that supply chainfinancing constitutes an extensive and established market, with corporates usingit to cover off their working capital requirements and to minimise their cashconversion cycle. Published market information states that there has been a 12%annual growth in factoring by companies. The Clareti Payables Financing portalprovides an end to end hosted e-procurement solution in the supply chainfinancing and factoring markets. Existing portal companies have, between them,hundreds of billions of dollars of throughput. For further information, please contact: Gresham Computing plc +44 (0)20 7653 0200Andrew Walton-Green (Chief Executive Officer) Financial Dynamics +44 (0)207 831 3113James Melville-Ross KBC Peel Hunt +44 (0)207 418 8900Oliver Scott/Gordon Suggett This announcement is for information purposes only and does not constitute anoffer or invitation to acquire or dispose of any securities or investment advicein any jurisdiction. It has been issued by, and is the sole responsibility of,the Company. Neither KBC Peel Hunt nor any of its affiliated or associatedentities or persons shall have any liability for any information contained inthis announcement. KBC Peel Hunt, which is regulated by the Financial Services Authority, is actingexclusively for the Company and for no one else solely in connection with thePlacing and will not be responsible to anyone other than the Company forproviding the protections afforded to the customers of KBC Peel Hunt or forproviding advice in relation to the Placing. This announcement is not for release, publication or distribution in or into theUnited States, Australia, Canada or Japan or any jurisdiction where it would beunlawful to do so. This release is not an offer for sale of securities in the United States.Securities may not be offered or sold in the United States absent registrationor an exemption from registration under the U.S. Securities Act of 1933, asamended. The issuer of the shares has not registered, and does not intend toregister, any portion of the offering in the United States and does not intendto conduct a public offering of its securities in the United States. FORWARD LOOKING STATEMENTS This announcement may contain forward-looking statements, including, withoutlimitation, statements containing the words "believes", "anticipates", "expects", and similar expressions. Such forward-looking statements involve unknownrisks, uncertainties and other factors which may cause the actual results,financial condition, performance or achievements of the Company, or industryresults, to be materially different from any future results, performance orachievements expressed or implied by such forward-looking statements. Giventhese uncertainties, prospective investors are cautioned not to place any unduereliance on such forward-looking statements. The Company disclaims anyobligation to update any such forward-looking statements in this announcement toreflect future events or developments. The Placing Shares referred to in this announcement have not been and will notbe registered under the US Securities Act and may not be offered or sold in theUnited States except pursuant to an exception from, or a transaction not subjectto, the requirements of the US Securities Act. There will be no public offer ofthe Placing Shares in the United Kingdom, United States of America or elsewhere. APPENDIX 1 TERMS AND CONDITIONS OF THE PLACING For Invited Placees only - Important Information 1. Eligible Participants This Appendix, including the terms and conditions of the Placing set out below,is directed only at (i) persons who are FSMA Qualified Investors; and (ii)certain other persons with whom KBC Peel Hunt has communicated previously inrelation to the Placing. In this Appendix "you" or "Placee" means any person who is or becomes committedto subscribe for Placing Shares under the Placing. Members of the public are not eligible to take part in the Placing. 2. Overseas jurisdictions The distribution of this announcement and the Placing and/or issue of ordinaryshares pursuant to the Placing in certain jurisdictions may be restricted bylaw. FSMA Qualified Investors who seek to participate in the Placing mustinform themselves about and observe any such restrictions. In particular, thisannouncement does not constitute an offer to sell or issue or the solicitationof an offer to buy or subscribe for Ordinary Shares in the United States,Canada, Japan or Australia or in any other jurisdiction in which such offer orsolicitation is or would be unlawful. The Placing Shares have not been and willnot be registered under the US Securities Act or under the securities laws ofany State or other jurisdiction of the United States, and, subject to certainexceptions, may not be offered or sold, resold or delivered, directly orindirectly in or into the United States, or to, or for the account or benefitof, any US persons (as defined in Regulation S under the US Securities Act). Nopublic offering of the Placing Shares is being made in the United States. Nomoney, securities or other consideration from any person inside the UnitedStates is being solicited pursuant to this announcement or the Placing. 3. Placing KBC Peel Hunt is arranging the Placing as agent for and on behalf of theCompany. KBC Peel Hunt will determine in its absolute discretion the extent ofeach Placee's participation in the Placing, which will not necessarily be thesame for each Placee. No commissions will be paid to or by Placees in respectof their agreement to subscribe for any Placing Shares. Each Placee will be required to pay to KBC Peel Hunt, on the Company's behalf,the Placing Price as the subscription sum for each Placing Share agreed to besubscribed by it under the Placing in accordance with the terms set out in thisAppendix. Each Placee's obligation to subscribe and pay for Placing Sharesunder the Placing will be owed to each of the Company and KBC Peel Hunt. EachPlacee will be deemed to have read this announcement in its entirety. To thefullest extent permitted by law and applicable FSA rules, neither KBC Peel Huntnor any other KBC Person shall have any liability to Placees or to any personother than the Company in respect of the Placing. The Company reserves the right to allow officers of the Company and/or employeesof its Group companies to subscribe for some of the Placing Shares at thePlacing Price, with KBC Peel Hunt's agreement, on substantially the same orsimilar terms as apply to those FSMA Qualified Investors subscribing sharesunder the Placing. 4. Participation and settlement Participation in the Placing is only available to persons who are invited toparticipate in it by KBC Peel Hunt. A Placee's commitment to subscribe for a fixed number of Placing Shares underthe Placing will be agreed orally with KBC Peel Hunt. Such agreement willconstitute a legally binding commitment on your part to subscribe for thatnumber of Placing Shares at the Placing Price on the terms and conditions setout or referred to in this Appendix and subject to the Company's memorandum andarticles of association. After such agreement is entered into a writtenconfirmation will be dispatched to you by KBC Peel Hunt confirming the number ofPlacing Shares that you have agreed to subscribe, the aggregate amount you willbe required to pay for those Placing Shares and settlement instructions. It isexpected that such written confirmations will be despatched on the date of thisannouncement, that the "trade date" for settlement purposes will be 25 September2007 and the "settlement date" will be 27 September 2007. A settlement instruction form will accompany each written confirmation and, onreceipt, should be completed and returned to Jamie Reynolds at KBC Peel Hunt byfax on 020 7972 0112 by 3.00 p.m. on 24 September 2007. Settlement of transactions in the Placing Shares (ISIN: GB0008808825) will takeplace within the CREST system, subject to certain exceptions, on a "deliveryversus payment" (or "DVP") basis. You should settle against CREST ID: 546. KBCPeel Hunt reserves the right to require settlement for and delivery of anyPlacing Shares to any Placees by such other means that it deems appropriate ifdelivery or settlement is not possible or practicable within the CREST systemwithin the timetable set out in this announcement or would not be consistentwith the regulatory requirements in any Placee's jurisdiction. If your Placing Shares are to be delivered to a custodian or settlement agent,you should ensure that the written confirmation is copied and deliveredimmediately to the appropriate person within that organisation. 5. No Prospectus No prospectus has been or will be submitted for approval by the FSA in relationto the Placing or the Placing Shares. Placees' commitments in respect of PlacingShares will be made solely on the basis of the information contained in thisannouncement and on the terms contained in it. 6. Placing Shares The Placing Shares will, when issued, be credited as fully paid and will rankpari passu in all respects with the existing issued Ordinary Shares. Application will be made for the admission of the Placing Shares to the OfficialList and to trading on the London Stock Exchange's market for listed securities.It is expected that Admission will take place, and dealings in the PlacingShares will commence, on 27 September 2007. 7. Placing Agreement KBC Peel Hunt has today entered into the Placing Agreement with the Companyunder which KBC Peel Hunt has, on the terms and subject to the conditions setout in the Placing Agreement, agreed to use its reasonable endeavours as agentof the Company to procure subscribers for Placing Shares at the Placing Priceeach. 8. Placing conditions The Placing is conditional on, inter alia, (a) the Placing Agreement not beingterminated in accordance with its terms, (b) Admission taking place not laterthan 8.00 a.m. on 27 September 2007, and (c) the Placing Agreement becomingunconditional in all other respects. KBC Peel Hunt reserves the right (with the agreement of the Company) to waive orextend the time and or date for the fulfilment of any of the conditions in thePlacing Agreement to a time no later than 9.00a.m. on 11 October 2007 ("the LongStop Date"). If any condition in the Placing Agreement is not fulfilled or waived by KBC PeelHunt by the relevant time, the Placing will lapse and your rights andobligations pursuant to the Placing shall cease and terminate at such time. The Placing Agreement may be terminated by KBC Peel Hunt at any time prior toAdmission in certain circumstances including, inter alia, following a materialbreach of the Placing Agreement by the Company or the occurrence of certainforce majeure events. The exercise of any right of termination pursuant to thePlacing Agreement, any waiver of any condition in the Placing Agreement and anydecision by KBC Peel Hunt whether or not to extend the time for satisfaction ofany condition in the Placing Agreement or otherwise in respect of the Placingshall be within KBC Peel Hunt's absolute discretion. KBC Peel Hunt shall haveno liability to you in the event of any such termination, waiver or extension orin respect of any decision whether to exercise any such right of termination,waiver or extension. 9. Payment default Your entitlement to receive any Placing Shares will be conditional on KBC PeelHunt's receipt of payment by the relevant time to be stated in the writtenconfirmation referred to above, or by such later time and date as KBC Peel Huntmay in its absolute discretion determine. KBC Peel Hunt may, in its absolutediscretion, waive such condition, and shall not be liable to you in the event ofit deciding whether to waive or not to waive such condition. If you fail to make such payment by the required time for any Placing Shares (1)the Company may release itself (if it decides, at its absolute discretion, to doso) and will be released from all obligations it may have to allot and/or issueany such Placing Shares to you or at your direction which are then unallottedand/or unissued, (2) the Company may exercise all rights of lien, forfeiture andset-off over and in respect of any such Placing Shares to the fullest extentpermitted under its articles of association or otherwise by law and to theextent that you then have any interest in or rights in respect of any suchshares, (3) the Company or, as applicable, KBC Peel Hunt may sell (and each ofthem is irrevocably authorised by you to do so) all or any of such shares onyour behalf and then retain from the proceeds, for the account and benefit ofthe Company or, where applicable, KBC Peel Hunt (i) any amount up to the totalamount due to it as, or in respect of, subscription monies, or as interest onsuch monies, for any Placing Shares, (i) any amount required to cover any stampduty or stamp duty reserve tax arising on the sale, and (iii) any amountrequired to cover dealing costs and/or commissions necessarily or reasonablyincurred by it in respect of such sale, and (4) you shall remain liable to theCompany and to KBC Peel Hunt for the full amount of any losses and of any costswhich it may suffer or incur as a result of it (i) not receiving payment in fullfor such Placing Shares by the required time, and/or (ii) the sale of any suchPlacing Shares to any other person at whatever price and on whatever terms areactually obtained for such sale by or for it. Interest may be charged inrespect of payments not received by KBC Peel Hunt for value by the required timereferred to above at the rate of two percentage points above the base rate ofBarclays Bank plc. 10. Placees' warranties and undertakings to the Company and KBC PeelHunt By agreeing with KBC Peel Hunt to subscribe Placing Shares under the Placing youwill irrevocably acknowledge and confirm and warrant and undertake to, and agreewith, each of the Company and KBC Peel Hunt, in each case as a fundamental termof your application for Placing Shares and of the Company's obligation to allotand/or issue any Placing Shares to you or at your direction, that: (a) you agree to and accept all the terms set out in this announcement; (b) your rights and obligations in respect of the Placing willterminate only in the circumstances described in this announcement and will notbe capable of rescission or termination by you in any circumstances; (c) this announcement, which has been issued by the Company, is thesole responsibility of the Company; (d) you have not been, and will not be, given any warranty orrepresentation in relation to the Placing Shares or to the Company or to anyother member of its Group in connection with the Placing, other than by theCompany as included in this announcement or to the effect that the Company isnot now in breach of its obligations under the UK Listing Rules and the UKDisclosure and Transparency Rules to disclose publicly in the correct manner allsuch information as is required to be so disclosed by the Company; (e) you have not relied on any representation or warranty in reachingyour decision to subscribe Placing Shares under the Placing, save as given ormade by the Company as referred to in the previous paragraph; (f) you are not a customer of KBC Peel Hunt in relation to the Placingand KBC Peel Hunt is not acting for you in connection with the Placing and willnot be responsible to you in respect of the Placing for providing protectionsafforded to its customers; (g) you have not been, and will not be, given any warranty orrepresentation by any KBC Person in relation to any Placing Shares or theCompany or any other member of its Group; (h) you will pay the full subscription amount as and when required inrespect of all Placing Shares allocated to you in accordance with such terms andwill do all things necessary on your part to ensure that payment for such sharesand their delivery to you or at your direction is completed in accordance withthe standing CREST instructions (or, where applicable, standing certificatedsettlement instructions) that you have in place with KBC Peel Hunt or put inplace with KBC Peel Hunt with its agreement; (i) you are entitled to subscribe for Placing Shares under the laws ofall relevant jurisdictions which apply to you and you have complied, and willfully comply, with all such laws (including where applicable, theAnti-Terrorism, Crime and Security Act 2001, the Proceeds of Crime Act 2002, andthe Money Laundering Regulations 2003) and have obtained all governmental andother consents (if any) which may be required for the purpose of, or as aconsequence of, such subscription, and you will provide promptly to KBC PeelHunt such evidence, if any, as to the identity or location or legal status ofany person which KBC Peel Hunt may request from you in connection with thePlacing (for the purpose of its complying with such Regulations or ascertainingthe nationality of any person or the jurisdiction(s) to which any person issubject or otherwise) in the form and manner requested by KBC Peel Hunt on thebasis that any failure by you to do so may result in the number of PlacingShares that are to be allotted and/or issued to you or at your directionpursuant to the Placing being reduced to such number, or to nil, as KBC PeelHunt may decide at its sole discretion; (j) you have complied and will comply with all applicable provisionsof the FSMA with respect to anything done or to be done by you in relation toany Placing Shares in, from or otherwise involving the United Kingdom and youhave not made or communicated or caused to be made or communicated, and you willnot make or communicate or cause to be made or communicated, any "financialpromotion" in relation to Placing Shares in contravention of section 21 of FSMA; (k) you are a FSMA Qualified Investor or you are otherwise a person ator to whom any private communication relating to the Company that is a "financial promotion" (as such term is used in relation to FSMA) may lawfully beissued, directed or otherwise communicated without the need for it to beapproved, made or directed by an "authorised person" as referred to in FSMA; (l) you are acting as principal only in respect of the Placing or, ifyou are acting for any other person in respect of the Placing (1) you are dulyauthorised to do so, (2) you are and will remain liable to the Company and/orKBC Peel Hunt for the performance of all your obligations as a Placee in respectof the Placing (regardless of the fact that you are acting for another person),(3) you are both an "authorised person" for the purposes of FSMA and a "qualified investor" as defined at Article 2.1(e)(i) of Directive 2003/71/EC(known as the Prospectus Directive) acting as agent for such person, and (4)such person is either (i) a FSMA Qualified Investor or (ii) a "client" (asdefined in section 86(2) of FSMA) of yours that has engaged you to act as hisagent on terms which enable you to make decisions concerning the Placing or anyother offers of transferable securities on his behalf without reference to him; (m) nothing has been done or will be done by you in relation to thePlacing or to any Placing Shares that has resulted or will result in any personbeing required to publish a prospectus in relation to the Company or to anyordinary shares in accordance with FSMA or the UK Prospectus Rules or inaccordance with any other laws applicable in any part of the European Union orthe European Economic Area; (n) you are not, and are not acting in relation to the Placing asnominee or agent for, a person who is or may be liable to stamp duty or stampduty reserve tax in respect of any agreement to acquire (or any acquisition of)shares or other securities at a rate in excess of 0.5% (including, withoutlimitation, under sections 67, 70, 93 or 96 of the Finance Act 1986 concerningdepositary receipts and clearance services), and the allocation, allotment,issue and/or delivery to you, or any person specified by you for registration asholder, of Placing Shares will not give rise to a liability under any suchsection; (o) you will not treat any Placing Shares in any manner that wouldcontravene any legislation applicable in any territory or jurisdiction and noaspect of your participation in the Placing will contravene any legislationapplicable in any territory or jurisdiction in any respect or cause the Companyor KBC Peel Hunt to contravene any such legislation in any respect; (p) (applicable terms and expressions used in this paragraph have themeanings that they have in Regulation S made under the US Securities Act) (1)none of the Placing Shares has been or will be registered under the USSecurities Act, (2) none of the Placing Shares may be offered, sold, taken up ordelivered, directly or indirectly, into or within the United States exceptpursuant to an exemption from, or in transactions not subject to, theregistration requirements of the US Securities Act, (3) you are not within theUnited States and you are not a US person, (4) you have not offered, sold ordelivered and will not offer sell or deliver any of the Placing Shares topersons within the United States, directly or indirectly, (5) neither you, youraffiliates, nor any persons acting on your behalf, have engaged or will engagein any directed selling efforts with respect to the Placing Shares, (6) you willnot be subscribing Placing Shares with a view to resale in or into the UnitedStates, and (7) you will not distribute any offering material relating toPlacing Shares, directly or indirectly, in or into the United States or to anypersons resident in the United States; (q) KBC Peel Hunt may (at its absolute discretion) satisfy itsobligations to procure Placees by itself agreeing to become a Placee in respectof some or all of the Placing Shares or by nominating any other KBC Person orany person associated with any KBC Person to do so or by allowing officers ofthe Company and/or employees of Group companies to subscribe Placing Sharesunder the Placing at the Placing Price ; (r) time is of essence as regards your obligations under thisAppendix; (s) this Appendix and any contract which may be entered into betweenyou and KBC Peel Hunt and/or the Company pursuant to it or the Placing shall begoverned by and construed in accordance with the laws of England, for whichpurpose you submit to the exclusive jurisdiction of the courts of England andWales as regards any claim, dispute, or matter arising out of or relating tothis Appendix or such contract, except that each of the Company and KBC PeelHunt shall have the right to bring enforcement proceedings in respect of anyjudgement obtained against you in the courts of England and Wales in the courtsof any other relevant jurisdiction; (t) each right or remedy of the Company or KBC Peel Hunt provided forin this Appendix is in addition to any other right or remedy which is availableto such person and the exercise of any such right or remedy in whole or in partshall not preclude the subsequent exercise of any such right or remedy; (u) any document that is to be sent to you in connection with thePlacing will be sent at your risk and may be sent to you at any address providedby you to KBC Peel Hunt; (v) nothing in this Appendix shall exclude any liability of any personfor fraud on its part, and all times and dates in this announcement are subjectto amendment at the discretion of KBC Peel Hunt, except that in no circumstanceswill the date scheduled for Admission be later than the Long Stop Date; and (w) none of your rights or obligations in respect of the Placing isconditional on any other person agreeing to subscribe any Placing Shares underthe Placing and no failure by any other Placee to meet any of its obligations inrespect of the Placing shall effect any of your obligations in respect of thePlacing. APPENDIX 2 DEFINITIONS "Admission" the admission of the Placing Shares to the Official List and to trading on the London Stock Exchange's market for listed securities "Board" the Company's board of directors "Company" or "Gresham" Gresham Computing plc "Directors" the directors of the Company "Existing Ordinary Shares" Ordinary Shares in issue on the date of this announcement "FSA" the Financial Services Authority "FSMA" the Financial Services and Markets Act 2000 "FSMA Qualified Investor" a person who is a "qualified investor" as referred to at section 86(7) of FSMA and at or to whom any private communication relating to the Company that is a "financial promotion" (as such term is used in relation to FSMA) may lawfully be issued, directed or otherwise communicated without the need for it to be approved, made or directed by an "authorised person" as referred to in FSMA "Group" the group of which the Company is the parent and its subsidiary undertakings are members "KBC Peel Hunt" KBC Peel Hunt Ltd "KBC Person" any person being (i) KBC Peel Hunt, (ii) an undertaking which is a subsidiary undertaking of KBC Peel Hunt, (iii) a parent undertaking of KBC Peel Hunt or (other than KBC Peel Hunt) a subsidiary undertaking of any such parent undertaking, or (iv) a director, officer, agent or employee of any such person "Ordinary Shares" ordinary shares of 5 pence each in the Company "Placees" persons who agree to subscribe Placing Shares pursuant to the Placing "Placing" the proposed conditional placing the Placing Shares pursuant to the Placing Agreement "Placing Agreement" the conditional placing agreement relating to the Placing between the Company and KBC Peel Hunt dated the same date as this announcement "Placing Price" 110 pence per Placing Share "Placing Shares" 2,500,000 new Ordinary Shares to be made available for subscription under the Placing "Shareholders" holders of Ordinary Shares "UK" or "United Kingdom" the United Kingdom of Great Britain and Northern Ireland "United States" the United States of America, its territories and possessions, any State of the United States and the District of Columbia "US Securities Act" the US Securities Act of 1933 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
GHT.L