25th May 2006 07:04
Nanotech Energy plc25 May 2006 25 May 2006 Nanotech Energy plc ("Nanotech Energy" or the "Company") EGM Approval of the Acquisition of Impact Funding (UK) Proposed Consolidation of every 10 Ordinary Shares of 0.5 pence each into 1 New Ordinary Share of 5 pence Placing of 57,500,000 Ordinary Shares at 10 pence per share Proposed Increase in Authorised Share Capital Proposed change of name to Impact Holdings (UK) Plc Nanotech Energy today announces that the Company has entered into an agreementto purchase the entire issued share capital of Impact Funding from the Vendorfor the sum of £3,150,000, the consideration for which is to be satisfied by theissue and allotment of the Consideration Shares, credited as fully paid, at 10pence per share. Owing to its size, the Acquisition constitutes a "reversetakeover" for the purpose of the AIM Rules and is therefore conditional onShareholder approval, which is being sought at an Extraordinary General Meetingof the Company to be held on 19 June 2006. The Directors are also proposing a consolidation of Existing Ordinary Shareswhich they believe will help reduce the volatility in the price of the ExistingOrdinary Shares and attract more institutional investors. It is anticipated that dealings in the Existing Ordinary Shares on AIM willrecommence today. A circular comprising an Admission Document under the AIM rules was sent toShareholders yesterday. This will include a Notice of an Extraordinary GeneralMeeting of the Company to be held on 19 June 2006, together with a form ofProxy. Background information on Nanotech Energy Nanotech Energy was admitted to trading on AIM in March 2005, with a statedinvestment strategy to seek out and research potential acquisition andinvestment opportunities in target companies which are profitable or havesignificant asset values. On 12 December 2005, trading in the Company's ExistingOrdinary Shares was suspended from trading due to its then board of directorsbeing replaced by the Directors. Previously, a number of investmentopportunities had been reviewed, but until now, no suitable investment has beenfound to fulfil the Company's investment strategy. Background information on Impact Funding The Acquisition On 24 May 2006, the Company entered into the Acquisition Agreement whereby,conditional upon, inter alia, the passing of the Resolutions, the Placing andAdmission it will acquire Impact Funding, a loan provider in the UK legaldisbursement market space, established by Impact Capital Limited, the soleshareholder of the Vendor. Impact Capital Limited is an Australianpre-settlement lending business that was launched in mid 2004 and is anAustralian public company whose shares are listed on the Australian StockExchange. Under the terms of the Acquisition Agreement, the Company has conditionallyagreed to acquire the entire issued share capital of Impact Funding inconsideration for the allotment and issue of the Consideration Shares, creditedas fully paid, to the Vendor. Under the terms of the Vendor Placing Agreement,15,000,000 of the Consideration Shares will be placed by Daniel Stewart withinstitutional and other investors as agent for the Vendor simultaneous withAdmission. The Acquisition Agreement is conditional upon inter alia: (a) the Resolutions being duly passed without material amendment; (b) each of the Placing Agreement and the Vendor Placing Agreement becoming andremaining unconditional; and (c) the delivery to the Company of the executed Option Replacement Deed, furtherdetails of which are set out below. The Acquisition Agreement contains certain warranties and indemnities given bythe Vendor for which the maximum aggregate liability for breach is limited to£3,150,000. A claim against the Vendor under the warranties may only be broughtif it exceeds £65,000 and the warranties may only be enforced by the Company onor before 24 months following Admission. The Vendor has also agreed on completion of the Acquisition Agreement to enterinto a tax deed containing a covenant to indemnify the Company againstpre-completion tax liabilities of Impact Funding, which may only be enforced bythe Company prior to the seventh anniversary of completion of the AcquisitionAgreement. The Company has a right to terminate the Acquisition Agreement in the event thatwarranty breaches or breaches of the tax deed (had it been entered into on thedate of the Acquisition Agreement) or any other provision of the AcquisitionAgreement are discovered before completion of the Acquisition Agreement whichwould have a material adverse effect on the business of Impact Funding, being ofan amount of £65,000 or more. The obligations of the Vendor under the Acquisition Agreement (and the tax deed)have been guaranteed by its parent, Impact Capital Limited which is anAustralian public company whose shares are listed on the Australian StockExchange. Impact Capital Limited Impact Capital Limited was the first mainstream pre-settlement lender to list onthe Australian Stock Exchange. The main three product offerings in theAustralian market relate to: • personal injury claims; • matrimonial settlements; and • deceased estate loans. In the twelve months to December 2005, Impact Capital Limited made in excess of1,000 loans totalling A$16 million (approximately £6.8 million). In the sameperiod Impact Capital Limited experienced no defaults and an amount of A$6million (approximately £2.5 million) has been repaid. The current loan book in Australia is now generating an approximate averageincome (fees, charges and interest) in excess of A$250,000 (approximately£105,000) per month. Impact Funding Over the last twelve months the directors of Impact Funding have undertakenextensive research into the opportunity for its products in the UK includingascertaining the following: • the size of the UK market; • the material differences between the Australian and UK markets; • the most efficient and cost effective entry point into the UK market; and • the potential profitability of the UK market. Building upon their operational experience in Australia, the directors of ImpactFunding aim to focus initially on the UK disbursement funding market. This willalso provide an entry point to market to law firms and gain access to thepre-settlement personal injury and matrimonial lending markets. Disbursement Funding Industry Overview According to Government figures, the services provided by legal firms in the UKin 2003 were worth £19 billion to the UK economy. The opportunity in the disbursement funding market, arises due to a combinationof regulatory and competitive factors which have recently reshaped thislandscape. The abolition of most classes of legal aid and the introduction of the Access toJustice Act in 1999 triggered a series of changes, which included the advent of'after the event' ("ATE") insurance and the proliferation of accidentintermediaries. The growth of accident intermediaries, alongside the adoption ofConditional Fee Arrangements by legal firms, contributed to an increase inclaimant volumes. Significantly, between 1999 - 2002, there was a 122 per cent.increase in legal expenses notified to insurers. However, a combination of questionable and inflated claims origination practicesby certain accident intermediaries, opaque relationships between intermediariesand insurers, and reputational damage caused by media reports of a pervasivecompensation culture led to a breakdown of the system. This was evidenced by thehigh profile collapses of Claims Direct, Invaro and The Accident Group.Consequently, the tainted image of the industry reduced the role ofintermediaries and led to a shrinkage of ATE insurance capacity. There are nowvery few mainstream banks providing legal disbursement funding. Despite this history, a number of factors point to the continuing existence of asignificant, untapped opportunity. This opportunity emanates from a demand forcredit by claimants and law firms who do not fulfil mainstream lender criteria.At the same time, the availability of multiple tiers of reinsurance reduces theoverall risk associated with claimant financing. The in-built solicitorindemnity insurance safeguards also yield an attractive opportunity in thisspecialised legal disbursement funding market. According to 2004 industry research UK personal injury claims are estimated tobe worth between £7.86 billion and £8.75 billion during 2005 and 2006.Historical data analysis shows that legal costs in relation to personal injuryclaims have been growing at a rate of 9 per cent. per annum. Based on the 2004research, the main personal injury claim segments are motor (48.7 per cent.),employer liability (37.8 per cent.) and general liability (11.9 per cent.). Theaverage claim sizes are motor (£7,500), employer liability (£9,000) and generalliability (£12,000). Barriers to entry exist in the form of a heavily regulated consumer creditmarket and the need for specialist knowledge of legal practices. Impact Funding products Impact Funding provides the following categories of legal disbursements lending: • Client based lending: claimants sign a CCA loan agreement and Impact Fundingpays funds directly to the claimant's solicitors; • Practice Lending: this involves direct lending to solicitors based onhistorical claims in progress where claimants do not necessarily have CCA loans; • Pre-settlement lending: Impact provides pre-settlement loans to injuryclaimants, beneficiaries of the proceeds of deceased estates and family lawsettlement participants; and • RTB (Right To Buy) Lending: the provision of disbursement funding on behalf ofCouncil House Tenants who are entitled to purchase their council house/flat. Client based lending Impact Funding provides a CCA loan to claimants on acceptance of their case bythe solicitor. The purpose of the loan is to fund legal disbursements (e.g.expert medical reports, barristers' advice, engineers' reports). The loanproceeds are paid directly into the claimant's solicitors client account or paiddirectly to service providers and secured by an indemnity provided by thesolicitors in favour of Impact Funding. Loans range from £1,000 for RTA claimsto £3,000 for Employers' Liability and Public Liability claims. In most cases the CCA loan provider requires an indemnity from the claimant'ssolicitor (usually on a portfolio basis). This requirement can act as adeterrent to solicitors recommending these facilities to clients withoutconsidering the merits of the underlying case. Practice lending Impact Funding will make an aggregate loan to a solicitor firm against aportfolio of historical claims in progress. The loan amount will typically rangefrom £250,000 to £1,000,000 with a maturity period of 24 months. The loan willbe amortised as and when claims are settled, with the final outstanding paymentbeing made at the end of the 24 month period. The two key revenue streams are the loan interest and the loan arrangement fees.The overall loan arrangement fees earned over any period will depend on the loanrecycling or churn rate. The Directors and the Proposed Directors anticipatethat the interest rate charged by Impact Funding on new loans will be 16.95 percent. APR (subject to change based on the base rate) and that arrangement feeswill be between £50 and £80 per claim. Pre-settlement lending Pre-settlement loans are provided for both living expenses and legaldisbursements to: • individuals who have commenced legal proceedings in relation to a personalinjury they have sustained; • claimants awaiting family law settlements; and • benficiaries awaiting the distribution of the proceeds of a deceased estate. CCA loans are provided to persons in these categories up to the time thesettlement is paid. All loans are capped at a proportion of the estimated futuresettlement. RTB lending The scheme operates in accordance with the Government's policy on the transferof social housing to existing tenants who have occupied their rentedaccommodation for more than 2 years. The loans provided by Impact Funding coverthe up front RTB agent charge for managing the RTB process for the client. Thistype of loan agreement is not regulated by the CCA and is used where the maximumduration of the loan is 360 days. Other potential products The Directors and the Proposed Directors also intend to look at opportunitieswithin disbursement funding where serviceability precludes mainstream lendersfrom entering the space utilising CCAs and Unregulated Agreements. In addition, the Directors and the Proposed Directors intend to consider otherfunding opportunities where debt instruments or debentures provide the primarysecurity and there are opportunities for short term funding (with a singlerepayment of capital and interest). Acquisitions, books and/or debt The Directors and the Proposed Directors will also consider acquisitions ofexisting businesses and/or loan books and debt. Outsourcing Impact Funding has outsourced its provision of loan management and IT supportservices to Veras plc. Robert Long is a director of Veras plc and a significantshareholder holding 25 per cent. of the issued share capital of Veras plc. The services and support will be provided under the terms of a master servicescontract with the Company dated 24 May 2006 and include the provision of fullquality assurance and quality surveillance as well as on line real time vettingof potential clients on the basis of "Know Your Client" KYC checks. In additionVeras plc hosts Impact Funding's loan management applications. The Directors and Proposed Directors believe that Impact Funding will benefitsignificantly from this agreement as it avoids the need for significantoverheads which one might normally expect to find in a business that specialisesin processing significant numbers of relatively small loans. Marketing The Directors and the Proposed Directors intend to penetrate the UK disbursementmarket by establishing relationships with, and promoting the Enlarged Group'sproducts through, selected law firms, brokers and agents. In an attempt toreduce the risk of default on loans, Impact Funding has in place robust riskassessment and due diligence processes. Partnerships with law firms will bebased on a combination of commercial attractiveness and risk profile. The Directors and Proposed Directors intention is that Impact Funding willprovide credit facilities only to those law firms that satisfy its due diligencerequirements. The selected firms should have the following characteristics: • sound operational and risk management systems and processes; • regular processing of at least 25 claims per month; • a strong covenant; and • an established reputation. Competition Specialist Disbursement Funding Providers Apart from mainstream lenders, there are a number of other disbursement funders,including Hampshire Trust, Church-House Trust, Justfunding, Lawassist,fandisolutions, Singer and Friedlander and M Young Legal Associates andLitigation Management Limited whose APR rates vary from 2.5 per cent. above baseto 15.9 per cent. The Directors and Proposed Directors believe that the Company will benefit fromtheir in depth knowledge of legal firm practices and requirements, alongsideeffective risk management practices. In addition, the Directors and Proposed Directors believe that the evolvingregulatory regime is likely to result in enhanced transparency across theindustry and may lead to a reduction in the number of providers in the market. Licensing and Regulation Impact Funding currently holds the following licence and registration: • Licensed as a CCA supplier by the Office of Fair Trading (OFT-Licence Number563198); and • Registered with the Data Protection Registrar in compliance with the DataProtection Act 1998. Protection Register (Registration number Z8816139). Summary of the Share Capital Consolidation The Share Capital Consolidation is being undertaken to increase the nominalvalue of each issued and unissued share in the capital of the Company to 5pence. The Directors and Proposed Directors believe that this consolidationshould reduce the volatility in the price of Existing Ordinary Shares andattract institutional investors. It is proposed, subject to Shareholder approval at the EGM, to consolidate every10 Existing Ordinary Shares of 0.5 pence each into one new Ordinary Share of 5pence. Consequently, the approval of Shareholders is sought by the proposal ofResolution number 2 at the EGM for a consolidation of the issued and unissuedordinary shares of 0.5 pence each, such that all Shareholders will receive onenew Ordinary Share of 5 pence for every 10 Existing Ordinary Shares of 0.5pence. The record date for the Share Capital Consolidation will be the close ofbusiness on 19 June 2006. Subject to the passing of Resolution 2 at the EGM,fractions of new Ordinary Shares resulting from the Share Capital Consolidationwill not be issued to Shareholders. The Board may decide that any fractionsshall be consolidated into new Ordinary Shares which the Board may sell and payand distribute the net proceeds of such sale to the Shareholders on a pro ratabasis. Based on the shareholdings at the date of this announcement and thecurrent share price of an Existing Ordinary Share, it is not expected that anyfractional entitlements will be above £1 and so it is not expected that anydistribution will be made to Shareholders in relation to fractionalentitlements. Except in relation to fractional entitlements, the proportion ofeach Shareholder's interest in the Company will remain the same, and except forthe increase in nominal value, the Ordinary Shares will be identical in allrespects to the Existing Ordinary Shares of 0.5 pence each. The Ordinary Shareswill rank pari passu in respect of dividends. Share certificates for Existing Ordinary Shares of 0.5 pence each will remainvalid pending the issue of new share certificates in respect of the OrdinaryShares, which it is anticipated will be despatched by 27 June 2006. Upon receiptof new share certificates, certificates in respect of the Existing OrdinaryShares will become invalid and should be destroyed. After implementation of the Share Capital Consolidation, the share capital ofthe Company will comprise Ordinary Shares in place of Existing Ordinary Shares. The effect on Shareholders of the Share Capital Consolidation, if implemented,will be as follows: Shareholders will receive: for every 10 Existing Ordinary Shares of 0.5 pence each held on the Record Date,1 Ordinary Share of 5 pence. Current trading and prospects The Company's Existing Ordinary Shares were suspended from trading on AIM on 12December 2005. Since then, the Directors have been analysing acquisitionopportunities. In the event that the Resolutions are not passed, the ExistingOrdinary Shares will then be suspended from trading on AIM under the AIM Rules.The Directors would then have to consider the options available to the Companywhich may or may not include the liquidation of the Company. The Directors believe that the Acquisition provides the Company with theopportunity to produce a rapidly growing loan book and a diverse range of loanproducts. After twelve months of research and development Impact Funding began its lendingoperations in November 2005 and the Directors and the Proposed Directors believethat the low cost base of the business and the strong cash flow that isgenerated from the loan book will allow the business to grow rapidly over thenext year. Details of the Placing The Company is proposing to raise approximately £4,250,000, before expenses,through the issue of 42,500,000 First Placing Shares to institutional investorsat a price of 10 pence per share. The estimated net proceeds of the FirstPlacing to be received by the Company are £3,745,000 (excluding VAT), which willbe used as follows: £ million----------------------- -----------------------Marketing 0.075----------------------- -----------------------Accrued Directors' Fees 0.060----------------------- -----------------------Working Capital 3.610----------------------- ----------------------- The First Placing Shares will represent approximately 54.26 per cent. of theEnlarged Issued Share Capital. At the Placing Price, the Company's marketcapitalisation on Admission will be £7,833,333. In addition under the terms of the Vendor Placing Agreement, Daniel Stewart willas agent for the Vendor place 15,000,000 of the Consideration Shares (the SecondPlacing Shares) with institutional and other investors simultaneous withAdmission. Following Admission, the Directors and the Proposed Directors (and companiesconnected and/or associated with them) will hold, in aggregate, approximately1.91 per cent. of the Enlarged Share Capital. Following Admission, the Vendorwill hold, in aggregate, approximately 21.06 per cent. of the Enlarged IssuedShare Capital. The First Placing Shares and the Second Placing Shares will rank pari passu inall respects with the Existing Ordinary Shares, save only for the difference intheir nominal value following the Share Capital Consolidation. Dealings in theFirst Placing Shares and the Consideration Shares (including the Second PlacingShares) on AIM are expected to commence on 20 June 2006. It is anticipated thatCREST accounts will be credited on the day of Admission and that sharecertificates will be despatched by first class post by 27 June 2006. Directors and the Proposed Directors Biographical details of the Directors are as follows: Adam Collins, Executive Director, aged 33. Adam has extensive experience instructuring, capital raising, public company administration, stock exchangecompliance and shareholder relations. Adam's previous directorships includecompanies involved in property and construction, media, marketing and financialservices sectors. Adam is a former consultant to Impact Capital Limited, whichis listed on the Australian Stock Exchange. Bob Long, Executive Director, aged 47. Bob is currently the Operations Directorand Chairman of Veras plc and Veras Funding Solutions Limited. Veras Plc is anOFT licensed credit and FSA authorised insurance broker specialising in theprovision of litigation funding and insurance solutions to the legal profession.A summary of the services that Veras plc provides to Impact Funding is set outin paragraph 5 above. The Proposed Directors, being the following two proposed non-executivedirectors, are to be appointed to the Board on Admission. Bruce Judge, Non-Executive Chairman, aged 64, a merger and acquisition expertwith over 30 listed public company successes to his credit. Former investmentsuperintendant of a major New Zealand insurer and former executive director ofBrierley Investments Limited, one of New Zealand's largest investment companies.Bruce was Australian entrepreneur of the year in 1986 and has undertaken jointventure partnerships with high profile partners in Hong Kong, Korea, the US andAustralia. Richard Kilsby, Non-Executive Deputy Chairman, aged 54, is a qualified charteredaccountant and spent his early career as an employee and partner inPriceWaterhouse. He has held senior management positions at Bankers Trust andCharterhouse and was an executive director of the London Stock Exchange Plc. Heis currently a non-executive director of Collins Stewart Tullett PLC andnon-executive chairman of 888.com Holdings plc, both of which are listed on theOfficial List. Enquiries:----------------------- ---------------------------------------------- -----------------------Adam Collins/Bob Long 0161 437 9333----------------------- -----------------------Nanotech Energy plc----------------------- ---------------------------------------------- -----------------------Alastair Cade/Jonny Franklin-Adams 020 7776 6550----------------------- -----------------------Daniel Stewart & Company plc----------------------- ----------------------- Definitions The following definitions apply throughout this announcement, unless the contextrequires otherwise: "Acquisition" the proposed acquisition of Impact Funding by the Company pursuant to theAcquisition Agreement "Acquisition Agreement" the conditional agreement dated 24 May 2006 made between the Vendor, ImpactCapital Limited and the Company for the acquisition by the Company of the entireissued share capital of Impact Funding "Act" or "Companies Act" the Companies Act 1985, as amended "Admission" the admission of the Enlarged Issued Share Capital to trading on AIM becomingeffective in accordance with the AIM Rules "AIM" the market known as "AIM" operated by the London Stock Exchange "AIM Rules" the rules for AIM companies in force at the date of this announcement issued bythe London Stock Exchange "Board" the board of directors of the Company, including a duly constituted committee ofsuch directors "CCA" Consumer Credit Act 1974 "Consideration Shares" the 31,500,000 new Ordinary Shares to be issued and allotted, credited as fullypaid, at 10 pence per share to the Vendor upon completion of the Acquisition ofwhich 15,000,000 will immediately be placed by Daniel Stewart with institutionaland other investors pursuant to the terms of the Vendor Placing Agreement "CREST" the computerised settlement system (as defined in the CREST Regulations)operated by CRESTCo which facilitates the transfer of title to shares inuncertificated form (as defined in the CREST Regulations) "CREST Regulations" the Uncertificated Securities Regulations 2001 (SI 2001/3755) "Daniel Stewart" Daniel Stewart & Company plc, the Company's nominated adviser and broker "Daniel Stewart Option" the option agreement dated 24 May 2006 made between the Company (1) and DanielStewart (2) pursuant to which Daniel Stewart will, conditional on Admission, begranted an option to subscribe for 1,174,999 new Ordinary Shares "Directors" the directors of the Company "EGM" or "Extraordinary General Meeting" the extraordinary general meeting of the Company convened for 10.30 a.m. on 19June 2006, notice of which is set out at the end of the admission document sentto Shareholders "Enlarged Issued Share Capital" the Ordinary Shares in issue immediately following the Share CapitalConsolidation and Admission as enlarged by the issue and allotment of the FirstPlacing Shares and the Consideration Shares "Enlarged Group" the Company together with its subsidiaries following completion of theAcquisition "Existing Ordinary Shares" the 43,333,333 ordinary shares of 0.5 pence each in the capital of the Companyin issue at the date of this announcement "First Placing" the conditional placing by Daniel Stewart on behalf of the Company of the FirstPlacing Shares pursuant to the Placing Agreement "First Placing Shares" the 42,500,000 new Ordinary Shares which are to be placed by Daniel Stewart asagent for the Company at the Placing Price per share pursuant to the terms ofthe Placing Agreement "Impact Funding" Impact Funding (UK) Limited "London Stock Exchange" London Stock Exchange plc "Nanotech Energy" or the "Company" Nanotech Energy plc "Official List" the Official List of the UKLA "Option Deed" the option agreement dated 24 May 2006 between the Vendor and the Companypursuant to which, conditional upon Admission, the Vendor has been granted anoption to subscribe up to 3,400,000 new Ordinary Shares at a subscription priceof 20 pence per share "Option Replacement Deed" the option agreement dated 24 May 2006 between the Company (1) Impact Funding(2) and the Vendor (3) whereby, conditional on Admission, all of the existingoptions to subscribe for an aggregate of 10,960,000 new ordinary shares at asubscription price of 20 pence each in the capital of Impact Funding will bereplaced by the grant of new options to subscribe for an aggregate of 10,960,000new Ordinary Shares at a subscription price of 20 pence per share in the capitalof the Company "Ordinary Shares" ordinary shares of 5 pence each in the capital of the Company arising followingthe Share Capital Consolidation and on Admission "Placees" the subscribers or purchasers of Placing Shares pursuant to the Placing "Placing" the conditional placing by Daniel Stewart on behalf of the Company of thePlacing Shares pursuant to the Placing Agreement and the Vendor PlacingAgreement "Placing Agreement" the conditional placing agreement dated 24 May 2006 made between the Company,the Directors, the Proposed Directors and Daniel Stewart relating to the placingby Daniel Stewart as agent for the Company of the First Placing Shares "Placing Price" 10 pence per Placing Share "Placing Shares" the 57,500,000 Ordinary Shares which are the subject of the Placing, being theFirst Placing Shares and the Second Placing Shares together "Proposed Directors" Bruce Judge and Richard Kilsby "Record Date" 4.30 p.m. on 19 June 2006 or such other date as the Directors shall resolve "Resolutions" the resolutions set out in the Notice of the EGM "Second Placing Shares" 15,000,000 of the Consideration Shares which are to be placed by Daniel Stewartas agent for the Vendor at the Placing Price per share simultaneous withAdmission and pursuant to the terms of the Vendor Placing Agreement "Shareholders" holders of Existing Ordinary Shares "Share Capital Consolidation" the proposed consolidation of the issued and unissued ordinary shares of 0.5peach in the capital of the Company "UKLA" the Financial Services Authority, acting through the United Kingdom ListingAuthority, in its capacity as the competent authority for the purposes of PartVI of FSMA "Unapproved Share Option Scheme" the unapproved share option scheme of the Company whose adoption will beproposed at the EGM "Unregulated Agreement" a 360 day non-consumer credit act agreement "Vendor" Impact Funding Limited, a subsidiary of Impact Capital Limited an Australianpublic company whose shares are listed on the Australian Stock Exchange "Vendor Placing Agreement" the conditional placing agreement dated 24 May 2006 made between the Vendor andDaniel Stewart relating to the placing by Daniel Stewart as agent for the Vendorof the Second Placing Shares This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
IHUK.L