REG - GCM Resources PLC - Interim Results for the 6 months ended 31 Dec 2023
28/03/2024 07:00
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RNS Number : 5993I GCM Resources PLC 28 March 2024
28 March 2024
GCM Resources plc
("GCM" or the "Company")
Interim Results for the 6 months ended 31 December 2023
GCM Resources plc (LON: GCM), an AIM quoted mining and energy company, is
pleased to report its interim results for the six months ended 31 December
2023. The Chairman's Statement and the full unaudited interim report are
presented below and will shortly be available at the Company's website
www.gcmplc.com (http://www.gcmplc.com) .
Chairman's Statement
The operating environment in the six months ending 31 December 2023 was
dominated by the run up to the National Election in Bangladesh held on 7(th)
January 2024. Notwithstanding the intensity of the election process, our team
in Dhaka managed to maintain contact with the necessary government agencies
and it became noticeable that momentum to develop domestic energy resources is
building.
The driver for this apparent swing away from the Country's growing dependence
on imported energy products is the inability of the Bangladesh economy to keep
pace with the costs, given since 2022 its currency has devalued by over 30%
and its foreign exchange reserves have dropped by over 50%.
With the Awami League returned to government, the move to reduce this
dependency on imported energy has continued; the Ministry of Power, Energy and
Mineral Resources ("the Ministry") is reported to be carrying out rapid
actions to define a development strategy for the domestic coal sector. Thus
far this has been in the form of internal presentations looking into likely
coal production and environmental management issues for the known coal
deposits, being Barapukuria, Phulbari, Dighipara, Khalaspir and Jamalganj. It
is ubiquitously being reported that the proposed Phulbari open pit development
offers the best opportunity for significant long-term coal production.
An open pit development at the northern end of the Barapukuria deposit is also
mooted. However, with the annual coal requirement forecast to soon reach 36
million tonnes, there is certainly scope to develop more than one open pit
operation, given Phulbari's name plate annual production of 15 million tonnes
could deliver over 40% of that requirement.
At the same time the Ministry has recently invited international bidding for
oil and gas exploration in 24 blocks in the Bay of Bengal as it endeavours to
discover new gas resources to combat a growing gas shortage and fast depleting
gas reserves.
The Bangladesh Government is committed to coal-fired power being a significant
part of its balanced energy and power strategic mix. The current focused
discussions within the Ministry are an important step towards finally
delivering Government Policy to kick-start its domestic coal sector and
deliver a large volume of much needed energy for power generation.
GCM is closely monitoring the situation and is looking forward to holding
discussions with the Government and working through its Phulbari Coal and
Power Project ("the Project") Proposal, including the modality for state
participation as a partner in the Project.
GCM also continues to work with its Development Partner, Power Construction
Corporation of China, Ltd. ("PowerChina") to further enhance the Project
Proposal.
On 28(th) November 2023 the Company announced a further 12 months extension to
the MOU - Phulbari Coal Mine Development was announced. The intention being
for GCM and PowerChina to work towards a mutually agreed business relationship
for developing the proposed Phulbari coal mine.
Working under this MOU, it was announced on 11(th) March 2024 that GCM and
PowerChina had signed an EPC Contract for "Phulbari Coal Mining Infrastructure
Construction and Overburden Stripping" which covers mine development works
with a value of approximately US$1 billion, necessary to position the mine to
commence coal extraction.
The scope of works includes design, procurement, installation, construction
and commissioning of mine infrastructure and overburden removal, dewatering
and drainage. It also includes selective mining and stockpiling of valuable
industrial mineral co-products that occur in the overburden such as China
clay, silica sands, and aggregates for the construction industry. These
co-products are expected to deliver cashflow for the Project ahead of any coal
extraction.
The "Notice to Proceed" with the extensive works under this Contract is
dependent on receiving the necessary approvals from the Bangladesh Government
and financial closure. PowerChina has previously expressed its commitment to
assist with project financing. The Contract duration is four years and
overburden removal to expose first coal is expected to take approximately two
years.
GCM and PowerChina will continue to work together under the MOU to formulate
additional contracts covering coal extraction and associated activities to
achieve our aim of delivering high quality coal supporting at least 6,600MW
power generation for over 30 years.
On 22(nd) March 2024, the Company announced the appointment to the Board of
Paul Shackleton as acting Non-Executive Chairman and Charlie Green as an
Independent Non-Executive Director, whilst Christian Taylor Wilkinson resigned
as Independent Non-Executive Chairman on 28 February 2024.
Financials
GCM incurred a loss after tax of £702,000 for the six months ended 31
December 2023 (31 December 2022: loss after tax of £693,000). The most
significant expenditure during the period was pre-development expenditure,
while administrative expenses for the six months ended 31 December 2023 were
£355,000 (31 December 2022: £368,000) and capitalised project expenditure
for the period was £173,000 (31 December 2022: £277,000).
On 1 February 2024, the Company issued 30,303,040 Ordinary Shares by way of
subscription at a price of 1.65p per share, raising £0.5m before expenses. As
previously announced, the Company will need to raise further funds in the
coming weeks in order to strengthen its financial position and to meet its
immediate working capital requirements; although there can be no guarantee of
such, the directors remain confident that sufficient funding will be obtained
as required. Accordingly, the financial statements have been prepared on a
going concern basis, however there is material uncertainty due to the need for
additional near-term funding. Please refer to the accounting policy note on
going concern (Note 1 to the Financial Statements) for further information.
Outlook
At the United Nations Climate Change Conference COP 28 late last year, the
Bangladesh delegation stated that, although they are pursuing renewable
energy, there is a large divide between developed countries and developing
countries in the ability to phase out fossil fuels. Solar and wind power
generation, however, have limited application in Bangladesh so thermal and
nuclear remain the main options for providing base-load power to support its
economic development.
The Bangladesh Government has already taken steps to move away from its
current "net-energy-importing" situation aimed at both bringing its domestic
coal resources into the energy mix and exploring for gas. With this in mind,
and Bangladesh's deteriorating foreign exchange position, it is envisaged that
Government Policy will be forthcoming to finally enable extraction of the
Country's extensive long-term strategic coal energy assets, such as the
Phulbari deposit, and move Bangladesh away from its exposure the long-term
vagaries of the international energy market.
The Company remains grateful for the ongoing support of its shareholders,
stakeholders and staff.
We are more confident than we have been in recent years that we are getting
closer to a political breakthrough for the Phulbari Coal and Power Project.
When this happens, we are ready to deliver the benefits and investment returns
that our patient shareholders deserve.
Paul Shackleton
Acting Non-Executive Chairman
Interim Consolidated Income Statement
6 months ended 31 December 2023 6 months ended 31 December 2022 Year ended
unaudited unaudited 30 June
£000 £000 2023
audited
£000
Operating expenses
Pre-development expenditure (90) (90) (180)
Exploration and evaluation costs (15) 7 68
Administrative expenses (355) (368) (728)
Operating loss (460) (451) (840)
Finance costs (242) (242) (480)
Loss before tax (702) (693) (1,320)
Taxation - - -
Loss and total comprehensive income for the period (702) (693) (1,320)
Earnings per share
Basic loss per share (pence) (0.3p) (0.4p) (0.7p)
Diluted loss per share (pence) (0.3p) (0.4p) (0.7p)
Interim Consolidated Statement of Changes in Equity
Share capital Share premium account Share based payments not settled Accumulated losses Total
£000
£000
£000 £000
£000
Balance at 1 July 2022 12,495 57,576 642 (32,632) 38,081
Total comprehensive loss - - - (1,320) (1,320)
Share issuances 253 513 (255) - 511
Share issuance costs - (35) - - (35)
Shares to be issued - - 180 - 180
Share based payments - - 2 - 2
Balance at 30 June 2023 12,748 58,054 569 (33,952) 37,419
Total comprehensive loss - - - (702) (702)
Share issuances - - - - -
Shares to be issued - - 90 - 90
Share based payments - - 1 - 1
Balance at 31 December 2023 (unaudited) 12,748 58,054 660 (34,654) 36,808
Balance at 1 July 2022 12,495 57,576 642 (32,632) 38,081
Total comprehensive loss - - - (693) (693)
Share issuances - - - - -
Shares to be issued - - 90 - 90
Share based payments - - 1 - 1
Balance at 31 December 2022 (unaudited) 12,495 57,576 733 (33,325) 37,479
Interim Consolidated Balance Sheet
31 December 2023 31 December 2022 30 June
unaudited unaudited 2023
Notes £000 £000 audited
£000
Current assets
Cash and cash equivalents 54 740 543
Receivables 38 43 25
Total current assets 92 783 568
Non-current assets
Property, plant and equipment - 1 -
Right of use assets 30 5 42
Intangible assets 3 43,540 43,005 43,367
Total non-current assets 43,570 43,011 43,409
Total assets 43,662 43,794 43,977
Current liabilities
Payables 4 (1,417) (1,375) (1,353)
Lease liabilities (32) (15) (20)
Borrowings 5 - - -
Total current liabilities (1,449) (1,390) (1,373)
Non-current liabilities
Lease liabilities - - (22)
Borrowings (5,405) (4,925) (5,163)
Total non-current liabilities (5,405) (4,925) (5,185)
Total liabilities (6,854) (6,315) (6,558)
Net assets 36,808 37,479 37,419
Equity
Share capital 6 12,748 12,495 12,748
Share premium account 6 58,054 57,576 58,054
Other reserves 660 733 569
Accumulated losses (34,654) (33,325) (33,952)
Total equity 36,808 37,479 37,419
Interim Consolidated Statement of Cash Flows
6 months ended 31 December 2023 6 months ended 31 December 2022 Year ended
unaudited unaudited 30 June
£000 £000 2023
audited
£000
Cash flows used in operating activities
Loss before tax (702) (693) (1,320)
Adjusted for:
Non-cash pre-development expenditure 90 90 180
Non-cash finance costs 242 242 480
Other non-cash expenses - - 10
(370) (361) (650)
Movements in working capital:
(Increase)/decrease in operating receivables (1) (7) 12
Increase/(decrease) in operating payables 58 25 11
Cash used in operations (313) (343) (627)
Net cash used in operating activities (313) (343) (627)
Cash flows from investing activities
Payments for intangible assets (176) (278) (656)
Payments for property, plant and equipment - - -
Net cash generated from investing activities (176) (278) (656)
Cash flows from financing activities
Issue of ordinary share capital - 400 900
Share issue costs - - (35)
Proceeds from borrowing - - -
Interest paid - - -
Net cash from financing activities - 400 865
Total (decrease) in cash and cash equivalents (489) (221) (418)
Cash and cash equivalents at the start of the period 543 961 961
Cash and cash equivalents at the end of the period 54 740 543
Notes to the Interim Condensed Consolidated Financial Statements
1. Accounting policies
GCM Resources plc (GCM) is domiciled in England and Wales, was incorporated as
a Public Limited Company on 26 September 2003 and admitted to the London Stock
Exchange Alternative Investment Market (AIM) on 19 April 2004.
This unaudited interim report was authorised for issue by the Board of
Directors on 28 March 2024.
Basis of preparation
The annual consolidated financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRSs) as they apply to the
financial statements of the Group for the year ended 30 June 2023 and applied
in accordance with the Companies Act 2006.
The interim condensed consolidated financial statements for the six months
ended 31 December 2023 have been prepared using the same policies and methods
of computation as applied in the financial statements for the year ended 30
June 2023. The financial information contained herein does not constitute
statutory accounts within the meaning of Section 435 of the Companies Act 2006
and is unaudited. The figures for the year ended 30 June 2023 have been
extracted from the statutory accounts for that year. Those accounts have
been delivered to the Registrar of Companies and contained an unqualified
auditors' report which included an emphasis of matter concerning significant
doubt over the ability for the Group to continue as a going concern and did
not include a statement under section 498(2)(a) or (b), or section 498(3) of
the Companies Act 2006.
Political and economic risks - carrying value of intangible asset
The principal asset is in Bangladesh and accordingly subject to the political,
judicial, fiscal, social and economic risks associated with operating in that
country.
The Group's principal project relates to thermal coal and semi-soft coking
coal, the markets for which are subject to international and regional supply
and demand factors, and consequently future performance will be subject to
variations in the prices for these products.
GCM, through its subsidiaries, is party to a Contract with the Government of
Bangladesh which gives it the right to explore, develop and mine in respect of
the licence areas. The Group holds a mining lease and exploration licences in
the Phulbari area covering the prospective mine site. The mining lease has a
30-year term from 2004 and may be renewed for further periods of 10 years
each, at GCM's option.
In accordance with the terms of the Contract, GCM submitted a combined
Feasibility Study and Scheme of Development report on 2 October 2005 to the
Government of Bangladesh. Approval of the Scheme of Development from the
Government of Bangladesh is necessary to proceed with development of the mine.
GCM continues to await approval.
The Group has received no notification from the Government of Bangladesh (the
"Government") of any changes to the terms of the Contract. GCM has received
legal opinion that the Contract is enforceable under Bangladesh and
International law, and will consequently continue to endeavour to receive
approval for development.
Accordingly, the Directors believe that the Phulbari Coal and Power Project
(the "Project") will ultimately receive approval, although the timing of
approval remains in the hands of the Government. To enhance the prospects of
the Project, GCM has engaged in a strategy to align the Project with the needs
and objectives of the Government. This includes the option to supply coal to
both the Government's commissioned and in the pipeline power plants, which
total 11,755MW. The Government is seeking to grow its economy and deliver
electricity at prices that will ensure competitiveness of its industries. The
Group's strategy of developing the Phulbari coal deposit as a captive,
large-scale, open pit mining operation supporting some 6,600MW of highly
energy-efficient Ultra-Supercritical power generation will enable cheaper
coal-fired electricity than imported coal options. This evolving strategy has
been enhanced to include installation of a large-scale Solar Power Park (up to
2,500MW) within the Project area, to be installed within the first two years
of gaining land access; operating the Phulbari coal mine as a "Net Zero
Carbon" or "Green Mine"; and participation modalities for Government.
Until approval of the Scheme of Development from the Government of Bangladesh
is received there is continued uncertainty over the recoverability of the
intangible mining assets. The Directors consider that it is appropriate to
continue to record the intangible mining assets at cost, however if for
whatever reason the Scheme of Development is not ultimately approved the Group
would impair all of its intangible mining assets, totalling £43,540,000 as at
31 December 2023.
.
Going concern
As at 31 December 2023, the Group had £54,000 in cash and £1,357,000 in net
current liabilities. As announced on 26 January 2024, the Company raised Gross
Proceeds of £500,000 through an equity subscription. The directors and
management have prepared a cash flow forecast to March 2025, which showed that
the Group would require further funds to cover operating costs to advance the
Phulbari Coal and Power Project and meet its liabilities as and when they fall
due. Based on the current forecast, additional funding would need to be
raised from third parties to meet current operating cost projections. The
Company is currently exploring funding options with the aim to complete and
secure the necessary third-party funding in the coming weeks. The £3.5million
loan facility with Polo Resources Limited ("Polo Loan Facility"), currently
has £3,200,000 utilised within the facility.
In forming the conclusion that it is appropriate to prepare the condensed
consolidated financial statements on a going concern basis the Directors have
made the following assumptions that are relevant to the next twelve months:
- In the event that the Polo Loan Facility becomes payable,
sufficient funding can be obtained; and
- In the event that operating expenditure increases
significantly as a result of successful progress with regards to the Phulbari
Coal and Power Project, sufficient funding can be obtained.
It was stated in the Company's final results for the year ended 30 June 2023
that there was a material uncertainty related to going concern. This statement
noted that although "the Directors remain confident that necessary funds will
be available as and when required, as at the date of this report these funding
arrangements are not secured, the above conditions and events represent
material uncertainties that may cast significant doubt over the Group's
ability to continue as a going concern." The Company's financial standing has
not notably improved since this statement was made, and therefore the
Directors believe this material uncertainty relating to going concern still
exists.
Upon achieving approval of the Phulbari Coal and Power Project, significant
additional financial resources will be required to proceed to development.
2. Segment analysis
The Group operates in one segment being the exploration and evaluation of
energy related projects. The only significant project within this segment is
the Phulbari Coal and Power Project in Bangladesh.
3. Intangibles
During the period intangibles increased by £173,000. The increase is due to
capitalised mining exploration and evaluation expenditure relating to the
Phulbari Coal and Power Project in Bangladesh.
4. Payables
31 December 2023 31 December 2022 30 June
unaudited unaudited 2023
£000 £000 audited
£000
Trade payables 598 581 559
Related party accrued payable 819 794 794
Transaction costs payable - - -
1,417 1,375 1,353
The related party accrued payable of £819,000 at 31 December 2023 relates to
accrued fees owing to the management services company of the Chief Executive
Officer of the Company, Datuk Michael Tang PJN.
5. Borrowings
31 December 2023 31 December 2022 30 June
unaudited unaudited 2023
£000 £000 audited
£000
Short-term loan facility from related party 5,405 4,925 5,163
5,405 4,925 5,163
GCM is party to a £3,500,000 short-term loan facility with its largest
shareholder, Polo Resources Limited ("Polo"). As at 31 December 2023, the
Company owed £5,405,000, comprising £3,200,000 loan balance and accrued
finance costs on borrowings of £2,205,000.
The Company on 1 March 2022, as part of the completed placing and
subscriptions, amended the terms of the loan facility, such that the lender
may request conversion by the issuance of new ordinary shares in the Company
at 5.14 pence per share (being the Issue Price) subject to any necessary
regulatory approvals. All other terms of the agreement remained unchanged.
The Company on 26 March 2021, as part of the completed placing, extended and
amended the terms of the loan facility provided by Polo Resources Limited (the
"Facility") of which, as was announced on 7 January 2021, there was at 31
December 2023, £300,000 of the initial £3.5 million facility remaining
undrawn. The lender has agreed that it will not serve a repayment request on
the company for 5 years from the date of the agreement replacing the previous
provision that it was payable on demand with 90 days' notice. The Company and
Polo Resources Limited have agreed an increase in the interest rate from 12%
to 15% per annum rising by 1.5% on the third anniversary and by a subsequent
1.5% on each anniversary thereafter. Furthermore, the lender may request
conversion by the issuance of new ordinary shares in the Company at 7.5 pence
per share (being the Issue Price) subject to any necessary regulatory
approvals. The Company may elect to repay all or part of the outstanding loan
at any time giving 60 days' notice and with the agreement of Polo Resources
Limited. Any share issue to the Lender is conditional upon the Lender's
interest, together with the interest of any parties with which it is in
concert, remaining below 30% of the Company's issued capital. All other
principal terms of the loan facility remain unchanged. Refer to the Group
accounting policies for details of Management judgement used in accounting for
the loan amendment.
6. Share issues
There were no shares issued during the period.
7. Events after the end of the reporting period
The following events took place subsequent to 31 December 2023, for which
there has been no adjustment to the 31 December 2023 financial statements:
- On 24 January 2024, the Company announced that it received a
notice from Polo Investments Limited ("Polo"), pursuant to Section 168 of the
Companies Act 2006, requesting that a resolution to remove Christian
Taylor-Wilkinson be tabled, as an ordinary resolution, at the forthcoming
Annual General Meeting of the Company or a general meeting of GCM to be
convened as soon as practicable. Polo currently holds 43,328,003 shares
representing 20.9% of the Company's total voting.
- On 26 January 2024, the Company announced that it had
successfully raised gross proceeds of £0.5m by means of a direct subscription
(the "Subscription") of new Ordinary Shares (the "Subscription Shares") at a
price of 1.65 pence per share (the "Subscription Price"). The Company will
need to carry out an additional fundraise before the end of May 2024 to fund
its working capital for the next 12 months. The Subscription Price represents
a discount of 37.7 per cent to the Closing Price of 2.65 pence per Ordinary
Share on 23 January 2024, being the latest practicable business day prior to
the publication of this announcement.
- On 1 February 2024, the Company announced that, further to
the announcement dated 26 January 2024, the subscription to raise gross
proceeds of £500,000 had been successfully concluded. The Company therefore
requested the restoration of trading in the Company's securities on AIM, which
was expected to take place at 7.30am, 2 February 2024, with admission of the
subscription shares to follow at 8.00am on 2 February 2024.
- On 2 February 2024, the Company announced that as a result of
the resolution received from Polo resources seeking to remove him as a
director, Christian Taylor-Wilkinson reluctantly tendered his resignation from
his position as Independent Non-Executive Chairman. The Board would like to
take this opportunity to thank Christian for his services during the period
from May 2020 to date, and to wish him success in the future. Christian's
resignation will take effect from 28 February 2024. The Company is currently
in the process of seeking to recruit two new Independent Non-Executive
Directors ("NEDs"), including a Non-Executive Chairman. As a result of
Christian's resignation, the Company advised shareholders that Resolution 5
"That Christian Taylor-Wilkinson be and is hereby removed as a director of the
Company with Immediate effect" will no longer be tabled at the AGM as it is
redundant.
- On 7 March 2024, the Company announced the following share
issues;
o Exercise of warrants over 606,060 new ordinary shares of 1 pence each in
the Company at an exercise price of 1.65 p per Share, raising £10,000,
o in lieu of DG Infratech Pte Ltd's retainer fee for the period from 1
January 2023 to 31 December 2023 of £180,000, the Company issued 4,363,636
new Ordinary Shares to DG at a price of 4.165 pence per share,
o the issue of a total of 377,359 new ordinary shares of £0.01 each in the
Company ("New Ordinary Shares") to Keith Fulton, for payment of his services
as Executive Director of the Company for the period 1 January 2023 to 31
December 2023 of £10,000, as part of his director remuneration agreement.
- On 11 March 2024, the Company announced that working under
the coal mine development MOU with Power Construction Corporation of China,
Ltd. ("PowerChina") (refer to RNS of 28 November 2023), it had signed a
contract with PowerChina International Group Limited covering mine
development works of approximately US$1 billion necessary to facilitate coal
extraction at the Phulbari Coal and Power Project ("the Project"). The
advancement of this Contract is subject to receiving the approval of the
Scheme of Development for coal mining submitted to the Bangladesh Government
under the terms and conditions of its Contract for "Exploration and Mining
Coal in Northern Bangladesh". The scope of works under this Mine Construction
Contract includes design, procurement, installation, construction and
commissioning of mine infrastructure and overburden removal, dewatering and
drainage. It also includes selective mining and stockpiling of valuable
industrial mineral co-products that occur in the overburden. These
co-products are expected to deliver considerable cashflow for the Project
ahead of any coal extraction. The Mine Construction Contract duration is four
years, with overburden removal to expose first coal taking some two years. The
Company and PowerChina expect to enter additional contracts covering coal
extraction and associated activities to support ongoing open pit mining
operations and the Project's commitment to deliver high quality coal
supporting at least 6,600MW power generation for over 30 years. A joint
proposal with development partner, PowerChina, will shortly be presented to
the newly elected Bangladesh Government. The Mine Construction Contract was
entered into on 9 March 2024, however, issuance of a Notice to Proceed with
the works is dependent on the Company receiving the necessary approvals from
the Bangladesh Government and achieving financial closure. As noted in the
beforementioned RNS of 28 November 2023, our development partner, PowerChina
is committed to assist with project financing.
- On 22 March 2024, the Company announced the appointment of
Paul Shackleton as Acting Non-Executive Chairman and Charlie Green as an
Independent Non-Executive Director.
This announcement contains inside information as defined in Article 7 of the
EU Market Abuse Regulation No 596/2014 and has been announced in accordance
with the Company's obligations under Article 17 of that Regulation.
For further information:
GCM Resources plc WH Ireland Ltd
Keith Fulton James Joyce, James Bavister,
Finance Director Andrew De Andrade
+44 (0) 20 7290 1630 +44 (0) 20 7220 1666
GCM Resources plc
Tel: +44 (0) 20 7290 1630
info@gcmplc.com; www.gcmplc.com (http://www.gcmplc.com)
About GCM Resources
GCM Resources plc (LON:GCM), the AIM listed mining and energy company, has
identified a high-quality coal resource of 572 million tonnes (JORC 2004
compliant) at the Phulbari Coal and Power Project ("the Project") in
north-west Bangladesh.
Utilising the latest highly energy efficient power generating technology the
Phulbari coal mine can support some 6,600MW. The Project site can also support
over 2,000MW of Solar Power capacity throughout the Project life span. GCM
requires approval from the Government of Bangladesh to develop the Project.
GCM requires approval from the Government of Bangladesh to develop the
Project. The Company has a strategy of linking the Company's mine proposal to
supplying coal to the Government of Bangladesh's existing and in the pipeline
coal-fired power plants and / or power plants implemented with its development
partner. Together with its credible, internationally recognised strategic
development partner, GCM aims to deliver a practical power solution to provide
the cheapest coal-fired electricity in the country, in a manner amenable to
the Government of Bangladesh.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
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