TIDMLAS
FOR IMMEDIATE
RELEASE
26 August 2010
LONDON& ASSOCIATED PROPERTIES PLC:
HALF YEARLY RESULTS TO 30 JUNE 2010
London & Associated Properties is a fully listed UK shopping centre and Central
London retail property specialist.
HIGHLIGHTS
Positive first half performance as rental income for the period rises to GBP8.6
million - annualised rent roll now stands at GBP16.4 million
Under EPRA net assets are GBP72.2 million - 88.2p per share (fully diluted)
Portfolio value at balance sheet date of GBP210.5 million
Average unexpired leases are eight years - 68% of income generated from leases
with in excess of five years to run
Completed 12 month extension to revolving credit facility to September 2012.
RCF reduced to GBP60 million from GBP90 million with LTV covenant increased to 80%
from 70%. LAP remains loan covenant compliant
Since balance sheet date agreed sale of Antiquarius for GBP17.8 million against
book value of GBP17.0 million
Interim cash dividend of 0.75p per share to be paid on 21 January 2010
"I feel we have a strong core portfolio of properties that are proving
resilient to the UK's wider problems. I therefore look forward to the future
with reasonable confidence." Michael Heller, Chairman
-more-
Contact:
London & Associated Properties PLC Tel: 020 7415 5000
John Heller, Chief Executive or Robert Corry, Finance Director
Baron Phillips Associates Tel: 020 7920 3161
Baron Phillips
HALF YEAR REVIEW
I am pleased to report on a positive performance during the first 6 months of
2010. Once again we have managed to grow our rental income notwithstanding the
difficult economic environment. This increased to GBP8.6 million for the period
compared to GBP8.5 million for the first six months last year. We have carried
out lettings worth an annualised GBP0.5 million per annum, of which three units
at King Edward Square, Windsor contribute GBP0.3 million per annum.
Our rent roll on an annualised basis now stands at GBP16.4million. At the same
time, our net rental income has grown by GBP0.5 million per annum. This was due
to lower expenses across a number of our properties and particular improvements
at Orchard Square, Sheffield and Antiquarius in London where comprehensive
redevelopments have now been completed. We also carried out a significant
number of lettings in previously vacant units at our Markets in Brixton,
London.
Since the balance sheet date, we have exchanged contracts to sell Antiquarius
for GBP17.8 million. This compares favourably with the book value of GBP17.0
million at the 2009 year end. We will use GBP12.75 million of the proceeds to
pay down our revolving credit facility, with the balance being added to cash
reserves. This brings the total amount received from disposals to GBP21.9
million over the last 12 months and to GBP82.2 million over the last three years.
Following completion of the Antiquarius disposal, we will be obliged to pay
down some of our interest rate swaps. The cost to LAP of doing this cannot be
precisely quantified at this stage as the value of the swaps fluctuates with
the interest rate market. However, during the first 6 months, we spent GBP1
million breaking a nominal GBP6.8 million of interest rate swaps because we were
over-hedged. The immediate cash saving in interest payments is some GBP0.5
million per annum.
Our interest rate swaps had an adverse effect on our net assets as at 30 June
2010. Although our net assets were GBP53.3 million, this figure includes a
liability of GBP14.8 million for marking to market our interest rate swaps. This
is a non-cash item but we are required to report this under the IFRS accounting
standard.
Since we use our swaps to regulate cash flow and do not trade them, we believe
it is more appropriate to report our net asset values under the EPRA accounting
standard which does not take into the accounts interest rate derivatives or
deferred tax. Under EPRA, our net assets are GBP72.2 million.
As at 30 June 2010, our property portfolio was GBP210.5 million based on 31
December 2009 valuations although, following the sale of Antiquarius, our
portfolio will stand at GBP193 million. Total Group assets including those of
Bisichi Mining PLC and Dragon Retail Properties, our joint venture with
Bisichi, total GBP235.5 million.
We have again experienced very limited tenant failure over the last six months,
and voids account for just 2% of our portfolio. Cash collection also remains
robust, with 95% of monies due received within two weeks of the quarter day.
This strong cash recovery is in part due the fact that approximately three
quarters of our tenants are national multiples. Additionally a significant
portion of our income derives from car parks and successful markets where we
continue to experience very few bad debts.
By value, 68% of our income at 30 June 2010 had more than five years to run,
while the average unexpired lease term (not including the car parks or markets)
is nearly eight years. This gives us a good level of security of income.
I am pleased to report that LAP remains covenant compliant with all of its
loans. In the first half of the year, we completed a 12 month extension to the
term of our revolving credit facility (RCF) with the Royal Bank of Scotland.
This now expires in September 2012. We agreed at the same time to increase the
margin payable from 0.9% to 1.5% with a further increase to 2% in September
2010, while the loan to value covenant has been increased from 70% to 80%. We
have reduced the available amount of the RCF to GBP60 million from GBP90 million,
of which GBP45.1 million will be drawn following completion of the Antiquarius
disposal.
All our debt is long term with the exception of our overdrafts, and most is
hedged at rates between 4.69% and 4.76%, the remainder at fixed rates. We also
had GBP6.2 million cash in the bank at 30 June 2010.
Our main properties continue to perform well. At Windsor, we remain
effectively fully let. Consequently the only letting activity has followed on
from one of our tenants seeking to surrender its unit. The lack of available
units in this successful shopping centre resulted in strong interest for this
unit from potential tenants. The unit is now under offer to a national
retailer at a record rent for the Centre and at a significantly higher figure
than previously received on this unit. Orchard Square, our second largest
asset, is also fully let.
We are proposing to pay an interim cash dividend of 0.75p on 21 January 2011 to
those shareholders on the register at 24 December 2010. This is at the same
level as this stage in 2008 and 2009.
We expect that the Government's current economic policy and the uncertain
international conditions will affect consumer confidence. Naturally this will
have an affect on the broader retail property market. However, I feel that we
have a strong core portfolio of properties that are proving resilient to the
United Kingdom's wider problems. I therefore look forward to the future with
reasonable confidence.
Michael Heller John Heller
Chairman Chief
Executive
26 August 2010
Consolidated income statement
for the six months ended 30 June 2010
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2010 2009 2009
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Gross rental income
Group and share of joint ventures 8,571 8,523 17,067
Less: joint ventures - share of rental income (258) (255) (519)
Revenue 8,313 8,268 16,548
Direct property expenses (970) (1,237) (2,166)
Overheads (1,601) (1,826) (4,865)
Property overheads (2,571) (3,063) (7,031)
Net rental income 1 5,742 5,205 9,517
Listed investments held for trading 1 3 26 148
Profit on sale of investment properties - - 14
Net increase on revaluation of investment properties - - 9,422
Net (decrease)/increase in value of investments held for
trading (18) 59 178
Operating profit 1 5,727 5,290 19,279
Share of loss of joint ventures after tax (7) (40) (276)
Share of (loss)/profit of associate after tax (69) 1,330 1,485
Profit before interest and taxation 5,651 6,580 20,488
Interest rate derivatives 6 (8,481) 14,362 13,269
Interest rate derivatives break costs 6 (1,000) - -
Finance income 2 40 56 90
Finance expenses 2 (6,018) (6,287) (12,440)
(Loss)/profit before taxation (9,808) 14,711 21,407
Income tax 3 3,920 (3,569) (2,355)
(Loss)/profit for the period attributable to the equity
shareholders of the company (5,888) 11,142 19,052
Basic (loss)/ earnings per share 4 (7.23)p 14.40p 24.32p
Diluted (loss)/ earnings per share 4 (7.23)p 14.40p 24.32p
The above revenue and operating result relate to continuing operations in the
United Kingdom.
Consolidated income statement analysis
for the six months ended 30 June 2010
30 June 2010 30 June 2009 31 December 2009
per per per
income income income
statement statement statement
Cash Non-cash Cash Non-cash Cash Non-cash
items GBP items (unaudited) items GBP items (unaudited) items items (audited)
'000 GBP'000 GBP'000 '000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net rental
income 5,742 - 5,742 5,205 - 5,205 9,517 - 9,517
Income and
gains on
investments
held for
trading 3 - 3 26 - 26 148 - 148
Profit on
sale of
investment
properties - - - - - - 14 - 14
Net change
of
revaluation
of
investment
properties - - - - - - - 9,422 9,422
Net
(decrease)/
increase in
value of
investments
held for
trading - (18) (18) - 59 59 - 178 178
Operating
profit /
(loss) 5,745 (18) 5,727 5,231 59 5,290 9,679 9,600 19,279
Share of
joint
ventures
and
associates 44 (120) (76) - 1,290 1,290 273 936 1,209
Interest
rate
derivatives - (8,481) (8,481) - 14,362 14,362 - 13,269 13,269
Net
interest (5,978) - (5,978) (6,231) - (6,231) (12,350) - (12,350)
(Loss) /
profit
before
taxation
and
exceptional
items (189) (8,619) (8,808) (1,000) 15,711 14,711 (2,398) 23,805 21,407
Interest
rate
derivatives
break costs (1,000) - (1,000) - - - - - -
(Loss) /
profit
before
taxation (1,189) (8,619) (9,808) (1,000) 15,711 14,711 (2,398) 23,805 21,407
Consolidated statement of comprehensive income
for the six months ended 30 June 2010
30 June 30 June 31 December
2010 2009 2009
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
(Loss)/profit for the period (5,888) 11,142 19,052
Other comprehensive income
Currency translation in associate 105 109 220
Other comprehensive income for the period 105 109 220
Total comprehensive income for the period
attributable to owners of the parent (5,783) 11,251 19,272
Consolidated balance sheet
at 30 June 2010
30 June 30 June 31 December
2010 2009 2009
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Non-current assets
Market value of properties attributable to group 210,442 219,676 213,624
Present value of head leases 29,480 28,550 29,485
Property 5 239,922 248,226 243,109
Plant and equipment 711 825 816
Investments in joint ventures 1,389 1,753 1,396
Investments in associated company 7,908 8,055 8,044
Held to maturity investments 1,985 1,805 1,805
251,915 260,664 255,170
Current assets
Trade and other receivables 4,927 4,330 3,976
Financial assets-investments held for trading 696 1,025 702
Cash and cash equivalents 6,214 6,457 8,655
11,837 11,812 13,333
Total assets 263,752 272,476 268,503
Current liabilities
Trade and other payables (10,489) (10,444) (11,427)
Financial liabilities -borrowings (6,802) (7,521) (7,216)
Current tax liabilities (741) (2,538) (741)
(18,032) (20,503) (19,384)
Non-current liabilities
Financial liabilities -borrowings (145,522) (160,482) (147,788)
Interest rate derivatives 6 (14,828) (5,254) (6,347)
Present value of head leases on properties (29,480) (28,550) (29,485)
Deferred tax (2,586) (6,218) (6,395)
(192,416) (200,504) (190,015)
Total liabilities (210,448) (221,007) (209,399)
Net assets 53,304 51,469 59,104
Equity attributable to equity shareholders of the company
Share capital 8,392 8,232 8,392
Share premium account 5,042 5,236 5,042
Translation reserve in associate (179) (395) (284)
Capital redemption reserve 47 47 47
Retained earnings (excluding treasury shares) 42,270 43,118 50,465
Treasury shares (2,268) (4,769) (4,558)
Retained earnings 40,002 38,349 45,907
Total shareholders' equity 53,304 51,469 59,104
Net assets per share 7 65.17p 66.13p 74.22p
Diluted net assets per share 7 65.15p 66.11p 74.19p
Consolidated statement of changes in shareholders' equity
for the six months ended 30 June 2010
Retained Earnings
Retained
Capital Earnings
Share Share Translation redemption Treasury ex: treasury Total
capital premium reserve reserve Shares shares equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January 2009 8,232 5,236 (504) 47 (6,237) 33,532 40,306
Profit for the period - - - - - 11,142 11,142
Other comprehensive income:
Currency translation in associate - - 109 - - - 109
Total other comprehensive income - - 109 - - - 109
Total comprehensive income - - 109 - - 11,142 11,251
Transactions with owners:
Equity share options in associate - - - - - 49 49
Disposal of own shares - - - - 1,468 - 1,468
Loss on disposal of own shares - - - - - (1,032) (1,032)
Dividends paid - - - - - (573) (573)
Transactions with owners - - - - 1,468 (1,556) (88)
Balance at 30 June 2009 (unaudited) 8,232 5,236 (395) 47 (4,769) 43,118 51,469
Balance at 1 January 2009 8,232 5,236 (504) 47 (6,237) 33,532 40,306
Profit for the year - - - - - 19,052 19,052
Other comprehensive income:
Currency translation in associate - - 220 - - - 220
Total other comprehensive income - - 220 - - - 220
Total comprehensive income - - 220 - - 19,052 19,272
Transactions with owners:
Equity share options in associate - - - - - (76) (76)
Issue of own shares and expenses 160 (194) - - - - (34)
Disposal of own shares - - - - 521 - 521
Loss on disposal of own shares - - - - 1,158 (1,158) -
Dividends paid - - - - - (885) (885)
Transactions with owners 160 (194) - - 1,679 (2,119) (474)
Balance at 31 December 2009 (audited) 8,392 5,042 (284) 47 (4,558) 50,465 59,104
Balance at 1 January 2010 8,392 5,042 (284) 47 (4,558) 50,465 59,104
Loss for the period - - - - - (5,888) (5,888)
Other comprehensive income:
Currency translation in associate - - 105 - - - 105
Total other comprehensive income - - 105 - - - 105
Total comprehensive income - - 105 - - (5,888) (5,783)
Transactions with owners:
Equity share options in associate - - - - - - -
Issue of own shares and expenses - - - - - - -
Disposal of own shares - - - - 907 - 907
Loss on transfer of own shares - - - - 1,383 (1,383) -
Dividends paid - - - - - (924) (924)
Transactions with owners - - - - 2,290 (2,307) (17)
Balance at 30 June 2010 (unaudited) 8,392 5,042 (179) 47 (2,268) 42,270 53,304
All of the above are attributable to the owners of the parent.
Consolidated cash flow statement
for the six months ended 30 June 2010
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2010 2009 2009
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Operating activities
Profit before interest and taxation 5,651 6,580 20,488
Depreciation 105 103 210
Profit on disposal of non-current assets (8) (2) (3)
Profit on sale of investment properties - - (14)
Net decrease on revaluation of investment properties - - (9,422)
Share of loss/(profit) of joint ventures and associate after tax 76 (1,290) (1,209)
Net decrease /(increase) in value of investments held for trading 18 (59) (178)
(Increase)/decrease in net current assets (1,755) 747 2,303
Cash generated from operations 4,087 6,079 12,175
Income tax repaid/(paid) 111 (36) (444)
Cash inflows from operating activitiIn 4,198 6,043 11,731
Investing activities
Investment in loan stock in joint venture (180) - -
Property acquisitions and improvements (714) (1,405) (3,763)
Sale of properties 3,736 - 17,805
Purchase of office equipment and motor cars (76) (11) (133)
Sale of office equipment and motor cars 84 2 27
Interest received 40 56 90
Dividends received 44 - 273
Cash inflows/(outflows) from investing activities 2,934 (1,358) 14,299
Financing activities
Issue expenses - - (34)
Sale of treasury shares 907 436 521
Equity dividends paid (597) (573) (885)
Interest paid (7,144) (6,301) (12,132)
Debt repaid to Dragon - (225) (225)
Repayment of medium term bank loan (2,325) - (12,750)
Cash outflows from financing activities (9,159) (6,663) (25,505)
Net (decrease)/increase in cash and cash equivalents (2,027) (1,978) 525
Cash and cash equivalents at beginning of period 1,439 914 914
Cash and cash equivalents at end of period (588) (1,064) 1,439
Cash and cash equivalents
For the purpose of the cash flow statement, cash and cash equivalents comprise
the following balance sheet amounts:
30 June 30 June 31 December
2010 2009 2009
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash and cash equivalents 6,214 6,457 8,655
Bank overdraft (6,802) (7,521) (7,216)
Cash and cash equivalents at end of period (588) (1,064) 1,439
GBP0.6 million of cash deposits at 31 December 2009 was charged as security to
Axa Annuity Company. This was released in 2010.
Notes to the half year report
for the six months ended 30 June
2010
1. Segmental analysis 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2010 2009 2009
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Net rental income (property) 5,742 5,205 9,517
Other income (listed investments) 3 26 148
Segment result
Property 5,742 5,205 18,953
Listed investments (15) 85 326
5,727 5,290 19,279
Operating profit/(loss)
Property 5,742 5,205 18,953
Listed investments (15) 85 326
5,727 5,290 19,279
2. Finance costs 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2010 2009 2009
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Finance income 40 56 90
Finance expenses:
Interest on bank loans and overdrafts (982) (1,865) (3,013)
Other loans (1,052) (1,052) (2,108)
Interest on derivatives adjustment (2,886) (2,373) (5,338)
Interest on obligations under finance leases (1,067) (997) (1,981)
Other interest (31) - -
Total borrowing costs (6,018) (6,287) (12,440)
3. Income tax 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2010 2009 2009
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Current tax (111) 160 (1,232)
Deferred tax (3,809) 3,409 3,587
(3,920) 3,569 2,355
Notes to the half year report continued
4. (Loss)/earnings per share 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2010 2009 2009
(unaudited) (unaudited) (audited)
Group (loss)/profit after tax (GBP'000) (5,888) 11,142 19,052
Weighted average number of shares in issue for the period ('000) 81,478 77,386 78,345
Basic (loss) /earnings per share (7.23)p 14.40p 24.32p
Diluted number of shares in issue ('000) 81,478 77,386 78,345
Fully diluted (loss)/earnings per share (7.23)p 14.40p 24.32p
5. Property
Properties at 30 June 2010 are included at valuation as at 31 December 2009,
plus additions, less disposals in the period.
During the six months ended 30 June 2010 the group had property additions of GBP
0.5 million (30 June 2009: GBP1.1 million, 31 December 2009: GBP3.5 million).
Properties with a carrying value of GBP3.7 million were sold during the six
months ended 30 June 2010 (30 June 2009: GBPNil, 31 December 2009: GBP17.8
million).
6. Interest rate derivatives
The directors have estimated the financial effect of the fair value to the
business of the hedging instruments. This has been calculated as the Net
Present Value of the difference between the 18 year interest rate, which was
3.86 per cent at 30 June 2010 against the rate payable under the specific
hedge. This has given a liability at 30 June 2010 of GBP14,828,000 as shown in
the balance sheet. The banks own initial quotations at 30 June 2010 to close
each of the hedges were GBP27,144,000.
The company reduced the total amount hedged by GBP6,800,000 in the six months to
bring it nearer into line with the actual borrowings outstanding. The cost of
this reduction was GBP1,000,000 and it has been taken to the income statement for
the period.
7. Net assets per share 30 June 30 June 31 December
2010 2009 2009
(unaudited) (unaudited) (audited)
Shares in issue ('000) 81,786 77,825 79,629
Net assets per balance sheet (GBP'000) 53,304 51,469 59,104
Basic net assets per share 65.17p 66.13p 74.22p
Shares in issue diluted by outstanding share options ('000) 81,856 77,895 79,699
Net assets after issue of share options (GBP'000) 53,332 51,497 59,132
Fully diluted net assets per share 65.15p 66.11p 74.19p
8. Related party transactions
The related parties and the nature of costs recharged are as disclosed in the
group's annual financial statements for the year ended 31 December 2009. The
group received management fees of GBP150,000 (30 June 2009: GBP125,000, 31 December
2009: GBP300,000) from Bisichi Mining PLC, an associated company.
During the period the group paid GBP180,000 for Analytical Ventures Limited's (a
joint venture) loan stock at par; increasing the loan stock held to GBP1,980,000
at 30 June 2010.
9. Capital commitments
The group had contractual capital commitments of GBPNil as at 30 June 2010 (30
June 2009: GBP1.3 million, 31 December 2009: GBP0.5 million).
Notes to the half year report continued
10. Dividends and capitalisation issue
The interim dividend payable on 21 January 2011 of 0.75p per share (30 June
2009: 0.75p per share) would amount to GBP626k (30 June 2009: GBP597k). The final
dividend in respect of 2009 of 0.40p per share, amounting to GBP327k, was paid on
2 July 2010. As the 2009 final dividend was approved by the shareholders at the
Annual General Meeting held on 7 June 2010, it is included as a liability in
these interim financial statements. In addition, 1,620,682 new ordinary shares
(capitalisation issue in lieu of additional 2009 dividend and equivalent to an
aggregate value equal to 0.80p for each ordinary share), was issued to
shareholders on 2 July 2010 and are admitted to the Official List and trading
on the London Stock Exchange. The new ordinary shares rank pari passu with the
existing ordinary shares.
11. Risks and Uncertainties
The group's principal risks and uncertainties are reported on page 22 in the
2009 Annual Report. They have been reviewed by the Directors and remain
unchanged for the current period.
The largest area of estimation and uncertainty in the interim financial
statements is in respect of the valuation of investment properties (which are
not revalued at the half year end) and the valuation of interest rate
derivatives.
12. Financial information
The above financial information does not constitute statutory accounts within
the meaning of section 434 of the Companies Act 2006. The figures for the year
ended 31 December 2009 are based upon the latest statutory accounts, which have
been delivered to the Registrar of Companies; the report of the auditor's on
those accounts was unqualified and did not contain a statement under Section
498(2) or (3) of the Companies Act 2006.
As required by the Disclosure and Transparency Rules of the UK's Financial
Services Authority, the interim financial statements have been prepared in
accordance with the International Financial Reporting Standards (IFRS) and in
accordance with both IAS 34 'Interim Financial Reporting' as adopted by the
European Union and the disclosure requirements of the Listing Rules.
The half year results have not been audited or subject to review by the
company's auditor.
The annual financial statements of London & Associated Properties PLC are
prepared in accordance with IFRS as adopted by the European Union. The same
accounting policies are used for the six months ended 30 June 2010 as were used
for the year ended 31 December 2009.
The assessment of new standards, amendments and interpretations issued but not
effective, is that these are not anticipated to have a material impact on the
financial statements.
There is no material seasonal impact on the group's financial performance.
Taxes on income in the interim periods are accrued using tax rates expected to
be applicable to total annual earnings.
The interim financial statements have been prepared on the going concern basis
as the Directors are satisfied the group has adequate resources to continue in
operational existence for the foreseeable future.
13. Board approval
The half year results were approved by the Board of London & Associated
Properties PLC on 26 August 2010.
Directors' responsibility statement
The Directors confirm that to the best of their knowledge:
(a) the condensed set of financial statements have been prepared in accordance
with applicable accounting standards and IAS 34 Interim Financial Reporting as
adopted by the EU;
(b) the interim management report includes a fair review of the information
required by:
(1) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication
of important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements ;
and a description of the principal risks and uncertainties for the remaining
six months of the year; and
(2) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during that period; and any changes in the related
party transactions described in the last annual report that could do
so.
Signed on behalf of the Board on 26 August 2010
Michael Heller Robert Corry
Director Director
Directors and advisors
Directors
Executive directors
* Michael A Heller MA FCA (Chairman)
John A Heller LLB MBA (Chief Executive)
Robert J Corry BA FCA (Finance Director)
Michael C Stevens FCA
Non-executive directors
| Howard D Goldring BSC (ECON) ACA
|Clive A Parritt FCA CF FIIA
* Member of the nomination committee
Senior independent director
| Member of the audit, remuneration and nomination
committees.
Secretary & registered office
Michael C Stevens FCA
Carlton House, 22a St James's Square,
London SW1Y 4JH
Director of property
Mike J Dignan FRICS
Registrars & transfer office
Capita Registrars
Northern House, Woodsome Park
Fenay Bridge, Huddersfield, W. Yorkshire HD8 OLA
Telephone 0871 664 0300
(Calls cost 10p per minute + network extras)
or +44 208 639 3399 for overseas callers
Website: www.capitaregistrars.com
E-mail: ssd@capitaregistrars.com
Company registration number
341829 (England and Wales)
Website
www.lap.co.uk
E-mail
admin@lap.co.uk
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