REG-Lon.&Assoc.Props PLC: Half-year Report
01/09/2020 07:30
FOR IMMEDIATE RELEASE
1 September 2020
LONDON & ASSOCIATED PROPERTIES PLC
HALF YEAR RESULTS TO 30 JUNE 2020
London & Associated Properties PLC (“LAP” or “the Group”) is a main
market listed property investment group that specialises in industrial and
community retail.
It also holds a substantial stake in the main market listed Bisichi PLC which
operates coal mines in South Africa and owns UK property investments.
HIGHLIGHTS
* Net assets attributable to shareholders are £35.5 million (£36.7 million
December 2019).
* New lettings completed at Orchard Square, Sheffield, generating £150,000 of
annualised income.
* Good progress on recovery of tenant arrears following COVID-19 lockdown: *
Second quarter rents received 82%
* Third quarter rents received 55%
* Retail property portfolio continues to perform satisfactorily with Group
occupancy levels of 92.0% by rental income (June 2019: 93.7%).
* A major refurbishment and a development to be carried out in Q4 2020 and Q1
2021 being 4.3% of the currently void space.
* JV development in West Ealing, with Metroprop Real Estate Limited: *
Pre-planning application feedback received and incorporated into designs
* Planning application should go before the planning committee in Q4 2020.
“LAP has managed relatively well during the lockdown and post-lockdown. We
have not at the time of writing lost any tenants to insolvency and, as noted
above, cash collection has proved resilient. We remain of the view that our
portfolio is well positioned with limited exposure to fashion operators,
mid-market leisure or any of the uses that remain under lockdown such as
cinemas or nightclubs. Approximately 95% of our tenants are now open and
trading again.”
-more-
Contact:
London & Associated Properties PLC
Tel: 020 7415 5000
John Heller, Chief Executive
Baron Phillips
Associates
Tel: 07767 444193
Baron Phillips
Half year results for the period ended
30 June 2020
Half year review
We are pleased to report on the period to 30 June 2020. This covers a period
of unprecedented disruption for the country as a whole and for property
companies in particular. In March the Government issued a moratorium on
enforcing payment of commercial rents which took away our negotiating position
with non-paying tenants. Against this backdrop, we are relatively satisfied
with rent collections of 82% of the March quarter and 55% of June quarter
rents to date. This reflects the more community-orientated type of tenant
that now comprises the majority of the retail element of our portfolio, having
sold the vast majority of our shopping centres and London properties over the
last 5 years. Approximately 95% of our tenants are now open and trading
again.
Group revenue decreased by 43.7% to £16.9 million from £30.0 million as
compared with the same period last year. This is discussed further in
commentary about Bisichi below. Losses before tax are £2.9 million (2019:
Profits of £1.3 million).
Notwithstanding the dislocation of the first half of the year, LAP still
managed to progress a number of lettings and development initiatives. At
Orchard Square, Sheffield, we completed lettings to White Rose School of
Beauty for two floors of offices as well as letting two retail units on the
ground floor to exciting independent retailers. The combined rent of these
lettings is £150,000 per annum. We are also close to completing the
management contract for the new street food unit we intend to develop,
following which Orchard Square will be fully let.
At Manor Park, Runcorn, we have commenced refurbishment of a 38,500sq ft
stand-alone industrial unit. These refurbishment works are scheduled to
complete in October. Interest in this unit has been strong and we expect to
let it once the works are finished. The rest of our industrial units remain
fully let.
At West Ealing, our residential development continues to evolve. We have
made good progress in negotiating the design and specification with the local
Authority and the Greater London Authority, and believe that our application
will be placed in front of a planning committee during the final quarter of
2020. We will of course keep shareholders updated.
LAP has managed relatively well during the lockdown and post-lockdown. We
have not at the time of writing lost any tenants to insolvency and, as noted
above, cash collection has proved resilient. However, we are conscious that
there may be an indirect impact on us over the short to medium term as
increases in vacancies affect competing properties and lenders to the
sector. This may adversely affect rents or borrowing and, consequently,
impact future valuations. However, we remain of the view that our portfolio
is well positioned with limited exposure to fashion operators, mid-market
leisure or any of the uses that remain under lockdown such as cinemas or
nightclubs.
Bisichi PLC, which is 42% owned, has had a challenging period due to the
impact of the Covid-19 pandemic on its operations with a loss before tax of
£1.9 million (2019: profit of £4.4 million) from revenue of £14.3 million
(2019: £26.5million).
In terms of business continuity, the Bisichi South African coal mining and
processing operations have been designated by the South African government as
‘essential business operations’, which has allowed their operations to
continue during lockdown periods, although with a reduced and socially
distanced workforce to help safeguard the health and safety of employees. At
Black Wattle, Bisichi’s South African mining operation, disruptions to
mining production in the first half of the year have been limited mainly to
temporary staff shortages during the initial lockdown period. Overall, the
mine was able to achieve total production of 580,000 metric tonnes (2019:
655,000 tonnes) during the reporting period, with similar levels expected in
the second half of the year.
However, during the period, Bisichi has seen reduced global economic activity
as a result of the Covid-19 pandemic, leading to a significant impact on
demand for coal in the international market. The overall decrease in
Bisichi’s revenue and earnings during the first half of the year can be
attributed mainly to this downturn. In January, the average weekly price of
Free on Board (FOB) Coal from Richard Bay Coal Terminal (API4 price) peaked at
US$92. By mid-April, as global economic activity slowed, the weekly API4 price
had fallen to US$44 before recovering to US$50 by 30(th) June. The impact on
Bisichi’s operations has been a build-up in coal stocks and lower achievable
prices for coal in the international market. Although there is a surplus of
coal in the domestic market, and prices have been negatively impacted, demand
for Bisichi’s particular coal has to date remained more stable.
Although the duration and extent of the impact of the Covid-19 pandemic on
Bisichi’s South African operations remains uncertain, forward markets and
leading research are indicating some improvement in international coal prices
going into the last quarter of the year, supported by an expected improvement
in global economic activity. In the interim, management will continue to focus
on keeping costs low at Black Wattle as well as developing new coal processing
and marketing opportunities at Bisichi’s coal processing plant at Sisonke
Coal Processing.
We are not paying a dividend for the half year; however, our strategy is to
maximise income over the medium term and our dividend policy will reflect this
once our cash has been reinvested and our income has returned to previous
levels. We continue to explore new opportunities and have bid on a number of
properties and portfolios over the last year. However, we do not intend to
overpay and are unwilling to match offers from other parties that would not
deliver our desired levels of return.
Sir Michael Heller John Heller
Chairman Chief
Executive
28 August 2020
Consolidated income statement
for the six months ended 30 June 2020
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2020 2019 2019
(unaudited) (unaudited) (audited)
Notes £’000 £’000 £’000
Group revenue 1 16,917 29,967 63,966
Operating costs (18,164) (25,443) (60,766)
Operating (loss)/profit 1 (1,247) 4,524 3,200
Finance income 2 24 30 86
Finance expenses 2 (1,389) (1,642) (3,252)
Result before valuation and other movements (2,612) 2,912 34
Non–cash changes in valuation of assets and liabilities and other movements
Decrease in value of investment properties - (62) (2,988)
Decrease in value of other investments - (1,749) (1,749)
(Decrease)/increase in value of trading investments (261) 59 (6)
Adjustment to interest rate derivative - 168 169
Result including revaluation and other movements (2,873) 1,328 (4,540)
(Loss)/profit for the period before taxation 1 (2,873) 1,328 (4,540)
Income tax credit/(charge) 3 807 (1,071) (951)
(Loss)/profit for the period (2,066) 257 (5,491)
Attributable to:
Equity holders of the Company (1,096) (1,507) (6,477)
Non–controlling interest (970) 1,764 986
(Loss)/profit for the period (2,066) 257 (5,491)
Loss per share – basic and diluted 4 (1.28)p (1.77)p (7.59)p
Consolidated statement of comprehensive income
for the six months ended 30 June 2020
30 June 30 June 31 December
2020 2019 2019
(unaudited) (unaudited) (audited)
£'000 £'000 £’000
(Loss)/profit for the period (2,066) 257 (5,491)
Other comprehensive income:
Items that may be subsequently recycled to the income statement:
Exchange differences on translation of foreign operations (467) 69 (49)
Other comprehensive (expense)/income for the period, net of tax (467) 69 (49)
Total comprehensive (expense)/income for the period, net of tax (2,533) 326 (5,540)
Attributable to:
Equity shareholders (490) (1,486) (6,493)
Non–controlling interest (2,043) 1,812 953
(2,533) 326 (5,540)
Consolidated balance sheet
at 30 June 2020
30 June 30 June 31 December
2020 2019 2019
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Non–current assets
Market value of properties attributable to Group 44,580 47,506 44,580
Right of use assets 4,066 4,276 3,326
Property 5 48,646 51,782 47,906
Mining reserves, plant and equipment 8,904 9,625 10,472
Other investments at fair value 449 35 287
Deferred tax 779 172 -
58,778 61,614 58,665
Current assets
Inventories – mining 4,552 1,316 26,915
Inventories – property 5 26,915 37,734 2,432
Assets held for sale 5 - 2,285 -
Trade and other receivables 9,033 12,358 8,399
Corporation tax recoverable - - 19
Investments in listed securities at fair value 926 1,090 1,119
Cash and cash equivalents 9,554 20,184 13,533
50,980 74,967 52,417
Total assets 109,758 136,581 111,082
Current liabilities
Trade and other payables (14,323) (13,756) (12,835)
Borrowings (9,739) (42,921) (10,120)
Lease liabilities (402) (193) (424)
Current tax liabilities (317) (133) (457)
(24,781) (57,003) (23,836)
Non–current liabilities
Borrowings (31,907) (16,211) (31,063)
Present value of head leases on properties (3,733) (4,138) (3,842)
Provisions (1,359) (1,615) (1,554)
Deferred tax liabilities (1,441) (2,397) (1,654)
(38,440) (24,361) (38,113)
Total liabilities (63,221) (81,364) (61,949)
Net assets 46,537 55,217 49,133
Equity attributable to the owners of the parent
Share capital 8,554 8,554 8,554
Share premium account 4,866 4,866 4,866
Translation reserve (Bisichi PLC) (1,034) (831) (868)
Capital redemption reserve 47 47 47
Retained earnings (excluding treasury shares) 23,175 29,245 24,271
Treasury shares (144) (144) (144)
Retained earnings 23,031 29,101 24,127
Total equity attributable to equity shareholders 35,464 41,737 36,726
Non – controlling interest 11,073 13,480 12,407
Total equity 46,537 55,217 49,133
Net assets per share 6 41.56 48.92 43.04p
Diluted net assets per share 6 51.56 48.92 43.04p
Consolidated statement of changes in shareholders’ equity
for the six months ended 30 June 2020
Share capital £’000 Share premium £’000 Translation reserves £’000 Capital redemption reserve £’000 Treasury shares £’000 Retained earnings excluding treasury shares £’000 Total excluding Non– Controlling Interests £’000 Non–controlling Interests £’000 Total equity £’000
Balance at 1 January 2019 8,554 4,866 (852) 47 (144) 30,906 43,377 12,309 55,686
(Loss)/profit for the period - - - - - (1,507) (1,507) 1,764 257
Other comprehensive income:
Currency translation - - 21 - - - 21 48 69
Total other comprehensive income - - 21 - - - 21 48 69
Total comprehensive income/(expense) - - 21 - - (1,507) (1,486) 1,812 326
Transactions with owners:
Share options charge - - - - - (154) (154) - (154)
Dividends – equity holders - - - - - - - (641) (641)
Dividends – non–controlling Interests - - - - - - - - -
Transactions with owners 8,554 4,866 (831) 47 (144) 29,245 41,737 13,480 55,217
Balance at 30 June 2019 (unaudited) 8,554 4,866 (852) 47 (144) 30,906 43,377 12,309 55,686
Balance at 1 January 2019 8,554 4,866 (852) 47 (144) 30,906 43,377 12,309 55,686
(Loss)/profit for year - - - - - (6,477) (6,477) 986 (5,491)
Other comprehensive income:
Currency translation - - (16) - - - (16) (33) (49)
Total other comprehensive income - - (16) - - - (16) (33) (49)
Total comprehensive income - - (16) - - (6,477) (6,493) 953 (5,540)
Transaction with owners:
Dividends – equity holders - - - - - (158) (158) - (158)
Dividends – non–controlling Interests - - - - - - - (855) (855)
Transactions with owners - - - - - (158) (158) (855) (1,013)
Balance at 31 December 2019 (audited) 8,554 4,866 (868) 47 (144) 24,271 36,726 12,407 49,133
Consolidated statement of changes in shareholders’ equity – continued
for the six months ended 30 June 2020
Share capital £’000 Share premium £’000 Translation reserves £’000 Capital redemption reserve £’000 Treasury shares £’000 Retained earnings excluding treasury shares £’000 Total excluding Non– Controlling Interests £’000 Non–controlling Interests £’000 Total equity £’000
Balance at 1 January 2020 8,554 4,866 (868) 47 (144) 24,271 36,726 12,407 49,133
Loss for the period - - - - - (1,096) (1,096) (970) (2,066)
Other comprehensive income:
Currency translation - - (166) - - - (166) (301) (467)
Total other comprehensive income - - (166) - - - (166) (301) (467)
Total comprehensive (expense)/income - - (166) - - (1,096) (1,262) (1,271) (2,533)
Transactions with owners:
Dividends – equity holders - - - - - - - - -
Dividends – non-controlling interests - - - - - - - (63) (63)
Transactions with owners - - - - - - - (63) (63)
Balance at 30 June 2020 (unaudited) 8,554 4,866 (1,034) 47 (144) 23,175 35,464 11,073 46,537
Consolidated cash flow statement
for the six months ended 30 June 2020
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2020 2019 2019
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Operating activities
(Loss)/profit for the year before taxation (2,873) 1,328 (4,540)
Finance income (24) (30) (86)
Finance expense 1,388 1,642 3,252
Decrease in value of investment properties - - 2,988
Write off investments in joint venture - 1,749 1,755
Adjustment to interest rate derivative - (168) (169)
Depreciation 1,488 1,150 2,407
Sale of inventory – property (net of costs) - - 9,309
Loss on sale of inventory - property - - 991
Exchange adjustments 206 (12) 123
Change in inventories (2,589) 1,219 805
Development expenditure on inventories - (178) (409)
Change in receivables (377) (3,400) (448)
Change in payables 2,297 (749) (994)
Cash generated from operations (484) 2,551 14,984
Income tax paid (72) (1,134) (1,199)
Cash (outflows)/inflows from operating activities (556) 1,417 13,785
Investing activities
Disposal of assets held for sale - (144) 2,285
Acquisition of investment properties, mining reserves, plant and equipment (1,849) (1,772) (3,350)
Acquisition of other investments (230) - (490)
Interest received 24 30 86
Cash outflows from investing activities (2,055) (1,886) (1,469)
Financing activities
Interest paid (1,401) (1,576) (2,932)
Interest on obligation under finance leases (19) - (259)
Receipt of bank loan – Bisichi PLC 126 174 3,908
Repayment of bank loan – Bisichi PLC (144) (74) (6,011)
Receipt of bank loan – London & Associated Properties PLC 40 119 13,725
Repayment of bank loan – London & Associated Properties PLC (158) (88) (28,482)
Repayment of lease liability (101) - (193)
Equity dividends paid - - (154)
Equity dividends paid – non–controlling interests (63) (63) (375)
Cash outflows from financing activities (1,720) (1,508) (20,773)
Consolidated cash flow statement – continued
for the six months ended 30 June 2020
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2020 2019 2019
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Net (decrease)/increase in cash and cash equivalents (4,331) (1,977) (8,457)
Cash and cash equivalents at beginning of period 8,691 17,122 17,120
Exchange adjustment 481 7 28
Cash and cash equivalents at end of period 4,841 15,152 8,691
The cash flows above relate to continuing and discontinued operations.
Cash and cash equivalents
For the purpose of the cash flow statement, cash and cash equivalents comprise
the following balance sheet amounts:
Cash and cash equivalents (before bank overdrafts) 9,554 20,184 13,533
Bank overdrafts (4,713) (5,032) (4,842)
Cash and cash equivalents at end of period 4,841 15,152 8,691
Notes to the half year report
for the six months ended 30 June
2020
1. Segmental analysis 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2020 2019 2019
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Revenue
LAP
- Rental Income 2,205 2,753 4,813
- Service charge income 348 401 628
- Proceeds from sale of trading properties - – 9,500
- Management income from third parties 21 240 607
Bisichi
- Rental Income 503 650 1,249
- Service charge income 32 106 181
- Mining 13,729 25,731 46,816
Dragon
- Rental Income 79 86 172
16,917 29,967 63,966
Operating (loss)/profit
LAP 92 (165) (1,961)
Bisichi (1,399) 4,630 5,132
Dragon 60 59 29
(1,247) 4,524 3,200
(Loss)/profit before taxation
LAP (967) (3,104) (7,533)
Bisichi (1,950) 4,395 3,007
Dragon 44 37 (14)
(2.873) 1,328 (4,540)
2. Finance costs 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2020 2019 2019
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Finance income 24 30 86
Finance expenses:
Interest on bank loans and overdrafts (855) (1,019) (1,963)
Other loans (430) (441) (915)
Interest on derivatives - (122) (122)
Interest on obligations under finance leases (104) (60) (252)
Total finance expenses (1,389) (1,642) (3,252)
(1,365) (1,612) (3,166)
Notes to the half year report – continued
3. Income tax 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2020 2019 2019
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Current tax 6 1,094 1,582
Deferred tax (813) (23) (631)
(807) 1,071 951
4. Earnings per share 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2020 2019 2019
(unaudited) (unaudited) (audited)
Loss attributable to equity shareholders after tax (£’000) (1,096) (1,507) (6,477)
Weighted average number of shares in issue for the period ('000) 85,322 85,325 85,322
Basic earnings per share (1.28)p (1.77)p (7.59)p
Diluted number of shares in issue ('000) 85,322 85,325 85,322
Diluted earnings per share (1.28)p (1.77)p (7.59)p
5. Properties
Investment properties are held a fair value at each reporting period.
Management evaluate on an ongoing basis the impact of Covid-19 and the current
economic performance of the UK property market on the future performance of
the group’s existing UK property portfolio. The Board considers the final
impact of Covid-19 on the investment properties to remain uncertain. However,
the Directors have placed a valuation on the properties which is not
materially different to the value as at 31 December 2019. Therefore, no change
in fair value of investment properties has been made during the period.
Investment properties are therefore included at a Director’s valuation which
is considered to be the fair value as at 30 June 2020. Please refer to page 44
of the 2019 Annual report and Accounts for details on the valuation of
investment and inventory properties as at 31 December 2019.
6. Net assets per share 30 June 30 June 31 December
2020 2019 2019
(unaudited) (unaudited) (audited)
Shares in issue ('000) 85,322 85,325 85,322
Net assets attributable to equity shareholders (£'000) 35,464 41,737 36,726
Basic net assets per share 41.56p 48.92p 43.04p
Shares in issue diluted by outstanding share options ('000) 85,322 85,325 85,322
Net assets after issue of share options (£'000) 35,464 41,737 36,726
Fully diluted net assets per share 41.56p 48.92p 43.04p
Notes to the half year report - continued
7. 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 2019.
8. Dividends
There is no interim dividend payable for the period (30 June 2019: Nil).
There is no final dividend payable in respect of 2019.
9. Risks and uncertainties
The group’s principal risks and uncertainties are reported on pages 10 and
11 in the 2019 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) and the valuation of interest rate derivatives.
For Bisichi PLC, the largest area of estimation relates to currency movements
and coal mining activities in South Africa, including depreciation, impairment
and the provision for rehabilitation (relating to environmental rehabilitation
of mining areas).
Covid-19 risk:
The Group is proactively assessing and managing the potential risks brought
about by the uncertainty of the Covid-19 pandemic. Overall, the Group is
exposed to impacts on the health and safety of its employees and stakeholders
and risks related to business continuity. In the UK, the Group expects there
to be an impact on retail property revenue in the medium term and potentially
values. Strategies for mitigating these risks have been put in place, these
include the measures outlined in the Chairman’s Statement and Financial &
Performance Review sections of the 2019 Annual Report.
The final impact of the Covid-19 pandemic remains uncertain and the Group will
adapt plans accordingly as more information becomes available or government
advice changes.
The current cash receipts from tenants are within the range of sensitivities
considered as part of our going concern review carried out earlier this year.
Property, plant and equipment representing Bisichi’s mining assets in South
Africa are reviewed for impairment where there is evidence of a material
impairment. The impairment test indicated significant headroom as at 31
December 2019 and no impairment was considered appropriate. During the first
half of the year, the Covid-19 pandemic impacted on the Group’s South
African mining operations, in particular in relation to the operations coal
markets and coal prices. In terms of business continuity, the Group’s South
African entities have remained in operation as the entities have been
classified as essential businesses. Although the final impact of Covid-19
remains uncertain, the directors have assessed the expected range of impact of
the Covid-19 pandemic on its impairment model using similar key assumptions
and estimates as outlined on page 47 of the 2019 Annual report and Accounts,
and no impairment was considered appropriate as at 30 June 2020. However, it
must be acknowledged that if circumstances change and the balance of factors
shifts as the Covid-19 pandemic runs its course, impairment values may in turn
be impacted.
10. 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 2019 are based upon the latest statutory accounts, which
have been delivered to the Registrar of Companies; the report of the auditor
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
Conduct 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 2020 as were
used for the year ended 31 December 2019.
As stated in the 2019 Annual Report in the group accounting policies, Bisichi
PLC and Dragon Retail Properties Limited are consolidated with LAP, as
required by IFRS 10.
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.
Certain new accounting amendments became effective for the financial year
beginning on 1 January 2020, however the Group did not have to change its
accounting policies or make retrospective adjustments as a result of these
amendments.
11. Board approval
The half year results were approved by the Board of London & Associated
Properties PLC on 28 August 2020.
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.
This report contains forward-looking statements. These statements are based on
current estimates and projections of management and currently available
information. Future statements are not guarantees of the future developments
and results outlined therein. Rather, future developments and results are
dependent on a number of factors; they involve various risks and uncertainties
and are based upon assumptions that may not prove to be accurate. Risks and
uncertainties identified by the Group are set out on pages 7 and 8 of the 2019
Annual Report & Accounts. We do not assume any obligation to update the
forward-looking statements contained in this report.
Signed on behalf of the Board on 28 August 2020
Sir Michael Heller Jonathan Mintz
Director Director
Directors and advisors
Directors
Executive directors
* Sir Michael Heller MA FCA (Chairman)
John A Heller LLB MBA (Chief Executive)
Jonathan Mintz FCA (Finance Director)
Non-executive directors
† Howard D Goldring BSC (ECON) ACA
#†Clive A Parritt FCA CF FIIA
Robin Priest MA
* Member of the nomination committee
# Senior independent director
† Member of the audit, remuneration and nomination
committees.
Secretary & registered office
Jonathan Mintz FCA
24 Bruton Place,
London W1J 6NE
Registrars & transfer office
Link Asset Services Shareholder Services
The Registry, 34 Beckenham Road
Beckenham, Kent BR3 4TU
UK Telephone: 0871 664 0300 (Calls cost 12p per minute plus network access charges; lines are open Monday to Friday between 9.00am and 5.30pm) International Telephone: +44 371 664 0300 (Calls outside the United Kingdom will be charged at applicable international rate) Website: www.linkassetservices.com E-mail: enquiries@linkgroup.co.uk
Company registration number
341829 (England and Wales)
Website
www.lap.co.uk
E-mail
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See all newsREG-London & Associated Properties Plc: Annual Report and Notice of AGM
AnnouncementREG-London & Associated Properties Plc: Results for 12 Months to 31 December 2024
AnnouncementREG-London & Associated Properties Plc: Half Year Results to 30 June 2024
AnnouncementREG-London & Associated Properties Plc: Report on Payments to Governments for the year 2023
AnnouncementREG-London & Associated Properties Plc: Outcome of AGM
Announcement