REG-London & Associated Properties Plc: Half Year Results to 30 June 2024
30/08/2024 07:45
FOR IMMEDIATE RELEASE
30 August 2024
LONDON & ASSOCIATED PROPERTIES PLC
HALF YEAR RESULTS TO 30 JUNE 2024
London & Associated Properties PLC (“LAP” or the “Group”) is a main
market listed property investment group that specialises in industrial and
essential retail property in the UK.
It also holds a substantial stake in the main market listed Bisichi PLC which
operates coal mines in South Africa and invests in UK property.
HIGHLIGHTS
* Improved profitability – * Operating profit £3.3 million (June 2023: loss
£2.0 million)
* Profit before tax £4.2 million (June 2023: loss £2.5 million)
* Net assets attributable to shareholders – * Increased to £28.6 million
(December 2023: £28.5 million)
* Now 33.50p (December 2023: 33.38p) per share
* Property portfolio seeing continued strong tenant demand, with Group
occupancy levels of 95.5% by rental income (June 2023: 98.4%). 1.1% of the
current vacancies relate to 5 residential units recently returned to us at the
end of a long lease.
“LAP’s options for enhancing performance have been limited by interest
rates and inflation. The recent and forecast easing of these pressures,
combined with the ongoing drive to reduce overheads and Bisichi’s forward
looking performance outlook, should enable LAP to deliver improved returns for
shareholders.”
-more-
Contact:
London & Associated Properties PLC Tel: 020 7415 5000
John Heller, Chairman and Chief Executive
Baron Phillips Associates Tel: 07767 444193
Baron Phillips
Half year results for the period ended
30 June 2024
Half year review
We are pleased to report that for the six month period ended 30 June 2024 the
Group has made a profit before tax of £4.2 million. Profit after tax
attributable to shareholders was £0.1 million (2023: loss of £3.0 million).
Net assets attributable to shareholders increased slightly from £28.5 million
to £28.6 million (33.50p per share as compared to 33.38p per share at
December 2023).
The Group’s property business continues to perform satisfactorily, with
strong tenant demand. Bisichi’s mining business also performed well in the
period, with a significant improvement in mining production and lower mining
costs.
Interest rates remaining at recent historical highs during the period
continued to depress earnings from the Group’s property business, but we
expect that these pressures will ease in the immediately foreseeable future.
Like for like revenue from property activities remained steady at £1.8
million (2023: £1.8 million, excluding Orchard Square and a one-off lease
premium receipt).
We are continuing to see strong demand in both our industrial and
value-orientated retail properties. While we remain open to selling any
properties where we think we can reinvest the proceeds into new assets with
stronger growth potential, we remain happy with the cash generating potential
of the current portfolio.
Across our entire portfolio, voids remain at a low level of 4.5% by rental
value (30 June 2023: 1.6%). 1.1% of the current vacancies relate to 5
residential units recently returned to us, with vacant possession, at the end
of a long lease, which we anticipate will be relet quickly.
As reported in our 2023 Annual Report and Accounts, LAP has relinquished its
interest in Orchard Square Limited but continues to work with the lender to
manage and prepare the property for sale. The loan held by Orchard Square
Limited was refinanced in August 2024 with the existing lender, with LAP’s
only commercial interest being its ongoing management fee and any performance
fee relating to the sale of the property. There is no obligation on LAP to
provide future funding to Orchard Square Limited, nor does the lender have any
security over LAP Group assets outside Orchard Square Limited. Other than the
income that LAP generates from its management of the property, Orchard Square
Limited has no effect on LAP’s financial results and the investment has been
fully written down in the accounts in previous periods.
We continue to review all opportunities to reduce overheads and improve
profitability, including assessing options for our head office when the lease
expires in Q4 2024.
At our development site in West Ealing, we have fully implemented the planning
consent for 56 flats and four retail units. In June 2024, the joint venture
secured an offer of funding, agreed a price for a Registered Provider to
purchase the affordable element of the scheme and agreed a construction cost
with a contractor. The contractor went into administration in July 2024,
before we commenced construction, and we are now in the process of retendering
the construction contract. The lender and the Registered Provider have both
indicated that once a new contractor is selected they will be available to
restart the process. We are scheduled to complete the tendering process in
November 2024, with a view to starting on site in early 2025.
Our joint venture with Bisichi plc, Dragon Retail Properties Limited
(“Dragon”), executed a new 3-year loan with Santander UK plc, the existing
lender, for £0.74 million in July 2024, with an LTV of 50% and an interest
rate of 3.5% above the Bank of England base rate. This loan is secured on
Dragon’s property portfolio.
For the first six months of the year, Bisichi PLC, which is 42% owned by LAP,
made a profit before interest, tax, depreciation and amortisation (EBITDA) of
£7.35 million (2023: £1.42 million) and an operating profit before
depreciation, fair value adjustments and exchange movements (Adjusted EBITDA)
of £6.65 million (2023: £2.17 million). Higher earnings for Bisichi,
compared to the first six months of 2023, are mainly attributable to the
significant improvement in mining production and lower mining costs at its
South African coal mining asset, Black Wattle Colliery. This offset the lower
prices for coal sold by Sisonke Coal Processing, the Group’s South African
coal processing operation.
Bisichi intends to pay an interim dividend on 7 February 2025 of 3p (2023: 3p)
per share, £133,000 of which will be receivable by LAP.
Further details of Bisichi’s performance and a forward looking statement can
be found in their own half year report available at www.bisichi.com.
LAP’s options for enhancing performance have been limited by interest rates
and inflation. The recent and forecast easing of these pressures, combined
with the ongoing drive to reduce overheads and Bisichi’s forward looking
performance outlook, should enable LAP to deliver improved returns for
shareholders. The Board of LAP bases its decisions regarding dividend payments
on the results and financial position of the Group’s property activities and
accordingly has decided not to declare a dividend for the half year.
John Heller
Chairman and Chief Executive
29 August 2024
Consolidated income statement
for the six months ended 30 June 2024
Notes 6 months ended 30 June 2024 (unaudited) £’000 6 months ended 30 June 2023 (unaudited) £’000 Year ended 31 December 2023 (audited) £’000
Group revenue 1 24,754 28,335 53,183
Operating costs (20,037) (28,708) (52,017)
Operating profit/(loss) 1 4,717 (373) 1,166
Finance income 2 115 171 332
Finance expenses 2 (1,534) (1,775) (3,646)
Result before valuation and other movements 3,298 (1,977) (2,148)
Non–cash changes in valuation of assets and liabilities and other movements
Exchange losses - - (158)
Increase/(decrease) in value of investment properties - - (5)
Profit on disposal of fixed assets - - 4
Gain/(loss) on investments held at fair value (Bisichi) 920 (553) 759
Loss on disposal of subsidiary - - (1,930)
Decrease in value of other investments - - (6)
Result including revaluation and other movements 4,218 (2,530) (3,484)
Profit/(loss) for the period before taxation 1 4,218 (2,530) (3,484)
Income tax charge 3 (1,302) (232) (307)
Profit/(loss) for the period 2,916 (2,762) (3,791)
Attributable to:
Equity holders of the Company 55 (3,007) (3,861)
Non–controlling interest 2,861 245 70
Profit/(loss) for the period 2,916 (2,762) (3,791)
Profit/(loss) per share – basic and diluted 4 0.06 (3.52) (4.52)
Consolidated statement of comprehensive income
for the six months ended 30 June 2024
30 June 2024 (unaudited) 30 June 2023 (unaudited) 31 December 2023 (audited)
£'000 £'000 £’000
Profit/(loss) for the period 2,916 (2,762) (3,791)
Other comprehensive income:
Items that may be subsequently recycled to the income statement:
Exchange differences on translation of foreign operations 175 (874) (675)
Other comprehensive income/(expense) for the period, net of tax 175 (874) (675)
Total comprehensive income/(expense) for the period, net of tax 3,091 (3,636) (4,466)
Attributable to:
Equity shareholders 97 (3,256) (4,056)
Non–controlling interest 2,994 (380) (410)
3,091 (3,636) (4,466)
Consolidated balance sheet
at 30 June 2024
30 June 2024 (unaudited) 30 June 2023 (unaudited) £'000 31 December 2023 (audited) £'000
£'000
Notes
Non–current assets
Market value of properties attributable to Group 35,643 35,610 35,060
Present value of head leases 1,551 1,552 1,589
Property 5 37,194 37,162 36,649
Mining reserves, property, plant and equipment 22,796 14,599 19,164
Other investments at fair value through profit and loss (“FVPL”) (Bisichi) 15,181 12,740 14,258
Deferred tax - - 432
75,171 64,501 70,503
Current assets
Inventories – Property 5 9,465 21,256 8,889
Inventories – Mining 3,433 4,502 2,579
Assets held for sale - - 545
Trade and other receivables 10,058 8,031 7,413
Investments in listed securities held at FVPL (Bisichi) 768 779 734
Cash and cash equivalents 4,281 10,886 6,978
28,005 45,454 27,138
Total assets 103,176 109,955 97,641
Current liabilities
Trade and other payables (18,067) (14,386) (14,463)
Borrowings (11,815) (21,580) (12,792)
Lease liabilities (197) (345) (394)
Current tax liabilities (4,750) (4,321) (5,191)
(34,829) (40,632) (32,840)
Non–current liabilities
Borrowings (13,334) (17,154) (13,291)
Lease liabilities (1,543) (1,599) (1,582)
Provisions (1,635) (1,475) (1,615)
Deferred tax liabilities (680) 236 -
(17,192) (19,992) (16,488)
Total liabilities (52,021) (60,624) (49,328)
Net assets 51,155 49,331 48,313
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) (1,216) (1,314) (1,258)
Capital redemption reserve 47 47 47
Retained earnings (excluding treasury shares) 16,480 17,279 16,425
Treasury shares (144) (144) (144)
Retained earnings 16,336 17,135 16,281
Total equity attributable to equity shareholders 28,587 29,288 28,490
Non – controlling interest 22,568 20,043 19,823
Total equity 51,155 49,331 48,313
Net assets per share attributable to equity shareholders 6 33.50p 34.32p 33.38p
Consolidated statement of changes in shareholders’ equity
for the six months ended 30 June 2024
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– Total equity £’000
controlling Interests £’000
Balance at 1 January 2023 8,554 4,866 (1,063) 47 (144) 20,286 32,546 21,169 53,715
(Loss)/profit for the period - - - - - (3,007) (3,007) 245 (2,762)
Other comprehensive income:
Currency translation - - (251) - - - (251) (623) (874)
Total other comprehensive income - - (251) - - - (251) (623) (874)
Total comprehensive income - - (251) - - (3,007) (3,258) (378) (3,636)
Transactions with owners:
Dividends – non-controlling interests - - - - - - - (748) (748)
Transactions with owners - - - - - - - (748) (748)
Balance at 30 June 2023 (unaudited) 8,554 4,866 (1,314) 47 (144) 17,279 29,288 20,043 49,331
Balance at 1 January 2023 8,554 4,866 (1,063) 47 (144) 20,286 32,546 21,169 53,715
(Loss)/profit for the year - - - - - (3,861) (3,861) 70 (3,791)
Other comprehensive income:
Currency translation - - (195) - - - (195) (480) (675)
Total other comprehensive expense - - (195) - - - (195) (480) (675)
Total comprehensive expense - - (195) - - (3,861) (4,056) (410) (4,466)
Transaction with owners:
Dividends – non–controlling Interests - - - - - - - (936) (936)
Transactions with owners - - - - - - - (936) (936)
Balance at 31 December 2023 (audited) 8,554 4,866 (1,258) 47 (144) 16,425 28,490 19,823 48,313
Consolidated statement of changes in shareholders’ equity - continued
for the six months ended 30 June 2024
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 2024 8,554 4,866 (1,258) 47 (144) 16,425 28,490 19,823 48,313
Profit for the period - - - - - 55 55 2,861 2,916
Other comprehensive income:
Currency translation - - 42 - - - 42 133 175
Total other comprehensive income - - 42 - - - 42 133 175
Total comprehensive income - - 42 - - 55 97 2,994 3,091
Transactions with owners:
Dividends – non-controlling interests - - - - - - - (249) (249)
Transactions with owners - - - - - - - (249) (249)
Balance at 30 June 2024 (unaudited) 8,554 4,866 (1,216) 47 (144) 16,480 28,587 22,568 51,155
Consolidated cash flow statement
for the six months ended 30 June 2024
6 months ended 30 June 2024 (unaudited) 6 months ended 30 June 2023 (unaudited) Year ended 31 December 2023 (audited)
£'000 £'000 £'000
Operating activities
Profit/(loss) for the year before taxation 4,218 (2,530) (3,484)
Finance income (115) (171) (332)
Finance expense 1,534 1,775 3,646
Decrease in value of investment properties - - 5
Gain on investments held at FVPL (Bisichi) - - (759)
Loss on disposal of subsidiary - - 1,930
Decrease in value of other investments - 6 6
Expenditure on trading property (318) - -
Depreciation 1,761 899 1,761
Profit on disposal of non-current assets - (2) (4)
Exchange adjustments (27) 188 158
(Gain)/loss on investment held for trading (920) 553 -
Development expenditure on inventories - - (777)
Change in inventories (795) 1,572 2,046
Change in receivables (416) 728 (933)
Change in payables 1,178 (3,627) 429
Cash inflows/(outflows) generated from operations 6,100 (609) 3,692
Income tax paid (721) (327) 137
Cash inflows/(outflows) from operating activities 5,379 (936) 3,829
Investing activities
Disposal of subsidiary - - (148)
Acquisition of investment properties, mining reserves, plant and equipment (5,178) (1,061) (5,952)
Sale of plant and equipment - 16 21
Disposal of other investments - - 432
Acquisition of other investments (37) (596) (1,189)
Interest received 115 171 332
Cash outflows from investing activities (5,100) (1,470) (6,504)
Financing activities
Interest paid (1,474) (1,693) (3,557)
Interest on obligation under finance leases (64) (17) (185)
Repayment of lease liability (134) (126) (251)
Receipt of bank loan – Bisichi PLC 21 27 99
Repayment of bank loan – Bisichi PLC (64) (540) (624)
Repayment of bank loan – Dragon Retail Properties Ltd (155) (183) (193)
Receipt of bank loan – London & Associated Properties PLC - 3 -
Repayment of bank loan – London & Associated Properties PLC (4) (61) (95)
Equity dividends paid - - (1,372)
Cash outflows from financing activities (1,874) (2,590) (6,178)
Consolidated cash flow statement - continued
for the six months ended 30 June 2024
6 months ended 30 June 2024 (unaudited) 6 months ended 30 June 2023 (unaudited) Year ended 31 December 2023 (audited)
£'000 £'000 £'000
Net decrease in cash and cash equivalents (1,595) (4,996) (8,853)
Cash and cash equivalents at beginning of period 3,444 12,157 12,157
Exchange adjustment (5) 177 140
Cash and cash equivalents at end of period 1,844 7,338 3,444
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) 4,281 10,886 6,978
Bank overdrafts (2,437) (3,548) (3,534)
Cash and cash equivalents at end of period 1,844 7,338 3,444
Notes to the half year report
for the six months ended 30 June 2024
1. Segmental analysis 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2024 2023 2023
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Revenue
LAP
- - Rental income 1,131 2,000 3,323
- - Service charge income 70 378 451
- - Management income from third parties 9 9 18
Bisichi
- - Rental income 523 524 1,051
- - Service charge income - - 181
- - Mining 22,940 25,341 47,985
- Dragon
- - Rental income 81 83 168
- - Service charge income - - 6
24,754 28,335 53,183
Operating (loss)/profit
LAP (482) (1,728) (281)
Bisichi 5,134 1,296 1,318
Dragon 65 59 129
4,717 (373) 1,166
(Loss)/profit before taxation
LAP (1,151) (2,942) (4,341)
Bisichi 5,342 390 813
Dragon 27 22 44
4,218 (2,530) (3,484)
2. Finance costs 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2024 2023 2023
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Finance income 115 171 332
Finance expenses:
Interest on bank loans and overdrafts (1,430) (1,671) (2,658)
Unwinding of discount (Bisichi) - - (112)
Other loans (32) (32) (705)
Interest on obligations under finance leases (72) (72) (171)
Total finance expenses (1,534) (1,775) (3,646)
(1,419) (1,604) (3,314)
3. Income tax 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2024 2023 2023
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Current tax 228 1,017 1,318
Deferred tax 1,074 (785) (1,011)
1,302 232 307
4. Earnings per share 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2024 2023 2023
(unaudited) (unaudited) (audited)
Profit/(loss) attributable to equity shareholders after tax (£’000) 55 (3,007) (3,861)
Weighted average number of shares in issue for the period ('000) 85,326 85,326 85,326
Basic earnings per share 0.06p (3.52)p (4.52)p
Diluted number of shares in issue ('000) 85,326 85,326 85,326
Diluted earnings per share 0.06p (3.52)p (4.52)p
5. Properties
Investment properties are held at fair value at each reporting period.
During the period no properties were acquired or sold.
The West Ealing development property is held as inventory at cost, being lower
than its net realisable value based on the latest cash flow appraisal.
The Orchard Square development property was held at a value of £14.75 million
at 30 June 2023, with control being relinquished in July 2023. This is
explained in more detail on page 59 (note 6) of the 2023 Annual Report and
Accounts.
Other than as discussed above the Directors have placed a valuation on the
properties which is not materially different to the value as at 31 December
2023. Investment properties are therefore included at a directors’ valuation
which is considered to be the fair value as at 30 June 2024. Please refer to
pages 52 and 53 of the 2023 Annual Report and Accounts for details on the
valuation of investment and inventory properties as at 31 December 2023.
6. Net assets per share 30 June 30 June 31 December
2024 2023 2023
(unaudited) (unaudited) (audited)
Shares in issue ('000) 85,326 85,326 85,326
Net assets attributable to equity shareholders (£'000) 28,587 29,288 28,490
Basic net assets per share 33.50p 34.32p 33.38p
Shares in issue diluted by outstanding share options ('000) 85,326 85,326 85,326
Net assets after issue of share options (£'000) 28,587 29,288 28,490
Fully diluted net assets per share 33.50p 34.32p 33.38p
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 2023.
8. Dividends
There is no interim dividend payable for the period (30 June 2023: Nil).
There is no final dividend payable in respect of 2023.
9. Risks and uncertainties
The group’s principal risks and uncertainties are reported on pages 9 and 10
in the 2023 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).
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).
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 2023 and no impairment was considered appropriate.
Other areas of estimation and uncertainly are referred to in the Group's
annual financial statements. There have been no significant changes to the
basis of accounting for key estimates and judgements as disclosed in the
annual report as at 31 December 2023.
10. Contingent Liabilities and Subsequent Events
Black Wattle Colliery (Pty) Ltd continues to be involved in a tax dispute in
South Africa related to VAT. The dispute arose during the year ended 31
December 2020 and is related to events which occurred prior to the year ended
31 December 2020. The interpretation of laws and regulations in South Africa
where the Group operates can be complex and can lead to challenges from or
disputes with regulatory authorities. Such situations often take significant
time to resolve. Where there is a dispute and where a reliable estimate of the
potential liability cannot be made, or where the Group, based on legal advice,
considers that it is improbable that there will be an outflow of economic
resources, no provision is recognised. Further details of the contingent tax
liability can be found on page 107 of Bisichi’s 2023 Annual report and
Accounts.
An exit fee of £220,000 is due to Paragon bank, the lender to our development
in West Ealing, when the loan is repaid.
In August 2024, the term loan with Paragon bank was extended until January
2025, with the exit fee of £220,000 being added to the loan value.
11. 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 2023 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' and in conformity
with the requirements of the Companies Act 2006 applicable to companies
reporting under IFRS 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 and in conformity with the requirements of
the Companies Act 2006 applicable to companies reporting under IFRS. The
company has applied UK-adopted IAS and at the date of application, both
UK-adopted IAS and EU-adopted IFRS are the same. The same accounting policies
are used for the six months ended 30 June 2024 as were used for the year ended
31 December 2023.
As stated in the 2023 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.
The interim financial statements have been prepared on the going concern
basis.
12. Board approval
The half year results were approved by the Board of London & Associated
Properties PLC on 29 August 2024.
Directors' responsibility statement
The Directors confirm that to the best of their knowledge:
(a) the condensed consolidated interim financial statements have been prepared
in accordance with UK-adopted International Accounting Standard 34, Interim
Financial Reporting.
(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 9 and 10 of the
2023 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 29 August 2024
John Heller Jonathan Mintz
Director Director
Directors and advisors
Directors
Executive directors
John A Heller LLB MBA (Chief Executive and Chairman)
Jonathan Mintz FCA (Finance Director)
Non-executive directors
† Howard D Goldring BSC (ECON) ACA (resigned 30 June 2023)
#† Clive A Parritt FCA CF FIIA
† Robin Priest MA Andrew R Heller MA, ACA
* Member of the nomination committee
# Senior independent director
† Member of the audit, remuneration and nomination
committees.
Secretary & registered office
Jonathan Mintz FCA
12 Little Portland Street
London W1W 8BJ
Registrars & transfer office
Link Group Shareholder Services
The Registry Central Square 29 Wellington Street Leeds LS1 4DL
UK Telephone: 0371 664 0300 International Telephone: +44 371 664 0300 (Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate) Lines are open between 8.00am and 5.30pm, Monday to Friday, excluding public holidays in England and Wales. Website: www.linkgroup.eu E-mail: shareholderenquiries@linkgroup.co.uk
Company registration number
341829 (England and Wales)
Website
www.lap.co.uk
E-mail
admin@lap.co.uk
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