+44 (0)207 415 5000
2nd Floor, 12 Little Portland Street, London, W1W 8BJ
FOR IMMEDIATE RELEASE
31 August 2011
LONDON & ASSOCIATED PROPERTIES PLC:
HALF YEARLY RESULTS TO 30 JUNE 2011
London & Associated Properties is a fully listed UK shopping centre and Central
London retail property specialist.
HIGHLIGHTS
* Rental Income reaches £9.0 million despite property sales
* Pre-tax profits of £1.4 million compared to losses of £9.8 million last
year
* Earnings per share of 1.62p compared to a loss per share of 7.23p
* Interim cash dividend maintained at 0.75p per share to be paid on 20
January 2012
* First joint venture with Columbus Capital Management completed
* Average weighted unexpired lease terms now 8.6 years compared to 7.0 years
a year ago
* Voids only 1.7% of rent roll
* Further reduction in swaps at a cost of £0.9 million with incremental
annual interest rate savings of £0.2million
"The continuing economic uncertainty in the markets and its effect on the UK
consumer will continue to have an impact on retail property in general.
However, we still believe that success will be dependent on location,
affordability of rents and attractiveness of individual centres. The company is
well positioned given the increase in the average lease length within our
portfolio, the investment into our new joint venture and our active management
capabilities. We remain cautiously optimistic for the future."
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
While the economic environment remains challenging I am pleased to report that
London & Associated Properties continues to make progress. Our performance
during the first half of 2011 was satisfactory against an increasingly
difficult retailing climate and our vacancy levels are encouragingly low.
LAP's income for the first six months rose to £9.0 million from £8.6 million.
On a like for like basis rental income was up 0.6% after eliminating the
distortions arising from the sale of Antiquarius in the first half of last
year; the reverse premium received this year from Boots at Windsor; and the
letting at Brixton to In-Shops which had a marginal adverse impact on rental
income this year.
Our current portfolio still has very few vacancies. Void units as a percentage
of our rental income are only 1.7%. Over the last 12 months we have completed
lease renewals with a combined rental value of £0.36 million.
In the total portfolio the average weighted unexpired lease term is 8.6 years
compared to 7.0 years 12 months ago, a satisfactory increase in the current
market conditions.
In terms of the group's hedging arrangements we have brought them more into
line with the outstanding loans. The swaps were further reduced during the
period, at a cost of £920,000, with an incremental annual saving in interest
payments of £197,000 per annum. The current level of hedging is now £120.4
million at an average rate of 4.735% against term loans of £115.1 million,
compared to £124.4 million a year ago.
The group made a profit before taxation in the first six months of £1.4 million
compared to a loss of £9.8 million. The board has taken the decision to
maintain the interim dividend at the same level as last year of 0.75p per share
payable on 20 January 2012 to shareholders on the register at 23 December 2011.
The groups' net assets under European Real Estate Association (EPRA), as used
by most property companies, stood at £71.1 million compared to £72.2 million.
Overheads in the period are lower following the offsetting of £0.3 million of
management fees received by London & Associated Management Services (LAMS our
wholly owned subsidiary) for work carried out on the Sapphire portfolio. This
is net of all expenses and deductions.
In June we completed our first joint venture with Columbus Capital Management
LLP (Columbus), part of Schroders' real estate investment and asset management
business, and acquired Langney District Shopping Centre, Eastbourne. It
consists of a 130,000 sq. ft district shopping centre on a 12 acre site which
is situated in a large residential area to the north of the town centre.
The freehold centre is anchored by a Tesco supermarket and other tenants
include Peacocks, Boots, Iceland, Barclays Bank, Ladbrokes, Domino's and Family
Bargains. The average passing rent is currently about £30 per square foot Zone
A. There is an existing planning consent to extend the centre by 75,000 sq. ft
to provide new retail and leisure accommodation. We are developing a number of
asset management opportunities for this centre, and hope to be able to report
on them in the near future.
LAP owns 12.5% of the equity in the joint venture for a £889,000 investment.
Our associated company Bisichi Mining owns a further 12.5% of the equity.
LAMS will manage the shopping centre for an ongoing fee, and it will earn a
profit share which will be received, subject to meeting certain criteria,
when we ultimately dispose of the property.
Columbus is a successful and established real estate investor with many joint
ventures. We are excited to have teamed up with them on this project, and hope
to carry out further joint ventures with them in the future.
Windsor
During the first half, we concluded a letting to Pret a Manger for a new Pret
Café concept. As previously reported, the rent is £87,500 per annum compared to
£72,000 per annum previously. We also carried out a letting to Temptation Gifts
at £85,000 per annum compared to £82,600 per annum previously. Temptation Gifts
were online gift retailer of the year 2009, 2010 and 2011, and this is their
5th shop. The remainder of the centre is fully let with the exception of 1 unit
which is under offer with imminent completion.
Redevelopment of the former Boots unit continues to progress satisfactorily. We
are dividing up the unit to create 3 units. The first unit of 1200 sq ft is on
the ground floor with 6,000 sq ft on the first floor, which has been pre-let to
Cotswold Outdoor, the outdoor clothing and equipment retailer, at £120,000 per
annum. The second unit faces on to Peascod Street and an agreement for lease
for this unit is about to be signed with a quality fashion retailer. We are
deliberately holding back the final unit to commence marketing following the
successful letting of the first 2 units. We will commence marketing of the
remaining unit in the second half of the year.
Other centres
We have also completed a number of successful lease renewals at Kings Square,
West Bromwich in the last 12 months. These renewals account for 23% of the
rental income of the centre, and increase the average weighted unexpired lease
terms to 4.4 years from 3.8 years.
At Orchard Square, Sheffield, the Centre has remained fully let during the
first 6 months and continues to trade well.
Following the letting of the whole of Brixton to Groupe Geraud, Brixton
continues to trade well. The market remains fully let with 16 traders on the
waiting list, so it should be showing a growth in income payable to LAP in the
future.
LAMS has been appointed by Grant Thornton to manage further retail assets for
fees. A project, in Ealing, has only just commenced so I will report more fully
in the future.
The continuing economic uncertainty in the markets and its effect on the UK
consumer will continue to have an impact on retail property in general. However
we still believe that success will be dependent on location, affordability of
rents and attractiveness of individual centres. The company is well positioned
given the increase in the average lease length within our portfolio, the
investment into our new joint venture and our active management capabilities.
We remain cautiously optimistic for the future.
Michael Heller John Heller
Chairman Chief Executive
30 August 2011
Consolidated income statement
for the six months ended 30 June 2011
6 months 6 months Year
ended ended ended
30 June 30 June 31
December
2011 2010 2010
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Gross rental income
Group and share of joint ventures 9,026 8,571 16,503
Less: joint ventures - share of
rental income (274) (258) (518)
Revenue 8,752 8,313 15,985
Direct property expenses (858) (970) (1,839)
Overheads (1,226) (1,601) (3,780)
Property overheads (2,084) (2,571) (5,619)
Net rental income 1 6,668 5,742 10,366
Listed investments held for trading 1 11 3 43
Profit on sale of investment properties - - 637
Net increase on revaluation of investment - - 1,569
properties
Net increase/(decrease) in value of
investments 21 (18) 89
held for trading
Operating profit 1 6,700 5,727 12,704
Share of profit/(loss) of joint ventures 56 (7) (233)
after tax
Share of loss of associate after tax (388) (69) (505)
Profit before interest and taxation 6,368 5,651 11,966
Interest rate derivatives 6 1,763 (8,481) (7,280)
Interest rate derivatives break costs 6 (920) (1,000) (3,515)
Finance income 2 15 40 64
Finance expenses 2 (5,789) (6,018) (11,922)
Profit/(loss) before taxation 1,437 (9,808) (10,687)
Income tax 3 (76) 3,920 7,192
Profit/(loss) for the period attributable
to the 1,361 (5,888) (3,495)
equity shareholders of the company
Basic earnings/(loss) per share 4 1.62p (7.23)p (4.24)p
Diluted earnings/(loss) per share 4 1.62p (7.23)p (4.24)p
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 2011
30 June 2011 30 June 2010 31 December 2010
per per per
Non-cash income Non- income Non- income
Cash items statement Cash cash statement Cash cash statement
items (unaudited) items items (unaudited) items items (audited)
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Net rental
income 6,668 - 6,668 5,742 - 5,742 10,366 - 10,366
Income and
gains
on
investments
held
for trading 11 - 11 3 - 3 43 - 43
Profit on
sale of
investment
properties - - - - - - 637 - 637
Net change
of
revaluation
of - - - - - - - 1,569 1,569
investment
properties
Net
increase /
(decrease)
in
value of
investments - 21 21 - (18) (18) - 89 89
held for
trading
Operating
profit/ 6,679 21 6,700 5,745 (18) 5,727 11,046 1,658 12,704
(loss)
Share of
joint
ventures 44 (376) (332) 44 (120) (76) 173 (911) (738)
and
associates
Interest
rate - 1,763 1,763 - (8,481) (8,481) - (7,280) (7,280)
derivatives
(valuation
movements)
Net (5,774) - (5,774) (5,978) - (5,978) (11,858) - (11,858)
interest
Profit/
(loss)
before
taxation
and
exceptional 949 1,408 2,357 (189) (8,619) (8,808) (639) (6,533) (7,172)
items
Interest
rate
derivatives (920) - (920) (1,000) - (1,000) (3,515) - (3,515)
break costs
Profit/
(loss)
before 29 1,408 1,437 (1,189) (8,619) (9,808) (4,154) (6,533) (10,687)
taxation
Consolidated statement of comprehensive income
for the six months ended 30 June 2011
30 June 30 June 31
December
2011 2010 2010
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Profit/(loss) for the period 1,361 (5,888) (3,495)
Other comprehensive income
Currency translation in associate (66) 105 314
Other comprehensive income for the period (66) 105 314
Total comprehensive income for the period 1,295 (5,783) (3,181)
attributable to owners of the parent
Consolidated balance sheet
at 30 June 2011
30 June 30 June 31
December
2011 2010 2010
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Non-current assets
Market value of properties
attributable to group 194,985 210,442 194,946
Present value of head leases 28,664 29,480 28,664
Property 5 223,649 239,922 223,610
Plant and equipment 573 711 612
Investments in joint ventures 2,106 1,389 1,163
Investments in associated company 6,859 7,908 7,483
Held to maturity investments 2,077 1,985 1,946
235,264 251,915 234,814
Current assets
Trade and other receivables 4,799 4,927 4,092
Financial assets-investments held
for trading 738 696 717
Cash and cash equivalents 7,351 6,214 8,584
12,888 11,837 13,393
Total assets 248,152 263,752 248,207
Current liabilities
Trade and other payables (10,065) (10,489) (10,022)
Financial liabilities -borrowings (4,653) (6,802) (3,863)
Current tax liabilities - (741) -
(14,718) (18,032) (13,885)
Non-current liabilities
Financial liabilities -borrowings (136,389) (145,522) (136,206)
Interest rate derivatives 6 (11,864) (14,828) (13,627)
Present value of head leases on
properties (28,664) (29,480) (28,664)
Deferred tax (141) (2,586) (64)
(177,058) (192,416) (178,561)
Total liabilities (191,776) (210,448) (192,446)
Net assets 56,376 53,304 55,761
Equity attributable to equity
shareholders of the company
Share capital 8,554 8,392 8,554
Share premium account 4,866 5,042 4,866
Translation reserve in associate (36) (179) 30
Capital redemption reserve 47 47 47
Retained earnings (excluding
treasury shares) 44,307 42,270 44,342
Treasury shares (1,362) (2,268) (2,078)
Retained earnings 42,945 40,002 42,264
Total shareholders' equity 56,376 53,304 55,761
Net assets per share 7 66.91p 65.17p 66.71p
Diluted net assets per share 7 66.88p 65.15p 66.69p
Consolidated statement of changes in shareholders' equity
for the six months ended 30 June 2011
Retained Earnings
Retained
Earnings
Share Share Translation Capital Treasury ex: Total
redemption treasury
capital premium reserve reserve Shares shares equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
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 - - 105 - - - 105
associate
Total other
comprehensive - - 105 - - - 105
income
Total comprehensive - - 105 - - (5,888) (5,783)
income
Transactions with
owners:
Equity share
options in - - - - - - -
associate
Disposal of own - - - - 907 - 907
shares
Loss on transfer of
own - - - - 1,383 (1,383) -
shares
Dividends paid - - - - - (924) (924)
Transactions with - - - - 2,290 (2,307) (17)
owners
Balance at 30 June
2010(unaudited) 8,392 5,042 (179) 47 (2,268) 42,270 53,304
Balance at 1 8,392 5,042 (284) 47 (4,558) 50,465 59,104
January 2010
Loss for the year - - - - - (3,495) (3,495)
Other comprehensive
income:
Currency - - 314 - - - 314
translation in
associate
Total other
comprehensive - - 314 - - - 314
income
Total comprehensive
income - - 314 - - (3,495) (3,181)
Transactions with
owners:
Equity share
options in - - - - - 2 2
associate
Minority interest
on share - - - - - (199) (199)
disposal in
associate
Issue of own shares
and 162 (176) - - - - (14)
expenses
Disposal of own - - - - 973 - 973
shares
Loss on disposal of
own - - - - 1,507 (1,507) -
shares
Dividends paid - - - - - (924) (924)
Transactions with 162 (176) - - 2,480 (2,628) (162)
owners
Balance at 31
December 8,554 4,866 30 47 (2,078) 44,342 55,761
2010 (audited)
Balance at 1
January 2011 8,554 4,866 30 47 (2,078) 44,342 55,761
Profit for the - - - - - 1,361 1,361
period
Other comprehensive
income:
Currency
translation in - - (66) - - - (66)
associate
Total other
comprehensive - - (66) - - - (66)
income
Total comprehensive - - (66) - - 1,361 1,295
income
Transactions with
owners:
Equity share
options in - - - - - 3 3
associate
Disposal of own - - - - 281 - 281
shares
Loss on transfer of
own - - - - 435 (435) -
shares
Dividends paid - - - - - (964) (964)
Transactions with - - - - 716 (1,396) (680)
owners
Balance at 30
June 2011 8,554 4,866 (36) 47 (1,362) 44,307 56,376
(unaudited)
All of the above are attributable to the owners of the parent.
Consolidated cash flow statement
for the six months ended 30 June 2011
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2011 2010 2010
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Operating activities
Profit before interest and taxation 6,368 5,651 11,966
Depreciation 81 105 197
Loss/(profit) on disposal of non-current 7 (8) (3)
assets
Profit on sale of investment properties - - (637)
Net increase on revaluation of investment - - (1,569)
properties
Share of loss of joint ventures and 332 76 738
associate after tax
Net (increase)/decrease in value of
investments held for (21) 18 (89)
trading
Increase in net current assets (976) (1,755) (1,019)
Cash generated from operations 5,791 4,087 9,584
Income tax repaid - 111 111
Cash inflows from operating activities 5,791 4,198 9,695
Investing activities
Investment in loan stock in joint ventures (131) (180) (141)
Investment in shares in joint ventures (889) - -
Property acquisitions and improvements 61 (714) (754)
Sale of properties - 3,736 21,302
Purchase of office equipment and motor (69) (76) (78)
cars
Sale of office equipment and motor cars 23 84 86
Interest received 15 40 64
Dividends received 44 44 173
Cash (outflows)/inflows from investing (946) 2,934 20,652
activities
Financing activities
Issue expenses - - (14)
Sale of treasury shares 281 907 973
Equity dividends paid (627) (597) (924)
Interest paid (6,522) (7,144) (15,525)
Repayment of medium term bank loan - (2,325) (11,575)
Cash outflows from financing activities (6,868) (9,159) (27,065)
Net (decrease)/increase in cash and cash
equivalents (2,023) (2,027) 3,282
Cash and cash equivalents at beginning of 4,721 1,439 1,439
period
Cash and cash equivalents at end of period 2,698 (588) 4,721
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
2011 2010 2010
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash and cash equivalents 7,351 6,214 8,584
Bank overdraft (4,653) (6,802) (3,863)
Cash and cash equivalents at end of period 2,698 (588) 4,721
£0.6 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 2011
1. Segmental analysis 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2011 2010 2010
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Net rental income (property) 6,668 5,742 10,366
Other income (listed investments) 11 3 43
Segment result
Property 6,668 5,742 12,572
Listed investments 32 (15) 132
6,700 5,727 12,704
Operating profit/(loss)
Property 6,668 5,742 12,572
Listed investments 32 (15) 132
6,700 5,727 12,704
2. Finance costs 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2011 2010 2010
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Finance income 15 40 64
Finance expenses:
Interest on bank loans and overdrafts (1,219) (982) (2,164)
Other loans (1,052) (1,052) (2,134)
Interest on derivatives adjustment (2,475) (2,886) (5,575)
Interest on obligations under finance (1,043) (1,067) (2,049)
leases
Other interest - (31) -
Total borrowing costs (5,789) (6,018) (11,922)
3. Income tax 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2011 2010 2010
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Current tax - (111) (861)
Deferred tax 76 (3,809) (6,331)
76 (3,920) (7,192)
Notes to the half year report continued
4. Earnings/(loss) per share 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2011 2010 2010
(unaudited) (unaudited) (audited)
Group profit/(loss) after tax 1,361 (5,888) (3,495)
(£'000)
Weighted average number of shares in
issue for the period ('000) 84,067 81,478 82,389
Basic earnings/(loss) per share 1.62p (7.23)p (4.24)p
Diluted number of shares in issue 84,067 81,478 82,389
('000)
Fully diluted earnings/(loss) per 1.62p (7.23)p (4.24)p
share
5. Property
Properties at 30 June 2011 are included at valuation as at 31 December 2010,
plus additions in the period.
During the six months ended 30 June 2011 the group had property additions of £
0.039 million (30 June 2010: £0.554 million,
31 December 2010: £0.489 million).
No properties were sold during the six months ended 30 June 2011 (carrying
value sold 30 June 2010: £3.7 million, 31 December 2010: £20.7 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 17 year interest rate, which was
3.93 per cent at 30 June 2011 against the rate payable under the specific
hedge. This has given a liability at 30 June 2011 of £11,864,000 as shown in
the balance sheet. The banks own initial quotations at 30 June 2011 to close
each of the hedges were £14,330,000.
Under IAS 39 the hedges are not deemed to be eligible for hedge accounting and
any movement in the value of the hedges is charged directly to the consolidated
income statement. The banks have an option to cancel the hedges in November
2014 and January 2015. The cost to the group to exit the instruments before
November 2014 and January 2015 has been attributed a cost by the bank of £
5,524,000. It is not the intention of the Directors to exit these instruments
and this cost has not been recognised.
The company reduced the total amount hedged by £5,000,000 in the six months to
bring it nearer into line with the actual borrowings outstanding. The cost of
this reduction was £920,000 and it has been included in the income statement
for the period.
7. Net assets per share 30 June 30 June 31 December
2011 2010 2010
(unaudited) (unaudited) (audited)
Shares in issue ('000) 84,260 81,786 83,585
Net assets per balance sheet (£'000) 56,376 53,304 55,761
Basic net assets per share 66.91p 65.17p 66.71p
Shares in issue diluted by
outstanding 84,330 81,856 83,655
share options ('000)
Net assets after issue of share 56,404 53,332 55,789
options (£'000)
Fully diluted net assets per share 66.88p 65.15p 66.69p
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 2010. The
group has management fees receivable of £137,000 (30 June 2010: £150,000, 31
December 2010: £275,000) from Bisichi Mining PLC, an associated company.
During the period the group paid £220,000 for Analytical Ventures Limited's (a
joint venture) loan stock, at par and repaid £89,000, increasing the loan stock
held to £2,072,000 at 30 June 2011.
During the period the group paid £889,000 for 12.5% share of investment in
Langney Shopping Centre Unit Trust, a new joint venture.
Notes to the half year report continued
9. Capital commitments
The group had no contractual capital commitments as at 30 June 2011 (30 June
2010: £nil, 31 December 2010: £nil).
10. Dividends
The interim dividend payable on 20 January 2012 of 0.75p per share (30 June
2010: 0.75p per share) would amount to £632k (30 June 2010: £627k). The final
dividend in respect of 2010 of 0.40p per share, amounting to £337k, was paid on
1 July 2011. As the 2010 final dividend was approved by the shareholders at the
Annual General Meeting held on 6 June 2011, it is included as a liability in
these interim financial statements.
11. Risks and Uncertainties
The group's principal risks and uncertainties are reported on page 26 in the
2010 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.
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 2010 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 2011 as were used
for the year ended 31 December 2010.
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 30 August 2011.
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 30 August 2011
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)
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
Heather A Curtis ACIS
Carlton House, 22a St James's Square,
London SW1Y 4JH
Director of property
Mike J Dignan FRICS
Registrars & transfer office
Capita Registrars
The Registry, 34 Beckenham Road
Beckenham, Kent BR3 4TU
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