RNS Number:5136G
Bradstock Group PLC
23 January 2003
BRADSTOCK GROUP PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2002
NOT FOR RELEASE UNTIL 7:00 AM THURSDAY 23 JANUARY 2003
CONTENTS:
Chairman's review of the year
Results in full, and notes
ENQUIRIES:
Nick Bryce-Smith, Chairman and Chief Executive
David Griffiths, Finance Director
020 7712 7500
NOTES FOR EDITORS:
Bradstock Group is an Insurance and Reinsurance broker.
CHAIRMAN'S REVIEW OF THE YEAR
Introduction
To say the year had been a difficult one could be construed as an
understatement, however very significant progress has been made to establish a
platform for the Company to build a successful future.
During the year a commutation of the Pension Scheme deficit was achieved with
the sanction of the High Court. New producing brokers with real potential have
joined the Group. Progress continues to be made in restructuring and realigning
the Group to meet the present day demands of the insurance market and to become
profitable.
The balance sheet position of the Group improved considerably at 30 September
2002 to net liabilities of #1.2m (2001: #6.2m). I will comment further on this
position later in my statement.
Whilst the overall profit for the year before tax was a profit of #4.8m (2001:
loss of #8.3m) clearly the result was distorted principally by the release of
the existing provision of #7.4m for the Pension Scheme deficit. For the
continuing business there was a loss before exceptional items and tax of #2.2m
(2001: profit of #0.6m). Whilst this result is disappointing it should be viewed
in the context of the very difficult circumstances for the Company that existed.
As I explained in previous statements, the deficit in the Pension Scheme was
such that your Company could not have survived without reaching a commutation of
the deficit with the Trustee. Allied to this was the falling away of business as
certain clients, and indeed potential clients, withheld business pending the
outcome of a settlement.
This was achieved in May and it was only then that the re-building and
restructuring of your Company could properly commence. Not only had the
negotiations and court case incurred significant professional fees, it had
absorbed a disproportionate amount of the limited management time available.
Added to this was the fact that it was very difficult to negotiate the
recruitment of teams of producers, which the Company urgently needed, until it
was known that your Company would be able to continue to trade. By the end of
the year it became possible to recruit two teams and a number of individuals
which among other classes of business gave us some strength in aviation. I will
refer to this later in my statement.
Pension Scheme Settlement
Obtaining the sanction of the High Court on 10 May 2002 to the settlement with
the Trustee of the Pension Scheme was a substantial achievement for the Company.
In the first place the terms of a settlement had to be agreed both with the
Trustee and the representative beneficiary acting for members of the Scheme.
These negotiations became particularly protracted since each of the parties had
separate legal and financial advisors and counsel.
As well as being asked to approve the terms of the compromise, the High Court
had to consider the question of whether or not it was permissible for the
Trustee to rely on the Trustee Act 1925 to compromise a debt owed by an employer
to a pension scheme under the Pensions Act 1995. The Court concluded that it was
permissible to do so. As part of the settlement the Scheme entered winding up on
13 May 2002.
Given the importance of the settlement to the Group and its crucial timing the
United Kingdom Listing Authority granted a waiver to the Company from obtaining
prior shareholder approval for the settlement which due to its nature would have
been regarded as a Class 1 transaction.
Under the terms of the settlement the Company is required to pay various further
sums depending on profits, credit write backs and amounts received from a
subsidiary of the Company. In respect of these items the Company provided
#293,000 to be paid to the Scheme in respect of the year ended 30 September
2002.
I feel it is appropriate for me to comment on the provision within the accounts
for an amount of #2.0m. Under the terms of the settlement with the Trustee, the
Company has to pay 15% of any profit after tax over a five year period. The
amount of #2.0m is the maximum and is only payable from profits. Full provision
has been made for this amount in the Group accounts.
The compromise settlement with the Trustee and the winding up of the Pension
Scheme will almost certainly have a significant impact on the level of benefits
for all deferred members of the Scheme. Consequently the Board of Directors has
great sympathy with their position. Unfortunately it would appear that a great
number of final salary pension schemes are facing similar serious funding
issues. However, the Company has recently received a letter from solicitors
acting for a steering group representing a number of deferred members of the
Scheme stating an intention to make a claim against the Company for
maladministration of the Scheme. No formal claim has been made and no further
information as to the substance of any such claim has been received.
Financial Review
As has been the case for the last three years the profit and loss account is
split between continuing and discontinued businesses. The #1,704,000 income
derived from the continuing business was attributable to ongoing reinsurance
brokerage together with a contribution of #350,000 from the new teams that
joined during the year. Turnover from discontinued businesses at #518,000
comprised brokerage from the accident and health business, which ceased during
the year together with income from the run-off of businesses ceased in previous
years.
Investment income for the year at #505,000 was significantly reduced from the
previous year. This was attributable to lower average cash balances, both in
respect of insurance broking accounts and the Group's own funds, together with
reduced interest rates. At the year-end, net cash surplus to regulatory solvency
requirements was #4,210,000, of which #260,000 was not available to the Group as
it was held by Employee Trusts.
The Group continued during the year with a detailed review of its insurance
broking ledgers. Both debtors and creditors include large balances relating to
transactions which date back many years. During our review of such items a
number of old balances were identified for which it was not possible to trace
the original beneficiary. An amount of #479,000 was written back in respect of
such insurance ledger balances. This was shown as an exceptional item within the
profit and loss account.
Exceptional items also included #549,000 in respect of the write-off of the
balance of goodwill following the discontinuance of the accident and health
business.
Investments included on the consolidated balance sheet have reduced from
#999,000 at 30 September 2001 to #157,000 at 30 September 2002. The majority of
this reduction is attributable to the Group's disposal of its shareholding in
its Malaysian associated companies in April 2002 at approximately book value.
The balance relates to the full provision of #160,000 which was made against the
value of the Group's shareholding in a US associated company. The remaining
#157,000 included as Investments now solely comprises an investment in the
Company's own shares held within Employee Trusts.
The provision of #2.0m in relation to the entitlement of the pension scheme to
15% of the Group's profits until September 2006 is referred to above. The nature
of the obligation to the Trustee of the Scheme requires the maximum potential
liability of #2.0m to be included as a provision within the consolidated balance
sheet despite the liability being contingent upon the Group making future
profits and being payable out of any such profits. If this provision were to be
excluded from the balance sheet then the Group would show positive shareholders'
funds of slightly in excess of #0.8m.
The Group balance sheet at 30 September 2002 also includes a provision for
#936,000 relating to discontinued activities. This provision will be utilised in
meeting the cost of running-off the discontinued businesses together with
meeting any liabilities in respect of properties vacated by the Group which are
either empty or sublet at below contractual liability.
Going Concern
As at 30 September 2002 the balance sheet of the Group showed a net deficit on
shareholders' funds. The directors have considered the appropriateness of
continuing to use the going concern basis in preparing the financial statements
and have undertaken a process to satisfy themselves that the Group is a going
concern for the foreseeable future, and for not less that 12 months after the
date of approval of the accounts. The Board believes it will be able to maintain
and develop its existing business as well as attracting more producing brokers
to the Group.
Transfer of Listing to AIM
We continue in our endeavours to identify new activities that will enable the
Group to develop its business. We are, however, currently restricted in the
transactions that we can undertake due to the high costs that would need to be
incurred to meet the stringent United Kingdom Listing Authority's rules. We have
concluded, therefore, that it would be in the best interests of the Company for
it to transfer its listing to the Alternative Investment Market ("AIM"). The AIM
rules are less prescriptive than the United Kingdom Listing Authority's rules
and we believe that it is appropriate for the Company to move to AIM to enable
it to take advantage of the greater degree of flexibility afforded by that
market.
Although we currently have no plans to expand the Group through significant
acquisitions, the transfer to AIM will mean that when opportunities do arise
they can be acted upon quickly, without the need to incur considerable expense.
We intend to apply for the Company's entire issued ordinary share capital to be
admitted to trading on AIM. It is expected that dealings in the entire issued
ordinary share capital of the Company will cease on The Official List at close
of business on 28 February 2003 and will commence on AIM with effect from 1
March 2003.
Capital Reorganisation
Immediately prior to the transfer of the listing to AIM, the Company proposes to
undertake a capital reorganisation. At present, the Company has approximately 70
million existing ordinary shares in issue. Having considered the number of
shares in issue and the price range in which the shares have recently traded,
the Board believes that a consolidation of the Company's existing share capital
would improve the market perception of the Company's shares. Accordingly, it is
proposed to consolidate the existing ordinary shares into new consolidated
shares. For every 25 existing ordinary shares, shareholders will receive one
consolidated share.
For a large part of the year, our shares have traded below their nominal value
of 5p. Such a situation would prevent the Company from issuing new shares for
cash at their market value, in the event that it wished to do so, as new shares
cannot be issued below their nominal value. The capital reorganisation will
address this problem by setting the nominal value of the new consolidated
ordinary shares at 25p, well below the share price at which the Directors
believe the new consolidated shares will start trading on AIM.
Continuing Operations
On an ongoing basis very little of our income relates to historical business
prior to November 2001, although we still retain books of Caribbean property and
LMX personal accident business.
As referred to previously we have engaged a team whose core business is
aviation, both direct and facultative, together with significant capabilities in
the fields of professional indemnity and high risk excess liability. We also
propose to form a joint venture with an Australian broker which will act as a
wholesale broker offering specialist Australian business into the London market
through Bradstock.
In addition, we have entered the fields of ART, Financial Guarantee and
Abandonment and Cancellation risks together with the recruitment of a specialist
in LMX.
The workload deriving from the run-off of discontinued activities still takes up
a disproportionate amount of management time. As far as accounting matters are
concerned we are addressing this through utilising an outside consultant and
temporary staff and expect to have concluded the exercise within the current
year. We are also working to achieve a more efficient handling of other aspects
of the run-off of discontinued businesses.
There are still leases in respect of three properties which we do not occupy but
where the letting market is particularly difficult at the present time. However,
we have succeeded in sub-letting the Southend office having vacated this
property when we moved the rump of our client accounting operations to Knollys
House. We have also sub-let that part of Knollys House that is surplus to our
requirements.
Board Changes
John Massey resigned from the Board on 9 August 2002 having been with us through
a very difficult period. His financial skills were very valuable to the Board.
He could not have envisaged the difficult period his tenure would cover when he
accepted an invitation in June 1999 to become a non-executive director. Both the
Board and the Company are very grateful for his support, advice and even
temperament throughout the demanding period he was with us.
David Griffiths joined the Group as Finance Director on 9 August 2002. We were
fortunate to be able to recruit a Finance Director who has already occupied the
position in another publicly quoted insurance broker. He brings substance and
considerable financial knowledge to the Board. We continue to seek suitable
non-executive directors in order to strengthen the balance and expertise of the
Board.
Trading Prospects
The market is effectively dominated by the severe lack of capacity particularly
in certain specific classes of business. There have been substantial rate
increases in the direct market but these have yet to feed through in full to the
reinsurance market. Further there is a tendency for direct insurers to retain
more of their risks due to the very high levels of reinsurance premiums being
quoted for low level protection.
We have however acquired orders from major reinsurers to place specific business
into the London market and we have fulfilled these. We also believe that the new
aviation operation will be of considerable benefit to us and they are quoting
and placing significant risks. Professional indemnity is going ahead well and we
would like to expand this side. It is your Company's declared policy to be
focused in the future into those areas of business which can provide us with a
satisfactory or indeed wide margin which effectively means 20% or higher. We
wish to avoid becoming involved in high volume business with low to medium
margins and therefore will continue to consider any proposition which we believe
fits the matrix we have adopted.
Staff
The Board extends its thanks to our current staff who have remained loyal
through a very difficult period and welcomes those that have arrived in recent
months whose energy and enthusiasm brings a new vigour to the Company.
NICK BRYCE-SMITH
Chairman and Chief Executive
23 January 2003
CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)
FOR THE YEAR ENDED 30 SEPTEMBER 2002
Continuing Discontinued
business business Total Total
2002 2002 2002 2001
#'000 #'000 #'000 #'000
Turnover 1,704 518 2,222 5,215
Administrative expenses (4,253) 6,324 2,071 (14,991)
Provision re Pension Scheme deficit - 7,447 7,447 (8,564)
Write back of ledger balances 192 287 479 878
Write off of goodwill - (549) (549) -
Other administrative expenses (4,445) (861) (5,306) (7,305)
Operating profit/(loss) (2,549) 6,842 4,293 (9,776)
Interest receivable and similar income 505 - 505 1,758
Interest payable (7) - (7) (19)
Income from interests in associated undertakings - - - 247
Profit/(loss) on ordinary activities before (2,051) 6,842 4,791 (7,790)
disposals
Profit/(loss) on disposals - 47 47 (499)
(notes 2a & 2b)
Profit/(loss) on ordinary activities before (2,051) 6,889 4,838 (8,289)
taxation (notes 2a & 2b)
Taxation - 1,445
Profit/(loss) on ordinary activities after 4,838 (6,844)
taxation
Equity minority interests - (67)
Retained profit/(loss) attributable to the 4,838 (6,911)
members of Bradstock Group plc
Earnings/(loss) per share:
- Basic 7.1p (10.3)p
- Before exceptional items (3.8)p (0.3)p
CONSOLIDATED BALANCE SHEET (UNAUDITED)
AS AT 30 SEPTEMBER 2002
2002 2001
#'000 #'000
Fixed assets - 549
Goodwill
Tangible assets 236 460
Investments 157 999
393 2,008
Current assets
Debtors - amounts falling due within 1 year (note 5) 154,750 153,619
Cash at bank and in hand (note 11) 15,944 21,561
170,694 175,180
Creditors : Amounts falling due within 1 year (note 6) (166,018) (164,833)
Net current assets 4,676 10,347
Total assets less current liabilities 5,069 12,355
Provision for liabilities and charges (note 7) (6,251) (18,542)
Total net liabilities (1,182) (6,187)
Capital and reserves
Called up share capital 3,500 3,333
Share premium account 7,127 7,127
Profit and loss account (11,809) (16,647)
Equity shareholders' deficit (1,182) (6,187)
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2002 (UNAUDITED)
2002 2001
#'000 #'000
Net cash outflow from operating activities (note 10) (6,906) (33,327)
Returns on investments and servicing of finance:
Interest received 578 2,505
Interest paid (8) (22)
Net inflow from return on investments and servicing of finance 570 2,483
Taxation paid (4) (17)
Capital expenditure and financial investment:
Sale of tangible fixed assets - 259
Purchase of tangible fixed assets (6) (4)
Net (outflow)/inflow from capital expenditure and financial investment (6) 255
Acquisitions and disposals
Deferred consideration on disposal of businesses - 1,538
Disposal of investments in associated undertakings 685 161
Deferred consideration on investment in subsidiary undertaking - (125)
Acquisition of own shares by employees' trust - (58)
Net cash inflow from acquisitions and disposals 685 1,516
Cash outflow before use of liquid resources and (5,661) (29,090)
financing (note 11)
Management of liquid resources
Cash invested in short term deposits (325) (1,693)
Net cash outflow from management of liquid resources (325) (1,693)
Financing
Redemption of unsecured loans (16) (15)
Lease variation instalment and capital element of finance lease payments - (252)
Net cash outflow from financing (16) (267)
Decrease in cash in the year (note 11) (6,002) (31,050)
NOTES FOR THE YEAR ENDED 30 SEPTEMBER 2002 (UNAUDITED)
1. PREPARATION OF UNAUDITED FINANCIAL INFORMATION
The results for the year ended 30 September 2002 are unaudited and have been
prepared on the basis of the same accounting policies set out in the statutory
accounts for 2001. The summary information set out in the announcement does not
constitute full statutory accounts within the meaning of S.240 Companies Act
1985 for the years ended 30 September 2002 or 2001. The financial information
for the year ended 30 September 2001 is derived from the statutory accounts for
that year which have an unqualified auditors' report and have been filed with
the Registrar of Companies.
2. ANALYSIS OF OPERATIONS
2a. Profit and loss account - Year ended 30 September 2002
Continuing Discontinued Total
business business
#'000 #'000 #'000
PROFIT AND LOSS ACCOUNT
Turnover 1,704 518 2,222
Admin expenses (4,445) (861) (5,306)
Operating loss (2,741) (343) (3,084)
Interest receivable and similar income 505 - 505
Interest payable (7) - (7)
Loss before exceptional items (2,243) (343) (2,586)
Exceptional items (see below) 192 7,185 7,377
Profit/(loss) after exceptional items (2,051) 6,842 4,791
Profit on disposals (see below) - 47 47
Profit/(loss) on ordinary activities before (2,051) 6,889 4,838
taxation
Exceptional items
Write back of provision in recognition of the - 7,447 7,447
Pension Scheme deficit
Write back of ledger balances for which no 192 287 479
transfer of economic benefit is expected to
occur
Goodwill written off on business discontinued - (549) (549)
Total 192 7,185 7,377
Profit on disposals
Provision relating to disposals in 2000 no - 212 212
longer required
Loss on disposal of associated undertakings - (5) (5)
Investment in associated undertaking written - (160) (160)
off
Total - 47 47
All turnover and profits/(losses) are generated from operations in the British
Isles.
The continuing business is that of Insurance and Reinsurance broking.
The discontinued business includes accident and health business which ceased in
July 2002 together with additional provisions arising from the disposals in 2000
and 2001.
The provision no longer required in recognition of the Pension Scheme deficit
relates to the settlement agreed with the Trustees of the Pension Scheme in May
2002 (notes 7&8)
The company is performing a review of its insurance broking ledgers during which
recorded liabilities have been identified for which directors believe no
transfer of economic benefit is expected to occur. Consequently balances
amounting to #479,000 have been written back.
2. ANALYSIS OF OPERATIONS
2b. Profit and loss account - Year ended 30 September 2001
Continuing Discontinued Total
business business
#'000 #'000 #'000
PROFIT AND LOSS ACCOUNT
Turnover 4,575 640 5,215
Admin expenses (5,838) (1,467) (7,305)
Operating loss (1,263) (827) (2,090)
Interest receivable and similar income 1,617 141 1,758
Interest payable (19) - (19)
Income from share in associates 247 - 247
Profit before exceptional items 582 (686) (104)
Exceptional items (see below) (192) (7,494) (7,686)
Profit / (loss) after exceptional items 390 (8,180) (7,790)
Loss on disposals (see below) - (499) (499)
Profit / (loss) on ordinary activities before 390 (8,679) (8,289)
taxation
Exceptional items
Additional provision in recognition of the (320) (8,244) (8,564)
Pension Scheme deficit
Write back of ledger balances for which no 128 750 878
transfer of economic benefit is expected to occur
Total (192) (7,494) (7,686)
Loss on disposals
Additional provision relating to disposals in - (400) (400)
2000
Loss on disposal of associated undertakings - (99) (99)
Total - (499) (499)
3. TAXATION
No provision has been made for any tax recovery on the loss for the year.
4. EARNINGS PER SHARE
The earnings/(loss) per share has been calculated by dividing the profit/(loss)
on ordinary activities after taxation and minority interests of #4,838,000 (2001
loss of #6,911,000) by the weighted average of 67,954,135 (2001: 66,666,468)
shares in issue during the year.
5. DEBTORS
2002 2001
#'000 #'000
Amounts falling due within one year
152,068 148,146
Trade debtors
Estimated prospective and actual claims under the Group's professional 1,623 3,052
indemnity policy recoverable from underwriters (see note 7)
Prepayments and accrued income 1,059 2,258
Amounts owed by associated undertakings - 163
154,750 153,619
.
6. CREDITORS
2002 2001
#'000 #'000
Amounts falling due within one year
Overdrafts 60 -
Trade creditors 163,522 160,983
Corporation tax 996 1,000
Other taxes and social security 205 294
Accruals 1,207 2,512
Loan notes 28 44
166,018 164,833
7. PROVISION FOR LIABILITIES AND CHARGES
The movement in the year was as follows:
At 1 Additional/ At 30
October release of September
2001 provision Expenditure 2002
#'000 #'000 #'000 #'000
Provisions relating to discontinued 1,225 198 (487) 936
activities, including properties vacated
by the Group and either empty or sublet at
below contractual liability
Reserve for claims that may be made 2,150 (273) (185) 1,692
against the Group for past trading
activities
Provision for Pension Scheme deficit and 12,115 (7,740) (2,375) 2,000
other pension matters on discontinued
activities**
Sub total before FRS 12 grossing up 15,490 (7,815) (3,047) 4,628
adjustment
Provision for claims as referred to in 3,052 (1,429) - 1,623
note 5*
18,542 (9,244) (3,047) 6,251
* This provision has no impact on the profit and loss account. It represents
claims which it is assumed will be recovered under the Group's errors and
omissions insurance, the other side of this entry being in debtors.
** See note 8 below
8. SETTLEMENT WITH THE TRUSTEE OF THE BRADSTOCK GROUP PENSION SCHEME
In May 2002, the Group agreed a settlement with the Trustee of the
Bradstock Group Pension Scheme, the key terms of which were:
* the payment from the Group to the Scheme of approximately #480,000;
* the issue of 3,333,323 fully paid ordinary shares of 5p each to the
Trustee of the Scheme representing 5% of the issued share capital;
* a 15% share of consolidated profits after taxation for each of the five
financial years up to and including the year ended 30 September 2006,
subject to a maximum amount of #2,000,000. Full provision has been made for
this amount. In the calculation of profits for this purpose any amounts
written back from the provision for the Pension Scheme deficit are to be
excluded;
* a 50%. share of any net proceeds received by the Group from the sale of
the assets, of Bantam Insurance Company Limited, a wholly owned subsidiary,
or any dividend, or other distribution made by this subsidiary. The net
assets of Bantam as at 30 September 2002 were #552,265; and
* a 35%. share of the write back of ledger balances released to the Group
during the five financial years up to and including the year ended 30
September 2006, subject to a maximum amount of #3.5 million and after the
deduction of processing costs. The Group has made provision for the amounts
due under this agreement within these accounts.
9. MOVEMENTS IN SHAREHOLDERS' FUNDS
Profit Total
and loss Share shareholders'
account Reserves capital funds
#'000 #'000 #'000 #'000
At 1 October 2001 (16,647) 7,127 3,333 (6,187)
Retained profit for the year 4,838 - - 4,838
Shares issued to the Trustees of the - - 167 167
Pension Scheme
At 30 September 2002 (11,809) 7,127 3,500 (1,182)
10.RECONCILIATION OF OPERATING PROFIT/(LOSS) TO CASH OUTFLOW FROM OPERATING
ACTIVITIES
2002 2001
#'000 #'000
Operating profit/(loss) 4,293 (9,776)
Depreciation 230 292
Amortisation of own shares in Employees Trust 10 60
Amortisation of goodwill 549 153
Profit on sale of fixed assets - (38)
(Increase)/decrease in debtors (1,366) 86,056
Decrease in creditors (10,785) (109,550)
Decrease/(increase) in amounts owed by associated undertakings 163 (524)
Net cash outflow from operating activities (6,906) (33,327)
11. ANALYSIS OF NET FUNDS
At 30 At 30
September Cash September
2001 flow 2002
#'000 #'000 #'000
Cash at bank and in hand 18,516 (5,942) 12,574
Short term deposits 3,045 325 3,370
21,561 (5,617) 15,944
Bank overdrafts - (60) (60)
21,561 (5,677) 15,884
Loan notes (44) 16 (28)
Net funds 21,517 (5,661) 15,856
Net cash
Cash at bank and in hand 18,516 (5,942) 12,574
Bank overdrafts - (60) (60)
18,516 (6,002) 12,514
12. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
#'000
Decrease in cash in the year (6,002)
Cash inflow from increase in liquid resources 325
(5,677)
Cash inflow from decrease in debt and lease financing 16
Movement in net funds in the year (5,661)
Net funds at 1 October 2001 21,517
Net funds at 30 September 2002 15,856
13. CONTINGENT LIABILITIES
Various subsidiaries are currently involved or potentially involved as
defendants in claims arising in the ordinary course of business. The amounts
involved in relation to certain of these claims are potentially very significant
relative to the size of the Group. The directors do not consider that it would
be appropriate to make any provision in respect of these claims since a
provision is only required to the extent that losses are expected to arise and
it is not at present possible to quantify the prospect of success of such claims
or the magnitude of any potential liability in respect of them which would not
be covered by the Group's errors and omissions insurance.
On 14 January 2003, the Company received a letter from solicitors acting for a
steering group representing a number of deferred members of the Bradstock Group
Pension Scheme stating that a claim against the Company would be made in respect
of maladministration of the Scheme for losses caused to Scheme members and/or
for restitution of funds to the Scheme. No formal claim has yet been made and no
further information has been received as to the basis of any such claim. It is
therefore not possible at this stage to assess the prospect of success of any
such claim which might be made against the Company or the amount of any
potential liability. No provision has been made in the accounts for any such
claim.
14. APPROVAL
The Board approved this statement of preliminary results for release on 23
January 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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