TIDMCDFF
RNS Number : 9391T
Cardiff Property PLC
30 November 2021
THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES
LEI: 213800GE3FA4C52C1N05
FOR RELEASE 7.00 AM 30 November 2021
THE CARDIFF PROPERTY PLC
(The group, including Campmoss, specialises in property
investment and development in the Thames Valley. The total
portfolio including the jointly controlled Campmoss investment and
development portfolio, valued in excess of GBP34m, is primarily
located to the west of London, close to Heathrow Airport and in
Surrey and Berkshire.)
PRELIMINARY RESULTS FOR THE YEARED 30 SEPTEMBER 2021
Highlights:
2021 2020
Restated
Net Assets GBP'000 28,442 29,080
Net Assets Per Share GBP 25.49 24.35
Profit Before Tax GBP'000 1,259 1,940
Earnings Per Share -
Basic and diluted pence 91.91 146.7
Dividend Per Share pence 18.5 17.6
Gearing % Nil Nil
Richard Wollenberg, Chairman, commented:
"The Thames Valley property market has seen an initial recovery
from the difficulties experienced over the past two years although
a return to pre-pandemic levels is likely to take some time.
The property market will continue to be sensitive to political
and economic changes as well as any further measures required by
the pandemic, however during the year under review an increased
level of confidence has certainly returned to most sectors of the
property market.
The Thames Valley office letting market has shown some signs of
recovery and encouragingly we have noticed a large number of our
tenants returning to their offices. The level of office enquiries
has also increased over recent months.
Office rental levels which were very challenging over recent
periods have improved with 5-year lease terms and rental linked to
the retail price index being acceptable to most Landlords and
Tenants."
For further information:
The Cardiff Property plc Richard Wollenberg 01784 437444
Shore Capital Patrick Castle 020 7468 7923
THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES
PRELIMINARY RESULTS FOR THE YEARED 30 SEPTEMBER 2021
Chairman's Statement
Dear Shareholder,
The Thames Valley property market has seen an initial recovery
from the difficulties experienced over the past two years although
a return to pre-pandemic levels is likely to take some time.
The property market will continue to be sensitive to political
and economic changes as well as any further measures required by
the pandemic, however during the year under review an increased
level of confidence has certainly returned to most sectors of the
property market.
The Thames Valley office letting market has shown some signs of
recovery and encouragingly we have noticed a large number of our
tenants returning to their offices. The level of office enquiries
has also increased over recent months.
Office rental levels which were very challenging over recent
periods have improved with 5-year lease terms and rental linked to
the retail price index being acceptable to most Landlords and
Tenants.
As indicated in our review of our business, demand for business
units has been strong in the last quarter and rental increases of
up to 10% have been achieved at our properties at Windsor and
Maidenhead. Our retail interests which include Campmoss Property
Company Limited ("Campmoss"), primarily in Bracknell and Egham,
have proved resilient in a difficult market as the portfolio
includes a high number of shops many of which were able to remain
open during the period of lock down and continued to trade
successfully.
As in the previous financial year the Group continued to liaise
closely with all tenants and where necessary assisting with cash
flow by agreeing rental payments of monthly in arrears rather than
the usual quarterly in advance.
Excluding development properties by value, 43.7% of the Group's
portfolio relates to the retail sector, 9.8% to small business
units, 14.4% to residential and 32.1% offices. Rent collection for
the Group over the last two quarters has been 89% of that
invoiced.
The residential market remained reasonably active with asking
prices consistent with last year. The residential development at
Woking, Surrey, being undertaken by Campmoss in partnership with a
well-known local developer, completed after the year end with
construction costs in line with budget. I am pleased to report that
at the time of writing 31 sales have been completed with a further
18 apartments reserved.
The residential letting market remained firm with all the
Group's apartments let on Assured Shorthold Tenancy Agreements.
The Thames Valley commercial property investment market has been
reasonably active with institutional and private investors
attracted to the high returns available. The Thames Valley
continues to be popular for investors with Maidenhead, Woking,
Bracknell and Windsor being particularly sought after. The number
of investments available in all sectors has markedly reduced as
existing investors are finding it difficult to source opportunities
that retain the level of income currently being received.
FINANCIAL
For the year to 30 September 2021, the Group profit before tax
was GBP1.26m (2020 restated: GBP1.94m). This figure includes an
investment property value increase of GBP0.53m (2020: GBP0.15m
decrease) for the Group and a profit of GBP0.07m (2020: GBP1.36m)
in respect of our post tax profit and pre-dividend share of
Campmoss Property Company Limited and Campmoss Property
Developments Limited ("Campmoss Group"), our 47.62% owned joint
venture. During the year, the Company received a dividend of
GBP0.50m (2020: GBP0.64m) from its investment in Campmoss
Property.
Revenue for the year which represented gross rental income,
excluding Campmoss, totalled GBP0.60m (2020: GBP0.65m).
The profit after tax attributable to shareholders for the
financial year was GBP1.08m (2020 restated: GBP1.79m) and the
earnings per share was 91.91p (2020 restated: 146.68p).
At the year-end, the Company's commercial portfolio was valued
by Kempton Carr Croft at a total of GBP5.92m (2020: GBP5.81m) this
valuation excludes the Company's freehold office property which was
also valued by Kempton Carr Croft and is included in the balance
sheet at valuation classified as property, plant and equipment.
Property when completed and retained for re-sale is held as
stock at the lower of cost or net realisable value. At the year-end
this related to commercial property owned by First Choice Plc at
The Windsor Business Centre.
The Group's total property portfolio, including the jointly
controlled Campmoss Group's investment and development portfolio,
was valued at GBP34.8m (2020: GBP35.7m). The value has marginally
decreased over the year primarily due to the disposal of Clivemont
House offset by additions to Britannia Wharf. Residential property
at Alston House and Gowring House Bracknell and the residential
development at Britannia Wharf, Woking are held as stock in
Campmoss.
The Company's share of the net assets of Campmoss Group was
GBP15.9m (2020: GBP16.3m).
The Group's total net assets as at the year-end were GBP28.44m
(2020 restated: GBP29.08m) equivalent to GBP25.49 per share (2020
restated: GBP24.35) an increase of 4.7% over the year (2020: 6.6%).
The Group, including Campmoss Group, has adequate financial
facilities and resources to complete works in progress and the
current development programme. Cash balances are held on short term
deposit. At the year-end, the Company had nil gearing (2020: nil).
During the year the Company purchased and cancelled 78,525 (2020:
45,694) ordinary shares at a total cost of GBP1,492,000. (2020:
GBP773,000).
The Company may hold in treasury any of its own shares
purchased. This gives the Company the ability to reissue treasury
shares and provides greater flexibility in the management of its
capital base. At the year end the Company held nil (2020 : nil)
shares in treasury. Any shares purchased by the Company not held in
treasury will be cancelled and the number of shares in issue
reduced accordingly.
Pursuant to share buybacks that took place between 30 November
2020 and 24 September 2021 and already announced, the Concert
Party, comprising myself and my family members, now holds more than
50 per cent. of the Company's voting share capital and accordingly
is able to increase its aggregate shareholding in the Company
without incurring any obligation under Rule 9 to make a general
offer to the Company's other shareholders. Furthermore, I together
with my wife are now interested in 50.18 per cent. of the Company's
voting share capital and accordingly we are able to increase
further our shareholdings in the Company without incurring any
obligation under Rule 9 to make a general offer to the Company's
other shareholders. Accordingly, a further Rule 9 Waiver will not
be required in respect of any future buybacks after the current
authorities expire at the forthcoming AGM.
The Company proposes to continue its policy of purchasing its
own shares, whether to be held in treasury or to be cancelled, and
a resolution renewing the Directors' authority will be placed
before the forthcoming Annual General Meeting to be held on 17
January 2022. This authority will only be exercised in
circumstances where the Directors regard such purchases to be in
the best interests of shareholders as a whole. Full details are
available on the Company's website www.cardiff-property.com .
Current IFRS accounting requires that deferred tax is chargeable
on the difference between, the cost of properties, including
applicable indexation and quoted investments and their current
market value. However, IFRS accounting does not require the same
treatment in respect of the Group's unquoted investment in Campmoss
Group, our 47.62% owned joint venture, which represents a
substantial part of the Company's net assets. Whilst provision is
made in Campmoss accounts for deferred tax, should the shares held
in Campmoss be disposed of, for indicative purposes, based on the
value in the Company's balance sheet at the year-end this would
result in a tax liability of GBP3.9m (2020 : GBP3.1m) equivalent to
GBP3.56 (2020: GBP2.60) per share calculated using a tax rate of
25% (2020: 19%). This information is provided to shareholders as an
additional non-statutory disclosure.
DIVID
The Directors recommend a final dividend of 13.5p per share
(2020: 12.8p) making a total dividend for the year of 18.5p (2020:
17.6p), an increase of 5.1%. The final dividend will be paid on 1
February 2022 to shareholders on the register at 18 January
2022.
THE PROPERTY PORTFOLIO
The Group continues to concentrate its property activities in
the Thames Valley, primarily to the west of London, close to
Heathrow Airport and in Surrey, Berkshire and Buckinghamshire.
During the year the Company completed a number of new lettings
in Egham, Windsor and Maidenhead whilst progressing development
plans at Windsor and Cardiff.
The Campmoss Group portfolio is predominantly let reflecting an
active management policy. Planning permission for a Care Home at
The Priory, Burnham was recently refused and an appeal together
with a revised application is currently being prepared. New
lettings were negotiated at Bracknell and Burnham. An updated
office planning application for Highway House, Maidenhead is
scheduled to be lodged shortly.
QUOTED INVESTMENTS
The Company retains a small portfolio of quoted retail bonds and
equity investments the former providing an attractive medium-term
income stream. The value of the portfolio marginally decreased over
the year as a number of bonds neared their maturity date but
remains in excess of original cost. The equity investments include
Aquila Services Group plc and Galileo Resources plc. I remain a
Non-Executive Director of both.
RELATIONSHIP AGREEMENT
The Company has entered into a written and legally binding
relationship agreement with myself, its controlling shareholder, to
address the requirements of LR9.2.2AD of the Listing Rules.
MANAGEMENT AND TEAM
In difficult circumstances the Group has performed well over the
year and I wish to take this opportunity of thanking all the
members of our property team and our Joint Venture partner for
their support and achievements over the year.
OUTLOOK
I expect the property market to continue its recovery with
events over the last two years focussing the minds of many property
investors and tenants. Supply of materials and labour difficulties
currently being experienced by the building industry will certainly
lead to increased building costs. This in turn will embed higher
capital values in existing property portfolios. Whilst property may
well receive additional government taxation attention, the high
yields currently available from commercial property will remain
attractive compared to low rates of interest offered elsewhere.
The property market in the Thames Valley will remain challenging
however I look forward to reporting further progress at the half
year.
J. Richard Wollenberg
Chairman
29 November 2021
Consolidated Income Statement
FOR THE YEARED 30 SEPTEMBER 2021
2021 2020
Restated
GBP'000 GBP'000
Revenue 596 650
Cost of sales (33) (65)
Gross profit 563 585
Administrative expenses (502) (532)
Other operating income 553 579
Operating profit before fair
value movement on investment
properties 614 632
Fair value movement on investment
properties 533 (148)
Operating profit 1,147 484
Financial income 54 54
Financial expense (9) (34)
Profit on sale of investment - 74
Share of profit of Joint
Venture 67 1,362
Profit before taxation 1,259 1,940
Taxation (181) (148)
Profit for the financial
year attributable to equity
Holders 1,078 1,792
Earnings per share on profit
for the
financial year - pence
Basic and diluted 91.91 146.7
Dividends
Final 2020 paid 12.8p (2019:
12.5p) 152 155
Interim 2021 paid 5.0p (2020
4.8p) 59 58
211 213
Final 2021 proposed 13.5p
(2020: 12.8p) 151 153
These results relate entirely to continuing operations. There
were no acquisitions or disposals in either year.
Consolidated statement of comprehensive income and expense
FOR THE YEARED 30 SEPTEMBER 2021
2021 2020
Restated
GBP'000 GBP'000
Profit for the financial year 1,078 1,792
Items that cannot be reclassified
subsequently to profit or loss
Net change in fair value of other
properties 8 (55)
Net change in fair value of investments
at fair value through comprehensive
income (21) (14)
Total comprehensive income and expense
for the year attributable
to the equity holders of the Parent
Company 1,065 1,723
Consolidated Balance Sheet
AT 30 SEPTEMBER 2021
2021 2021 2020 2020
Restated Restated
GBP'000 GBP'000 GBP'000 GBP'000
Non-current assets
Freehold investment properties 5,968 5,857
Property, plant, and equipment 240 228
Right of use asset 155 165
Investment in Joint Venture 15,890 16,323
Other financial assets 1,073 925
23,326 23,498
Current assets
Inventory and work in progress 689 688
Trade and other receivables 140 238
Term deposits 1,907 1,748
Cash and cash equivalents 3,594 3,773
6,330 6,447
Total assets 29,656 29,945
Current liabilities
Trade and other payables (752) (529)
Corporation tax (158) (50)
(910) (579)
Non-current liabilities
Lease liability (178) (184)
Deferred tax liability (126) (102)
Total liabilities (1,214) (865)
Net assets 28,442 29,080
Equity
Called up share capital 223 239
Share premium account 5,076 5,076
Other reserves 2,478 2,475
Investment property fair
value reserve 1,814 3,139
Retained earnings 18,851 18,151
Total equity 28,442 29,080
Net assets per share GBP25.49 GBP24.35
Consolidated Cash Flow Statement
FOR THE YEARED 30 SEPTEMBER 2021
2021 2020
GBP'000 Restated
GBP'000
Cash flows from operating activities
Profit for the year 1,078 1,792
Adjustments for:
Depreciation right of use assets 10 35
Depreciation fixed assets - 3
Financial income (54) (54)
Financial expense 9 34
Profit on sale of investments - (74)
Share of profit of Joint Venture (67) (1,362)
Fair value movement on investment
properties (533) 148
Taxation 181 148
Cash flows from operations before
changes in working capital 624 670
Acquisition of inventory and work
in progress (1) (14)
Decrease/(increase) in trade and
other receivables 97 (98)
Increase in trade and other payables 223 1
Cash generated from operations 943 559
Tax paid (43) (228)
Net cash flows from operating activities 900 331
Cash flows from investing activities
Interest received 49 61
Dividend from Joint Venture 500 643
Proceeds from sale of investment property 462 -
Acquisition of investment property,
and plant and equipment (45) (13)
Acquisition of investments (169) (100)
Proceeds from sale of investments - 78
(Increase)/decrease in held term
deposits (159) 1,336
Net cash flows from investing activities 638 2,005
Cash flows from financing activities
Purchase of own shares (1,492) (773)
Lease payments (14) (50)
Dividends paid (211) (213)
Net cash flows (used in)/from financing
activities (1,717) (1,036)
Net (decrease)/increase in cash and
cash equivalents (179) 1,300
Cash and cash equivalents at beginning
of year 3,773 2,473
Cash and cash equivalents at end of
year 3,594 3,773
Consolidated statement of changes in equity
FOR THE YEARED 30 SEPTEMBER 2021
Called Share Other Investment Retained Total
up share premium reserves property earnings equity
capital account (note fair value
21) reserve*
GBP'000 GBP'000 GBP'000 GBP'000
GBP'000 GBP'000
At 30 September 2019
and
1 October 2019 248 5,076 2,535 1,814 18,670 28,343
Profit for the year
as restated - - - - 1,792 1,792
Other comprehensive
income - revaluation
of investments
Net change in fair - - (14) - - (14)
value of own use
freehold property - - (55) - - (55)
Transactions with
equity holders
Dividends - - - - (213) (213)
Purchase of own shares (9) - 9 - (773) (773)
Total transactions
with equity holders (9) - 9 - (986) (986)
Fair value movements
on investment properties
- Cardiff - - - (148) 148 -
Fair value movements
on investment properties
- Campmoss Group - - - 1,473 (1,473) -
At 30 September 2020 239 5,076 2,475 3,139 18,151 29,080
At 1 October 2020
as previously stated 239 5,076 2,475 3,139 18,170 29,099
Prior year adjustment
(note 3) - - - - (19) (19)
At 1 October 2020
restated 239 5,076 2,475 3,139 18,151 29,080
Profit for the year - - - - 1,078 1,078
Other comprehensive
income - revaluation
of investments
Net change in fair - - (21) - - (21)
value of own use
freehold property - - 8 - - 8
Transactions with
equity holders
Dividends - - - - (211) (211)
Purchase of own shares (16) - 16 - (1,492) (1,492)
Total transactions
with equity holders (16) - 16 - (1,703) (1,703)
Fair value movements
on investment properties
- Cardiff - - - 526 (526) -
Disposal of property
- Cardiff - - - (259) 259 -
Fair value movements
on investment properties
- Campmoss Group - - - (1,592) 1,592 -
At 30 September 2021
223 5,076 2,478 1,814 18,851 28,442
______ __ ____ ______ ______ ______ ___ ___
* - Includes fair value movements on investment properties held
by Campmoss Group, our Joint Venture, which are presented in
investment property fair value reserve to demonstrate these are
unrealised.
Notes to the Financial Statements
FOR THE YEARED 30 SEPTEMBER 2020
1. Basis of preparation
The consolidated results for the year ended 30 September 2021
and 2020 are prepared under applicable International Financial
Reporting Standards adopted by the International Accounting
Standards in conformity with the companies act 2006 ("adopted
IFRS") and those parts of the Companies Act 2006 applicable to
companies reporting under IFRS and have been incorporated into the
principal accounting policies.
The financial information set out above does not constitute the
company's statutory financial statements for the years ended 30
September 2021 or 30 September 2020 but is derived from those
financial statements. Statutory financial statements for 2020 have
been delivered to the Registrar of Companies and those for 2021
will be delivered in due course. The auditor has reported on those
financial statements; their reports were (i) unqualified, (ii) did
not include a reference to any matters to which the auditor drew
attention by way of emphasis without qualifying their report and
(iii) did not contain a statement under section 498 (2) or (3) of
the Companies Act 2006 in respect of the financial statements for
2020 nor 2021.
Going concern
The financial statements have been prepared on a going concern
basis, which assumes that the Group will continue to meet its
liabilities as they fall due. The Group's activities, together with
the factors likely to affect its future development, performance
and position are set out in the Chairman's Statement and Strategic
Report. The financial position of the Group, its property portfolio
under management, asset base, liquidity and key performance
indicators.
The Group has sufficient financial resources to enable it to
continue to trade and to complete the current maintenance and
development programme. The Group is ungeared, and the cash flow
forecasts do not assume any debt being required. Therefore, the
Directors believe that the Group is well placed to manage its
business risks successfully despite the current economic
uncertainty, and the ongoing impact of the Covid-19 pandemic
changing behaviours and the impact on the Group's tenants.
The Group is in the enviable position of having significant cash
balances at 30 September 2021, the Cardiff Group had cash balances
of GBP3.6m and a further GBP1.9m term deposits (generally with
maturity dates of 95 days), in addition the Company has investments
of GBP1.1m of which GBP0.9m are readily marketable. The Group has
an operating cost base including tax and dividends of under GBP1m
per annum so even with no income for several years the Group would
remain solvent.
Notes to the Financial Statements
FOR THE YEARED 30 SEPTEMBER 2021 (continued)
The Cardiff Group receives a management fee from Campmoss of
around GBP0.5m per annum, there is no reason to assume this income
would not be received as the Campmoss Group had cash balances at 30
September 2021, of GBP1.4m and a further GBP5.3m term deposits
(generally with maturity dates of 95 days) and in addition Campmoss
expect to receive a significant cash inflow from sales at Britannia
Wharf. Campmoss have a capital commitment of GBP0.8m to complete
its development programme at Britannia Wharf, which completed
shortly after the year end and including the Cardiff management fee
an annual operating cost base excluding development of under
GBP1.5m, so Campmoss Group similarly has a strong balance
sheet.
New, revised or changes to existing financial reporting
standards
Subject to the adoption of the IFRS's available for application
noted below, this announcement is prepared on the basis of the
accounting policies as set out in the most recently published set
of annual financial statements.
IFRS
IFRS 16 - Leases was effective for the year ended 30 September
2020. IFRS 16 removes the distinction between operating and
financial leases, which for lessees resulted in almost all
operating leases being brought on balance sheet. The Group has
restated 2020 results due to an operating lease needing to be
capitalised being omitted. See note 3 for further information.
A number of new standards and amendments to standards and
interpretations have been issued but are not yet effective for the
current accounting period. None are expected to have a material
impact on the consolidated financial statements of the Group.
2. Segmental analysis
The Group manages its operations in two segments, being property
and other investment and property development. Property and other
investment relates to the results for The Cardiff Property Company
Limited where properties are held as investment property with
Property Development relating to the results of First Choice
Estates Plc and Thames Valley Retirement Homes Limited. The results
of these segments are regularly reviewed by the Board as a basis
for the allocation of resources, in conjunction with individual
site investment appraisals, and to assess their performance.
Information regarding the results and net operating assets for each
reportable segment are set out below:
Property Property Eliminations 2021
and other Development Total
investment
GBP'000 GBP'000 GBP'000 GBP'000
Rental income (wholly
in the UK) 434 162 - 596
Property sales 462 - - 462
Profit before taxation 1,096 163 - 1,259
Net operating assets
Assets 26,607 4,851 (1,802) 29,656
Liabilities (2,765) (251) 1,802 (1,214)
Net assets 23,842 4,600 - 28,442
Property Property Eliminations 2020
and other Development Restated
investment Total
GBP'000 GBP'000 GBP'000 GBP'000
Rental income (wholly
in the UK) 468 182 - 650
Property sales - - - -
Profit before taxation 1,667 273 - 1,940
Net operating assets
Assets 27,114 4,718 (1,887) 29,945
Liabilities (2,512) (240) 1,887 (865)
Net assets 24,602 4,478 - 29,080
"Eliminations" relate to inter segment transactions and balances
which cannot be specifically allocated but are eliminated on
consolidation.
3. Prior year adjustment as a result of a correction of IFRS 16
lease accounting
The Group and Company has restated 2020 results due to an
operating lease needing to be capitalised as a Right of Use asset
under IFRS 16 on adoption of the Standard in the prior period being
omitted in error. The impact of the prior year adjustment is set
out below. As noted, no third balance sheet is required as the
error occurred in the year ended 30 September 2020 only and has no
impact on the year ended 30 September 2019.
Group Increase/ 2020
2020 (decrease) Restated
GBP'000 GBP'000 GBP'000
Balance sheet extract
Right to use asset - 165 165
Lease liability - (184) (184)
Net assets 29,099 (19) 29,080
Retained earnings 18,170 (19) 18,151
Total equity 29,099 (19) 29,080
Notes to the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2021 (continued)
Profit and loss extract
Cost of sales (115) 50 (65)
Gross profit 535 50 585
Administrative expenses (497) (35) (532)
Operating profit before
fair value movement
on investment 617 15 632
Operating profit 469 15 484
Financial expense - (34) (34)
Profit before tax 1,959 (19) 1,940
Profit for the financial
year attributable
to equity holders 1,811 (19) 1,792
Statement of comprehensive
income (extract)
Profit for the financial
year 1,811 (19) 1,792
Total comprehensive
income and expense
for the year attributable
to the equity holders
of the Parent Company 1,742 (19) 1,723
EPS (basic and diluted) GBP24.36 GBP(0.01) GBP24.35
4. Earnings per share
Earnings per share has been calculated in accordance with IAS 33
- Earnings Per Share using the profit after tax for the financial
year of GBP1,078,000 (2020 restated: GBP1,792,000) and the weighted
average number of shares as follows:
Weighted average
number of shares
2021 2020
Restated
Basic and diluted shares 1,172,532 1,221,929
91.91 146.68
Earnings per share (p)
There is no difference between basic and diluted shares as the
Company has no share options in issue.
Notes to the Financial Statements
FOR THE YEAR ENDED 30 SEPTEMBER 2021 (continued)
Financial Calendar
2021 30 November Final results for 2020 announced
2022 17 January Annual General Meeting/General Meeting
18 January Ex-dividend date for the final dividend
19 January Record date for the final dividend
1 February Final dividend to be paid
May Interim results for 2022 to be announced
July Interim dividend for 2022 to be paid
30 September Year end
Directors and Advisers
Directors Statutory Auditor
J Richard Wollenberg PKF Littlejohn. LLP
Chairman and chief executive
Karen L Chandler FCA
Finance director Stockbrokers and financial adviser
Shore Capital
Nigel D Jamieson BSc, FCSI
Independent non-executive director
Secretary Bankers
Karen L Chandler FCA HSBC Bank Plc
Non-executive director of wholly owned Solicitors
subsidiary
First Choice Estates plc Blake Morgan LLP
Derek M Joseph BCom, FCIS Charsley Harrison LLP
Head office Registrar and transfer office
56 Station Road Neville Registrars Ltd
Egham Neville House
Surrey TW20 9LF Steelpark Road
Telephone: 01784 437444 Halesowen
Fax: 01784 439157 B62 8HD
E-mail: webmaster@cardiff-property.com Telephone: 0121 585 1131
Website: www.cardiff-property.com
Registered office Registered number
56 Station Road 00022705
Egham
Surrey TW20 9LF
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