SPARK VCT 3 plc
HALF YEARLY FINANCIAL REPORT 2008
Financial highlights
Per ordinary share (pence) 30.06.08 31.12.07 30.06.07
Net asset value 61.9 67.4 77.8
Dividends
Dividend paid (1) - 1.0 1.0
Cumulative dividend (2) 3.5 3.5 3.5
Total return (3) 65.4 70.9 81 .3
Return including tax benefits (4) 85.4 90.9 101.3
1. Dividend paid in the financial period ended on the date stated
2. Cumulative dividends paid by SPARK VCT 3 plc
3. Net asset value plus cumulative dividend per share to ordinary shareholders
since the launch of the Company
4. Return after 20% income tax relief but excluding capital gains deferral
The interim management report comprises the Chairman's Statement, the
Investment manager's report, Fund summary and note 7 to the condensed financial
statements.
Chairman's statement
Net assets
The movement in net assets and net assets per share is summarised in the table
below:
�'000 Pence per
share
Net asset value at 31 December 2007 15,396 67.4
Income 105 0.5
Operating expenses (290) (1.2)
Movement on venture capital investments
Unquoted investments (538) (2.4)
Quoted venture capital investments (174) (0.8)
Bonds and equity investments (368) (1.6)
Net loss on disposal and revaluation
Net assets before dividends and share 14,131 61.9
buy-backs
Share buy-backs (52) -
Net asset value at 30 June 2008 14,079 61.9
During the half-year to 30 June 2008 the good progress made by a number of the
portfolio companies has been offset by the general change in market sentiment
which has held back the overall performance of the Fund.
Following the review of the portfolio and the investment strategy referred to
in the last Annual Report, members of the new management team within SPARK
Venture Management Limited ("SPARK") have continued to make an energetic
contribution in working with the portfolio companies and dealing with the
issues affecting the Fund as a whole.
The majority of the companies in the portfolio are still at an early stage and
in most cases are showing satisfactory progress. In the healthcare portfolio
there have been some significant achievements, notably in the winning of FDA
approval by Oxford Immunotec Limited, but there have also been disappointments
with the failure of the key drug trial of Oxford BioMedica plc and the decision
to discontinue support to Lectus Therapeutics Limited, both of which have led
to significant losses in value.
The change in market sentiment does not generally have a direct effect on those
companies in the portfolio that are addressing new markets growing on the back
of new technologies or services. As long as they are not seeking to approach
the capital markets for further funding or a sale, the value in the companies
themselves will continue to develop. The change in financing conditions has,
however, had an adverse effect on the valuations attributed to Antenova Limited
and Cluster Seven Limited, because in both cases they needed to raise further
capital. In the case of Antenova, despite that company's satisfactory business
progress, the refinancing of the business could only be completed at a much
reduced valuation to the previous carrying value. In order to mitigate the
effects of this, the Fund has participated in the refinancing so as to take
advantage of the favourable terms for new investors. In the case of Cluster
Seven the company has dramatically cut its cost base so as to ensure that it
can continue to trade without new capital. Nevertheless, its valuation has been
reduced to reflect the reduced prospects for the business.
Apart from the trade sale of Identum Limited, detailed in the last Annual
Report, there have been no significant opportunities for realisation of
investments during the half year. The environment for disposals and funding
shows no sign of improving in the short term.
In these circumstances the rate of new investment in recent months has been
constrained, with one new investment being made alongside a moderate level of
commitment of resources to follow-on investments. The opportunity of the new
investment in Isango! Limited, a growth stage company operating an online
travel website offering users a source of travel experiences worldwide, briefly
referred to in the last Annual Report, was won largely on the basis of SPARK's
reputation in the digital media and internet commerce sector. Isango! has made
encouraging progress since the investment was made.
In view of the potential requirements for cash over the next two years, in
market conditions in which exits may be more difficult to achieve, the
precaution was taken in early July of selling the entire portfolio of listed
equities. Over the six months to 30 June 2008 a fall of �368,000 was suffered
in the value of this portfolio; the sale in July involved a further loss of
�175,000.
The Board has not declared an interim dividend.
The Board has today announced that it has entered into talks with the board of
SPARK VCT 2 plc for a merger of the two companies, with the intention that the
merger should be structured as a share-for-share exchange through a Scheme of
Arrangement under Part 26 of the Companies Act 2006, with the share exchange
ratio being determined by reference to formula asset values (NAV per share,
less the expenses of the transaction). SPARK VCT 2 plc is under the same
management as the Company and is somewhat larger with net assets at 30 June
2008 of �20.4 million. In the Board's view, a merger has become desirable
because the decline in net asset values suffered by both companies over recent
years has brought them to a point where they could become more efficient as
investment vehicles by merging. With this reduction in the scale of the funds,
fixed costs get out of proportion with the assets managed. In addition, the
financial resources required to ensure that good investments are supported, and
exits are achieved at the optimal point in the economic cycle, may be
curtailed, thereby increasing the risk of continued underperformance. Finally,
there is a risk that the funds available for new investments will be
insufficient to allow the investment strategy of the new SPARK management team
to effect any meaningful turnaround in performance. The Board believes that, by
enabling cost savings and allowing the Manager additional flexibility in the
allocation of financial resources, the merger would address all these issues.
Provided the talks progress to a successful conclusion, full details of the
proposals will be communicated to shareholders as soon as possible and the
appropriate General Meetings of the Company will be convened to seek
shareholders' approval to the merger.
Michael Inwards
Chairman
29 August 2008
Directors' responsibility statement
The Directors confirm to the best of their knowledge that:
* the condensed set of financial statements contained within the Half-Yearly
Financial Report has been prepared in accordance with the Accounting
Standards Board's Statement `Half-Yearly Financial Reports'; and
* the interim management report includes a fair review of the information
required by Disclosure and Transparency Rule 4.2.7R 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 remainder of
the financial year; and
* the condensed set of financial statements (note 7) includes a fair review
of the information concerning related parties transactions as required by
Disclosure and Transparency Rule 4.2.8R.
The Half-Yearly Financial Report was approved by the Board on 29 August 2008
and the above responsibility statement was signed on its behalf by the
Chairman.
Investment manager\'s report
The period covered by this interim management report has seen a change in
market sentiment brought about by the `sub-prime' crisis. The tendency towards
risk aversion in the private equity and venture capital markets has made
financing conditions for a number of portfolio companies more difficult,
delayed opportunities for exits and depressed the terms on which exits may be
achievable. Against this, however, for companies in the portfolio that are
addressing new markets which are growing on the back of new technologies or
services, the general decline in market sentiment will not stop that growth. As
long as they are not approaching the capital markets for further funding or a
sale, then the value in these companies will continue to develop, and there are
examples of companies in this category within the portfolio.
Realisation of investments
Details of the trade sale of Identum Limited to Trend Micro, Inc., a global
leader in antivirus and content security, which closed in January 2008, were
set out in the last Annual Report. This transaction brought in proceeds of
�305,000.
New investments
In the first six months of the year, the Company has closed one new investment,
with �300,000 being committed to Isango! Limited, a growth stage company
operating an online travel website offering users an authoritative source of
travel experiences such as holiday tours, sightseeing, attractions and
activities in more than 50 countries across the world. Isango! has seen monthly
revenues grow by 25% on average month-on-month since the investment was made.
Progress of investments
At this stage in the life of the Fund, the venture capital portfolio remains
focused very largely on early stage investments. During the six months to 30
June 2008 the majority of the companies within the portfolio have shown
generally satisfactory business progress.
Oxford Immunotec Limited, the Oxford University spinout company commercialising
a new test for the diagnosis of tuberculosis, has gained pre-market approval
from the US Food and Drug Administration (FDA) for its T-SPOT�.TB test. This
represents a significant milestone for the company: it has already been
achieving sales success for T-SPOT�.TB in Europe and is now able to access the
much larger potential of the United States market.
A total of �850,000 was committed to follow-on investments during the half
year. Among the Company's early stage investments in the TMT sector, Secerno
Limited, which specialises in the supply of software and appliances to protect
against internal and external threats to databases, achieved a notable success
in concluding a US$16 million financing led by Amadeus Capital Partners with
participation by the SPARK- managed funds including �217,000 from the Company.
An additional �159,000 was advanced as loan finance to Cluster Seven Limited,
the specialist provider of spreadsheet management software, and �103,000 to
Level Four Software Limited, which is focused on ATM software solutions. In the
healthcare sector, an additional �183,000 was advanced as bridge finance to
Xention Limited, which has an emerging pipeline of drug candidates in atrial
fibrillation, over-active bladder and pain, and �133,000 was contributed to
Haemostatix Limited, which is focused on platelet replacement therapies: this
followed good early scientific results and a decision to accelerate the rate of
development of the company.
Among the investments in the TMT sector, Antenova Limited has demonstrated
satisfactory progress in winning more profitable business but in consequence
will require additional working capital: in present conditions, the terms of
the new funding round will inevitably be less attractive than would have been
expected earlier. However, by participating in this round at a level more than
pro-rata to its previous holding, the Fund will be taking advantage of these
terms to enhance its position in this investment.
UniServity Limited, which markets a web-based collaborative learning
environment for schools, is achieving considerable success in winning contracts
with Local Education Authorities in the UK and is beginning to make progress
also in international markets.
In the healthcare sector, the merger of Celldex Therapeutics, Inc. with the
NASDAQ-listed AVANT Immunotherapeutics, Inc., which closed in March 2008, has
been well received in the market and the share price has performed well. The
share price of MediGene AG also improved over the half year and the opportunity
was taken to sell one-third of this holding. It was disappointing, however,
that Oxford BioMedica plc announced in early July that its most important drug
candidate TroVax� had failed in a key kidney cancer test, prompting a collapse
in the share price. In the absence of any likelihood of early recovery, the
decision was taken for an immediate sale of this entire holding. The scientific
progress of Lectus Therapeutics Limited has not lived up to expectations and
both Genosis plc and Phoqus Pharmaceuticals plc failed in the implementation of
their business plans: all three investments must now be considered as
write-offs.
Valuation changes
Venture capital portfolio
In the venture capital portfolio, the sale of shares in MediGene AG generated
proceeds of �160,000 and contributed to an overall �33,000 gain on disposal.
Revaluation of unquoted investments resulted in a �179,000 downward adjustment
in respect of Antenova Limited as part of overall write-downs of �357,000.
Valuation changes in the quoted venture capital portfolio produced a broadly
neutral result (overall gain of �10,000), increases in AVANT
Immunotherapeutics, Inc. and MediGene AG being offset by disappointing
performances of Allergy Therapeutics plc and other holdings.
However, a total of �398,000 has been written off as an impairment of value,
including �98,000 in respect of Oxford BioMedica plc, ahead of the sale of this
holding in July, and write-offs in respect of Lectus Therapeutics Holdings
Limited, Genosis plc and Phoqus Pharmaceuticals plc.
Listed equity portfolio
The value of the listed equity portfolio (including losses in the half year)
fell by �368,000 over the half year. In mid July this entire portfolio was sold
(at a loss of �175,000 compared with the valuation at 30 June 2008) in order to
protect against the possibility of further declines in stock markets and ensure
the availability of liquidity to fund necessary follow-on investments and the
operations of the Company.
Outlook
As indicated in the last Annual Report, at present there are not sufficient
funds for further new investments. The management team continues to adopt a
stringent approach designed to ensure that the Company's follow-on investment
resources are most effectively applied.
Developments over the last six months confirm the SPARK team's view that there
are encouraging prospects for a number of the most significant venture capital
investments, although in the current conditions even the stronger companies
will face challenges. Continued attention is being given to the possibility of
achieving some early exits, although present market conditions make the
achievement of this objective more difficult.
SPARK Venture Management Limited Manager
29 August 2008
Fund summary as at 30 June 2008
Industry Cost Valuation Equity % of
sector (1) % held fund by
�'000 �'000 value
Fifteen largest venture capital
investments
Workshare Limited TMT 764 1,037 2.9% 7.4%
Xention Limited Healthcare 883 920 3.4% 6.5%
UniServity Limited TMT 700 700 11.6% 5.0%
Level Four Software Limited TMT 683 683 4.1% 4.9%
Vivacta Limited Healthcare 455 570 3.6% 4.0%
Celona Technologies Limited TMT 824 523 3.5% 3.7%
Cluster Seven Limited TMT 669 510 3.9% 3.6%
Imagesound plc TMT 500 489 0.5% 3.5%
Oxford Immunotec Limited Healthcare 719 485 2.5% 3.4%
Secerno Limited TMT 399 399 1.9% 2.8%
Xtera Communications, Inc. TMT 802 381 0.3% 2.7%
MediGene AG FRANKFURT Healthcare 473 360 0.2% 2.6%
Perpetuum Limited TMT 292 332 3.0% 2.4%
Isango! Limited TMT 300 300 4.2% 2.1%
Skinkers Limited TMT 300 300 1.9% 2.1%
8,763 7,989 56.7%
Other venture capital
investments
AVANT Immunotherapeutics, Inc. Healthcare 400 291 0.3% 2.1%
NASDAQ
We7 Limited TMT 276 276 4.1% 2.0%
Haemostatix Limited Healthcare 263 263 5.6% 1.9%
Allergy Therapeutics plc AIM Healthcare 700 239 1.1% 1.7%
Portrait Software plc AIM TMT 565 144 1.4% 1.0%
Antenova Limited TMT 443 123 1.8% 0.8%
Other investments: valuations
less than
�100,000 (2) 1,301 428 3.0%
3,948 1,764 12.5%
Total venture capital 12,711 9,753 69.2%
investments
Total quoted venture capital 2,990 1,275 9.1%
investments
Total unquoted venture capital 9,721 8,478 60.1%
investments
12,711 9,753 69.2%
Listed equity investments 2,372 3,491 24.8%
Total investments 15,083 13,244 94.0%
Cash and other net assets 835 835 6.0%
Net assets 15,918 14,079 100.0%
1. Amounts shown as cost represent acquisition cost as reduced in certain
cases (2) by amounts written off as representing an impairment in value
2. Cost reduced by amounts written off as representing an impairment in value
Condensed financial statements
Profit and loss account
Notes Six months Six months Year
ended ended ended
30.06.08 30.06.07 31.12.07
(unaudited) (unaudited) (audited)
�'000 �'000 �'000
Loss on investments at fair value 2 (1,080) (1,200) (3,624)
through profit or loss
Income 105 165 309
Investment management fee (136) (257) (356)
Other expenses (153) (183) (250)
Loss on operating activities (1,264) (1,475) (3,921)
Interest payable on loan notes (1) (1) (2)
Loss on ordinary activities before (1,265) (1,476) (3,923)
taxation
Tax on loss on ordinary activities - - -
Loss on ordinary activities after (1,265) (1,476) (3,923)
taxation
Basic and fully diluted loss per share 3 (5.5)p (6.3)p (16.8)p
All items in the above statement derive from continuing operations.
The Company has only one class of business and derives its income from
investments made in shares and securities and from bank deposits.
There are no gains and losses for the period other than those passing through
the profit and loss account of the Company.
The accompanying notes are an integral part of this statement.
Balance sheet
Note 30.06.08 31.12.07 30.06.07
(unaudited) (audited) (unaudited)
�'000 �'000 �'000
Fixed assets 4 13,244 13,774 16,590
Investments at fair value through
profit or loss
Current assets
Debtors 239 199 336
Cash at bank 738 1,698 1,481
977 1,897 1,817
Creditors: amounts falling due within (98) (229) (200)
one year
Net current assets 879 1,668 1,617
Creditors: amounts falling due in (44) (46) (46)
over one year
Net assets 14,079 15,396 18,161
Capital and reserves
Called-up equity share capital 228 229 233
Share premium account 5,996 5,996 5,996
Capital redemption reserve 25 24 19
Special reserve 9,443 10,644 14,590
Revaluation reserve (1,839) (1,834) (2,893)
Profit and loss account 226 337 216
Total equity shareholders' funds 14,079 15,396 18,161
Net asset value per share 5 61.9p 67.4p 77.8p
The accompanying notes are an integral part of this statement.
Summarised cash flow statement
Note Six months Year ended Six months
ended 31.12.07 ended
30.06.08 (audited) 30.06.07
(unaudited) �'000 (unaudited)
�'000 �'000
Cash outflow from operating 6 (302) (105) (271)
activities
Financial investment
Purchase of venture capital (1,150) (3,059) (2,013)
investments
Purchase of listed equities and fixed (193) (456) -
interest investments
Sale of venture capital investments 416 315 266
Sale/redemption of listed equity and 323 2,990 1,168
fixed interest investments
Total net financial investment (604) (210) (579)
Equity dividends paid - (239) (225)
Financing
Buy-back of ordinary shares (52) (610) (306)
Issue of shares under the terms of - 15 15
the dividend reinvestment scheme
Repayment of redeemable loan notes (2) - -
Total financing (54) (595) (291)
Decrease in cash for the period (960) (1,149) (1,366)
Reconciliation of net cash flow to
movement in net funds
Decrease in cash for the period (960) (1,149) (1,366)
Net funds at the start of the period 1,698 2,847 2,847
Net funds at the end of the period 738 1,698 1,481
The accompanying notes are an integral part of this statement. Net funds
comprise cash at bank and on short term deposit.
Reconciliation of movements in shareholders' funds
Share Share Capital Special Revaluation Profit Total
capital premium redemption reserve reserve and loss
�'000 account reserve �'000 �'000 account �'000
�'000 �'000 �'000
At 1 January 2008 229 5,996 24 10,644 (1,834) 337 15,396
Shares purchased for (1) - 1 (52) - - (52)
cancellation
Realisation of prior - - - - 674 (674) -
years' net losses on
investments
Transfer from special - - - (1,149) - 1,149 -
reserve to profit and
loss account
Net loss on - - - - (679) 679 -
revaluation of
investments
Loss on ordinary - - - - - (1,265) (1,265)
activities after
taxation
At 30 June 2008 228 5,996 25 9,443 (1,839) 226 14,079
The accompanying notes are an integral part of this statement.
Notes
1. The financial information contained in this Half-Yearly Financial Report
has been prepared on the basis of the accounting policies set out in the
Annual Report for the year ended 31 December 2007.
The annual financial statements of the Company are prepared under the
historical cost convention, except for the measurement at fair value of fixed
asset investments, and in accordance with applicable UK accounting standards.
2. The overall loss on investments at fair value through profit or loss
disclosed in the profit and loss account is analysed as follows:
Six months Six months Twelve
to 30.06.08 to 30.06.07 months
(unaudited) (unaudited) to 31.12.07
�'000 �'000 (audited)
�'000
Net (loss)/gain on disposal (3) 112 188
Write-off of investments (398) - (2,109)
Net loss on revaluation of (679) (1,312) (1,703)
investments
(1,080) (1,200) (3,624)
Unquoted venture capital investments (538) (1,775) (3,409)
Quoted venture capital investments (174) 173 (1,001)
Bonds and equity investments (368) 402 786
(1,080) (1,200) (3,624)
`Net (loss)/gain on disposal' represents the difference between proceeds
received and the carrying values of those investments sold during the period.
The amounts reported under `write-off of investments' represent the proportion
of the carrying value that have, in the opinion of the Directors, suffered an
impairment in value.
3. The loss per share of 5.5p (six months ended 30 June 2007: loss 6.3p) is
based on the loss on ordinary activities after tax of �1,265,000 (six
months ended 30 June 2007: loss �1,476,000) and on the weighted average
number of ordinary shares in issue during the period of 22,824,361 (six
months ended 30 June 2007: 23,544,305).
The loss per share of 16.8p for the year ended 31 December 2007 is based on
loss on ordinary activities after tax of �3,923,000 and on the weighted average
number of ordinary shares in issue during the year of 23,316,331.
4. Movements in investments during the six months ended 30 June 2008 are as
follows:
Venture Listed Total
capital equity
investments investments �'000
�'000 �'000
Cost at 1 January 2008 13,102 2,505 15,607
Net (loss)/gain at 1 January (3,317) 1,484 (1,833)
2008
Valuation at 1 January 2008 9,785 3,989 13,774
Movements in the year:
Purchases at cost 1,150 193 1,343
Disposals
- proceeds (470) (323) (793)
- net gains on disposal 33 (36) (3)
Impairment in value (398) - (398)
Net loss on revaluation of (347) (332) (679)
investments
Valuation at 30 June 2008 9,753 3,491 13,244
Book cost at 30 June 2008 12,711 2,371 15,082
Net (loss)/gain at 30 June 2008 (2,958) 1,120 (1,838)
Valuation at 30 June 2008 9,753 3,491 13,244
Amounts shown as cost represent acquisition cost, less any reduction made on
account of perceived impairment in value which is regarded as permanent.
5. The net asset value per share as at 30 June 2008 of 61 .9p (31 December
2007: 67.4p) is based on net assets of �14,079,000 (31 December 2007: �
15,396,000) and on the 22,747,286 ordinary shares in issue at that date (31
December 2007: 22,850,431).There is no dilution effect in respect of the
six months ended 30 June 2008 (year ended 31 December 2007: nil).
6. Reconciliation of operating loss to net cash outflow from operating
activities
Six months Twelve months Six months
to 30.06.08 to 31.12.07 to 30.06.07
(unaudited) (audited) (unaudited)
�'000 �'000 �'000
Loss on ordinary activities (1,264) (3,921) (1,475)
Loss on investments at fair value 1,080 3,624 1,200
through profit or loss
Decrease/(increase) in debtors 14 79 (58)
(Decrease)/increase in creditors (132) 91 62
Amortisation of fixed interest - 24 -
investments
Net purchase of bought interest - (2) -
Cash outflow from operating activities (302) (105) (271)
7. Spark Investors Limited (a fellow subsidiary of the Manager), of which AB
Carruthers and JR Patel (who was a director of the Company from 10 March to
17 June 2008) are directors, may from time to time be eligible to receive
transaction fees and/or directors' fees from investee companies. During the
period to 30 June 2008, fees of �9,000 attributable to the investments of
the Company were received pursuant to these arrangements (year ended 31
December 2007: �26,000 paid to Quester Services Limited of which APG Holmes
and JA Spooner were directors until 11 May 2007 and AB Carruthers and JR
Patel were directors from that date).
8. The financial information contained in this Half-Yearly Financial Report is
not the Company's statutory accounts. The financial information for the six
months ended 30 June 2008 and 30 June 2007 is not for a financial year and
has not been audited. The statutory accounts for the financial year ended
31 December 2007 have been delivered to the Registrar of Companies and
received an audit report which was unqualified, did not include a reference
to any other matters to which the auditors drew attention by way of
emphasis without qualifying the report and did not contain statements under
section 237(2) and (3) of the Companies Act 1985.
9. Interim management statements relating to the first and third quarters of
the financial year will be released via the Regulatory News Service on or
shortly before 19 May and 19 November each year.
10. Copies of the Half-Yearly Financial Report are expected to be sent to
shareholders on or about 3 September 2008. Further copies can be obtained
from the Company's registered office.
Independent review report to SPARK VCT 3 plc
Introduction
We have been engaged by the Company to review the condensed set of financial
statements in the Half-Yearly Financial Report for the six months ended 30 June
2008 which comprises the profit and loss account, balance sheet, summarised
cash flow statement, the reconciliation of movements in shareholders' funds and
notes 1 to 10. We have read the other information contained in the Half-Yearly
Financial Report which comprises only the financial highlights, Chairman's
statement, Directors' responsibility statement, fund summary and investment
manager's report and considered whether it contains any apparent misstatements
or material inconsistencies with the information in the condensed set of
financial statements.
This report is made solely to the Company in accordance with guidance contained
in ISRE (UK and Ireland) 241 0, "Review of Interim Financial Information
performed by the Independent Auditor of the Entity". Our review work has been
undertaken so that we might state to the Company those matters we are required
to state to them in a review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone
other than the Company, for our review work, for this report, or for the
conclusion we have formed.
Directors' responsibilities
The Half-Yearly Financial Report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
Half-Yearly Financial Report in accordance with the Disclosure and Transparency
Rules of the United Kingdom's Financial Services Authority.
As disclosed in Note 1, the annual financial statements of the Company are
prepared under the historical cost convention, except for the measurement at
fair value of fixed asset investments, and in accordance with applicable UK
accounting standards. The condensed set of financial statements included in
this Half-Yearly Financial Report has been prepared in accordance with the
Accounting Standards Board's Statement "Half-Yearly Financial Reports".
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the Half-Yearly Financial Report based on our
review.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the Half-Yearly
Financial Report for the six months ended 30 June 2008 is not prepared, in all
material respects, in accordance with the Accounting Standards Board Statement
"Half-Yearly Financial Reports" and the Disclosure and Transparency Rules of
the United Kingdom's Financial Services Authority.
Grant Thornton UK LLP Auditor
Chartered Accountants London
29 August 2008
A copy of the above document is to be submitted to the UK Listing Authority, and
will shortly be available for inspection at the UK Listing Authority's Document
Viewing facility, which is situated at:
Financial Services Authority
25 North Colonnade
Canary Wharf
London E14 5HS
END
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