TIDM31PE
RNS Number : 8107B
Canary Wharf Finance II PLC
23 April 2012
CANARY WHARF FINANCE II PLC
23 APRIL 2012
PUBLICATION OF THE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 31
DECEMBER 2011
Pursuant to sections 4.1 and 6.3.5 of the Disclosure and
Transparency Rules, the board of Canary Wharf Finance II plc is
pleased to announce the publication of its annual financial report
for the year ended 31 December 2011, which will shortly be
available from www.canarywharf.com/Investor Relations.
The information contained within this announcement, which was
approved by the board of directors on 23 April 2012, does not
comprise statutory accounts within the meaning of the Companies Act
2006 and is provided in accordance with section 6.3.5(2)(b) of the
Disclosure and Transparency Rules.
Two copies of the 31 December 2011 Annual Financial Report will
be submitted to the UK Listing Authority ("UKLA") in accordance
with Paragraph 9.6.1 of the Listing Rules. The document will
shortly be available for inspection on the National Storage
Mechanism's website, www.hemscott.com/nsm.do.on
Dated: 23 April 2012
Contact for queries:
J R Garwood
Company Secretary
Canary Wharf Finance II plc
Telephone: 020 7418 2000
BUSINESS REVIEW
The following business review aims to provide shareholders with
an overall summary of the business of the company as at 31 December
2011 and during the year then ended. The main factors likely to
affect the future development, performance and position of the
business of the company are set out in the principal risks and
uncertainties section of this Management Report.
This business review should be read in conjunction with the
remainder of the Management Report, the Directors' Report and the
financial statements.
At 31 December 2011, the company had GBP2,404,524,881 (2010:
GBP2,462,057,521) of notes listed on the London Stock Exchange and
had lent the proceeds to a fellow subsidiary undertaking, CW
Lending II Limited. The notes are secured on seven properties at
Canary Wharf, owned by fellow subsidiary undertakings, and the
rental income therefrom.
The securitisation has the benefit of an agreement with AIG
which covers the rent in the event of a default by the tenant of 33
Canada Square over the entire term of its lease. AIG has posted
GBP269.6 million as cash collateral in respect of this
obligation.
The company also has the benefit of a GBP300.0 million liquidity
facility provided by Lloyds Bank plc, under which drawings may be
made in the event of a cash flow shortage under the
securitisation.
Following publication of its latest criteria for assessing
counter party risk in all new and existing structured finance
securities and covered bonds, Standard and Poor's Financial
Services LLC ('S&P') duly downgraded the notes on 15 July 2011.
Following this downgrade, the ratings of the notes were as
follows:
Class Moody's Fitch S&P
------------------------------------ ------------------------------------ ------------------------------------ ----------------------------------
A1 Aaa AAA A+
A3 Aaa AAA A+
A7 Aaa AAA A+
B A1 AA A+
B3 A1 AA A+
C2 Baa1 A A
D2 Ba1 BB BBB
On 31 January 2012, S&P placed the notes on negative credit
watch.
As shown in the company's profit and loss account, the company's
loss after tax for the year was GBP74,698,580 (2010:
GBP16,861,190). This included an unrealised fair value loss on
derivative financial instruments of GBP75,899,197 (2010: gain of
GBP18,118,645).
The balance sheet shows the company's financial position at the
year end and indicates that net liabilities were GBP276,183,538
(2010: GBP122,749,050).
The financial position of the company as indicated by its
balance sheet is impacted by the application of Financial Reporting
Standard 26 (Financial Instruments: Recognition and Measurement)
('FRS26') and its impact on other financial reporting standards.
Adjusting for the effects of FRS26 the net asset value of the
company at 31 December 2011 was as follows:
31 December 31 December
2011 2010
GBP GBP
Net liabilities per statutory balance
sheet (276,183,538) (122,749,050)
Add back: Effects of FRS26 280,146,796 126,478,135
---------------------------------------------------- ----------------------------------------------------
Adjusted net assets 3,963,258 3,729,085
==================================================== ====================================================
KEY PERFORMANCE INDICATORS
31 December 31 December
2011 2010
GBP GBP
Securitised debt 2,404,524,881 2,462,057,521
Financing cost (before adjustments for
FRS26) 146,446,701 150,011,694
Adjusted profit before tax and FRS26 234,172 251,619
Weighted average maturity of debt 15.9 years 16.5 years
Weighted average interest rate 6.2% 6.2%
The adjusted profit before tax comprises the loss on ordinary
activities before tax of GBP74,698,580 (2010: GBP16,861,190)
adjusted for the FRS 26 items listed in Note 3, totalling
GBP74,932,752 (2010: GBP17,112,809).
PRINCIPAL RISKS AND UNCERTAINTIES
The risks and uncertainties facing the business are monitored
through continuous assessment, regular formal quarterly reviews and
discussion at Canary Wharf Group plc audit committee and board
level. Such discussion focuses on the risks identified as part of
the system of internal control which highlights key risks faced by
the company and allocates specific day to day monitoring and
control responsibilities to management. As a member of Canary Wharf
Group, the current key risks of the company include the cyclical
nature of the property market, concentration risk and financing
risk.
Cyclical nature of the property market
The valuation of the Canary Wharf Group's assets is subject to
many external economic and market factors. The turmoil in the
financial markets in recent years has been reflected in the
property market by such factors as a significant decline in tenant
demand for space in London, the oversupply of available space in
the office market and changing market perceptions of property as an
investment resulting in fluctuations in property valuations in
general. Fears of an oversupply of available space in the market
have however been mitigated by the difficulty in securing finance
for speculative development and reduced demand. The market has also
been assisted by the continuing presence of overseas investors
attracted by the relative transparency of the real estate market in
London which is viewed as both stable and secure. Changes in
financial and property markets are kept under constant review so
that the company can react appropriately and tailor its business
accordingly. While the company has no direct exposure to the Euro,
the ongoing uncertainty reflecting issues in the macroeconomy,
particularly relating to the Eurozone, continues to impact the real
estate market. The impact of these uncertainties is closely
monitored.
Concentration risk
The majority of Canary Wharf Group's real estate assets are
currently located on or adjacent to the Canary Wharf Estate with a
majority of tenants linked to the financial services industry.
Wherever possible steps are taken to mitigate or avoid material
consequence arising from this concentration and to diversify the
tenant base.
Financing risk
The broader economic cycle inevitably leads to movements in
inflation, interest rates and bond yields.
The company holds debenture finance, at both fixed and floating
rates and uses interest rate swaps or caps to modify exposure to
interest rate fluctuations. All of the company's borrowings are
fixed after taking account of interest rate hedges. All borrowings
are denominated in sterling and the company has no intention to
borrow amounts in currencies other than sterling.
The company enters into derivative financial instruments solely
for the purposes of hedging its financial liabilities. No
derivatives are entered into for speculative purposes.
The company is not subject to externally imposed capital
requirements.
The company's securitisation is subject to to a maximum loan
minus cash to value ('LMCTV') ratio covenant.
The maximum LMCTV ratio is 100.0%. Based on the 31 December 2011
valuations of the properties upon which the company's notes are
secured, the LMCTV ratio at the interest payment date in January
2012 would have been 72.5%. The securitisation is not subject to a
minimum interest coverage ratio.
A breach of covenant can be remedied by depositing eligible
investments (including cash).
Exposure Management
The mark-to-market positions of all the company's derivatives
are reported to the Group Treasurer on a monthly basis and to the
directors on a quarterly basis. The Group Treasurer monitors
hedging activity on an ongoing basis, in order to notify the
directors of any overhedging that may potentially occur and
proposals to deal with such events.
Hedging Instruments and Transaction Authorisation
Instruments that may be used for hedging interest rate exposure
include:
-- Interest rate swaps
-- Interest rate caps, collars and floors
-- Gilt locks
Instruments that may be used for managing foreign exchange
exposure include:
-- Cross currency swaps
-- Spot and forward foreign exchange contracts
No hedging activity is undertaken without explicit authority of
the board.
Transaction Accounting
Under FRS26, all derivatives are required to be measured on
balance sheet at fair value (mark-to-market).
Certain derivatives may be designated as part of a hedge
relationship, whereby the derivative and the underlying hedged item
(financial instrument) are accounted for in a manner in order to
reduce profit and loss account volatility ("hedge accounting").
In order to apply hedge accounting, the company must comply with
the following procedures:
-- All hedge relationships proposed must be in line with the
company's risk management policy stated above.
-- All hedge relationships must be documented in advance,
stating the purpose, including the nature of the risk being hedged,
the type of hedge being undertaken, the item being hedged and the
related hedging instrument and the methodology to be adopted to
assess and measure the hedge effectiveness.
-- Provide supporting documentation to include excerpts from
loan or debenture issuance documentation, detailing principal and
amortisation schedules and relevant excerpts from hedging
derivative documentation.
-- Both prospective and retrospective effectiveness testing are
undertaken and approved by the Group Financial Controller.
Credit Risk
The group's policies restrict the counterparties with which
derivative transactions can be contracted and cash balances
deposited. This ensures that exposure is spread across a number of
approved financial institutions with high credit ratings.
All other debtors are receivable from other group
undertakings.
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2011
Year Ended Year Ended
31 December 31 December
2011 2010
Note GBP GBP
Administrative
expenses (16,950) (14,100)
---------------------------------------------------- ----------------------------------------------------
OPERATING LOSS (16,950) (14,100)
Interest
receivable
and
similar
income 2 146,697,823 150,277,413
Interest
payable
and
similar
charges 3 (221,379,453) (167,124,503)
---------------------------------------------------- ----------------------------------------------------
LOSS ON
ORDINARY
ACTIVITIES
BEFORE
TAXATION (74,698,580) (16,861,190)
Tax on loss on ordinary activities 4--
--------------------------------------------------- ----------------------------------------------------
LOSS ON
ORDINARY
ACTIVITIES
AFTER
TAXATION
FOR THE
YEAR 9 (74,698,580) (16,861,190)
======================================================== ===============================================
Movements in reserves are shown in Note 9 of these financial
statements.
All amounts relate to continuing activities in the United
Kingdom.
The Notes numbered 1 to 11 form an integral part of these
financial statements.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR
ENDED 31 DECEMBER 2011
Year Ended Year Ended
31 December 31 December
2011 2010
GBP GBP
Loss for the
financial
year (74,698,580) (16,861,190)
Fair value
movement on
effective
hedging
instruments (93,297,336) (38,123,761)
Interest
paid on
effective
hedging
instruments 15,527,873 16,144,271
Hedge
reserve
recycling (966,445) (1,005,836)
---------------------------------------------------- ----------------------------------------------------
Total
recognised
losses
relating to
the
year (153,434,488) (39,846,516)
==================================================== ===================================================
The Notes numbered 1 to 11 form an integral part of these
financial statements.
BALANCE SHEET AT 31 DECEMBER 2011
31 December 31 December
2011 2010
Note GBP GBP
CURRENT ASSETS
Debtors 5
Amounts
falling due
after
one year 2,417,462,612 2,476,097,668
Amounts
falling due
within
one year 87,309,045 88,243,855
Cash at bank 6 1,796,036 1,554,889
---------------------------------------------------- ----------------------------------------------------
2,506,567,693 2,565,896,412
CREDITORS:
Amounts
falling
due within
one year 7 (85,141,821) (86,069,657)
---------------------------------------------------- ----------------------------------------------------
NET CURRENT
ASSETS 2,421,425,872 2,479,826,755
---------------------------------------------------- ----------------------------------------------------
TOTAL ASSETS LESS
CURRENT
LIABILITIES 2,421,425,872 2,479,826,755
CREDITORS:
Amounts falling
due
after more than
one year 8 (2,697,609,410) (2,602,575,805)
---------------------------------------------------- ----------------------------------------------------
NET LIABILITIES (276,183,538) (122,749,050)
=================================================== ====================================================
CAPITAL AND
RESERVES
Called-up share
capital 50,000 50,000
Hedging reserve 9 (134,438,689) (55,702,781)
Profit and loss
account 9 (141,794,849) (67,096,269)
---------------------------------------------------- ----------------------------------------------------
SHAREHOLDER'S
DEFICIT 10 (276,183,538) (122,749,050)
==================================================== ======================================================
The Notes numbered 1 to 11 form an integral part of these
financial statements.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER
2011
1. PRINCIPAL ACCOUNTING POLICIES
This announcement does not constitute the company's statutory
accounts for the year ended 31 December 2011 but is derived from
those accounts. The statutory accounts for the year ended 31
December 2011 will be delivered to the Registrar of Companies
following the company's annual general meeting. The auditors have
reported on those accounts and their report was unqualified, did
not contain a reference to any matters to which the auditors drew
attention by way of emphasis without qualifying the report and did
not contain statements under sections 498(2) or (3) of the
Companies Act 2006.
This announcement has been prepared on the basis of the
accounting policies set out in the company's financial statements
for the year ended 31 December 2011 which are prepared in
accordance with UK generally accepted accounting principals. Such
accounting policies have been applied consistently in all material
respects throughout the current and previous years.
In accordance with the provisions of FRS 1 (Revised) the company
is exempt from the requirements to prepare a cash flow statement,
as it is a wholly-owned subsidiary of Canary Wharf Group plc, which
has prepared a consolidated cash flow statement.
GOING CONCERN
The directors are required to prepare the financial statements
for each financial year on a going concern basis, unless to do so
would not be appropriate. Having made requisite enquiries, the
directors have a reasonable expectation that the company has
adequate resources to continue its operations for the foreseeable
future and hence the financial statements have been prepared on
that basis.
At 31 December 2011 the company had a deficit of GBP276,183,538
attributable solely to the adoption of FRS26. Under the
requirements of the standard the company recognises the fair value
of its derivative financial instruments in the balance sheet. In
the event that the company were to realise the fair value of the
derivative financial instruments, it would have the right to recoup
its losses as a repayment premium on its loans to CW Lending II
Limited. The standard does not permit this potential asset to be
accounted for in conjunction with the hedges. Notwithstanding the
deficit in net assets resulting from the treatment of derivative
financial instruments required by FRS26, the directors have
prepared the financial statements on a going concern basis on the
grounds that the company will be able to meet its obligations as
they fall due for a period of not less than 12 months from the date
of the financial statements.
The directors have also reached the view that the value of the
company's assets at the balance sheet date was not less than the
amount of its liabilities for the purposes of Section 123(2) of the
Insolvency Act 1986.
2. INTEREST RECEIVABLE AND SIMILAR INCOME
Year Ended Year Ended
31 December 31 December
2011 2010
GBP GBP
Bank interest
receivable 23,563 16,892
Interest
receivable
from group
undertakings 146,674,260 150,260,521
---------------------------------------------------- ----------------------------------------------------
146,697,823 150,277,413
====================================================== ====================================================
3. INTEREST PAYABLE AND SIMILAR CHARGES
Year Ended Year Ended
31 December 31 December
2011 2010
GBP GBP
Interest payable on securitised debt 146,446,701 150,011,694
Fair value adjustments on derivative
financial instruments 75,899,197 18,118,645
Hedge reserve recycling (Note 9) (966,445) (1,005,836)
---------------------------------------------------- ----------------------------------------------------
221,379,453 167,124,503
====================================================== =======================================================
Included in the interest payable on securitised debt is
GBP1,759,529 (2010: GBP1,571,467) payable in respect of notes
acquired by a fellow subsidiary undertaking (Note ).
4. TAXATION
Year Ended Year Ended
31 December 31 December
2011 2010
GBP GBP
Current tax:
UK corporation
tax - -
=================================================== ===============================================
Tax reconciliation:
Loss on
ordinary
activities
before
tax (74,698,580) (16,861,190)
===================================================== ===================================================
Tax on loss on ordinary activities
at UK Corporation tax rate of 26.5%
(2010: 28.0%) (19,795,124) (4,721,133)
Effects of:
FRS26
adjustments 19,857,179 4,791,587
Group relief (62,056) (70,453)
---------------------------------------------------- ----------------------------------------------------
Total tax
charge on
loss on
ordinary
activities - -
=================================================== ==================================================
The tax rate of 26.5% has been calculated by reference to the
current corporation tax rate of 26% which was in effect for the
final three quarters of the year and the previous rate of 28% which
was in effect for the first quarter of the year.
No provision for corporation tax has been made since the taxable
profit for the year will be covered by the group relief expected to
be made available to the company by other companies in the group.
No charge will be made by other group companies for the surrender
of group relief. There is no unprovided deferred taxation.
5. DEBTORS
31 December 31 December
2011 2010
GBP GBP
Due within one year:
Loan to
fellow
subsidiary
undertaking 85,163,912 86,109,563
Amounts owed
by fellow
subsidiary
undertakings 2,142,162 2,132,406
Accrued
interest
receivable 2,971 1,886
---------------------------------------------------- ----------------------------------------------------
87,309,045 88,243,855
=================================================== ===================================================
Due after more than one year:
Loan to
fellow
subsidiary
undertaking 2,417,462,612 2,476,097,668
==================================================== =================================================
The loans to a fellow subsidiary undertaking bear fixed rates of
interest between 5.31% and 6.81% and are repayable in instalments
between 2005 and 2035.
Other amounts owed by group companies are non-interest
bearing.
The amount of the loan due within one year comprises
GBP27,631,272 (2010: GBP28,576,923) of interest and GBP57,532,640
(2010: GBP57,532,640) of capital.
The carrying values of debtors due within one year also
represent their fair values. The fair value of the loans to group
undertakings at 31 December 2011 was GBP2,645,798,000 (2010:
GBP2,564,980,000), calculated by reference to the fair values of
the company's financial liabilities. The carrying value of
financial assets represents the company's maximum exposure to
credit risk.
6. FINANCIAL ASSETS
The company's financial assets comprise loans to fellow group
undertakings, cash at bank and derivative financial
instruments.
Cash at bank totalled GBP1,796,036 at 31 December 2011 (2010:
GBP1,554,889), comprising GBP1,786,927 in Sterling (2010:
GBP1,545,701), GBP2,027 (EUR2,432) in Euros (2010:
GBP2,094/EUR2,432) and GBP7,082 (US$11,012) in US Dollars (2010:
GBP7,094/$11,012), all of which was held as cash collateral for the
company's borrowings and has a term of one month or less.
Cash at bank earns interest at floating rates linked to bank
deposit rates.
7. CREDITORS: Amounts falling due within one year
31 December 31 December
2011 2010
GBP GBP
Securitised
debt 85,132,221 86,062,607
Accruals and
deferred
income 9,600 7,050
---------------------------------------------------- ----------------------------------------------------
85,141,821 86,069,657
=================================================== ====================================================
The amount of the securitised debt due within one year comprises
GBP27,599,581 (2010: GBP28,529,967) of interest and GBP57,532,640
(2010: GBP57,532,640) of capital.
8. CREDITORS: Amounts falling due after more than one year
31 December 31 December
2011 2010
GBP GBP
Securitised
debt 2,417,462,614 2,476,097,670
Derivative
financial
instruments 280,146,796 126,478,135
---------------------------------------------------- ----------------------------------------------------
2,697,609,410 2,602,575,805
======================================================= =====================================================
The securitised debt has a face value of GBP2,404.5m (2010:
GBP2,462.1m) of which GBP1,678.5m (GBP2009: GBP1,736.1m) carries
fixed rates of interest between 5.95% and 6.80%. The other
GBP726.0m (2009: GBP726.0m) carries floating rates of interest at
LIBOR plus a margin. The company uses interest rate swaps to hedge
exposure to the variability in cash flows on floating rate debt
caused by movements in market rates of interest. The hedged rates
of the floating rate notes, including margins, are between 5.30%
and 6.74%.
The amounts at which borrowings are stated comprise:
31 December 31 December
2011 2010
GBP GBP
Brought
forward 2,533,630,310 2,592,442,295
Repaid in
year (57,532,640) (57,532,640)
Amortisation
of issue
premium (4,668,591) (4,847,330)
Accrued
financing
expenses 3,566,175 3,567,985
---------------------------------------------------- ----------------------------------------------------
Carried
forward 2,474,995,254 2,533,630,310
=================================================== ==================================================
Payable
within
one year
or on
demand 57,532,640 57,532,640
Payable
after
more than
one year 2,417,462,614 2,476,097,670
---------------------------------------------------- ----------------------------------------------------
2,474,995,254 2,533,630,310
==================================================== ==================================================
Certain of the A1, A3 and B notes were issued at a premium which
is being amortised to the profit and loss account on a
straight-line basis over the life of the relevant notes. At 31
December 2011 GBP53,736,887 (2010: GBP58,405,478) remained
unamortised.
At 31 December 2011 there were accrued financing costs of
GBP16,733,486 (2010: GBP13,167,311) relating to future increases in
margins as described below.
GBP119,778,000 of the notes, comprising GBP26,101,000 of B3
notes, GBP35,338,000 of C2 notes and GBP58,339,000 of D2 notes,
were acquired by a fellow subsidiary undertaking in 2009. These
notes remain in issue and have not been cancelled.
The notes are secured on seven properties at Canary Wharf, owned
by fellow subsidiary undertakings, and the rental income stream
therefrom.
During the prior year, two of the seven properties on which the
notes are secured, 25 Bank Street and 50 Bank Street, were
withdrawn from the securitisation and substituted with 10 Cabot
Square and 20 Cabot Square. In conjunction with this substitution
GBP65.7m was added to cash collateral held by CW Lending II Limited
to cover any shortfall in debt service.
Prior to withdrawing 25 Bank Street, the securitisation had the
benefit of a loan facility agreement with AIG which provided for
any shortfall in contracted rents under the Lehman lease in the
event of a default by Lehman, the tenant of 25 Bank Street. In
November 2010, terms were agreed with AIG for the termination of
this facility.
Separately, the securitisation continues to have the benefit of
an arrangement with AIG which covers the rent in the event of a
default by the tenant of 33 Canada Square, over the entire term of
its lease. AIG has posted GBP269.6m as cash collateral in respect
of this obligation.
The company also has the benefit of a GBP300.0m liquidity
facility provided by Lloyds, under which drawings may be made in
the event of a cash flow shortage under the securitisation. This
facility is renewable annually.
The annual fees payable in respect of the above arrangement
currently totals GBP3.7m.
The market value of the securitised debt at 31 December 2011 was
GBP2,365.6m (2010: GBP2,441.7m).
The weighted average maturity of the debentures at 31 December
2011 was 15.9 years (2010: 16.5 years).
After taking into account the interest rate hedging
arrangements, the weighted average interest rate of the company at
31 December 2011 was 6.2% (2010: 6.2%).
At 31 December 2011 the fair value of the interest rate
derivatives resulted in the recognition of a net liability of
GBP280,146,796 (2010: GBP126,478,135). Of this net liability
GBP144,249,954 (2010: GBP66,480,490) was in respect of interest
rate swaps which qualify for hedge accounting and GBP135,896,842
(2010: GBP59,997,645) was in respect of interest rate swaps and
collars which do not qualify for hedge accounting.
The fair values of the derivative financial instruments have
been determined by reference to market values provided by the
relevant counter party and have been classified as level 2, as
defined in accordance with FRS 29 Financial Instruments:
Disclosures.
The terms of the derivative financial instruments correlate with
the terms of the financial instruments to which they relate.
Consequently the cash flows and effect on profit or loss are
expected to arise over the term of the financial instrument set out
above.
9. RESERVES
Profit and
Hedging reserve loss account Total
GBP GBP GBP
At 1 January 2011 (55,702,781) (67,096,269) (122,799,050)
Loss for the year - (74,698,580) (74,698,580)
Fair value movement on
effective
hedging instruments (93,297,336) - (93,297,336)
Interest paid on effective
hedging instruments 15,527,873 - 15,527,873
Hedge reserve recycling (966,445) - (966,445)
---------------------------------------------------- ---------------------------------------------------- ----------------------------------------------------
At 31 December 2011 (134,438,689) (2,616,790,103) (276,233,538)
===================================================== ===================================================== =====================================================
The hedge reserve recycling relates to the B2 and C1 interest
rate swaps, for which the hedging instruments have been novated but
the forecast transactions to which they relate are still expected
to occur.
10. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' DEFICIT
31 December 31 December
2011 2010
GBP GBP
Opening shareholders' deficit (122,749,050) (82,902,534)
Loss for the year (74,698,580) (16,861,190)
Fair value movement on effective
hedging
instruments (93,297,336) (38,123,761)
Interest paid on effective hedging
instruments 15,527,873 16,144,271
Hedge reserve recycling (966,445) (1,005,836)
---------------------------------------------------- ----------------------------------------------------
Closing shareholders' deficit (276,183,538) (122,749,050)
===================================================== ========================================================
11. CONTINGENT LIABILITIES AND FINANCIAL COMMITMENTS
As at 31 December 2011 and 31 December 2010 the company had
given a fixed charge over all its assets, including first fixed
charges over its bank accounts, to secure the notes referred to in
Note 8.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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