TIDMHAN TIDMHANA
RNS Number : 3109J
Hansa Trust PLC
10 June 2014
HANSA TRUST PLC
Preliminary Announcement of Unaudited Results
for the year ended 31 March 2014
Hansa Trust PLC announces its Preliminary Results for the year
ended 31 March 2014.
Financial Highlights Year ended Year ended
31 March 31 March
2014 2013
(unaudited)
Net Asset Value - Total Return 12.3% -1.7%
Performance Benchmark 3.3% 3.8%
Capital return per equity share 114.1p -36.7p
Revenue return per share 17.0p 16.1p
Net asset value per share 1,197.5p 1,082.9p
Total dividend per equity share for
the year 16.0p 15.0p
Total income (GBP000's) 6,739 6,193
Revenue before taxation (GBP000's) 4,072 3,886
The following are attached:
-- Chairman's Report to Shareholders
-- Group Income Statement
-- Statement of Changes in Equity - Group and Company
-- Balance Sheet for the Group and Company
-- Cash Flow Statement
-- Notes
As well as announcing the final dividend for the year ended 31
March 2014, the Company also announces, as part of its new dividend
policy, the advance notification of the two interim dividends for
its financial year ending 31 March 2015. Barring unforeseen
circumstances, the Company expects to pay two interim dividends of
8.0p each. The first interim dividend will be paid in November 2014
and the second will be paid in May 2015.
For further information, please contact:
Stephen Thomas Hansa Capital Partners LLP 020 7647 5750
Chairman's Report to the Shareholders
ALEX HAMMOND-CHAMBERS
Chairman
The new strategic course we have embarked upon will give rise to
a more focused portfolio - focused on the areas we particularly
like - and should produce good returns in the years to come.
The last three years have not produced the level of returns we
would have expected and, having given much thought to a number of
comments made to the Board of Directors at both annual general
meetings and through individual correspondence, we have spent the
last year or so giving careful consideration to the investment
proposition that Hansa Trust provides for its shareholders and
offers to other investors.
We ended that process on Tuesday 22 April 2014 with an
announcement (see within our new website: www.hansatrust.com) of
something of a new approach to the investment strategy designed to
fulfil our investment objective of growth of shareholder value and
of a more clearly defined dividend policy. I say "something of"
because I don't want to represent the changes as being of a
revolutionary nature (changing the whole basis of our portfolio)
but rather an evolutionary nature whereby we seek to achieve that
growth of shareholder value in a more interesting way.
The thinking process behind these developments started with an
AIC conference held back in December 2012 on the subject of the
Retail Distribution Review (now commonly referred to as "RDR") and
attended by Peter Gardner of Hansa Capital Partners and myself.
What was clear to us was that RDR provided the prospect of a much
wider investor audience for investment trust company shares but
that it also intensified the competition for "investment products".
We needed to think hard about our own investment proposition to
make sure we had a part to play in the post RDR world. And so we
embarked on that thought process.
Hansa Trust is an unusual investment trust - on a number of
counts - and one of those counts is that we aim to provide an
investment proposition that individual investors cannot easily
replicate for themselves. While much of our portfolio fulfilled
that characteristic, we had about a quarter of it invested in large
UK quoted companies - companies whose shares are an important
component of the portfolio of many other investment trusts, unit
trusts and open-ended investment companies ("OEICs"). We had those
investments in part because they were somewhat defensive in nature
and in part because they provided exposure to the growth of
economies in other parts of the world. The main thrust of the
change is to achieve that overseas exposure through a portfolio of
dedicated investment funds, many of which are not available for
investment by the man in the street. So, as the Portfolio Manager's
review, which follows this statement notes, our portfolio structure
will trend towards circa 25% in each of strategic investments (our
indirect exposure to Ocean Wilson's Brazilian subsidiary Wilson
Sons), UK companies, core funds and eclectic and diversifying funds
(which includes our indirect exposure to Ocean Wilsons Investments,
DV3 and DV4).
Such a change may well have an effect on the dividend income we
earn from the portfolio. As the underlying companies in our
portfolio make progress over the years, we would expect our own
dividend income to grow - not necessarily in each and every year
but over time. However, some of that extra income will be generated
within some of the funds in which we invest but will not
necessarily flow through to Hansa Trust's own income account. As a
consequence we decided that it was appropriate that this progress
should be reflected in our dividend payments and that we should
therefore have a progressive dividend policy. So, in future and
barring unforeseen circumstances, we expect to announce the year's
dividends to be paid as two equal interim dividends - one in
November and the other in May. From time to time there may be
one-off circumstances, which give rise to an exceptional level of
income, in which case we would declare a final dividend to be
approved by shareholders at the forthcoming AGM.
Shareholder and Investor Communications
As part of our RDR strategic thinking process, we recognised
that having an attractive investment proposition was not good
enough if it was not known and understood in the market place. We
have not always received complimentary comments on our website and
monthly fact sheets and we recognised that they presented the facts
without telling the story. We also understood that, post RDR, there
would be an increasing number of DIY investors, those who did their
own research, made their own decisions and used platform services
to administer their investments.
So we have redesigned our website (www.hansatrust.com) so that
it is more user friendly and better at telling the story behind the
investment portfolio, which shareholders are invested in. We have
outlined some of the principles, which guide our policies and which
determine our portfolio management disciplines. Following that we
have redesigned the monthly fact sheet which can be found on the
website.
This annual report is also a new look communication - in part
because we wished it to be a better annual report and in part
because certain changes of order were prescribed by the Financial
Reporting Council ("FRC"), In practice, although the design and
layout is rather different, the content and information does not
differ greatly from that of previous years because the Company was
already fulfilling the majority of the disclosure requirements.
Hopefully it will continue to provide a good understanding about
what Hansa Trust is all about and how it is doing.
Fulfilling Hansa Trust's Goal:
It has, rather ironically, become the practice of many
investment trust company chairmen/chairwomen - in making their
annual statements to shareholders - to emphasise the relative
performance of the net asset value over the past year against a
benchmark despite the fact that the stated objective of their
investments trusts is often long-term (absolute) capital
appreciation or total return.
However we thought that it made sense for the Chairman, on
behalf of the Board of Directors, to account to shareholders for
the performance against the Company's stated objective, which in
our case is:
"To achieve longer-term growth of shareholder value, Hansa Trust
invests in a portfolio of special situations ... Investments are
intended to add value over the medium to longer-term ..."
So I will report to you on the returns of the past five years
(the length of time we regard as longer-term). The Portfolio
Manager's Report, however, will report to shareholders on the
returns of the past year and all of the investment matters relevant
to the past year's results. We believe there is certain logic to
this in that the Board's responsibilities include the longer-term
fulfilment of its Company objectives and that the Portfolio
Manager's responsibilities encompass the day to day investment
operations of the Company.
Over the past five years, the returns are shown in the table
below:
31 March 31 March Capital Total
2014 2009 Return Return
Net Asset Value 1,197.56p 635.00p +85.8% +97.2%*
--------- -------- -------- --------
Benchmark +22.9%
--------- -------- -------- --------
Share prices
Ord 879.25p 510.00p +72.4% +86.6%*
--------- -------- -------- --------
Share prices
"A" Ord 877.50p 500.00p +75.5% +90.0%*
--------- -------- -------- --------
FTSE All- share
Index 3,555.59 1,984.17 +79.2% +118.0%
--------- -------- -------- --------
* Includes dividends of 72.5p per share paid in respect of the
last five years.
It has to be said that it could not have been a much more
favourable period over which to report longer-term returns with the
UK stock market hitting a bottom in March 2009 (having fallen by
circa 49% from a peak in the middle of 2007). So a rise of 97% or
circa 19% per annum in the net asset value over the five years
represents a good return - most especially in an era of ultra low
interest rates. It is considerably better than that of our
benchmark but in such circumstances it should be.
The increases in the prices of our two shares (ordinary and "A"
ordinary) have also produced good returns (11.5% and 12% pa annum),
if not quite as good because the discount to the net asset value
rose over the period from 19.7% to 25.5% (ordinary shares) and from
21.3% to 25.6% ("A" ordinary shares). There were a number of
reasons for the lack of interest in our shares, which we judge to
have caused the discount to drift out but perhaps the most
important of them was the Brazilian factor as investors globally
lowered their appetite for investing there. With circa 35% of the
net asset value invested in Ocean Wilsons, that sentiment
undoubtedly affected the attraction of Hansa Trusts' shares.
Having said that - our holding in Ocean Wilsons contributed 270p
of the 545p rise in the net asset value over the period with our
holdings in NCC group (+50p per Hansa Trust share), Andor
Technology (+33p), Galliford Try (+31 1/2 p) and Herald Investment
Trust (+30p) all making important contributions. There were (as
there always will be) detractors from the returns and our holdings
in Ark Therapeutic (-10p), Cairn Energy (-10p), EAGA (-9p), Premier
Foods (-5p) and Petroceltic (-4p) all detracted from our
returns.
Thank You
On behalf of all of us shareholders, I would like to thank those
at Hansa Capital Partners, our Portfolio Manager for these
achievements. But over and above that I would like to pay tribute
to the team for the huge workload of the past year. The team has
been joined by Alec Letchfield, who has been appointed Hansa
Capital Partner's Chief Investment Officer and by Stephen Thomas,
who has taken over secretarial duties from Peter Gardner, who has
retired from Hansa Capital Partners. I would like to pay a
particular tribute to Peter, who has served both the Company and
the Board of Directors tirelessly and selflessly over many years
and guided us through a veritable nettle field of regulatory weeds.
We will miss him but wish him well.
Not only have we undertaken the changes I have already referred
to but we have also incorporated a lot of new regulation, which has
become mandatory during the year. The EU's Alternative Investment
Fund Manager Directive ("AIFMD") has now become UK law and placed a
significant burden and costs on the investment trust industry,
including on your Company. The FRC's restructuring of how it wishes
to see annual reports presented and FATCA requirement imposed on us
by the United States are another two of the unending tsunami of new
rules and regulations that we have to deal with on what seems like
a permanent basis.
The Annual General Meeting: 21 July at the Washington Hotel in
Curzon Street in London.
The 2014 Annual General Meeting will take place at the
Washington Hotel in Curzon Street in London (Green Park is the
nearest tube station) at 11.30am. It is the most important occasion
of the year for your Board of Directors, giving us the chance to
meet with shareholders and listen to the comments and questions
that you put to us. They are of immense value and have played a
particular part in forming our thinking over the past year.
This year, amongst the normal resolutions which will be put to
shareholders, is one that seeks shareholders approval to change the
Company's Memorandum and Articles of Association one part of which
is to allow the Company to pay dividends out of capital profits. As
explained earlier, this is an important part of our investment
strategy for the future.
We will also be seeking approval for the payment of a final
dividend of 11.0 p per share, which when added to the interim (paid
in November 2013) of 5p per share, brings a total of 16.0 p per
share for the year. In respect of the year just started and ending
on 31 March 2015 we propose to pay two interim dividends - each of
8.0p per share - in November 2014 and May 2015 - totalling 16.0p
per share in respect of the year as a whole.
At last year's AGM there were a number of questions put to the
meeting, including:
What actions was the Board taking to promote the Company?
The activities of the past year - culminating in the redirection
of part of the portfolio, in redesigning the annual report, the
Company's web site and fact sheet and in working with Edison and
Morningstar to facilitate coverage of Hansa Trust to the investing
community are all part of addressing the issue of having an
appropriate investment proposition and promoting it in the market
place.
Could the Board consider reviewing the website which appears
staid and old fashioned?
As above - we have done that. We hope you find it much more
informative and interesting. We would appreciate any thoughts you
have on it.
Should the cost of running the Company be allocated between
income and capital, thereby increasing the amount available for
dividends?
As stated earlier in this statement, we have refined our
dividend policy so that, with shareholders approval to altering the
Company's articles accordingly, we can pay dividends to
shareholders out of capital profits as well as from income
profits.
Can the Board consider ways and means by which greater clarity
of the underlying investment in Ocean Wilsons could be shown?
While it is necessary to report our holding in Ocean Wilsons as
one investment (worth circa GBP103 million or 430p per Hansa Trust
share), we have broken it down into its two underlying components -
showing our indirect investment in Wilson Sons (worth GBP70
million) and the underlying Ocean Wilsons Investment portfolio
(worth GBP33 million).
There is a lot of information available about Ocean Wilsons from
the company itself and from its website. We do not seek to
duplicate that information nor express an opinion on its prospects.
The Portfolio Manager's Report goes into some detail on recent
developments there. We, the Directors, remain of the view that
Wilson Sons has excellent management and exciting prospects in the
next few years from which we would expect Hansa trust's
shareholders to benefit in time.
Could the Portfolio Manager in future cover some of those
investments, which have not been successful, explaining why?
He will.
Could the Book cost of the investments be shown in the annual
report?
We do not regard reporting the book cost of an investment as an
important piece of information. The share price does not know what
we paid for our holding and it does not affect its prospects. Focus
on the book cost can prove to be a distraction, affecting one's
view of the investment. The prospects of any holding can only be
considered in the light of its current value, not past values.
Over and above these specific questions there are regular
questions that arise at annual general meetings and at other times
- including questions about managing the discount and about having
two classes of shares. In each and every annual report as well as
in individual communications we make it clear that we do not
attempt to manipulate the share price in an attempt to manage the
discount. That does not mean that it is wrong for other investment
trusts to do so, rather that we believe that it is wrong for us. I
have cited a number of reasons for not doing so - particularly in
last year's annual report but I would add that an active buy back
policy would mean that we would have to have a different, much more
liquid portfolio. The integrity of the portfolio is not to be
compromised by the need for liquidity - or put another way - the
portfolio comes first. That closed-ended characteristic of
investment trust companies is one of their great advantages over
open-ended funds in the management of less liquid, special
situation portfolios.
I am personally asked from time to time as to whether the
company's shares would be more attractive to investors generally if
we had just one class of share. It is certainly the case that it
would make them more attractive to some investors but not
necessarily all. It is my own view that the two class share
structure that we have and the ownership of the different classes
helps protect the Company from the huge pressures of short-termism
that abound amongst the investing community today. It enables us to
be genuine longer-term investors, which we are. To those
shareholders, like myself and like others such as my independent
board colleagues, this is one of the attractions of Hansa Trust's
shares; it will be to those other investors more concerned with
longer-term returns than short-term trading profits. We will never
be able to appeal to everyone, rather just to those who understand
and want to invest in what we are doing.
Longer-term Prospects:
Each year I emphasise that our longer-term prospects depend
largely on ourselves and that the shorter-term prospects are too
difficult to call. This year is no different from the past -
despite the new developments in our investment strategy which I
outlined earlier and which are recounted in some detail in the
Portfolio Manager's Report.
Not a lot has changed in respect of the external investment
environment in the last year. Economic recovery is slowly happening
- with an emphasis on "slowly". Large scale money printing (aka
"quantitative easing") and ultra-low interest rates continue to
provide liquidity in the financial market place in an attempt to
ease the debt repayment process and to finance continuing and large
scale government deficits. It is a risky and unprecedented monetary
strategy which may ease the pain of post financial crisis
adjustment but not necessarily address the root causes of debt
accumulation in the first place. The risk is generally regarded as
one likely to trigger serious inflation at some point in the future
but inflation has yet to emerge. This may be because of the
powerful deflationary forces at work in some parts of the world. We
will see but, in the meantime, printing money has proved to be good
for the prices of many asset classes - most especially of equities.
So - notwithstanding the risks inherent in printing money and in
international confrontations - more of the same seems to be on the
cards for the immediate future.
For Hansa Trust shareholders, however, our prospects primarily
lie with our own investment management and the new strategic course
we have embarked upon. What has changed? Well, we have reduced our
rather general international exposure through investment in large
companies (in holdings in companies such as HSBC, Royal Dutch
Shell, GlaxoSmithkline) and with the proceeds made some rather more
focused international investments in certain funds (which are
reported upon in the Portfolio Manager's Report). Not only does
this give us a more focused portfolio - focused on those areas of
investment that we particularly like - but it also provides
exposure to many investments that our individual shareholders are
unlikely to be able to make for themselves. It makes Hansa Trust
the special situations investment trust company that we hope - and
indeed believe - will produce good returns for shareholders in the
years to come.
Alex Hammond-Chambers
Chairman
Group Income Statement (unaudited)
For the year ended 31 March 2014
Revenue Capital Total Revenue Capital Total
2014 2014 2014 2013 2013 2013
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains/(losses) on investments
held at fair value - 27,406 27,406 - (8,809) (8,809)
Exchange losses on currency
balances - (23) (23) - - -
Investment income 6,739 - 6,739 6,193 - 6,193
------------------------------ -------- -------- -------- -------- -------- --------
6,739 27,383 34,122 6,193 (8,809) (2,616)
Investment management
fees (1,727) - (1,727) (1,512) - (1,512)
Other expenses (905) - (905) (753) - (753)
------------------------------ -------- -------- -------- -------- -------- --------
(2,632) - (2,632) (2,265) - (2,265)
------------------------------ -------- -------- -------- -------- -------- --------
Profit/(loss) before finance
costs and taxation 4,107 27,383 31,490 3,928 (8,809) (4,881)
Finance costs (31) - (31) (42) - (42)
------------------------------ -------- -------- -------- -------- -------- --------
Profit/(loss) before taxation 4,076 27,383 31,459 3,886 (8,809) (4,923)
Taxation (4) - (4) (16) - (16)
------------------------------ -------- -------- -------- -------- -------- --------
Profit/(loss) for the
period 4,072 27,383 31,455 3,870 (8,809) (4,939)
------------------------------ -------- -------- -------- -------- -------- --------
Return per Ordinary and
'A' non-voting Ordinary
share 17.0p 114.1p 131.1p 16.1p (36.7)p (20.6)p
The Company does not have any income or expense that is not
included in the Profit/(Loss) for the year. Accordingly the
"Profit/(Loss) for the year" is also the "Total comprehensive
income for the year", as defined in IAS 1 (revised) and no separate
Statement of Comprehensive Income has been presented.
The total column of this statement represents the Group's Income
Statement, prepared in accordance with IFRS. The supplementary
revenue and capital return columns are both prepared under guidance
published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from
continuing operations.
The accompanying notes are an integral part of this
statement.
Statement of Changes in Equity - Group (unaudited)
For the year ended31 March 2014
Capital Capital
Share redemption Retained Share redemption Retained
capital reserve earnings Total capital reserve earnings Total
2014 2014 2014 2014 2013 2013 2013 2013
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net assets at 1 April 1,200 300 258,408 259,908 1,200 300 266,707 268,207
Gains/(losses) for
the year - - 31,455 31,455 - - (4,939) (4,939)
Dividends - - (3,950) (3,950) - - (3,360) (3,360)
---------------------- -------- ----------- --------- -------- -------- ----------- --------- --------
Net assets at 31
March 1,200 300 285,913 287,413 1,200 300 258,408 259,908
---------------------- -------- ----------- --------- -------- -------- ----------- --------- --------
Statement of Changes in Equity - Company (unaudited)
For the year ended31 March 2014
Capital Capital
Share redemption Retained Share redemption Retained
capital reserve earnings Total capital reserve earnings Total
2014 2014 2014 2014 2013 2013 2013 2013
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net assets at 1 April 1,200 300 258,408 259,908 1,200 300 266,707 268,207
Gains/(losses) for
the year - - 31,455 31,455 - - (4,939) (4,939)
Dividends - - (3,950) (3,950) - - (3,360) (3,360)
---------------------- -------- ----------- --------- -------- -------- ----------- --------- --------
Net assets at 31
March 1,200 300 285,913 287,413 1,200 300 258,408 259,908
---------------------- -------- ----------- --------- -------- -------- ----------- --------- --------
The accompanying notes are an integral part of this
statement.
Balance Sheet of the Group and Company (unaudited)
as at 31 March 2014
Group Group Company Company
2014 2013 2014 2013
GBP'000 GBP'000 GBP'000 GBP'000
Non-current assets
Investment in subsidiary at fair
value through profit or loss - - 630 631
Investments held at fair value through
profit or loss 283,089 262,403 283,089 262,403
--------------------------------------- -------- -------- -------- --------
283,089 262,403 283,719 263,034
--------------------------------------- -------- -------- -------- --------
Current assets
Trade and other receivables 3,673 439 3,673 439
Cash and cash equivalents 13,250 126 13,250 126
--------------------------------------- -------- -------- -------- --------
16,923 565 16,923 565
--------------------------------------- -------- -------- -------- --------
Current liabilities
Trade and other payables (12,599) (3,060) (13,229) (3,691)
--------------------------------------- -------- -------- -------- --------
Net current Assets / (Liabilities) 4,324 (2,495) 3,694 (3,126)
--------------------------------------- -------- -------- -------- --------
Net assets 287,413 259,908 287,413 259,908
--------------------------------------- -------- -------- -------- --------
Capital and reserves
Called up share capital 1,200 1,200 1,200 1,200
Capital redemption reserve 300 300 300 300
Retained earnings 285,913 258,408 285,913 258,408
--------------------------------------- -------- -------- -------- --------
Total equity shareholders' funds 287,413 259,908 287,413 259,908
--------------------------------------- -------- -------- -------- --------
Net asset value per Ordinary and
'A' non-voting Ordinary share 1,197.5p 1,082.9p 1,197.5p 1,082.9p
The accompanying notes are an integral part of this
statement.
Cash Flow Statement (unaudited)
For the year ended31 March 2014
Group Group Company Company
2014 2013 2014 2013
GBP'000 GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Gain/(loss) before finance costs
and taxation 31,490 (4,881) 31,490 (4,881)
Adjustments for:
Realised (gains)/losses on investments (131) 2,121 (131) 2,121
Unrealised (gains)/losses on investments (27,275) 6,688 (27,274) 6,689
Effect of foreign exchange rate
changes 23 - 23 -
Decrease/(increase) in trade and
other receivables (3,234) (145) (3,234) (145)
Increase in trade and other payables 21 22 20 21
Taxes paid (4) (16) (4) (16)
Purchase of non--current investments (8,273) (1,319) (8,273) (1,319)
Sale of non--current investments 27,311 1,051 27,311 1,051
------------------------------------------ -------- -------- -------- --------
Net cash inflow from operating activities 19,928 3,521 19,928 3,521
------------------------------------------ -------- -------- -------- --------
Cash flows from financing activities
Interest paid on bank loans (31) (42) (31) (42)
Dividends paid (3,950) (3,360) (3,950) (3,360)
Repayment of loans (2,800) (130) (2,800) (130)
------------------------------------------ -------- -------- -------- --------
Net cash outflow from financing
activities (6,781) (3,532) (6,781) (3,532)
------------------------------------------ -------- -------- -------- --------
Increase/(decrease) in cash and
cash equivalents 13,147 (11) 13,147 (11)
Cash and cash equivalents at 1 April 126 137 126 137
Effect of foreign exchange rate
changes (23) - (23) -
Cash and cash equivalents at end
of period 13,250 126 13,250 126
------------------------------------------ -------- -------- -------- --------
The accompanying notes are an integral part of this
statement.
Notes
INCOME
Revenue Revenue
2014 2013
GBP000 GBP000
------- -------
Income from quoted investments
Dividends 3,442 3,436
Overseas dividends 3,121 2,686
Property income distributions 175 71
------- -------
6,738 6,193
------- -------
Other operating income
Interest receivable on AAA rated money market funds 1 -
Total income 6,739 6,193
------- -------
DIVIDENDS PROPOSED AND PAID
The Board are proposing a final dividend of 11.0p per share
Revenue Revenue
2014 2013
GBP000 GBP000
------- -------
Amounts recognised as distributions to equity holders in the year:
Interim dividends paid for 2014: 5.0p (2013: 3.5p) 1,200 840
Proposed final dividend for 2014: 11.0p (2013: 11.5p) 2,640 2,760
3,840 3,600
------- -------
Set out above are the total dividends paid and proposed in
respect of the financial year, which is the basis on which the
requirements of s1158 CTA 2010 are considered. The Company's
revenue available for distribution by way of dividend for the year
is GBP4,073,000 (2013: GBP3,870,000).
Notes:
1. This Preliminary Announcement is not the Group's statutory
accounts. It is an abridged version of the Group's full draft
accounts for the year ended 31 March 2014, which have not yet been
approved, audited or filed with the Registrar of Companies.
2. The full draft accounts for the year ended 31 March 2014 have
been prepared in accordance with International Financial Reporting
Standards ("IFRS") and using the same accounting policies as those
in the last published annual accounts, being those to 31 March
2013.
3. Statutory accounts for the 12 months ended 31 March 2013 have
been delivered to the Registrar of Companies and received an audit
report which was unqualified, did not include a reference to any
matter to which the auditors drew attention without qualifying the
report, and did not contain statements under Section 498 of the
Companies Act 2006.
Hansa Capital Partners LLP - Company Secretary
10 June 2014
This information is provided by RNS
The company news service from the London Stock Exchange
END
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