RNS Number:4264R
Superscape Group PLC
29 October 2003
Not for release, publication, or distribution in or into the United States of
America, South Africa, Canada, Australia or Japan
Firm Placing of 27,118,644 New Ordinary Shares and Placing and Open Offer of
6,892,058 New Ordinary Shares at 29.5 p per New Ordinary Share by Evolution
Beeson Gregory
Introduction
The Board of Superscape announces that it proposes to raise #10.0 million before
expenses (approximately #9.3 million net of expenses) by way of an issue of an
aggregate of 34,010,702 new Ordinary Shares at 29.5p per share. The Issue
comprises 27,118,644 Firm Placing Shares, which have been placed firm and
6,892,058 Open Offer Shares which have been placed with new and existing
institutional investors subject to a right of recall to satisfy valid
applications from Qualifying Shareholders under the Open Offer. Of this gross
amount, therefore, approximately #8.0 million is proposed to be raised by way of
the Firm Placing and approximately #2.0 million by way of the Placing and Open
Offer. Qualifying Shareholders are being given the opportunity to participate in
this fundraising by way of the Open Offer which is being made by Evolution
Beeson Gregory on the Company's behalf. Under the Open Offer, 6,892,058 New
Ordinary Shares are being offered to Qualifying Shareholders on the basis of:
1 Open Offer Share for every 13 Existing Ordinary Shares held at the Record Date
and so in proportion to any number of Existing Ordinary Shares then held.
The Issue Price represents a discount of 9.2 per cent. to the closing mid-market
price of 32.5p per Existing Ordinary Share on 28 October 2003, being the last
dealing day prior to the date of this announcement.
The Firm Placing, save for the ARM Shares, and the Placing and Open Offer have
been underwritten by Evolution Beeson Gregory.
The principal purpose of the Issue is to provide additional working capital
thereby enabling the Company, inter alia, to continue developing its Swerve
content portfolio, its relationships with handset manufacturers and network
operators and maintain its position and reputation in the market for 3D
software.
The Company is also announcing its unaudited interim results for the six months
ended 31 July 2003 today.
The Issue is conditional upon, inter alia, the approval of Shareholders which is
to be sought at an extraordinary general meeting and Admission. Consequently,
the Firm Placing and the Placing and Open Offer are inter-conditional.
Current operations of the Group
The products
The Company's interactive 3D technology is the result of 17 years of research
and development and substantial financial investment. There are now three
principal revenue streams resulting from this technology:
* Swerve Client - a JSR 184 compliant software solution for
bringing console quality 3D Java applications to wireless devices.
* Swerve Studio (previously known as Swerve Author) - a
powerful and easy to use JSR 184 compliant development environment for the
creation of high quality interactive 3D graphics applications.
* Swerve Content - an expanding portfolio of Java and BREW
games, designed to internationally recognised standards and developed in
collaboration with leading content and entertainment IP houses.
Each of these three components provides a revenue stream for Superscape, whether
in the form of fees, royalty payments or licensing agreements.
Swerve Client
Swerve Client has been developed in close collaboration with ARM and optimised
for ARM's microprocessor architecture which is utilised by more than 85 per
cent. of all mobile devices. The Directors believe that the Superscape Swerve
Client is the world's first JSR 184 compliant solution for delivering
console-quality 3D applications on mobile phones.
Validation of this product is demonstrated by a number of licensing agreements
which Superscape and ARM have won from major industry players. In August 2002,
Superscape extended its collaboration with ARM to include both technical and
commercial cooperation and the revenue stream associated with related sales.
In May 2003, Superscape announced that SavaJe Technologies, developers of a
universal open Java applications platform and operating system ("OS") for
wireless devices, had licensed Swerve Client to embed into its technology
platform. The SavaJe Java platform, developed for the next generation of smart
phones, provides a wireless environment utilising the full capabilities and
functionality of Java technology.
In July 2003, Superscape announced that Siemens Information and Communications
Mobile Group ("Siemens Mobile") had selected Swerve Client. Under the terms of a
licensing agreement, the JSR 184 compliant Swerve Client will be integrated into
future Siemens' mobile phones for the delivery of 3D applications.
In October 2003, Superscape announced that Samsung, the world's third largest
mobile handset manufacturer, is licensing Swerve Client for a new series of
Linux-based Samsung SmartPhones.
Also in October 2003, Superscape also announced that Motorola is licensing
Swerve i3D Graphics Client to embed onto selected mobile devices.
Swerve Studio and Swerve Content
Whilst sales of Swerve Client to global mobile handset manufacturers are
essential in providing the foundation for delivery of interactive 3D
applications on mobile phones, the Board believes that the long-term growth of
the Company is linked to the significant revenues that it expects to be
generated by the development and sale of Swerve-created content (using the
Company's Swerve Studio product), particularly that which is based on well-known
and widely recognised brands.
The Company is currently developing several games including MotoGP, Astrosmash
and Speedboat Race in order to create a library of content which can be sold to
mobile handset manufacturers and network operators.
To this end, considerable effort has been made during the last year to identify
and reach agreement with holders of IP to develop, under revenue-sharing
schemes, relevant content. In addition, follow-on agreements for the development
of 3D content have been signed with a number of mobile handset manufacturers
with whom Swerve Client licensing contracts have already been finalised.
In August 2003, Superscape announced a co-publishing agreement with Sony
Pictures Mobile ("Sony"), to develop a new 3D game for mobile phones based on
the motion picture, S.W.A.T., starring Samuel L Jackson and Colin Farrell, which
is expected to go on general release in the UK and Europe in November 2003.
Under the terms of the agreement, Superscape and Sony Pictures will work
together to license and distribute the game to mobile phone manufacturers and
network operators. The game, which will be launched in late 2003, will be
available for download over the air ("OTA") as well as embedded in mobile
phones. Utilising the Company's Swerve i3D technology, Superscape is developing
two versions of the game, one written in BREW and the other in Java, to ensure
that the game can be played across a wide range of different mobile phone
platforms.
In September 2003, Superscape announced a revenue sharing agreement with Disney
Corporation ("Disney") initially to develop two 3D wireless games based on IP
from Disney. Both games will be developed by Superscape for BREW, Java and
Symbian platforms. Disney will work with global carriers to obtain distribution
for the two games.
Continuing research and development
The R&D division has 30 employees and, since 1986, has been responsible for
developing the core i3D software and techniques that have most recently led to
the introduction of the Swerve technology. All of this research and development
has been funded from the cash resources of the Group. In the six month period to
31 July 2003, approximately #1.6 million has been invested in the continuing
development of the Group's current product set. Further research and development
will be undertaken on the projects outlined below.
Swerve Client will be further enhanced to support Open GLES, the low level
graphics API recently defined by the Khronos group, of which Superscape is an
active member. This will provide a consistent, standard API to the various 3D
graphics hardware acceleration solutions that are planned in mobile handsets in
the next two years.
Further work on providing features which extend the JSR184 API and support
richer content and improved OTA delivery of such content will also be
undertaken. This latter area is of particular relevance in an environment where
mobile handset capability to support rich content, through more powerful CPUs
and 3D hardware acceleration, grows faster than networks capability to support
OTA delivery of such content.
The Directors continue to believe that 3D content authoring tools offer an
opportunity to differentiate the Group's technology offering, particularly in a
standards-based environment. Developments are also planned for Swerve Studio.
Further techniques to minimise the size of 3D content, for faster OTA delivery,
will be developed to maintain and enhance the Company's leadership position in
this area.
Future revenue generation
The Directors believe that revenue will continue to accrue from each of the
major sources outlined above.
Swerve Client
The Directors believe that the adoption of JSR184 by leading mobile handset
manufacturers and operators signals that this standard is likely to become a
pre-requisite of mobile gaming in the coming years. The Directors believe that
JSR184 will be widely adopted by those who seek to offer OTA games to end users.
As Superscape has one of three known implementations of this standard, the
Directors believe that this market dynamic should provide Superscape with the
opportunity of a future revenue stream.
Swerve Studio
Swerve Studio offers significant benefits to developers and publishers of JSR184
and BREW games that use Swerve Client or other JSR184 engines. The creation of
high quality 3D mobile games is typically more time consuming and costly than
the creation of 2D Java games. Swerve Studio has been designed to provide
developers with features that will allow them to build high quality 3D mobile
games in the shortest possible time.
As the number of JSR184 enabled handsets in the market increases, the Directors
expect that developers and publishers will look to create JSR184 compliant games
in increasing number. The Directors believe that the benefits offered by Swerve
Studio will allow Superscape to capture a significant proportion of the market
for mobile 3D design tools going forward. It is anticipated that the provision
of Swerve Studio under licence will be on a royalty basis which will be a major
part of future revenue streams.
Swerve Content
The Company has significant experience as a provider of high quality 3D gaming
content. As described above, the Company has been successful to date in the
licencing of attractive IP from Disney and Sony.
As major global mobile network operators and handset manufacturers look to make
the transition from 2D to 3D mobile gaming, they will require strong partners to
provide them with libraries of high quality content. The Directors believe that
Superscape is very well positioned to sustain and build on its existing position
to meet this need. Furthermore, due to the small file size associated with
Swerve developed content Superscape is well positioned to provide the customers
of those manufacturers, the operators, with high quality content to offer end
users for OTA download to those devices.
Based on the successful execution of the initial content agreements, the Company
intends to continue to build its relationships for the purposes of creating and
delivering 3D mobile games. The Company will continue to pursue revenue sharing
co-publishing deals of this nature going forward and anticipates that this
element will constitute a major part of its future revenue.
Competition
Notable competitors providing 3D technology for mobile phones include Hi
Corporation (largely in Japan and Taiwan), IN-FUSIO and Fathammer Limited. The
Company does encounter competition from time to time in certain accounts.
However the Directors believe that Swerve Client is the first commercially
available JSR 184 compliant solution and the only solution which is currently
optimised ARM's microprocessor architecture. Furthermore, the Swerve technology
carries a significant competitive advantage by enabling quick and efficient over
the air download of content through small file size applications.
In relation to the authoring tools market, whilst these competitors all offer
authoring tools products, the Directors believe that the Superscape Swerve
Studio toolset is the only advanced 3D design tool for JSR 184 compliant
applications currently available.
Background to and reasons for the Issue
In November 2002, the Company raised #6.5 million (net of expenses) to enable
the Group to maintain its leading position and reputation in the market for
interactive 3D software and to further enable it to maintain the momentum in
demand levels for its products and services. These funds have been used to
continue to invest in research and development and marketing and to provide
support to users of the technology. In November 2002, the Group also required
significant initial investment to enter trials and conclude contracts with
various handset manufacturers and network operators throughout the world. The
Directors believe that the recent contracts secured with major handset
manufacturers, which are set out above, together with the recently signed
content agreements demonstrate the significant progress that has been made
through the use of the funds raised in November 2002.
Both before and after the fundraising in November 2002, the Company had embarked
upon a major initiative to reduce costs in the business. Cost savings were
derived from a reduction in discretionary expenses and a full review and
reduction in central overhead costs. In March 2003, the Company announced a
futher redundancy programme, which together with other cost saving initiatives,
has reduced expenses from an annualised #9.6 million to #7.7 million.
The funds raised by the placing in November 2002 have been used as set out
above. The Directors consider it appropriate to raise further funds at this
time, only 12 months after the last fund raising, as they believe that there are
significant opportunities for the Company to grow its business by accelerating
its investment in Swerve Content. This should enable the Company more
effectively to develop its relationships with handset manufacturers and network
operators. The Directors believe that continuing to develop content that can be
delivered to these entities and ultimately the consumer, is critical to the
success of the business. The Directors also believe that it is necessary to
maintain the level of investment in the Company's current technology in order to
continue to exploit its market leading position in i3D graphics in the wireless
market. Consequently, the Company is proposing to raise #10.0 million (before
expenses) pursuant to the Issue to continue these activities.
Use of proceeds
The Board believes that securing additional funding is critical to allow the
Company to exploit its market leading position in i3D graphics in the wireless
market. The proceeds of the Issue will be used by the Group to continue to
support the future growth of the business through continued investment in
research and development to maintain its technological leadership position. The
Directors believe that this continued investment in research and development
will cost in the region of #3 million per annum over the next two years. This
research and development will principally relate to work required after JSR184
ratification, including further enhancements to Swerve Client and Swerve Studio.
The Directors believe that the principal opportunity for the Company at this
time relates to content development. The Company will develop small amounts of
content in-house. However, since the placing in November 2002 the Company has
disposed of its principal in-house content development capability, RTZ SL ("RTZ
") to RTZ's management. This represents a change in strategic direction for the
overall business, and affords the Company the flexibility of having continued
access to RTZ's experience and resources for content development, without the
associated costs as well as the potential to utilise other developers. It is
envisaged that the proceeds of the Issue will be used principally to acquire IP
rights from which the Swerve Content portfolio can be further developed, and
create a more extensive library of content. This development will mainly be
carried out by third party content developers with whom the Company intends to
enter into contracts. The Company has a number of existing commercial
relationships in place with third party content developers including Cybiko Inc.
and RTZ. This investment is expected to amount to approximately #3 million over
the next two years.
The Company also requires funds for the continued marketing of the Swerve
technology and the development of new and existing customer relationships. This
will relate to continued investment in the global sales and business development
function and attendance at industry specific trade shows.
Current trading and prospects of the Group
The Company today announced its unaudited interim results for the six months
ended 31 July 2003.
These results show a substantial reduction in turnover on the same period last
year as a result of the focus on the wireless sector. However, as set out above,
the costs of the Group were significantly reduced during the year ended 31
January 2003 and in the first half of this financial year. Consequently since
the end of July 2003, whilst the Company has continued to have a net cash
outflow it is at a slightly reduced level to that of the first half of the
financial year. Accordingly the unaudited management accounts at 30 September
2003 show that the net assets of the Group have reduced by #1,026,000 since 31
July 2003.
The Board is confident that revenues in the second half of the financial year,
and in particular the last quarter, will be materially higher than the first six
months as a result of the contracts that have been signed with the handset
manufacturers and the revenue sharing agreements with IP houses set out above.
In addition the Board is confident that in this period the Company will sign a
number of new contracts that are currently being negotiated. The Board is
encouraged by the contracts that have recently been signed with Siemens,
Motorola and Samsung and view the prospects for the Group for the current
financial year and the future with confidence.
The ratification of JSR 184 which is due to be completed in the near future,
will provide further impetus to the take up of the Company's technology. We
believe that Superscape's set of products will be the first fully JSR 184
compliant solution to be available in the marketplace. The Directors believe
that Superscape's involvement with and committment to the development and
introduction of international standards has undoubtedly contributed towards its
success in winning contracts from global wireless players, in some instances in
the face of strong competition.
The market for games on mobile phones is growing quickly. In the opinion of the
Directors the mobile devices industry is now firmly of the opinion that
interactive 3D software on mobile phones will provide an additional source of
revenue and significantly enhance the gameplay experience for its customers. The
Board believes that Superscape is ideally positioned to take advantage of this
opportunity.
Principal terms of the Issue
The Issue
Under the Issue, the Company intends to raise #10.0 million, comprising
approximately #8.0 million by way of the Firm Placing and approximately #2.0
million under the Placing and Open Offer (in each case before expenses).
Qualifying Shareholders are being given the opportunity to participate in the
fundraising by way of the Open Offer, which is being made by Evolution Beeson
Gregory as agent for and on behalf of the Company.
Under the Issue, 20 per cent. of the New Ordinary Shares are being offered to
Qualifying Shareholders pursuant to the Open Offer and 80 per cent. are being
placed firm (subject, inter alia, to the conditions set out under the paragraph
entitled "General" below) with certain of the Directors, the Proposed Director
and new and existing investors to provide such investors with certainty as to
the minimum number of New Ordinary Shares they will receive. The Directors
believe that the provision of certainty as to the minimum level of New Ordinary
Shares that institutional investors will receive has been an important factor in
attracting these investors to support the Issue. The Directors also consider
that all Shareholders should have the opportunity to participate in the Issue
partially to mitigate and reduce the dilutive effect on Shareholders as a result
of the Firm Placing and consequently the Issue also includes the Open Offer. The
Issue, except for the ARM Shares, has been underwritten by Evolution Beeson
Gregory to provide certainty as to the level of funds to be received by the
Company.
The Firm Placing
The Firm Placing will raise approximately #8.0 million (before expenses) which
represents approximately 80 per cent. of the funds being raised for the Company
pursuant to the Issue. The Firm Placing, except for the ARM Shares, has been
underwritten by Evolution Beeson Gregory.
Messrs Inglis and Marsh, two of the Directors, and Mr. Quinn, the Proposed
Director who do not hold any Ordinary Shares as at the date of this document,
will be participating in the Firm Placing.
The Placing and Open Offer
Superscape intends to raise approximately #2.0 million (before expenses) from
the issue of the Open Offer Shares which represents approximately 20 per cent.
of the funds the Company intends to raise pursuant to the Issue. Evolution
Beeson Gregory has conditionally placed the Open Offer Shares subject to a right
of recall in order to satisfy valid applications for Open Offer Shares received
from Qualifying Shareholders. The Placing and Open Offer has been fully
underwritten by Evolution Beeson Gregory.
Evolution Beeson Gregory, on behalf of the Company, is inviting Qualifying
Shareholders to apply for Open Offer Shares under the Open Offer at the Issue
Price payable in full on application, on the basis of:
1 Open Offer Share for every 13 Existing Ordinary Shares
held by such Qualifying Shareholders and registered in their names on the Record
Date and so in proportion for any other number of Existing Ordinary Shares then
held. Individual entitlements will be rounded down to the nearest whole number
of Open Offer Shares. Fractional entitlements to Open Offer Shares will not be
allocated but will be aggregated and form part of the Placing.
General
The Issue Price represents a discount of 9.2 per cent. to the middle market
price of 32.5p per Existing Ordinary Share on 28 October 2003, the last business
day prior to this announcement.
The Issue is conditional upon the Placing Agreement having become unconditional
in all respects (otherwise than in respect to Admission) and not having been
terminated in accordance with its terms. The Placing Agreement is conditional,
inter alia, upon the satisfaction of the following conditions:
(i) the passing of certain resolutions at an extraordinary
general meeting; and
(ii) Admission becoming effective by not later than 8.30 a.m. on
25 November 2003 (or such later time and/or date as the Company and Evolution
Beeson Gregory may agree being not later than 3.00 p.m. on 31 December 2003.)
Applications will be made to the UK Listing Authority for the New Ordinary
Shares to be admitted to the Official List and to the London Stock Exchange for
the New Ordinary Shares to be admitted to trading on its market for listed
securities respectively.
It is expected that Admission will become effective and that dealings in the New
Ordinary Shares will commence on 25 November 2003.
Directors' and the Prosposed Director's participation in the Issue
Messrs. Marsh, Inglis and Quinn (the Proposed Director) have irrevocably
undertaken to subscribe for 67,800, 10,170 and 33,900 Firm Placing Shares
respectively at the Issue Price amounting to an aggregate investment of
approximately #33,000. This represents a total of 0.09 per cent. of the enlarged
issued share capital of the Company following Admission. Mr. Lee has irrevocably
undertaken to take up his basic entitlement in full under the Open Offer. None
of the other Directors will participate in the Issue, either through subscribing
for Firm Placing Shares or by taking up their basic entitlement under the Open
Offer.
ARM's intentions
ARM has irrevocably undertaken to subscribe for 3,243,390 Firm Placing Shares
and 824,175 Open Offer Shares, which represents its basic entitlement under the
Open Offer. This represents 11.96 per cent. of the New Ordinary Shares amounting
to an aggregate investment of approximately #1.2 million. ARM's participation is
subject to the same conditions as the Issue.
Expected Timetable of Principal Events
Record Date for the Open Offer 24 October 2003
Latest time and date for splitting Application Forms 3.00 p.m. on 18 November 2003
(to satisfy bona fide market claims only)
Latest time and date for receipt of Forms of Proxy 11.00 a.m. on 22 November 2003
Latest time and date for receipt of completed Application Forms and payment 3.00 p.m. on 20 November 2003
in full in respect of the Open Offer
Extraordinary General Meeting 11.00 a.m. on 24 November 2003
Expected date of Admission and expected date of commencement of dealings in 8.00 a.m. on 25 November 2003
the New Ordinary Shares
Delivery in CREST of New Ordinary Shares to be held in uncertificated form 8.00 a.m. on 25 November 2003
Despatch of definitive share certificates in respect of New Ordinary Shares by 5 December 2003
to be held in certificated form
The prospectus which contains further information on the Issue and incorporating
a notice of the Extraordinary General Meeting is expected to be posted to
shareholders tomorrow.
DEFINITIONS
The following definitions apply throughout this announcement, unless the context
requires otherwise:
"Admission" the admission of the New Ordinary Shares to the Official List and to trading on the
London Stock Exchange's market for listed securities becoming effective in
accordance
with, respectively, the Listing Rules and the Admission Standards
"ARM" ARM Limited
"ARM Shares" the 3,243,390 Firm Placing Shares to be placed with ARM pursuant to and in
accordance
with the irrevocable undertaking given by ARM
"Board" or "Directors" the directors of Superscape Group plc
"Evolution Beeson Gregory" Evolution Beeson Gregory Limited
"Existing Ordinary Shares" the Ordinary Shares in issue as at the date of this announcement
"Firm Placing" the conditional firm placing by Evolution Beeson Gregory, as agent, on behalf of the
Company of the Firm Placing Shares at the Issue Price pursuant to the Placing
Agreement
"Firm Placing Shares" the 27,118,644 New Ordinary Shares which are the subject of the Firm Placing
"Group" Superscape and its subsidiaries
"Issue" the Firm Placing, and the Placing and Open Offer
"Issue Price" 29.5 pence per New Ordinary Share
"Listing Rules" the listing rules of the UKLA
"London Stock Exchange" London Stock Exchange plc
"New Ordinary Shares" the 34,010,702 new Ordinary Shares to be issued pursuant to the Issue
"Open Offer" the conditional offer to be made by Evolution Beeson Gregory, on behalf of the
Company,
to Qualifying Shareholders to apply for the Open Offer Shares at the Issue Price
"Open Offer Shares" the 6,892,058 New Ordinary Shares which are the subject of the Open Offer
"Ordinary Shares" or "Superscape ordinary shares of 10p each in the capital of the Company
Shares"
"Placing" the conditional placing (subject to a right of recall to satisfy valid applications
from Qualifying Shareholders under the Open Offer) by Evolution Beeson Gregory, on
behalf of the Company, of the Open Offer Shares pursuant to the Placing Agreement
"Placing Agreement" the conditional agreement dated 29 October 2003 between the Company and Evolution
Beeson Gregory relating to the Issue
"Proposed Director" Laurence Anthony Quinn
"Record Date" the close of business on 24 October 2003
"Shareholders" holders of Ordinary Shares
"Superscape" or the "Company" Superscape Group plc, a public limited company incorporated and registered in
England
and Wales under the Act with registered number 2869780
"United Kingdom" or "UK" the United Kingdom of Great Britain and Northern Ireland
"United States" or "US" the United States of America, its territories and possessions and any state of the
United States and the District of Columbia
Glossary of Terms
"3D" three dimensional
"API" Application Programme Interface
"application" the use for which software has been developed in order to address the end-user's specific
requirements
"authoring" the process of creating 3D objects and/or 3D applications
"BREW" Binary Runtime Environment for Wireless, an interactive technology platform for the CDMA market
"CPU" Central Processing Unit
"i3D" Interactive 3-dimensional software
"IP" intellectual property
"Java" programming language and libraries for developing applications that can run on a number of devices
"JSR184' Java Specification Request 184 - Mobile 3D API Java Standard
"Mbps" megabits per second, a measure of transmission speed
"operating system" the underlying software system for the device on which applications are developed
"OTA" over the air
"R&D" research and development
"Swerve technology" the Swerve i3D applications platform comprising three components:
Swerve Client, Swerve Studio and Swerve Content
The Issue is not being made, directly or indirectly, in or into, or by use of
the mails, or by any means or instrumentality (including, without limitation,
electronic mail, facsimile transmission, telex or telephone) of interstate or
foreign commerce of, or and facilities of a national securities exchange of the
United States of America, South Africa, Canada, Australia or Japan and the Issue
cannot be accepted by any such use, means, instrumentality or facility or from
within the United States of America, South Africa, Canada, Australia or Japan.
It is the responsibility of all persons resident outside the United Kingdom who
wish to apply for Open Offer shares to satisfy themselves as to the full
observance of the laws of the relevant territory in connection therewith,
including any requisite governmental or other consents, observing any other
requisite formalities and paying any issue, transfer or other taxes due in such
other territory.
Evolution Beeson Gregory Limited , which is authorised by the FSA, is acting
exclusively for Superscape Group plc and no-one else in relation to the matters
described in this announcement and will not be responsible to any other person
for providing the protections afforded to customers of Evolution Beeson Gregory
or for advising any such person on the contents of this announcement or any
matter referred to herein.
This announcement does not constitute an offer or an invitation to purchase or
subscribe for any securities.
This information is provided by RNS
The company news service from the London Stock Exchange
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