RNS Number : 7204E
London Town PLC
30 September 2008
30 September 2008
LONDON TOWN PLC
("London Town" or "the Company")
Interim Results for the six months ended 30 June 2008
The Board of London Town announces the results of the Company for the six months ended 30 June 2008 and confirms that its Interim
Results are available on its website, at www.londontownplc.co.uk.
Enquiries:
Nicholas Wells/Max Hartley
Cenkos Securities plc 0207 397 8900
Business Review
Principal activities
The principal activities of London Town plc ("the Company") and its subsidiaries ("the Group") comprise the operation of pubs either
under lease and tenancy agreements or through the direct management of pubs. The Group's agreements with tenants in the leased estate
comprise both tied and free of tie arrangements and generate income from rents, sales of beer and other drinks, and through profit share
arrangements for income from leisure machines. The direct management of pubs generates income directly from pub customers from beer and
other drink sales as well as food sales. The Group receives all revenues generated by the pubs and is responsible for costs. At 30 June 2008
the Group operated 266 pubs of which the leased estate comprised 205 mostly freehold pubs and the managed estate comprised 52leased and
tenanted pubs and 9 freehold pubs.
Overview of the six months ended 30 June 2008
The six months ended 30 June 2008 is the first period of trading since the Company acquired GRS Inns Limited ("GRS") on 28 December
2007. This acquisition brought in the business of direct pub management to complement the Group's existing leased estate business.
Additionally it enabled the Group to bring all operational and back office support services in house and this transition from the previously
outsourced arrangements was completed at the beginning of April 2008. The leased estate has benefited from this transition in terms of
improved wet income margins and from the reopening of previously closed houses. At 30 June 2008 some 15 pubs have been reopened of which 5
have reopened under the Group's own management. Additionally the Group has managed to avoid the closure of 4 other pubs by taking over
direct management of them. The Group has also disposed of 9leased estate properties surplus to requirements for a net consideration of �2.4
million broadly in line with book values at the end of December 2007. Since the end of June the number of closed properties in the leased estate has reduced by a further 3 units through disposal and 7 units
through reopenings. A disposal programme is also under way in respect of the managed estate and 8 pubs in this estate were disposed of in
the first half of 2008.
Change of accounting policy
Following the changes in the nature of the business during the course of 2007 and the increasingly direct operational focus of the
management team the Directors reclassified the pub assets of the leased estate as trading assets of the business rather than as investment
property and accordingly the accounting policy was changed last year to reflect that. Accordingly the pub assets treated as investment
property at 30 June 2007 have been reclassified and restated as land and buildings under property, plant and equipment. The resulting effect
of the reclassification on the loss shown in the prior six month period was an increase in the loss of �181,000.
Results for the six months ended 30 June 2008
The consolidated income statement for the six months ended 30 June 2008 is set out below. Revenues amounted to �13.3 million (2007 -
�5.6 million), the increase reflecting the acquisition of the managed estate of GRS. EBITDA amounted to �0.7 million (2007 - �1.9 million).
The loss for the period of �5.2 million (2007 - �1.9 million) reflects continuingly difficult trading conditions, the provision of a further
�2.5 million against the carrying value of properties held for sale as well as costs of transition from outsourced management to in-house
management of the leased estate. An increasing number of closed properties during the course of 2007 has also adversely affected results for
the first half of 2008 although good progress has been made since January in reopenings and disposals. The leased estate has contributed an
EBITDA of �2.1 million for the six months ended 30 June 2008 (2007 - �2.5 million). This reduction in EBITDA is a result of the reduced
number of units through closure, disposal or transfer to the managed estate. A reduction in barrelage per pub has also been a factor. The managed estate has broken even at EBITDA level for
the first half in difficult trading conditions. Unallocated overheads for the first half amounted to � 1.4 million (2007 - �0.6 million),
the increase against 2007 reflecting the operational and back office support staff costs which are now in house and which will provide a
platform to support further business growth.
Pub assets Leased Managed Held for sale Total
Pub numbers:
The movements in pub numbers
are as follows:
At 31 December 2007 188 60 35 283
Disposals - (8) (9) (17)
Transfers (17) 9 8 -
At 30 June 2008 171 61 34 266
Geographic location: Total
The regional distribution of
the pubs at 30 June 2008 was
as follows:
Leased Location Estate Managed Estate Percentage
Scotland 1 3 4 2%
North East 4 1 5 2%
North West 76 6 82 31%
York/Humber 17 5 22 8%
East Midlands 4 3 7 3%
West Midlands 27 8 35 13%
Wales 4 1 5 2%
East of England 20 24 44 16%
South East 14 8 22 8%
South West 38 1 39 15%
London - 1 1 0%
Total 205 61 266 100%
Financing
The Group's pub assets are financed by a combination of bank debt, deep discount bonds, short term loans and shareholders' equity.
Non-current bank debt at 30 June 2008 amounted to �85.6 million (2007 - �87.5 million). At 30 June 2008, 99% (2007 - 50%) of the
interest rate risk of this debt was hedged with derivative financial instruments.
The deep discount bonds amounted to � 16.2 million at 30 June 2008 (2007 - � 14.8 million). The discount rate is 10% per annum which is
accrued in the consolidated income statement and not paid until the bond is redeemed. The Group has the option to redeem these bonds with
discount accrued to date at any time and without penalty. The bonds are held by the three principal shareholders of the Group.
On 27 March 2008 the Company obtained a short term unsecured loan ("the Loan") of �2.5 million from Burac Invest & Trade Corp ("Burac")
for general working capital purposes. The Loan is repayable with interest at 10%, calculated at quarterly rests, no later than 20 March
2009. There is no penalty for early repayment. Burac is a substantial shareholder of the Company for the purposes of the AIM rules and,
under the AIM rules, the Loan is a related party transaction. Having consulted with Cenkos Securities PLC, the Company's nominated adviser,
the Directors of the Company consider that the terms of the Loans are fair and reasonable in so far as its shareholders are concerned.
On 27 September 2008 the Company obtained a short term unsecured loan of �1.4 million from Burac and a further �0.6 million from Robar
Limited ("Robar"), together ("the Loans"). The Loans are to be used for general working capital purposes. The Loans are repayable with
interest at 15%, calculated at quarterly rests, no later than 26 March 2009. There is no penalty for early repayment. Burac and Robar, being
substantial shareholders of the Company, are related parties for the purposes of the AIM rules and, under the AIM rules, the Loans are
related party transactions. Having consulted with Cenkos Securities PLC, the Company's nominated adviser, the Directors of the Company
consider that the terms of the Loans are fair and reasonable in so far as its shareholders are concerned.
The Directors are currently renegotiating the terms and covenants on the Group's bank loans to reflect the acquisition of GRS. Further
details relating to this are included in note 7.
Board and senior management
The following board changes have taken place:
On 13 June 2008 David Beech was appointed as a non-executive Director of the Company in place of Andrew Jurenko who resigned from the
board on the same date.
On 10 July 2008 John Sands resigned as non-executive Chairman and Director of the Company. Ian Robinson was appointed as executive
Chairman on the same date.
On 9 September 2008 Billy Buchanan was appointed to the board in the combined roles as Chief Executive Officer and Chief Financial
Officer. Richard Gundry, previously Chief Executive Officer, was appointed Development Director of the Company and will support the Group in
developing new business opportunities. On the same date, Ian Robinson, previously Executive Chairman and Finance Director, became
non-executive Chairman and additionally Nigel Le Quesne was appointed as a non-executive Director in place of David Beech who resigned from
the board on the same date.
Principal risks and uncertainties
Smoking ban
The Group's pubs operate principally in England where a smoking ban was introduced in July 2007. The Group continues to work with
lessees and tenants to ensure that they are able both to minimise any adverse trading impact resulting from the ban as well as take
advantage of new trading opportunities such as food sales that may arise from a smoke free environment.
Recruitment and retention of lessees and tenants
The recruitment and retention of managers, lessees and tenants continues to be a principal focus of the Group's management team since
this will be a key driver for the overall improvement in the quality and profitability of the pub assets. The market for good people remains
competitive and the Group will work closely with current and prospective managers, lessees and tenants to ensure that the Group offers the
right physical and business environment for both parties to prosper.
Interest rate risk
The Group borrows at a floating rate of interest at a margin above LIBOR and uses derivative financial instruments principally
comprising interest rate caps for 99% of its outstanding borrowing to limit the Group's exposure to increasing interest rates.
Current trading and outlook
Current trading remains in line with expectations in what is a challenging market place for the pub industry. The Group continues to
focus on its operational strengths and with a scaleable business platform will consider new business opportunities which can leverage off
this base, particularly in the area of direct pub management services. The Group is committed to a number of capital expenditure projects at
its pubs and intends to consider selective acquisitions at the appropriate time.
CONSOLIDATED INCOME STATEMENT For the
six months ended 30 June 2008
Notes Unaudited Unaudited Audited
30 June 30 June 31
2008 2007 December
Restated 2007
�'000 �'000 �'000
Revenue 2 13,360 5,621 11,424
Cost of sales (5,809) (2,228) (4,519)
Gross profit 7,551 3,393 6,905
Operating expenses (9,569) (1,632) (10,027)
Operating (loss)/profit (2,018) 1,761 (3,122)
Add back 307 184 388
Depreciation and amortisation
Profit on disposal of property, plant (75) - -
and equipment
Provision for loss on disposal of 2,458 - 5,849
properties held for sale
EBITDA1 672 1,945 3,115
Operating (loss)/profit (2,018) 1,761 (3,122)
Finance income 3 1,276 118 112
Finance expense 3 (4,417) (3,755) (8,631)
Loss before tax (5,159) (1,876) (11,641)
Tax expense - - -
Loss for the period attributable to (5,159) (1,876) (11,641)
equity holders of the parent company
Loss per share:
Basic 4 (17.55p) (8.98p) (48.96p)
Diluted 4 (17.55p) (8.98p) (48.96p)
1 Earnings before interest, tax, depreciation and amortisation and provision for loss on disposal of properties held for sale
("EBITDA")
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
For the six months ended 30 June 2008
Notes Unaudited Unaudited Audited
Six Six Year to
months to months to 31 December
30 June 30 June 2007
2008 2007
Restated
�'000 �'000 �'000
Loss for the period (5,159) (1,876) (11,641)
Total recognised income and expense attributable to equity holders of the parent company (5,159) (1,876) (11,641)
CONSOLIDATED BALANCE SHEET
At 30 June 2008
Notes Unaudited Unaudited Audited
30 June 30 June 31
2008 2007 December
Restated 2007
�'000 �'000 �'000
Assets 5 103,500 112,978 105,926
Non-current assets
Property, plant and equipment
Goodwill 3,228 - 2,932
Intangible assets 2,309 386 2,431
Derivative financial assets 1,536 264 300
110,573 113,628 111,589
Current assets 382 - 574
Inventories
Trade and other receivables 1,872 1,366 1,733
Cash and cash equivalents 1,074 3,280 2,942
3,328 4,646 5,249
Non-current assets classified as held 6 8,736 7,409 10,759
for sale
Total assets 122,637 125,683 127,597
Liabilities 5,046 2,190 5,350
Current liabilities
Trade and other payables
Corporation tax payable 14 - 41
Loans and borrowings 7 5,569 - 3,536
Provisions 62 - 87
10,691 2,190 9,014
Non-current liabilities - - 11
Derivative financial liabilities
Loans and borrowings 7 101,826 102,278 103,293
Deferred tax liabilities 373 - 373
102,199 102,278 103,677
Total liabilities 112,890 104,468 112,691
Net assets 9,747 21,215 14,906
Equity 1,469 1,319 1,469
Called up share capital
Share premium reserve 22,505 22,387 22,505
Merger reserve 2,282 - 2,282
Shares to be issued 875 - 875
Retained earnings (17,384) (2,491) (12,225)
Total equity attributable to equity 9,747 21,215 14,906
holders
of the parent company
CONSOLIDATED CASH FLOW
For the six months ended 30
June 2008
Notes Unaudited Unaudited Audited
Six Six Year to
months to months to 31 December
30 June 30 June 2007
2008 2007
Restated
�'000 �'000 �'000
Operating activities (5,159) (1,876) (11,641)
Loss for the year
Provision for loss on disposal of properties held 2,458 - 5,849
for sale
Profit on disposal of property, plant and (75) - -
equipment
Depreciation and amortisation 307 184 388
Finance income (1,276) (118) (112)
Finance expense 4,417 3,755 8,632
Share based payment charge - - 31
Cash inflow before changes in working capital 672 1,945 3,147
(Increase)/decrease in trade and other (253) 1,395 1,793
receivables
(Decrease)/increase in trade and other payables (621) (226) 45
Decrease in inventories 192 - -
Cash (outflow)/inflow from operating activities (10) 3,114 4,985
Investing activities - - (431)
Acquisition of subsidiary, net of cash acquired
Purchase of property, plant and equipment (607) (19,066) (19,885)
Purchase of intangible assets: operating leases (22) (108) (129)
Proceeds from sale of property, plant and 73 - -
equipment
Proceeds from sale of non current assets 2,368 - -
classified as held for sale
Cash inflow/(outflow) from investing activities 1,812 (19,174) (20,445)
Financing activities - 9,937 9,937
Issue of ordinary shares
Share issue expense paid - (130) (131)
Proceeds from bank borrowings - 11,583 11,779
Proceeds from short term loan 2,500 - 2,500
Repayment of bank borrowings (2,360) - -
Repayment of deep discount bonds - (1,831) (1,831)
Purchase of interest rate hedge - (47) (717)
Interest paid (3,387) (2,917) (6,380)
Interest received 30 63 110
Cash (outflow)/inflow from financing activities (3,217) 16,658 15,267
(Decrease)/increase in cash and cash (1,415) 598 (193)
equivalents
Cash and cash equivalents at beginning 2,489 2,682 2,682
of period
Cash and cash equivalents at end of period 1,074 3,280 2,489
Cash and cash equivalents comprise: 1,074 3,280 2,942
Cash at bank and in hand
Bank overdrafts - - (453)
Cash and cash equivalents at end of period 1,074 3,280 2,489
Notes to the Financial Statements
For the six months ended 30 June 2008
1 Accounting policies
Basis of preparation
These interim financial statements have been prepared using, on a consistent basis, the accounting policies set out in the Group's
Annual Report and Financial Statements for the year ended 31 December 2007, and which are expected to apply at 31 December 2008 which is
consistent with International Financial Reporting Standards endorsed for use in the European Union and which are expected to apply here. The
comparative figures for the period ended 30 June 2007 have been restated following the changes in the nature of the business during 2007.
Further details can be found in the Group's annual report for the year ended 31 December 2007.
In the year ending 31 December 2008, the Group will be adopting IFRS 7 "Financial instruments: disclosures". The impact of the new
standard will be to expand the disclosures provided in the financial statements for the year ending 31 December 2008 regarding the Group's
financial instruments.
These interim financial statements are unaudited. The figures for the year ended 31 December 2007 have been extracted from the Annual
Report and Financial Statements for the year ended 31 December 2007, which have been reported on by the Group's auditors and filed with the
Registrar of Companies. The report of the auditors was unqualified, did not include references to any matter to which the auditors drew
attention by way of emphasis without qualifying their report, and did not make any statement under sections 237 (2) or (3) of the Companies
Act 1985.
The financial information in this document does not constitute statutory accounts within the meaning of section 240 of the Companies Act
1985 and has neither been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board.
2 Segment information
The Group operates in two business segments: a leased estate and a managed estate. There is only one geographic segment as all
activities are conducted in the United Kingdom.
30 June 2008 (Unaudited)
Leased Managed Unallocated Total
�'000 �'000 �'000 �'000
Revenue:
Rent 1,696 - - 1,696
Sale of beer and other drinks1 3,412 7,234 - 10,646
Income from leisure machines 169 250 - 419
Food income - 431 - 431
Accommodation income - 168 - 168
Total revenue 5,277 8,083 - 13,360
Cost of sales (2,157) (3,652) - (5,809)
Gross profit 3,120 4,431 - 7,551
Operating expenses (3,418) (4,716) (1,435) (9,569)
Segment result (298) (285) (1,435) (2,018)
Add back:
Depreciation and amortisation 36 271 - 307
(Profit)/loss on disposal of
property,
plant and equipment (84) 9 - (75)
Provision for loss on disposal of
properties held for resale 2,458 - - 2,458
EBITDA2 2,112 (5) (1,435) 672
Segment result (298) (285) (1,435) (2,018)
Finance income - - 1,276 1,276
Finance expense - - (4,417) (4,417)
Loss before taxation (298) (285) (4,576) (5,159)
Taxation - - - -
Loss for year (298) (285) (4,576) (5,159)
Assets and liabilities
Total assets 111,905 4,351 6,591 122,847
Total liabilities (1,841) (2,387) (108,872) (113,100)
Net assets 110,064 1,964 (102,281) 9,747
Other information
Capital expenditure 277 194 136 607
1 Sales of beer and other drinks represent sales to lessees and tenants in the leased estate and sales directly to pub customers in the
managed estate.
2 Earnings before interest, tax, depreciation and amortisation and provision for loss on disposal of properties held for sale
("EBITDA")
2 Segment information (continued)
30 June 2007 Restated (Unaudited)
Leased Managed Unallocated Total
�'000 �'000 �'000 �'000
Revenue:
Rent 1,846 - - 1,846
Sale of beer and other drinks1 3,577 - - 3,577
Income from leisure machines 198 - - 198
Food income - - - -
Accommodation income - - - -
Total revenue 5,621 - - 5,621
Cost of sales (2,228) - - (2,228)
Gross profit 3,393 - - 3,393
Operating expenses (1,036) - (596) (1,632)
Segment result 2,357 - (596) 1,761
Add back::
Depreciation and amortisation 184 - - 184
(Profit)/loss on disposal of
property,
plant and equipment - - - -
Provision for loss on disposal of
properties held for resale - - - -
EBITDA2 2,541 - (596) 1,945
Segment result 2,357 - (596) 1,761
Finance income - - 118 118
Finance expense - - (3,755) (3,755)
Loss before taxation 2,357 - (4,233) (1,876)
Taxation - - - -
Loss for year 2,357 - (4,233) (1,876)
Assets and liabilities
Total assets 121,839 - 3,630 125,469
Total liabilities (1,638) - (102,616) (104,254)
Net assets 120,201 - (98,986) 21,215
Other information
Capital expenditure 19,005 - - 19,005
1 Sales of beer and other drinks represent sales to lessees and tenants in the leased estate and sales directly to pub customers in the
managed estate.
2 Earnings before interest, tax, depreciation and amortisation and provision for loss on disposal of properties held for sale
("EBITDA")
2 Segment information (continued)
31 December 2007 Restated (Audited)
Leased Managed Unallocated Total
�'000 �'000 �'000 �'000
Revenue:
Rent 3,789 - - 3,789
Sale of beer and other drinks1 7,248 - - 7,248
Income from leisure machines 387 - - 387
Food income - - - -
Accommodation income - - - -
Total revenue 11,424 - - 11,424
Cost of sales (4,519) - - (4,519)
Gross profit 6,905 - - 6,905
Operating expenses (8,425) - (1,602) (10,027)
Segment result (1,520) - (1,602) (3,122)
Add back::
Depreciation and amortisation 362 - 26 388
(Profit)/loss on disposal of
property,
plant and equipment - - - -
Provision for loss on disposal of
properties held for resale 5,849 - - 5,849
EBITDA2 4,691 - (1,576) 3,115
Segment result (1,520) - (1,602) (3,122)
Finance income - - 112 112
Finance expense - - (8,631) (8,631)
Loss before taxation (1,520) - (10,121) (11,641)
Taxation - - - -
Loss for year (1,520) - (10,121) (11,641)
Assets and liabilities
Total assets 116,194 5,540 6,073 127,807
Total liabilities (2,168) (3,396) (107,337) (112,901)
Net assets 114,026 2,144 (101,264) (14,906)
Other information
Capital expenditure 19,918 - - 19,918
Share based payment charge 31 - - 31
1 Sales of beer and other drinks represent sales to lessees and tenants in the leased estate and sales directly to pub customers in the
managed estate.
2 Earnings before interest, tax, depreciation and amortisation and provision for loss on disposal of properties held for sale
("EBITDA")
3 Net finance income/(cost)
Unaudited Unaudited Audited
30 June 30 June 31
2008 2007 Decembe
Restated r
2007
�'000 �'000 �'000
Finance income 24 63 110
Interest receivable on bank deposits
Other interest receivable 6 - 2
30 63 112
Profit on derivatives used to manage fair 1,246 55 -
value interest
rate risk
1,276 118 112
Finance expense 3,343 2,917 6,380
Interest payable on bank loans
Amortisation of debt issue costs 107 95 203
Interest payable on short term loans 190 - 4
Discount on deep discount bonds 772 743 1,455
Hire purchase interest 5 - -
4,417 3,755 8,042
Loss on derivatives used to manage fair value - - 589
interest
rate risk
4,417 3,755 8,631
4 Loss per share
The basic loss per share is calculated in accordance with International Accounting Standard 33 on the loss for the period of �5,159,000
(December 2007 - �11,641,000; June 2007 - �1,876,000) and 29,383,368 (December 2007 - 23,772,415; June 2007 - 20,901,318) being the weighted
average number of shares in issue. Share options in place during the period are deemed to be anti-dilutive as the Group has reported a loss
for the year. Shareholders' funds per share are 33.1 pence (December 2007 - 50.7 pence; June 2007 - 81.1 pence). The calculation is based on
the shareholders' funds at the period end of �9,747,000 (December 2007 - �14,906,000; June 2007 - �21,413,000) divided by the number of
shares in issue at the period end amounting to 29,383,368 shares (December 2007 - 29,383,368; June 2007 - 26,383,368).
5 Property, plant and equipment
Unaudited Unaudited Audited
30 June 30 June 31
2008 2007 Decembe
Restated r
2007
�'000 �'000 �'000
Land and buildings 102,005 112,966 104,326
Public house fixtures and fittings 1,308 - 1,465
Motor vehicles 91 - 15
Office equipment 96 12 120
103,500 112,978 105,926
6 Non-current assets classified as held for
sale
Unaudited Unaudited Audited
30 June 30 June 31
2008 2007 Decembe
Restated r
2007
�'000 �'000 �'000
Non current assets classified as held for sale 16,077 7,409 16,608
Provision for loss on properties held for sale (7,341) - (5,849)
8,736 7,409 10,759
The movement in non-current assets held for sale in the 6 months ended 30 June 2008 represents net transfers from land and buildings of
�2,718,000 less disposals in the period of �2,283,000 and a further provision of �2,458,000.
7 Loans and borrowings - current
Unaudited Unaudited Audited
30 June 30 June 31
2008 2007 Decembe
Restated r
2007
�'000 �'000 �'000
Bank loan (secured) 569 - 583
Bank overdraft (secured) - - 453
Unsecured loans 5,000 - 2,500
5,569 - 3,536
The bank loan of �569,000 is owed by GRS Inns Limited ("GRS") and is secured by way of a fixed charge over certain operating leases of
GRS and a floating charge over the assets and liabilities of GRS. The loan is repayable with interest at 1.95% above the bank's base rate.
The unsecured loans represent �2,500,000 from Anne Street Partners Limited and �2,500,000 from Burac Trade and Invest Corp. Both loans
are repayable with interest at 10%, calculated at quarterly rests, at the end of 360 days. There is no penalty for early repayment.
Loans and borrowings - non-current
Unaudited Unaudited Audited
30 June 30 June 31
2008 2007 Decembe
Restated r
2007
�'000 �'000 �'000
Secured bank loans 85,574 87,509 87,812
Deep discount bonds 16,252 14,769 15,481
101,826 102,278 103,293
The bank loans are secured by a fixed charge over the Group's freehold property and bear interest at floating rates of three month LIBOR
plus 1.65%. The bank loans are for a 5 year term ending on 26 September 2011.
The secured bank loans include the balance of unamortised debt issue costs of �698,000 (December 2007 - �805,000; June 2007 -
�911,000).
Following the acquisition of GRS the Directors are in the process of renegotiating the terms and covenants on the secured bank loans.
The new agreement is not expected to result in a change in the bank loan amount and is expected to enable the Group to meet its loan
covenant requirements at future dates and accordingly the Directors are confident that the Group will continue to have sufficient loan
facilities. Waivers for bank covenant tests were in place at 30 June 2008 in relation to secured bank loans totalling �85,574,000 at that
date. Therefore these loans have been presented in the balance sheet as falling due for payment under their original terms rather than on
demand.
7 Loans and borrowings - non-current (continued)
The deep discount bonds are secured by a fixed and floating charge over the assets and liabilities of the Company, subject to the
priority of the secured bank loans. The deep discount bonds are redeemable at the option of the Company at any time subject to the priority
and consent of the bank. The deep discount bonds accrue discount at 10% per annum on a compound basis. Details of the bonds issued are
summarised below:
Issue date Redemption date Subscription price Redemption price
�'000 �'000
20 December 2006 20 December 2011 14,030 22,597
8 Dividends
The directors do not propose to pay an interim dividend.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LMMITMMMJBPP
London Town (LSE:LTW)
Historical Stock Chart
From Apr 2024 to May 2024
London Town (LSE:LTW)
Historical Stock Chart
From May 2023 to May 2024
