RNS Number:3839T
HSBC Structured Products Series PLC
29 April 2008
HSBC Structured Products Series plc
Interim Report for the period 10 March 2007 to 9 September 2007
HSBC Structured Products Series plc
Responsibility Statement
for the period from 10 March 2007 to 9 September 2007
As required under the Transparency Directive, to the best of our knowledge:
The financial statements have been prepared in accordance with International
Financial Reporting Standards ("IFRS"), comply with IAS 34 ("Interim Financial
Reporting") and give a true and fair view of the assets, liabilities, financial
position and profit/loss of the Company.
The Interim Management Report includes a fair review of:
• Important events that have occurred during the first six months of
the year;
• The impact of those events on the financial statements; and
• A description of the principal risks and uncertainties for the
remaining six months of the financial year; and
• Details of any material related party transaction.
Board of Directors
Interim Management Report
for the period from 10 March 2007 to 9 September 2007
During the period under review the Board of Directors, in conjunction with the
Investment Adviser, have monitored the financial ratings and liquidity of the
investments. There was no impact on the financial statements of the recent
events unfolding in the global credit market.
The principal risks and uncertainties for the remaining six months of the
financial year relate to how recent events in the global credit market develop.
The financial ratings and liquidity of the investments will continue to be
monitored by the Investment Adviser to assess any impact or value impairment and
these will be reported to the Board. The returns being offered by fixed deposit
takers will also be monitored and assessed by the Investment Adviser together
with the financial ratings of these counterparties to ensure that investment
objectives and policies are adhered to. This information will also be reported
to the Board.
The Manager, Investment Manager, Investment Advisor, Independent Valuer,
Administrator, Custodian and Market Maker for the HSBC Ladder Fund are all
wholly owned subsidiaries of HSBC Holdings plc and are therefore related parties
of the Fund. The Directors are also employees of HSBC though they have waived
their remuneration for this service and do not have employment contracts with
the Company.
Fees and charges to these parties are disclosed in the Financial Statements and
in Note 8 to the Accounts. All fees were charged at normal commercial rates. The
principal fees are disclosed in this report and/or in the Offering Documents.
The Investment Advisor is responsible for carrying out transactions on behalf of
the Fund on an arms length basis. During the period no transactions were entered
into other than the rolling of the fixed term deposits.
Board of Directors
HSBC Structured Products Series plc
Report of the Investment Advisor
for the period 10 March 2007 to 9 September 2007
HSBC Accelerated Recovery Fund
As at 9 September 2007, the NAV per share of the sub fund stood at Stg £ 1.56.
Since inception of the company, the FTSE 100 Index has achieved a capital return
of 55.64%. The performance of the Company's shares is consistent with the
investment objectives and policies laid down by the Directors as described in
the company's prospectus. The assets of the company have not been changed in
any way save for the rolling of deposits and payments into the swap agreement.
The Investment Manager has used swaps and options to achieve the investment
objective of the Company. The purpose of entering into swaps is to enable the
Company to return to Shareholders the amount of their capital investment in the
company as at the end of a 5 1/2 year period. The purpose of entering into
options is to provide Shareholders with the appropriate benefit of any increase
in the FTSE 100 Index over the relevant period.
The Investment Manager believes that the current investment strategy using swaps
/options and money market instruments will continue to provide Shareholders with
opportunities to profit from further upside of UK equity market, whilst
providing down-side protection from any correction in the market. The
Investment Manager has therefore no intention of altering the current investment
strategy in the foreseeable future.
HSBC Ladder Fund
As at 9 September 2007, the NAV per share of the sub fund stood at Stg £ 1.26.
Since inception of the company, the FTSE 100 Index has achieved a capital return
of 32.21%. The performance of the Company's shares is consistent with the
investment objectives and policies laid down by the Directors as described in
the company's prospectus. The assets of the company have not been changed in
any way save for the rolling of deposits and payments into the swap agreement.
The Investment Manager has used swaps and options to achieve the investment
objective of the Company. The purpose of entering into swaps is to enable the
Company to return to Shareholders the amount of their capital investment in the
company as at the end of a 5 year period. The purpose of entering into options
is to provide Shareholders with the appropriate benefit of any increase in the
FTSE 100 Index over the relevant period.
The Investment Manager believes that the current investment strategy using swaps
/options and money market instruments will continue to provide Shareholders with
opportunities to profit from further upside of UK equity market, whilst
providing down-side protection from any correction in the market. The
Investment Manager has therefore no intention of altering the current investment
strategy in the foreseeable future.
Sinopia Asset Management
September 2007
HSBC Structured Products Series plc
Income Statement
for the period from 10 March 2007 to 9 September
2007
HSBC
Accelerated HSBC
Recovery Ladder
Fund Fund Period ended Period ended Year ended
2007 2007 9 Sept 2007 9 Sept 2006 9 Mar 2007
Stg£ Stg£ Stg£ Stg£ Stg£
Income
Interest income 360,837 294,242 607,744
308,933 51,904
Net gain on financial assets at fair
value
through profit or loss 4,705 288,750 206,794
284,045 1,117,482
Total investment income 592,978 649,587 501,036
56,609 1,725,226
Expenses
Investment manager and management fees
36,322 3,384 39,706 39,705 78,763
Custodian fees and transaction charges 15,000
3,781 3,781 7,562 7,562
Audit fees 11,308
8,893 7,149 16,042 5,787
Sundry expenses
1,215 1,224 2,439 2,411 4,796
Operating expenses before
finance costs 50,211 15,538 65,749 55,465 109,867
Net income from operations before
finance costs 542,767 41,071 583,838 445,571 1,615,359
Interest expense
(290,117) (47,894) (338,011) (277,389) (583,152)
Increase/(decrease) in net assets
attributable to holders of redeemable
shares from operations 168,182
252,650 (6,823) 245,827 1,032,207
HSBC Structured Products Series plc
Statement of Net Assets
at 9 September 2007
HSBC
Accelerated HSBC
Recovery Ladder
Fund Fund 9 Sept 2007 9 Sept 2006 9 Mar 2007
2007 2007 Total Total Total
Stg£ Stg£ Stg£ Stg£ Stg£
Assets
Cash at bank
128,641 48,889 177,530 222,952 213,877
Accrued income
38,716 16,105 54,821 42,380 41,153
Financial assets at fair value
through profit or loss 2,339,770
17,725,873 20,065,643 18,866,204 19,776,892
Prepaid expenses 9,477
785 10,262 65,748 38,077
Total assets
17,902,707 2,405,549 20,308,256 19,197,284 20,069,999
Liabilities
Accruals and other creditors 30,641
16,955 13,686 29,521 38,211
Liabilities (excluding net assets
attributable to holders of redeemable
shares) 30,641 29,521
16,955 13,686 38,211
Net assets attributable to holders of
redeemable shares 20,031,788
17,885,752 2,391,863 20,277,615 19,167,763
HSBC Structured Products Series plc
Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares
for the period from 10 March 2007 to 9 September
2007
HSBC
Accelerated HSBC
Recovery Ladder
Fund Fund Period ended Period ended Year ended
2007 2007 9 Sept 2007 9 Sept 2006 9 Mar 2007
Stg£ Stg£ Stg£ Stg£ Stg£
Net assets attributable to holders of 17,633,102
redeemable shares at beginning of 2,398,686 20,031,788 18,999,581 18,999,581
period
Increase/(decrease) in net assets
attributable to holders of redeemable
shares from operations
252,650 (6,823) 245,827 168,182 1,032,207
Net assets attributable to holders of
redeemable shares at end of period 17,885,752 2,391,863 20,277,615 19,167,763
20,031,788
Number of shares
Shares in issue at start of period 11,430,039
1,895,009 13,325,048 13,325,048 13,325,048
Shares in issue at end of period 11,430,039
1,895,009 13,325,048 13,325,048 13,325,048
HSBC Structured Products Series plc
Statement of Cash Flows
for the period from 10 March 2007 to 9 September
2007
HSBC
Accelerated HSBC
Recovery Ladder
Fund Fund Period ended Period ended Year ended
2007 2007 9 Sept 2007 9 Sept 2006 9 Mar 2007
Stg£ Stg£ Stg£ Stg£ Stg£
Net cash inflow/(outflow) from
operating activities
Changes in net assets attributable to
holders of redeemable shares 252,650 (6,823) 245,827 168,182 1,032,207
Adjustments for:
Net unrealised (gain)/loss on (284,045) (4,705) (288,750) (206,794)
investments (1,117,482)
Change in operating assets and (31,395) (11,528) (42,923) (38,612) (85,275)
liabilities
Decrease/(increase) in debtors 15,902 (1,756) 14,146 20,761 49,659
(Decrease)/increase in creditors (4,659) (2,911) (7,570) (3,673) 5,017
Cash outflow from operating (20,152) (16,195) (36,347) (21,524) (30,599)
activities
Net decrease in cash and cash
equivalents for the period / year
(20,152) (16,195) (36,347) (21,524) (30,599)
Cash and cash equivalents at
beginning of period / year
10,783,581 1,836,728 12,620,309 12,650,908 12,650,908
Cash and cash equivalents at end of
period / year
10,763,429 1,820,533 12,583,962 12,629,384 12,620,309
HSBC Structured Products Series plc
Portfolio of investments - HSBC Accelerated Recovery Fund
at 9 September 2007
Fair Value % of Net
Financial assets at fair value through profit or loss Stg£ Assets
Index linked swap transactions
Stg£4,185,000 Barclays - 20 November 2008 2,790,483 15.60
Stg£6,449,787 BNP Paribas - 20 November 2008 4,300,602 24.06
Fixed term deposits
HBOS Plc
@ 6.25% per annum 20 August 2007 to 20 November 2007 2,658,697 14.86
Lloyds TSB Plc
@ 6.15% per annum 20 August 2007 to 20 November 2007 2,658,697 14.86
Royal Bank of Scotland Plc
@ 6.49% per annum 20 August 2007 to 20 November 2007 2,658,697 14.86
UBS Plc
@ 6.42% per annum 20 August 2007 to 20 November 2007 2,658,697 14.86
Financial assets at fair value through profit or loss 17,725,873 99.10
Current assets 176,834 0.99
Current liabilities (16,955) (0.09)
Net assets attributable to holders of redeemable shares 17,885,752 100.00
Net asset value per share Stg£1.56
Number of shares in issue 11,430,039
HSBC Structured Products Series plc
Portfolio of investments - HSBC Accelerated Recovery Fund
at 9 September 2006
Fair Value % of Net
Financial assets at fair value through profit or loss Stg£ Assets
Index linked swap transactions
Stg£4,185,000 Barclays - 20 November 2008 2,362,834 14.01
Stg£6,449,787 BNP Paribas - 20 November 2008 3,641,524 21.58
Fixed term deposits
HBOS Plc
@ 4.89% per annum 21 August 2006 to 20 November 2006 2,658,697 15.76
Lloyds TSB Plc
@ 4.88% per annum 21 August 2006 to 20 November 2006 2,658,697 15.76
Royal Bank of Scotland Plc
@ 4.90% per annum 21 August 2006 to 20 November 2006 2,658,697 15.76
UBS Plc
@ 4.87% per annum 21 August 2006 to 20 November 2006 2,658,697 15.76
Financial assets at fair value through profit or loss 16,639,146 98.63
Current assets 247,454 1.46
Current liabilities (16,657) (0.09)
Net assets attributable to holders of redeemable shares 16,869,943 100.00
Net asset value per share Stg£1.48
Number of shares in issue 11,430,039
HSBC Structured Products Series plc
Portfolio of investments - HSBC Ladder Fund
at 9 September 2007
Fair Value % of Net
Financial assets at fair value through profit or loss Stg£ Assets
Index linked swap transaction
Stg£1,895,009 HSBC Bank plc - 15 January 2009 568,126 23.74
Fixed term deposits
ABN Amro Plc
@ 5.91% per annum 16 July 2007 to 15 October 2007 442,911 18.52
Barclays Plc
@ 5.93% per annum 16 July 2007 to 15 October 2007 442,911 18.52
Lloyds TSB Plc
@ 5.92% per annum 16 July 2007 to 15 October 2007 442,911 18.52
Royal Bank of Scotland Plc
@ 5.94% per annum 16 July 2007 to 15 October 2007 442,911 18.52
Financial assets at fair value through profit or loss 2,339,770 97.82
Current assets 65,779 2.75
Current liabilities (13,686) (0.57)
Net assets attributable to holders of redeemable shares 2,391,863 100.00
Net asset value per share Stg£1.26
Number of shares in issue 1,895,009
HSBC Structured Products Series plc
Portfolio of investments - HSBC Ladder Fund
at 9 September 2006
Fair Value % of Net
Financial assets at fair value through profit or loss Stg£ Assets
Index linked swap transaction
Stg£1,895,009 HSBC Bank plc - 15 January 2009 455,414 19.80
Fixed term deposits
ABN Amro Plc
@ 4.59% per annum 17 July 2006 to 16 October 2006 442,911 19.28
Barclays Plc
@ 4.58% per annum 17 July 2006 to 16 October 2006 442,911 19.28
Lloyds TSB Plc
@ 4.60% per annum 17 July 2006 to 16 October 2006 442,911 19.28
Royal Bank of Scotland Plc
@ 4.61% per annum 16 July 2006 to 16 October 2006 442,911 19.28
Financial assets at fair value through profit or loss 2,227,058 96.92
Current assets 83,626 3.64
Current liabilities (12,864) (0.56)
Net assets attributable to holders of redeemable shares 2,297,820 100.00
Net asset value per share Stg£1.21
Number of shares in issue 1,895,009
HSBC Structured Products Series plc
Notes:
1. As of 9 September 2007 there were 11,430,039 HSBC
Accelerated Recovery Fund shares and 1,895,009 HSBC Ladder Fund shares (9
September 2006: 11,430,039 HSBC Accelerated Recovery Fund shares and 1,895,009
HSBC Ladder Fund shares) in issue and the net asset value per share as per the
interim financial statements was Stg£1.56 for HSBC Accelerated Recovery Fund
shares and Stg£1.26 for HSBC Ladder Fund shares (9 September 2006: Stg£1.48 for
HSBC Accelerated Recovery Fund shares and Stg£1.21 for HSBC Ladder Fund shares).
2. All assets are denominated in Sterling.
3. The financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS") and with IAS 34 ("Interim
Financial Reporting"). The accounting policies have been applied consistently by
the Company and are consistent with those used in the previous year-end
financial statements.
The preparation of financial statements in conformity with IFRS requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the period. Actual results could differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period, or in the period
of the revision and future periods if the revision affects both current and
future periods.
All references to net assets throughout this document refer to net assets
attributable to holders of redeemable participating shares unless otherwise
stated.
4. The Company has designated its investments into the financial assets
and liabilities at fair value through profit or loss category.
Purchases and sales of investments are recognised on trade date - the date on
which the Company commits to purchase or sell the asset. Investments are
initially recognised at fair value and are derecognised when the rights to
receive cash flows from the investments have expired or the Company has
transferred substantially all risks and rewards of ownership.
Gains and losses arising from changes in the fair value of the 'financial assets
at fair value through profit or loss' category are included in the income
statement in the period in which they arise.
5. The swap transactions have been included at fair value and the
associated unrealised profit/(loss) is included in the Income Statement.
6. A statement of changes in the composition of the Company's
portfolio during the period is available to shareholders free of charge on
request. However, there have been no changes in the Company's portfolio during
the period, save for the rolling of deposits and payments into the swap
agreement.
HSBC Structured Products Series plc
Notes: (continued)
7. Derivatives and financial instruments
The techniques and instruments utilised for the purposes of
efficient portfolio management are those that are reasonably believed by the
manager to be economically appropriate to the efficient management of the
Company.
The Company's financial instruments include index linked swap transactions and
fixed term deposits.
Index linked swap and fixed term deposits
The purpose of the swap element of the index linked swap transactions,
together with the amount invested in the fixed term deposits, is to enable the
Company to return to shareholders an amount equal to 100% of their capital
investment in the Company.
The purpose of the option element of the index linked swap transactions is to
provide shareholders with the benefit of the positive performance in the FTSE
100 Index, dependent on the duration of the fund. The Company's payment
obligations in relation to the index linked swap transactions are three months
sterling LIBOR minus 0.15%. In return for such payments, the Company will
receive on maturity of the index linked swap transactions, a sum which together
with amounts invested in fixed term deposits will equal at least Stg£11,430,039
for HSBC Accelerated Recovery Fund and Stg£1,895,009 for HSBC Ladder Fund.
The Initial Index level of the index was:
HSBC HSBC
Accelerated Ladder
Recovery Fund Fund
FTSE 100
3,941.3 4,456.1
Investments are stated at market value. The net cost of investments
excluding deposits was Stg£nil.
The main risks arising from the Company's financial instruments are market
price, interest rate, liquidity and credit/counterparty risks.
a) Market price risk
Market risk arises mainly from uncertainty about future prices of the financial
instruments held. It represents the potential loss that might be suffered
through holding market positions in the face of price movements. As the over the
counter (OTC) index linked swap transactions are based on the underlying index,
the market value of the index linked swap transactions is directly impacted by a
change in the price of the securities that comprise the index.
b) Interest rate risk
The Company's payment obligations in relation to the index linked swap
transactions are three month sterling LIBOR minus 0.15% based on and financed by
the yield from the Company's fixed term deposits. The Company is therefore not
exposed to interest rate risk on these instruments.
HSBC Structured Products Series plc
Notes: (continued)
7. Derivatives and financial instruments (continued)
(b) Interest rate risk (continued)
The nominal values of the swaps are Stg£10,634,787 for HSBC Accelerated Recovery
Fund and Stg£1,895,009 for HSBC Ladder Fund. The nominal value of the fixed term
deposits amount to Stg£10,634,788 for HSBC Accelerated Recovery Fund and
Stg£1,771,644 for HSBC Ladder Fund. The interest rate gap is therefore Stg£1 for
HSBC Accelerated Recovery Fund and Stg123,365 for HSBC Ladder Fund.
c) Liquidity risk
The Company's assets primarily consist of index linked swap transactions and
fixed rate deposits, which have been structured to meet the obligations of the
Company to its shareholders on termination of each fund. It is intended to hold
these investments for the duration of each fund.
d) Credit risk and counterparty risk
The Company will be exposed to a credit risk on parties with whom it trades and
will also bear the risk of settlement default. The Company manages credit risk
by undertaking transactions with reputable counterparties selected by the
investment manager and through the operation of a system of obtaining collateral
from the counterparty to the OTC position. As outlined in the prospectus the
value of any transaction with any counterparty should not exceed 30% where the
counterparty is an EU credit institution or 10% where the counterparty is a non
EU credit institution. To the extent that the limit is exceeded the counterparty
must deliver to the custodian collateral having a value equal to the amount by
which the limit is exceeded.
e) Fair values of financial assets and financial liabilities
All of the financial assets of the Company are held at market value or cost,
which equates to fair value as determined in accordance with the accounting
policies.
8. Significant agreements and related parties
The Manager, Investment Manager, Investment Advisor, Independent Valuer,
Administrator, Custodian and Market Maker for the HSBC Ladder Fund are all
wholly owned subsidiaries of HSBC Holdings plc and are therefore related parties
of the Fund. The Directors are also employees of HSBC though they have waived
their remuneration for this service and do not have employment contracts with
the Company.
Management, investment manager and custodial fees
An annual charge in respect of all management, investment management,
administration, custodial and market maker fees is charged to the Company by the
manager. This annual charge will amount to not more than 0.75% of the gross
proceeds of the offering for shares in each fund and may be deferred up to the
termination date.
HSBC Structured Products Series plc
Notes: (continued)
8. Significant agreements and related parties (continued)
Manager
HSBC Securities Services (Ireland) Limited has been appointed to manage the
investments and to carry out the general administration of the Company pursuant
to the Management Agreement. The manager is a wholly owned subsidiary of HSBC
Holdings plc. The charge for these services during the period was Stg£7,561
(2006: Stg£7,561) for HSBC Accelerated Recovery Fund and Stg£3,384 (2006:
Stg£3,384) for the HSBC Ladder Fund.
Investment manager
HSBC Investments (UK) Limited was appointed investment manager to provide
investment management and advisory services to the manager of the Company.
The investment manager has delegated the powers of determining investment policy
and investment management of the Company to Sinopia Asset Management pursuant to
the Investment Management Agreement. The investment manager is a wholly owned
subsidiary of HSBC Holdings plc.The charge for these services during the period
was Stg£28,761 (2007: Stg£28,760) for HSBC Accelerated Recovery Fund and Stg£Nil
(2007: Stg£Nil) for HSBC Ladder Fund.
Custodian
HSBC Institutional Trust Services (Ireland) Limited has been appointed as
custodian of the assets of the Company pursuant to the Custodian Agreement. The
custodian is a wholly owned subsidiary of HSBC Holdings plc. The charge for
these services during the period for HSBC Accelerated Recovery Fund was
Stg£3,781 (2006: Stg£3,781) and for HSBC Ladder Fund was Stg£3,781 (2006:
Stg£3,781).
Independent valuer
Sinopia Asset Management acts as independent valuer. It is a wholly owned
subsidiary of HSBC Holdings plc.
Market maker
HSBC Securities was appointed as market maker to HSBC Ladder Fund. HSBC
Securities is a wholly owned subsidiary of HSBC Holdings plc. Barclays Capital
was appointed as market maker to the HSBC Accelerated Recovery Fund.
Directors' fees
The directors are entitled to remuneration for their services as directors. In
this regard, the directors have decided to waive their entitlement to any such
remuneration for the life of the Company. The directors will be entitled to be
reimbursed for their reasonable out of pocket expenses incurred in discharging
their duties as directors.
Employees
The Company had no employees at any time during the year. (2007: NIL)
9. The exchange rate at 9 September 2007 was Stg£1 to €1.4692.
HSBC Structured Products Series plc
Notes: (continued)
10. Prospectus
The prospectus of the Company was issued on 3 November 2003. A supplemental
prospectus of the HSBC Accelerated Recovery Fund was issued on the 20 February
2003. A further supplemental prospectus was effected on 28 October 2003 on the
launch of the HSBC Ladder Fund.
11. Cross liability of sub-funds
The Company is structured as an umbrella fund. Consequently, the assets of any
fund may be exposed to the liabilities of another fund.
12. There were no soft commission arrangements in place during the
period.
13. This report is unaudited.
14. Post balance sheet events
There have been no significant events since year end which require disclosure in
or amendment to these financial statements.
15. Approval of financial statements
The financial statements were originally approved by the directors on 7 November
2007. The financial statements have been re-filed to comply with the
Transparency Directive and were approved by the directors on 29 April 2008.
HSBC Structured Products Series plc
Other Information
MANAGER, HSBC Securities Services (Ireland)
Limited
ADMINISTRATOR, HSBC House
SECRETARY, Harcourt Street
REGISTRAR AND Dublin 2
IRISH PAYING AGENT Ireland
CUSTODIAN HSBC Institutional Trust Services
(Ireland) Limited
HSBC House
Harcourt Street
Dublin 2
Ireland
MARKET HSBC Securities
MAKER 8
Canada Square
(HSBC Ladder Fund) London E14 5HQ
England
MARKET Barclays Capital Security Limited
MAKER 5
The North Colonnade
(HSBC Accelerated Recovery Fund) Canary Wharf
London E14 4BB
England
INVESTMENT HSBC Investments (UK) Limited
MANAGER 8 Canada Square
London E14 5HQ
England
INVESTMENT Sinopia Asset Management
ADVISOR 66 Rue de la Chausse d'Antin
75009 Paris
France
AUDITORS KPMG
1 Harbourmaster Place
International Financial
Services Centre
Dublin 1
Ireland
HSBC Structured Products Series plc
Other information (continued)
IRISH LEGAL A & L Goodbody
ADVISERS North Wall Quay
IFSC
Dublin 1
Ireland
UK LEGAL Clifford Chance Limited Liability
Partnership
ADVISERS 200 Aldersgate Street
London EC1A 4JJ
England
SPONSORING NCB Stockbrokers
BROKER 3
Georges Dock
IFSC
Dublin 1
Ireland
SPONSOR HSBC Investments (UK) Limited
8 Canada Square
London E14 5HQ
England
DIRECTORS Mr. Bryan Greener
Ms. Doris O'Sullivan
Mr. Michael Purtill
Mr. Donal Mooney
REGISTERED HSBC House
OFFICE Harcourt Street
Dublin 2
HSBC Structured Products Series plc
Member HSBC Group
This announcement has been issued through the Companies Announcement Service of
The Irish Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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