Date: 16 July 2007
On behalf of: Western Selection P.L.C. (“the Company”)
Embargoed until: 0700hrs
Western Selection P.L.C.
? Proposed Offer of Warrant Units on the basis of one Warrant Unit for every 5 Shares ? Proposed admission of 2007 Warrants and 2010 Warrants to trading on PLUS ? Approval of Waiver of the Requirements of Rule 9 of City Code on Takeovers and Mergers ? Notice of Extraordinary Meeting
Western Selection P.L.C. (LSE: WSE), is an investment finance company and the investment policy is to hold strategic stakes in a few smaller UK quoted companies and maintain a diversified portfolio of U.K. listed equities, together with a few holdings on AIM, PLUS and some unlisted shares.
The Company has today announced that it proposes to raise ?872,000 by the issue of 2,565,044
Warrant Units to Shareholders at a price of 34p each. The Warrant Units will comprise two 2007 Warrants which are exercisable on 10 December 2007 at a price of 33p each and three 2010 Warrants which are exercisable between 2008 and 2010 at a price of 50p each. If all of the 2007 Warrants are exercised, ?1,693,000 will be made available to the Company on 10 December with a further amount of up to ?3,848,000 available from the exercise of the 2010 Warrants.
Resolutions will be proposed at the EGM to be held on 9 August 2007 to seek Shareholders' approval for admission of the 2007 Warrants and the 2010 Warrants to trading on PLUS. (PLUS is an
independent UK provider of primary and secondary equity market services and currently trades over 850 small and mid-cap company shares.) Independent Shareholders will also be asked to approve waivers for the Concert Party
(comprising Western’s principal shareholder, London Finance & Investment
Group plc (“Lonfin”), Lonfin’s main operating subsidiary and the directors of both companies) from the
requirements of Rule 9 of the City Code as described in the circular sent to shareholders today.
Introducing the proposals, David Marshall, Chairman of Western Selection P.L.C., said:
“Western is pleased to announce an innovative fund raising process that is equitable for shareholders and also
“An increase in the Company’s investable funds will not materially increase costs and therefore will be earnings enhancing for shareholders. The funds raised will enable us to invest in additional strategic investments. However, it will take time to deploy any money raised and so a staggered fundraising is planned.”
The Board (other than Mr Marshall and Mr Robotham who are members of the Concert Party) considers the proposals set out in this circular to be fair and reasonable and in the interests of the Company and its Shareholders as a whole. The Board recommends that you vote in favour of the Resolutions numbered 1, 2, 5 and 6 to be proposed at the EGM as those members of the Board who hold shares and Lonfin have irrevocably agreed to do in respect of their beneficial holdings of, in aggregate, 5,406,721 shares, representing 42.16 per cent. of the current issued share capital of the Company. The Board (other than Mr Marshall and Mr Robotham who are members of the Concert Party) recommends that you vote in favour of the Resolutions numbered 3 and 4 to be proposed at the
EGM as they intend to do in respect of their holdings totalling 94,500 Shares, representing in aggregate 1.26 per cent. of the shares held by Shareholders entitled to vote on those resolutions.
THE OFFER OF WARRANTS
The Board believes that it will be in the best interests of Shareholders to improve the ratio of assets invested to operating expenses. In part this can, and will, be done by controlling costs, but a more significant improvement in this ratio can be achieved by increasing funds invested. The Board believes that any increase in funds invested is best achieved by issuing new shares rather than by taking on additional debt.
The primary application of any funds raised will be to invest in new strategic investments whenever one is identified. At present Western only has unused banking facilities of approximately ?465,000, which may not be sufficient to make a new strategic investment. The Board believes that Western should be in a position to make new strategic investments without the risk of having to liquidate a significant part of its general portfolio at a possibly inopportune moment.
The Board intends that the funds to be raised will be used to acquire new strategic investments, as and when suitable opportunities arise, and may also be used to increase the Company’s interest in one or more of its existing strategic investments. Some of the funding may be used to take advantage of tactical investment opportunities identified in smaller UK quoted companies. Prior to the identification and investment in new strategic investments, the intention is to use funds raised to reduce bank borrowings.
The Board has considered how best to proceed with the fund raising in a manner that is equitable for all Shareholders and believes that the proposed Offer is an effective way of achieving this aim. By structuring the Offer as set out in this circular, the Company has sought to minimise the costs of the fund raising while offering all Shareholders a priority opportunity to participate in the growth of the Company.
Shareholders will be offered the opportunity to subscribe for Warrant Units at 34p each based on an entitlement of one Warrant Unit for every five Shares owned at the Record Date. Each Warrant Unit
will comprise two 2007 Warrants and three 2010 Warrants.
Shareholders owning 5,406,721 shares have given irrevocable undertakings to take up their full entitlement to, and make Excess Applications for, a total of 1,428,898 Warrant Units. The balance of the Offer (1,136,146 Warrant Units) will be underwritten to ensure that all 2,565,044 Warrant Units are issued, raising ?872,000 before costs.
All Shareholders on the register at the Record Date will be given the opportunity to acquire an unlimited number of additional Warrant Units through an Excess Application process. Excess Applications will be scaled back if demand exceeds the number of Warrant Units authorised for issue. The Directors reserve the right to determine the manner of any such scaling back, but are inclined to treat Excess Applications from smaller Shareholders more favourably.
To facilitate full subscription under this Offer, subject to Independent Shareholder approval of Rule 9 Waiver A by the Panel, Lonfin will submit an Excess Application which might increase its interest to
48 per cent. of the Enlarged Share Capital. Lonfin has undertaken that it will not exercise any Warrants if exercise of those Warrants would take its interest above 48 per cent. of the Enlarged Share Capital at any time.
The 2007 Warrants
On the basis that all the Warrant Units are taken up, there will be 5,130,088 of the 2007 Warrants in issue. Each 2007 Warrant entitles the holder to subscribe for one Share at an exercise price of 33p on 6th November 2007. On the basis that all of the 2007 Warrants are exercised, the Company will receive ?1,693,000, making a total of ?2,565,000 raised in 2007 before expenses. A summary of the terms and principal conditions of the 2007 Warrants is set out in the circular sent to shareholders today.
The 2010 Warrants
On the basis that all Warrant Units are taken up, there will be 7,695,132 of the 2010 Warrants in issue. Each 2010 Warrant entitles the holder to subscribe for one Share at an exercise price of 50p on the date falling 28 days after the dispatch of the interim report and the annual report of the Company for each of the financial years ending in 2008 to 2010. On the basis that all 2010 Warrants are exercised, the Company will receive a total of ?3,848,000 over the three years 2008 to 2010. A summary of the terms and principal conditions of the 2010 Warrants can be found in the circular sent to shareholders today.
Effect on the issued share capital
The table below sets out authorised and issued share capital of the Company before and after the exercise of the 2007 Warrants and 2010 Warrants, on the basis that all Warrants are exercised:
Authorised share capital Issued share capital
Before the Offer 25,000,000 Shares 12,825,221 Shares
After the Offer and exercise of 2007 Warrants 30,000,000 Shares * 17,955,309 Shares
After the exercise of the 2010 Warrants 30,000,000 Shares * 25,650,442 Shares
* assuming that Resolution 1 to be proposed at the EGM approving the increase in authorised share capital is passed
PLUS is an independent UK provider of primary and secondary equity market services and currently trades over 1,000 small and mid-cap company shares, representing a combined market capitalisation of over ?195 billion. Application will be made for all Warrants to be admitted to trading on PLUS to give investors the opportunity to trade in the Warrants, and Resolution 2 seeks Shareholders’ approval
accordingly. No application is being made or will be made for admission of any of the Warrants to the Official List of the UK Listing Authority or to trading on AIM. Subject to the passing of Resolution 2, it is anticipated that the 2007 Warrants and the 2010 Warrants will be admitted to trading on PLUS on 17 September 2007.
Application and Underwriting
Mr. A.R.C. Barclay, Mr. A.J. Hall and Mr. J.M. Robotham have given irrevocable undertakings to take up their entitlements totaling 23,900 Warrant Units under the Offer. Lonfin has given the Company an irrevocable undertaking to take up its entitlement to 1,057,444 Warrant Units, and subject to the passing of Resolution 3 to be proposed at the EGM it has undertaken to make an Excess Application for up to 347,554 Warrant Units.
Lonfin has given an irrevocable undertaking that it will not exercise any Warrants if and to the extent
that such exercise would result in its interest in Western exceeding 48 per cent. of the Enlarged Share
Capital. On the basis that the members of the Concert Party take up their entitlement and that Lonfin
takes up its Excess Application then the maximum shareholding of the Concert Party will be 48.34 per
cent. of the Enlarged Share Capital. Should Lonfin exercise any Warrants which would increase its
interest in shares in the Enlarged Share Capital above 48.0 per cent., this would fall under the
provisions of Rule 9 of the City Code. Rule 9 of the City Code is summarised on Page 13 of this
The first closing date for applications for Warrant Units from Shareholders will be 17 August
2007. Applications for Warrant Units received from Shareholders after this date will not
necessarily be given the same priority as those applications received before the first closing date. If Shareholders have not applied for all Warrant Units by the first closing date, Loeb Aron will attempt
to place any remaining Warrant Units in the period ending on 10 September 2007, the final closing date.
In order to ensure that the Company receives the expected proceeds of the Offer of ?872,115, the
1,136,146 Warrant Units not covered by undertakings referred to above have been underwritten by the
Underwriter. A copy of the Underwriting Agreement will be available for inspection at the registered
office of the Company during the period from the posting of this document to the date of the EGM.
Cost of the Offer
The cost of the offer will depend upon the number of Warrant Units taken up by Shareholders, allotted
under the Excess Application process or taken up by Underwriters, but is expected to be approximately
?200,000. This cost is equivalent to approximately 3 per cent. of the total amount to be raised assuming
full exercise of the 2007 and 2010 Warrants.
The Board intends to maintain its progressive dividend policy, dependent on market conditions.
Record Date for Offer of Warrant Units 5.00 p.m. on 13 July 2007 Latest time and date for the receipt of the Proxy Form 12.30 p.m. on 7 August 2007 Extraordinary General Meeting 12.30 p.m. on 9 August 2007 First closing date for receipt of applications for Warrant Units 10.00 a.m. on 17 August 2007 Final closing date for receipt of applications for Warrant Units 10.00 a.m. on 10 September 2007 Admission effective and commencement of dealings on PLUS in the 2007 Warrants 8.00 a.m. on 17 September 2007 Admission effective and commencement of dealings on PLUS in the 2010 Warrants 8.00 a.m. on 17 September 2007 Despatch of definitive certificates for the 2007 Warrants and the 2010 Warrants By 24 September 2007 Final and only exercise date for 2007 Warrants 10 December 2007
Number of Warrant Units 2,565,044 Warrant Unit Offer Price 34p Proceeds of the Offer of Warrant Units (net of expenses) ?672,000
Number of 2007 Warrants 5,130,088 Exercise price of 2007 Warrants 33p Proceeds of exercise of 2007 Warrants ?1,692,929 Number of Shares in issue following exercise in full of 2007 Warrants 17,955,309 Number of 2010 Warrants 7,695,133 Exercise price of 2010 Warrants 50p Proceeds of the exercise of 2010 Warrants over the years 2008 - 2010 ?3,847,567 Number of Shares in issue following exercise in full of 2010 Warrants 25,650,442
Approval of Waiver of the Requirements of Rule 9 of the City Code on Takeovers and Mergers
The terms of the proposals set out in the circular sent to shareholders today give rise to certain
considerations under the City Code.
In the context of the proposals set out in the circular sent to shareholders today, the Panel, which has
been consulted on behalf of the Company, considers that Lonfin and its directors and also City Group
and its directors are persons acting in concert for the purposes of the City Code in relation to the
Lonfin has been a substantial shareholder in Western for over 40 years and regards Western as a
strategic investment. The Board has been informed by Lonfin that it has no intention of Western
becoming a subsidiary and has undertaken not to exercise Warrants if such exercise would increase its
interest in Western above 48 per cent. of the Enlarged Share Capital.
At present Lonfin owns 5,287,221 Shares, representing 41.23 per cent. of the issued share capital of the
Company and the Concert Party owns 5,312,221 Shares representing 41.42 per cent. of the issued share
capital of the Company. Upon the exercise of Warrants, pursuant to the Concert Party’s entitlement to
Warrant Units and any Excess Applications as referred to below, the maximum holding of the Concert
Party will be 48.34 per cent. of the Enlarged Share Capital.
There are two ways that Lonfin’s percentage interest in the share capital of Western may increase:
? Excess Application
Subject to the passing of Resolution 3 to be proposed at the EGM, Lonfin has undertaken to make an
Excess Application for up to 347,554 Warrant Units. Lonfin has given an irrevocable undertaking that
it will not exercise any Warrants if and to the extent that such exercise would result in its interest in
Western exceeding 48 per cent. of the Enlarged Share Capital. Should Lonfin exercise any Warrants
which would increase its interest in shares in the Enlarged Share Capital above 48.0 per cent., this
would fall under the provisions of Rule 9 of the City Code.
Mr Robotham, a member of the Concert Party who is a Shareholder, has undertaken not to submit an
If, Mr Robotham takes up his entitlement to Warrant Units, as he has undertaken to do, and if he
exercises all of his Warrants and if Lonfin exercises sufficient warrants to take its interest to 48 per
cent., and no other Warrants are taken up, the combined interests of the Concert Party would increase
from 41.42 to 48.34 per cent.
Mr. D.C. Marshall, Dr. F.W.A. Lucas, Mr. J.H. Maxwell, Mr. E.J. Beale, Mr. L.H. Marshall and City Group do not hold any shares in Western and have undertaken not to subscribe for Warrant Units under the Offer.
Assuming that no one other than the Concert Party exercises Warrants, Lonfin’s interest in Western would only increase to 6,981,230 Shares (48 per cent.) because of the irrevocable undertaking entered into by Lonfin and Mr. J. M. Robotham’s interest would increase to 50,000 Shares (0.34 per cent.) representing in aggregate 48.34 per cent. of the Enlarged Share Capital after the Offer. If all Warrants were to be issued and exercised Lonfin’s interest in Western would increase to 12,312,212 Shares (48 per cent.) and Mr. J.M. Robotham’s interest would increase to 50,000 Shares (0.19 per cent.) representing in aggregate 48.19 per cent. of the Enlarged Share Capital after the Offer and exercise of Warrants.
? Authority to make market purchases of Shares
In recent years, at its Annual General Meeting, the Company has been authorised by shareholders to make one or more market purchases of Shares in accordance with section 166 of the Act, subject to certain conditions. The Board plans to continue proposing such resolutions in future years as it is useful to have such power should a suitable opportunity to make such a purchase arise. If such a purchase were made and the Shares, so purchased held in treasury or cancelled, the effect could be to increase the Concert Party’s percentage interest in the Company and trigger the requirement for the Concert Party to make a general offer for those Shares that it does not already own.
The interest of the Concert Party could be increased by the purchase by Western of its own Shares. Such authority to repurchase shares is limited to 10 per cent. If the Concert Party exercised sufficient Warrants to take its stake to 48.34 per cent. and Western bought back 10 per cent. of its shares, the Concert Party’s maximum holding would increase to 53.72 per cent. However, if this were to happen, Lonfin has irrevocably agreed to sell a sufficient number of its Shares to reduce its interest in Western to 48 per cent., and the interests of the Concert Party to 48.43 per cent. of the Enlarged Share Capital.
At present the Directors have no intention of exercising this authority.
Code Waivers and approval of independent shareholders
Rule 9 Waiver A
The Panel has agreed, subject to the approval of the Independent Shareholders on a poll at the Extraordinary General Meeting, to waive (“Rule 9 Waiver A”) the obligation for the Concert Party to make a general offer that would otherwise result on the exercise of Warrants which would give the Concert Party and aggregate interest in shares of up to 48.34 per cent. of the enlarged share capital.
The Rule 9 Waiver A granted by the Panel is only in respect of any interest in Shares pursuant to the terms of the 2007 Warrant Instrument and 2010 Warrant Instrument.
Following completion of the proposed transaction the members of the Concert Party will between them be interested in Shares carrying 30 per cent. or more of the Company’s voting capital, but will not hold
Shares carrying more than 50 per cent. of such voting rights and for as long as they continue to be treated as acting in concert any further increases in their aggregate interest will be subject to the provisions of Rule 9.
Accordingly, Resolution 3 is being proposed at the EGM, and will be taken on a poll of Independent Shareholders.
Rule 9 Waiver B
The Panel has agreed, subject to the approval of Independent Shareholders on a poll at the Extraordinary General Meeting, to waive (“Rule 9 Waiver B”) the obligation for the Concert Party to
make a general offer that might otherwise arise as a result of the exercise of the authority to purchase Western Shares by Western’s Directors.
At present the Directors have no intention of exercising this authority; however, if they were to do so and if as a result the interest of the Concert Party were to increase, Lonfin has irrevocably agreed to sell sufficient Shares to ensure that its interest in Western would reduce to 48 per cent. of the Enlarged Share Capital and the Concert Party’s maximum holding would reduce to 48.38 per cent. of the Enlarged Share Capital.
Following the completion of any buyback transaction and prior to the sale by Lonfin to reduce the interest of the Concert Party to 48.38 per cent., the members of the Concert Party may between them hold interests of more than 50 per cent. (up to 53.72 per cent.) of the Enlarged Share Capital. For so long as they continue to be treated as acting in concert, the Concert Party may accordingly increase their aggregate interest in Shares without incurring any obligation under Rule 9 to make a general offer, although the individual members of the Concert Party will not be able to increase their percentage interest in Shares through or between a Rule 9 threshold without Panel consent.
Following the completion of any buyback transaction and subsequent sale of Shares by Lonfin, the members of the Concert Party might between them be interested in Shares carrying 30 per cent. or more of the Company’s voting share capital, but would not hold Shares carrying more than 50 per cent.
of such voting rights and, for as long as they continue to be treated as acting in concert and the Concert Party’s interest is between the thresholds as described in this paragraph above, any further increases in
their aggregate interest will be subject to the provisions of Rule 9 of the City Code.
Accordingly, Resolution 4 is being proposed at the EGM, and will be taken on a poll of Independent Shareholders
Independent Directors’ Recommendation
Lonfin is a related party for the purpose of the AIM Rules and the proposed offer of Warrant Units to Lonfin constitutes a related party transaction. The directors of Western independent of Lonfin, having consulted the Company’s Nominated Adviser, consider the terms of the offer to be fair and reasonable
in so far as Shareholders are concerned.
The directors of Western independent of the Concert Party, having been so advised by Orange Corporate Finance Ltd., consider that the approval of the proposals to issue Warrant Units, to retain the authority to buy back shares and the Code Waivers by the Panel are fair and reasonable, and are in the best interests of the Company and its Shareholders as a whole. Accordingly they recommend that you vote in favour of Resolutions 3 and 4 to be proposed at the EGM as they intend to do in respect of their holdings totalling 94,500 Shares, representing in aggregate 1.26 per cent. of the shares held by Shareholders entitled to vote on those resolutions.
Extraordinary General Meeting
An Extraordinary General Meeting of the Company will be held at the Honourable Artillery Company, Armoury House, City Road, London, EC1Y 2BQ on 9 August 2007 at 12.30 p.m. for the purpose of
considering and, if thought fit, passing the resolutions set out in the notice of meeting and summarised
1 To increase the authorised share capital of the company from 25,000,000 to 30,000,000
Ordinary Shares with a par value of 40p each.
2 To approve the issue of the Warrant Units and the admission to trading on Plus of the 2007
Warrants and the 2010 Warrants
3 To approve the Panel waiver in respect of the obligation pursuant to Rule 9 of the Takeover
Code: as a result of the Concert Party subscribing for shares pursuant to the 2007 Warrants
and/or the 2010 Warrants provided that its interest in Shares is limited to 48.34% of the
issued share capital of the Company and provided that Lonfin’s interest in Shares is limited
to 48% of the issued share capital of the Company.
4 To approve the Panel waiver in respect of the obligation pursuant to Rule 9 of the Takeover
Code as a result of the Company buying back shares pursuant to section 166 of the Act
resulting in an increase in the percentage shareholding of the Concert Party.
5 To authorise directors to allot relevant securities pursuant to section 80 of the Act.
6 To dissapply pre-emption rights in respect of the allotment of shares approved pursuant to
resolution 5 above.
Financial information on Western
The financial information set out below does not constitute statutory accounts within the meaning of
section 240 of the Act.
Unaudited interim results of Western for the eleven months ended 31st May 2007
The results for the period are unaudited. They have been prepared under International Financial
Reporting Standards and comparative figures, previously reported under UK GAAP, have been restated.
Differences between UK GAAP and IFRS affecting Western.
Under UK GAAP Western included its investments at cost less provision. Under IFRS the fair values
of investments (based on market values) are now brought into the balance sheet and the fair value
adjustment is recorded directly to reserves and reflected in the Statement of Changes in Shareholders’
Equity. The balance sheet value of investments has been increased by ?287,000 at the end of the
comparable period, ?589,000 at the prior year end and ?3,085,000 at the end of the current period.
Western has significant capital losses and therefore no deferred tax liabilities have arisen following
recognition of these unrealised gains.
Unaudited Income Statement
Eleven months ended ended stth 31 May 30 June
2007 2006 2006
?000 ?000 ?000
Income from investments in: Listed strategic undertakings 104 43 43 Other listed investments 142 160 159 Interest receivable - - 1 Surplus on disposal of listed undertakings 517 284 335 Net release of provisions against investments - 132 132
763 619 670 Administrative expenses (267) (273) (292)
496 346 378 Operating profit
Interest payable and similar charges (110) (53) (62)
Profit on ordinary activities before exceptional items and
386 293 316 taxation
Exceptional costs of establishing an Employee Benefit Trust (318) - -
68 293 316 Profit on ordinary activities before taxation
Taxation - - (1)
68 293 315 Profit on ordinary activities after taxation
Basic earnings per share 0.5p 2.6p 2.8p Earnings per share excluding exceptional costs 3.1p 2.6p 2.8p Diluted earnings per share n/a 2.6p 2.8p
Dividend per share Nil Nil 2.45p
The calculation of earnings per share is based on the weighted average number of shares in issue for the period and the
profit on ordinary activities after tax.
Statement of Changes in Shareholders’ Equity
Share Fair Ordinary Warrants Retained Total
Share Premium Value
capital account Reserve Reserve Earnings thYear ended 30?000 ?000 ?000 ?000 ?000 ?000 June 2006
1,646 - Balances as reported at 1st July 2005 4,351 355 2,951 9,303
- 357 Adjustment for fair values - - - 357
1,646 357 Restated 4,351 355 2,951 9,660
- - Loss attributable to shareholders - - 315 315
- 232 Fair value adjustment on listed undertakings - - - 232
195 New shares issued 324 519
194 Warrants reserve released (194) -
Forfeit dividends 1 1
Disposal of fractions 20 20
- - Dividends paid in respect of the previous year - - (252) (252) Balances at 30th June 2006 4,675 2,035 161 589 3,035 10,495
stEleven months ended 31 May 2007
2,035 589 Balances at 1st July 2006 4,675 161 3,035 10,495
- - Loss attributable to shareholders - - 68 68
- 2,496 Fair value adjustment on listed undertakings - - - 2,496
273 - New shares issued 455 - - 728
161 - Warrants reserve released - (161) - -
- - - Dividends paid in respect of the previous year - (286) (286)
2,469 3,085 Balances at 31st May 2007 5,130 - 2,817 13,501
Unaudited Balance Sheet
stth 31 May 30 June
2007 2006 2006
?000 ?000 ?000
Creston plc 5,280 4,725 4,845 Swallowfield plc 785 395 455 Northbridge Industrial Services PLC 2,948 1,553 1,598 General Portfolio investments - UK 6,247 4,984 4,869
- Unlisted 268 246 247
15,528 11,903 12,014
Current assets 23 114 33 Cash at bank and in hand 1 5 5 Bank overdraft (1,965) (1,740) (1,515) Current liabilities (86) (110) (42)
(2,027) (1,731) (1,519) Net current liabilities
13,501 10,172 10,495 Total assets less current liabilities
Capital and Reserves
Called up share capital 5,130 4,675 4,675 Share premium account 2,469 2,035 2,035 Other reserves 3,085 287 589 Warrants reserve - 161 161 Retained earnings 2,817 3,014 3,035
13,501 10,172 10,495
105.3p 87.0p 89.8p Net Assets at market value per share – pence
Cash Flow Statement
Eleven months ended Year ended stth 31 May 2007 30 June 2006
Notes ?000 ?000 ?000 ?000
30 (97) Net cash inflow/(outflow) from operating activities (a)
Returns on investments and servicing of finance
Interest paid (110) (63)
Interest received - 1
- (1) Taxation paid
Proceeds of disposal of non-current asset investments 2,289 3,374
Purchase of non-current asset investments (2,789) (3,399)
Net cash outflow from financial investment activities (500) (25)
(286) (252) Equity dividend paid
Proceeds of new share issues 428 519
Proceeds from sale of treasury shares - 20
Professional fees re EBT (16) -
412 539 Net cash inflow from financing activities
(454) 102 (Increase)/Decrease in debt
Net debt at start of year (1,510) (1,612)