TIDMPCTZ
RNS Number : 8263G
Picton ZDP Limited
12 June 2013
12 June 2013
Picton ZDP Limited
Annual Results
(the "Company")
Picton ZDP Limited (LSE: PCTZ), announces its results for the
period from 2 September 2012 to 31 March 2013.
The Company's principal objective is to provide Zero Dividend
Preference Shares with a predetermined final capital entitlement.
It is recommended that these accounts are read in conjunction with
those of its parent, Picton Property Income Limited, also issued
today.
For further information:
Tavistock Communications
Jeremy Carey/James Verstringhe, 020 7920 3150,
jverstringhe@tavistock.co.uk
Picton Capital Limited
Michael Morris, 020 7011 9978,
michael.morris@pictoncapital.co.uk
Company Secretary
David Sauvarin
Northern Trust International Fund Administration Services
(Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745529
Fax: 01481 745085
DIRECTORS' REPORT
The Directors present their report and the audited consolidated
financial statements of Picton ZDP Limited (the "Company" and
together with its subsidiary the "Group") for the period from
incorporation on 2 September 2012 to 31 March 2013. It is
recommended that these accounts are read in conjunction with the
consolidated accounts of Picton Property Income Limited, (the
"Parent") issued as at today's date.
Company's Business and Objective
Picton ZDP Limited is a Guernsey registered company, established
to issue zero dividend preference shares which mature in October
2016 ("ZDP shares"). The Company is a wholly owned subsidiary of
Picton Property Income Limited, which is an investment company
registered in Guernsey.
The Company's principal investment objective is to provide the
ZDP shares with a predetermined final capital entitlement. On
repayment of the ZDP shares the shareholders are entitled to
receive an amount equal to 100 pence per share increased daily at
an equivalent annual rate of 7.25% per annum. The repayment date is
16 October 2016 and the final capital entitlement will be 132.2
pence per ZDP share.
The Parent has entered into a Contribution Agreement with the
Company to provide an undertaking to pay any costs and expenses
incurred by the Company and to enable the Company to meet its
payment obligations in respect of the ZDP shares. Although the
Parent has entered into an undertaking to meet all liabilities as
they fall due it is important to note that all risks are borne by
the ZDP shareholders who are not guaranteed to receive their full
capital entitlement.
On 12 September 2012 the Company acquired the entire share
capital of IRET Securities Limited ("IRET") from the Parent for a
consideration of GBP1. IRET is a Guernsey registered company, and
its principal investment objective is to issue zero dividend
preference shares ("2012 ZDP shares") with a predetermined final
capital entitlement. IRET was placed into liquidation on 31 October
2012 following full repayment of its 2012 ZDP shares.
On 25 March 2013 the Parent made an announcement to the London
Stock Exchange of its intention to purchase ZDP shares in the
market. The ZDP purchases will take place over time at preset
parameters utilising excess cash held by the Parent. As at the date
of this report no ZDP shares have been purchased by the Parent.
Share Capital
The Company has one ordinary share in issue as at 31 March 2013
which is held by the Parent.
In total 22,000,000 ZDP shares were admitted to the official
list of the London Stock Exchange on 15 October 2012.
Going Concern
The financial statements have been prepared on a going concern
basis.
Results
The results for the period are set out in the Consolidated
Statement of Comprehensive Income on page 7.
Taxation
The Company is exempt from Guernsey Income Tax under the Income
Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and is charged an
annual exemption fee of GBP600.
DIRECTORS' REPORT (continued)
Directors and Directors' Interests
The Directors of the Company holding office during the period
were as follows:
Nicholas Thompson
Robert Sinclair
Trevor Ash
Vic Holmes
Roger Lewis
All Directors were appointed on incorporation except Vic Holmes,
who was appointed on 1 January 2013. None of the Directors hold a
beneficial interest in the Company. Any Director's interest in the
shares of the Parent is disclosed in the consolidated accounts of
the Parent.
The Company has prepared these consolidated financial statements
in compliance with the Companies (Guernsey) Law, 2008.
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Directors'
Report and the financial statements in accordance with applicable
law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law they have
elected to prepare the financial statements in accordance with
International Financial Reporting Standards as issued by the IASB
and applicable law.
The financial statements are required by law to give a true and
fair view of the state of affairs of the Company and of the profit
or loss of the Company for that period.
In preparing these financial statements, the Directors are
required to:
n select suitable accounting policies and then apply them
consistently;
n make judgements and estimates that are reasonable and
prudent;
n state whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the financial statements; and
n prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
The Directors are responsible for keeping proper accounting
records which disclose with reasonable accuracy at any time the
financial position of the Company and to enable them to ensure that
the financial statements comply with the Companies (Guernsey) Law,
2008. They have general responsibility for taking such steps as are
reasonably open to them to safeguard the assets of the Company and
to prevent and detect fraud and other irregularities.
Disclosure of information to auditors
The Directors who held office at the date of approval of this
Directors' Report confirm that, so far as they are each aware,
there is no relevant audit information of which the Company's
auditors are unaware; and each Director has taken all the steps
that he ought to have taken as a Director to make himself aware of
any relevant audit information and to establish that the Company's
auditors are aware of that information.
Auditors
The Directors appointed KPMG Channel Islands Limited (the
"Auditor") as auditors of the Company on 5 September 2012.
DIRECTORS' REPORT (continued)
Responsibility statement
We confirm to the best of our knowledge:
(a) the financial statements, prepared in accordance with
International Financial Reporting Standards, give a true and fair
view of the assets, liabilities, financial position and profit or
loss of the Company and the undertakings included in the
consolidation taken as a whole as required by Disclosure and
Transparency Rules ('DTR') 4.1.12 R; and
(b) the Directors' Report includes a fair review of development
and performance of the business and the position of the Company and
the undertakings included in the consolidation taken as a whole,
together with a description of the principal risks and
uncertainties that they face as required by DTR 4.1.12 R.
By order of the Board
Robert Sinclair
Director
11 June 2013
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PICTON ZDP
LIMITED
We have audited the Group financial statements of Picton ZDP
Limited (the "Company" and together with its subsidiary the
"Group") for the period from 2 September 2012 to 31 March 2013
which comprise the Consolidated Statement of Comprehensive Income,
the Consolidated Balance Sheet, the Consolidated Statement of
Changes in Equity, the Consolidated Statement of Cash Flows and the
related notes. The financial reporting framework that has been
applied in their preparation is applicable law and International
Financial Reporting Standards as issued by the IASB.
This report is made solely to the Company's members, as a body,
in accordance with section 262 of the Companies (Guernsey) Law,
2008. Our audit work has been undertaken so that we might state to
the Company's members those matters we are required to state to
them in an auditor's report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company's
members as a body, for our audit work, for this report, or for the
opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Statement of Directors'
Responsibilities set out on page 3, the Directors are responsible
for the preparation of the financial statements and for being
satisfied that they give a true and fair view. Our responsibility
is to audit and express an opinion on the financial statements in
accordance with applicable law and International Standards on
Auditing (UK and Ireland). Those standards require us to comply
with the Auditing Practices Board's (APB's) Ethical Standards for
Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and
disclosures in the financial statements sufficient to give
reasonable assurance that the financial statements are free from
material misstatement, whether caused by fraud or error. This
includes an assessment of: whether the accounting policies are
appropriate to the Group's circumstances and have been consistently
applied and adequately disclosed; the reasonableness of significant
accounting estimates made by the Board of Directors; and the
overall presentation of the financial statements. In addition, we
read all the financial and non-financial information in the Report
to identify material inconsistencies with the audited financial
statements. If we become aware of any apparent material
misstatements or inconsistencies we consider the implications for
our report.
Opinion on financial statements
In our opinion the financial statements:
-- give a true and fair view of the state of the Group's affairs
as at 31 March 2013 and of its loss for the period from 2 September
2012 to 31 March 2013;
-- are in accordance with International Financial Reporting
Standards as issued by the IASB; and
-- comply with the Companies (Guernsey) Law, 2008.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters
where the Companies (Guernsey) Law, 2008 requires us to report to
you if, in our opinion:
-- the Company has not kept proper accounting records; or
-- the financial statements are not in agreement with the accounting records; or
-- we have not received all the information and explanations,
which to the best of our knowledge and belief are necessary for the
purpose of our audit.
Neale D Jehan
for and on behalf of KPMG Channel Islands Limited
Chartered Accountants and Recognised Auditors
11 June 2013
The maintenance and integrity of the www.pictonproperty.co.uk
website is the responsibility of the Directors of the Company's
Parent, Picton Property Income Limited; the work carried out by
auditors does not involve consideration of these matters and
accordingly, KPMG Channel Islands Limited accepts no responsibility
for any changes that may have occurred to the financial statements
or audit report since 11 June 2013. KPMG Channel Islands Limited
has carried out no procedures of any nature subsequent to 11 June
2013 which in any way extends this date.
Consolidated Statement of Comprehensive Income
For the period from 2 September 2012 to 31 March 2013
2 September
2012 to
31 March
2013
Note GBP000
Expenses
Administration expenses 4 (25)
Other operating expenses (30)
Result from operating activities (55)
Financing
Finance costs 7,9 (1,160)
Total finance costs (1,160)
Tax 5 -
Total comprehensive loss for the
period (1,215)
Notes 1 to 13 form part of these consolidated financial
statements.
Consolidated Statement of Changes in Equity
For the period from 2 September 2012 to 31 March 2013
Note Share Capital Accumulated Total
Capital Contribution Loss
GBP000 GBP000 GBP000 GBP000
Balance as at - - - -
2 September 2012
Issue of ordinary 10 - - - -
share
Total comprehensive
loss for the period - - (1,215) (1,215)
Contribution by
parent company - 1,215 - 1,215
Balance as at
31 March 2013 - 1,215 (1,215) -
Notes 1 to 13 form part of these consolidated financial
statements.
Consolidated Balance Sheet
As at 31 March 2013
31 March
2013
Note GBP000
Non-current assets
Amount due from parent company 8 22,088
Other assets 7 463
Total non-current assets 22,551
Current assets
Other assets 7 182
Total current assets 182
Total assets 22,733
Non-current liabilities
Zero dividend preference shares 9 (22,720)
Total non-current liabilities (22,720)
Current liabilities
Accounts payable and accruals (13)
Total current liabilities (13)
Total liabilities (22,733)
Net assets -
Equity
Share capital 10 -
Capital contribution 1,215
Accumulated loss (1,215)
Total equity -
These consolidated financial statements were approved by the
Board of Directors on 11 June 2013 and signed on its behalf by:
Robert Sinclair
Director
Notes 1 to 13 form part of these consolidated financial
statements.
Consolidated Statement of Cash Flows
For the period ended 31 March 2013
2 September
2012 to
31 March
2013
Note GBP000
Investing activities
Purchase of subsidiary 6 -
Cash flows from investing activities -
Financing activities
Borrowings repaid 9 (35,636)
Borrowings drawn 9 22,000
Net loan from parent company 14,365
Financing costs 7 (729)
Cash inflows from financing activities -
Net movement in cash and cash equivalents -
Cash and cash equivalents at beginning -
of period
Cash and cash equivalents at end -
of period
Notes 1 to 13 form part of these consolidated financial
statements.
Notes to the Consolidated Financial Statements
For the period from 2 September 2012 to 31 March 2013
1. General information
Picton ZDP Limited (the "Company" and together with its
subsidiary the "Group") was incorporated on 2 September 2012 and is
registered in Guernsey. The Company is a wholly owned subsidiary of
Picton Property Income Limited, (the "Parent"), which is an
investment company registered in Guernsey.
The financial statements are prepared for the period from 2
September 2012 to 31 March 2013.
2. Significant accounting policies
Basis of accounting
The financial statements have been prepared under the historical
cost convention, they give a true and fair view, have been prepared
in accordance with International Financial Reporting Standards
("IFRS") as issued by the IASB and are in compliance with the
Companies (Guernsey) Law, 2008.
The financial statements are presented in pounds sterling which
is the Company's functional currency. All financial information
presented in pounds sterling has been rounded to the nearest
thousand, except when otherwise indicated.
The Directors believe that new standards which are in issue but
not yet operative or adopted by the Company will not have a
material impact on the financial statements of the Company.
Going Concern
The financial statements have been prepared on a going concern
basis. The Parent has agreed to support the Company's obligations
and has agreed to certain protections to ensure the Parent does not
make distributions or returns of capital without retaining
sufficient capital to meet its obligations to the Company.
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and IRET Securities Limited ("IRET"), an
entity controlled by the Company at the reporting date. Control is
achieved where the Company has the power to govern the financial
and operating policies of an investee entity so as to obtain
benefits from its activities. All intra-group transactions,
balances, income and expenses are eliminated on consolidation.
The results of IRET have been consolidated from 12 September
2012, being the date of acquisition. It is expected that on
completion of IRET's liquidation there will no longer be
consolidated accounts.
Principles for the Statement of Cash flows
The Statement of Cash Flows has been drawn up according to the
indirect method, separating the cash flows from operating
activities, investing activities and financing activities. The net
result has been adjusted for amounts in the Consolidated Statement
of Comprehensive Income and movements in the Consolidated Balance
Sheet which have not resulted in cash income or expenditure in the
relating period.
The cash amounts in the Consolidated Statement of Cash Flows
include those assets that can be converted into cash without any
restrictions and without any material risk of decreases in value as
a result of the transaction. Dividends that have been paid are
included in the cash flow from financing activities.
Notes to the Consolidated Financial Statements
For the period from 2 September 2012 to 31 March 2013
(continued)
2. Significant accounting policies (continued)
Capital contribution
Capital contributions from the Parent are recognised in the
financial statements to meet current and future obligations of the
Company in accordance with the Contribution Agreement entered into
between the Parent and the Company on 12 September 2012.
Loans and borrowings
All loans and borrowings are initially recognised at cost, being
the fair value of the consideration received associated with the
borrowing. After initial recognition, loans and borrowings are
subsequently measured at amortised cost using the effective
interest rate method. Amortised cost is calculated by taking into
account any issue costs, and any discount or premium on settlement.
Gains and losses are recognised in the Consolidated Statement of
Comprehensive Income when the liabilities are derecognised, as well
as through the amortisation process.
Significant estimates and judgements
The preparation of financial statements in conformity with IFRS
requires management to make judgements, estimates and assumptions
that affect the application of policies and the reported amounts of
assets, liabilities, income and expenses. The estimates and
associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making
judgements about the carrying values of assets and liabilities that
are not readily apparent from other sources. No critical judgements
or estimates have been made by the Directors in the period.
3. Operating segments
The Board sets the Company's strategy in accordance with the
principal objective and therefore retains full responsibility for
investment policy and strategy. The Board will always act under the
terms of the Prospectus. The Board has considered the requirements
of IFRS 8 'Operating Segments'. The Board is of the opinion that
the Company operates in one reportable industry segment therefore
no segmental reporting is required.
4. Administration expenses
2 September
2012 to 31
March 2013
GBP000
Administration fees 25
The Company receives administration services from Picton Capital
Limited, a fellow subsidiary of Picton Property Income Limited. The
fees payable are fixed at GBP20,000 per annum.
Additional fees of GBP15,000 are included within administration
fees for services provided by Picton Capital Limited in connection
with the ZDP Share issue.
5. Tax
The Directors conduct the affairs of the Company such that the
management and control of the Company is not exercised in the
United Kingdom and that the Company does not carry on a trade in
the United Kingdom.
The Company is exempt from Guernsey income tax under the Income
Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and is charged an
annual exemption fee of GBP600.
Notes to the Consolidated Financial Statements
For the period from 2 September 2012 to 31 March 2013
(continued)
6. Investment in subsidiary
The Company had the following principal subsidiary as at 31
March 2013:
Place of Ownership
Incorporation proportion
IRET Securities Limited (in liquidation) Guernsey 100%
The results of the above entity are consolidated within the
Group financial statements.
On 12 September 2012 the Company acquired the entire share
capital of IRET Securities Limited ("IRET") from its Parent for a
consideration of GBP1. IRET is a Guernsey registered company, its
principal investment objective is to issue zero dividend preference
shares ("2012 ZDP shares") with a predetermined final capital
entitlement.
IRET was placed into liquidation on 31 October 2012 following
full repayment of its 2012 ZDP shares. It has been consolidated by
virtue of the Company's listing and it is expected that on
completion of the liquidation there will no longer be consolidated
accounts.
7. Other assets
31 March
2013
GBP000
Current
Capitalised issue costs 182
Non-current
Capitalised issue costs 463
645
Issue costs totalling GBP729,000 have been capitalised and are
being amortised over the term of the ZDP share issue. For the
period ended 31 March 2013, GBP84,000 of these costs were written
off to the Statement of Comprehensive Income.
The remaining 2012 ZDP share issue costs of GBP63,000 were also
written off to the Statement of Comprehensive Income in the
period.
8. Amounts due from parent company
2 September
2012 to
31 March
2013
GBP000
Loan due from parent at acquisition 37,042
Parent loan issued 21,271
Additions under contribution agreements 1,215
Repayments (37,440)
22,088
Funds raised through the ZDP share issue, after the deduction of
issue costs of GBP729,000 (see note 7), totalled GBP21,271,000.
These funds have been transferred to the Parent as a non-interest
bearing loan repayable on demand according to the Loan agreement
dated 12 September 2012.
On acquisition of IRET Securities Limited the Group recognised a
loan due from the Parent of GBP37,042,000. This was repaid in full
during the period.
Notes to the Consolidated Financial Statements
For the period from 2 September 2012 to 31 March 2013
(continued)
8. Amounts due from parent company (continued)
On 12 September 2012 the Company entered into a Contribution
Agreement with the Parent. The agreement provides an undertaking by
the Parent to pay any costs and expenses incurred by the Company in
respect of its operation and the continuation of its business and
to enable the Company to meet its payment obligations in respect of
the ZDP shares. The Parent has agreed to support the Company's
obligations and has agreed to certain protections to ensure the
Parent does not make distributions or returns of capital without
retaining sufficient capital to meet its obligations to the
Company. The Parent provided an undertaking of costs totalling
GBP822,000, of which GBP5,000 was settled by the Parent during the
period.
A Contribution Agreement is also in place between IRET
Securities Limited and Picton Property Income Limited. The
agreement provides an undertaking to pay any costs and expenses
incurred by IRET. During the period the Parent provided an
undertaking of costs totalling GBP393,000 which were settled in
full by the Parent.
9. Zero dividend preference shares
2012 ZDP ZDP Shares 31 March
Shares 2013
GBP000 GBP000 GBP000
Share issue - 22,000 22,000
Share acquisition 35,343 - 35,343
Capital additions 293 720 1,013
Share repayment (35,636) - (35,636)
- 22,720 22,720
The Company issued 22,000,000 zero dividend preference shares
('ZDP shares') at 100 pence per share. The ZDP shares have an
entitlement to receive a fixed cash amount on 15 October 2016,
being the maturity date, but do not receive any dividends or income
distributions. Additional capital accrues to the ZDP shares on a
daily basis at a rate equivalent to 7.25% per annum, resulting in a
final capital entitlement of 132.2 pence per share. The ZDP shares
were listed on the London Stock Exchange on 15 October 2012.
At the reporting date the Company has accrued for GBP720,000 of
additional capital. The total amount repayable at maturity is
GBP29,114,000.
The ZDP shares do not carry the right to vote at general
meetings of the Company, although they carry the right to vote as a
class on certain proposals which would be likely to materially
affect their position. In the event of a winding-up of the Company,
the capital entitlement of the ZDP shares (except for any
undistributed revenue profits) will rank ahead of ordinary shares
but behind other creditors of the Company.
On 12 September 2012 the Company obtained control of IRET
Securities Limited, recognising zero dividend preference shares of
GBP35,343,000 at the date of acquisition ("2012 ZDP Shares"). The
2012 ZDP Shares accrued capital additions on a daily basis at a
rate equivalent to 6.875% per annum, and were repaid in full on the
31 October 2012, being the maturity date.
10. Share capital
The Company has one class of share which carries no right to
fixed income. The authorised share capital of the Company is one
ordinary share issued at GBP1. On 2 September 2012 the Company
issued one ordinary share at par value.
Notes to the Consolidated Financial Statements
For the period from 2 September 2012 to 31 March 2013
(continued)
11. Risk management
The Group's principal investment objective is to provide the ZDP
shares with a predetermined final capital entitlement. The
Directors regularly monitor and review all the risks noted
below.
General risk
An investment in ZDP shares is suitable only for investors
capable of evaluating the risks and merits of such investment and
who have sufficient resources to bear any loss (including total
loss) which may result from the investment. Although the Parent has
entered into an undertaking to meet the Company's liabilities,
essentially all risks are borne by the holders of ZDP shares. The
market offer price of the ZDP shares at 31 March 2013 was 107.5p
per share.
Credit risk
The obligations of the Parent to repay the ZDP shares and
discharge its obligations pursuant to the undertakings will be
subordinated to the claims of the Parent's other creditors on a
winding up. If at the repayment date the Parent has insufficient
assets, then its obligations to repay the ZDP shares may be
satisfied only in part or not at all.
Accordingly the Group may have insufficient assets to satisfy
the current or final capital entitlement of the ZDP shares.
Liquidity risk
The Company's exposure to liquidity risk depends upon the
Parent's ability to promptly meet all current and future
obligations of the Company. The Parent's liquidity risk is the
risks that it will encounter in realising assets or otherwise
raising funds to meet its financial commitments. The Parent invests
in commercial property in which there is a market where investments
are not always readily realisable.
Interest rate risk
Returns from ZDP shares are fixed at the time of purchase, as
are the final redemption proceeds. Consequently, if a share is held
until redemption date, the total return achieved is unaltered from
its purchase date.
Capital risk management
The capital structure of the Company consists of zero dividend
preference shares, as disclosed in note 9, cash and cash
equivalents and equity attributable to the Parent comprising issued
capital and retained earnings. The Company is not subject to any
external capital requirements. The Company has entered into a
Contribution Agreement with its Parent to meet any liabilities
arising from the Company's operations.
12. Controlling and related parties
The Company is wholly owned by Picton Property Income Limited
(the "Parent"), a Guernsey registered company. The Parent is
therefore the immediate and ultimate controlling party.
On 12 September 2012 the Parent entered into a Contribution
Agreement with the Company to provide an undertaking to pay any
costs and expenses incurred in respect of the operation and
continuation of the Company's business. As at 31 March 2013 the
Parent owed GBP817,000 to the Company under the Contribution
Agreement.
The Company also entered into a non-interest bearing Loan
agreement with the Parent dated 12 September 2012. As at 31 March
2013 the Parent owed GBP21.3 million to the Company under the Loan
Agreement.
Notes to the Consolidated Financial Statements
For the period from 2 September 2012 to 31 March 2013
(continued)
12. Controlling and related parties (continued)
On 12 September 2012 the Company acquired the entire share
capital of IRET Securities Limited from the Parent for a
consideration of GBP1. A Contribution Agreement is also in place
between IRET Securities Limited and Picton Property Income Limited.
As at 31 March 2013 GBPnil was outstanding under the Contribution
Agreement.
Picton Capital Limited, a fellow subsidiary of the Parent, was
paid administration expenses in the period of GBP25,000 by the
Group. As at 31 March 2013 the Group owed GBP5,000 to Picton
Capital Limited.
The Directors received no remuneration for their services to the
Company during the period.
13. Events after the balance sheet date
There are no subsequent events that require disclosure in these
financial statements.
Company Information
Directors Registered Office
Nicholas Thompson (Chairman) Trafalgar Court
Trevor Ash Les Banques
Vic Holmes St Peter Port
Roger Lewis Guernsey
Robert Sinclair GY1 3QL
Administrator, Registrar and Secretary Auditor
Northern Trust International Fund Administration KPMG Channel Islands
Services (Guernsey) Limited Limited
PO Box 255, Trafalgar Court 20 New Street
Les Banques St Peter Port
St Peter Port Guernsey
Guernsey GY1 4AN
GY1 3QL
Investment Manager to Parent Crest Service Provider
Picton Capital Limited Computershare Investor
28 Austin Friars Services (Jersey) Limited
London Queensway House
EC2N 2QQ Hilgrove Street
St Helier
Jersey
JE1 1ES
Legal Advisors Broker to the Parent
As to English Law JP Morgan Securities
Norton Rose LLP Limited
3 More London Riverside 25 Bank Street
London London
SE1 2AQ E14 5JP
As to Guernsey Law Oriel Securities Limited
Carey Olsen 150 Cheapside
PO Box 98 London
Carey House EC2V 6ET
Les Banques
St Peter Port
Guernsey
GY1 4BZ
This information is provided by RNS
The company news service from the London Stock Exchange
END
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