Webb Capital · PDF file · 2013-09-27Webb Capital plc Page 2 Directors, Secretary...

Annual Report and Accounts For the year ended 31 December 2011

Webb Capital Plc

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Webb Capital plc

Page 1

Contents

Page Directors, Secretary and Advisers 2

Directors’ Biographies 3

Chairman’s Statement 4

Directors’ Report 5

Directors’ Responsibilities Statement 8

Independent Auditor’s Report to the Members of Webb Capital plc 9

Consolidated Statement of Total Comprehensive Income 11

Consolidated Statement of Financial Position 12

Parent Company Statement of Financial Position 13

Statement of Changes in Equity 14

Group and Parent Company Cash Flow Statement 15

Notes to the Accounts 16

Notice of Annual General Meeting 28

Notes to Notice of Annual General Meeting 29

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Directors, Secretary and Advisers DIRECTORS

Christopher Marsh* Chairman Peter Webb Chief Executive Officer David Weir*

*Non-Executive

COMPANY SECRETARY

John Shaw

REGISTERED NUMBER

06313858

REGISTERED OFFICE

Bow House 1A Bow Lane London EC4M 9EE

SOLICITORS

Memery Crystal 44 Southampton Buildings London WC2A 1AP

BROKER

Daniel Stewart & Company Plc Becket House 36 Old Jewry London EC2R 8DD

AUDITOR

HMT Assurance LLP Pennant House 1-2 Napier Court, Napier Road Reading Berkshire RG1 8BW

REGISTRARS

Share Registrars Limited Suite E, First Floor 9 Lion and Lamb Yard Farnham GU9 7LL

BANKERS

Lloyds TSB 39 Threadneedle Street London EC2R 8AU

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Directors’ Biographies Details of the Directors and their backgrounds are as follows: Christopher Marsh (aged 68) Chairman

Chris Marsh is a corporate broker by background, having joined Phillips & Drew in 1968 and headed the Small Cap broker team at UBS Limited (London) in 1993 until his retirement from UBS Limited (London) in 1998. From 1999 until 2004 he was part of a corporate advisory team at Benfield Group Limited, specialising in insurance related deals.

Chris Marsh is currently a non-executive director of Hilton Food Group plc and non-executive Chairman of Framlington AIM VCT2 plc.

Peter Webb (aged 52) Chief Executive Officer

Peter Webb has worked in the City for almost 30 years and has established a strong reputation amongst business people and investors for his knowledge, innovative approach and track record of investing in UK smaller companies.

Prior to joining Webb Capital, Webb was the founder and Chief Executive of Unicorn Asset Management Ltd, which he established and managed from March 2000 to July 2008.

He is the recipient of multiple awards for UK smaller companies fund management, and has also created and managed many new investment funds and companies. These include: the Unicorn Free Spirit Fund, Eaglet Investment Trust PLC, Falcon Investment Trust PLC, Unicorn AIM VCT PLC, Acorn Income Fund and Osprey Smaller Companies Income Fund.

Peter began his fund management career at Thornton Investment Management Ltd in January 1988 and subsequently established his first fund management company, CW Asset Management in 1993. He sold CW to Rutherford Asset Management Ltd in 1995 where he became Investment Director until it was acquired by Close Brothers in 1996.

Following a management buy-out in association with Granville Holdings Ltd, a private bank, Peter assumed responsibility for building its institutional fund management business and served as a main board director of Granville until its takeover by Robert W. Baird Ltd in 2000, at which time he left to create Unicorn.

David Weir (aged 65) Non-executive Director

David Weir is a Chartered Accountant and held a number of financial roles in industry before becoming group chief executive of Caird Group plc, a listed waste management company, up until its takeover by Shanks plc.

Since that time he has become a non-executive director of a number of public and private companies including Dee Valley Group plc and Property Recycling Group plc.

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Chairman’s Statement Overview The year under review turned out to be somewhat disappointing compared to our initial expectations. Difficult economic and market conditions prevailed for most of the period and it was therefore a struggle to make satisfactory progress. Towards the end of the first half of the year it became clear to the Board that a number of personnel changes were necessary and in the short term at least this caused further disruption to business.

During the second half of the year overheads were further reduced and management focussed on a number of potential acquisition targets that were thought suitable to achieve scale in a quicker time frame than through organic growth alone. Unfortunately, despite a great deal of time spent and effort from management, none of these came to fruition.

Shareholders continued to support the Company financially and a further £340,000 of additional capital was raised for working capital purposes.

Towards the end of the year the Group engaged the services of a specialist sales person dealing in the resources sector. The reasons for this were two-fold. Firstly, the resources sector represents a major part of the smaller companies universe and we see many business opportunities within the sector and secondly, in anticipation of a deal with a substantial advisory business, who in addition to their strong Middle East presence also have significant ambitions for expansion in Canadian resources markets.

Since the year end, the Company has entered an agreement with Markab Capital, a substantial investor in PLUS Markets and advisor to a number of family offices in the Middle East. Whilst it is too early for the Board to predict the absolute potential of this venture, it would be fair to say that early discussions point to a significant opportunity for both parties.

In the light of the strategic partnership with Markab, the Board has decided to simplify the Group structure and bring about more effective use of capital by rationalising regulatory licences to focus on the development of advisory and broking activities.

The Board continue to support management in their pursuit of acquisitions and new clients and continue to believe that there exists a good opportunity for the development of a traditional merchant bank style advisory business within the UK smaller business sector.

Financial Results

The operating loss for the year was some £603,000. Against this, in conformance with IFRS, the investments held were re-valued so as to mark to market, giving an uplift of some £192,000 before provisions made for deferred tax. At the year-end the group held some £196,000 of cash and reported net assets of £465,000 – with no intangible goodwill being included.

Annual General Meeting

Our Annual General Meeting will be held at the offices of the Company, Bow House, 1A Bow Lane, London EC4M 9EE on Tuesday, May 8, 2012 at 11.00 a.m. and we welcome shareholders to attend our meeting and to meet our directors and staff.

Christopher Marsh Chairman 26 March 2012

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Directors’ Report The Directors present their report together with the audited financial statements for the year ended 31 December 2011. Activities and business review The principal activity of Webb Capital plc and its subsidiary undertakings (“the Group”) is the provision of financial intermediation which consists of private client and institutional stockbroking, investment management and the provision of corporate financial advice. Webb Capital plc (“the Company”) is the trading entity of the Group and is authorised and regulated by the Financial Services Authority and is a member of The London Stock Exchange. A review of the year is contained in the Chairman’s Statement on page 4. Results and dividends The results of the Group for the year are set out on page 11 and the Consolidated Statement of Financial Position on page 12.

Strategy and future developments The Group’s core strategy is to focus on delivering a high quality of service to clients. This entails giving our clients a personalised service delivered by experienced individuals. The Board intends to accelerate the development of the group’s activities through the acquisition of a business or business segment that can fit within the group and bring synergies with the group’s existing operations.

Risk management The Group is exposed to a number of business risks. The risk appetite of the Group is determined by the Board. In common with other businesses operating in a regulated financial services environment, and to a greater or lesser extent other business sectors, the Group has identified the following as the key risks and their mitigation:

• Market risk The Group is mainly exposed to market risk in respect of its capacity to raise capital for its clients, with investor appetite declining in adverse market conditions. Variations in the value of investments held by Webb Capital, acting as principal, are primarily mitigated by limiting the quantum of capital committed to the market in this way.

• Loss of staff Staff are a key asset in the business and retaining the services of key staff is essential to ongoing revenue generation and development of the business. All Directors are shareholders in the business with longstanding commitment to its prosperity.

• Operational risk There is a whole range of operational risks including reputational risks and the Group seeks to mitigate operational risk to acceptable residual levels, in accordance with its risk appetite policy. The Group’s controls include appropriate segregation of duties and supervision of staff; ensuring the suitability and capability of the employees; relevant training programmes that enable employees to attain and maintain competence, and identifying risks that arise from inadequacies or failures in processes and systems. Directors’ indemnities The Company has made qualifying third party indemnity provisions for the benefit of its Directors which were renewed during the year and remain in force at the date of this report.

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Directors’ Report (continued)

Directors’ interests - Shares The Directors who served during the year and to the date of this report and their beneficial interests, including those of their spouses, at the end of the year in the shares of the Company were as follows:

Ordinary 10p shares

at 31 December

2011

Ordinary 10p shares

at 31 December

2010 Christopher Marsh 273,300 153,300 Peter Webb* 2,726,695 2,043,400 David Weir 219,996 179,996 * Including family trusts

There have been no changes in the Directors’ shareholding since 31 December 2011. Directors’ interests - Share options Details of Directors’ options over ordinary shares are as follows: Number of options

At start of year

Granted during year

Exercised during year

Expired during year

At end of year

Exercise

price

Market price on date of exercise

Date from which exercisable

Peter Webb 800,000 - - - 800,000 15p - 22 March 2013

The closing mid-market price of the Company’s ordinary 10p shares at 31 December 2011 was 8.5p (2010 – 22p). Major shareholdings Shareholders holding more than 3% of the shares of the Company at the date of this report were: Ordinary

shares

% Peter Webb 2,726,695 28.74 Stephen Hazell-Smith 566,667 5.97 Paul Rackham 500,000 5.27 Peter Andrews 466,666 4.92 Barrie Newton 433,333 4.57 Hawk Investment Holdings Ltd 333,333 3.51

Capital Structure Details of the authorised and issued share capital, together with details of the movements in the Company’s issued share capital during the year are shown in note 19. The holders of Ordinary Shares are entitled to receive notice of and to attend and vote at any General Meeting of the Company. Every member present at such a meeting shall, upon a show of hands, have one vote. Upon a poll, holders of all shares shall have one vote for every share held. All ordinary shares are entitled to participate in any distributions of the Company’s profits or assets. There are no restrictions on the transfer of the Company's ordinary shares. Webb Capital plc's ordinary 10p shares are traded solely on the PLUS market. Supplier payment policy It is the Group’s policy to pay suppliers promptly on receipt of an accurate invoice. As at 31 December 2011 the number of creditor days in respect of trade creditors was 34 days (2010: 29 days). Financial Instruments Details regarding the Group’s use of financial instruments are given in note 21 to the financial statements.

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Directors’ Report (continued)

Key Performance Indicators During the financial year ended 31 December 2011 the Company’s gross revenues fell by 24%. Disclosure of information to auditor Each of the persons who is a Director at the date of approval of this annual report confirms that: (i) so far as the Director is aware, there is no relevant audit information of which the Company’s auditor is

unaware; and (ii) the Director has taken all the steps that he/she ought to have taken as a Director to make himself/herself

aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of Section s418 of the Companies Act 2006. Auditor The Directors review the terms of reference for the auditor and obtain written confirmation that the firm has complied with its relevant ethical guidance on ensuring independence. HMT Assurance LLP provide audit services to the Company and Group as well as tax compliance and advisory services. The Board reviews the level of their fees to ensure they remain competitive and to ensure no conflicts of interest arise. HMT Assurance LLP has expressed a willingness to continue in office as auditor and a resolution to reappoint them will be proposed at the forthcoming Annual General Meeting. by Order of the Board John Shaw Secretary 26 March 2012


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Directors’ Responsibilities Statement The Directors are responsible for preparing the Annual 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 the Directors are required to prepare the group financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and have also chosen to prepare the parent company financial statements under IFRSs as adopted by the EU. Under company law the Directors must not approve the financial statements unless they are satisfied that they 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, International Accounting Standard 1 requires that Directors: • properly select and apply accounting policies; • present information, including accounting policies, in a manner that provides relevant, reliable, comparable

and understandable information; • provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to

enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

• make an assessment of the company's ability to continue as a going concern. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements December differ from legislation in other jurisdictions. By Order of the Board Chief Executive Officer Peter Webb 26 March 2012

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Independent Auditor’s Report to the Members of Webb Capital plc We have audited the financial statements of Webb Capital plc for the year ended 31 December 2011 which comprise the Consolidated Statement of Total Comprehensive Income, the Consolidated and Parent Company Statements of Financial Position, the Group and Parent Company Statements of Changes in Equity, the Group and Parent Company Cash Flow Statements, and the related notes 1 to 22. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006. This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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 auditors’ 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 auditors As explained more fully in the Directors’ Responsibilities Statement, 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 and the parent company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the annual 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 and the parent company’s

affairs as at 31 December 2011 and of the group’s result for the year then ended; • the group financial statements have been properly prepared in accordance with IFRSs as adopted by the

European Union; • the parent company financial statements have been properly prepared in accordance with IFRSs as adopted

by the European Union and as applied in accordance with the provisions of the Companies Act 2006; and • the financial statements have been prepared in accordance with the requirements of the Companies Act

2006.

Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

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Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: • adequate accounting records have not been kept by the parent company, or returns adequate for our audit

have not been received from branches not visited by us; or • the parent company financial statements are not in agreement with the accounting records and returns; or • certain disclosures of directors’ remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit. Graham Hurst, Senior Statutory Auditor for and on behalf of HMT Assurance LLP Chartered Accountants and Statutory Auditors Reading United Kingdom 26 March 2012

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Consolidated Statement of Total Comprehensive Income For the year ended 31 December 2011 Notes 2011 2010

£ £

Continuing Operations Fee and commission income 3 172,597 226,304 Direct expenses 3 (64,889) (60,782) Net Revenue 107,708 165,522 Impairment of goodwill - (91,696) Gains on investments held for trading 14,874 - Operating expenses (725,511) (735,115) Operating loss 6 (602,929) (661,289) Finance costs 7 41 - Loss on ordinary activities before taxation (602,970) (661,289) Taxation (credit)/charge 8 (127) 7,395 Loss on ordinary activities after taxation (602,843) (668,684) Other comprehensive income Movement in unrealised appreciation of investments 192,560 - Deferred tax on movement in unrealised appreciation of investments (39,016) - Share based payments 43,174 36,886 Net other comprehensive income 196,718 36,886 Total comprehensive income attributable to equity shareholders (406,125) (631,798) Loss per ordinary share Basic and Diluted 9 7.28p 8.81p

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Consolidated Statement of Financial Position 31 December 2011

Company number 06313858

Notes 2011 2010

£ £

Non-current Assets Goodwill 10 - - Property, plant and equipment 11 37,917 51,768 Available-for-sale investments 13 192,564 - Total non-current assets 230,481 51,768 Current Assets Trade and other receivables 14 108,051 116,266 Investments held for trading 15 98,309 53,150 Cash and cash equivalents 16 196,221 488,756 Total current assets 402,581 658,172

Current liabilities

Trade and other payables 17 128,846 171,220 Current tax liabilities 8 - 7,395 Total current liabilities 128,846 178,615

Net current assets 273,735 479,557 Non-current liabilities Deferred taxation 18 (39,016) - NET ASSETS 465,200 531,325

EQUITY Share capital 19 1,170,801 981,468 Share premium 964,514 813,847 Revaluation reserve 153,544 - Share based payments reserve 80,060 36,886 Retained earnings (1,903,719) (1,300,876) SHAREHOLDERS’ EQUITY 465,200 531,325 These financial statements were approved by the Board of Directors and authorised for issue on 26 March 2012. Signed on behalf of the Board of Directors Peter Webb Chief Executive Officer

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Parent Company Statement of Financial Position 31 December 2011

Company number 06313858

Notes 2011 2010

£ £

Non-current Assets Property, plant and equipment 11 37,917 51,768 Investments in subsidiary undertakings 12 121,677 162,406 Available-for-sale investments 13 192,564 - Total non-current assets 352,158 214,174 Current Assets Trade and other receivables 14 95,978 222,527 Investments held for trading 15 98,309 53,150 Cash and cash equivalents 16 119,502 375,642 Total current assets 313,789 651,319

Current liabilities Trade and other payables 17 151,547 283,736 Current tax liabilities 8 - - Total current liabilities 151,547 283,736

Net current assets 162,242 367,583 Non-current liabilities Deferred taxation 18 (39,016) - NET ASSETS 475,384 581,757

EQUITY Share capital 19 1,170,801 981,468 Share premium 964,514 813,847 Revaluation reserve 153,544 - Share based payments reserve 80,060 36,886 Retained earnings (1,893,535) (1,250,444) SHAREHOLDERS’ EQUITY 475,384 581,757 These financial statements were approved by the Board of Directors and authorised for issue on 26 March 2012. Signed on behalf of the Board of Directors Peter Webb Chief Executive Officer

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Statement of Changes in Equity For the year ended 31 December 2011

Group Share

capital Share

premium Revaluation

reserve

Share based payments

reserve Retained earnings Total

£ £ £ £ £ £

Balance at 1 January 2010 370,188 390,937 - - (632,192) 128,933 Issue of share capital 569,550 370,940 - - - 940,490 Acquisition of subsidiary undertakings 41,730 51,970 - - - 93,700 Loss for the financial year - - - - (668,684) (668,684) Share based payments - - - 36,886 36,886

Balance at 1 January 2011 981,468 813,847 - 36,886 (1,300,876) 531,325 Issue of share capital 189,333 150,667 - - - 340,000 Revaluation of available-for-sale investments - - 192,560 - - 192,560 Deferred tax on revaluation of available-for-sale investments - -

(39,016) - - (39,016)

Loss for the financial year - - - - (602,843) (602,843) Share based payments - - - 43,174 - 43,174 Balance at 31 December 2011 1,170,801 964,514 153,544 80,060 (1,903,719) 465,200

Parent Company Share

capital Share

premium Revaluation

reserve

Share based payments

reserve Retained earnings Total

£ £ £ £ £ £

Balance at 1 January 2010 370,188 390,937 - - (617,713) 143,412 Issue of share capital 569,550 370,940 - - - 940,490 Acquisition of subsidiary undertakings 41,730 51,970 - - - 93,700 Loss for the financial year - - - - (632,731) (632,731) Share based payments - - - 36,886 - 36,886

Balance at 1 January 2011 981,468 813,847 - 36,886 (1,250,444) 581,757 Issue of share capital 189,333 150,667 - - - 340,000 Revaluation of available-for-sale investments - - 192,560 - - 192,560 Deferred tax on revaluation of available-for-sale investments - -

(39,016) - - (39,016)

Loss for the financial year - - - - (643,091) (643,091) Share based payments - - - 43,174 - 43,174 Balance at 31 December 2011 1,170,801 964,514 153,544 80,060 (1,893,535) 475,384

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Group and Parent Company Cash Flow Statement For the year ended 31 December 2011 2011 2010

Group Company Group Company

Notes £ £ £ £

Operating loss (602,970) (643,091) (661,289) (632,731) Expenses settled by the issue of share based payments 4 43,174 43,174 36,886 36,886 Impairment provisions 12 - 40,729 - - Depreciation of property, plant and equipment 12,420 12,420 9,961 9,961 Write off property, plant and equipment 1,000 1,000 - - Write-down of goodwill - - 91,696 - Unrealised revaluation of investments held for trading (14,874) (14,874) - - Bad debt provisions 40,000 40,000 - - (Increase)/decrease in receivables (31,785) 86,549 (110,635) (202,417) (Decrease)/increase in payables (42,374) (132,189) 122,682 194,698 Cash (used in)/from operations (595,409) (566,282) (510,699) (593,603) Tax paid (7,268) - - - Net cash (used in)/generated from operating activities (602,677) (566,282) (510,699) (593,603) Investing activities Proceeds on disposal of available-for-sale investments (4) (4) - - Purchases of available-for-sale investments - - (53,150) (53,150) Purchases of investments held for trading (30,285) (30,285) - - Proceeds on disposal of property, plant and equipment 431 431 - - Purchases of property, plant and equipment - - (61,729) (61,729) Payments to acquire subsidiary undertaking - - (12,800) Cash acquired with subsidiary undertaking - - 17,410 Net cash (used in)/generated from investing activities

(29,858) (29,858) (97,469) (127,679)

Financing activities Proceeds from issue of ordinary share capital 340,000 340,000 927,084 927,084 Net cash used in financing activities 340,000 340,000 927,084 927,084 Net (decrease)/increase in cash and cash equivalents (292,535) (256,140) 318,916 205,802 Cash and cash equivalents at beginning of year 488,756 375,642 169,840 169,840 Cash and cash equivalents at end of year 196,221 119,502 488,756 375,642

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Notes to the Accounts For the year ended 31 December 2011 1 Accounting policies General information Webb Capital plc is a limited company incorporated in Great Britain and registered in England and Wales, company number 06313858. The address of its registered office and principal place of business are disclosed in the Company Information page of the Financial Statements. The principal activities of the Company are described in the Directors’ Report.

(a) Basis of preparation These financial statements have been prepared in accordance with the requirements of IFRS implemented by the Group for the year ended 31 December 2011 as adopted by the European Union and International Financial Reporting Interpretations Committee and with the Companies Act 2006. The Group financial statements have been prepared under the historical cost convention, with the exception of financial instruments, which are stated in accordance with IAS 39 Financial Instruments: recognition and measurement. The principal accounting policies are set out below. (b) Going concern basis The Group’s activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report on pages 5 to 7. It also includes the Group’s objectives, policies and processes for managing its business risk objectives, which includes its exposure to credit, market and operational risks. The Group continues to conserve cash resources. After making enquiries, the Directors have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason the Directors continue to adopt the going concern basis in preparing the financial statements. (c) Basis of consolidation The Group financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefit from its activities. The results of subsidiaries acquired during the year are included in the Consolidated Statement of Comprehensive Income from the effective date of acquisition as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. (d) Revenue recognition The Group follows the principles of IAS 18, ‘Revenue Recognition’, in determining appropriate revenue recognition policies. In principle, therefore, revenue is recognised to the extent that the economic benefits associated with the transaction will flow into the Group.

• Placing Commission: placing commission income and expenses are recognised on a trade date basis. • Fees: Corporate finance fees are recognised when earned with retainer fees being recognised over the

length of time of the agreement. (e) Segment reporting IFRS 8 requires that an entity disclose financial and descriptive information about its reportable segments, which are operating segments or aggregations of operating segments. Operating segments are identified on the basis of internal reports that are regularly reviewed by the Chief Executive Officer to allocate resources and to assess performance. Using the Group’s internal management reporting as a starting point the single reporting segment set out in note 3 has been identified. (f) Business combinations The acquisition of subsidiaries is accounted for using the purchase method. The cost of acquisition is measured as the aggregate of the fair values, at the date of exchange, of the assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree, plus any costs directly attributable to the business combination. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date.

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Notes to the Accounts For the year ended 31 December 2011


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(g) Goodwill Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest in the fair value of the identifiable assets and liabilities of a subsidiary, associate or jointly controlled entity at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any impairment. Goodwill which is recognised as an asset is reviewed for impairment at least annually. Any impairment is recognised immediately and is not subsequently reversed. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently where there is an indication that the unit December be impaired. If the recoverable amount of the cash-generating unit is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata on the basis of the carrying value of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill arising on acquisitions before the date of transition to IFRSs has been retained at the previous UK GAAP amounts subject to being tested for impairment at that date. (h) Property, plant and equipment All property, plant and equipment are shown at cost less subsequent depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of items. Depreciation is charged so as to write off the cost or valuation of assets over their useful economic lives, using the straight-line method, which is considered to be as follows: Office refurbishment - 5 years Office furniture and fittings - 4 years Computer equipment - 3 years The assets’ residual values and useful lives are reviewed, and if appropriate asset values are written down to their estimated recoverable amounts, at each balance sheet date. Gains and losses on disposals are determined by comparing proceeds with the carrying amounts, and are included in the income statement. (i) Impairment of intangible assets The Group’s policy is to amortise the intangible assets over the life of the contract. At each balance sheet date, the Group reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately. (j) Available-for-sale investments Available-for-sale investments are recognised and derecognised on a trade date where a purchase or sale of an investment is effected under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at cost. At subsequent reporting dates, available-for-sale investments are measured at fair value. Gains or losses arising from changes in fair value are recognised directly in equity, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity is included in the net profit or loss for the period. Impairment losses recognised in profit or loss are not subsequently reversed through profit or loss. The fair values of available-for-sale investments quoted in active markets are determined by reference to the current quoted bid price. Where independent market prices are not available, fair values may be determined using valuation techniques with reference to observable market data.

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(k) Trade and other receivables Trade and other receivables are measured at initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable amounts are recognised in profit or loss when there is objective evidence that the asset is impaired. The allowance recognised is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition. (l) Investments held for trading Investments held for trading, which from time to time may include warrants traded on an exchange, are measured at market value. (m) Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments that are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value. Such investments are normally those with original maturities of three months or less. (n) Trade and other payables Trade and other payables are measured at initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method. The Group accrues for all goods and services consumed but as yet unbilled at amounts representing management’s best estimate of fair value. (o) Equity instruments Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. (p) Share-based payments Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition. When the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the income statement over the remaining vesting period. Where equity instruments are granted to persons other than employees, the income statement is charged with the fair value of the goods and services received. (q) Taxation The tax expense represents the sum of the tax currently payable and the deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

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Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset where there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. (r) Foreign currencies The individual financial statements of each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the Group Financial Statements, the results and financial position of each Group company are expressed in pounds sterling, which is the functional currency of the Company, and the presentation currency for the Group Financial Statements. In preparing the financial statements of the individual companies, transactions in currencies other than the entity’s functional currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical costs in a foreign currency are not retranslated. Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in profit or loss for the period. Exchange differences arising on the retranslation of non-monetary items carried at fair value are included in profit or loss for the period except for differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognised directly in equity. For such non-monetary items, any exchange component of that gain or loss is also recognised directly in equity. (s) Leases Rentals payable under operating leases are charged to income on a straight-line basis over the term of the relevant lease. Benefits received and receivable as an incentive to enter into an operating lease are also spread on a straight-line basis over the lease term. 2 Critical accounting judgements and key uncertainties of estimation uncertainty In the application of the Group’s accounting policies, which are described in note 1, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period. Allowance for bad debts The Group makes provision for the element of fees which it believes will not be recovered from clients. This is based on past experience and detailed analysis of the outstanding fees position particularly with regard to the value of customers’ portfolios relative to the fees owed. Fair value of investments The Group currently holds investments as an available-for-sale financial asset and measured at fair value at the balance sheet date. The underlying shares do not trade in an active market, and therefore fair value is calculated with reference to the most recently published financial statements and other available information, using a Directors’ valuation. Impairment The assets on the balance sheet are reviewed for any indications of impairment. This is done with reference to the recoverability and market value of the assets concerned but may involve an element of judgement or estimation in determining whether there are any indications of impairment and if so, the extent of any impairment loss.

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3 Revenues and segmental analysis IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Executive to allocate resources to the segments and to assess their performance. In contrast, the predecessor Standard (IAS 14 Segment Reporting) required the Group to identify two sets of segments (business and geographical), using a risks and returns approach, with the Group’s system of internal financial reporting to key management personnel serving only as the starting point for the identification of such segments. Nevertheless, as a result, following the adoption of IFRS 8, the identification of the Group’s single reportable segment, being UK-based financial intermediation, has not changed. Within this single reportable segment, total revenue comprises: 2011 2010

£ £

Corporate finance and advisory fees 128,762 224,315 Commission receivable 3,000 - Other charges rendered 40,835 1,989 172,597 226,304 Commission payable (44,000) - Other costs (20,889) (60,782) (64,889) (60,782) Net Revenues 107,708 165,522

Substantially all revenue in the current and prior year is generated in the UK and derives solely from the provision of financial intermediation.

4 Staff remuneration and costs Remuneration policies are recommended to the Board by the Remuneration Committee. The Committee consists of David Weir (Chairman), and Christopher Marsh. Remuneration for executives comprises basic salary, a performance-related bonus, and other benefits in kind, and may include share options. The average number of employees, including Directors, employed by the company within each category of persons, and their aggregate remuneration was: 2011 2011 2010 2010

No. £ No. £

Advisory 2 114,583 - - Administration 4 128,842 6 265,209 6 240,425 6 265,209

Employees’, including Directors’, costs comprise: 2011 2010

£ £

Wages, salaries and other staff costs 240,425 265,209 Share based payments 43,174 36,886 Social security costs 16,051 5,258 299,650 307,353

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5 Directors (a) Directors’ emoluments comprise: 2011 2010

£ £

Emoluments 93,840 105,904 Highest paid Director’s remuneration: Emoluments 80,000 90,000

Information regarding Directors’ share options is shown under Directors’ Interests in the Directors’ Report.

6 Operating loss 2011 2010

£ £

The operating loss is arrived at after charging: Auditors’ remuneration: Fees payable to the Company’s auditors:

- for the audit of the Company’s annual accounts

15,000

9,500 Non-audit fees:

- Tax services 1,750 Net foreign exchange losses 424 Depreciation of property, plant and equipment 12,420 9,961 Operating lease rentals - Land and buildings 57,817 20,592

The loss for the financial year dealt with in the financial statements of the parent Company was £643,091 (2010 –£632,731) before dividend. As permitted by Section 408 of the Companies Act 2006, no separate income statement is presented in respect of the parent Company.

7 Finance costs 2011 2010

£ £

Interest payable: Bank loans, overdrafts and other interest payable 41 -

--

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8 Tax Analysis of tax charge on ordinary activities: 2011 2010

£ £

Current tax Current year - 7,395 Prior year adjustment (127) Total tax charge (to Statement of Comprehensive Income) (127) 7,395

Factors affecting the tax charge for the year The standard rate of tax for the year, based on the United Kingdom standard rate of corporation tax, is 26% (2010: 28%). The charge for the year can be reconciled to the loss per the Statement of Comprehensive Income as follows: 2011 2010

£ £

Loss before tax (602,970) (661,289)

Charge on loss on ordinary activities at standard rate (156,772) (185,161) Effect of: Income not taxable (3,867) - Expenses not deductible in determining taxable profit 2,121 25,726 Utilisation of losses brought forward (6,046) 2,314 Losses carried forward 164,833 165,017 Movement in deferred tax unrecognised - (501) Small company relief (269) - Adjustment to tax charge in respect of prior years (127) - (127) 7,395

9 Loss per share Basic loss per share has been calculated by dividing the loss on ordinary activities after taxation by the weighted average number of shares in issue during the year. Diluted loss per share is basic earnings per share adjusted for the effect of conversion into fully paid shares of the weighted average number of share options during the year. None of the share based payments were potentially dilutive at the year end and so there is no difference between the basic and diluted loss per share.

31 December 2011

Basic and Diluted

£

Loss on ordinary activities after taxation 602,843 Adjustment to reflect impact of dilutive share options - Earnings 602,843 Number of shares 8,281,770 Earnings per share (pence) 7.28p

31 December 2010

Basic and Diluted

£

Loss on ordinary activities after taxation 668,684 Adjustment to reflect impact of dilutive share options - Earnings 668,684 Number of shares (000’s) 7,593,551 Earnings per share (pence) 8.81p

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10 Goodwill Group

Positive goodwill arising out of acquisitions £

Cost At 1 January 2010 - Additions recognised upon further consideration paid on acquisition of a subsidiary

91,696

At 1 January 2011 91,696 Additions - At 31 December 2011 91,696 Accumulated impairment losses At 1 January 2010 - Impairment losses for the year 91,696 At 1 January 2011 91,696 Impairment losses for the year - At 31 December 2011 91,696 Carrying amount At 31 December 2011 - At 1 January 2011 - At 1 January 2010 -

11 Property, plant and equipment

Leasehold improvements

Fixtures and fittings

IT Equipment

Total

Group and Company £ £ £ £

Cost At 1 January 2010 - - - - Additions 3,269 24,345 34,115 61,729 Disposals - - - - At 1 January 2011 3,269 24,345 34,115 61,729 Additions - - - - Disposals and write-offs - (1,000) (993) (1,993) At 31 December 2011 3,269 23,345 33,122 59,736 Accumulated depreciation At 1 January 2010 - - - - Charge for the year 654 4,869 4,438 9,961 Disposals At 1 January 2011 654 4,869 4,438 9,961 Charge for the year 928 4,669 6,823 12,420 Disposals - - (562) (562) At 31 December 2011 1,582 9,538 10,699 21,819 Net book value At 31 December 2011

1,687

13,807

22,423

37,917

At 31 December 2010 2,615 19,476 29,677 51,768 At 31 December 2009 - - - -

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12 Investment in subsidiary undertakings 2011 2010

Company £ £

Cost at 1 January 2011 162,406 - Additions - 162,406 Impairment provision (40,729) - Cost at 31 December 2011 121,677 162,406

The following are the principal subsidiaries of the Company at 31 December 2011 and at the date of these financial statements.

Incorporated in the UK:

Class of shares

Proportion of Nominal value and voting rights held by parent company Nature of business

Webb Capital Advisory Limited Ordinary 100% Corporate finance advisory Webb Capital Asset Management Limited Ordinary 100% Fund management

13 Available-for-sale investments 2011 2010

Group and Company £ £

Listed - - Unlisted 192,564 - Available-for-sale investments carried at fair value 192,564 -

The shares included above represent investments in equity securities that present the Group with the opportunity for return through dividend income and capital gains. These shares are not held for trading and are accordingly classified as available-for-sale.

14 Trade and other receivables 2011 2010 Group Company Group Company

£ £ £ £

Trade receivables 9,001 - 1,210 1,048 Amount owed by group undertakings - 58,029 169,479 9,001 58,029 1,210 170,527 Taxation receivables 9,856 6,589 2,223 - Other debtors 8,000 8,000 52,000 52,000 Prepayments and accrued income 81,194 23,360 60,833 - 108,051 95,978 116,266 222,527

Trade receivables Included in the Group’s trade receivables balance are debtors with a carrying amount of £nil (2010 – £1,210) which are past due at the reporting date for which the Group has not provided as there has not been a significant change in credit quality and the amounts are still considered recoverable.

Ageing of past due but not impaired trade receivables: 2011 2010

£ £

0 – 15 days - - 16 – 30 days - - 31 – 60 days - 1,210 - 1,210

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15 Investments held for trading 2011 2010 Group Company Group Company

£ £ £ £

Unlisted 98,309 98,309 53,150 53,150

The shares included above represent investments in listed equity securities that present the group with opportunity for return through dividend income and trading gains.

16 Cash and cash equivalents Cash and cash equivalents comprises cash held at bank.

17 Trade and other payables 2011 2010 Group Company Group Company

£ £ £ £

Trade payables 73,860 73,660 62,531 62,189 Amount owed to group undertakings - 36,401 - 126,703 73,860 110,061 62,531 188,892 Sundry creditors and accruals 48,200 34,700 59,845 46,000 Tax payable 6,786 6,786 48,844 48,844 128,846 151,547 171,220 283,736

18 Deferred Taxation 2011 2010 Group Company Group Company

£ £ £ £

Deferred tax on movement in unrealised appreciation of investments

39,016

39,016

-

-

39,016 39,016 - -

Reconciliation of deferred tax liabilities: Group Company

£ £

Balance at 1 January 2011 - - Tax expense recognised in Statement of Comprehensive Income

39,016

39,016

Balance at 31 December 2011 39,016 39,016

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19 Called up share capital 2011 2010

No. of shares £ No. of shares £

Allotted and fully paid: Ordinary shares of 10p At 1 January 2011 7,593,551 759,355 1,480,752 148,075 Issued in year 1,893,335 189,333 6,112,799 611,280 At 31 December 2011 9,486,886 948,688 7,593,551 759,355 Deferred shares of 15p 1,480,752 222,113 1,480,752 222,113 1,170,801 981,468

Pursuant to placings, on 14 February 2011 the company issued 560,000 new Ordinary Shares at an issue price of 25 pence per share and on 7 November 2011 the company issued 1,333,335 new Ordinary Shares at an issue price of 15 pence per share. Subscribers to the shares issued on 7 November 2011 were granted 1 warrant for each Ordinary Share subscribed, exercisable at 15p per share at any time during the 3 years commencing 1 January 2012. Of the 1,333,335 warrants thus issued, directors’ interests include 100,000 issued to Christopher Marsh and 367,667 to family trusts of Peter Webb. Options At 31 December 2011, options to subscribe for 800,000 new Ordinary Shares in the Company were in issue as follows:

No. of warrants

At 31 December 2010 1,440,000 Lapsed during the year (640,000)

At 31 December 2011 800,000 The outstanding options are exercisable as follows:

Staff options issued:

No. of warrants

Exercise price

Exercisable

- during 2010 800,000 15p From 22 March 2013 and expiring 21 March 2020

At 31 December 2011 800,000

The interests of the Directors in the above options are set out in the Directors’ Report. The options outstanding at 31 December 2011 had a weighted average price of 15 pence and a weighted average remaining contractual life of 8 years, 83 days.

20 Financial commitments Operating leases At 31 December 2011 the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows:

2011 2010

Land and buildings Other

Land and buildings Other

£ £ £ £

In the next year 17,500 - 0 - In the second to fifth years inclusive 35,000 - 61,776 - Total commitment 52,500 - 61,776 -

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21 Financial instruments Capital risk management The Group manages its capital to ensure that it will be able to continue as a going concern while maximising the return to stakeholders. The Group’s capital structure primarily consists of equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings. The Group has no debt.

Liquidity risk management The Group manages liquidity risk by maintaining adequate reserves and by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. In respect of counterparty creditors and trade payables the amounts due are all payable between 0 and 15 days.

Significant accounting policies Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis for measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument, are disclosed in the accounting policies in note 1.

Categories of financial instruments 2011 2010 Group Company Group Company £’000 £’000 £’000 £’000

Available-for-sale investments 192,564 192,564 - - Loans and receivables - Trade and other receivables 108,051 95,978 116,266 222,527 Loans and receivables - Cash and cash equivalents 196,221 119,502 488,756 375,642 Investments held for trading 98,309 98,309 53,150 53,150 Financial liabilities at amortised cost - Trade and other payables

(196,221)

(151,547)

(171,220)

(283,736)

The carrying value of each class of financial asset denoted above approximates to its fair value.

22 Related party transactions

Transactions between the Company and its subsidiaries which are related parties, have been eliminated on consolidation and are not disclosed in this note as they are not material. Directors’ transactions Details of Directors’ interests in ordinary shares and in share options are as disclosed in the Directors’ Report, together with details of other significant holdings in the equity of the Company. The Company has no ultimate controlling party.

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Notice of Annual General Meeting Notice is hereby given that an Annual General Meeting of Webb Capital plc will be held at the offices of the Company, Bow House, 1A Bow Lane, London EC4M 9EE on Tuesday, May 8, 2012 at 11.00 a.m. for the following purposes:

Ordinary Business: 1. To receive the Report of the Directors and Auditors and the Accounts for the year ended 31 December

2011. 2. To re-elect Peter Webb as a Director of the company. 3. To reappoint HMT Assurance LLP as auditors and to authorise the Board to fix their remuneration.

Special Business To consider and, if thought fit, to pass the following Resolutions which will be proposed as to Resolution 4 as an ordinary Resolution and as to Resolution 5 as a special Resolution: 4. That, in accordance with section 551 of the Companies Act 2006 ("2006 Act"), the Directors be

generally and unconditionally authorised to allot shares in the Company or grant rights to subscribe for or to convert any security into shares in the Company ("Rights") up to an aggregate nominal amount of £10,000,000 provided that this authority shall, unless renewed, varied or revoked by the Company, expire on the date which is 15 months after the date of the general meeting save that the Company may, before such expiry, make an offer or agreement which would or might require shares to be allotted or Rights to be granted and the Directors may allot shares or grant Rights in pursuance of such offer or agreement notwithstanding that the authority conferred by this resolution has expired. This authority is in substitution for all previous authorities conferred on the Directors in accordance with section 80 of the Companies Act 1985 or section 551 of the 2006 Act.

5. That in accordance with section 570 of the 2006 Act, the Directors be generally empowered to allot equity securities (as defined in section 560 of the 2006 Act) pursuant to the authority conferred by resolution 4, as if section 561(1) of the 2006 Act did not apply to any such allotment, provided that this power shall:

a) be limited to the allotment of equity securities up to an aggregate nominal amount of £10,000,000; and b) expire upon the expiry of the General Authority conferred by resolution 4 above (unless renewed,

varied or revoked by the Company prior to or on that date) save that the Company may, before such expiry make an offer or agreement which would or might require equity securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of any such offer or agreement notwithstanding that the power conferred by this resolution has expired.

By Order of the Board

John Shaw Secretary

26 March 2012


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Notes to Notice of Annual General Meeting 1. A member entitled to attend and vote at the meeting is entitled to appoint another person(s) (who need not

be a member of the Company) as his proxy to exercise all or any of his rights to attend, speak and vote at the meeting. A member can appoint more than one proxy in relation to the meeting, provided that each proxy is appointed to exercise the rights attaching to different shares held by him.

2. Your proxy could be the Chairman, another director of the Company or another person who has agreed to attend to represent you. Your proxy will vote as you instruct and must attend the meeting for your vote to be counted. Details of how to appoint the Chairman or another person as your proxy using the proxy form are set out in the notes to the proxy form. Appointing a proxy does not preclude you from attending the meeting and voting in person. If you attend the meeting in person, your proxy appointment will automatically be terminated.

3. A form of proxy is enclosed with this notice and instructions are shown on the form. To be valid, completed proxies must be received (together with the power of attorney or other authority, if any, under which it is signed or a notarially certified copy of such power of attorney) by the Company’s registrar, Share Registrars Limited, no later than 48 hours before the time for holding the meeting in one of the following ways:

a) hard copy form by post, by courier or by hand to the Company's Registrar at Share Registrars Limited, Proxy Department, Suite E, First Floor, 9 Lion and Lamb Yard, Farnham, Surrey GU9 7LL;

b) by fax to the Company's Registrar on fax number +44 (0)1252 719232; or c) scanned and emailed to the Company’s Registrar using the email address

[email protected].

4. The Company specifies, pursuant to Regulation 41 of the Uncertified Securities Regulations 2001, that only those shareholders registered in the register of members of the Company as at 48 hours before the time appointed for holding the Meeting shall be entitled to attend and vote at the meeting or adjourned meeting in respect of the number of shares registered in their respective names at that time. Changes to entries on the register of members after that time shall be disregarded in determining the rights of any person to attend or vote at the meeting.

5. In order to facilitate voting by corporate representatives at the meeting, arrangements will be put in place at the meeting so that (i) if a corporate shareholder has appointed the chairman of the meeting as its corporate representative to vote on a poll in accordance with the directions of all of the other corporate representatives for that shareholder at the meeting, then on a poll those corporate representatives will give voting directions to the chairman and the chairman will vote (or withhold a vote) as corporate representative in accordance with those directions and (ii) if more than one corporate representative for the same corporate shareholder attends the meeting but the corporate shareholder has not appointed the chairman of the meeting as its corporate representative, a designated corporate representative will be nominated, from those corporate representatives who attend, who will vote on a poll and the other corporate representatives will give voting directions to that designated corporate representative. Corporate shareholders are referred to the guidance issued by the Institute of Chartered Secretaries and Administrators on proxies and corporate representatives (www.icsa.org.uk) for further details of this procedure. The guidance includes a sample form of appointment letter if the chairman is being appointed as described in (i) above.

6. To change your proxy instructions you may return a new proxy appointment using the methods set out above. Where you have appointed a proxy using the hard copy proxy form and would like to change the instructions using another hard copy proxy form, please contact Share Registrars on +44 (0)1252 821390. The deadline for receipt of proxy appointments (see above) also applies in relation to amended instructions. Any attempt to terminate or amend a proxy appointment received after the relevant deadline will be disregarded. Where two or more valid separate appointments of proxy are received in respect of the same share in respect of the same meeting, the one which is last sent shall be treated as replacing and revoking the other or others.

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