Servizi
Downing FOUR VCT plc : Half-yearly report
I am pleased to present the Company's Half Yearly Report for the six months ended 30 September 2016. The period has been notable for the outcome of the EU Referendum and, more recently, the US election result. These events have, however, had little impact on your Company and, in general, progress across the various share pools has continued to be satisfactory.
The Company now has six active share pools each with a different profile. This report includes sections covering each share pool; I will give a brief overview of each pool.
The combined NAV of one DSO B Share and one DSO C Share stood at 20.1p at 30 September 2016, an increase of 2.4p per share or 13.8% over the period. Total Return now stands at 111.6p per share, compared to the cost for Shareholders who invested in the B Share offer, net of income tax relief, of 70.0p. Based on the current performance it is estimated that a performance fee equivalent to 5.3p per B Share may become payable to members of the management team when the task of returning funds to Shareholders is complete. This would result in a net Total Return of 106.3p.
The pool is in the process of realising its remaining investments and we are optimistic that it will be in a position to declare a final distribution to shareholders early in the New Year.
The DSO D Share NAV stood at 75.5p at 30 September 2016, an increase of 2.4p per share or 3.2% over the period, after adjusting for the dividends paid in the period of 2.5p. Total Return now stands at 98.0p per share, compared to the cost for Shareholders who invested in the D Share offer, net of income tax relief, of 70.0p.
The DSO D Share pool will seek to begin the process of realising its investments to return funds to investors in August 2017.
The DP67 share pool arose from the merger with Downing Planned Exit VCT 6 plc and Downing Planned Exit VCT 7 plc. As at 30 September 2016, the NAV of the DP67 Shares stood at 63.9p per share.
This represents an increase of 5.5p (9.1%) (after adjusting for the dividend paid) over the period. Total Return for DP67 shareholders now stands at 89.7p per share.
The DP67 Share pool will be commencing the process of realising its investments to return funds to investors in 2018.
Now that the Share Pool is in the process of returning funds to Shareholders, an estimate has been made of the performance incentive that may ultimately be paid to members of the management team were the remaining investments to be realised at current carrying value. This is achieved by the allocation of value to the DP2011 General A Shares from the DP2011 General Ordinary Shares.
After providing for an estimate performance incentive of 4.6p per DP2011 General Ordinary Share, as at 30 September 2016, the NAV of a combined holding of one DP2011 General Ordinary Share and one DP2011 General A Share stood at 55.3p per share. This represents an increase of 1.4p or 1.8% (after adjusting for the dividends paid) over the period before adjusting for the performance incentive.
Total Return for DP2011 General Shareholders now stands at 100.3p compared to the cost for Shareholders who invested in the original offer, net of income tax relief, of 70.0p.
The Share pool has started the task of realising its investments earlier this year and will make further distributions to Shareholders as this process progresses.
As with the DP2011 General pool, an estimate has now been made of the performance incentive that may ultimately be paid to members of the management team were the remaining investments to exit at current carrying value.
After providing for an estimated performance incentive of 4.8p per DP2011 Structured Ordinary Share, as at 30 September 2016, the NAV of a combined holding of one DP2011 Structured Ordinary Share and one DP2011 Structured A Share stood at 46.7p per share. This represents an increase of 1.0p or 1.2% (after adjusting for the dividends paid) over the period, before adjusting for the performance incentive.
Total Return for DP2011 Structured Shareholders now stands at 101.7p compared to the cost for Shareholders who invested in the original offer, net of income tax relief, of 70.0p.
As with the DP2011 General Share Pool, the task of realising the investments has commenced and further distributions will be made to Shareholders as this process progresses.
As part of the merger Low Carbon Shareholders received 0.935 new DP2011 Low Carbon Ordinary Shares in the Company for every Low Carbon Ordinary Share they previously owned in the original company. This was done to rebase the cost of the original shares to 100p.
As with the other DP2011 share pools, we have now calculated the potential impact of performance fees. These are estimated to be amount to 6.8p per share if the remaining investments are sold at current carrying value.
After providing for these fees, the NAV of the DP2011 Low Carbon Shares as at 30 September 2016 was 34.9p per share. In terms of investment performance - i.e after adding back dividends and provisions for the performance fees - this represents an increase of 0.1p or 0.1%. Total Return for DP2011 Low Carbon Shareholders now stands at 108.8p compared to the equivalent cost for Shareholders who invested in the original offer, net of income tax relief, of 70.0p.
As with the other DP2011 share pools, the process of returning funds to investors commenced in 2016. In respect of the Low Carbon pool, the Manager is working on transactions to realise the remaining investments and we believe that a final distribution should be made to Shareholders in the first half of 2017.
In August 2016, the DSO Ordinary Share and A Share classes were cancelled following the completion of the return of capital to shareholders earlier in the year.
In line with the usual policy, interim dividends will be paid as follows:
The interim dividends will be paid on 22 December 2016 to Shareholders on the register at 2 December 2016.
No dividends in respect of the other share pools are being declared at this time as they are in the process of realising investments and dividends will be declared as disposals are achieved.
The Company will buy DSO D Shares or DP67 Shares that become available in the market and will usually expect to do so at a price approximately equal to the latest NAV of the shares, subject to regulatory restrictions and other factors such as availability of liquid funds.
In respect of the other share pools that are in the process of returning funds to Shareholders the Board does not intend to buy in any of those shares as it is envisaged that the exit for these Shareholders will now be facilitated by way of distributions.
There were no shares purchased in the period ended 30 September 2016.
Although the Company has a number of share pools, each of them currently operates a planned exit strategy and, in time, each share pool will wind up.
The Board has given consideration to the future of the Company and, in conjunction with the Manager, is progressing plans to launch two new share pools with "evergreen" investment strategies. One share pool with have a generalist focus and the other a healthcare/life sciences focus. The proposed new share pools should help to maintain the size of the Company as the existing pools wind up and enable the Company to keep running costs at a reasonable level for all Shareholders.
Naturally, full details will be sent to Shareholders when they are available.
As one of the original share pools has now wound up and others are in the process of winding up, the Directors have reviewed the composition of the Board. As a result, Mark Mathias and Robin Chamberlayne have decided to resign as directors, leaving the Company with a Board comprising three directors.
I would like to thank both Mark and Robin for their valuable contributions since the Company's launch as Downing Protected Opportunities VCT1 plc in 2009 and wish them every success in their other ventures.
Much of the Manager's focus over the remainder of the year will be on investment disposals from the share pools that are in the process of returning funds to Shareholders. Also some provisional plans will start to be developed for the pools that have not yet reached that stage.
Investment performance is generally satisfactory and the Manager will continue to closely monitor all investments to ensure that this remains the case, particularly the investments in the DSO D Share pool and DP67 Share pool, where we believe there are prospects for improved performance before the realisation process gets underway.
We believe that the proposed new fundraising mentioned above may provide Shareholders with an attractive new opportunity for a new VCT investment. The fundraising is expected to launch shortly and I will write to all Shareholders with full details at that time.
Chairman
The DSO B Share pool continues to make progress with the process of realising the portfolio and expects to be in a position to return all remaining funds in the early part of 2017.
A number of investments were exited during the period to 30 September 2016, with four full disposals, two partial disposals and deferred consideration from previous disposals, which produced total proceeds of £1.7 million and a gain of £480,000.
At 30 September 2016, the pool held eight investments with a total valuation of £1.7 million. There were three minor valuation changes at the period end for Mosaic Spa and Health Clubs Limited, Fenkle Street LLP and Redmed Limited resulting in a net valuation reduction of £22,000. The carrying values adopted at the period end are consistent with the values at which we believe the investments can be realised.
The majority of investments have performed to plan although a small number which have underperformed historically are yet to fully recover.
There are exit plans in place for the remaining investments. The significant holdings in Westcountry Solar Solutions Limited and Avon Solar Energy Limited are expected to be sold in the first quarter of the next calendar year.
A number of exit options are being pursued for Mosaic Spa and Health Clubs Limited.
At 30 September the DSO B Share NAV stood at 20.0p and the DSO C Share NAV at 0.1p, giving a combined NAV of 20.1p.
Based on the performance to date, it is expected that performance hurdles will be met and a performance incentive fee will be payable to members of the management team. It is estimated that this fee might be equivalent to 5.3p per DSO B Share.
After adjusting for the fee, Total Return (NAV plus dividends to date) now stands at 106.3p for a combined holding of one DSO B Share and one DSO C Share. This represents a net increase of 1.9p over the period, equivalent to an increase of 10.7%.
Shareholdings should note that although the DSO C Shares currently have nominal value, meeting the performance hurdles will trigger a transfer of value from the DSO B Shares to the DSO C Shares.
Profit on ordinary activities after taxation for the period was £490,000, comprising revenue profit of £51,000 and capital profit of £439,000.
Exits from the remaining investments are being pursued and, it is expected that the next DSO B Share dividend will be declared when either all or most of the remaining investments have been realised. Timing is difficult to estimate as the realisations are dependent on third parties but we envisage this will be in the first quarter of 2017.
as at 30 September 2016
*partially non-qualifying
for the period ended 30 September 2016
At 30 September 2016, the D Share pool was fully invested and held 14 Venture Capital investments with a value of £4.3 million and one Structured Product investment with a value of £593,000.
There was one disposal during the period. Pearce and Saunders Limited loan notes were redeemed at par.
Two small uplifts in value were recognised in the period for Merlin Renewables Limited and Lambridge Solar Limited, totalling £127,000.
The Structured Product portfolio was valued at £593,000 as at 30 September 2016. During the period sales and redemptions realised £606,000 leaving one remaining investment in the portfolio which is due to mature next year.
The remaining investment increased in value by £21,000 over the period.
At 30 September 2016, the NAV per DSO D Share stood at 75.5p per share; an increase of 2.4p per share (3.2%) since 31 March 2016 (after taking into account the 2.5p dividend paid during the period). The NAV plus cumulative dividends paid to date for one DSO D Share now totals 98.0p.
The gain on ordinary activities after taxation was £187,000, comprising a revenue profit of £31,000 and capital profit of £156,000.
A 2.5p dividend per DSO D Share will be paid on 22 December 2016 to shareholders on the register at 2 December 2016.
The focus now for the DSO D Share portfolio is now on close monitoring and support of the portfolio companies in order to maximise growth opportunities until the realisation process commences in 2017.
as at 30 September 2016
* partially non-qualifying
for the period ended 30 September 2016
The DP67 Share pool has been formed from the merger with Downing Planned Exit VCT 6 plc and Downing Planned Exit VCT 7 plc. These companies were sister companies which held identical investment portfolios.
The DP67 pool now holds ten investments, of which Cadbury House Holdings Limited and Gatewales Limited represent the largest proportion of the pools net assets.
There were two qualifying additions to the portfolio during the period; £300,000 in Brownfields Limited which is seeking to develop small scale waste disposal projects; and £400,000 in Yamuna Renewables Limited which is working on an opportunity in the wood refinery sector.
Loan notes in Kidspace Holdings Limited and Hobblers Heath Limited, totalling £965,000 were redeemed at par during the period.
The DP67 portfolio continues to perform well and there were a number of uplifts in value during the period.
Gatewales Limited holds the right to share in the profit from a hotel development. The profit share has started to be paid out and a further uplift of £274,000 reflects the anticipated returns still due over the coming months.
Fenkle Street LLP and Snow Hill Developments LLP, both property development companies in Newcastle and Birmingham respectively, were uplifted by a total of £403,000.
These uplifts were offset in part by a value reduction of £82,000 on Oak Grove Renewables Limited, which continues to experience operating issues.
At 30 September 2016, the NAV per DP67 Share stood at 63.9p per share; an increase of 5.5p per share (9.1%) since the year end (after taking into account the 2.0p dividend paid during the period). The NAV plus cumulative dividends paid to date for one DP67 Share now totals 89.7p.
The profit on ordinary activities after taxation for the period was £617,000, comprising a revenue profit of £137,000 and a capital profit of £480,000.
A 2.0p dividend per DP67 Share will be paid on 22 December 2016 to shareholders on the register at 2 December 2016.
We are reasonably pleased with the recent overall performance of the DP67 portfolio as is reflected in the recent uplifts in value. The portfolio is now almost fully invested and we will continue to monitor the existing portfolio to ensure that opportunities from growth are maximised.
as at 30 September 2016
* partially non-qualifying
"Original cost" refers to the cost of the investment by the original VCT
"Cost" reflects the values at which investments were transferred at the merger in July 2015
for the period ended 30 September 2016
*Being the date of the merger
At 30 September 2016 the DP2011 General Share pool portfolio was valued at £7.3 million, comprising 10 fully or partly qualifying investments and a further 5 non-qualifying investments.
Following the five year anniversary this year, the pool paid the first substantial return of capital dividend during the period. We will look to seek appropriate exit strategies for the remainder of the portfolio to maximise returns to shareholders.
Three full disposals were made during the period generating total proceeds of £3.2 million and gains of £80,000.
There were no additions as the portfolio is now in the planned exit phase.
The majority of the portfolio continues to perform in line with expectations, however there have been a number of adjustments to valuation at 30 September, resulting in an unrealised value decrease of £16,000.
The two biggest valuation movements were as follows: -
Snow Hill Developments LLP owns a long leasehold interest in the Holiday Inn Express Hotel in Birmingham. The value has been increased by £131,000 as visibility of future cash flows has improved.
Unfortunately, this was offset by a write down of £130,000 on Mosaic Spa and Health Club Limited, which is still suffering performance issues at the Shrewsbury site.
At 30 September 2016, the DP2011 General Share NAV stood at 25.0p per share and the DP2011 General A Share NAV at 30.3p, giving a total NAV of 55.3p.
Total Return (NAV plus dividends paid to date) now stands 100.3p, an increase of 1.4p (1.8%) since the year end, after accounting for the dividend paid during the period of 22.5p, but ignoring the estimated performance incentive that may be payable.
The profit on ordinary activities after taxation for the period was £188,000, comprising a revenue profit of £178,000 and a capital gain of £10,000.
During the period the DP2011 General pool made the first significant return of capital dividend payment of 22.5p, in line with the planned exit strategy.
We hope to make another substantial dividend payment to Shareholders in 2017, however the disposal process may take some time to complete.
The coming months will be focussed on realisations within the portfolio as well as continuing to monitor investments and maximising growth opportunities.
as at 30 September 2016
* partially non-qualifying
"Original cost" refers to the cost of the investment by the original VCT
"Cost" reflects the values at which investments were transferred at the merger in July 2015
for the period ended 30 September 2016
*Partially non-qualifying
At 30 September 2016 the DP2011 Structured Share pool was fully invested with a portfolio value of £4.3 million, comprising 11 fully or partly qualifying investments.
Following the five year anniversary this year, the pool paid the first substantial return of capital dividend during the period. We will look to seek appropriate exit strategies for the remainder of the portfolio to maximise returns to shareholders.
Two full disposals were made during the period generating total proceeds of £1.6 million and gains of £53,000.
There were no additions as the portfolio is now in the planned exit phase.
The majority of the portfolio continues to perform in line with expectations, however there have been a number of adjustments to valuation at 30 September, resulting in an unrealised value decrease of £120,000.
Mosaic Spa and Health Club Limited, which is still suffering performance issues at the Shrewsbury site, was written down by £87,000.
Oak Grove Renewables Limited, which continues to experience operating issues was also written down by £58,000.
This was offset in part by an uplift of £25,000 on Wickham Solar, due to continued good performance of the solar farm in Lincolnshire.
The remainder of the structured portfolio matured during the period, generating total proceeds of £1.4 million and gains of £30,000 (total gains of £282,000 over the cost to the original pool).
At 30 September 2016, the DP2011 Structured Share NAV stood at 14.9p per share and the DP2011 Structured A Share NAV at 31.8p, giving a total NAV of 46.7p.
Total Return (NAV plus dividends paid to date) now stands at 101.7p, an increase of 1.0p (1.2%) since the year end after taking into account the dividend paid during the period of 32.5p, but before adjusting for the estimated performance incentive that may become payable.
The profit on ordinary activities after taxation for the period was £61,000, comprising a revenue profit of £136,000 and a capital loss of £75,000.
During the period the DP2011 Structured pool made the first significant return of capital dividend payment of 32.5p, in line with the planned exit strategy.
We hope to make another substantial dividend payment to Shareholders in 2017, however the disposal process may take some time to complete.
The coming months will be focussed on realisations within the portfolio as well as continuing to monitor investments and maximising growth opportunities.
as at 30 September 2016
* partially non-qualifying
"Original cost" refers to the cost of the investment by the original VCT
"Cost" reflects the values at which investments were transferred at the merger in July 2015
for the period ended 30 September 2016
The entire DP2011 Structured portfolio was acquired during the merger in July 2015
At 30 September 2016 the DP2011 Low Carbon Share pool was fully invested with a portfolio value of £2.9 million, comprising four fully qualifying investments.
Following the five year anniversary this year, the pool paid the first substantial return of capital dividend during the period.
There was no movement in the portfolio during the period as we continue to finalise the exit plans for the remaining investments.
The portfolio is performing consistently with no further adjustments to value required.
At 30 September 2016, the NAV per DP2011 Low Carbon Ordinary Share stood at 34.9p, net an estimated performance incentive fee of 6.8p per share.
Total Return (NAV plus cumulative dividends) is now 108.8p, an increase of 0.1p per share (0.1%) since the year end, after taking into account the 40.0p dividend paid during the period, but before adjusting for the estimated performance incentive fees that may become payable.
The gain on ordinary activities after taxation for the period was £5,000, comprising a revenue profit of £34,000 and a capital loss of £29,000.
Shortly after the year end the DP2011 Low Carbon pool made the first significant return of capital dividend payment of 40.0p, in line with the planned exit strategy.
We are in the process of finalising the exit plans for the remainder of the portfolio, and hope to make the final dividend payment to Shareholders in early 2017.
as at 30 September 2016
"Original cost" refers to the cost of the investment by the original VCT
"Cost" reflects the values at which investments were transferred at the merger in July 2015
There were no disposals or additions during the period.
for the six months ended 30 September 2016
A Statement of Total Recognised Gains and Losses has not been prepared as all gains and losses are recognised in the Income Statement as noted above.
as at 30 September 2016
*The comparative balance sheet as at 31 March 2015 includes only the DSO Share Pools in existence at those dates.
for the six months ended 30 September 2016
for the six months ended 30 September 2016
*Comparative cash flows include only the DSO Share Pools in existence at those dates.
1.
Downing FOUR VCT plc ("the Company") is a Venture capital Trust established under the legislation introduced in the Finance Act 1995 and is domiciled in the United Kingdom and incorporated in England and Wales.
2.
The unaudited half-yearly financial results cover the six months to 30 September 2016 and have been prepared in accordance with the accounting policies set out in the statutory accounts for the year ended 31 March 2016, which were prepared in accordance with the Financial Reporting Standard 102 ("FRS102") and in accordance with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies" revised November 2014 ("SORP").
3. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits.
4. The comparative figures were in respect of the six months ended 30 September 2015 and the year ended 31 March 2016 respectively.
5. Net asset value per share at the period end has been calculated on the number of shares in issue at the period end as follows:
6. Return per share for the period has been calculated on the average number of shares in issue in the period as follows:
The Revenue reserve, Special reserve and Capital reserve - realised are distributable reserves and are reduced by revaluation losses of £4.5 million. Distributable reserves at 30 September 2016 were £28.1 million.
8. The fair value of investments is determined using the detailed accounting policy as shown in the audited financial statements for the year ended 31 March 2016. The Company has categorised its financial instruments using the fair value hierarchy as follows:
Level a Reflects financial instruments quoted in an active market (quoted companies and fixed interest bonds);
Level b Reflects financial instruments that have prices that are observable either directly or indirectly; and
Level c i) Reflects financial instruments that use valuation techniques that are based on observable market data.
ii) Reflects financial instruments that use valuation techniques that are not based on observable market data (investments in unquoted shares and loan note investments).
9. The unaudited financial statements set out herein do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been delivered to the Registrar of Companies.
Under the Disclosure and Transparency Directive, the Board is required in the Company's half-year results to report on the principal risks and uncertainties facing the Company over the remainder of the financial year.
The Board has concluded that the key risks facing the Company over the remainder of the financial period are as follows:
(i) compliance risk of failure to maintain approval as a VCT;
(ii) market, liquidity and counterparty risk associated with Structured Products; and
(iii) investment risk associated with investing in small and immature businesses.
The Company's compliance with the VCT regulations is continually monitored by the Manager, who reports regularly to the Board on the current position. The Company also retains Robertson Hare LLP ("Robertson Hare") to provide regular reviews and advice in this area. Robertson Hare have confirmed that all relevant tests have been complied with for the period under review. The Board considers that this approach reduces the risk of a breach of the VCT regulations.
With this approach, the Board believes that these risks are reduced.
In order to make VCT qualifying investments, the Company has to invest in small businesses which are often immature. In addition, funds invested under the new VCT regulations in force from November 2015 provide greater restriction on, amongst other things, the age of the investments. It also has a limited period in which it must invest the majority of its funds. The Manager follows a rigorous process in vetting and careful structuring of new investments, including taking a charge over the assets of the business wherever possible and, after an investment is made, closely monitoring the business. The Board is satisfied that this approach reduces the investment risk described in (iii) above as far as is reasonably possible.
The Directors have reviewed the Company's financial resources at the period end and conclude that the Company is well placed to manage its business risks.
The Board confirms that it is satisfied that the Company has adequate resources to continue in business for the foreseeable future. For this reason, the Board believes that the Company continues to be a going concern and that it is appropriate to apply the going concern basis in preparing the financial statements.
12. The Directors confirm that, to the best of their knowledge, the half-yearly financial statements have been prepared in accordance with the "Statement: Half-Yearly Financial Reports" issued by the UK Accounting Standards Board and the half-yearly financial report includes a fair review of the information required by:
a. DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year; and
b. DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so.
Copies of the Half-Yearly Report will be sent to Shareholders shortly. Further copies can be obtained from the Company's registered office or can be downloaded from www.downing.co.uk.
Performance incentive arrangements are in place for the each share pool except the DP67 pool. The various schemes are summarised as follows:
The performance incentive in respect of the DSO B Shares is facilitated by holdings of DSO C Shares that are held by members of the management team (who subscribed for A Shares at 0.1p per share). An incentive is due to management when the hurdle is met as follows:
After the above hurdle is met, management receive 3% of the proceeds on the first 100p of distributions and 20% thereafter. This is paid by dividends by virtue of the shareholdings of C Shares held by the management team.
The maximum performance incentive is limited to an amount equivalent to 1.25% of Net Assets attributable to DSO B Shares per annum. With a lower than usual ongoing management fee of 1.5%, the maximum management fees (including performance incentive) borne by investors is 2.75% of net assets per annum.
As at 30 September 2016, it is estimated that the performance fee that might ultimately be payable is 5.3p per DSO B Share.
The Performance Incentive in respect of the DSO D Shares is structured as a simple fee when the hurdle is met. A fee is payable when:
If the hurdle is met, the fee will be 3p per DSO D Share plus 20% of shareholder proceeds above 100p per D Share. The maximum performance fee is limited to 7p per D Share.
No estimate of the provision has been made as at 30 September 2016 as the share pool has not yet started to realise its investments.
The performance incentive in respect of the DP2011 General and DP2011 Structured pools by holdings of DP2011 General A Shares and DP2011 Structured DSO A Shares that are held by members of the management team (who subscribed for A Shares at 6.5p per share).
Once proceeds to Shareholders exceeds 70p per DP2011 General Ordinary Share/DP2011 Structured DSO Ordinary Share a performance incentive of 15% becomes due to members of the management team. No further incentive is paid to management once Shareholder proceeds exceed 120p per DP2011 General Ordinary Share/DP2011 Structured DSO Ordinary Share.
As at 30 September 2016, it been estimated that a performance incentive due to management in respect of the DP2011 General Share will be approximately 4.6p per DP2011 General Ordinary Share and 4.8p per DP2011 Structured A Share.
As no A Shares were issued in connection with the DP2011 Low Carbon Share pool, the performance incentive takes the form of an incentive fee payable to Downing LLP.
A fee will become payable equal to 15% of shareholder proceeds in excess of 70p per share. No further fees accrue after shareholder proceeds exceed 120p per share.
As at 30 September 2016, it been estimated that a performance incentive fee due in respect of the DP2011 Low Carbon Pool will be approximately equivalent to 6.75p per DP2011 Low Carbon Shares.
2321 Rosecrans Avenue. Suite 2200
90245 El Segundo Stati Uniti