THE BIOTECH GROWTH TRUST PLC - Half-yearly Report

NEWS RELEASEFor immediate release29 November 2013The Biotech Growth Trust PLCUnaudited Half Year Results for the six months ended 30 September 2013COMPANY SUMMARYKEY STATISTICS30 September 31 March 2013 2013 % changeNet asset value per share 439.儲存2p 371.7p +18.2Share price 421.0p 368.0p +14.4Discount of share price to net asset value 4.1% 1.0% -per shareNASDAQ Biotechnology Index (sterling 1,352.6 1,099.0 +23.1adjusted)Shareholders' funds £301.0m £239.6m +25.6Gearing 8.1% N/A -No interim dividend is proposed.The following are attached:-- Chairman's Statement-- Review of Investments-- Principal Contributors to and Detractors from Net Asset Value Performance-- Portfolio-- Income Statement-- Statement of Changes in Equity-- Statement of Financial Position-- Cash Flow Statement-- Notes to the Financial Statements-- Interim Management ReportThis Announcement is not the Company's Half Year report. It is an abridgedversion of the Company's full Half Year report for the six months ended 30September 2013. The full Half Year report will be sent to shareholders on 5December 2013. The full Half Year report, together with a copy of thisannouncement, will also be available on the Company's website:.biotechgt.comThe Company's Half Year Report & Accounts for the six months ended 30 September2013 has been submitted to the UK Listing Authority, and will shortly beavailable for inspection on the National Storage Mechanism (NSM):.hemscott.com/nsm.doFor further information please contact: Mark Pope, Frostrow Capital LLP 0203008 4913CHAIRMAN'S STATEMENT"....The Company's net asset value per share rose by 18.2% and the share price by14.4% during the period."PERFORMANCEThe Company's net asset value per share rose by 18.2% and the share price by14.4% during the period, both significantly outperforming the broader market(the MSCI World Index rose by 1.0% in sterling terms during the period) butunderperforming the benchmark, the NASDAQ Biotechnology Index, measured insterling terms, which rose by 23.1%. The Company's underperformance of thebenchmark was principally due to one holding, Infinity Pharmaceuticals, a smallcapitalisation biotechnology company, a significant holding in the portfolio,but not a large constituent of the benchmark. The company's share price fellfollowing concern about the safety profile of their lead compound for thetreatment of haematological cancers. Such dramatic share price movements arenot uncommon for small capitalisation biotechnology companies that have asignificant reliance on a single compound; additional data will be neededbetter to define the risk/benefit profile of this drug. Further information oninvestment performance and the outlook for the Company is given in the Reviewof Investments.CAPITAL STRUCTUREThe Company's strong performance has continued to fuel demand for new shares. Iam pleased to report that a total of 4,070,000 new shares were issued by theCompany during the period and to the date of this report, always at a premiumto the prevailing net asset value per share, raising £15.9 million of new fundsfor the Company. Our success in issuing new shares required the publication ofa Prospectus by the Company in July.INVESTMENT OBJECTIVE AND POLICYShareholder approval was obtained at a General Meeting of the Company held on30 October 2013 to amend the Company's investment objective and policy. Boththe Board and the Investment Manager believe that the Company's existinginvestment objective and policy constrained the Company's investment portfolioby limiting the majority of investee companies to those with a marketcapitalisation of less than U.S. $3 billion, which took no account of how thebiotechnology sector has evolved over the years. The new investment objectiveand policy allows greater flexibility in the size of biotechnology companies inwhich the Company can invest.REGULATORYThe Board intends to achieve compliance with the Alternative Investment FundManagers Directive (the `Directive') by 22 July 2014. The Board, together withits advisers, is currently reviewing the options open to the Company and willendeavour to ensure that all documentation and arrangements to enable theCompany to comply with the Directive are in place well in advance of thedeadline.REVENUE AND DIVIDENDSThe revenue loss for the period was £36,000 (six months ended 30 September2012: profit of £18,000) and no interim dividend is declared (six months ended30 September 2012: nil).OUTLOOKThe development of new products and the prospect of merger and acquisitionactivity continue to be key drivers for the biotechnology sector. OurInvestment Manager believes that large capitalisation biotechnology companiesalso offer good value opportunities due, in part, to positive earningsprospects for 2014 and beyond. Against this back-drop, the Board remainsconfident in the future performance of the sector and considers that theportfolio is well positioned to benefit from this positive outlook.THE RT HON LORD WALDEGRAVE OF NORTH HILLCHAIRMAN29 NOVEMBER 2013REVIEW OF INVESTMENTSPERFORMANCE REVIEWThe Company's net asset value per share increased 18.2% during the six monthperiod ended 30 September. This compares to a 23.1% increase in the Company'sbenchmark, the sterling-adjusted NASDAQ Biotechnology Index. The Company'sshare price increased 14.4% during the period.Top contributors to performance in the portfolio were RegeneronPharmaceuticals, Incyte, Celgene, Gilead Sciences and Acadia Pharmaceuticals.-- Regeneron shares appreciated due to strong sales of lead drug Eylea for wetage-related macular degeneration. Additionally, investor enthusiasm increasedfor their pipeline drug targeting PCSK9 for high cholesterol. Phase III datawill be available in 2014, and this could represent a multi-billion dollarsales opportunity.-- Incyte shares increased due to continued strong sales of Jakafi forMyelofibrosis and the release of new preliminary data showing that Jakafi mayalso play a role in the treatment of pancreatic cancer. This raises thepossibility that Jakafi may be useful against a broader range of solid tumours.-- Celgene shares appreciated over the period due to continued positive datareleases for their drug apremilast for psoriasis and psoriatic arthritis andpositive results of a Phase 3 study in front-line multiple myeloma for theirdrug Revlimid. Approval of Revlimid in the first-line setting in Europerepresents a major sales expansion opportunity for the company.-- Gilead Sciences shares appreciated over the period due to positive datareleases for their hepatitis C drug sofosbuvir and positive trial results fortheir drug idelalisib in leukemia and lymphoma.-- Acadia shares increased due to positive investor sentiment about the upcomingapproval for pimavanserin for Parkinson's disease psychosis. Investors havealso become more optimistic about the possibility of pimavanserin provingeffective for psychosis associated with Alzheimer's disease, which wouldrepresent a much larger market opportunity.The largest losses were from positions in Infinity Pharmaceuticals, DynavaxTechnologies, and Prosensa.-- Shares in Infinity Pharmaceuticals declined due to the release of new safetydata for IPI-145 that showed a higher than expected rate of infectious andrespiratory adverse events. Additional patient experience will be required tobetter characterise the benefit/risk profile of IPI-145 compared to otheragents in development.-- Dynavax shares declined because the U.S. Food and Drug Administration (FDA)requested an additional safety trial prior to approval of their hepatitis Bvaccine Heplisav, significantly delaying the launch of the vaccine.-- Prosensa shares declined due to the failure of drisapersen for Duchennemuscular dystrophy. As Prosensa's entire pipeline is built on the sameexon-skipping technology, the future of the company is uncertain.OUTLOOKThe biotechnology sector performed strongly during the review period. As wepreviously detailed in our report at the year-end, major biotechnologycompanies as a group are experiencing a period of earnings reacceleration assignificant new product launches are reinvigorating the outlook for thesecompanies. For example, Biogen Idec recently launched Tecfidera for multiplesclerosis. The launch has exceeded all expectations, and the drug is well onits way to becoming a blockbuster. Gilead Sciences will soon launch sofosbuvirfor hepatitis C. We expect this drug to be a multi-billion dollar drug andcapture the majority of this market. Looking at valuations, the average 2015price/earnings ratio of the four established major biotechnology companies iscurrently 15.8x. This is in-line with the average 2015 figure for majorpharmaceutical companies, which is currently 15.2x. However, the long termearnings per share growth rate for major biotechnology companies is anestimated 18% vs. only 5% for major pharmaceutical companies. This argues thatthe biotechnology sector is still cheap relative to the pharmaceutical sectorand we therefore expect continued strength from major biotechnology companies.Merger & Acquisition (M&A) activity has long been an important catalyst for thesector, particularly for the emerging biotechnology companies with mid- andlate-stage products. Two holdings within the portfolio were recently acquired:Onyx Pharmaceuticals and Astex Pharmaceuticals. Onyx was acquired by Amgenprimarily to obtain its recently launched myeloma drug, Kyprolis. AstexPharmaceuticals was acquired by Otsuka for its cancer pipeline including itsleukemia drug SGI-110. We find it encouraging that even though the sector hasbeen revalued higher over the past two years, strategic acquirers still findcompanies to be attractive at these levels. Additionally it is notable thatacquirers are being rewarded by investors for M&A. For example, Amgen's stockincreased strongly after the acquisition of Onyx as the deal was positivelyreceived by investors as it will increase the company's long term growthpotential.With increased investor interest in the biotechnology sector, the IPO markethas been particularly strong compared to prior years. Thus far in 2013 therehave been over 30 biotechnology IPOs. The Company participated in six IPOsduring the period which contributed to performance.Finally we note that the sector will continue to have important catalysts tosustain the momentum in the sector. For 2014, we are expecting importantpivotal data from a number of companies including Vertex Pharmaceuticals forits cystic fibrosis combination regimen, InterMune for its pulmonary fibrosisdrug Esbriet, and Exelixis for its prostate cancer drug Cometriq. On theproduct launch front, in addition to sofosbuvir, important launches includePharmacyclics' Ibutinib for chronic lymphocytic leukemia and mantle celllymphoma, and BioMarin's Vimizim for Morquio syndrome.The number of holdings in the portfolio remains approximately 40. The Company'sInvestment Objective and Policy were recently amended to remove the restrictionrequiring the majority of assets to be invested in emerging biotechnologycompanies. This provides flexibility to increase allocation to majorbiotechnology when we find the investment case to be particularly compelling.We believe the fundamentals of the sector remain strong and look forward toupdating investors in the future.SVEN BORHOORBIMED CAPITAL LLCINVESTMENT MANAGER29 NOVEMBER 2013PRINCIPAL CONTRIBUTORS TO AND DETRACTORS FROM NET ASSET VALUE PERFORMANCEFOR THE SIX MONTHS TO 30 SEPTEMBER 2013Contribution Contribution 2013 per share £'000 (pence)*Top Five Contributors1 Regeneron Pharmaceuticals 8,962 13.32 Incyte 6,863 10.13 Celgene 4,969 7.34 Gilead Sciences 4,782 7.15 Acadia Pharmaceuticals 4,741 7.030,317 44.8Bottom Five Detractors1 Infinity Pharmaceuticals (15,023) (22.2)2 Dynavax Technologies (2,585) (3.8)3 Prosensa (1,243) (1.8)4 Optimer Pharmaceuticals (738) (1.1)5 Agios Pharmaceuticals (448) (0.7)(20,037) (29.6)* based on 67,630,199 ordinary shares being the weighted average number ofshares in issue for the year ended 30 September 2013Source: Frostrow Capital LLPPORTFOLIOAS AT 30 SEPTEMBER 2013Fair Value % ofInvestments Country £'000 InvestmentsCelgene United States 31,178 9.6Gilead Sciences United States 28,177 8.7Regeneron Pharmaceuticals United States 26,457 8.1Amgen United States 26,396 8.1Biogen Idec United States 19,478 6.0Incyte United States 15,435 4.7Mylan United States 13,270 4.1Medivation United States 12,526 3.9BioMarin Pharmaceutical United States 12,089 3.7Vertex Pharmaceuticals United States 11,095 3.4Top 10 investments 196,101 60.3Illumina United States 9,730 3.0InterMune United States 9,584 2.9Alexion Pharmaceuticals United States 8,807 2.7Infinity Pharmaceuticals United States 7,645 2.3Cubist Pharmaceuticals United States 7,471 2.3Techne United States 7,366 2.3Exelixis United States 7,082 2.2Impax Laboratories United States 6,050 1.9Affymetrix United States 6,009 1.8Onyx Pharmaceuticals United States 5,581 1.7Top 20 investments 271,426 83.4Portola Pharmaceuticals United States 5,402 1.7Acadia Pharmaceuticals United States 5,290 1.6Fluidigm United States 4,666 1.4Ono Pharmaceutical Japan 4,592 1.4Shire Ireland 4,516 1.4Jazz Pharmaceuticals United States 4,089 1.3Exact Sciences United States 3,669 1.1Endo Health Solutions United States 2,946 0.9Array Biopharma United States 2,919 0.9Questcor Pharmaceuticals United States 2,865 0.9Top 30 investments 312,380 96.0All of the above investments are equities unless otherwise stated.PORTFOLIO (continued)AS AT 30 SEPTEMBER 2013Fair Value % ofInvestments Country £'000 InvestmentsOrbimed Asia Partners L.P. (unquoted) Far East 2,654 0.8Bluebird Bio United States 2,195 0.7Dynavax Technologies United States 1,776 0.6ArQule United States 1,354 0.4Synageva BioPharma United States 1,302 0.4Avanir Pharmaceuticals United States 1,180 0.4Bavarian Nordic Denmark 767 0.2Neurocrine Biosciences United States 718 0.2Esperion Therapeutics United States 708 0.2Ophthotech United States 312 0.1Total investments 325,346 100.0All of the above investments are equitie迷你倉 unless otherwise stated.INCOME STATEMENTfor the six months ended 30 September 2013(Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 30 30 31 March September September 2013 2013 2012 Revenue Capital Total Revenue Capital Total Revenue Capital Total Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000InvestmentincomeInvestment 2 477 - 477 328 - 328 570 - 570incomeTotal 477 - 477 328 - 328 570 - 570incomeGains andlosses oninvestmentsGains on - 43,772 43,772 - 30,873 30,873 - 80,714 80,714investmentsheld atfair valuethroughprofit orlossExchange - 927 927 - (204 ) (204 ) - 92 92gains/(losses) oncurrencybalancesExpensesInvestment 3 - 875 875 - (1,797 ) (1,797 ) - (4,586 ) (4,586 )management,managementandperformancefeesOther (469 ) - (469 ) (286 ) - (286 ) (566 ) - (566 )expensesProfit 8 45,574 45,582 42 28,872 28,914 4 76,220 76,224beforefinancecosts andtaxationFinance - (20 ) (20 ) - (13 ) (13 ) - (18 ) (18 )costsProfit 8 45,554 45,562 42 28,859 28,901 4 76,202 76,206beforetaxationTaxation (44 ) - (44 ) (24 ) - (24 ) (58 ) - (58 )(Loss)/ (36 ) 45,554 45,518 18 28,859 28,877 (54 ) 76,202 76,148profit forthe period/yearBasic and 4 (0.1 ) 67.4p 67.3p 0.0p 46.1 p 46.1 p (0.1 ) 121.2 p 121.1pdiluted p p(loss)/earningsper shareThe Company does not have any income or expenses which are not included in theprofit for the period. Accordingly the "profit/(loss) for the period" is alsothe "Total Comprehensive Income for the period", as defined in IAS 1 (revised)and no separate Statement of Comprehensive Income has been presented.All of the profit/(loss) and Total Comprehensive Income for the period isattributable to the owners of the Company.The total column of the statement is the Income Statement of the Companyprepared in accordance with IFRS. The supplementary revenue and capital columnsare presented for information purposes as recommended by the Statement ofRecommended Practice issued by the Association of Investment Companies.All items in the above statement derive from continuing operations. Nooperations were acquired or discontinued in the period.STATEMENT OF CHANGES IN EQUITY(Unaudited)Six months ended 30 September 2013Ordinary Share Capital Share Premium Special Redemption Capital Revenue Capital Account Reserve Reserve Reserve Reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000At 31 16,117 26,122 25,167 5,577 170,341 (3,708 ) 239,616March 2013Net profit - - - - 45,554 (36 ) 45,518/(loss)for periodIssue of 1,017 14,870 - - - - 15,887new sharesAt 30 17,134 40,992 25,167 5,577 215,895 (3,744 ) 301,021September2013(Unaudited)Six months ended 30 September 2012Ordinary Share Capital Share Premium Special Redemption Capital Revenue Capital Account Reserve Reserve Reserve Reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000At 31 15,560 19,300 25,214 5,572 94,139 (3,654 ) 156,131March 2012Net profit - - - - 28,859 18 28,877for periodIssue of 209 2,135 - - - - 2,344new sharesRepurchase (5 ) - (47 ) 5 - - (47 )of ownsharesAt 30 15,764 21,435 25,167 5,577 122,998 (3,636 ) 187,305September2012(Audited)Year ended 31 March 2013Ordinary Share Capital Share Premium Special Redemption Capital Revenue Capital Account Reserve Reserve Reserve Reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000At 31 15,560 19,300 25,214 5,572 94,139 (3,654 ) 156,131March 2012Net profit - - - - 76,202 (54 ) 76,148/(loss)for theyearIssue of 562 6,822 - - - - 7,384new sharesRepurchase (5 ) - (47 ) 5 - - (47 )of ownsharesAt 31 16,117 26,122 25,167 5,577 170,341 (3,708 ) 239,616March 2013STATEMENT OF FINANCIAL POSITIONas at 30 September 2013(Unaudited) (Unaudited) (Audited) 30 30 31 March September September 2013 2012 2013 Note £'000 £'000 £'000Non current assetsInvestments held at fair value 325,346 179,677 244,296through profit or lossCurrent assetsOther receivables 1,226 1,072 13,967Cash and cash equivalents - 11,931 8,4011,226 13,003 22,368Total assets 326,572 192,680 266,664Current liabilitiesOther payables 16,226 5,375 27,048Bank overdraft 9,325 - -25,551 5,375 27,048Net assets 301,021 187,305 239,616Equity attributable to equityholdersOrdinary share capital 17,134 15,764 16,117Share premium account 40,992 21,435 26,122Special reserve 25,167 25,167 25,167Capital redemption reserve 5,577 5,577 5,577Capital reserve 215,895 122,998 170,341Revenue reserve (3,744 ) (3,636 ) (3,708 )Total equity 301,021 187,305 239,616Net asset value per share 5 439.2p 297.0p 371.7pCASH FLOW STATEMENTfor the six months ended 30 September 2013(Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 30 30 31 March September September2013 2012 2013£'000 £'000 £'000Net cash (outflow)/inflow from (34,540 ) 10,020 1,154operating activities (note 6)Net cash (outflow)/inflow before (34,540 ) 10,020 1,154financingNet cash inflow from financing 15,887 2,297 7,337activitiesNet (decrease)/increase in cash and (18,653 ) 12,317 8,491cash equivalentsCash and cash equivalents at start of 8,401 (182 ) (182 )periodRealised gains/(losses) on foreign 927 (204 ) 92currencyCash and cash equivalents at period/ (9,325 ) 11,931 8,401year endNOTES TO THE FINANCIAL STATEMENTS1. ACCOUNTING POLICIESThe condensed financial statements of the Company have been prepared inaccordance with International Financial Reporting Standards ("IFRS"). Thesecomprise standards and interpretations approved by the International AccountingStandards Board ("IASB"), together with interpretations of the InternationalAccounting Standards and Standing Interpretations Committee approved by theInternational Accounting Standards Committee ("IASC") that remain in effect, tothe extent that IFRS have been adopted by the European Union.The same accounting policies used for the year ended 31 March 2013 have beenapplied.2. INCOME(Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 30 30 31 March September September2013 2012 2013£'000 £'000 £'000Overseas income 477 328 570Total income 477 328 5703. INVESTMENT MANAGEMENT, MANAGEMENT AND PERFORMANCE FEES(Unaudited) (Unaudited) (Audited)Six months Six months Year ended ended ended30 30 31 March September September2013 2012 2013£'000 £'000 £'000Investment management fee 894 581 1,245Management fee 410 271 583Performance fee (written back)/charged (2,179) 945 2,758in the period/year*(875) 1,797 4,586* In accordance with the performance fee arrangements described on pages 17 and18 of the Company's 2013 Annual Report, a performance fee of £579,000 wasaccrued at 30 September 2013 (30 September 2012: £2,320,000), crystallised andbecome payable as at that date (September 2012: nil).The performance fee amount of £2,179,000 which was written back as at 30September 2013, represents outperformance generated as at 31 March 2013 whichwas not maintained during the period.NOTES TO THE FINANCIAL STATEMENTS (continued)4. BASIC AND DILUTED (LOSS)/EARNINGS PER SHARE(Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 30 30 31 March September September2013 2012 2013£'000 £'000 £'000The (loss)/earnings per share is basedon the following figures:Net revenue (loss)/gain (36 ) 18 (54 )Net capital gain 45,554 28,859 76,202Net total gain 45,518 28,877 76,148Weighted average number of shares in 67,630,199 62,541,679 62,887,103issue during the period/yearPence Pence PenceRevenue (loss)/earnings per share (0.1 ) 0.0 (0.1 )Capital earnings per share 67.4 46.1 121.2Total earnings per share 67.3 46.1 121.15. NET ASSET VALUE PER SHAREThe net asset value per share is based on the net assets attributable to equityshareholders of £301,021,000 (30 September 2012: £187,305,000; 31 March 2013: £239,616,000) and on 68,536,347 shares, (30 September 2012: 63,056,347; 31 March2013: 64,466,347) being the number of shares in issue at the period end.NOTES TO THE FINANCIAL STATEMENTS (continued)6. RECONCILIATION OF PROFIT BEFORE TAXATION TO NET CASH (OUTFLOW)/INFLOW FROMOPERATING ACTIVITIES(Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 30 30 31 March September September 2013 2012 2013 £'000 £'000 £'000Profit before taxation 45,562 28,901 76,206Gains on investments held at fair (44,699 ) (30,669 ) (80,806 )value through profit or lossNet (sales)/purchases of investments (31,928 ) 11,128 3,185Increase in other receivables (44 ) (47 ) (49 )(Decrease)/increase in other payables (3,431 ) 707 2,618Net cash (outflow)/inflow (34,540 ) 10,020 1,1547. TRANSACTION COSTSPurchase and sale transaction costs for the six months ended 30 September 2013were £359,000 (six months ended 30 September 2012: £196,000; year ended 31March 2013: £436,000). These costs comprise mainly of commission costs.8. COMPARATIVE INFORMATIONThe financial information contained in this half year report does notconstitute statutory accounts as defined in section 435(1) of the Companies Act2006. The financial information for the six months ended 30 September 2013 and2012 has not been audited, or reviewed by the auditors.The information for the year ended 31 March 2013 has been extracted from thelatest published audited financial statements. The audited financial statementsfor the year ended 31 March 2013 have been filed with the Registrar of theCompanies. The report of the auditors on those accounts was unqualified, didnot include a reference to any matters to which the auditors drew attention byway of emphasis without qualifying the report and did not contain statementsunder section 498 of the Companies Act 2006.INTERIM MANAGEMENT REPORTPRINCIPAL RISKS AND UNCERTAINTIESA review of the half year and the outlook for the Company can be found in theChairman's Statement and in the Review of Investments. The principal risksfaced by the Company fall into ten broad categories: objective and strategy;level of discount/premium; portfolio performance; operational and regulatory;market price risk; liquidity risk; shareholder profile; currency risk; the riskassociated with the Company's loan facility; and credit risk. Information oneach of these areas is given in the Business Review within the Annual Reportand Accounts for the year ended 31 March 2013. In the view of the Board theseprincipal risks and uncertainties are applicable to the remaining six months ofthe financial year as they were to the six months under review.RELATED PARTY TRANSACTIONSDuring the first six months of the current financial year, no transactions withrelated parties have taken place which have materially affected the financialposition or the performance of the Company.GOING CONCERNThe Directors believe, having considered the Company's investment objective,risk management policies, capital management policies and procedures, and thenature of the portfolio and the expenditure projections, that the Company hasadequate resources, an appropriate financial structure and suitable managementarrangements in place to continue in operational existence for the foreseeablefuture. For these reasons, they consider there is reasonable evidence tocontinue to adopt the going concern basis in preparing the accounts.DIRECTORS' RESPONSIBILITIESThe Board of Directors confirms that, to the best of its knowledge:(i) the condensed set of financial statements contained within the Half YearReport has been prepared in accordance with applicable accounting standardsincluding International Accounting Standards, (IAS) 34; and(ii) the interim management report and the Chairman's statement includes a fairreview of the information required by 4.2.7R and 4.2.8R of the UK ListingAuthority and Transparency Rules.The Half Year Report has not been reviewed or audited by the Company'sauditors.The Half Year Report was approved by the Board on 29 November 2013 and theabove responsibility statement was signed on its behalf by:THE RT HON LORD WALDEGRAVE OF NORTH HILLCHAIRMANENDFrostrow Capital LLPCompany Secretary29 November 2013XLONself storage