Global Yachting Group

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1 Global Yachting Group Ready to set sail 5th July 2017 Global Yachting Group (GYG) is a global leader in a specialist segment of the expanding superyacht market. The company operates in the new build, refit and retail areas of the lucrative superyacht painting and maintenance market, and given the financial strength and cash generation of the business, we believe it will enjoy growth via both organic and acquisitive means. Company Data EPIC AIM: GYG IPO price per share 100p Market cap 46.6m Market leader in a fragmented market GYG is the market leader in the specialist painting / maintenance area and has a 17% market share of the growing global large superyacht refit market. With specialist knowledge, key relationships, financial strength and geographic reach, we believe that the company's market share will grow by both organic and acquisitive means. Skilled and flexible workforce The preparation and painting of superyachts is a highly specialised area and GYG has a very capable workforce in this field. However, it maintains an element of flexibility due to the fact that nearly 30% of its workforce is sub-contracted. Strong relationships and quality workmanship The global superyacht market is an asset-light business that is driven by relationships. To this end the company has strong relationships with owners and representatives (captains, management companies etc) of many of the world s largest yachts. A reputation for quality workmanship, complex project management, timeliness and convenience of locations in key areas also set GYG apart from most of the competition and provide barriers to entry. The company also has a strong after-sales service ethos. Forecasts and valuation In the coming years we see both revenue growth and margin expansion (operational leverage), and this is outlined in our forecasts summarised at the back of this note. The stock has come to market on a forecast 2017 PER of 11.1x, falling to 8.9x in 2018, and 7.4x in Description Global Yachting Group is the global market leader in superyacht painting and maintenance. Superyachts are owned by super high net worth (SHNW) individuals / billionaires. There is a strong correlation between the growth in the number of individuals with a net worth in excess of $1bn and growth in the number of superyachts in the world, and importantly, growth has been consistent throughout the past two decades despite economic cycles. The company specialises in the large superyacht market (over 40m in length). The average size of super yachts is also growing and this offers GYG the prospect of additional square metres of lucrative specialist work. This rating compares very favourably to a basket of other support services companies which we have used for comparative analysis that trade on 15.9x, especially given our forecasts suggest 19% CAGR in adjusted EPS over the forecast period. The shares at issue price also offer an annualised dividend yield of 6.4%. Forecasts and valuation summary Year end 31 Dec 2016A 2017E 2018E 2019E Turnover ( m) Adj PBT ( m) EPS (p) DPS (p) - 3.2* PE (x) Dividend Yield* na 6.4% 6.6% 6.8% Source: Company historic data, ED estimates. * 2017 dividend is in respect of the c. 6 months when listed. Mark Hughes (Analyst) mark@equitydevelopment.co.uk Hannah Crowe hannah@equitydevelopment.co.uk Please refer to the important disclosures shown on the back page and note that this information is Non-independent and categorised as Marketing Material

2 Global Yachting Group 5th July 2017 Global Yachting Group Global Yachting Group (GYG) is the world s leading superyacht painting and maintenance group. It has a strong reputation for the quality and timeliness of its work, the convenience of its operating locations, the management of its projects and a strong after-sales service. About GYG The company primarily operates in the large superyacht (over 40m in length) market, and has worked on many of the largest yachts in both Europe and the United States of America. It has a presence in shipyards in key superyacht sailing areas described as: Europe (The Mediterranean, Northern Europe and the UK) and the US. It also operates in other territories such as New Zealand, Australia, and the Pacific. GYG is the market leader in yacht painting with 25 of the world s 50 largest yachts as customers. The main activity of the business is refit and new build superyacht painting services and it operates under the three key brands, Pinmar, Rolling Stock and ACA Marine. However, the business also offers a number of additional complementary services. These include retail/wholesale marine services, scaffolding (unique, allows GYG to paint whilst superyachts are in the water), containment, fittings removal and reinstallation, on-shore support for yachts around the world and training courses for crew. Summarising the three aspects to this business: New build - 12% of revenues - painting new superyachts, Refit - 72% of revenues - repainting existing yachts (this includes scaffolding and containment) and Retail - 16% of revenues - retailing of chandlery and supply, including B2B distribution sales, direct sales via the company s 5 retail outlets and worldwide sales to yachts directly. Skilled and flexible workforce At present, GYG works on c. 150 yachts per year. In addition it refinishes c. 80 large projects per year. It does this through a combination of its 410-man team and 150 sub-contractors. This 560-strong workforce includes skilled yacht painters, project planners and administrators. The use of sub-contracting for an element of the workforce offers the company flexibility within its business model as it can control overheads in line with seasonal demand. It is worth noting that the company is used to moving its specialists around the world to work on specific projects. The importance of relationships Relationships are key, and GYG has many excellent long-standing relationships with key decision makers such as superyacht owners and their representatives (captains, management companies etc.). This provides: strong recurring revenues, and good visibility (refits are generally planned 6-12 months in advance). 2

3 5th July 2017 Global Yachting Group Source: GYG A look at the business areas in more detail Looking at the three key business areas: New build The new build process is relatively complex, starting with the bare metal being covered with layers of a compound in order to achieve a smooth and flat surface on the superstructure and hull. Primers and topcoats are then applied by skilled painters for a high quality finish. The company typically undertakes three to four projects each year, and each project can last 9-16 months. Fees vary and have been anything from 2m-15m as they are based on square footage. New build does not tend to be seasonal due to the project duration and this part of the business uses a higher proportion of outsourced labour, particularly in the initial phases. Refit (Pinmar & Rolling Stock) Refitting yachts is a highly specialised process, requiring excellent shipyard facilities, skilled labour and very specific expertise. It is important to state that the quality of work provided is an important differentiating factor. The process starts with stripping the boat, carrying out repairs and preparing the surface for topcoat. New topcoats are then applied. Reputation and relationships are the key to success in this business. Indeed, return customers represented 86% of GYG refits completed in Yachts come in for refit every three to five years, depending firstly on their level of usage but also to ensure that they meet regulatory maritime requirements. For larger yachts, the process is often split, with the hull work being completed one year and the superstructure the next. GYG has around 85 refit projects per year with an average duration of three to six months. The fees can be anything from 100k to 3m, with average refit contract value at 600k. Again, fees are based on square footage. The refit market is more seasonal than the new build market as the vessels are used during the summer months. However, from GYG's perspective, exposure to the US market means that to an extent the company can mitigate seasonality as the season is extended. Labour can be outsourced when there is a peak or when projects are based overseas providing flexibility. The Pinmar business has bases in Palma and Barcelona as well as branches in the UK, others parts of Europe, and the US. Pinmar has refinished hundreds of the world s finest yachts and it has extensive experience, undertaking 162.5m of projects. 3

4 Global Yachting Group 5th July 2017 Rolling Stock has become a world-leading paint company with a strong reputation for painting very large sailing yachts and specialised metallic finishes. The business is located within the STP Palma shipyard. Rolling Stock is also the preferred applicator for Astilleros de Mallorca and has the ability to work in shipyards worldwide. Pinmar USA This business operates under the refit banner. It was established in 2009 when Pinmar bought-out Classic Yacht Refinishing, a company with a strong reputation in South Florida. Since then it has consistently grown every year-on-year. The refit market in the US is currently flourishing. Techno Craft - Techno Craft is a pioneering company in yacht containment systems offering high-quality scaffolding construction and tenting techniques for superyachts undergoing refits throughout Europe. Importantly, it ensures the environment for painting is clean, dry and protected so that quality of finish can be assured, making containment very important. Techno Craft also provides a service of dismounting and remounting yacht hardware. ACA Marine the company recently acquired ACA Marine. It further expands the groups refit business and introduces a new brand with significant value. ACA Marine has access to a highly skilled workforce, making it a reliable market leader in the superyacht fairing, painting and finishing business. ACA Marine also gives the company access to Northern Europe where it can be closer to important manufacturers. Retail Pinmar Supply based in Spain, Pinmar Supply provides marine supplies to both the industry and to yacht owners and their crew. This gives the business buying power due to the high volumes of paints used / sold. Pinmar Supply has five shops based around the key marinas in Palma and Barcelona, a fleet of mobile delivery vans as well as a supply team that manages clients needs while they are based in other locations around the world. Other brands Shore Support provides a range of on-shore support for yachts, and Pinmar Paint Academy provides training courses for crew members. Investment opportunity GYG is a specialist with growing market share, operating in a global market. As we see it, there are three key strands to this unique investment opportunity: Attractive market dynamics driven by increases in the number of superrich, or billionaires, the total number of yachts has consistently increased YoY since 1995, and the average size of yachts is also growing. Therefore there is growth in total square meters of work for companies such as GYG, which offers a positive pricing backdrop. At present the company is also benefiting from price inflation as well. Excellent position in the market The business has a dominant market position in yacht refit in its geographies. Superyachts need a refit and repaint every 5 years on average, although most yacht owners have their vessels repainted on a 3 5 year basis. In addition, yachts are also serviced annually (yachts often require smaller painting repairs during servicing). The combination of repaint and service touch-up work offers GYG the opportunity to be in constant contact with its clients. As we allude earlier, this is important in an industry driven by relationships. 4

5 5th July 2017 Global Yachting Group Therefore we conclude that refit offers a degree of recurring revenue / visibility. It is also worth bearing in mind that growth in the number of new yachts will also drive growth in repair and refit market 3 5 years down the line. Solid platform Lonsdale acquired GYG in Since that time it appears that the company has made significant progress signing key priority agreements, acquiring a competitor in the South of France (ACA Marine), implementing a new efficiency program and appointing a new sales Director and sales team. EBITDA growth was strong in 2016 at 33% and as we see it a solid platform has been built for future growth. Significant growth potential GYG aims to become the world-leading brand for high-quality services to the marine world. In our opinion there are a number of key organic growth opportunities: Potential to expand in Refit: The Company aims to develop more relationships with shipyards where it is not currently operating, as well as captains/brokers operating yachts. It also wants to further expand with this strategy into areas such as Holland, Italy and Savannah, USA. New build: In new build, the company aims to leverage its current relationships. GYG is also seeking to target key projects at other German, Dutch and Italian shipyards. Retail: In retail, GYG aims to expand its offering in Palma and outside of Spain. This represents a huge growth opportunity in our opinion. In addition to organic opportunities: Acquisitions: Given the IPO proceeds, GYG has a healthy balance sheet including a net cash position. The company is also capable of generating significant free cash which will add to its potential firepower over time. Therefore it has the capacity to finance acquisitions. In Refit, it could acquire smaller local competitors and non-core businesses relating to yacht refits. It could also develop in strategic locations such as South of France, Spain, Northern Europe and Florida. This would allow GYG to provide a range of services to superyachts, avoiding competitors and integrating these brands under its group structure. In new build GYG could also acquire local competitors with existing relationships to key newbuild shipyards. And in Retail, it could buy-out competitors to develop the retail business of Pinmar Supply, ideally in a new geographical location. Additional M&A activity is not factored into forecasts, but it would further underpin growth. 5

6 Global Yachting Group 5th July 2017 The global superyacht market Research by Superyacht Intelligence suggests that the global superyacht (defined as over 30m in length) fleet totals 5,200 vessels. 80% of these superyachts are motor yachts. At the 40m and over part of the market the fleet is 1,800 and it has grown by 5.3% pa CAGR since Two of GYG s brands, namely Pinmar and Rolling Stock, along with a privately owned business based in Greece called Yacht Protection (also known as Florakis) YP (which generates 50m revenues) are the three most well-known brands in the superyacht painting market. Who owns superyachts? Owners of yachts over 50 metres typically have net wealth in excess of $1bn. According to research by Wealth X and UBS Billionaire Census 2014, the number of individuals with a net worth in-excess of $1bn is expected to grow at least 9% CAGR during the period from the 2015 figure of 1,826 and reach 2,500. As growth in the wealth and number of billionaires appears directly correlated with growth in new build and larger yachts, this should provide some revenue visibility in the coming years. Indeed, new build shipyards appear to be full until 2021/22. Billionaires and Yachts Source: industry journals The addressable market Research by Superyacht Intelligence suggests that the addressable superyacht painting market, for yachts over 40m in length, is worth 292m per year. This is split 171m new build and 121m for refit. This market grew at 5.5% per annum (CAGR) between as the rate of new builds exceeded decommissioning, and it is forecast to grow at c6% in the coming years. By 2020, this market is expected to grow to 393m. The company currently has 17% market share and it aims to take this to 20% by Although the sub-40m length yacht market is declining, if we include the 30m 40m refit segment in which GYG selectively participate, it can be argued that the total addressable market is 450m, and GYG s market share is 14%. 6

7 5th July 2017 Global Yachting Group Prior to 2007, the global superyacht fleet was growing at around 7% per annum. Growth in the larger yachts segment, over 70m in length, has remained strong through the cycle. Indeed it grew by a compound annual 8.7% between 2006 and 2015, and from 90 to 184 in Forecasts by Superyacht Intelligence point to this level of growth continuing out to GYG s core market is split into: new build (c. 171m) and refit (c. 121m). The new build market has been broadly flat over the past five years due to the fact that global manufacturing capacity constraints have held back new deliveries. According to the Superyacht Intelligence report 2016, the new build market is expected to grow at 4% per annum, driven primarily by pricing. In contrast the refit market has grown at c.10% per annum over the period. Boats require repainting every three to five years, but many owners prefer to have boats repainted more often than this, creating recurring demand. The refit market is forecast to grow at c.9-10% per annum (pricing c.2% with the balance volume in the coming years). The key growth drivers for yacht painting are: - An increasing number of billionaires - A growing global superyacht fleet - An increase in the average size of yachts driving further growth in total square meters A trend towards larger superyachts GYG services the larger end of the market (yachts over 40m in length) and it is this end of the market that has shown greater consistency and steady growth over the medium term. Indeed, as we alluded earlier, the global superyacht fleet (over 40m in length) has been growing at c.5.3% per annum since Work on larger yachts also commands a greater gross margin. Deliveries of yachts over 70m in length have grown at a CAGR of 11% since 2007, while deliveries of yachts less than 40m in length has declined at a CAGR of 11%. If we exclude yachts below 40m in length, the number of deliveries across the market has grown at c.2% per annum since Therefore, we can see that the average size of superyachts across the market has consistently grown each year. This is positive for companies such as GYG as it creates a larger surface area which requires maintenance. With growth in both the number of yachts and the average size, GYG s addressable market, as measured by the total square meters is exhibiting strong growth. The average length of projects GYG has worked on since 2006 is up 44% from 54m to 78m. If we look at growth on a square metre basis the growth is significantly greater than 44% at 94%, due to the surface area being greater than the length of the yacht. 7

8 Global Yachting Group 5th July 2017 Geography GYG is well positioned geographically in refit. Indeed It offers more global reach than its competitors (particularly given its growing US exposure), all of whom are mostly focused around Europe. GYG also works extensively throughout Europe operating in shipyards in Italy, Spain, France, Germany, Holland and the UK, amongst others, and it is associated with key refit yards around the world. Its main shipyards are located in Barcelona and Palma. It is worth bearing in mind that most of the 1826 billionaires spend the majority of the yachting time in the Mediterranean where GYG has excellent coverage. In new build the company is focused on Germany, the Netherlands and Italy. Global Customers Need Global Service Source: GYG GYG appears to be the only major global player capable of delivering multiple high-quality refit and new build work. This is a key competitive advantage that would take time and investment to replicate. With a general trend towards greater consistency, higher standards and increased professionalism in this segment of the market, there is an increasing opportunity for GYG to continue to grow its market share. Scale and financial resources GYG s scale and financial resources are a critical benefit in this fragmented market. Although it appears that pricing is typically not the key deciding factor for decision makers (owners and representatives), particularly for larger vessels. Pricing can be used to generate initial work and help build relationships. Equally, having the financial resources to ensure projects are completed on-time and to the highest standard is important. For companies like GYG, the quality of service can be a key differentiator. In addition, the ability to offer warranties on its work offers GYG another competitive advantage. Barriers to entry Barriers to entry for new competitors are high and growing as GYG increases its market share. Superyacht painting is highly technical and requires expertise and financial stability, and having a good reputation has become increasingly important. 8

9 5th July 2017 Global Yachting Group With the end-client being billionaire yacht owners and their representatives, personal relationships are also important. To this end, three of GYG s top four executives are former yacht captains and have long standing relationships with superyacht captains and management companies around the world. Other than Yacht Protection, the three next biggest competitors in the Mediterranean generate 2-5m of revenue per annum and have all been established since 2000 at the latest, so there is a significant scale gap between GYG, YP and these players. In terms of refit, there are limited yards undertaking refit works, and GYG is currently the dominant paint applicator in three of those yards. Therefore establishing a business that could compete with GYG would be extremely difficult as yacht owners rely on long standing suppliers with track records to deliver their yachts on time and to the highest standards, which GYG has a strong reputation for. Directors Remy Millott - Chief Executive Officer Remy has over 35 years of yachting industry experience, having commenced his offshore career in He quickly progressed in his offshore career, becoming a yacht Captain by the age of 29. He joined Pinmar in 1996 and in 2003 led the management buyout in partnership with the Ferretti Group, becoming Managing Director in the process. Following a growth phase under partial Ferretti ownership, he led the acquisition of the scaffolding business in 2005 and the US business in 2009, the buy-back of the Ferretti shares in 2009 and subsequently the merger of Pinmar and Rolling Stock in 2012, to create Global Yachting Group. Gloria Fernandez - Chief Financial Officer Gloria Fernandez started her career with Deloitte in audit and consulting, progressing to manager level in Deloitte Spain and Deloitte UK, having spent two years working in Scotland. Gloria joined the Group as CFO in 2012 after finalising the JV transaction between Pinmar and Rolling Stock and led the restructuring and post-merger integration. Rupert Savage - Managing Director Rupert was a highly respected yacht captain for over 16 years and is still a keen racing yachtsman. He moved ashore and joined Rolling Stock in 2006 where he became Managing Director and was instrumental in the development and growth of the business into a leading player in the yacht painting and service sector. Rupert has been responsible for the integration of the various group companies and runs the business on a day to day basis. Rupert continues to be influential in the strategic development of the Group, of which he is Group Managing Director. 9

10 Global Yachting Group 5th July 2017 Stephen Murphy - Non-Executive Chairman Stephen has a strong financial and operational background having accumulated over 30 years' experience in senior management positions and executive Director roles. Previous roles include Group Finance Director, Executive Director, Transportation and subsequently Group CEO of Virgin Group Investments Limited - the worldwide holding Company of the Virgin Group from , having succeeded Sir Richard Branson. Previous executive positions include Executive Chairman of IPPowerhouse and senior management positions at Quaker Oats Limited, Burton Group plc, and Pedigree Petfoods Limited (Mars UK). Stephen currently serves on several boards including Chairman of Ovo Energy Limited, Independent Director and Chair of the Audit and Risk Committee of The Business Growth Fund and Independent Director at Get Living London Ltd. Previously, Stephen served as Chairman of Byron Hamburgers Limited, Wyevale Garden Centres and Jumeirah LLC, the UAE based hospitality group. Stephen is an Associate Member of the Chartered Institute of Management Accountants. Richard King - Independent Non-Executive Director Richard spent 35 years with Ernst and Young LLP becoming deputy Managing Partner of UK & Ireland and a member of both the Europe, Middle East, India and Africa (EMEIA) Board and Global management group. Since leaving EY, Richard has been involved either as chairman or non-executive director on a variety of private and public companies and has been involved in company disposals in excess of 400 million. Richard is an advisory partner at Rockpool Investments LLP and is on the advisory board of Frogmore Property Group. He is also Chair of trustees for the Willow Foundation. 10

11 5th July 2017 Global Yachting Group IPO The company was floated by Zeus Capital. Gross proceeds were 6.9m ( 3.5m net) with a placing of 6.9m shares at 100p per share. In addition a vendor placing also took place (21.5m shares). The reasons for IPO are stated as: Raise public profile and increase brand visibility to drive growth Industry and reputation credibility Access to funds and quoted paper for future M&A activity, and strengthen the balance sheet Provide a partial exit for existing investors and optimise capital structure Management and staff incentivisation Forecast assumptions With strong market fundamentals and a 38.1m order book ( 34.5m of which is for FY17 meaning c. 90% of our forecast revenue in new build and refit is already secure), visibility for 2017 is excellent and therefore we have confidence in our forecasts. The outlook for the rest of the forecast period is positive with revenue growth and margin expansion. Our revenue assumptions are for 10% CAGR over the forecast period. We base this on the fact that the pipeline (work quoted) is 10x larger than the order book. As a guide the 2016 pipeline provided a win rate of 32% and therefore this gives us a good indication of the company s prospects. At 30th of April 2017 the order book was 38.1m. This order book breaks down to 26.7m for refit and 11.4m for new build. We expect the company to show strong growth in new build, although the nature of this work is that it is lumpy. In refit, we would now expect the non-core yards to grow at a faster rate than the core Palma (STP Palma) and Barcelona (Marina Barcelona 92) yards, as those yards already operate at high-capacity. Other areas of the business are likely to grow in line with refit. We have assumed 150bps operating margin expansion between 2016A and 2019 as the company leverages its cost base, and benefits from its growing involvement in new build. Valuation 11.1x versus 15.9x comparable basket At the IPO price of 100p, the stock trades on 11.1x 2017E PE falling to 8.9x in 2018E, on a calendarised basis this is 10.2x falling to 8.0x. The forecast full year (ie 6 months after listing) total dividend per share is 3.2p. On a full year basis we equate that to 6.4p. With the shares placed at 100p this equates to a 6.4% dividend yield for 2017E. This rises to 6.6% in 2018 and 6.8% in 2019, which is considerably more attractive than the sector average. To assess a sector average, although GYG achieves higher than average margins and is exhibiting stronger EPS growth, we assessed a group of asset-light support services companies. The basket of stocks included Babcock, James Fisher and Page Group amongst others. These stocks trade at an average PE of 15.9x 2017E compared to GYG which trades on just 11.1x falling to 8.9x. 11

12 Global Yachting Group 5th July 2017 Valuation Summary 2017E 2018E 2019E Peer Group PER GYG EPS (p) GYG PER (x) GYG DPS (p) GYG Dividend Yield* 6.4% 6.6% 6.8% Source: various websites, ED estimates. NB at GYG IPO price, * annualised 2017 Forecasts Income Statement Year to 31 Dec, m 2016A 2017E 2018E 2019E Revenues Gross profit % Gross profit 28.0% 30.0% 30.0% 30.0% Operating costs Other operating costs (incl PLC) Depreciation Operating profit Margin 11.0% 11.1% 12.0% 12.5% Net finance cost Adj Profit before tax Tax ** Tax rate -17.7% -13.0% -27.0% -27.0% Adj Profit after tax Amortisation Exceptionals Reported PAT Number of shares (avge) m * EPS (basic adj, p) * DPS (p) DPS cover Source: Company historic and ED estimates *adjusted to new capital structure **tax before exceptionals 12

13 5th July 2017 Global Yachting Group Cash Flow Year to 31 Dec, m 2016A 2017E 2018E 2019E Operating profit Depreciation EBITDA Working capital Operating cash flow Net Interest Tax Gross cash flow Capex Free cash flow Equity (net) Acquisitions Other cash flow Financing Dividends Net cash movement Net cash at start of period Net debt at end of period Source: Company historic data and ED estimates 13

14 Powered by TCPDF ( Head of Corporate Gilbert Ellacombe Direct: Tel: Investor Access Hannah Crowe Ben Ferguson Direct: Direct: Tel: Tel: Equity Development Limited is regulated by the Financial Conduct Authority Equity Development Limited ( ED ) is retained to act as financial adviser for various clients, some or all of whom may now or in the future have an interest in the contents of this document and/or in the Company. In the preparation of this report ED has taken professional efforts to ensure that the facts stated herein are clear, fair and not misleading, but make no guarantee as to the accuracy or completeness of the information or opinions contained herein. This document has not been approved for the purposes of Section 21(2) of the Financial Services & Markets Act 2000 of the United Kingdom ( FSMA ). Any person who is not a relevant person under this section should not act or rely on this document or any of its contents. Research on its client companies produced and distributed by ED is normally commissioned and paid for by those companies themselves ( issuer financed research ) and as such is not deemed to be independent, as defined by the FCA, but is objective in that the authors are stating their own opinions. This document is prepared for clients under UK law. In the UK, companies quoted on AIM are subject to lighter due diligence than shares quoted on the main market and are therefore more likely to carry a higher degree of risk than main market companies. This report is being provided to relevant persons by ED to provide background information about the Global Yachting Group. This document does not constitute, nor form part of, and should not be construed as, any offer for sale or purchase of (or solicitation of, or invitation to make any offer to buy or sell) any Securities (which may rise and fall in value). Nor shall it, or any part of it, form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Self-certification by investors can be completed free of charge at ED may in the future provide, or may have in the past provided, investment banking services to the Company. ED, its Directors or persons connected may have in the future, or have had in the past, a material investment in the Company. More information is available on our website Equity Development, 15 Eldon Street, London, EC2M 7LD. Contact: info@equitydevelopment.co.uk