RNS No 7863n
HARTFORD GROUP PLC
10 August 1999
Part 1
This announcement is not for release, publication or distribution
in or into the United States, the Republic of Ireland, Canada,
Australia or Japan.
PROPOSED MERGER OF HARTFORD GROUP PLC
AND MONTANA Plc
Summary
* The boards of Hartford Group PLC ("Hartford") and Montana Plc
("Montana") announce the terms of a proposed merger to be
implemented by way of a recommended share offer, to be made by
Apax Partners & Co. Capital Limited ("Apax Partners") on behalf
of Hartford, to acquire the entire issued and to be issued share
capital of Montana. The formal Offer Document will be despatched
as soon as practicable.
* The terms of the Merger are 49 Hartford Shares for every 9
Montana Shares. Based on the Hartford Share price of 1.25p on 2
July 1999 (the last dealing day prior to the commencement of the
Offer Period), the Offer values Montana's existing issued share
capital at approximately #13.7 million and each Montana Share at
approximately 340.3p which represents a premium of 35.8 per cent.
to the closing middle market price of a Montana Share of 250.5p
on 2 July 1999.
* Irrevocable undertakings to accept the Offer have been received
in respect of 2,275,649 Montana Shares in aggregate (representing
approximately 56.46 per cent. of the existing issued share
capital of Montana).
* Hartford Shareholders will in aggregate hold approximately 42.5
per cent. and Montana shareholders approximately 57.5 per cent.
of the enlarged issued share capital of Hartford (prior to the
exercise of any options over shares in Montana and ignoring
shares issued pursuant to the Placing).
* The Merged Group will have a market capitalisation of
approximately #30 million based on a price of 1.25p per Hartford
Share on 2 July 1999 (equating to 62.5p following Consolidation)
assuming full acceptance of the Offer (including in respect of
options over Montana Shares) and completion of the Proposals.
* Kevin Finch, currently Chairman of Montana will join the Hartford
Board, as Chief Executive and Nigel Wray will become Non-
Executive Chairman of the Merged Group. Matthew Freud and Nick
Leslau will be Non-Executive Directors of the Merged Group.
* Hartford is also proposing to raise #3.5 million (before
expenses) via an institutional share placing at 1.25p per share
(equating to 62.5p per share following Consolidation). Hartford
also proposes, conditional on Admission and the Offer becoming or
being declared unconditional in all respects, that Hartford's
share capital be consolidated on the basis of 50 Existing
Hartford Shares into 1 Consolidated Hartford Share.
* On behalf of the Directors of Hartford, Nigel Wray, proposed
Chairman of the Merged Group, said:
"The Hartford Board has been eager to expand the Hartford Group
for some time and we believe that Montana represents an excellent
opportunity to accelerate our strategy."
* On behalf of the Directors of Montana, Kevin Finch, chairman of
Montana, said:
"The board of Montana believe that the Merger provides the
Enlarged Group with considerable strategic, commercial and
financial synergies and will provide increased liquidity and
easier access to capital to fund future organic and acquisition
led growth than Montana would otherwise have as a stand alone
business."
The above summary must be read in conjunction with the full text
of the following announcement.
Press enquires
For further information, please contact:
Hartford Group PLC 0171 291 6400
Matthew Freud
Apax Partners & Co. Capital Limited 0161 831 9133
Richard Hughes
Montana Plc 0171 313 8100
Kevin Finch
SG Securities (London) Ltd 0171 638 9000
David Cohen
Andrew Osborne
College Hill 0171 457 2020
Giles Cooper
(PR Agent for Montana)
Apax Partners, which is regulated by The Securities and Futures
Authority Limited, is acting for Hartford and no one else in
connection with the Offer and will not be responsible to anyone
other than Hartford for providing the protections afforded to
customers of Apax Partners nor for giving advice in relation to
the Offer.
SG Securities, which is regulated by The Securities and Futures
Authority Limited, is acting for Montana and no one else in
connection with the Offer and will not be responsible to anyone
other than Montana for providing the protections afforded to
customers of SG Securities nor for giving advice in relation to
the Offer.
The Offer will not be made available, directly or indirectly, in
or into the United States, Canada, Australia, the Republic of
Ireland or Japan.
This announcement has been approved by Apax Partners & Co. Capital
Limited, which is regulated by the Securities and Futures
Authority Limited for the purpose of Section 57 of the Financial
Services Act 1986.
MERGER OF HARTFORD GROUP PLC AND MONTANA Plc
1. INTRODUCTION
On 5 July 1999, it was first announced that discussions were taking
place about the possibility of an offer being made for Montana, and
on 12 July 1999 Hartford announced that it was in discussions with
Montana which may or may not lead to an offer being made for
Montana. On 30 July 1999, the Hartford Board issued a statement that
they were in discussions relating to a potential merger with
Montana. Following further discussions, it was announced today that
the boards of Hartford and Montana have reached agreement on the
terms of a proposed merger between the two groups. The Merger is
being implemented by means of a recommended all share offer to be
made by Apax Partners on behalf of Hartford for the entire issued
and to be issued share capital of Montana.
Hartford is an AIM quoted company with a market capitalisation of
approximately #14.2 million as at 9 August 1999. Hartford's
principal subsidiary, Bluelodge Limited trades as the Pharmacy Bar
and Restaurant in Notting Hill, which opened in January 1998.
Hartford Group's executive management team is currently headed by
Matthew Freud.
The Merger is being implemented by means of a recommended offer by
Apax Partners on behalf of Hartford to acquire all the Montana
Shares, subject to the conditions and on the further terms set out
in Appendix I of this document and the Form of Acceptance. Assuming
full acceptance of the Offer, Hartford Shareholders will, in
aggregate, hold approximately 42.5 per cent., and Montana
Shareholders will, in aggregate, hold approximately 57.5 per cent.,
of the enlarged issued share capital of Hartford (prior to the
exercise of any Montana options pursuant to the Offer and ignoring
the Placing Shares proposed to be issued pursuant to the Placing
described in the Circular).
The formal Offer Document and Form of Acceptance will be despatched
as soon as practicable.
2. THE OFFER
On behalf of Hartford, Apax Partners hereby offers to acquire, on
the terms and subject to the conditions set out or referred to in
the Offer Document and in the Form of Acceptance, all of the Montana
Shares on the following basis:
49 Consideration Shares for every 9 Montana Shares
and so in proportion for any other number of Montana Shares held
Based on the Hartford share price of 1.25p (equating to 62.5p
following Consolidation) at the close of business on 2 July 1999
(the last dealing day prior to the commencement of the Offer
Period), the Offer values the whole of Montana's existing issued
share capital at approximately #13.7 million and each Montana Share
at approximately 340.3p. This represents a premium of 89.8p or
approximately 35.8 per cent. to the closing middle market price of a
Montana Share of 250.5p on 2 July 1999 (the last dealing day prior
to the commencement of the Offer Period).
Based on the Hartford share price of 1.75p (equating to 87.5p
following Consolidation) at the close of business on 28 July 1999
(the day before suspension from trading of the Existing Hartford
Shares from AIM), the Offer values the whole of Montana's existing
issued share capital at approximately #19.2 million and each Montana
Share at approximately 476.4p. This represents a premium of 225.9p
or approximately 90.2 per cent. to the closing middle market price
of a Montana Share of 250.5p on 2 July 1999 (the last dealing day
prior to the commencement of the Offer Period) and a premium of
approximately 85.0 per cent. to the closing middle market price of a
Montana Share of 257.5p on 5 July 1999 (the date of suspension from
trading of the Montana Shares).
The Montana Shares to be acquired pursuant to the Offer are to be
acquired fully paid and free from all liens, equities, charges and
encumbrances and other interests and together with all rights now or
hereafter attaching thereto, including the right to receive and
retain all dividends and other distributions (if any) declared, made
or paid hereafter.
The Offer will extend to any Montana Shares which are
unconditionally allotted or issued prior to the date on which the
Offer closes for acceptance (or such earlier date as Hartford may,
subject to the City Code, decide and being earlier than the date on
which the Offer becomes unconditional as to acceptances or, if later
the first closing date of the Offer) as a result of the exercise of
options over the Montana Shares.
3. UNDERTAKINGS TO ACCEPT THE OFFER
Hartford has received irrevocable undertakings to accept the Offer
from Montana Directors in respect of their holdings of 954,857
Montana Shares in aggregate (representing approximately 23.69 per
cent. in aggregate of the existing issued share capital of Montana).
These undertakings will remain binding even in the event of a
competing offer being made or announced for Montana Shares.
Hartford has also received irrevocable undertakings in respect of a
further 581,085 Montana Shares (representing approximately 14.42 per
cent. of Montana's issued share capital). In addition, irrevocable
undertakings to accept the Offer have been received from Singer and
Friedlander, Clareville Capital and NatWest Private Equity in
respect of 739,707 Montana shares in aggregate (representing
approximately 18.35 per cent. of the existing issued share capital
of Montana). These undertakings will cease to be binding if a third
party announces a firm intention to make an offer for Montana Shares
(the making of which is not, or has ceased to be, subject to any pre-
condition), where the value of that competing offer is at least 110
per cent. of the value of the Offer.
In total therefore, Hartford has received irrevocable undertakings
to accept the Offer in respect of 56.46 per cent. of Montana's
present issued share capital.
4. FINANCIAL EFFECTS OF ACCEPTANCE
On the bases and assumptions set out in the notes below, for
illustrative purposes only and assuming the Offer becomes or is
declared unconditional in all respects, the following table shows
the financial effects of acceptance of the Offer on capital value
for a holder of nine Montana Shares:
(i) Capital Value on 28 July 1999
Notes (p)
Increase over the Montana Share price on 2
July 1999:
Market value of forty-nine Consideration (i) 4,287.5
Shares received
under the Offer
Less: Market value of nine Montana Shares (ii) 2,254.5
_______
Increase in capital value 2,033
_______
Representing an increase of 90.2%
Notes:
(i) Based on the closing middle market quotation of a Hartford
Share of 1.75p as derived from the AIM Appendix of the Official List
on 28 July 1999, being the latest practicable date prior to the
suspension from trading of the Existing Hartford Shares from AIM,
multiplied by 50 to reflect the Consideration.
(ii) Based on the closing middle market quotation of a Montana Share
as derived from OFEX on 2 July 1999 the last dealing day before
commencement of the Offer Period.
(iii)Save as stated above, no account has been taken of any
liability to taxation.
(ii) Capital Value on 2 July 1999
Notes (p)
Increase over the Montana Share price on 2
July 1999:
Market value of forty-nine Consideration (i) 3,062.5
Shares received
under the Offer
Less: Market value of nine Montana Shares (ii) 2,254.5
_______
Increase in capital value 808.0
_______
Representing an increase of 35.8%
Notes:
(i) Based on the closing middle market quotation of a Hartford
Share of 1.25p as derived from the AIM Appendix of the Official List
on 2 July 1999, being the date prior to the commencement of the
Offer Period, multiplied by 50 reflect the Consolidation.
(ii) Based on the closing middle market quotation of a Montana Share
of 250.5p as derived from OFEX on 2 July 1999 the last dealing day
before commencement of the Offer Period.
(iii)Save as stated above, no account has been taken of any
liability to taxation.
The effect of acceptance of the Offer on income has not been
considered as Montana has not made any dividend payments. Hartford
paid an interim dividend of 3.3p per share, totalling #100,000 in
respect of the period ended 27 December 1998.
5. INFORMATION ON MONTANA
Montana is an established restaurant business offering contemporary
American cuisine to affluent neighbourhoods. The company was
incorporated on 16 May 1997, however, the first trading unit, the
Montana Restaurant and Bar, opened in Fulham, London with 68 covers
in July 1995. Montana now operates through a further four units:
Dakota, a 123 seat restaurant which opened in December 1997 in
Notting Hill; Canyon which opened in Richmond in September 1998 with
200 covers including 100 covers outside; Congress, a 80 seat private
members' dining club in Westminster, was opened in April 1999 and
Idaho, a 158 seat restaurant, was opened in Highgate in June 1999.
In addition, Montana has recently exchanged contracts for its sixth
site in Wimbledon which is expected to open in September 1999.
Further sites are currently under consideration and it is
anticipated that a seventh restaurant will open later this year with
up to three additional units opening in 2000.
6. INFORMATION ON HARTFORD
Hartford is an AIM quoted company with a market capitalisation of
approximately #14.2 million as at 9 August 1999. Hartford's
principal subsidiary, Bluelodge Limited trades as the Pharmacy
Restaurant and Bar in Notting Hill, which opened in January 1998.
Hartford Group's executive management team is headed by Matthew
Freud.
In September 1998 Hartford acquired Bluelodge Limited, the owner of
the Pharmacy Restaurant and Bar and changed the Hartford Group's
direction into an operator of restaurants and bars. The Pharmacy is
currently generating margins of approximately 15 per cent. of
turnover and won its category in the 1998 London Restaurant Awards.
The current Directors of Hartford are as follows:
J M Edelson Non-Executive Chairman
N M Wray Non-Executive
N M Leslau Non-Executive
M R Freud Chief Executive
7. HARTFORD CURRENT TRADING AND PROSPECTS
As reported at our recent Annual General Meeting in June,
Hartford continues to trade in line with management
expectations. Significant steps have been taken to reduce the
Group's overheads and terms have been agreed with Raymond de
Fazio and Liam Carson on the termination of their employment.
The Board believes that centralising the management and
operational resources of the Enlarged Group into Montana's
existing structure will be of benefit in terms of management
experience and future prospects.
8. MONTANA CURRENT TRADING AND PROSPECTS
In the six months to June 1999 the Dakota, Canyon and Idaho
restaurants traded well and the directors of Montana believe
that they should experience an upturn during the summer months
because of the large outdoor dining areas in all of these
restaurants. Dakota is performing substantially better than in
1998 as the restaurant, which opened in November 1997, becomes
more established. Dakota is also beginning to attract
destinational business as well as neighbourhood diners. Canyon
has enjoyed a similar trading pattern to Dakota and the pick-up
in trading has been at an accelerated rate. This is because
Canyon has a larger proportion of outside seats than Dakota and
also because the Montana group has benefited from the
experience of an extra year's trading of both the Montana and
Dakota restaurants. Idaho only opened in June this year and
management are happy with the progress made at this restaurant
to date.
The Montana restaurant is currently trading at levels below
1998 which the Montana Directors attribute to changes in
management. The management of this unit has changed twice
since the beginning of the year and a new manager has recently
been appointed transferring across from Dakota. Also during
the early part of this year senior management focused on
opening new units at Congress and Idaho and planning the
anticipated further new openings in 1999.
Congress, the private dining club based in Westminster only
opened in March 1999 and currently has 400 members, the target
number being 600. Consequently trading to date is below
budget. The directors of Montana have put in place an action
plan to address the membership drive and expand the membership
base to the business community. In addition one of the key
selling points of Congress is its private offices and rooms
which members can hire for meetings or private functions.
These rooms are not yet in service and are projected to be
ready in September 1999 at which point they are intended to be
used to market the club and generate additional income. The
House of Commons restaurant will close in September for
refurbishment and this is expected to create additional demand
for Congress facilities.
9. THE PLACING
The Company is proposing to raise #3.5 million (before
expenses), by the issue of 5,600,000 Consolidated Hartford
Shares, pursuant to the Placing, conditional upon Admission and
the Offer becoming or being declared unconditional in all
respects. SG Securities has underwritten the Placing at 62.5p
per Consolidated Hartford Share.
Assuming full acceptance of the Offer, completion of the Merger
would result in existing Hartford Shareholders being interested
in aggregate in approximately 42.5 per cent. of the issued
share capital of the Enlarged Group (excluding the Placing
Shares) and approximately 34.7 per cent. of the share capital
of the Enlarged Group (assuming the issue of all the Placing
Shares and acceptance of the Offer by those persons holding
options over shares in Montana).
10. SHARE CAPITAL CONSOLIDATION
The Directors propose that, conditional on Admission and the
Offer becoming or being declared unconditional in all respects,
the Company's share capital be consolidated on the basis of 50
Existing Hartford Shares into 1 Consolidated Hartford Share.
Fractions of Consolidated Hartford Shares will be aggregated
and, so far as practicable, sold in the market. Accordingly
Shareholders whose existing holdings in Hartford Shares are not
exactly divisible by 50 on the Consolidated Record Date will be
liable to receive cash in respect of fractional entitlements to
Consolidated Hartford Shares. Shareholders whose holding of
Existing Hartford Shares is 49 or less will only receive cash.
Cheques in respect of the proceeds of sale (net of any
commissions and dealing costs) with respect to such fractional
entitlements are expected to be despatched to persons entitled
to them as soon as practicable following the Offer becoming or
being declared wholly unconditional.
Hartford Shareholders who are in any doubt about their tax
position in relation to the Consolidation should consult their
appropriate professional advisor immediately.
11. MANAGEMENT AND EMPLOYEES
It is proposed that following the Offer being declared
unconditional in all respects, Kevin Finch will join the
Hartford Board, as Chief Executive, and Michael Edelson will
resign from the Hartford Board. Jonathan Kennedy has also
resigned from the Hartford Board following today's announcement
of the Merger. Nigel Wray will be appointed Non-Executive
Chairman and Matthew Freud will become a Non-Executive
Director.
Upon the Merger becoming wholly unconditional, Kevin Finch will
enter into a service agreement which is terminable on six
months' notice by either party to expire not earlier than 24
months' after the date of the relevant agreement. Mr Finch will
be employed as Chief Executive of Hartford and will be required
to work one third of his working week under the agreement. In
addition to an annual salary of #43,333, Mr Finch will have the
benefit of a fully expensed mobile telephone for use in the
performance of his duties and 50 per cent. of his home
telephone calls will be reimbursed by Hartford. He will also
be entitled to participate in Hartford's permanent health
insurance scheme and for himself, his spouse and dependent
children, in Hartford's private medical insurance scheme.
Upon the Merger becoming wholly unconditional, Mr Finch will
also provide services to Hartford under a consultancy agreement
in consideration for an annual fee of #86,666. This agreement
is terminable by either party on six months' notice to expire
not earlier than 24 months' after the date of the relevant
agreement. Mr Finch will also become entitled to the Kevin
Finch Option full details of which are set out in Part 5 of the
Circular.
SG Securities considers these arrangements to be fair and
reasonable so far as other Montana Shareholders are concerned.
The existing employment rights, including pension rights, of
the employees of the Montana Group will be fully safeguarded.
12. MONTANA SHARE OPTION SCHEMES
Hartford will make appropriate proposals to holders of options
granted over Montana Shares in due course, once the Offer
becomes or is declared unconditional in all respects.
13. BACKGROUND TO AND REASONS FOR THE MERGER
The Hartford Directors believe in a strong theme or concept for
restaurants and have been evaluating several concepts that will
aid their expansion plans and complement the contemporary US
cuisine concept established by Montana. The Hartford Directors
have therefore devised, and are actively considering the
implementation of, the "Spitfire" concept, a proposed quality
high street fast food operation. Following detailed discussions
between the Proposed Directors, certain other projects outlined
in Hartford's recent annual report and accounts have been
curtailed in light of the Enlarged Group's combined focus.
The Hartford Directors also believe that the recent growth
experienced by the restaurant sector is set to continue for the
foreseeable future. In particular, they consider that the trend
towards eating out in the UK is moving towards the US model
where a greater proportion of total food expenditure is spent
on dining at restaurants. The Hartford Board has been eager to
expand the Hartford Group for some time and believes that
Montana represents an excellent opportunity to accelerate their
strategy.
Certain members of the management teams of both Hartford and
Montana have significant experience in restaurant launches and
development of new brands which will enable the Enlarged Group
to take advantage of these underlying strengths to roll out
both existing and new Montana and Hartford concepts across the
UK and Europe.
Additionally, the Hartford Board believes that the skills and
experience of its members in the areas of property development,
marketing, public relations, and corporate activity will
significantly enhance the operating skills and experience of
the Montana team.
14. RECOMMENDATION
The Hartford Board, who have received financial advice from
Apax Partners, consider that the terms of the Offer and the
Proposals are fair and reasonable so far as Shareholders as a
whole are concerned. In providing advice to the Hartford
Board, Apax Partners has taken into account the Hartford
Board's commercial assessment of the Proposals. Accordingly,
the Hartford Board unanimously recommends you to vote in favour
of the resolutions to be proposed at the Extraordinary General
Meeting as they intend to do in respect of their own beneficial
holdings of 442,815,958 Existing Hartford Shares representing
approximately 54.60 per cent. of the company's existing issued
share capital.
The board of Montana, who have been so advised by SG
Securities, consider the terms of the Offer to be fair and
reasonable. In providing advice to the board of Montana, SG
Securities has taken into account the Montana board's
commercial assessment of the Offer. Accordingly, the board of
Montana unanimously recommend that Montana Shareholders accept
the Offer as they intend to do in respect of their beneficial
holdings of 954,857 Montana Shares, representing approximately
23.69 per cent. of Montana's issued share capital.
15. GENERAL
The formal Offer Document, setting out the details of the Offer,
and the Form of Acceptance will be despatched by Apax Partners on
behalf of Hartford as soon as practicable.
The Offer will be on the terms and will be subject to the
conditions which are set out or referred to in Appendix I hereto
and in addition to those terms which will be set out in the
formal Offer Document and the Form of Acceptance in respect thereof
and such further terms as may be required to comply with the rules
and regulations of the London Stock Exchange and the provisions of
the City Code.
Neither Hartford nor, so far as Hartford is aware, any person
acting in concert with Hartford owns or controls any Montana Shares
or has any option to purchase any Montana Shares.
The availability of the Offer to persons not resident in the
United Kingdom may be affected by the laws of the relevant
jurisdiction in which they are resident. Persons who are not
resident in the United Kingdom should inform themselves about, and
observe, any applicable requirements.
The Offer will not be made, directly or indirectly, in or into the
United States or by the use of the mails of or by any means or
instrumentality of United States interstate or foreign commerce,
or any facility of a United States national securities exchange
and the Offer is not being made in, or into Canada, Australia, the
Republic of Ireland or Japan. Accordingly, copies of the
announcement are not being and must not be mailed or otherwise
distributed or sent in, into or from the United States, Canada,
Australia, the Republic of Ireland or Japan and persons receiving
this announcement (including custodians, nominees and trustees)
must not distribute or send it in, into or from the United
States, Canada, Australia, the Republic of Ireland or Japan. Doing
so may invalidate any purported acceptance.
Appendix II contains the definitions of terms used in this
announcement.
This announcement does not constitute an offer or invitation to
acquire any securities.
10 August 1999
Press enquires
For further information, please contact:
Hartford 0171 291 6400
Matthew Freud
Apax Partners 0161 831 9133
Richard Hughes
Montana 0171 313 8100
Kevin Finch
SG Securities 0171 638 9000
David Cohen
Andrew Osborne
College Hill 0171 457 2020
Giles Cooper
PR Agent for Montana)
Apax Partners, which is regulated by The Securities and Futures
Authority Limited, is acting for Montana and no one else in
connection with the Merger and will not be responsible to anyone
other than Montana for providing the protections afforded to
customers of Apax Partners nor for giving advice in relation to
the Merger.
SG Securities, which is regulated by The Securities and Futures
Authority Limited, is acting for Montana and no one else in
connection with the Merger and will not be responsible to anyone
other than Montana for providing the protections afforded to
customers of SG Securities nor for giving advice in relation to
the Merger.
The Offer will not be made available, directly or indirectly, in
or into the United States, Canada, Australia, the Republic Of
Ireland or Japan.
1. Responsibility
(A) The directors of Hartford, whose names are set out in
paragraph 2(A) below, accept responsibility for the
information contained in this document, other than that
relating to the Montana Group, the directors of Montana
and members of their immediate families. To the best of
the knowledge and belief of the directors of Hartford (who
have taken all reasonable care to ensure that such is the
case), the information contained herein for which they are
responsible is in accordance with the facts and does not
omit anything likely to affect the import of such
information.
(B) The directors of Montana, whose names are set out in
paragraph 2(B) below, accept responsibility for the
information contained in this document relating to the
Montana Group, the directors of Montana and members of
their immediate families and persons connected with them.
To the best of the knowledge and belief of the directors
of Montana (who have taken all reasonable care to ensure
that such is the case), the information contained herein
for which they are responsible is in accordance with the
facts and does not omit anything likely to affect the
import of such information.
2. Directors
(A)The directors of Hartford and their functions are as
follows:
Michael Edelson (Non-Executive Chairman)
Nick Leslau (Non-Executive)
Matthew Freud (Chief Executive)
Nigel Wray (Non-Executive)
It is proposed that following the Offer being declared
unconditional in all respects, Kevin Finch will join the
board of Hartford, as Chief Executive and Michael Edelson
will resign from the Hartford Board. Nigel Wray will be
appointed Non-Executive Chairman and Matthew Freud will
become a Non-Executive Director.
The registered office of Hartford is 150 Notting Hill
Gate, London W11 3QG.
(B)The directors of Montana and their functions are as
follows:
Kevin Finch (Chairman)
Drew Barwick (Executive Director)
The registered office of Montana is Fourth Floor, Centre
Heights, 137 Finchley Road, Swiss Cottage, London NW3 6JG.
MORE TO FOLLOW
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