RNS Number:4302L
Basepoint PLC
22 May 2003
BASEPOINT PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 28th FEBRUARY 2003
Basepoint Plc, the AIM listed specialist provider of Managed Business,
Innovation & Enterprise Centres (MBECs), today announces its preliminary results
for the year ended 28th February 2003.
HIGHLIGHTS
*Continuing high occupancy at MBECs
*Operating profit increased by 68% to #1.23m
*Profit for the year up by 45% to #696,000
*EPS improved by 37%
*Dividend increased by 10% to 2.2p
*Increases in portfolio valuation #3.9m
*Net assets at #1.77 per share at year-end
*#3m new capital raised to fund expansion strategy
*Partnership formed with Kodak Pension Plan (a client of LaSalle
Investment Management) to fund development of new MBECs
CHAIRMAN'S STATEMENT
Results
I am pleased to report another year of record financial results. Operating
profit at #1.23m is up by 68% on last year with profits available to
shareholders, after both tax and minority interests, up by 45%. Earnings per
share increased by 37% to stand at 8.6p basic and 8.4p fully diluted. Improved
profitability arose through consistently high occupancy at mature centres,
rental improvements and increased capacity following the opening of two new
centres during the year.
The value of the Group's portfolio has increased to #26.77m following additions
of #2.9m, disposals of #400,000 and increases on valuation of #3.9m. Towards the
end of the financial year we successfully raised #3m in new capital increasing
the number of shares in issue by 46%. I am particularly pleased to report that
notwithstanding the greater number of shares in issue, net assets per share
increased by 8% to stand at #1.77 at the year end.
Dividend
The Board is recommending a dividend of 2.2p per share, an increase of 10% over
last year. This will be paid on 22nd July, in the form of a single annual
dividend, subject to confirmation at the Annual General Meeting. Dividends have
been increased each year since our admission to the Alternative Investment
Market and it remains our intention to pursue a progressive dividend policy. The
increase in issued capital late on in the financial year means that we are
proposing a dividend from profits largely earned before the benefit of the
additional capital is felt.
Business
It is encouraging for me to be able to report that our product, the MBEC, is
enjoying strong demand from the small and medium sized enterprise (SME) business
sector. Following the opening of our latest centre at Southampton in July 2002
we have increased the operational capacity of the Group to 434 units available
in 8 centres. A small extension to our very first centre, at Romsey, was
completed in April 2003 providing a further 11 units to meet the demand there.
In a year of economic uncertainty we have worked hard to maintain the levels of
occupancy that we have obtained over recent years. It is particularly pleasing
that we have done so and, moreover, have let some 110 additional units in our
newest developments. We believe this is testimony to the product we offer,
namely, good quality business space with quick entry, simple 'two weeks' licence
agreements and all inclusive charging, on site support, sense of community,
security, access to business advisory services and increasingly sophisticated
telecommunications including broadband.
The Group's continued profitable growth illustrates the success of our business
strategy.
Strategic objectives
Against the background of strongly performing centres and a proven, reliable
income stream, we faced the challenge of growing the business in terms of both
capacity and profitability but with a limited supply of capital. After much
deliberation we formulated a strategy last year designed to maximise the benefit
of core skills already within the Group - that is the ability to develop new
MBECs on green or brown field sites and to bring them up to high levels of
operational performance. The strategy centres on a plan to build new centres and
operate them without necessarily having to fully own them. We perceived that it
should be possible to generate income from managing centres, generate further
income from the proportional ownership of those centres, and also by earning
profits from the activity of developing new centres. Our business model showed
that the income streams from existing centres combined with potential additional
income streams from managing and developing new centres should enable us to
achieve growth in both capacity and profitability, with cash flow and working
capital funding the capacity growth.
The funds raised in the recent Placing and Open Offer has secured the working
capital necessary to put this strategy into action. Further action has been
taken by forming a partnership with the Trustees of the Kodak Pension Plan (a
client of LaSalle Investment Management) to provide substantial additional funds
for new centre developments, and in which Basepoint will retain a 25% stake. The
partnership will be a passive investor in the new centres devolving management
to Basepoint or its subsidiaries in return for management fees. We have agreed
to transfer developments currently in course of construction at Andover and
Crawley into the partnership so that the momentum created can be maintained.
Separately, we are realising other opportunities for the development and
management of our style of MBEC through Government Agencies; further detail is
provided in the Operating and Financial Review.
Capital Gains Tax Status
Following recent exchange of correspondence with the Inland Revenue, we have
received confirmation that our principal operating subsidiary can be regarded as
a trading company and that our MBEC assets can be regarded as business assets
for taxation purposes at least from April 2002. We believe that this will allow
shareholders in the parent company, Basepoint Plc, to benefit from Capital Gains
Tax business asset taper relief. Shareholders should of course take professional
advice appropriate to their own circumstances before making any claims for such
relief. Please also refer to the additional information provided on taxation
status in the Financial Review.
Prospects
Your Company has a clear strategy, a well developed product combined with a
substantial target market and enthusiastic, well motivated staff, which all
augur well for the future. I would particularly like to record my thanks to all
of our employees who have worked so well together to produce these fine results.
We will all continue to focus on creating shareholder wealth.
Viscount Lifford
22nd May, 2003
OPERATING & FINANCIAL REVIEW
OPERATING REVIEW
Basepoint has built a strong niche business by specialising in the provision of
high quality business space well suited to the smaller growing business and, by
providing a supportive community environment, it helps those businesses to
flourish. By developing new centres on green or brown field sites, Basepoint is
able to create purpose built space which maximises potential revenue flow and
also provides the opportunity for substantial value gains on new developments.
Over the years we have coined the phrase 'managed business, innovation and
enterprise centres' or 'MBECs' to describe our product where space is available
to suit both office and industrial users. Units at our centres are let on
flexible terms under a simple licence, requiring a fee payable fortnightly and a
security deposit equal to four weeks licence fee. This simple licence agreement
and our policy of making a single, all-inclusive charge removes some of the
obstacles associated with traditional forms of property renting. Quality,
environment and flexibility combine to make an attractive product with the
resultant strong demand.
At March 2002 the Group was operating from six centres with a total of 287 units
available. During the last financial year we completed two new centres -
Folkestone with 66 units and Southampton with 81 units - bringing the year end
total of units to 434 spread over 8 centres. The Group has substantial asset
backing, in the form of its MBECs and other investment properties, standing at
#26.8m at February 2003; cumulative, unrealised gains of #9.7m have been
recognised on revaluation of the Group's properties.
OPERATING RESULTS FOR THE YEAR
Turnover at #3.7m, substantially generated by MBECs, increased by 51% over the
previous year. The biggest impact on turnover has been the opening of the two
new centres, which have together added #800,000, but income from the provision
of telecommunication services has also contributed #130,000 to the increase.
Rent increases of approximately 4% were obtained on all units in the spring of
2002 followed in March this year by a further 3% at all mature centres. The
increase in turnover together with economies of scale in administrative expenses
has lead to improved operating profits of #1.2m - a 68% increase on the previous
year.
Profits on the sale of investment properties declined from #164,000 to #127,000.
With only one residential property and two commercial investment properties
remaining in the portfolio, this contribution is set to decline as the Group
concentrates on its core activity.
Profits attributable to shareholders amounted to #696,000 (2002 - #479,000) an
increase of 45%. Gains arising from the annual revaluation of the Group's
properties were #3.89m (2002 - #1.59m).
MBEC ACTIVITY
During the year the Group completed the development of Folkestone Enterprise
Centre, which opened in April 2002 followed in July by the Southampton
Enterprise Centre. Opening two large new centres has impacted on the overall
occupancy levels so that across the Group average occupancy of all available
units during the year, including the take up phase of new space was 76% (2002 -
87%) of maximum. Occupancy at mature centres (open for more than twelve months)
continued at very high levels with an average for the year of 95% (2002 -
92.5%).
As the number of MBEC units increases and becomes more widespread the Group is
less dependent upon any particular group of customers or the consequences of any
local economic difficulty. Widespread economic recession would impact upon Group
revenues but in so far as possible, major cost items are linked to occupancy
levels which is intended to provide resilience in a downturn.
DYNAMICS OF THE BUSINESS
The core business drivers are the location and development of new MBECs and the
operation of completed MBECs.
We have previously reported on development activities in Andover and Crawley
where new centres are currently under construction. Following a detailed review
of future strategy we concluded that profits and cash flow could be improved by
acting in a development role on new centres construction and a management role
in respect of the operation of those new centres without the need to have a full
ownership stake.
Over the years we have developed a number of centres in areas of economic
uncertainty by working with local and central government agencies to produce
MBECs on a grant assisted basis. Following changes in the administration of
grant assistance, those agencies are no longer able to provide direct support
but still have a need to procure suitable workspace. In creating Basepoint
Developments Ltd to carry out MBEC development and project management activities
we are seeking to capitalise on our development skills and to establish a new
profit line. In turn those activities will only be carried out where Basepoint
obtains a long-term contract for managing the ongoing, day-to-day, operations of
such centres.
In pursuing this strategy we have agreed to transfer the developments ongoing at
Andover and Crawley into a private sector Limited Partnership where, in addition
to development and management profit expectations, we will also retain a
minority stake in ownership. A planning application has been submitted on behalf
of the partnership for a new centre to be sited on the Bournemouth International
Airport complex and a further planning application at Swindon is ready for
submission.
Working with the public sector we have agreed to produce and operate a new
centre at Gosport for a Government Agency where we have obtained planning
consent and work will start on site shortly.
In pursuing the strategy detailed above we have sought to remove the cash
availability constraint on expansion. Demand for our products, both as centres
and as space within centres, appears to be robust with little directly
comparable competition.
Location and development of new MBECs
Government agencies have the potential to provide suitable sites and the funds
for their development and we are working hard to establish strong relationships
with such agencies. In forming the Limited Partnership referred to above we have
successfully introduced external funding on an equity risk-sharing basis into
our MBEC concept. We believe that the returns that can be generated from our
centre operations are proving attractive to the wider property investment
community and the supply of suitable sites will exceed our capacity in the
foreseeable future. The sites suitable for private sector funded developments
tend to be in areas of economic prosperity thus complementing the Government
agency sites which tend to be in areas in need of economic development and
support. Thus the two streams fit well into a business plan.
Operation of completed MBECs.
Each centre has its own site manager responsible for providing assistance to
occupiers, maintaining facility standards and occupancy levels as well as credit
control. Direct interaction through our managers, with licensees, allows close
relationships to be maintained leading to a continual monitoring of the local
market. During the year we revised the MBEC management structure by creating an
area manager role and encouraging a skill sharing between all centre managers.
This has been supplemented by an ongoing training plan and is leading to a much
stronger management platform and, in turn, to improvements in operational
efficiency.
INVESTMENT FOR THE FUTURE
The Group plans to consistently expand the number of operating MBECs year by
year and we have set out above how we will bring those plans to fruition. There
is strong potential for expansion both as regards sites and the pool of small
businesses seeking good quality and value facilities. The Group development and
project management team can handle the annual procurement and development of two
to three new MBECs each year. Given the strategy for expanding operations this
team is now being strengthened to lift capacity from about 150 units a year
towards a target of 400 units per year. Simultaneously, we expect the MBEC area
manager structure to sustain the increased management activity.
DIVIDENDS, EARNINGS PER SHARE & NET ASSETS PER SHARE
In previous years the Board was mindful that the MBEC development programme
required access to capital and that the payment of dividends reduced resources
to underpin growth. As detailed below in the Financial Review - Capital Raising
- the Company has secured the working capital to fund its ongoing strategy.
Although the capital recently raised has yet to be deployed into income
generating activities, the Board believes that it is right to pursue a
progressive dividend policy. Taking into account the 46% increase in number of
shares in issue the Board considers it appropriate to recommend a dividend
increased by 10% from 2p per share to 2.2p per share. This will absorb #246,000
(2002 - #153,000) and subject to confirmation of the Board recommendation at the
Annual General Meeting, it is proposed to pay the dividend in a single payment
on 22nd July 2003.
Reflecting the profit improvement but allowing for the increase of shares in
issue, both basic and fully diluted earnings per share have increased in the
year by 37% (2002 - 45%). In considering the Group's performance, shareholders
will be mindful of the unrealised gains reported in the Statement of Total
Recognised Gains and Losses and amounting to #3.89m (2002 - #1.59m) The issue of
new shares at 90p has restricted the growth in net assets per share, but the
strong portfolio performance and good trading results have combined to outweigh
the dilutive effect of the share issue to leave year end net assets per share at
#1.77 compared to #1.64 last year.
FINANCIAL REVIEW
CAPITAL RAISING ACTIVITIES
During the year under review we have identified our strategy to expand the
Company's activities into MBEC project development and management and have
entered into a Limited Partnership with, initially, the Trustees of the Kodak
Pension Plan (a client of LaSalle Investment Management) to build and run
centres. It is intended that other partners will be introduced into the
partnership so that, together with a proposed bank facility equal to the
partners' capital, a fund of up to #40m will be available for new MBEC
developments. Basepoint intends to maintain a 25% interest in the Partnership
and, subject to obtaining additional partners and the required bank funding,
will commit up to #5m to the Partnership. It is intended that subject to
unforeseen circumstances the cash flow generated from development, project
management and operational management will support the Group's capital
requirements for the foreseeable future.
During the year under review the Company successfully raised #3m from the issue
of new shares, at 90p per share, under a Placing and Open Offer arrangement. The
funds so raised together with existing funds, will provide the working capital
required to give effect to our strategic plans.
The Partnership has agreed a loan facility with Bank of Scotland of #12.2m and
the partners at the present time have agreed to subscribe a total of #7.5m.
There is already the prospect of introducing another partner willing to make a
substantial commitment.
FINANCING
At the year-end, long-term loans from Bank of Scotland were #10.46m and against
shareholder funds of #19.8m gave a gearing level of 53% compared to 69% at the
previous year-end. Against a property portfolio of #26.7m the loan to value
gearing was a modest 39% (2002 - 42%). Under the current strategy, the Board
expects the gearing level to reduce for the foreseeable future.
Financial instruments are used to control the cost of borrowing within a defined
interest rate band. Financial instruments extending to 2008 protect
approximately 75% of the Group's interest rate risk on long-term debt.
A loan facility of #5.35m was negotiated with Bank of Scotland in contemplation
of developing centres at Andover and Crawley. Financial instruments were also
put in place, for #5m, to control the interest rate risk exposure. With the
subsequent agreement to transfer those two developments to the Partnership
referred to above, both the loan facility and hedging instruments are to be
subsumed into the Partnership financing arrangements.
TAXATION
Following a recent exchange of correspondence with the Inland Revenue, we have
received confirmation that our principal operating subsidiary, Basepoint Centres
Ltd, can be regarded as a trading company with effect from March 2002. It is our
understanding that this will allow shareholders in Basepoint Plc to obtain
Capital Gains Tax business asset taper relief in respect of their shareholdings
from March 2002 onwards. We are trying to obtain confirmation from the Inland
Revenue that this relief can be extended back to an earlier date and to confirm
that relief is also available under the Inheritance Tax business asset rules. We
hope to be able to update shareholders further by the time the Annual General
meeting is held. Shareholders should seek appropriate professional advice
pertinent to their own particular circumstances before taking any action in
connection with the possibility of obtaining these reliefs.
The charge to tax in the current year amounts to #173,000 and this comprises a
recovery #13,000 from the tax payable in the previous year and a charge for
deferred tax of #186,000. The total provision for deferred tax since the
adoption of FRS 19 last year now amounts to #406,000. Nearly all of this
provision arises from allowances obtained from costs incurred in building MBECs
and, with the intention of holding them for the longer term, we do not expect
the deferral to reverse in the foreseeable future. However, given the strategic
plans outlined within this statement and which are now being put into effect, we
would expect the future level of tax allowances to decline leading to an
increase in Corporation Tax payable. In accordance with FRS 19 no provision is
made for any deferred potential tax liability that could arise if the principal
properties were sold at their current carrying value.
CASHFLOW
The cash flow in the current year is distorted by the accounting treatment
adopted in respect of the developments at Andover and Crawley, following the
decision to transfer them to the Partnership as discussed above. The increase in
developments in progress of #2.4m relates to the year-end position on Andover
and Crawley and is only partly offset by the increase in creditors relating to
the funding of those developments. Thus the apparent outflow from operating
activities of #626,000 contrasts to the inflow of #1.1m in the previous year.
Completion of the transfer of these two properties is imminent and there will be
the consequent reversal of the outflow recorded last year.
Principal cash outflows comprise the capital spend to complete Folkestone and
Southampton MBECs at #3m and the net cost of debt service. The capital spend was
funded from receipts of long-term finance.
Net debt at the year end comprised long term loans and current year overdrafts
of #12.6m less cash invested for the short term of #5.3m.
Robert Cleaver, Chief Executive
David Boakes, Finance & Operations
22nd May, 2003
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 28th February 2003
2003 2002
#'000 #'000
TURNOVER 3,691 2,433
Operating expenses 1,695 1,047
-------- --------
GROSS PROFIT 1,996 1,386
ADMINISTRATION EXPENSES 771 659
-------- --------
OPERATING PROFIT 1,225 727
PROFIT ON SALE OF INVESTMENT PROPERTY 127 164
-------- -------
PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST 1,352 891
Interest receivable 113 100
Interest payable (589) (363)
-------- --------
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 876 628
TAX ON PROFIT ON ORDINARY ACTIVITIES (173) (129)
-------- --------
PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 703 499
Minority interests (7) (20)
-------- --------
PROFIT FOR THE FINANCIAL YEAR 696 479
Dividends 246 153
-------- --------
RETAINED PROFIT TRANSFERRED TO RESERVES 450 326
===== =====
Earnings per share - pence
Basic 8.62 6.25
Fully diluted 8.45 6.15
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the year ended 28th February 2003
2003 2002
#'000 #'000
PROFIT FOR THE FINANCIAL YEAR 696 479
Surplus arising on revaluation of properties 3,897 1,597
-------- --------
TOTAL RECOGNISED GAINS AND LOSSES
RELATING TO THE YEAR 4,593 2,076
===== =====
NOTE OF CONSOLIDATED HISTORICAL COST PROFITS AND
LOSSES
Reported profit on ordinary activities before 876 628
taxation
Realisation of property revaluation gains of 39 1
previous years
-------- --------
HISTORICAL COST PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION
915 629
===== =====
Historical cost profit for the year retained 735 480
after taxation and minorities
===== =====
CONSOLIDATED BALANCE SHEET
28th February 2003
2003 2002
#'000 #'000
FIXED ASSETS
Tangible assets 208 124
Investment property 26,775 20,359
-------- --------
26,983 20,483
CURRENT ASSETS
Developments in progress 2,462 38
Debtors 733 247
Investments 90 228
Cash at bank 5,296 2,669
-------- --------
8,581 3,182
CREDITORS: Amounts falling due within one (4,677) (2,184)
year
-------- --------
NET CURRENT ASSETS 3,904 998
-------- --------
TOTAL ASSETS LESS CURRENT LIABILITIES 30,887 21,481
CREDITORS: Amounts falling due after more than (10,461) (8,521)
one year
PROVISIONS FOR LIABILITIES AND CHARGES (406) (220)
MINORITY INTERESTS (200) (196)
-------- ---------
NET ASSETS 19,820 12,544
===== =====
CAPITAL AND RESERVES
Called up share capital 1,117 766
Share premium account 5,785 3,207
Special reserve account 1,535 1,535
Revaluation reserve 9,781 5,923
Profit and loss account 1,602 1,113
-------- --------
SHAREHOLDERS' FUNDS 19,820 12,544
===== =====
ON BEHALF OF THE BOARD
R J Cleaver - Chief Executive
T D Boakes - Director of Finance and
Operations
Approved by the Board on 22nd May 2003
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 28th February 2003
2003 2002
#'000 #'000
Net cash (outflow)/inflow from operating (626) 1,107
activities
Returns on investment and servicing of finance (476) (263)
Taxation 3 (28)
Capital expenditure (2,384) (4,155)
Acquisitions - (137)
-------- --------
(3,483) (3,476)
Equity dividends paid (153) (135)
-------- --------
(3,636) (3,611)
Financing 5,626 4,005
-------- --------
INCREASE IN CASH 1,990 394
===== =====
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN
NET DEBT
2003 2002
#'000 #'000
Increase in cash in the period 1,990 394
Cash repaying mortgage and bank loan 300 4,816
Cash received from mortgage and bank loan (2,998) (8,821)
-------- --------
(708) (3,611)
Net debt at 28th February 2002 (6,647) (3,036)
-------- --------
NET DEBT AT 28TH FEBRUARY 2003 (7,355) (6,647)
===== =====
NOTES TO THE PRELIMINARY ANNOUNCEMENT
1. The preliminary results have been extracted from the Group's audited
accounts which have been approved and signed by the directors and auditors.
They have not yet been delivered to the Registrar of Companies. The
financial information set out in this preliminary announcement does not
comprise Statutory Accounts within the meaning of Section 254 of the
Companies Act 1985.
2. DIVIDENDS AND EARNINGS PER SHARE
2003 2002
#'000 #'000
Proposed dividend of 2.2p (2002 - 2p) per share 246 153
===== =====
Earnings Shares in Issue
2003 2002 2003 2002
#'000 #'000 No No
Profit on 696 479 - -
ordinary
activities
after tax
and minority
interests
Weighted - - 8,078,410 7,662,207
average
share
capital
------------ ------------ ------------ ------------
Basic 696 479 8,078,410 7,662,207
earnings/
share
capital
Adjustments:
Options - - 162,946 121,013
------------ ------------ ------------ ------------
Adjusted 696 479 8,241,356 7,783,220
earnings/
fully
diluted
share
capital
====== ======= ======= =======
3. SHARE CAPITAL
Ordinary shares of 10p each
2003 2002
No #'000 No #'000
Authorised 22,000,000 2,200 22,000,000 2,200
======== ======== ======== ========
Issued and 7,662,207 766 7,662,207 766
fully paid
At 1 March
2002
Issued 13 3,499,381 350 - -
January 2003
on Placing
and Open
Offer
Issued 4 8,000 1 - -
February
2003 under
employee
share option
scheme
------------- ------------- ------------- -------------
As at 28 11,169,588 1,117 7,662,207 766
February
2003
======== ======== ======== ========
Shares issued under the Placing and Open Offer were issued at 90p each
and the shares issued under the employee share option scheme were issued
at an average price of 62.6p each.
4. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2003 2002
Company Group Company Group
#'000 #'000 #'000 #'000
Profit on ordinary 93 696 260 479
activities after
taxation and minority
interests
Dividends (246) (246) (153) (153)
Other recognised gains - 3,897 - 1,597
and losses relating to
the year
Revaluation reserve - - (1) (1)
relating to current
asset investments
realised on disposal
New share capital 2,929 2,929 10 10
subscribed
Adjustment relating to - - - 8
further acquisition of
shares in BHAT Ltd
-------- -------- -------- --------
Net addition to 2,776 7,276 116 1,940
shareholders' funds
Opening shareholders's 5,816 12,544 5,700 10,604
funds
-------- -------- -------- --------
Closing shareholders' 8,592 19,820 5,816 12,544
funds
===== ===== ===== =====
5. 2003 REPORT AND ACCOUNTS
Copies of the 2003 Report and Accounts will be sent to shareholders in
due course. Further copies will be available from the Company's
Nominated Adviser, Smith & Williamson Corporate Finance Limited, No. 1
Riding House Street, London, W1A 3AS.
6. COPY OF THE ANNOUNCEMENT
A copy of this announcement will be available from the company's
Nominated Adviser, Smith & Williamson Corporate Finance Limited, No. 1
Riding House Street, London, W1A 3AS.
7. DIVIDEND TIMETABLE
Ex-dividend 25 June 2003
Record date 27 June 2003
Expected payment date 22 July 2003
Contacts
Robert Cleaver or David Boakes
Telephone: 01962 842244
E mail:
robcleaver@basepoint.co.uk
davidboakes@basepoint.co.uk
Nicola Horton
Smith & Williamson Corporate Finance Limited
Tel: 020 7637 5377
E mail: nicola.horton@smith.williamson.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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