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Net cash per share

Net cash per share is based on information disclosed in the last published annual report, and is shown only when it is positive. Therefore cash, plus near-cash assets, must exceed short-term borrowings, i.e. borrowings due within one year. Net cash per share is defined as the net positive value, if any, of cash plus near-cash assets less short-term borrowings, divided by the number of ordinary shares in issue at the year-end. The calculation of net cash per share is summarised as follows:

CASH + NEAR CASH ASSETS LESS:

BORROWINGS DUE WITHIN 1 YEAR (£)

----------------------------------------- X 100p = NET CASH PER SHARE (p)

SHARES IN ISSUE AT YEAR-END

Net cash per share can be subject to adjustment for a variety of reasons, mostly reflecting share capital changes which give rise to share price adjustment factors.


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