ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

ROVIDA ADVISORS (UK) LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsefalseNo description of principal activityfalse2017-01-01 08981191 2017-01-01 2017-12-31 08981191 2016-01-01 2016-12-31 08981191 2017-12-31 08981191 2016-12-31 08981191 2016-01-01 08981191 5 2017-01-01 2017-12-31 08981191 5 2016-01-01 2016-12-31 08981191 d:Director1 2017-01-01 2017-12-31 08981191 d:Director2 2017-01-01 2017-12-31 08981191 d:RegisteredOffice 2017-01-01 2017-12-31 08981191 e:OfficeEquipment 2017-01-01 2017-12-31 08981191 e:OfficeEquipment 2017-12-31 08981191 e:OfficeEquipment 2016-12-31 08981191 e:OfficeEquipment e:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 08981191 e:CurrentFinancialInstruments 2017-12-31 08981191 e:CurrentFinancialInstruments 2016-12-31 08981191 e:CurrentFinancialInstruments e:WithinOneYear 2017-12-31 08981191 e:CurrentFinancialInstruments e:WithinOneYear 2016-12-31 08981191 f:UnitedKingdom 2017-01-01 2017-12-31 08981191 f:RestWorldOutsideUK 2017-01-01 2017-12-31 08981191 f:RestWorldOutsideUK 2016-01-01 2016-12-31 08981191 e:UKTax 2017-01-01 2017-12-31 08981191 e:UKTax 2016-01-01 2016-12-31 08981191 e:ShareCapital 2017-12-31 08981191 e:ShareCapital 2016-12-31 08981191 e:ShareCapital 2016-01-01 08981191 e:RetainedEarningsAccumulatedLosses 2017-01-01 2017-12-31 08981191 e:RetainedEarningsAccumulatedLosses 2017-12-31 08981191 e:RetainedEarningsAccumulatedLosses 2016-01-01 2016-12-31 08981191 e:RetainedEarningsAccumulatedLosses 2016-12-31 08981191 e:RetainedEarningsAccumulatedLosses 2016-01-01 08981191 e:FinancialAssetsAmortisedCost 2017-12-31 08981191 e:FinancialAssetsAmortisedCost 2016-12-31 08981191 d:OrdinaryShareClass1 2017-01-01 2017-12-31 08981191 d:OrdinaryShareClass1 2017-12-31 08981191 d:FRS102 2017-01-01 2017-12-31 08981191 d:Audited 2017-01-01 2017-12-31 08981191 d:FullAccounts 2017-01-01 2017-12-31 08981191 d:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08981191

ROVIDA ADVISORS (UK) LIMITED

ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2017

ROVIDA ADVISORS (UK) LIMITED

Company Information

Directors	S N Roditi
	J Vohryzek-Samuel


Registered number	08981191


Registered office	The Belvedere
	2 Back Lane
	Hampstead
	London
	NW3 1HL


Independent auditor	Sayers Butterworth LLP
	Chartered Accountants & Statutory Auditor
	3rd Floor
	12 Gough Square
	London
	EC4A 3DW

ROVIDA ADVISORS (UK) LIMITED

Contents

	Page
Strategic report	3
Directors' report	1 - 2
Independent auditor's report	4 - 6
Statement of comprehensive income (incorporating the profit and loss account)	7
Balance sheet	8
Statement of changes in equity	9
Statement of cash flows	10
Notes to the financial statements	11 - 17

ROVIDA ADVISORS (UK) LIMITED

Directors' report

For the Year Ended 31 December 2017

The directors present their report and the financial statements for the year ended 31 December 2017.

Results and dividends

The profit for the year, after taxation, amounted to £42,178 (2016 - £30,301).

Directors

The directors who served during the year were:

S N Roditi

J Vohryzek-Samuel

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Matters covered in the strategic report

Disclosures of strategic importance that would usually be contained in the Directors' Report are presented in the Strategic Report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 1

ROVIDA ADVISORS (UK) LIMITED

Directors' report (continued)

For the Year Ended 31 December 2017

Auditor

The auditor, Sayers Butterworth LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 20 April 2018 and signed on its behalf.

J Vohryzek-Samuel

Director

Page 2

ROVIDA ADVISORS (UK) LIMITED

Strategic report

For the Year Ended 31 December 2017

Introduction

The directors submit their Strategic Report for the year ended 31 December 2017.

Business review

Rovida Advisors (UK) Limited is authorised and regulated by The Financial Conduct Authority (FCA). The category of membership of the FCA states that Rovida Advisors (UK) Limited is authorised to carry on business as an exempt CAD BIPRU €50,000 MiFID investment firm, but it is not allowed to hold or deal in client money. The directors confirm that at no time during the above year has the firm held or dealt with client money and at all times during the year the firm has complied with the FCA minimum capital resources requirement.
The company continues to provide investment advisory services to its immediate parent company. During the year advisory services were also provided to N Roditi & Co. The company continues to have sufficient reserves to fund its operations and satisfy solvency requirements and the Financial Conduct Authority.

Principal risk and uncertainties

The key risk for the company is that the investment advisory services provided to the immediate parent company are no longer required and the investment management agreement in place is brought to an end. This risk is considered to be low for the foreseeable future.

Financial key performance indicators

The performance of the group is monitored on a quarterly basis. The key performance indicators used by the company are as follows.

Financial instruments and risk management

The main financial risks inherent from the company's operations are credit risk, cash flow risk and liquidity risk. The directors monitor banking facilities and cash flows on a quarterly basis to ensure adequate working capital facilities are in place.

This report was approved by the board on 20 April 2018 and signed on its behalf.

J Vohryzek-Samuel

Director

Page 3

ROVIDA ADVISORS (UK) LIMITED

Independent auditor's report to the shareholders of Rovida Advisors (UK) Limited

Opinion

We have audited the financial statements of Rovida Advisors (UK) Limited (the 'Company') for the year ended 31 December 2017, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2017 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material

Page 4

ROVIDA ADVISORS (UK) LIMITED

Independent auditor's report to the shareholders of Rovida Advisors (UK) Limited (continued)

inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 5

ROVIDA ADVISORS (UK) LIMITED

Independent auditor's report to the shareholders of Rovida Advisors (UK) Limited (continued)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Wright (Senior statutory auditor)

for and on behalf of

Sayers Butterworth LLP

Chartered Accountants & Statutory Auditor

3rd Floor

12 Gough Square

London

EC4A 3DW

20 April 2018

Page 6

ROVIDA ADVISORS (UK) LIMITED

Statement of comprehensive income (incorporating the profit and loss account)

For the Year Ended 31 December 2017

	2017	2016
Note	£	£


Turnover	4	540,000	420,000
Gross profit		540,000	420,000
Administrative expenses		(488,131)	(382,086)
Operating profit	5	51,869	37,914
Interest receivable and similar income		451	39
Profit before tax		52,320	37,953
Tax on profit	9	(10,142)	(7,652)
Profit for the financial year		42,178	30,301


Total comprehensive income for the year		42,178	30,301

The notes on pages 11 to 17 form part of these financial statements.

Page 7

ROVIDA ADVISORS (UK) LIMITED

Registered number: 08981191

Balance sheet

As at 31 December 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	10		127		435
			127		435
Current assets
Debtors: amounts falling due within one year	11	104,595		4,082
Cash at bank and in hand		311,277		252,866
		415,872		256,948
Creditors: amounts falling due within one year	12	(144,729)		(28,291)
Net current assets			271,143		228,657
Total assets less current liabilities			271,270		229,092

Net assets			271,270		229,092

Capital and reserves
Called up share capital	14	100,000	100,000
Profit and loss account		171,270	129,092
		271,270	229,092

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 April 2018.

S N Roditi	J Vohryzek-Samuel
Director	Director

The notes on pages 11 to 17 form part of these financial statements.

Page 8

ROVIDA ADVISORS (UK) LIMITED

Statement of changes in equity

For the Year Ended 31 December 2017

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2017	100,000	129,092	229,092
Comprehensive income for the year
Profit for the year	-	42,178	42,178
At 31 December 2017	100,000	171,270	271,270

Statement of changes in equity

For the Year Ended 31 December 2016

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2016	100,000	98,791	198,791
Comprehensive income for the year
Profit for the year	-	30,301	30,301
At 31 December 2016	100,000	129,092	229,092

The notes on pages 11 to 17 form part of these financial statements.

Page 9

ROVIDA ADVISORS (UK) LIMITED

Statement of cash flows

For the Year Ended 31 December 2017

			2017	2016
			£	£

Cash flows from operating activities
Profit for the financial year	42,178	30,301
Adjustments for:
Depreciation of tangible assets	308	308
Interest received	(451)	(39)
Taxation charge	10,142	7,652
(Increase)/decrease in debtors	(100,514)	38
Increase in creditors	113,950	1,366
Corporation tax (paid)	(7,653)	(12,047)
Net cash generated from operating activities	57,960	27,579
Cash flows from investing activities
Interest received	451	39
Net cash from investing activities	451	39

Net increase in cash and cash equivalents	58,411	27,618
Cash and cash equivalents at beginning of year	252,866	225,248
Cash and cash equivalents at the end of year	311,277	252,866

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	311,277	252,866
	311,277	252,866

The notes on pages 11 to 17 form part of these financial statements.

Page 10

ROVIDA ADVISORS (UK) LIMITED

Notes to the financial statements

For the Year Ended 31 December 2017

1.	General information

Rovida Advisors (UK) Limited is a private limited company, incorporated in England and Wales, registration number 08981191. The Company's registered office is The Belvedere, 2 Back Lane, Hampstead, London, NW3 1HL.
The principal activity of the company during the year was the provision of investment advisory services.
Rovida Advisors (UK) Limited is authorised and regulated by The Financial Conduct Authority (FCA). The category of membership of the FCA states that Rovida Advisors (UK) Limited is authorised to carry on business as an exempt CAD BIPRU €50,000 MiFID investment firm, but it is not allowed to hold or deal in client money. The directors confirm that at no time during the above year has the firm held or dealt with client money and at all times during the year the firm has complied with the FCA minimum capital resources requirement.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The functional and presentational currency of the company is GBP.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The company meets its day-to-day working capital requirements through its retained earnings and cash balances. The directors have a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. On this basis, the company continues to adopt the going concern basis in preparing its financial statements.

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 11

ROVIDA ADVISORS (UK) LIMITED

Notes to the financial statements

For the Year Ended 31 December 2017

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment

20%

reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

2.5

Debtors

Basic financial assets, including trade and other debtors are recognised at transaction price, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.8

Creditors

Basic financial liabilities, including trade and other creditors are recognised at the transaction price.

Page 12

ROVIDA ADVISORS (UK) LIMITED

Notes to the financial statements

For the Year Ended 31 December 2017

2.Accounting policies (continued)

2.9

Taxation

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors, there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Analysis of turnover by country of destination:

					2017	2016
					£	£

United Kingdom	100,000	-
Rest of the world	440,000	420,000
	540,000	420,000

Turnover comprises fees receivable in respect of investment advisory services.

	Depreciation of tangible fixed assets	308	308
	Fees payable to the Company's auditor for the audit of the Company's annual financial statements	5,250	4,750

Page 13

ROVIDA ADVISORS (UK) LIMITED

Notes to the financial statements

For the Year Ended 31 December 2017

6.	Auditor's remuneration
		2017	2016
		£	£

Fees payable to the Company's auditor for the audit of the Company's annual financial statements

5,250

4,750

Fees payable to the Company's auditor in respect of:
Taxation compliance services	2,500	2,500
All other assurance services	4,800	4,800
All other services	472	2,790
	7,772	10,090

Wages and salaries	350,000	250,000
Social security costs	47,176	33,381
	397,176	283,381

The average monthly number of employees, including the directors, during the year was as follows:

	2017	2016
	No.	No.

Directors	2	2

Page 14

ROVIDA ADVISORS (UK) LIMITED

Notes to the financial statements

For the Year Ended 31 December 2017

8.	Directors' remuneration
		2017	2016
		£	£

Directors' emoluments	350,000	250,000
	350,000	250,000

The highest paid director received remuneration of £350,000 (2016 - £250,000).

Key management personnel includes all directors who have authority and responsibility for planning, directing and controlling the activities of the company. Total compensation paid to key management personnel was £350,000 (2016: £250,000).

Corporation tax
Current tax on profits for the year	10,142	7,652


	Taxation on profit on ordinary activities	10,142	7,652

Profit on ordinary activities before tax

52,320

37,953

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.25% (2016 - 20%)	10,072	7,591
Effects of:
Depreciation not deductible for tax purposes	58	61
Expenses disallowed for tax purposes	12	-
Total tax charge for the year	10,142	7,652

Page 15

ROVIDA ADVISORS (UK) LIMITED

Notes to the financial statements

For the Year Ended 31 December 2017

10.	Tangible fixed assets

		Office equipment
		£
	Cost
	At 1 January 2017	929
	At 31 December 2017	929
	Depreciation
	At 1 January 2017	494
	Charge for the year on owned assets	308
	At 31 December 2017	802
	Net book value
	At 31 December 2017	127
	At 31 December 2016	435

11.

Debtors

					2017	2016
					£	£


Other debtors	104,595	4,082
	104,595	4,082

12.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Corporation tax	10,142	7,653
Other taxation and social security	11,721	11,919
Other creditors	122,866	8,719
	144,729	28,291

Page 16

ROVIDA ADVISORS (UK) LIMITED

Notes to the financial statements

For the Year Ended 31 December 2017

13.	Financial instruments
		2017	2016
		£	£

Financial assets
Financial assets that are debt instruments measured at amortised cost	411,651	252,866
	411,651	252,866

Financial assets measured at amortised cost comprise cash at bank and accrued income.

14.	Share capital
		2017	2016
		£	£

Allotted, called up and fully paid

100,000 Ordinary shares of £1 each	100,000	100,000

15.

Related party transactions

The company has adopted the exemption permitted by paragraph 33.1A of FRS102 and has not disclosed transactions with members of the same group that are wholly owned.
During the year the company received £100,000 (2016: £Nil) in respect of investment advisory fees from N Roditi & Co, an unincorporated business belonging to a director. Included in other debtors is £100,000 (2016: £Nil) due from N Roditi & Co.

16.	Ultimate parent undertaking and controlling party

The immediate parent undertaking is Rovida Advisors Inc, a company incorporated in the USA. The ultimate parent undertaking is the Zambezi Trust, a Trust domiciled in the Cayman Islands.
In the opinion of the directors, the ultimate controlling party is The London & Amsterdam Trust Company Limited, which is the trustee of the Zambezi Trust.

Page 17