TIDMPU12
RNS Number : 6238G
Puma VCT 12 PLC
26 November 2020
Puma VCT 12 plc
Interim Report
For the period ended 31 August 2020
Officers and Professional Advisers
Directors Auditor
Raymond Pierce (Chairman) RSM UK Audit LLP
David Brock Chartered Accountants
Graham Shore 25 Farringdon Street
London EC4A 4AB
Secretary
Eliot Kaye Sponsors and Solicitors
Howard Kennedy
Registered Number No 1 London Bridge
09758309 London SE1 9BG
Registered Office Bankers
Cassini House The Royal Bank of Scotland plc
57 St James's Street London City Office
London PO Box 412
SW1A 1LD 62-63 Threadneedle Street
London
Investment Manager EC2R 8LA
Puma Investment Management Limited
Cassini House VCT Tax Advisor
57 St James's Street PricewaterhouseCoopers LLP
London 1 Embankment Place
SW1A 1LD London WC2N 6RH
Administrator Custodian
PI Administration Services Limited Pershing Securities Limited
Cassini House 1 Canada Square
57 St James's Street London
London E14 5AL
SW1A 1LD
Registrar
SLC Registrars
Elder House
St. Georges Business Park
Brooklands Road
Weybridge
Surrey
KT13 0TS
Highlights
-- Profit of GBP560,000 recorded in the period, representing 1.81p per share
-- NAV at period end of 90.01p (after adding back dividends paid to date)
-- Increase in carrying value of qualifying investments despite
Covid-19 disruption, although pandemic is likely to impact on the
Company's timing of exits
Chairman's Statement
Introduction
Once again, we are reporting against the backdrop of major
economic disruption caused by the Covid-19 pandemic. Whilst recent
announcements relating to potential vaccines have buoyed sentiment,
the impact of the measures taken to deal with Covid-19 continue to
impact the entire economy and touch almost every sector.
Whilst it may be too early to comment on the medium-term effects
on investment markets and values, the short-term impact on the
operations of many of the Company's investments has been
significant. In this context, it has been pleasing that carrying
values have, in the main, not been adversely affected, and in some
case have recorded encouraging increases. Details of these
investments, and their current carrying values, are set out
below.
Results and Net Asset Value ("NAV")
The Company recorded a profit of GBP560,000 in the period
(representing 1.81p per share) primarily as a result of changes
made in holding values of the qualifying investments portfolio.
Accordingly, the NAV per share at the period end was 84.01p (90.01p
after adding back the dividends paid to date).
Investments
Qualifying Investments
Growing Fingers Limited - Children's Nursery
As previously reported, the Company invested GBP420,000 (as part
of a GBP2.8 million investment, alongside other Puma funds) into
Growing Fingers Limited, a new purpose-built, 108-place nursery
school in Wendover, Buckinghamshire, an affluent commuter town with
direct links to London. Building was underway pre-Covid-19,
however, in line with government restrictions, the site was closed
and restarted in July with weekly site monitoring visits from Clerk
of Works to ensure the build remains on track. The construction is
due to reach Practical Completion by the end of the year, and
pre-marketing continues in preparation for the opening of the
school, which is expected in February 2021.
Kid and Play Limited - Children's Nursery
In October 2017, the Company invested GBP1.7 million (as part of
a GBP3.4 million investment, alongside other Puma funds) into Kid
& Play Limited. The company has developed a 110-place
children's day nursery which was originally expected to open in
Spring 2020 but experienced some interruptions to the building
works due to Covid-19, so reached Practical Completion in May 2020
and opened in August 2020. Thanks to the focus on digital and
online marketing during the first Covid-19 lockdown, advance
interest in the nursery was very encouraging and the nursery
reached 27% occupancy by October 2020 and continues to track in
line with budget.
Signal Building Services Limited - Construction projects
The Company has invested GBP200,000 (as part of a total
investment round of GBP2 million) into Signal Building Services
Limited, a business specialising in delivering turnkey solutions to
construction projects led by a management team with over 40 years
of combined experience in the construction sector. Signal Building
Services is currently working on the construction of a 41-unit
residential scheme in North-West London. It has also recently been
working on the construction of a 22-apartment supported living
scheme in Wigan which, we are pleased to report, completed
successfully during the period, generating attractive returns for
Signal Building Services.
Applebarn Nurseries Limited - Children's Nursery
The Company has invested GBP1.8 million (as part of a GBP2.9
million investment, alongside other Puma funds) into Applebarn
Nurseries Limited, a custom-built, 120-place children's day nursery
in Altrincham, South Manchester which opened in September 2018 and
has been continuing to ramp up as occupancy builds, reaching
profitability in the year. The management team includes a
successful operator of nurseries, together with an experienced
developer and contractor. The nursery continued to operate for
children of key workers through the first lockdown in line with
government regulations, and all staff were retained without being
furloughed. The nursery reopened fully in August 2020, although
working in 'bubbles', which allowed for the school to operate but
at reduced capacity, with 72 students instead of 120.
Knott End Pub Company Limited - Pubs with Microbreweries
As previously reported, the Company has invested just over GBP4
million (as part of a GBP7.3 million qualifying investment
alongside another Puma VCT) in Knott End Pub Company Limited which
has entered into a franchise agreement with Brewhouse & Kitchen
Limited ("B&K") to roll out a portfolio of pubs offering
on-site craft micro-brewing activities and good quality food.
B&K is an award winning national branded operator, which now
has 24 sites offering craft brewing activities, and is run by an
experienced management team. Knott End operates two pubs, one in
Milton Keynes, Buckinghamshire and the other in Horsham, West
Sussex.
In line with the rest of the industry Knott End had to close
both units during the first lockdown in response to the Covid-19
pandemic. The business took advantage of government support
packages including the Job Retention Scheme (furlough) and Rate
Reliefs, VAT reductions of food (July 2020 extended to March 2021)
and the 'Eat Out to Help Out' scheme for August 2020.
The company and the B&K brand platform are innovating its
offering to adapt to the current environment. One example of this
is its investment into technology, resulting in B&K rapidly
rolling out their new order and payment platform, 'B&K On Tap'.
This will provide customers with comfort around social distancing,
and deliver staff efficiencies, adding extra robustness to the
operating model. These digital solutions will facilitate the
company in understanding their customer base in more detail.
Whilst the business is well funded, uncertainty due to Covid-19
remains, and there is yet to be clarity on potential restrictions
over the festive period, a key trading period for pubs. On this
basis, and given the downward pressure on pub valuations as a
result of the pandemic, the Company has made a further reduction in
the carrying value of the holding, generating an unrealised loss in
the period of GBP1,028,000.
Sunlight Education Nucleus Limited - Special Educational Needs
Schools
In November 2017, the Company invested GBP2.35 million (as part
of a GBP4.7 million investment, alongside other Puma funds) into
Sunlight Education Nucleus Limited, a company seeking to develop,
own and operate a series of special educational needs schools
across the United Kingdom. The first school, which opened in
September 2019 in Stafford, West Midlands, continued to operate
throughout lockdown in line with government regulation that
vulnerable children, and those with education health and care
plans, could continue attending school at the discretion of the
parents and guardians. A small number of pupils attended the school
in early lockdown, and at-home services were provided for students
remaining at home. This school is now trading ahead of forecasts
for pupil headcount. The second site in Crewe has finished
refurbishment and is expected to open with four times the number of
students originally forecast. Both schools have increased efforts
to hire new staff in order to cater for the rising demand.
Pure Cremation Holdings Limited - Crematorium and Direct
Cremations
In November 2018, the Company invested just over GBP4.05 million
(as part of a GBP7.35 million investment, alongside other Puma
funds) into Pure Cremation Holding Limited, a leading provider of
direct cremations meeting the needs of a growing number of people
in the United Kingdom who want a respectful cremation arranged
without any funeral, leaving them free to say farewell how, where
and when is right for them. The company's revenue has grown
consistently during Puma's period of hold, and the business has
moved into profitability. Puma's investment has enabled marketing
activity, increasing awareness of the business' direct cremations
and prepaid funeral plans. The investment also helped the company
build its own bespoke crematorium facility, driving down per-unit
costs and providing a platform for considerable further growth.
Pure Cremation's experienced management team has delivered
impressive growth in a sector poised for rapid expansion.
The business experienced very high demand during the Covid-19
crisis and was able to continue operating safely. It also donated
TV advertising space to Marie Curie to help the charity raise much
needed funds for its emergency appeal. The sale of 'pre-need' (i.e.
purchase of a funeral plan providing committed funding for a direct
cremation) and 'at-need' services have remained strong throughout
the crisis, and the business is expanding to cover mainland
Scotland given the growing traction in this region. As the business
continues to deliver consistent growth in revenue and EBITDA, the
Company has reflected an increase in the carrying value of its
holding, generating an unrealised gain in the period of
GBP1,725,000.
SA Fitness Holdings Limited - Budget Gyms
In March 2018, the Company invested GBP1.4 million (as part of a
GBP5 million investment, alongside other Puma funds) into 'SA
Fitness' (NRG), a gym business aimed at price-sensitive millennials
with a keen interest in sports and fitness. The company had sites
in Gravesend and Watford at the point of our investment and has
added gyms in Walsall and Lewisham. All four sites had to close in
March in line with government regulations, and the business put all
staff, apart from the directors, on the government support scheme.
The company retained considerable cash holdings during this period,
as trade was strong going into lockdown.
All sites reopened in July in line with government regulations,
and post period, up until the second lockdown on 5th November, the
company was trading at membership levels higher than before the
first lockdown and was EBITDA positive in the months of September
and October. In addition, the gym in Watford was recently named
'Gym of the Year' by the Watford Observer. For the future, the
company continues to assess a pipeline of opportunities for new
sites.
Tictrac Limited - Health Engagement Platform
In March 2020, the Company invested GBP1.85 million (as part of
a GBP5 million investment, alongside other Puma funds) into Tictrac
Limited. Tictrac offers an advanced health and wellness app for
insurance companies and corporate clients to provide to their user
bases. The app integrates data from wearable technology, delivering
it to end users in a digestible format to drive up levels of
engagement and increase customer loyalty.
Tictrac has an impressive client base that ranges from globally
recognised insurance providers such as Aviva, Allianz and
Prudential to government health bodies, having established strong
relationships across the industry. Created in 2010, its founders
have assembled a strong management team to propel the business's
future growth.
The Covid-19 pandemic has placed renewed emphasis on employers
to focus on the health and wellbeing of all employees. While
continuing to work with its existing clients on roll-out, during
the crisis the company has offered its employee wellbeing platform
on a free trial basis to UK employers to support their workforce, a
number of which have now converted to paying clients.
Non-Qualifying Investments
As previously reported, the Company had initially invested just
over GBP20 million in a series of lending businesses offering an
appropriate risk adjusted return in the short to medium term. As
intended, most of these positions have been liquidated as the
Company has made qualifying investments. Details of these lending
businesses' loans are set out below.
Mixed Residential Commercial Development, Bloomsbury
As previously reported, a GBP5.5 million loan (as part of a
total facility of GBP17.97 million) was advanced to Cudworth
Limited (through affiliates, Piccadilly Lending Limited, Victoria
Lending Limited, Tottenham Lending Limited and Marble Lending
Limited) to fund the construction of a mixed residential and
commercial development in Bloomsbury, London, close to the British
Museum and 600m from King's Cross station. We are pleased to report
that the loan was repaid in full during the period.
Supported Living, Nottingham and Liverpool
As previously reported, a loan of GBP1,623,000 was advanced
(through an affiliate, Piccadilly Lending Limited) to various
entities within the Carislease group of companies. The loan was
funding for the acquisition and development of a series of
supported living schemes in Nottingham and Liverpool. This loan,
together with loans from other vehicles managed and advised by the
Investment Manager totalling GBP4.8 million, was secured with a
first charge over the sites, many of which had already been
pre-sold. We are pleased to report that the loan was repaid in full
following the period end.
Care Homes for the Elderly, Willenhall and Lichfield
A loan of GBP1,926,000 was advanced (through an affiliate,
Marble Lending Limited) to various entities within the Macc Care
group of companies to support the stabilisation of a newly built
73-bed care home in Willenhall (between Wolverhampton &
Walsall) and the acquisition of a site in Lichfield which is the
subject of a planning application for a 90-bed care home. This
loan, together with loans from other vehicles managed and advised
by the Investment Manager totalling GBP7.7 million, is secured with
a first charge over the two sites. Occupancy at Willenhall remains
positive and the planning application at Lichfield is expected to
be determined in the coming months.
Purpose Built Student Accommodation, Brighton
A loan of GBP1,250,000 was advanced (through an affiliate,
Tottenham Lending Limited) to Alumno Student Brighton Living
(Brighton) Limited. The loan was to fund the acquisition and
development of a 71-unit purpose-built student accommodation unit
in Brighton. This loan, together with loans from other vehicles
managed and advised by the Investment Manager totalling GBP8.47
million, is secured with a first charge over the site. Brighton is
one of the university towns which has had a strong demand for
new-build quality student accommodation and the developer has a
long track record, having developed over 5,000 units to date.
Construction is progressing well with a view to opening in line
with the beginning of the 2021/22 academic year.
Supported Living, Atherstone
A loan of GBP594,000 was advanced (through affiliate Victoria
Lending Limited) to HBP Group Limited to facilitate the development
of 16 supported-living flats in Atherstone, Warwickshire. This
loan, together with loans from other vehicles managed and advised
by the Investment Manager totalling GBP1.7 million, is secured with
a first charge over the property. The scheme benefits from a
pre-let with a leading housing association and a rental void
agreement with a large care provider. Practical completion is
expected in the coming months.
Aparthotel, Glasgow
A pre-development bridge loan of GBP834,000 was advanced
(through affiliate Tottenham Lending Limited) to Citihome Glasgow
Limited against a site with planning permission for a 156-room
aparthotel in central Glasgow. This loan, together with loans from
other vehicles managed and advised by the Investment Manager
totalling GBP3.3 million, is secured with a first charge over the
site and is backed by a personal guarantee from the developer.
Since the loan was advanced, the developer successfully increased
the planning permission to 204 rooms. The loan is due to mature on
30 November 2020 and the borrower is in discussions with the
lenders regarding a refinance or restructuring.
Care Homes for the Elderly, the Wirral
During the period, a loan of GBP700,000 was advanced (through an
affiliate, Victoria Lending Limited) to various entities within the
Athena Healthcare group of companies. This loan, together with
loans from other vehicles managed and advised by the Investment
Manager totalling GBP14 million is supporting the stabilisation of
two newly built 80-bed care homes in the Wirral, near Liverpool.
Both care homes are performing well - one at 78% occupancy and one
at 93% occupancy - and have not, to-date, had any Covid-19 related
issues.
Care Home for the Elderly, Cumbria
Shortly before the period end, a loan of GBP1,311,000 was
advanced to facilitate the development of a new 70-bed care home in
Brampton, Cumbria. The loan was made through an affiliate, Marble
Lending Limited and was advanced together with facilities from
other vehicles managed and advised by the Investment Manager
totalling GBP11.7 million. The developer has significant previous
experience of developing and operating care homes and the loans are
secured with a first charge over the site.
Dividends
As previously reported, the Company paid a dividend of 3p per
ordinary share during the period taking dividends paid to date to
6p per ordinary share. Reflecting this recent pay-out, your Board
is not proposing a further dividend at this interim stage.
VCT Qualifying Status
PricewaterhouseCoopers LLP ("PwC") provides the board and the
Investment Manager with advice on the ongoing compliance with HMRC
rules and regulations concerning VCTs and has reported no issues in
this regard for the Company to date. PwC also assists the
Investment Manager in establishing the status of investments as
qualifying holdings and will continue to assist the Investment
Manager in monitoring rule compliance
Principal risks and uncertainties
The measures taken to deal with Covid-19 have caused, and
continue to cause, major economic disruption across all sectors.
The consequences of this for the value of the Company's investment
portfolio constitute the principal risk and uncertainty for the
Company in the second half of the year.
Outlook
The Company's funds are invested in a balanced portfolio of both
qualifying and non-qualifying investments. Whilst the Covid-19
pandemic has presented a number of significant unforeseen economic
and social challenges for the UK and the global economy, management
teams in our portfolio companies and the developers who have
received loans from our affiliates have responded well. The
objective remains to achieve an orderly winding up of the Company's
assets as soon as possible
It was envisaged in the Company's Prospectus that the Board
would convene a General Meeting of the Company following the fifth
anniversary at which resolutions would be proposed to place the
Company into members' solvent liquidation. The intention remains to
return the balance of the capital in an orderly way as soon as
possible following the fifth anniversary. However, whilst
discussions are underway regarding potential exits from portfolio
companies, it is likely that, in light of the Covid-19 outbreak, a
number of these exit processes will be delayed until there is a
greater degree of economic certainty. It is therefore likely that
the liquidation process may take place at a later date than
originally envisaged. The Board will keep this under regular
review.
Ray Pierce
Chairman
26 November 2020
Income Statement (unaudited)
For the period ended 31 August 2020
Period ended Period ended Year ended
31 August 2020 31 August 2019 29 February 2020
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains on investments - 697 697 - (71) (71) - 946 946
Income 250 - 250 330 - 330 595 - 595
250 697 947 330 (71) 259 595 946 1,541
-------- -------- -------- -------- -------- -------- --------
Investment
management
fees 4 (64) (192) (256) (63) (190) (253) (127) (380) (507)
Other expenses (131) - (131) (138) - (138) (270) - (270)
(195) (192) (387) (201) (190) (391) (397) (380) (777)
-------- -------- -------- -------- -------- -------- --------
Return/(loss)
on ordinary
activities
before taxation 55 505 560 129 (261) (132) 198 566 764
Tax on return
on ordinary
activities (10) 10 - (25) 25 - (38) 38 -
Return/(loss)
on ordinary
activities
after tax
attributable
to equity
shareholders 45 515 560 104 (236) (132) 160 604 764
======== ======== ======== ======== ======== ======== ======== ======== ========
Basic and diluted
Return/(loss)
per Ordinary
Share (pence) 2 0.14p 1.67p 1.81p 0.34p (0.77p) (0.43p) 0.52p 1.95p 2.47p
======== ======== ======== ======== ======== ======== ======== ======== ========
The total column of this statement is the profit and loss of the
Company. All revenue and capital items in the above statement
derive from continuing operations. No operations were acquired or
discontinued in the period.
Balance Sheet (unaudited)
As at 31 August 2020
As at As at As at
31 August 31 August 29 February
Note 2020 2019 2020
GBP'000 GBP'000 GBP'000
Fixed Assets
Investments 6 23,227 23,198 23,724
----------- ----------- -------------
Current Assets
Prepayments 3,132 2,672 2,752
Cash 70 22 23
----------- ----------- -------------
3,202 2,694 2,775
Creditors - amounts falling
due within one year (460) (146) (163)
Net Current Assets 2,742 2,548 2,612
----------- ----------- -------------
Net Assets 25,969 25,746 26,336
=========== =========== =============
Capital and Reserves
Called up share capital 19 19 19
Share premium account - 29,833 -
Capital reserve - realised (1,634) (1,215) (1,392)
Capital reserve - unrealised (1,647) (3,421) (2,404)
Revenue reserve 29,231 530 30,113
Equity Shareholders' Funds 25,969 25,746 26,336
=========== =========== =============
Net Asset Value per Ordinary
Share 3 84.01p 83.30p 85.20p
=========== =========== =============
Diluted Net Asset Value per
Ordinary Share 3 84.01p 83.30p 85.20p
=========== =========== =============
Cash Flow Statement (unaudited)
For the period ended 31 August 2020
Period ended Period ended Year ended
31 August 31 August 29 February
2020 2019 2020
GBP'000 GBP'000 GBP'000
Operating activities
Profit / (loss) on ordinary
activities after tax 560 (132) 764
Realised loss on investment 60 - -
Unrealised (gains)/loss on
investment (757) 71 (946)
Increase in debtors (380) (262) (339)
Increase/(decrease) in creditors 297 (20) (3)
Net cash used in operating
activities (220) (343) (524)
------------- ------------- -------------
Cash flow from investing activities
Purchase of investments (2,145) (71) (71)
Proceeds from disposal of investments 3,339 329 820
Net cash generating from investing
activities 1,194 258 749
------------- ------------- -------------
Cash flow from financing activities
Dividends paid (927) - (309)
Net cash used from financing
activities (927) - (309)
------------- ------------- -------------
Decrease in cash 47 (85) (84)
Net cash at start of the period 23 107 107
Net funds at the period end 70 22 23
============= ============= =============
Statement of Changes in Equity (unaudited)
For the period ended 31 August 2020
Called Share Capital Capital
up share premium reserve reserve Revenue
capital account - realised - unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 1 March
2019 19 29,833 (1,050) (3,350) 429 25,881
Total recognised
(losses)/gains for
the period - - (165) (71) 101 (135)
Balance as at 31
August 2019 19 29,833 (1,215) (3,421) 530 25,746
Total recognised
(losses)/gains for
the period - - (177) 1,017 59 899
Dividends paid - - - - (309) (309)
Cancellation of share
premium - (29,833) - - 29,833 -
Balance as at 29
February 2020 19 - (1,392) (2,404) 30,113 26,336
Dividends paid - - - - (927) (927)
Total recognised
(losses)/gains for
the period - - (242) 757 45 560
Balance as at 31
August 2020 19 - (1,634) (1,647) 29,231 25,969
========== ========= ============ ============== ========= ========
Notes to the Interim Report
For the period ended 31 August 2020
1. Accounting Policies
The financial statements have been prepared under the historical
cost convention, modified to include the revaluation of fixed asset
investments, and in accordance with applicable Accounting Standards
and with the Statement of Recommended Practice, "Financial
Statements of Investment Trust Companies and Venture Capital
Trusts" ("SORP") and in accordance with the Financial Reporting
Standard 102 ("FRS102").
2. Return per Ordinary Share
The total profit per share of 1.81p is based on the profit for
the period of GBP560,000 and the weighted average number of shares
in issue as at 31 August 2020 of 30,909,188 calculated from the
date of the first receipt of proceeds from the issue of ordinary
share capital.
3. Net asset value per share
As at As at As at
31 August 31 August 29 February
2020 2019 2020
Net assets 25,969,000 25,746,000 26,336,000
Shares in issue 30,909,188 30,909,188 30,909,188
Net asset value per share
Basic 84.01p 83.30p 85.20p
Diluted 84.01p 83.30p 85.20p
4. Management fees
The Company pays the Investment Manager an annual management fee
of 2% of the Company's net assets. The fee is payable quarterly in
arrears. The annual management fee is allocated 75% to capital and
25% to revenue.
5. Financial information provided
The financial information for the period ended 31 August 2020
has not been audited and does not comprise full financial
statements within the meaning of Section 423 of the Companies Act
2006. The interim financial statements have been prepared on the
same basis as will be used to prepare the annual financial
statements.
Notes to the Interim Report continued
For the period ended 31 August 2020
6. Investment portfolio summary
Valuation
as a % of
Valuation Cost Gain/(loss) Net Assets
As at 31 August 2020 GBP'000 GBP'000 GBP'000
Qualifying Investments
Growing Fingers Limited 420 420 - 2%
Kid & Play Limited 1,694 1,694 - 7%
Signal Building Services
Limited 194 200 (6) 1%
Applebarn Nurseries
Limited 1,833 1,833 - 7%
Knott End Pub Company
Limited 2,421 4,053 (1,632) 9%
Sunlight Education Nucleus
Limited 2,350 2,350 - 9%
Sweat Union Limited - 3,421 (3,421) 0%
Pure Cremation Holdings
Limited 7,414 4,053 3,361 28%
SA Fitness Holdings
Limited 1,468 1,417 51 5%
Tictrac Limited 2,145 2,145 - 8%
Total Qualifying Investments 19,939 21,586 (1,647) 76%
---------- -------- ------------ ------------
Non-Qualifying Investments
Piccadilly Lending Limited 11 11 - 0%
Victoria Lending Limited 917 917 - 4%
Tottenham Lending Limited 510 510 - 2%
Marble Lending Limited 1,850 1,850 - 7%
Total Non-Qualifying
Investments 3,288 3,288 - 13%
---------- -------- ------------ ------------
Total Investments 23,227 24,874 (1,647) 89%
Balance of Portfolio 2,742 2,742 - 11%
Net Assets 25,969 27,616 (1,647) 100%
---------- -------- ------------ ------------
Of the investments held at 31 August 2020, all are incorporated
in England and Wales.
Copies of this Interim Statement will be made available on the
website:
http://www.pumainvestments.co.uk/pages/view/investors-information-vcts
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END
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November 26, 2020 05:17 ET (10:17 GMT)
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