WMC Retail Partners plc
Incorporated in England and Wales. Company Registration Number 00636475.

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Corporate advisors:
Grant Thornton UK LLP
30 Finsbury Square, London EC2P 2YU

Solicitors:
Dentons UKMEA LLP
One Fleet Place, London EC4M 7WS

Auditors:
Moore Stephens
Statutory Auditor & Chartered Accountants
35 Calthorpe Road, Edgbaston, Birmingham B15 1TS

Directors:
M P Ball – Chief Executive Officer
Lord Lee of Trafford DL FCA – Non-Executive Chairman
M Chadwick – Non-Executive Director
S J Hewett – Non-Executive Director
A B Sparrow – Executive Director

Biographical details can be found here

The primary business of the company is property renting, in particular in markets which it runs ten around the country. The company also owns some retail and residential property which it rents out.

The company has 5,999.449 ordinary shares and 730,574 preference shares in issue all of which are in public hands.

The company has issued £500,000 of secured convertible loan stock of which £400,000 has been issued to The DLMI Company and Simons & Co. Limited. £100,000 remains unissued. When converted this would lead to 1,000,000 new ordinary shares being issued.

There are two shareholdings within the group of more than 5% if issued share capital. They are Rulegale Nominees Limited with 1,721,697 (28.7%) shares and Simons & Co. with 1,320,567 (22.0%) shares.

Corporate Governance
An overview of the company’s corporate governance procedures is given below:

Board committees
The board has two sub-committees, the audit and the remuneration committees, whose members are the non-executive directors.

The remuneration committee
The committee is chaired by Mr M Chadwick . The committee reviews the performance of the executive directors, considers and approves all board and senior executive appointments, remuneration and benefits, including share options and services contracts. During the year, members of the remuneration committee took no part in decisions over matters concerning them personally. The Board reviews the level of fees paid to non-executive directors.

As a ISDX traded company, WMC is not required to comply with the Directors’ Remuneration Report Regulations 2002.

The audit committee
The committee is chaired by Mrs S Hewett. The company secretary acts as secretary and the executive directors may attend. The external auditors are invited to attend the meetings and they have direct access to members of the committee. The audit committee may examine any matters relating to the affairs of the company including reviews of the annual and interim accounts, announcements, internal control procedures and accounting policies.

The audit committee
The committee is chaired by Mrs S Hewett. The company secretary acts as secretary and the executive directors may attend. The external auditors are invited to attend the meetings and they have direct access to members of the committee. The audit committee may examine any matters relating to the affairs of the company including reviews of the annual and interim accounts, announcements, internal control procedures and accounting policies.

The remuneration committee
The committee is chaired by Mr M Chadwick . The committee reviews the performance of the executive directors, considers and approves all board and senior executive appointments, remuneration and benefits, including share options and services contracts. During the year, members of the remuneration committee took no part in decisions over matters concerning them personally. The Board reviews the level of fees paid to non-executive directors.

As a ISDX traded company, WMC is not required to comply with the Directors’ Remuneration Report Regulations 2002.

Going concern
After making due enquiries, the Board has a reasonable expectation that the company and the group has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Internal control
The directors are responsible for the group’s system of internal control, which is designed to provide reasonable, but not absolute, assurance regarding:

– the safeguarding of assets against unauthorised use or disposition;
– the minimisation of risk of material loss whilst in pursuit of the group’s business objectives; and
– the maintenance of proper accounting records and the reliability of financial information within the business or for publication.

As might be expected in a group of this size a key control procedure during the year was the day to day supervision by the executive directors.

Shareholders
The Board recognises the importance of establishing and maintaining good relationships with all of the company investors. The Interim Report and the Annual Report and Accounts are the primary means of communicating during the year with all of the Company’s shareholders. The Board also recognises the importance of the internet as a means of communicating widely, quickly and cost-effectively and has developed this website to facilitate communications with shareholders.