In addition to our audit of the financial statements, we have reviewed your statements above
concerning the group's compliance with the paragraphs of the Code of Best Practice specified for
our review by the London Stock Exchange. The objective of our review is to draw attention to non-
compliance with those paragraphs of the Code, if not otherwise disclosed.
Basis of opinion
We carried out our review having regard to the Bulletin 1995/1 "Disclosures relating to corporate
governance" issued by the Auditing Practices Board. That Bulletin does not require us to perform
the additional work necessary to, and we do not, express any opinion on the effectiveness of the
group's corporate governance procedures nor on the ability of the group to continue in operational
existence.
Opinion
In our opinion, your statement on going concern set out under the directors' responsibilities on page
54 has provided the disclosures required by paragraph 4.6 of the Code (as supplemented by the
related guidance for directors) and is not inconsistent with the information which came to our
attention as a result of our audit work on the financial statements.
In our opinion, based on enquiry of certain directors and officers of the company and examination of
relevant documents, your statement above appropriately reflects the group's compliance with the
other paragraphs of the Code specified for our review.
Price Waterhouse
Chartered Accountants
London
10 April 1995
