ÿþ<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"><HTML xmlns="http://www.w3.org/1999/xhtml"><HEAD><TITLE>Property update</TITLE> <META http-equiv=Content-Type content="text/html; charset=iso-8859-1"> <STYLE type=text/css>HTML { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } BODY { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } DIV { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } SPAN { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } APPLET { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } OBJECT { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } IFRAME { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } H1 { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } H2 { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } H3 { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } H4 { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } H5 { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } H6 { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } P { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } BLOCKQUOTE { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } PRE { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } A { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } abbr { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } ACRONYM { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } ADDRESS { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } BIG { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } CITE { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } CODE { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } DEL { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } DFN { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } EM { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } FONT { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } IMG { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } INS { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } KBD { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } Q { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } S { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } SAMP { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } SMALL { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } STRIKE { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } STRONG { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } SUB { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } SUP { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } TT { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } VAR { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } B { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } U { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } I { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } CENTER { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } DL { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } DT { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } DD { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } OL { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } UL { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } LI { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } FIELDSET { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } FORM { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } LABEL { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } LEGEND { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } TABLE { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } CAPTION { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } TBODY { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } TFOOT { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } THEAD { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } TR { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } TH { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } TD { BORDER-TOP-WIDTH: 0px; PADDING-RIGHT: 0px; PADDING-LEFT: 0px; BORDER-LEFT-WIDTH: 0px; FONT-SIZE: 100%; BACKGROUND: none transparent scroll repeat 0% 0%; BORDER-BOTTOM-WIDTH: 0px; PADDING-BOTTOM: 0px; MARGIN: 0px; VERTICAL-ALIGN: baseline; PADDING-TOP: 0px; BORDER-RIGHT-WIDTH: 0px; outline: 0 } BODY { LINE-HEIGHT: 1 } OL { LIST-STYLE-TYPE: none } UL { LIST-STYLE-TYPE: none } BLOCKQUOTE { quotes: none } Q { quotes: none } :unknown { outline: 0 } INS { TEXT-DECORATION: none } DEL { TEXT-DECORATION: line-through } TABLE { BORDER-COLLAPSE: collapse; border-spacing: 0 } BODY { FONT-FAMILY: Arial, Helvetica, sans-serif } TD { FONT-FAMILY: Arial, Helvetica, sans-serif } TH { FONT-FAMILY: Arial, Helvetica, sans-serif } BODY { MARGIN: 0px; BACKGROUND-COLOR: #ffffff } P { FONT-SIZE: 12px; COLOR: #52626f; LINE-HEIGHT: 16px; TEXT-ALIGN: left } P SPAN { COLOR: #84c447 } P.small { FONT-SIZE: 11px } P.small A { COLOR: #52626f; TEXT-DECORATION: underline } P.intro { FONT-SIZE: 13px; COLOR: #84c447 } TD { VERTICAL-ALIGN: top } H1 { FONT-SIZE: 40px; COLOR: #bfde9f; TEXT-ALIGN: left } H1 STRONG { COLOR: #84c447 } H3 { COLOR: #84c447 } H2 { FONT-WEIGHT: bold; FONT-SIZE: 15px; COLOR: #547730; TEXT-ALIGN: left } IMG { BORDER-TOP-STYLE: none; BORDER-RIGHT-STYLE: none; BORDER-LEFT-STYLE: none; BORDER-BOTTOM-STYLE: none } H3 { FONT-SIZE: 14px; TEXT-ALIGN: center } TD.inthisissue { PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 10px; PADDING-TOP: 10px; BACKGROUND-COLOR: #547730; TEXT-ALIGN: left } TD.inthisissue P { MARGIN-BOTTOM: 10px; COLOR: #ffffff } TD.inthisissue UL { COLOR: #ffffff } TD.inthisissue UL LI { FONT-SIZE: 12px; HEIGHT: 20px } TD.inthisissue UL LI IMG { PADDING-RIGHT: 5px } TD.news { PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 10px; PADDING-TOP: 10px; BACKGROUND-COLOR: #eaedef } TD.news P { MARGIN-TOP: 10px; FONT-SIZE: 12px; COLOR: #52626f } TD.news P.findoutmore { MARGIN-TOP: 10px; FONT-WEIGHT: bold; FONT-SIZE: 12px; COLOR: #547730 } TD.news P.findoutmore A { FONT-WEIGHT: bold; FONT-SIZE: 12px; COLOR: #547730; TEXT-DECORATION: underline } TD.photo { TEXT-ALIGN: left } TD.photo P { PADDING-RIGHT: 5px; PADDING-LEFT: 5px; PADDING-BOTTOM: 10px; COLOR: #ffffff; PADDING-TOP: 10px; BACKGROUND-COLOR: #547730 } TD.photo P A { FONT-WEIGHT: bold; FONT-SIZE: 12px; COLOR: #ffffff; TEXT-DECORATION: underline } TD.subscribe { PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 10px; PADDING-TOP: 10px; BACKGROUND-COLOR: #547730 } TD.subscribe H2 { FONT-WEIGHT: bold; COLOR: #ffffff; BACKGROUND-COLOR: #547730 } TD.subscribe H2 SPAN { COLOR: #84c447 } TD.subscribe P { MARGIN-TOP: 10px; FONT-SIZE: 12px; COLOR: #ffffff; BACKGROUND-COLOR: #547730 } </STYLE> </HEAD> <BODY> <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0> <TBODY> <TR> <TD align=middle> <TABLE cellSpacing=0 cellPadding=0 width=750 border=0> <TBODY> <TR> <TD colSpan=3><IMG height=10 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=5 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD colSpan=3><A href="http://www.penningtons.co.uk"><IMG height=180 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/green_header.gif" width=750 border=0></A></TD></TR> <TR> <TD colSpan=3><IMG height=30 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=580></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD> <H1><STRONG>Property </STRONG></H1> <H1>update</H1></TD> <TD><IMG height=36 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=15 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/green_hr.gif" width=570></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=18 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD> <H3>April&nbsp;2010</H3></TD> <TD> <P class=intro>Welcome to the latest issue of our Property update, keeping you informed&nbsp;of new&nbsp;developments in this sector. </P></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=18 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD class=inthisissue> <P><STRONG>In this issue:</STRONG></P> <UL> <LI><IMG height=10 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/green_bullet.gif" width=9><A href="#stamp"><FONT color=white>Stamp duty changes in 2010 Budget</FONT></A> </LI> <LI><IMG height=10 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/green_bullet.gif" width=9><A href="#carbon"><FONT color=#ffffff>How the Carbon Reduction Commitment Energy Efficiency Scheme (CRC) WILL affect your</FONT></A> <BR>&nbsp;&nbsp;&nbsp;&nbsp; <A href="#carbon"><FONT color=#ffffff>business</FONT></A></LI></UL></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=12 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD align=right> <TABLE cellSpacing=0 cellPadding=0 width=130 align=right border=0> <TBODY> <TR> <TD class=photo><IMG height=173 alt="Conor Geoghegan" src="http://response.penningtons.co.uk/reaction/images/Photos/Conor_Geoghegan.jpg" width=130> <P align=right><STRONG><U><A href="http://www.penningtons.co.uk/Profiles/F-J/Conor-Geoghegan.aspx">Conor Geoghegan</A></U></STRONG></P></TD></TR></TBODY></TABLE> <DIV align=right></DIV></TD> <TD class=news> <H2><A name=stamp></A>Stamp duty changes in 2010 Budget</H2> <P>The Budget included well publicised changes to stamp duty land tax (SDLT) thresholds including encouragement to first-time buyers in the housing market but also a higher rate at the top of the market.</P> <P><B>Properties sold for £250,000 or less</B></P> <P>SDLT will not be payable on a residential purchase by a first-time buyer completing before 25 March 2012 for £250,000 or less, where:</P> <P>&nbsp;&nbsp; -&nbsp;&nbsp; the property is wholly residential, either freehold or long leasehold</P> <P>&nbsp;&nbsp; -&nbsp;&nbsp; the buyer has not previously acquired (including via inheritance) residential property anywhere in&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the world</P> <P>&nbsp;&nbsp; -&nbsp;&nbsp; the property will be the buyer's main or only home</P> <P>&nbsp;&nbsp; -&nbsp;&nbsp; if the property is acquired jointly, all the buyers satisfy these conditions. </P> <P><B>Enforcement considerations </B></P> <P>It is not clear how the conditions will be enforced.&nbsp; SDLT returns carry the threat of penalties and fines where declarations are knowingly false, but it remains to be seen whether HMRC will have the necessary resources to monitor compliance.&nbsp; </P> <P>There is also speculation as to how transactions may be structured when property is being purchased jointly, where one of the parties has previously owned a home. &nbsp;Purchases may be structured so that property is purchased in the name of the party who can satisfy the conditions, with a declaration of trust being entered into between that party and those who are unable to satisfy the conditions.&nbsp; Costs involved in setting up such structures will have to be weighed against the SDLT saving and any such proposal would have to be approved by a mortgagee.</P> <P><B>Properties sold for over £1,000,000 </B></P> <P>A new higher rate threshold of 5% SDLT will apply on residential purchases of over £1,000,000 completing on or after 6 April 2011.</P> <P><B>Potential effects on the residential property market</B></P> <P>Whilst the potential savings to first-time buyers will be encouraging, bank lending rates and lending criteria remain just as important to first-time buyers.&nbsp; A relaxation in the level of deposits required and/or other lending criteria accompanied by the changes could have a significant effect upon the first-time buyer market, with a knock on effect on transactions for buyers and sellers further up the 'property chain'.&nbsp; </P> <P>The new 5% rate will encourage many potential or current sellers and buyers to complete before 6 April 2011. &nbsp;We may experience an increase in activity in that market, if not immediately, then closer to that date.</P> <P class=findoutmore>To find out more, please contact <U><A href="mailto:Conor.Geoghegan@penningtons.co.uk?subject=Query: Property Update April 2010 (Stamp duty)">Conor Geohegan</A></U></P></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=12 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD align=right> <TABLE cellSpacing=0 cellPadding=0 width=130 border=0> <TBODY> <TR></TR></TBODY></TABLE></TD> <TD class=news> <H2><A name=carbon></A>How the Carbon Reduction Commitment Efficiency Scheme (CRC) WILL affect your business&nbsp;</H2> <P> <P>The CRC is a mandatory emissions trading scheme for non energy-intensive business organisations in the public and private sector.&nbsp; CRC is designed to encourage lower C0<SUB>2</SUB> emissions and stimulate energy efficiency.</P> <P>The first phase of CRC began on 1 April 2010, with the commencement of the first qualifying period. CRC automatically applies to all business organisations which purchased more than 6,000 megawatt hours of electricity supply on the half hourly market during the calendar year 2008. Broadly this equates to an annual electricity bill of £500,000. A further 20,000 organisations must provide the CRC administrator with information, even though they do not have to participate directly.</P> <P>The scheme effectively divides energy use into tonne units of C0<SUB>2</SUB> emissions and organisations must purchase, in advance, the number of units they expect to emit throughout each year (running from 1 April to 31 March), whether from electricity, gas and other fossil fuels. Organisations will be rewarded for using less units than they have bought and penalised for using more. </P> <P>The price per tonne is fixed at just £12 during the initial phase (ending 31 March 2013), and organisations may purchase an unlimited number. </P> <P>In the second phase, a limited number of tonne units will be auctioned and participants will then be able to buy and sell unit allowances if they have either a shortfall or a surplus, which will depend on how efficient they have managed to be with their emissions. The incentive to reduce emissions is that money raised by the sale of units (and auctions once these begin) will be redistributed to the participants, with the best performers, according to a public league table, receiving a greater share. </P> <P>A group of companies will participate as a single organisation under CRC, and so the emissions of all subsidiaries will be taken into account, potentially including joint ventures and franchises (although there is potential to disaggregate large subsidiaries). A parent company will need to be well organised to purchase the right number of emission units for the entire group. Miscalculation or disorganisation could prove very expensive once the second phase has begun and the units are for sale on the open market.</P> <P>It is not yet clear whether or how the costs will be absorbed by the organisations included in CRC or if they can be passed down to tenants, perhaps in a form similar to a service charge. The important point is that most of us will eventually be affected and so CRC awareness is crucial. </P> <P>If you are not one of the large businesses qualifying for mandatory inclusion, if you are a smaller business simply letting part of a building somewhere, you will almost certainly be affected once landlords develop an effective system of filtering the costs through to their tenants. It also seems inevitable that the qualifying criteria will reduce in time, expanding the pool of organisations caught within the CRC and incentivising energy efficiency to all businesses. </P> <P class=findoutmore>Whether or not your business is a participant in CRC, if you would like to know more about how you may be affected, please contact <U><A href="mailto:Simon.Elliott@penningtons.co.uk?subject=Query: Property Update April 2010 (CRC)">Simon Elliott</A></U> or <U><A href="mailto:Stephen.Law@penningtons.co.uk?subject=Query: Property Update April 2010 (CRC)">Stephen Law</A></U></P></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=12 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD></TR> <TR> <TD colSpan=3><IMG height=20 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD align=left> <TABLE cellSpacing=0 cellPadding=0 width=395 border=0> <TBODY> <TR> <TD> <P><STRONG>London</STRONG><BR><SPAN>t:</SPAN> +44 (0)20 7457 3000<BR><SPAN>f:</SPAN> +44 (0)20 7457 3240</P></TD> <TD><IMG height=1 alt="" src="spacer.gif" width=7></TD> <TD> <P><STRONG>Basingstoke</STRONG><BR><SPAN>t:</SPAN> +44 (0)1256 407100<BR><SPAN>f:</SPAN> +44 (0)1256 479425</P></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=8></TD> <TD> <P><STRONG>Godalming</STRONG><BR><SPAN>t:</SPAN> +44 (0)1483 791800<BR><SPAN>f:</SPAN> +44 (0)1483 424177</P></TD></TR></TBODY></TABLE></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=20 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD> <P class=small><STRONG>Please note:</STRONG> Specialist advice should be obtained before taking, or refraining from taking, actions based on comments in this update which is only intended as a brief note. <FONT color=#405a5c size=4>© </FONT>Penningtons Solicitors LLP, 2010.</P></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=10 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD> <P class=small>Penningtons Solicitors LLP is a limited liability partnership registered in England and Wales with registered number OC311575. It is regulated by the Solicitors Regulatory Authority. Its registered office address is Abacus House, 33 Gutter Lane, London EC2V 8AR.<BR></P> <P class=small>&nbsp;</P></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/green_hr.gif" width=570></TD> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=36></TD></TR> <TR> <TD colSpan=3><IMG height=5 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD colSpan=3><IMG height=10 alt=spacer src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD><IMG height=1 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=144></TD></TR> <TR> <TD colSpan=3><IMG height=10 alt=spacer src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR> <TR> <TD colSpan=3><IMG height=10 alt="" src="http://response.penningtons.co.uk/reaction/images/emails/spacer.gif" width=750></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></BODY></HTML>