The directors present the strategic report for the year ended 31 March 2025.

Business Overview

The company operates in the corporate workwear industry, managing the lifecycle of clothes at work from design, through manufacture and to eventual recycling or disposal. The business's core objectives are to craft practical, comfortable and stylish uniforms consistent with the brand identity of our clients.

The company recognises that its employees are key to its success. Regular communication is maintained through team meetings and email updates, ensuring that staff are kept informed of company developments. Employees are encouraged to provide feedback and suggestions to management through formal and informal channels. The company is committed to supporting staff development and provides training opportunities to enhance skills and career progression. Health and safety policies are regularly reviewed and maintained to provide a safe working environment. The company promotes equal opportunities and strives to create an inclusive workplace culture.

Revenue for the year was £12.8m (2024: £10.3m), an increase of 24%. This led to an increase in profit before tax by £0.2m to £0.7m (2024: £0.5m).

The directors monitor the key performance indicators which provide an overview of the business performance. As well as revenue generation and profit before tax, these include:

                2025     2024

Gross Profit Margin            35%     36%

Net Profit Margin            5.3%     4.9%

Cash                £1.2m    £0.3m

Stock on hand            £0.8m    £0.9m

Costs incurred in the year relating solely to the sale of the company (which completed post year-end) amounted to £83k. The Board of Directors class these as non-trading and as such exceptional costs.

The company aims to maintain a strong balance sheet and financial position to manage risks, both internal and external. The key identified risks that could face the company include:

Macro-economic downturn: Global economic volatility and inflationary pressures could impact demand and profitability. The company monitors market trends and adjusts pricing and cost structures when necessary to mitigate these effects.

Supply chain disruption: Reliance on international suppliers exposes the business to geopolitical risks, shipping delays, and compliance challenges. Mitigation includes diversifying suppliers, maintaining sufficient buffer stock, and conducting regular factory audits to ensure ethical and legal standards.

Cyber attack: Despite robust cybersecurity measures and ISO 27001 certification the risk of data breaches and ransomware remains. The company invests in advanced security systems, employee training, audits from 3rd party cyber security providers and regular penetration testing to reduce exposure.

Business continuity: Events such as extreme weather, transport strikes, or global crises could disrupt operations. Business continuity plans, including disaster recovery protocols, dual supply and alternative logistics arrangements, are regularly reviewed and tested.

Loss of key staff: Dependence on experienced personnel poses a risk to operational stability. Succession planning, competitive remuneration, and employee engagement programs are in place to retain and develop talent.

These risks are actively managed by the board of directors and mitigating actions taken where available and proportionate.

Financial Risk Management

The company manages financial risk through internal controls and oversight of credit, liquidity, and currency risks.

Financial risk exposure occurs in the normal course of the company’s business. Exposure to the risk of foreign exchange movements is minimised, with liquidity being maintained to deal with any sudden exchange rate movements.

Environmental, Social and Governance (ESG) Matters

The company is committed to conducting its business responsibly and sustainably, which is reflected in its successful achievement of B Corp certification in March 2025.

It recognises the importance of managing its environmental impact, promoting social responsibility, and maintaining high standards of corporate governance.

Environmental: The company strives to minimise its environmental footprint by implementing efficient resource use, reducing waste, and complying with all relevant environmental legislation. Efforts are ongoing to identify opportunities to reduce energy consumption and support sustainable practices across its operations.

Social: The company values its employees and is committed to maintaining a safe, inclusive, and supportive workplace. It promotes diversity and equality and supports the development and well-being of its workforce. The company also seeks to engage positively with the communities in which it operates.

Governance: The company is dedicated to maintaining robust governance practices that ensure transparency, accountability, and ethical behaviour. The board oversees risk management and compliance to safeguard the company’s long-term success.

Future Outlook

The company anticipates continued growth in the coming year, driven by an expansion of its customer base within its existing market. Management remains focused on strengthening customer relationships and enhancing operational efficiency.

Overall, the directors are optimistic about the company’s prospects and confident in its ability to navigate the changing business environment.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The principal activity of the company continues to be that of the designers and manufacturers of uniforms, promotional clothing and personal protective gear.

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

During the year, the company made charitable donations of £4,050 and no political donations.

On 14 May 2025, the company was acquired by Ensco 1540 Limited. Following this, the ultimate parent undertaking is Ensco 1538 Limited, a company incorporated in the UK, whose registered office is 34 Galena Road, London, England, W6 0LT, whilst the ultimate controlling party is Connection Capital LLP, a company incorporated in the UK, whose registered office is One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ.

As a result of the acquisition, on 14 May 2025 one of the directors exercised 7,632 share options. Thereafter, the Ordinary A and Ordinary B shares were redesignated as ordinary shares and subsequently transferred to Ensco 1540 Limited.

HW Fisher Audit were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Each of the persons who is a director at the date of approval of this report confirms that:

• sauditor is unaware; and

• the directortaken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company’s auditor is aware of that information.

The directors are responsible for preparing the annual 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 FRS 102. 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 and then apply them consistently;

• make judgements 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 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.

Qualified opinion on financial statements

We have audited the financial statements of Jermyn Street Design Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2025 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 qualified opinion

We were appointed auditors of the company during the current financial year and thus did not observe the counting of physical inventory at the beginning of the year. We were unable to obtain sufficient appropriate audit evidence about the existence of raw materials (with a value of £424,084) at 31 March 2024 by alternative procedures. Consequently, we were unable to determine whether adjustments might have been necessary in respect of the opening balances of inventory and their effect on the profit or loss for the year ended 31 March 2025.

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 UK, including the FRC’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 qualified opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

As described in the basis for qualified opinion section of our report, as no audit was carried out by us at 31 March 2024, we were unable to satisfy ourselves concerning the inventory quantities of raw materials (with a value of £424,084) held at 31 March 2024. We have concluded that where the other information refers to the inventory balance or related balance such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our 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.

Except for the matter described in the basis for qualified opinion section of our report, 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.

In respect solely of the limitation on our work relating to opening stock, described above:

• we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

• we were unable to determine whether adequate accounting records had been maintained.

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 remuneration specified by law are not made.

As explained more fully in the directors' responsibilities statement, 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

• We enquired of management the systems and controls the company has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.

• We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, Environmental, Social, and Governance (ESG) disclosure requirements, GDPR and Data Protection laws, as well as the company’s B Corp certification commitments.

• We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

• Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

• Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

• Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

• Testing key revenue lines, in particular cut-off, for evidence of management bias.

• Performing a physical verification of assets and stock items (including testing of the stock system).

• Obtaining third-party confirmation of material bank and loan balances and stock held with third parties.

• Documenting and verifying all significant related party balances and transactions.

• Reviewing documentation such as the company board minutes for discussions of irregularities including fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matter

The comparative period for the year ended 31 March 2024 was unaudited.

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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Jermyn Street Design Limited is a private company limited by shares incorporated in England and Wales. The registered office is 34 Galena Road, London, W6 OLT.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

The directors do not believe there to be any judgements or estimates that would be considered critical to the financial statements.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors do not believe there to be any judgements or estimates that would be considered critical to the financial statements.

An analysis of the company's turnover is as follows:

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The company has an overdraft facility of £50,000 repayable on demand. At the year end, no amount was overdrawn (2024: £82). The facility is secured by a fixed and floating charge over the company's assets. Interest is payable at 2.75% above base rate.

The short term bank loan includes a Funding Circle loan of £41,195 (2024: £35,484) which is personally guaranteed by the directors. The interest rate on the loan is 10.9%, with a loan end date of 10 January 2029. The loan has been repaid post year-end, with a final repayment date of 17 April 2025.

The short term bank loan also includes a CBILS loan of £145,000 (2024: £147,000), backed by an 80% government guarantee. The loan is repayable over 6 years with an initial 24-months interest-free period funded by the government. Interest is charged at 2.79% above base rate.

Long term bank loans includes a Funding Circle loan of £138,394 (2024:£177,945) and CBILS loan of £365,066 (2024: £505,280).

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The company had previously granted 7,632 share options over ordinary B shares under the Enterprise Management Initiative Scheme to a director of the company. The exercise price was £12 per share, which was equal to the market value at the grant date and these options vested immediately. At the year end date, the share options had not been exercised.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

At the year end, the company owed £63,561 (2024: £333,104) to a director of the company and the company owed £58,643 (2024: £400,000) to another director of the company in respect of loans and accrued interest.

During the year, the company paid £60,000 (2024: £60,000) of fees to a Limited Partnership connected to one of the Directors, in respect of services provided to the company.

On 14 May 2025, the company was acquired by Ensco 1540 Limited. Following this, the ultimate parent undertaking is Ensco 1538 Limited, a company incorporated in the UK, whose registered office is 34 Galena Road, London, England, W6 0LT, whilst the ultimate controlling party is Connection Capital LLP, a company incorporated in the UK, whose registered office is One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ.

As a result of the acquisition, the director exercised 7,632 share options. Thereafter, the Ordinary A and Ordinary B shares were redesignated as ordinary shares and subsequently transferred to Ensco 1540 Limited.