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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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VISTEX (UK) LIMITED
COMPANY INFORMATION
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VISTEX (UK) LIMITED
CONTENTS
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VISTEX (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity Vistex provides a variety of business software solutions and services to a wide range of industries. From controlling rebates and reimbursement to management of rights and royalties.
Following a dip in revenues in 2024 down to £10,507,991, Vistex UK has bounced back better than expected to £14,143,245 in 2025 thanks to a pick-up in a number of UK-based projects. As Vistex UK is only one region of a global group which manages high-value, long-term projects, it is understandable that Vistex UK’s revenue has some dependence on the location of current projects and the status of those projects. The Group as a whole may be fairly consistent but revenues may fluctuate from region to region. This is the case for the Company’s SAP Embedded products as revenue from this stream fell in 2024 by £2.4m in the UK but is back up by £3.6m this year. The pipeline for 2026 remains strong.
Counterpoint products remained relatively consistent, at £4,753,386 (2024: £5,054,564). The small decline, which is in line with expectations, reflects the continuing shift to developing the GTMS (Go-To-Market Suite) cloud-based platform which includes similar Rights and Royalties software. Annual recurring maintenance revenue for Counterpoint, which makes up 83% of total Counterpoint revenue in 2025 (82% in 2024) and is used as a key performance indicator due to the nature of the service (an investment of another 12 months of support services in advance indicates continued faith in the product), remained flat at £3,960,802 (2024: £4,155,391) which is in line with expectations as the business makes a move towards a SAAS-based model and customers are migrated to our GTMS platform. The maintenance revenue is underpinned by favourable contractual terms for Vistex with pre-agreed annual increases in excess of both RPI/CPI increase. A pre-tax loss in 2025 of £3,358,870 (2024: £1,011,776 loss) is due to a single, extraordinary cost outside normal operations totalling £3,696,091, without which the company would have made a pre-tax profit of £337,221 which is a major improvement on 2024 but (as discussed above) this is a reflection of the current location of projects in 2025. Headcount has increased again during 2025 as we continue to invest in a high quality workforce to service our customers and improve our products.
As in previous years, the Company finishes with a healthy cash position of £2,925,729 (2024: £3,751,199) and trade debtors of £3,131,049 (2024: £2,489,406).
In November 2025, the directors declared an interim dividend of £1 per share, based on the positive results of 2025 up to that point.
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VISTEX (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company’s products are considered fundamental to the functioning of its customers’ businesses, rather than a frivolous extra. Without them, customers would be unable to meet their contractual obligation by distributing royalties to artists, writers and copyright owners, keep track of their licensing contracts or what TV shows, films and music is available to license in different regions. Large businesses wouldn’t be able to manage and account for their complex rebate and chargeback programmes – this is an area that Vistex has found can actually save customers money in the long-run so is positioned as a shrewd investment for businesses wanting to tighten their processes.
Vistex’s commitment to adding cloud-based successor solutions to its existing market leading on-premise products, ensures that it has an upgrade path for its large customer base as the industry shifts to the cloud. The Company has shown that it can withstand a fall in revenue due to changes in location of current projects and remain confident in its future. Vistex (UK) Limited is an integrated part of the global Vistex group, contributing to its overall success and at the same time benefiting from the support of a larger entity. Despite this support, the Company is cash-generating as a stand-alone entity. For these reasons the Directors do not see a risk to the Company’s status as a going concern. Principal risks and uncertainties The directors consider that the principal risk and uncertainties for the Company, other than financial, are those of protection of the Company's position in the royalty software market, the need for retention of staff to ensure security of IP development, operating in a competitive landscape, risks associated with access of the customers' live computing systems or loss of data when hosting services and the security of the company's assets. The directors use staff reviews, personal development programmes and monitor the remuneration packages constantly, to ensure that, wherever possible, staff are retained by maintaining competitiveness at all levels within the market. Staffing on development projects is team based and constantly reviewed to ensure that knowledge is shared, thus reducing the risk were an individual to leave suddenly. Insurance cover is monitored in relation to the perceived liability of access to computing systems. General training/working practices encourage working procedures to minimise the potential for any such errors. Data is regularly backed up and maintained off-site. Assets are protected by means of appropriate insurance cover and controls over physical access.
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VISTEX (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Duty of compliance The directors understand the requirement under section 172 of the Companies Act 2006 to act in a way that they believe most likely promotes the success of the company as well as benefiting its various stakeholders. Vistex (UK) Limited is a wholly owned subsidiary of Vistex, Inc. a company based in Illinois, USA. The board of Vistex Inc has responsibility for setting the strategy, policy, culture, risk assessment and mitigation, and behaviour of all Vistex group companies and senior management at Vistex, Inc. provide leadership and appropriate oversight to ensure decisions are in the best interests of the company and its stakeholders. The directors of the company include the Group’s CEO as well as its ultimate controlling party, who ensure that actions are consistent with Group strategy. The company’s employees are fundamental to the success of the company, as such, there are multiple opportunities during the year to provide feedback and question management and for management to communicate with employees – through annual anonymous surveys, group-wide town hall meetings and departmental kick-off meetings to name a few. Employees are given the opportunity to further their skills and knowledge through the Vistex Academy and its internal training team. Part of the employee education programme includes training on ethics and respect. The strength of the workforce lies in its rich diversity, the unique skills and perspectives people bring. The company’s policy on diversity and inclusivity recognises this and it strives to remove barriers for those struggling to succeed, through internships, scholarships and mentorships, or simply a helping hand to those most in need. The group-wide Vistex culture is one of generosity and responsibility, with its charity programme, Endeavor, benefiting many local organisations through fundraising and volunteering. The company always at least matches employee contributions of both of these to qualifying charities. Guided by a mission to uplift those in need, the company aims to create lasting change, foster empathy, and address essential community needs. Our teams work closely with customers for long periods, developing close relationships as well as valuable software infrastructure which enhances performance and efficiency. Vistex hosts numerous customer events throughout the year, such as Vistas, providing the opportunity to interact with high-level Vistex staff, offer feedback, network and gain additional knowledge. Vistex understands that its own success is driven by the success of its customers.
This report was approved by the board and signed on its behalf.
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VISTEX (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The loss for the year, after taxation, amounted to £2,512,746 (2024: loss £787,679).
A total dividend payment of £5,000,000 (2024: £nil) was made during the year in respect of the year ended 31 December 2025.
The directors who served during the year were:
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VISTEX (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Vistex is now part of SAP’s Financial Management portfolio (what SAP refers to as Finance & Spend).
This is the SAP team that communicates directly with the office of the CFO and represents a big win for our joint customers. As an enterprise software company serving manufacturers, distributors and retailers, we cover the end-to-end business processes these companies need to work across a vast and complex ecosystem of partners. This is another great example of our outstanding partnership with SAP. In 2026, Vistex was awarded an SAP Partner Award for Innovative Solution: Solution Extensions both as a North America Regional winner and in the Global category, exemplifying the company’s extraordinary alliance as an SAP Partner, driving SAP business and co-innovation, helping our mutual customers succeed and bring out their best. As part of its commitment to innovation and embracing the future of technology, Vistex has been working with SAP to commercialise the first of its AI-driven features – AI Assisted Margin Insights and Claims Processing Agent – which form part of the company’s AI strategy to provide solutions in the areas of Assistance, Insights and Dataflow.
As permitted by Section 414c(11) of the Companies Act 2006, the directors have elected to disclose information required to be in the directors' report by Schedule 7 of the 'Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.
No post balance sheet event matters.
The auditor, Nortons Assurance Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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VISTEX (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VISTEX (UK) LIMITED
We have audited the financial statements of Vistex (UK) Limited (the 'Company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, the Analysis of Net Debt, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of 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 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.
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VISTEX (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VISTEX (UK) LIMITED (CONTINUED)
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.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the 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.
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.
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VISTEX (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VISTEX (UK) LIMITED (CONTINUED)
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows:
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK.
∙We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures.
∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by discussing with management to understand where it considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error.
∙Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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VISTEX (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VISTEX (UK) LIMITED (CONTINUED)
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.
for and on behalf of
Statutory Auditor
Second Floor
NOW Building
Thames Valley Park
Berkshire
RG6 1RB
22 May 2026
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VISTEX (UK) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
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VISTEX (UK) LIMITED
REGISTERED NUMBER: 02123605
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 31 form part of these financial statements.
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VISTEX (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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VISTEX (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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VISTEX (UK) LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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VISTEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Vistex (UK) Limited (the 'Company') is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The registered office is The Forum, 74-80 Camden Street, London, NW1 0EG.
The principal activity of the Company in the year under review was that of the provider of software and product development.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company’s ability to continue as a going concern is assessed as a matter of course in a number of different ways and by different parties. Monthly management accounts including accounts receivable and accounts payable reviews, short term cash forecasts and pipeline reports are scrutinised by local finance, local management and group management. Monthly reports are prepared for external investors in the Group and quarterly board meetings are held at group level which involve senior management of external investors.
Risks to the company’s ability to trade for more than 18 months are assessed at all these levels and management consider the risk to be very low. The business model is such that a large portion of income – maintenance revenue - is billed in advance of the following 12 months, putting the company in a good position to be able to plan and with a healthy cash balance. Despite this favourable model, the company has expanded into offering SaaS products, diversifying the business model and removing some of the seasonality of cash flows, and continues to develop brand new cloud-based software, keeping solutions relevant and exciting. Based on the above the directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.
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VISTEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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VISTEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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VISTEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Tangible fixed assets below the value of £3,500 are not capitalised under the Vistex group policy, except for laptop computers which are capitalised regardless of value.
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VISTEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
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VISTEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to the accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
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VISTEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
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VISTEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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VISTEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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VISTEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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VISTEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 25
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VISTEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 26
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VISTEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
14.Tangible fixed assets (continued)
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VISTEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 28
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VISTEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Profit and loss account
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VISTEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
During the year, the management have considered the classification of expenses in relation to the allocation of the directors remuneration, employee payroll costs, payroll taxes & pension costs between administrative expenses and cost of sales. It was also noted that it would be more appropriate to reclassify the advertising and promotion costs & the computer supplies and maintenance costs from costs of sales to administrative expenses.
Therefore a prior year adjustment has been recorded to reflect this change in presentation. The impact of this adjustment is as follows: - Decrease in cost of sales: £4,887,699 - Increase in administrative expenses: £4,887,699 Overall this has no impact on net profit and is a change in presentation only.
The Company operates a defined contributions 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 and amounted to £786,361 (2024: £481,279). Contributions totalling £68,167 (2024: £51,569) were payable to the fund at the balance sheet date and are included in accruals.
During the year A Biegun was advanced £nil (2024: £553) in respect of goods and services. During the year there was a repayment of £553 and at the year end A Biegun owed the Company £nil (2024: £553).
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VISTEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Vistex (UK) Limited is a wholly owned subsidiary of Vistex Inc.
Vistex Inc., (incorporated in the United States of America) is regarded by the directors as being the Company's ultimate parent company. The smallest and largest entity which includes the results of the Company within its financial statements is Vistex Inc. The registered office of Vistex Inc. is 2300 Barrington Road, Hoffman Estates, IL 60169, USA. During the year the ultimate controlling party was Ms H S Shah.
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