TIDMUKT
RNS Number : 0469Y
UK Select Trust Limited
26 August 2009
UK Select Trust Limited
Half-Yearly Report and Condensed Unaudited Financial Statements
for the six months ended 30 June 2009
UK Select Trust Limited
Contents
+-----------------------------------------------------------------------------------+-----+
| Trust Information | 2 |
+-----------------------------------------------------------------------------------+-----+
| | |
+-----------------------------------------------------------------------------------+-----+
| Objectives | 2 |
+-----------------------------------------------------------------------------------+-----+
| | |
+-----------------------------------------------------------------------------------+-----+
| Financial Highlights | 3 |
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| | |
+-----------------------------------------------------------------------------------+-----+
| Cautionary Note | 3 |
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| | |
+-----------------------------------------------------------------------------------+-----+
| Directors and Advisors | 4 |
+-----------------------------------------------------------------------------------+-----+
| | |
+-----------------------------------------------------------------------------------+-----+
| Chairmans Statement | 5 |
+-----------------------------------------------------------------------------------+-----+
| | |
+-----------------------------------------------------------------------------------+-----+
| Interim Management Report | 6 |
+-----------------------------------------------------------------------------------+-----+
| | |
+-----------------------------------------------------------------------------------+-----+
| Responsibility Statement | 9 |
+-----------------------------------------------------------------------------------+-----+
| | |
+-----------------------------------------------------------------------------------+-----+
| The Portfolio and Sector Distribution | 10 |
+-----------------------------------------------------------------------------------+-----+
| | |
+-----------------------------------------------------------------------------------+-----+
| Condensed Income Statement | 14 |
+-----------------------------------------------------------------------------------+-----+
| | |
+-----------------------------------------------------------------------------------+-----+
| Condensed Balance Sheet | 16 |
+-----------------------------------------------------------------------------------+-----+
| | |
+-----------------------------------------------------------------------------------+-----+
| Condensed Reconciliation of Movements in Equity Shareholders Funds | 17 |
+-----------------------------------------------------------------------------------+-----+
| | |
+-----------------------------------------------------------------------------------+-----+
| Condensed Cash Flow Statement | 18 |
+-----------------------------------------------------------------------------------+-----+
| | |
+-----------------------------------------------------------------------------------+-----+
| Notes to the Unaudited Financial Statements | 19 |
+-----------------------------------------------------------------------------------+-----+
Trust information
UK Select Trust Limited's shares are listed on the London Stock Exchange. They
can be bought or sold by investors through a stockbroker or by asking a
professional adviser e.g. lawyer, accountant or bank manager to do so on their
behalf.
UK Select Trust Limited's share price is published daily under Investment
Companies in the Share Information Service in the Financial Times. In addition
it is published every Monday on the business pages of The Guernsey Press and
Star and Jersey Evening Post.
Objectives UK Select Trust Limited
UK Select Trust Limited is registered in Guernsey and is qualified as a UK
Investment Trust Company. The Company invests over 80% of its gross assets by
value in the UK and the investment policy aims to provide a total return to
shareholders in excess of the net total return on the FTSE All Share Index and a
progressive dividend policy.
Financial Highlights
+------------+------------------------------+----------------+----------------+---------------+--------------------+--------------------+
| | | | Six months | | Six months ended | Year ended |
| | | | ended | | | |
+------------+------------------------------+----------------+----------------+---------------+--------------------+--------------------+
| | | | 30 June 2009 | | 30 June 2008 | 31 December 2008 |
+------------+------------------------------+----------------+----------------+---------------+--------------------+--------------------+
| | | | | | | |
+------------+------------------------------+----------------+----------------+---------------+--------------------+--------------------+
| Net asset value per share | | 120.35p | | 154.57p | 106.97p |
+-------------------------------------------+----------------+----------------+---------------+--------------------+--------------------+
| Equity shareholders' interest (1) | | GBP24.75m | | GBP31.94m | GBP22.17m |
+-------------------------------------------+----------------+----------------+---------------+--------------------+--------------------+
| Revenue return on ordinary activities for the financial | GBP0.10m | | GBP0.68m | GBP 1.04m |
| period/year after taxation | | | | |
+------------------------------------------------------------+----------------+---------------+--------------------+--------------------+
| Capital return/(loss) on ordinary activities for the | GBP3.22m | | GBP(0.91)m | (GBP11.22)m |
| financial year after taxation | | | | |
+------------------------------------------------------------+----------------+---------------+--------------------+--------------------+
| Revenue return per ordinary share | | 0.48p | | 3.30p | 5.04p |
+-------------------------------------------+----------------+----------------+---------------+--------------------+--------------------+
| Capital return/(loss) per ordinary share | | 15.57p | | (4.40)p | (54.25)p |
+-------------------------------------------+----------------+----------------+---------------+--------------------+--------------------+
| Dividend per ordinary share (2) | | 0.90p | | 0.90p | 3.63p |
+-------------------------------------------+ +----------------+---------------+--------------------+--------------------+
| Share Price | | 109.50p | | 132.50p | 86.25p |
+-------------------------------------------+ +----------------+----------------+---------------+--------------------+
| Net asset value total return | | 12.92% | | (1.03)% | (30.70)% |
+-------------------------------------------+ +----------------+----------------+---------------+--------------------+
| FTSE All-Share total return | | (3.37)% | | (11.16)% | (29.93)% |
+-------------------------------------------+ +----------------+----------------+---------------+--------------------+
| | | | | | | |
+------------+------------------------------+----------------+----------------+---------------+--------------------+--------------------+
(1) During the period the Company purchased 446,709 ordinary shares of 10p from
the market to be held in Treasury. 281,018 ordinary shares of 10p each from the
shares held in Treasury were reissued during the period. 270,433 shares remain
in Treasury at 30 June 2009. These are held for reissue and the Company does not
intend to cancel these.
(2) The dividend figures include the proposed dividend for the relevant
financial period.
Dividends
An interim dividend of 0.90p per share will be paid for 2009 (Six months ended
30 June 2008: 0.90p). The Company will normally pay the final dividend in May
each year.
Cautionary Note and Forward Looking Statements
The Interim Management Report (IMR) has been prepared solely to provide
additional information to shareholders to assess the UK Select Trust Limited's
strategies and the potential for those strategies to succeed. The IMR should not
be relied on by any other party or for any other purpose.
The IMR contains certain forward-looking statements. These statements are made
by the Directors in good faith based on the information available to them up to
the time of their approval of this report and such statements should be treated
with caution due to the inherent uncertainties, including both economic and
business risk factors, underlying any such forward looking information.
Directors and Advisors
JM Le Pelley, Non-executive Chairman. He joined the board in 1983. Other
Directorships include AcenciA Debt Strategies Limited.
DR Maltwood, Non-executive Director. He joined the board in 1997 after a career
in stockbrocking in Jersey. He has held a number of positions including the
Chairman and Director of a number of quoted companies.
G Ross Russell, Non-executive Director. He joined the board in 1995. He is a
Director of Forsight 3 Venture Capital Trust Plc and former Chairman of the
Securities & Investment Institute and Deputy Chairman of the London Stock
Exchange.
JG West FCA, Non-executive Director. He joined the board in 1997.
He is the Chairman of Gartmore Fledgling Trust Plc, Jupiter Second Enhanced
Trust Plc, New City High Yield Fund Limited, and a Director of a number of
public and private companies including British Assets Trust Plc and JP Morgan
Income and Capital Trust plc. He is a former chief executive of Lazard Asset
Management Limited.
D Warr, Non-executive Director. He joined the board in 2006.He is an Executive
Director of Intertrust International Management Limited, a Guernsey based
fiduciary services business.He is a fellow of the Institute of Chartered
Accountants in England and Wales.He is also Non Executive Chairman of FRM
Diversified Alpha Limited and a Non-executive Director of Marwyn Materials
Limited, Invista Foundation Property Trust Limited, Hemisphere Defensive (USD)
Limited and Unigestion (Guernsey) Limited.
Advisors
+----------------------------------------------------+----------------------------------------------------+
| Secretary and Registered Office | Registrars |
+----------------------------------------------------+----------------------------------------------------+
| Corporate Services (Guernsey) Limited | Capita Registrars (Guernsey) Limited |
+----------------------------------------------------+----------------------------------------------------+
| (resigned 18 August 2009) | Longue Hougue Road |
+----------------------------------------------------+----------------------------------------------------+
| Dorey Court | St Sampson |
+----------------------------------------------------+----------------------------------------------------+
| Admiral Park | Guernsey GY2 4JN |
+----------------------------------------------------+----------------------------------------------------+
| St Peter Port | 0870 162 3100 |
+----------------------------------------------------+----------------------------------------------------+
| Guernsey GY1 3BG | |
+----------------------------------------------------+----------------------------------------------------+
| 01481 727111 | |
+----------------------------------------------------+----------------------------------------------------+
| | |
+----------------------------------------------------+----------------------------------------------------+
| Kleinwort Benson (Channel Islands) | Stockbrokers |
+----------------------------------------------------+----------------------------------------------------+
| Fund Services Limited (appointed 18 August 2009) | Intelli Corporate Finance Limited |
+----------------------------------------------------+----------------------------------------------------+
| Dorey Court | 29 Rutland Square |
+----------------------------------------------------+----------------------------------------------------+
| Admiral Park | Edinburgh |
+----------------------------------------------------+----------------------------------------------------+
| St Peter Port | EH1 2BW |
+----------------------------------------------------+----------------------------------------------------+
| Guernsey GY1 3BG | 0131 222 9400 |
+----------------------------------------------------+----------------------------------------------------+
| 01481 727111 | |
+----------------------------------------------------+----------------------------------------------------+
| | |
+----------------------------------------------------+----------------------------------------------------+
| Investment Manager | Bankers and Custodian |
+----------------------------------------------------+----------------------------------------------------+
| Scottish Widows Investment Partnership Limited | HSBC Bank plc |
+----------------------------------------------------+----------------------------------------------------+
| Edinburgh One | 8 Canada Square |
+----------------------------------------------------+----------------------------------------------------+
| Morrison Street | London E14 5HQ |
+----------------------------------------------------+----------------------------------------------------+
| Edinburgh EH3 8BE | |
+----------------------------------------------------+----------------------------------------------------+
| 0131 655 8500 | |
+----------------------------------------------------+----------------------------------------------------+
| | |
+----------------------------------------------------+----------------------------------------------------+
| Auditors | |
+----------------------------------------------------+----------------------------------------------------+
| Deloitte LLP | |
+----------------------------------------------------+----------------------------------------------------+
| Regency Court | |
+----------------------------------------------------+----------------------------------------------------+
| Glatengy Esplanade | |
+----------------------------------------------------+----------------------------------------------------+
| St Peter Port | |
+----------------------------------------------------+----------------------------------------------------+
| Guernsey GY1 3HW | |
+----------------------------------------------------+----------------------------------------------------+
| 01481 724011 | |
+----------------------------------------------------+----------------------------------------------------+
Chairman's Statement
Review of Performance
I am pleased to report that the Company produced an excellent result for the six
months to 30 June 2009 with the net asset value rising by 12.92% on a total
return basis. Strong stock selection was the driver of this performance and the
key contributors are discussed in the Interim Management Report. This was in
spite of the continuation of the volatile equity market environment which
characterised much of 2008.
Share Price and discount
The share price traded 26.6% higher over the six months under review while the
discount at which your shares trade relative to their net asset value closed the
period at 9.3%.
Gearing
Although the Company has a borrowing facility of GBP2,000,000, it did not
utilise any borrowings during the period under review.
Dividend
The Board is pleased to announce an unchanged interim dividend of 0.90p per
share.
Prospects
Following the sharp rally in equity markets investors now need evidence of
recovering end demand in order to propel share prices higher. At present, the
majority of companies exposed to the economic cycle are supporting their
earnings through self help and cost cutting with very few management teams
pointing to an improved outlook for their sales line.
While the worst of the financial crisis may be behind us, it remains unclear as
to how long it will take for the unprecedented monetary and fiscal easing to
translate into economic recovery. The investment manager will continue actively
to seek out opportunities for the Company to add value for all shareholders.
J M Le Pelley
Chairman
26 August 2009
Interim Management Report
Introduction
The FTSE All Share Index recorded a gain of 0.81% over the six months under
review. This performance masked some extremely volatile equity market conditions
in the period characterised by two very different quarters. The fall out from
the financial crisis continued to weigh heavily on investor sentiment through
the first quarter of the year sending share prices sharply lower. However, these
losses were reversed through the second quarter as equity markets drew
encouragement from several macro economic leading indicators showing signs of a
stabilisation in activity levels.
The start of the year saw renewed weakness in the financials sector as concerns
mounted over the potential scale of bad debts facing the banking industry.
However, the co-ordinated global monetary and fiscal response of pumping
liquidity into the financial system continued in an attempt to revive debt
markets which had effectively closed to the vast majority of the corporate
sector. As a result, many companies were forced to turn to the equity market for
funding and an unprecedented number of equity capital raisings were completed in
the first half of the year.
Tentative signs of economic stabilisation in the major Western economies
combined with the relentless economic expansion in China provided a platform for
equity markets to rally through the second quarter. The low yields available on
sovereign debt and cash added weight to the relative attraction of equities as
an asset class while the gradual thawing of debt markets lured investors further
up the risk curve in search of returns.
The growing belief that the worst of the financial crisis had passed heralded a
change in sector leadership within the equity market. The banking sector was one
of the best performers through the second quarter as investor focus shifted away
from the carrying value of assets on the balance sheet to the strong underlying
trading conditions being reported, particularly within investment banking.
The resource based sectors were also strong performers during the period as
commodity prices recovered sharply on the expectation that mounting inflationary
pressures would be the likely outcome of the various monetary and fiscal
stimulus packages implemented to stimulate demand. Mining stocks were among the
largest gainers as the global growth theme returned and consolidation rumours
swirled around the sector.
Performance
The Company produced a very strong performance in the period with the net asset
value posting an increase of 12.92% at the total return level. This was driven
by strong stock selection and the active management of the portfolio to capture
the trading opportunities presented by the volatility in equity markets. The
Company has remained debt free through the first half of the year and this
position is being closely monitored.
The dislocation in debt markets provided the Company with the opportunity to
acquire several investment grade corporate bonds offering a combined yield to
maturity of over 8%. Marks and Spencer, British American Tobacco and WPP were
among the blue chip bonds acquired and spreads have narrowed significantly since
purchase providing an excellent return for the portfolio.
The largest positive contributor to performance was the Company's holding in KSK
Power Ventur. KSK is a leading player in the delivery of captive and merchant
power plants in India and was established in 2001 to take advantage of the rapid
growth in power demand in the deregulating Indian power market. The group
commands a fully integrated business model through its access to extensive local
coal reserves providing the group with a significant competitive cost advantage
over many of its rivals, forced to import coal from Indonesia.
Interim Management Report (continued)
Performance (continued)
The structural growth story in energy demand within emerging markets such as
India has been a key theme running through the Company's portfolio for the last
three years. Great Eastern Energy has been another successful holding and looks
well placed to continue to benefit from the growing demand for energy in India.
The company operates a portfolio of coal bed methane licences which will supply
gas into the local market in West Bengal. Potential customers for Great
Eastern's gas are currently paying significantly higher prices for their fuel
requirements, providing a clear arbitrage opportunity to switch to Great
Eastern's locally supplied, and hence cheaper, gas.
The Company participated in a number of equity issues announced during the
period which benefited performance. Several of these capital raisings were
forced on companies due to the prevailing conditions in debt markets and as a
result were priced at distressed valuations. Wolseley, Liberty International and
Taylor Wimpey all fell into this category and the three holdings have
subsequently been sold at profits ranging from 30% to 110%. The Company also
supported equity issues from existing holdings, Berkeley Group and KSK Power,
which both raised money to fund growth opportunities and these positions have
been retained.
Principal risks and uncertainties
The major risks associated with the Company are credit, liquidity and market
risk. The Company has established policies to manage these risks. Further
information on the principal long term risks and uncertainties of the Company is
included in our latest annual report in Note 17.
The related party transactions entered into in the first six months of this
financial year have not had a material effect on the performance of the Company.
Details of the related party transactions are shown in Note 10 to the
Half-yearly report.
There are a number of potential risks and uncertainties which would have a
material impact on the Company's performance over the remaining six months of
the financial year and could cause actual results to differ materially from
expected and historic results, the key risks identified have been outlined as
follows:
Regulatory risk: The Company operates in a complicated regulatory environment
and faces a number of regulatory risks. Breaches of regulations, such as the UK
Listing Authority Listing Rules and the Companies (Guernsey) Law, 2008, could
lead to a number of serious outcomes and reputational damage. The Board monitors
compliance with regulations by reviewing internal control reports.
Interest rate risk: The Company's interest rate sensitive assets and liabilities
mainly comprise of cash at bank. The cash at bank is subject to floating rates.
No hedging is undertaken in respect of this interest rate risk. As such the
Board does not believe the Company suffers any material interest rate risk.
Gearing risk: The use of the long-term loan facility increases the Company's
potential exposure to gearing risk. During the period ended 30 June 2009 the
Company did not use its loan facility and therefore had a nil balance
outstanding at the period end. The Company is also required to ensure that the
borrowing does not at any time exceed 45% of the Adjusted Gross Asset Value.
Interim Management Report (continued)
Outlook
The unprecedented wave of monetary and fiscal stimulus initiatives announced
around the world over the past eighteen months will inevitably precipitate
inflationary pressures as demand starts to recover. On this basis we continue to
favour companies with pricing power exposed to the global growth theme where
rising commodity prices remains a central plank of our strategy. Industries
including mining, oil and gas and emerging market power are very well paced to
continue benefiting from the structural growth opportunity in developing
economies such as China and India.
The portfolio also continues to favour companies in a strong financial position
which are not being penalised by expensive debt and have the opportunity to
acquire competitors, weakened by the financial crisis, at an interesting time in
the economic cycle. The fund remains underweight domestic sales reflecting our
view that the UK economy is in a relatively weak global position through its
high borrowings and bleak employment outlook.
The key risk to equity markets remains a further deterioration in macro economic
data as we move through the second half of the year. This would send a strong
signal to investors that the corporate profits cycle has not yet troughed and
would likely prompt a switch back out of risk assets including equities into
cash and sovereign debt. The outlook statements from companies in the upcoming
corporate earnings season will be pivotal in determining the direction of equity
markets through the third and fourth quarters.
Responsibility Statement
We confirm that to the best of our knowledge:
* the half-yearly report has been prepared in accordance with IAS 34 'Interim
Financial Reporting';
* the interim management report includes a fair review of the important events
during the first six months of 2009 and provides a fair review of the risks and
uncertainties faced by the Company in the remaining six months of the year, as
required by Disclosure and Transparency Rules ("DTR") 4.2.7R; and
* the interim management report includes a fair review of related party
transactions and changes therein, as required by DTR 4.2.8R.
By order of the Board
JM Le Pelley
D Warr
Directors
26 August 2009
Scottish Widows Investment Partnership ("SWIP") is one of the largest asset
management companies in the UK. They actively manage funds across a broad range
of asset types and are major investors in global and pan-European equity
markets, as well as property, fixed interest and cash. SWIP manages money for a
large number of investors with a wide variety of investment objectives. The
investor's needs can be met by investing in SWIP's diverse fund range or through
a bespoke portfolio. SWIP's flexible investment style also enables them to meet
their client objectives in all market conditions. They have a rigorous
investment process, which emphasises their own independent fundamental research.
This gives them a depth of information and insight that is not available to the
market generally.
With GBP82.7 billion* of funds as at 30 June 2009 under management and the
backing of their parent company, Lloyds Banking Group plc, clients can have
confidence in their stability and position of strength. Their size and market
leadership have also allowed them to attract and retain one of the UK's
strongest and most experienced investment teams. SWIP believes that the
expertise of their investment teams and the comprehensive research that they
conduct is key to providing consistently superior returns for their clients.
*Source: SWIP
The Portfolio as at 30 June 2009
+----+----------------------+---------+----------+--------+-------+-------------+------+----+
| | Company | Market | Activity | | | | |
| | | Value | | | | | |
+----+----------------------+---------+----------+--------+-------+-------------+-----------+
| | | GBP'000 | | | | | |
+----+----------------------+---------+----------+--------+-------+-------------+-----------+
| | | | | | | | |
+----+----------------------+---------+----------+--------+-------+-------------+-----------+
| 1 | BG Group Plc | 1,761 | Formerly British Gas. Involved in oil and gas |
| | | | transmission and distribution as well as power |
| | | | generation. |
+----+----------------------+---------+-----------------------------------------------------+
| 2 | HSBC | 1,687 | Large UK - based financial services group. |
+----+----------------------+---------+-----------------------------------------------------+
| 3 | Barclays Bank Plc | 1,596 | Large UK - based financial services group. |
+----+----------------------+---------+-----------------------------------------------------+
| 4 | Xstrata | 1,564 | Coal, copper, zinc and alloys mining company. |
+----+----------------------+---------+-----------------------------------------------------+
| 5 | KSK Power Ventur Plc | 1,457 | Engaged in emerging opportunities in the power |
| | | | development market. |
+----+----------------------+---------+-----------------------------------------------------+
| 6 | AstraZeneca | 1,310 | One of the world's largest | | |
| | | | pharmaceutical companies | | |
+----+----------------------+---------+-----------------------------------------+------+----+
| 7 | BP | 1,151 | One of the world's largest energy companies, |
| | | | providing fuel, energy and pertrochemicals. |
+----+----------------------+---------+-----------------------------------------------------+
| 8 | Vodafone | 1,061 | The largest mobile telecommunications network | |
| | | | in the world. | |
+----+----------------------+---------+------------------------------------------------+----+
| 9 | Royal Dutch Shell | 1,036 | One of the world's largest energy companies which |
| | | | explore, produce and market oil, gas and chemicals. |
+----+----------------------+---------+-----------------------------------------------------+
| 10 | Berkeley Group | 927 | UK-based housebuilder and developer | |
| | Holdings Plc | | | |
+----+----------------------+---------+------------------------------------------------+----+
| 11 | WPP | 911 | Communications services company providing |
| | | | advertising, media and consultancy services. |
+----+----------------------+---------+-----------------------------------------------------+
| 12 | Hardy Oil and Gas | 889 | AIM listed oil and gas exploration company. | |
| | Plc | | | |
+----+----------------------+---------+------------------------------------------------+----+
| 13 | Great Eastern Energy | 761 | US-based energy provider. |
| | Corporation | | |
+----+----------------------+---------+-----------------------------------------------------+
| 14 | BAE Systems | 747 | Global defence, security and aerospace company. |
+----+----------------------+---------+-----------------------------------------------------+
| 15 | Unilever | 733 | Consumer nutrition, hygiene and | | |
| | | | personal care goods | | |
+----+----------------------+---------+-----------------------------------------+------+----+
| 16 | British American | 710 | The world's most international tobacco group. |
| | Tobacco | | |
+----+----------------------+---------+-----------------------------------------------------+
| 17 | Venture Production | 647 | Petroleum and natural gas exploration company. | |
+----+----------------------+---------+------------------------------------------------+----+
| 18 | Indus Gas | 609 | Oil and gas exploration and development company |
| | | | based in India. |
+----+----------------------+---------+-----------------------------------------------------+
| 19 | Friends Provident | 464 | International financial services provider. | |
| | Plc | | | |
+----+----------------------+---------+------------------------------------------------+----+
| 20 | Kingfisher | 416 | Europe's largest home improvement retailer. | |
+----+----------------------+---------+------------------------------------------------+----+
| 21 | Marks & Spencer | 414 | Retailer of clothing, food and home products | |
+----+----------------------+---------+------------------------------------------------+----+
| 22 | Dolphin Capital | 365 | Real Estate Holding and Development. |
| | Investors | | |
+----+----------------------+---------+-----------------------------------------------------+
| 23 | Trading Emissions | 360 | UK Listed fund investing in a range of tradable |
| | | | environmental permits. |
+----+----------------------+---------+-----------------------------------------------------+
| 24 | Healthcare Locums | 299 | Specialist healthcare recruitment company. |
+----+----------------------+---------+-----------------------------------------------------+
| 25 | Resolution Asset | 291 | Offer a broad spectrum of funds to cater for the |
| | Management | | differing investment needs. |
+----+----------------------+---------+-----------------------------------------------------+
| 26 | Ingenious Media Plc | 214 | Advisory and investment firm is now Europe's |
| | | | largest private investor in the media sector. |
+----+----------------------+---------+-----------------------------------------------------+
| 27 | Bat International | 196 | International tobacco company. | |
| | Finance | | | |
+----+----------------------+---------+------------------------------------------------+----+
| 28 | ZincOx Resources Plc | 150 | British based zinc mining company |
+----+----------------------+---------+-----------------------------------------------------+
| 29 | Leed Petroleum | 131 | Oil and gas exploration and production company |
| | | | focussed on the Gulf of Mexico. |
+----+----------------------+---------+-----------------------------------------------------+
| 30 | Cadogan Petroleum | 123 | An independent oil and gas exploration, development |
| | | | and production company. |
+----+----------------------+---------+-----------------------------------------------------+
| 31 | Arden Partners | 112 | Institutional stockbroker specialising in small, |
| | | | midcap and AIM companies. |
+----+----------------------+---------+-----------------------------------------------------+
| 32 | British Sky | 98 | Operate a pay television broadcast service, |
| | Broadcasting | | broadband and telephony services in the UK and |
| | | | Ireland. |
+----+----------------------+---------+----------+--------+-------+-------------+------+----+
The Portfolio as at 30 June 2009 (continued)
+---------+----------------------+--------+---+----------+--------+-------+-------------+------+---+---+
| 33 | Aurora Russia | 73 | Investment vehicle established to make investments |
| | | | in small and mid-sized Russian companies. |
+---------+----------------------+------------+--------------------------------------------------------+
| 34 | Resaca Exploitation | 60 | US - based independent oil and gas exploitation | |
| | | | company. | |
+---------+----------------------+------------+----------------------------------------------------+---+
| 35 | Legal and General | 42 | UK - based financial services company. | |
+---------+----------------------+------------+----------------------------------------------------+---+
| 36 | Eatonfield Group | 33 | Commercial and residential property developer with |
| | | | a focus on Wales and the North of England. |
+---------+----------------------+------------+--------------------------------------------------------+
| 37 | Candover Investments | 23 | UK Based investment firm that specialises in | |
| | | | corporate buyouts. | |
+---------+----------------------+------------+----------------------------------------------------+---+
| 38 | Bowleven | 20 | Exploration, developing and producing oil and gas. |
+---------+----------------------+------------+--------------------------------------------------------+
| 39 | Newfound NV | 10 | Developer and operator of up-market holiday |
| | | | resorts. |
+---------+----------------------+------------+--------------------------------------------------------+
| | | | | | | | | |
+---------+----------------------+------------+----------+--------+-------+-------------+----------+---+
| | Total Valuation | | These holdings represent 100% of the total |
| | | 23,451 | valuation. |
+---------+----------------------+------------+--------------------------------------------------------+
| | | | | | | | | |
+---------+----------------------+------------+----------+--------+-------+-------------+------+-------+
| | | | | | | | | |
+---------+----------------------+------------+----------+--------+-------+-------------+------+-------+
| Sector Distribution as at 30 June 2009 | | | |
+-------------------------------------------------------------------------+-------------+------+-------+
| | | | | | | | | |
+---------+----------------------+--------+--------------+--------+-------+-------------+------+-------+
| 1 | Resources | 33.9% | | | | | | |
+---------+----------------------+--------+--------------+--------+-------+-------------+------+-------+
| 2 | Basic industrials | 14.9% | | | | | |
+---------+----------------------+--------+--------------+----------------+-------------+------+-------+
| 3 | General industrials | 0.0% | | | | | |
+---------+----------------------+--------+--------------+----------------+-------------+------+-------+
| 4 | Non-cyclical | 0.0% | | | | |
| | consumer goods | | | | | |
+---------+----------------------+--------+--------------+------------------------------+------+-------+
| 5 | Cyclical services | 17.9% | | | | |
+---------+----------------------+--------+--------------+------------------------------+------+-------+
| 6 | Non-cyclical | 0.0% | | | | |
| | services | | | | | |
+---------+----------------------+--------+--------------+------------------------------+------+-------+
| 7 | Utilities | 3.5% | | | | |
+---------+----------------------+--------+--------------+------------------------------+------+-------+
| 8 | Information | 5.0% | | | | |
| | technology | | | | | |
+---------+----------------------+--------+--------------+------------------------------+------+-------+
| 9 | Financials | 24.8% | | | | |
+---------+----------------------+--------+---+----------+--------+-------+-------------+------+---+---+
The Portfolio as at 30 June 2009 (continued)
Sector Distribution as at 30 June 2009
+------------------------------+--------+---------+
| | | Total |
+------------------------------+--------+---------+
| | | 30-Jun |
+------------------------------+--------+---------+
| | | 2009 |
+------------------------------+--------+---------+
| Sector Classification | | % |
+------------------------------+--------+---------+
| Resources | | |
+------------------------------+--------+---------+
| Oil and Gas | | 29.1 |
+------------------------------+--------+---------+
| Oil Equipment and Services | | - |
+------------------------------+--------+---------+
| Metals | | - |
+------------------------------+--------+---------+
| | | 29.1 |
+------------------------------+--------+---------+
| Basic industrials | | |
+------------------------------+--------+---------+
| Construction and building | | - |
| materials | | |
+------------------------------+--------+---------+
| Mining | | 6.9 |
+------------------------------+--------+---------+
| Chemicals | | - |
+------------------------------+--------+---------+
| Electronics and electrical | | 5.9 |
| equipment | | |
+------------------------------+--------+---------+
| | | 12.8 |
+------------------------------+--------+---------+
| General industrials | | |
+------------------------------+--------+---------+
| Industrial transportation | | - |
+------------------------------+--------+---------+
| Automobiles and parts | | - |
+------------------------------+--------+---------+
| | | - |
+------------------------------+--------+---------+
| Non-cyclical consumer goods | | |
+------------------------------+--------+---------+
| Tobacco | | 3.7 |
+------------------------------+--------+---------+
| Pharmaceuticals and | | 5.3 |
| biotechnology | | |
+------------------------------+--------+---------+
| | | 9.0 |
+------------------------------+--------+---------+
| Cyclical services | | |
+------------------------------+--------+---------+
| Support services | | 1.2 |
+------------------------------+--------+---------+
| Leisure, entertainment and | | 11.2 |
| hotels | | |
+------------------------------+--------+---------+
| Food and Drug Retailers | | 3.0 |
+------------------------------+--------+---------+
| | | 15.4 |
+------------------------------+--------+---------+
| Non-cyclical services | | |
+------------------------------+--------+---------+
| Telecommunication services | | - |
+------------------------------+--------+---------+
| | | - |
+------------------------------+--------+---------+
| Utilities | | |
+------------------------------+--------+---------+
| Aerospace & defence | | 3.0 |
+------------------------------+--------+---------+
| Utilitiles other | | - |
+------------------------------+--------+---------+
| | | 3.0 |
+------------------------------+--------+---------+
| Information and technology | | |
+------------------------------+--------+---------+
| Software and computer | | 4.3 |
| services | | |
+------------------------------+--------+---------+
| | | 4.3 |
+------------------------------+--------+---------+
| | | |
+------------------------------+--------+---------+
The Portfolio as at 30 June 2009 (continued)
Sector Distribution as at 30 June 2009 (continued)
+------------------------------+--------+----------+
| Financials | | |
+------------------------------+--------+----------+
| Banks | | 13.3 |
+------------------------------+--------+----------+
| Specialty and other finance | | - |
+------------------------------+--------+----------+
| Real Estate | | 1.6 |
+------------------------------+--------+----------+
| Investment companies | | 4.3 |
+------------------------------+--------+----------+
| Life assurance | | 2.0 |
+------------------------------+--------+----------+
| | | 21.3 |
+------------------------------+--------+----------+
| Net current | | 5.2 |
| assets/(liabilities) | | |
+------------------------------+--------+----------+
| Total assets less current | | 100.0 |
| liabilities | | |
+------------------------------+--------+----------+
| Borrowings | | - |
+------------------------------+--------+----------+
| Net assets | | 100.0 |
+------------------------------+--------+----------+
Condensed Income Statement
for the six months ended 30 June 2009 (unaudited)
+----------------+--------------+-+---------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| | | | | | | | |
| | | | | | Six months ended 30 June 2009 | | Six months ended 30 June 2008 |
+----------------+--------------+-----------------------------------------+---------+------+----------------------------------------+--+---------------------------------------+
| | | | Notes | | Revenue | | Capital | | Total | | Revenue | | Capital | | Total |
+----------------+--------------+-----------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| | | | | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 |
+----------------+--------------+-----------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Gains/(losses) on investments | | | | | | | | | | | | | |
+-------------------------------------------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Net realised gains on financial assets and liabilities held at fair | 5 | | - | | 4,532 | | 4,532 | | - | | 1,772 | | 1,772 |
| value through profit or loss | | | | | | | | | | | | | |
+-------------------------------------------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Net changes in unrealised (depreciation)/appreciation on financial | 5 | | - | | (1,242) | | (1,242) | | - | | (2,462) | | (2,462) |
| assets and liabilities held at fair value through profit or loss | | | | | | | | | | | | | |
+-------------------------------------------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Net foreign exchange gain | | | - | | - | | - | | - | | - | | - |
+-------------------------------------------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| | | | - | | 3,290 | | 3,290 | | - | | (690) | | (690) |
+-------------------------------------------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Income | | | | | | | | | | | | | | |
+-------------------------------+-----------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Other income | | 3 | | 290 | | - | | 290 | | 944 | | - | | 944 |
+-------------------------------+-----------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| | | | | | | | | | | | | | | | |
+----------------+--------------+-----------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Expenses | | | | | | | | | | | | | | | |
+----------------+--------------+-----------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Investment management fees | | | 14 | | 43 | | 57 | | 21 | | 62 | | 83 |
+-------------------------------------------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Performance fee | | | | 8 | | 23 | | 31 | | 11 | | 32 | | 43 |
+-------------------------------+-----------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Administration fees | | | | 72 | | - | | 72 | | 58 | | - | | 58 |
+-------------------------------+-----------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Registrars fees | | | | 7 | | - | | 7 | | 7 | | - | | 7 |
+-------------------------------+-----------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Auditors fees | | | | | 5 | | - | | 5 | | 8 | | - | | 8 |
+----------------+--------------+-----------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Directors fees | | 10 | | 41 | | - | | 41 | | 41 | | - | | 41 |
+-------------------------------+-----------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Other expenses | | 44 | | - | | 44 | | 72 | | - | | 72 |
+-----------------------------------------------------------------------------------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Total operating expenses before | | | 191 | | 66 | | 257 | | 218 | | 94 | | 312 |
| finance costs | | | | | | | | | | | | | |
+---------------------------------+-------------------------------------------------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| | | | | | | | | | | | | |
+-----------------------------------------------------------------------------------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Operating profit/(loss) before | | | 99 | | 3,224 | | 3,323 | | 726 | | (784) | | (58) |
| finance costs and tax | | | | | | | | | | | | | |
+---------------------------------+-------------------------------------------------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| | | | | | | | | | | | | | | | |
+----------------+--------------+-+-------------------------------------------------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Finance costs | | | | | | | | | | | | | | |
+-------------------------------+-+-------------------------------------------------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Interest payable | | | | - | | - | | - | | 42 | | 127 | | 169 |
+-------------------------------+-+-------------------------------------------------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| | | | | | | | | | | | | |
+-----------------------------------------------------------------------------------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Profit before tax | | | 99 | | 3,224 | | 3,323 | | 684 | | (911) | | (227) |
+-------------------------------------------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Taxation | | | - | | - | | - | | - | | - | | - |
+-------------------------------------------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| | | | | | | | | | | | | | |
+-------------------------------------------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Net Profit | | | 99 | | 3,224 | | 3,323 | | 684 | | (911) | | (227) |
+-------------------------------------------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| | | | | | | | | | | | | | |
+-------------------------------------------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
| Basic and diluted return per Ordinary Share | 4 | | 0.48p | | 15.57p | | 16.05p | | 3.30p | | (4.40)p | | (1.10)p |
+----------------+--------------+-+---------------------------------------+---------+------+------------+-+------------+-+----------+--+----------+--+----------+--+-----------+
The total column of this statement is the Income Statement of the Company, with
the revenue and capital columns representing supplementary information.
All revenue and capital items in the above statement derive from continuing
operations. All income is attributable to the ordinary shareholders of the
Company.
The notes on pages 19 to 24 are an integral part of these financial statements.
Condensed Income Statement (continued)
for the six months ended 30 June 2009 (unaudited)
+-------------+-------+-+--------------------+-------+-+---------+--+----------+-+----------+--+
| | | | | | Year ended 31 December 2008 | |
+-------------+-------+----------------------+-------+-+------------------------------------+--+
| | | | Notes | | Revenue | | Capital | | Total | |
+-------------+-------+----------------------+-------+-+---------+--+----------+-+----------+--+
| | | | | | GBP'000 | | GBP'000 | | GBP'000 | |
+-------------+-------+----------------------+-------+-+---------+--+----------+-+----------+--+
| Gains/(losses) on investments | | | | | | | | |
+--------------------------------------------+-------+-+---------+--+----------+-+----------+--+
| Net realised gains on financial | | - | | (5,526) | | (5,526) | |
| assets and liabilities held at fair | | | | | | | |
| value through profit or loss 5 | | | | | | | |
+----------------------------------------------------+-+---------+--+----------+-+----------+--+
| Net changes in unrealised | 5 | | - | | (5,409) | | (5,409) | |
| (depreciation)/appreciation on financial | | | | | | | | |
| assets and liabilities held at fair value | | | | | | | | |
| through profit or loss | | | | | | | | |
+--------------------------------------------+-------+-+---------+--+----------+-+----------+--+
| Net foreign exchange gain | | | - | | - | | - | |
+--------------------------------------------+-------+-+---------+--+----------+-+----------+--+
| | | | - | | (10,935) | | (10,935) | |
+--------------------------------------------+-------+-+---------+--+----------+-+----------+--+
| Income | | | | | | | | | | |
+-------------+-------+----------------------+-------+-+---------+--+----------+-+----------+--+
| Other income | 3 | | 1,449 | | - | | 1,449 | |
+--------------------------------------------+-------+-+---------+--+----------+-+----------+--+
| | | | | | | | | | | |
+-------------+-------+----------------------+-------+-+---------+--+----------+-+----------+--+
| Expenses | | | | | | | | | |
+---------------------+----------------------+-------+-+---------+--+----------+-+----------+--+
| Investment management fees | | | 38 | | 115 | | 153 | |
+--------------------------------------------+-------+-+---------+--+----------+-+----------+--+
| Performance fee | | | | - | | - | | - | |
+---------------------+----------------------+-------+-+---------+--+----------+-+----------+--+
| Administration fees | | | | 84 | | - | | 84 | |
+---------------------+----------------------+-------+-+---------+--+----------+-+----------+--+
| Registrars' | | | | | 19 | | - | | 19 | |
| fees | | | | | | | | | | |
+-------------+-------+----------------------+-------+-+---------+--+----------+-+----------+--+
| Auditors' fees | | | | 21 | | - | | 21 | |
+---------------------+----------------------+-------+-+---------+--+----------+-+----------+--+
| Directors' fees | | 10 | | 82 | | - | | 82 | |
+---------------------+----------------------+-------+-+---------+--+----------+-+----------+--+
| Other | | | | | 105 | | - | | 105 | |
| expenses | | | | | | | | | | |
+-------------+-------+-+----------------------------+-+---------+--+----------+-+----------+--+
| Total operating expenses before finance costs | | 349 | | 115 | | 464 | |
+----------------------------------------------------+-+---------+--+----------+-+----------+--+
| | | | | | | | | | | |
+-------------+-------+-+----------------------------+-+---------+--+----------+-+----------+--+
| Operating | | | 1,100 | | (11,050) | | (9,950) | |
| profit/(loss) before | | | | | | | | |
| finance costs and tax | | | | | | | | |
+-----------------------+----------------------------+-+---------+--+----------+-+----------+--+
| | | | | | | | | | |
+---------------------+-+----------------------------+-+---------+--+----------+-+----------+--+
| Finance costs | | | | | | | | | |
+---------------------+-+----------------------------+-+---------+--+----------+-+----------+--+
| Interest payable | | 58 | | 174 | | 232 | |
+----------------------------------------------------+-+---------+--+----------+-+----------+--+
| | | | | | | | | |
+--------------------------------------------+-------+-+---------+--+----------+-+----------+--+
| Profit before tax | | | 1,042 | | (11,224) | | (10,182) | |
+--------------------------------------------+-------+-+---------+--+----------+-+----------+--+
| Taxation | | | - | | - | | - | |
+--------------------------------------------+-------+-+---------+--+----------+-+----------+--+
| | | | | | | | | |
+--------------------------------------------+-------+-+---------+--+----------+-+----------+--+
| Net Profit | | | 1,042 | | (11,224) | | (10,182) | |
+--------------------------------------------+-------+-+---------+--+----------+-+----------+--+
| | | | | | | | | |
+--------------------------------------------+-------+-+---------+--+----------+-+----------+--+
| Basic and diluted return per Ordinary | 4 | | 5.04p | | (54.25)p | | (49.21)p | |
| Share | | | | | | | | |
+-------------+-------+-+--------------------+-------+-+---------+--+----------+-+----------+--+
The total column of this statement is the Income Statement of the Company, with
the revenue and capital columns representing supplementary information.
All revenue and capital items in the above statement derive from continuing
operations. All income is attributable to the ordinary shareholders of the
Company.
The notes on pages 19 to 24 are an integral part of these financial statements.
Condensed Balance Sheet
As at 30 June 2009 (unaudited)
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| | | Notes | | 30 June | | 30 June | | 31 December |
| | | | | 2009 | | 2008 | | 2008 |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| | | | | GBP'000 | | GBP'000 | | GBP'000 |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| Non-current assets | | | | | | | |
+---------------------------------------+-------+---+------------+--+------------+---+---------------+
| Financial assets at fair value | 5 | | 23,451 | | 33,744 | | 19,989 |
| through profit or loss | | | | | | | |
+---------------------------------------+-------+---+------------+--+------------+---+---------------+
| Total non-current assets | | | | 23,451 | | 33,744 | | 19,989 |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| | | | | | | | | |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| Current assets | | | | | | | | |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| Receivable from brokers | | | | 996 | | 597 | | 1,153 |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| Other receivables | | | 527 | | 87 | | 76 |
+---------------------------------------+-------+---+------------+--+------------+---+---------------+
| Cash at bank | | | 203 | | 23 | | 1,298 |
+---------------------------------------+-------+---+------------+--+------------+---+---------------+
| Total current assets | | | | 1,726 | | 707 | | 2,527 |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| | | | | | | | | |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| Total assets | | | | 25,177 | | 34,451 | | 22,171 |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| | | | | | | | | |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| Liabilities | | | | | | | | |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| | | | | | | | | |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| Current Liabilities | | | | | | | | |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| Payable to brokers | | | | 4 | | - | | 224 |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| Payables | | | | 428 | | 514 | | 121 |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| Total current liabilities | | | | 432 | | 514 | | 345 |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| | | | | | | | |
+---------------------------------------+-------+---+------------+--+------------+---+---------------+
| Non-current liabilities | | | | | | | | |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| Borrowings | 6 | | - | | 2,000 | | - |
+---------------------------------------+-------+---+------------+--+------------+---+---------------+
| Total non-current | | | | - | | 2,000 | | - |
| liabilities | | | | | | | | |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| | | | | | | | |
+---------------------------------------+-------+---+------------+--+------------+---+---------------+
| Total liabilities | | | | 432 | | 2,514 | | 345 |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| | | | | | | | | |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| Net assets attributable to holders of | | | 24,745 | | 31,937 | | 22,171 |
| equity shares | | | | | | | |
+---------------------------------------+-------+---+------------+--+------------+---+---------------+
| | | | | | | | | |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| Equity shareholders' funds | | | | | | | | |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| Share Capital | | 7 | | 2,083 | | 2,083 | | 2,083 |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| Own shares held in treasury | | 7 | | (397) | | (245) | | (168) |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
| Reserves | | | 23,059 | | 30,099 | | 20,256 |
+---------------------------------------+-------+---+------------+--+------------+---+---------------+
| | | | 24,745 | | 31,937 | | 22,171 |
+---------------------------------------+-------+---+------------+--+------------+---+---------------+
| | | | | | | | |
+---------------------------------------+-------+---+------------+--+------------+---+---------------+
| Number of ordinary shares in issue | 7 | | 20,560,051 | | 20,661,272 | | 20,725,742 |
| (net of treasury shares) | | | | | | | |
+---------------------------------------+-------+---+------------+--+------------+---+---------------+
| | | | | | | | |
+---------------------------------------+-------+---+------------+--+------------+---+---------------+
| Net asset value per share | 8 | | 120.35p | | 154.57p | | 106.97p |
+------------------------------+--------+-------+---+------------+--+------------+---+---------------+
These financial statements were approved by the Board of Directors on 26 August
2009 and signed on behalf of the Board by:
JM Le Pelley D Warr
DirectorDirector
The notes on pages 19 to 24 are an integral part of these financial statements.
Condensed Reconciliation of Movements in Equity Shareholders' Funds
For the six months ended 30 June 2009 (unaudited)
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+-----------+
| | Equity | Own | Share | Capital | Capital | Capital | Revenue | Total |
| | share | shares | premium | redemption | reserve-realised | reserve- unrealised | reserve | |
| | capital | held in | | reserve | | | | |
| | | treasury | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+-----------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+-----------+
| At 1 January | 2,083 | (168) | 5,422 | 4,308 | 8,320 | (1,847) | 4,053 | 22,171 |
| 2009 | | | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+-----------+
| Shares | - | (463) | - | - | - | - | - | (463) |
| repurchased | | | | | | | | |
| during the | | | | | | | | |
| period | | | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+-----------+
| | | | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+-----------+
| Premium | | | | | | | | |
| arising on | | | | | | | | |
| share | | | | | | | | |
| elections | | | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+-----------+
| -2008 final | - | - | - | - | - | - | (332) | (332) |
| dividend | | | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+-----------+
| Dividend | - | 234 | - | - | - | - | (234) | - |
| and scrips | | | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+-----------+
| | | | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+-----------+
| Net profit | - | - | - | - | 4,512 | (1,242) | 99 | 3,369 |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+-----------+
| At 30 June | 2,083 | (397) | 5,422 | 4,308 | 12,832 | (3,089) | 3,586 | 24,745 |
| 2009 | | | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+-----------+
There are no other recognised Income and Expenses for the six months ended 30
June 2009
For the year ended 31 December 2008 (audited)
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+----------+
| | Equity | Own | Share | Capital | Capital | Capital | Revenue | Total |
| | share | shares | premium | redemption | reserve-realised | reserve- unrealised | reserve | |
| | capital | held in | | reserve | | | | |
| | | treasury | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+----------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+----------+
| At 1 January | 2,083 | (176) | 5,422 | 4,308 | 14,139 | 3,281 | 3,724 | 32,781 |
| 2008 | | | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+----------+
| Shares | - | (280) | - | - | - | (7) | - | (287) |
| repurchased | | | | | | | | |
| during the | | | | | | | | |
| year | | | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+----------+
| | | | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+----------+
| Premium | | | | | | | | |
| arising on | | | | | | | | |
| share | | | | | | | | |
| elections | | | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+----------+
| -2007 final | - | - | - | - | - | - | (316) | (316) |
| dividend | | | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+----------+
| -2008 interim | - | - | - | - | - | - | (109) | (109) |
| dividend | | | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+----------+
| Dividend | - | 288 | - | - | - | 288 | (288) | 288 |
| and scrips | | | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+----------+
| | | | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+----------+
| Net profit | - | - | - | - | (5,819) | (5,409) | 1,042 | (10,186) |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+----------+
| At 31 | 2,083 | (168) | 5,422 | 4,308 | 8,320 | (1,847) | 4,053 | 22,171 |
| December 2008 | | | | | | | | |
+---------------+---------+----------+----------+------------+------------------+---------------------+----------+----------+
There are no other recognised Income and Expenses for the year ended 31 December
2008
The notes on pages 19 to 24 are an integral part of these financial
statements. Condensed Cash flow statement
For the six months ended 30 June 2009 (unaudited)
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| | | | | |
+-------------------------------------------+-------+----------------------------+--+--------------+
| | | Six months ended | | Year ended |
+-------------------------------------------+-------+----------------------------+--+--------------+
| | | 30 June | | 30 June | | 31 December |
| | | 2009 | | 2008 | | 2008 |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| |Notes | GBP'000 | | GBP'000 | | GBP'000 |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| Cash flows from operating activities | | | | | |
+---------------------------------------------------+------------+--+------------+--+--------------+
| Payment on purchase of investments | | (37,386) | | (61,687) | | (125,206) |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| Proceeds from sale of investments | | 37,045 | | 64,548 | | 131,109 |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| Cash received from investments | | 237 | | 1,068 | | 1,373 |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| Other income | | 24 | | 14 | | 54 |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| Investment management fee paid | | (57) | | (83) | | ( 153) |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| Other cash payments | | (162) | | (105) | | (263) |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| | | | | | | |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| Net cash (outflow)/inflow from operating | | (300) | | 3,755 | | 6,914 |
| activities | | | | | | |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| | | | | | | |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| Cash flows from financing activities | | | | | | |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| Interest paid | | - | | (269) | | (326) |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| Share repurchase | | (463) | | (279) | | ( 1) |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| Equity dividends paid | | (332) | | (320) | | (425) |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| Repayment of long term loan | | - | | (3,200) | | (5,200) |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| | | | | | | |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| Net cash outflow from financing | | (795) | | (4,068) | | (5,952) |
| activities | | | | | | |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| | | | | | | |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| Net (decrease)/increase in cash and cash | (1,095) | | (313) | | 962 |
| equivalents | | | | | |
+---------------------------------------------------+------------+--+------------+--+--------------+
| | | | | | | |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| Cash and cash equivalents at the | | 1,298 | | 336 | | 376 |
| beginning of the period | | | | | | |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| | | | | | | |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
| Cash and cash equivalents at the end of | | 203 | | 23 | | 1,298 |
| the period | | | | | | |
+-------------------------------------------+-------+------------+--+------------+--+--------------+
The notes on pages 19 to 24 are an integral part of these financial statements.
Notes to the Condensed Set of Financial Statements (unaudited)
1. General information
UK Select Trust Limited is a UK Investment Trust Company incorporated under The
Companies (Guernsey) Law, 2008, with its registered office at Dorey Court,
Admiral Park, St Peter Port, Guernsey. UK Select Trust Limited's shares are
listed on the London Stock exchange.
The objective of the Company is to invest over 80% of its gross assets by value
in the UK and the investment policy aims to provide a total return to
shareholders in excess of the net total return on the FTSE All Share Index and a
progressive dividend policy.
The half-yearly report has not been audited or reviewed by the auditors Deloitte
LLP pursuant to the Auditing Practices Board guidance on 'Review of Interim
Financial Information'.
The information presented for the year ended 31 December 2008 does not
constitute the statutory financial statements of the Company. A copy of the
annual report and audited financial statements for that year have been delivered
to the Guernsey Financial Services Commission. The auditors' report on those
financial statements was unqualified.
2. Accounting Policies
a. Basis of presentation
The half-yearly report for the six months ended 30 June 2009 has been prepared
in accordance with IAS 34 'Interim Financial Reporting' as adopted by the
European Union. The half-yearly report should be read in conjunction with the
annual financial statements for the year ended 31 December 2008, which have been
prepared in accordance with International Financial Reporting Standards.
b. Standards and interpretations
The accounting policies applied in the half-yearly report are consistent with
those of the annual financial statements for the year ended 31 December 2008, as
described in those financial statements.
At the date of authorisation of these statements, the following standards and
interpretations were in issue but not yet effective:
IFRS 8 'Operating Segments' (Effective for annual periods beginning on or after
1 January 2009); and
Amendments to IAS 1: 'Presentation of financial statements - A revised
presentation' (Effective for annual periods beginning on or after 1 January
2009).
The Directors believe that other pronouncements, which are in issue but not yet
operative or adopted by the Company, will not have a material impact on the
financial statements of the Company.
Notes to the Condensed Set of Financial Statements (unaudited) (continued)
3. Other income
+------------------+--------------+------+------------+---------+------------+
| | Six months ended | | Year ended |
+------------------+----------------------------------+---------+------------+
| | 30 June | | 30 June | | 31 |
| | | | | | December |
+------------------+--------------+------+------------+---------+------------+
| | 2009 | | 2008 | | 2008 |
+------------------+--------------+------+------------+---------+------------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+------------------+--------------+------+------------+---------+------------+
| Dividends | 266 | | 935 | | 1,449 |
+------------------+--------------+------+------------+---------+------------+
| Interest | 11 | | 9 | | 54 |
+------------------+--------------+------+------------+---------+------------+
| Other income | 13 | | - | | 22 |
+------------------+--------------+------+------------+---------+------------+
| Total income | 290 | | 944 | | 1,449 |
+------------------+--------------+------+------------+---------+------------+
4. Basic and diluted return per ordinary share
+---------------+---------+---------+--------+---------+---------+---------+---------+----------+----------+
| | Six months ended | Six months ended | | Year | |
| | | | | ended | |
+---------------+----------------------------+-----------------------------+---------+----------+----------+
| | 30 June 2009 | 30 June 2008 | 31 December 2008 |
+---------------+----------------------------+-----------------------------+-------------------------------+
| | Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total |
+---------------+---------+---------+--------+---------+---------+---------+---------+----------+----------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+---------------+---------+---------+--------+---------+---------+---------+---------+----------+----------+
| | | | | | | | | | |
+---------------+---------+---------+--------+---------+---------+---------+---------+----------+----------+
| Return/(loss) | 0.48p | 15.57p | 16.05p | 3.30p | (4.40)p | (1.10)p | 5.04p | (54.25)p | (49.21)p |
+---------------+---------+---------+--------+---------+---------+---------+---------+----------+----------+
Revenue return per ordinary share is based on the net revenue on ordinary
activities of GBP99,000 (Six months ended 30 June 2008: GBP684,000. Year ended
31 December 2008: GBP1,042,000.) and on 20,707,544 ordinary shares, being the
weighted average number of ordinary shares in issue during the period (Six
months ended 30 June 2008:20,699,258 . Year ended 31 December 2008: 20,689,850).
Capital return per ordinary share is based on a net capital return for the
financial period of GBP3,224,000 (Six months ended 30 June 2008: capital loss
GBP 911,000. Year ended 31 December 2008: capital loss GBP11,224,000) and on
20,707,544 ordinary shares, being the weighted average number of ordinary shares
in issue during the period (Six months ended 30 June 2008: 20,699,258. Year
ended 31 December 2008: 20,689,850).
Notes to the Condensed Set of Financial Statements (unaudited) (continued)
5. Investments
+-------+----------+--------+------+---------+----------+------------+----------+------------+---------+-------------+
| | | | | | Six months ended | Six months | Year ended |
| | | | | | | ended | |
+-------+----------+--------+------+---------+-----------------------+-----------------------+-----------------------+
| | | | | | 30 June 2009 | 30 June 2008 | 31 December 2008 |
+-------+----------+--------+------+---------+-----------------------+-----------------------+-----------------------+
| | | | | | Fair | % of net | Fair | % of | Fair | % of net |
| | | | | | Value | assets | Value | net | Value | assets |
| | | | | | | | | assets | | |
+-------+----------+--------+------+---------+----------+------------+----------+------------+---------+-------------+
| Financial assets at fair value | | GBP'000 | | GBP'000 | | GBP'000 | |
| through profit or loss | | | | | | | |
+ +---------+----------+------------+----------+------------+---------+-------------+
| | | | | | | | |
+----------------------------------+---------+----------+------------+----------+------------+---------+-------------+
| | | | | | | | | | | |
+-------+----------+--------+------+---------+----------+------------+----------+------------+---------+-------------+
| Designated at fair value through profit or | | | | | | |
| loss | | | | | | |
+--------------------------------------------+----------+------------+----------+------------+---------+-------------+
| - Listed securities | | 23,451 | 94.87 | 33,744 | 105.70 | 19,989 | 90.16 |
+----------------------------------+---------+----------+------------+----------+------------+---------+-------------+
| | | | | | 23,451 | 94.87 | 33,744 | 105.70 | 19,989 | 90.16 |
+-------+----------+--------+------+---------+----------+------------+----------+------------+---------+-------------+
| | | | | | | | | | | |
+-------+----------+--------+------+---------+----------+------------+----------+------------+---------+-------------+
| | | | | | | Six months ended | | Year |
| | | | | | | | | ended |
+-------+----------+--------+------+---------+----------+------------------------------------+---------+-------------+
| | | | | | | 30 June | | 30 | | 31 |
| | | | | | | | | June | | December |
+-------+----------+--------+------+---------+----------+------------+----------+------------+---------+-------------+
| | | | | | | 2009 | | 2008 | | 2008 |
+-------+----------+--------+------+---------+----------+------------+----------+------------+---------+-------------+
| | | | | | | GBP'000 | | GBP'000 | | GBP'000 |
+-------+----------+--------+------+---------+----------+------------+----------+------------+---------+-------------+
| | | | | | | | | | | |
+-------+----------+--------+------+---------+----------+------------+----------+------------+---------+-------------+
| Opening book cost | | | | 22,116 | | 33,008 | | 33,008 |
+---------------------------+------+---------+----------+------------+----------+------------+---------+-------------+
| Opening unrealised appreciation | | | (2,127) | | 3,281 | | 3,281 |
+----------------------------------+---------+----------+------------+----------+------------+---------+-------------+
| | | | | | | | | | | |
+-------+----------+--------+------+---------+----------+------------+----------+------------+---------+-------------+
| Opening valuation | | | | 19,989 | | 36,289 | | 36,289 |
+---------------------------+------+---------+----------+------------+----------+------------+---------+-------------+
| | | | | | | | | | | |
+-------+----------+--------+------+---------+----------+------------+----------+------------+---------+-------------+
| Movements in the period/year: | | | | | | | |
+----------------------------------+---------+----------+------------+----------+------------+---------+-------------+
| Purchases at cost | | | | 37,386 | | 61,824 | | 125,431 |
+---------------------------+------+---------+----------+------------+----------+------------+---------+-------------+
| Sales - proceeds | | | | (37,214) | | (63,679) | | (130,796) |
+---------------------------+------+---------+----------+------------+----------+------------+---------+-------------+
| - realised gains on sales | | | 4,532 | | 1,772 | | (5,526) |
+----------------------------------+---------+----------+------------+----------+------------+---------+-------------+
| Increase/(decrease) in unrealised appreciation | (1,242) | | (2,462) | | (5,409) |
+-------------------------------------------------------+------------+----------+------------+---------+-------------+
| | | | | | | | | | | |
+-------+----------+--------+------+---------+----------+------------+----------+------------+---------+-------------+
| Closing valuation | | | | 23,451 | | 33,744 | | 19,989 |
+---------------------------+------+---------+----------+------------+----------+------------+---------+-------------+
| | | | | | | | | | | |
+-------+----------+--------+------+---------+----------+------------+----------+------------+---------+-------------+
| Comprising: | | | | | | | | | |
+------------------+--------+------+---------+----------+------------+----------+------------+---------+-------------+
| Closing book cost | | | | 26,820 | | 32,924 | | 22,116 |
+---------------------------+------+---------+----------+------------+----------+------------+---------+-------------+
| Closing unrealised | | | (3,369) | | 820 | | (2,127) |
| (depreciation)/appreciation | | | | | | | |
+----------------------------------+---------+----------+------------+----------+------------+---------+-------------+
| | | | | | | | | | | |
+-------+----------+--------+------+---------+----------+------------+----------+------------+---------+-------------+
| Closing valuation | | | | 23,451 | | 33,744 | | 19,989 |
+-------+----------+--------+------+---------+----------+------------+----------+------------+---------+-------------+
Notes to the Condensed Set of Financial Statements (unaudited) (continued)
6. Borrowings
The Company has a revolving 5 year loan facility, secured on the assets of the
Company, which is due to expire on 23 September 2012 with an aggregate principal
amount of GBP2,000,000, for the purposes of future investment. Interest is
payable at a rate of six month sterling LIBOR plus 0.6% and the borrowing is
held at amortised cost. During the period, interest of GBPnil (Six months ended
30 June 2008: GBP169,416. Year ended 31 December 2008: GBP231,502) was paid. A
fee of 0.30% per annum is payable on the undrawn amount of this facility (1).
Further, the Company is required to comply with the following financial
covenants imposed by the bank:
* the Company is required to ensure that the borrowing does not at any time exceed
45% of the Adjusted Gross Asset Value;
* the Company is required to maintain the Net Worth at not less that
GBP20,000,000; and
* the Company is required to ensure that the investment portfolio includes
holdings in not less that 30 separate businesses.
(1) The loan is secured on the assets of the Company.
7. Share capital
+-----+------+-------+------+--+-----------+----------+--+------------+-----+------------+
| | | | | | | 30 June | | 30 June | | 31 |
| | | | | | | | | | | December |
+-----+------+-------+------+--+-----------+----------+--+------------+-----+------------+
| | | | | | | 2009 | | 2008 | | 2008 |
+-----+------+-------+------+--+-----------+----------+--+------------+-----+------------+
| | | | | | | GBP'000 | | GBP'000 | | GBP'000 |
+-----+------+-------+------+--+-----------+----------+--+------------+-----+------------+
| | | | | | | | | | | |
+-----+------+-------+------+--+-----------+----------+--+------------+-----+------------+
| Authorised | | | | | | | | | |
+------------+-------+------+--+-----------+----------+--+------------+-----+------------+
| 100,000,000 ordinary shares of 10p each | 10,000 | | 10,000 | | 10,000 |
+------------------------------------------+----------+--+------------+-----+------------+
| | | | | | |
+------------------------------------------+----------+--+------------+-----+------------+
| 250,000 5% cumulative preference | 250 | | 250 | | 250 |
| restrictive voting shares of GBP1 each | | | | | |
+------------------------------------------+----------+--+------------+-----+------------+
| | | | | | | | | | | |
+-----+------+-------+------+--+-----------+----------+--+------------+-----+------------+
| | | | | | | 10,250 | | 10,250 | | 10,250 |
+-----+------+-------+------+--+-----------+----------+--+------------+-----+------------+
The holders of the five per cent cumulative preference restrictive voting shares
shall be entitled, out of profits for dividend, to a fixed cumulative
preferential dividend at the rate of five per cent per annum and in a winding-up
or on a return of capital shall be entitled to repayment of capital in priority
to the ordinary shareholders. The ordinary shareholders carry the right to
receive any surplus income and in winding-up any surplus assets, after repayment
of the preference capital and dividends as above.
Notes to the Condensed Set of Financial Statements (unaudited) (continued)
7. Share capital (continued)
+-----+------+-------+------+--+-----------+------+------+------+------+------+------+----------+
| | | | | | | 30 June | | 31 December |
| | | | | | | 2009 | | 2008 |
+-----+------+-------+------+--+------------------+-------------+-------------+-----------------+
| | | | | | | GBP'000 | | GBP'000 |
+-----+------+-------+------+--+------------------+-------------+-------------+-----------------+
| Issued, called up and | | | | | |
| fully paid: | | | | | |
+---------------------------+--+------------------+-------------+-------------+-----------------+
| 20,830,484 ordinary shares of 10p each | | | |
+-------------------------------------------------+-------------+-------------+-----------------+
| (2008: 20,830,484) | | | | 2,083 | | 2,083 |
+--------------------+------+--+------------------+-------------+-------------+-----------------+
| | | | | | | | | |
+-----+------+-------+------+--+------------------+-------------+-------------+-----------------+
| | | | | | | |
+-----+------+-------+------+--+--------------------------------+-------------------------------+
| | | | | | | 30 June 2009 |
+-----+------+-------+------+--+-----------+----------------------------------------------------+
| | | | | | | Own Shares held in | Shares in issue |
| | | | | | | treasury | |
+-----+------+-------+------+--+-----------+---------------------------+------------------------+
| | | | | | | Shares | GBP'000 | Shares | GBP'000 |
+-----+------+-------+------+--+-----------+-------------+-------------+-------------+----------+
| Balance at 1 | | | | (104,742) | (168) | 20,830,484 | 2,083 |
| January 2009 | | | | | | | |
+--------------------+------+--+-----------+-------------+-------------+-------------+----------+
| Shares purchased and held in treasury | (446,709) | (463) | - | - |
+------------------------------------------+-------------+-------------+-------------+----------+
| Shares issued in lieu of dividends from | 281,018 | 234 | - | - |
| treasury | | | | |
+------------------------------------------+-------------+-------------+-------------+----------+
| Balance at 30 June | | | | (270,433) | (397) | 20,830,484 | 2,083 |
| 2009 | | | | | | | |
+--------------------+------+--+-----------+-------------+-------------+-------------+----------+
| | | | | | | | | | |
+-----+------+-------+------+--+-----------+-------------+-------------+-------------+----------+
| | | | | | | 31 December 2008 |
+-----+------+-------+------+--+-----------+----------------------------------------------------+
| | | | | | | Own shares held in | Shares in issue |
| | | | | | | treasury | |
+-----+------+-------+------+--+-----------+---------------------------+------------------------+
| | | | | | | Shares | GBP'000 | Shares | GBP'000 |
+-----+------+-------+------+--+-----------+-------------+-------------+-------------+----------+
| Balance at 1 | | | | (118,413) | 176 | 20,830,484 | 2,083 |
| January 2008 | | | | | | | |
+--------------------+------+--+-----------+-------------+-------------+-------------+----------+
| Shares purchased for | | | - | - | - | - |
| cancellation | | | | | | |
+---------------------------+--+-----------+-------------+-------------+-------------+----------+
| Shares issued in lieu of | | | - | - | - | - |
| dividends | | | | | | |
+---------------------------+--+-----------+-------------+-------------+-------------+----------+
| Shares purchased and held in treasury | (202,916) | (280) | - | - |
+------------------------------------------+-------------+-------------+-------------+----------+
| Shares issued in lieu of dividends from | 216,587 | 288 | - | - |
| treasury | | | | |
+------------------------------------------+-------------+-------------+-------------+----------+
| Balance at 31 December | | | (104,742) | (168) | 20,830,484 | 2,083 |
| 2008 | | | | | | |
+---------------------------+--+-----------+-------------+-------------+-------------+----------+
| | | | | | | | | | |
+-----+------+-------+------+--+-----------+-------------+-------------+-------------+----------+
| During the period no shares were purchased for cancellation (Year ended 31 December 2008: |
| nil). |
+-----+------+-------+------+--+-----------+------+------+------+------+------+------+----------+
Notes to the Condensed Set of Financial Statements (unaudited) (continued)
7. Share capital (continued)
On 27 April 2009, 180,000 shares were purchased for Treasury at a total cost
including expenses of GBP176,400.
On 5 June 2009, 266,709 shares were purchased for Treasury at a total cost
including expenses of GBP286,712.
On 8 May 2009, 281,018 shares were issued to shareholders who elected to receive
them in lieu of a final cash dividend for 2008. Ordinary shares of 10p each,
fully paid were issued to shareholders from the Treasury reserves account held
by the Company.
8. Net asset value per share
Net asset value per ordinary share is based on net assets attributable to the
ordinary shareholders of GBP24,745,000 (year ended 31 December 2008:
GBP22,171,000) and on 20,561,051 (year ended 31 December 2008: 20,725,742 )
ordinary shares, being the number of ordinary shares in issue at the end of the
period.
10. Related party transactions
The members of the Board of Directors are listed on page 4 of the half-yearly
report. Fees earned by the Directors of the Company during the period were
GBP40,500 (year ended 31 December 2008: GBP81,000) of which GBP20,250 (year
ended 31 December 2008: GBP20,250) was outstanding at the period end.
The investment manager, Scottish Widows Investment Partnership Limited
exercises discretion over 28.42% (2008: 29.28%) of shares in the Company, on
behalf of their clients, and earned investment management fees of GBP57,129
(year ended 31 December 2008: GBP 153,587) during the period of which GBP31,099
(2008: GBP27,958) was outstanding at the period end and a performance fee of
GBP31,099 (year ended 31 December 2008: GBPNil) which was outstanding at the
period end. The basis of calculation of these fees is detailed in note 3 of the
annual financial statements.
On 18 August 2009 Corporate Services (Guernsey) Limited resigned and the Company
appointed Kleinwort Benson (Channel Islands) Funds Services Limited as provider
of administrative and accounting services. Administrative fees (including the
accounting fee) for the period ended 30 June 2009 totalled GBP72,000 (year ended
31 December 2008: GBP84,000) of which GBPNil (year ended 31 December 2008:
GBP38,333) was outstanding at the period end.
11. Events after the balance sheet date
There have been no significant events after balance sheet date which in the
opinion of the Board of Directors require disclosure in the financial
statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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