TIDMUKT
RNS Number : 5485R
UK Select Trust Limited
24 August 2010
For immediate release on 24 August 2010
UK Select Trust Limited
(the "Company")
Registered No: 475
Announcement of Results
The financial information set out in this announcement is the full unedited
Half-Yearly Report and Condensed Unaudited Financial Statements for the period 1
January 2010 to 30 June 2010 ("Statements") of the Company as approved by the
Board of Directors on 24 August 2010. The Statements will be delivered to
shareholders during August 2010.
This announcement was approved by the Board of Directors on 24 August 2010.
To view a PDF version of this announcement in its entirety, including graphs,
please click on, or paste the following URL into your web brower:
http://www.rns-pdf.londonstockexchange.com/rns/5485R_-2010-8-24.pdf
Enquiries:
Kleinwort Benson (Channel Islands) Fund Services Limited
Company Secretary
Telephone number : 01481 727111
Fax number: 01481 728317
24 August 2010
Dorey Court
Admiral Park
St Peter Port
Guernsey
GY1 3BG
UK Select Trust Limited
Half-Yearly Report and Condensed Unaudited Financial Statements
for the period 1 January 2010 to 30 June 2010
UK Select Trust Limited
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| Contents | |
+---------------------------------------------------------------------+----------------------------------------+
| | |
+---------------------------------------------------------------------+----------------------------------------+
| Trust Information | 2 |
+---------------------------------------------------------------------+----------------------------------------+
| | |
+---------------------------------------------------------------------+----------------------------------------+
| Objectives | 2 |
+---------------------------------------------------------------------+----------------------------------------+
| | |
+---------------------------------------------------------------------+----------------------------------------+
| Financial Highlights | 3 |
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| | |
+---------------------------------------------------------------------+----------------------------------------+
| Cautionary Note | 3 |
+---------------------------------------------------------------------+----------------------------------------+
| | |
+---------------------------------------------------------------------+----------------------------------------+
| Directors and Advisors | 4 |
+---------------------------------------------------------------------+----------------------------------------+
| | |
+---------------------------------------------------------------------+----------------------------------------+
| Chairman's Statement | 5 |
+---------------------------------------------------------------------+----------------------------------------+
| | |
+---------------------------------------------------------------------+----------------------------------------+
| Interim Management Report | 6 |
+---------------------------------------------------------------------+----------------------------------------+
| | |
+---------------------------------------------------------------------+----------------------------------------+
| Responsibility Statement | 8 |
+---------------------------------------------------------------------+----------------------------------------+
| | |
+---------------------------------------------------------------------+----------------------------------------+
| The Portfolio and Sector Distribution | 9 |
+---------------------------------------------------------------------+----------------------------------------+
| | |
+---------------------------------------------------------------------+----------------------------------------+
| Condensed Statement of Comprehensive Income | 13 |
+---------------------------------------------------------------------+----------------------------------------+
| | |
+---------------------------------------------------------------------+----------------------------------------+
| Condensed Statement of Financial Position | 15 |
+---------------------------------------------------------------------+----------------------------------------+
| | |
+---------------------------------------------------------------------+----------------------------------------+
| Condensed Reconciliation of Movements in Equity Shareholders' Funds | 16 |
+---------------------------------------------------------------------+----------------------------------------+
| | |
+---------------------------------------------------------------------+----------------------------------------+
| Condensed Statement of Cash Flows | 17 |
+---------------------------------------------------------------------+----------------------------------------+
| | |
+---------------------------------------------------------------------+----------------------------------------+
| Notes to the Condensed Financial Statements | 18 |
+---------------------------------------------------------------------+----------------------------------------+
Trust information
UK Select Trust Limited's ordinary 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 (the "Company") is registered in Guernsey and complies
with the definition of a UK Investment Trust Company. The Company invests over
80% of its gross assets by value in companies listed on the London Stock
Exchange 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 | | Six | Year |
| | | | | months | | months | ended |
| | | | | ended | | ended | |
+------+--------------+-----+----+------------+----------+-----------+-----------+
| | | | | 30 June | | 30 June | 31 |
| | | | | 2010 | | 2009 | December |
| | | | | | | | 2009 |
+------+--------------+-----+----+------------+----------+-----------+-----------+
| | | | | | | | |
+------+--------------+-----+----+------------+----------+-----------+-----------+
| Net asset value per | | | 137.63p | | 120.35p | 149.84p |
| share | | | | | | |
+---------------------+-----+----+------------+----------+-----------+-----------+
| Equity | | | GBP28.45m | | GBP24.75m | GBP30.83m |
| Shareholders' | | | | | | |
| interest (1) | | | | | | |
+---------------------+-----+----+------------+----------+-----------+-----------+
| Revenue return on ordinary | GBP0.32m | | GBP0.10m | GBP |
| activities for the financial | | | | 0.75m |
| period/year after taxation | | | | |
+--------------------------------+------------+----------+-----------+-----------+
| Capital (deficit)/ return on | GBP(2.25)m | | GBP3.22m | GBP9.17m |
| ordinary activities for the | | | | |
| financial period/ year after | | | | |
| taxation | | | | |
+--------------------------------+------------+----------+-----------+-----------+
| Revenue return per | | 1.53p | | 0.48p | 3.61p |
| ordinary share | | | | | |
+---------------------------+----+------------+----------+-----------+-----------+
| Capital (deficit)/ return | | (10.87)p | | 15.57p | 44.42p |
| per ordinary share | | | | | |
+---------------------------+----+------------+----------+-----------+-----------+
| Dividend per | | | 0.90p | | 0.90p | 3.75p |
| ordinary share (2) | | | | | | |
+---------------------+-----+----+------------+----------+-----------+-----------+
| Share Price | | | 120.25p | | 109.50p | 128.25p |
+---------------------+-----+----+------------+----------+-----------+-----------+
| Net asset value | | | (5.17)%(6) | | 12.92%(5) | 45.89%(4) |
| total return (3) | | | | | | |
+---------------------+-----+----+------------+----------+-----------+-----------+
| FTSE All-Share | | | (6.15)% | | (3.37)% | 30.12% |
| total return | | | | | | |
+---------------------+-----+----+------------+----------+-----------+-----------+
| | | | | | | | |
+------+--------------+-----+----+------------+----------+-----------+-----------+
(1) During the period the Company purchased 100,000 ordinary Shares of 10p from
the market to be held in Treasury. From the Shares held in Treasury, 191,737
ordinary Shares of 10p each were reissued during the period. At 30 June 2010,
162,665 Shares remain in Treasury. 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.
(3) Source: Datastream. Basis: Income reinvested and net of expenses.
(4) Based on the audited Annual Financial Reports for the years ended 31
December 2008 and 31 December 2009.
(5) Based on the audited Annual Financial Report for the year ended 31 December
2008 and the unaudited Net Asset Value as at 30 June 2009 released to market.
(6) Based on the audited Annual Financial Report for the year ended 31December
2009 and the unaudited Net Asset Value as at 30 June 2010 released to market.
Dividends
An interim dividend of 0.90p per share will be paid on 5 November 2010 to
shareholders on the register at 25 August 2010 (Six months ended 30 June 2009:
0.90p). The Company intends to continue with the policy of paying a second
interim dividend each year to Shareholders in May of the following year in place
of a final dividend.
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, (Born 1949), Non-executive Chairman. He joined the board in
1983. Other Directorships include AcenciA Debt Strategies Limited.
DR Maltwood, (Born 1938), Non-executive Director. He joined the board in 1997
after a career in stockbroking in Jersey. He has held a number of positions
including the Chairman and Director of a number of quoted companies.
G Ross Russell, (Born 1933), Non-executive Director. He joined the board in
1995. He is Chairman of Forsight 3 Venture Capital Trust Plc and former
Chairman of the Chartered Institute of Securities and Investment and Deputy
Chairman of the London Stock Exchange.
JG West FCA, (Born 1947), Non-executive Director. He joined the board in
1997. He is the Chairman of Gartmore Fledgling Trust Plc, Canaccord Genuity
Limited, 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, (Born 1953), Non-executive Director and Audit Committee Chairman. He
is a fellow of the Institute of Chartered Accountants in England and Wales and
joined the Board in 2006. 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 and Unigestion (Guernsey) Limited.
Advisors
+------------------------------+------------------------------+
| Secretary and Registered | Registrars |
| Office | |
+------------------------------+------------------------------+
| Kleinwort Benson (Channel | Capita Registrars (Guernsey) |
| Islands) | Limited |
+------------------------------+------------------------------+
| Fund Services Limited | Longue Hougue Road |
+------------------------------+------------------------------+
| Dorey Court | St Sampson |
+------------------------------+------------------------------+
| Admiral Park | Guernsey GY2 4JN |
+------------------------------+------------------------------+
| St Peter Port | 0870 162 3100 |
+------------------------------+------------------------------+
| Guernsey GY1 3BG | (calls cost 10p per minute |
| | plus network extras, |
+------------------------------+------------------------------+
| 01481 727111 | lines are open 8:30am to |
| | 5:30pm Monday-Friday) |
+------------------------------+------------------------------+
| | |
+------------------------------+------------------------------+
| Investment Manager | Stockbrokers |
+------------------------------+------------------------------+
| Scottish Widows Investment | Canaccord Genuity Limited |
| Partnership Limited | |
+------------------------------+------------------------------+
| Edinburgh One | Cardinal Place |
+------------------------------+------------------------------+
| Morrison Street | 7th Floor |
+------------------------------+------------------------------+
| Edinburgh EH3 8BE | 80 Victoria Street |
+------------------------------+------------------------------+
| 0131 655 8500 | London SW1E 5JL |
+------------------------------+------------------------------+
| | 0207 050 6500 |
+------------------------------+------------------------------+
| | |
+------------------------------+------------------------------+
| Auditors | Bankers and Custodian |
+------------------------------+------------------------------+
| Deloitte LLP | HSBC Bank plc |
+------------------------------+------------------------------+
| Regency Court | 8 Canada Square |
+------------------------------+------------------------------+
| Glategny Esplanade | London E14 5HQ |
+------------------------------+------------------------------+
St Peter Port
Guernsey GY1 3HW
01481 724011
Chairman's Statement
The period of six months to 30 June 2010 saw the net asset value fall by 5.17%
on a total return basis, as compared with the total return of the FTSE All-Share
Index of a negative 6.15%. This relative performance was achieved despite the
continuing volatility in the world equity markets and was driven by strong stock
selection, the details of which can be found in the Interim Management Report.
The share price traded 6.24% lower over the six months under review while the
discount at which your Shares trade relative to their net asset value closed the
period at 12.63%.
The Company operates a small overdraft facility, however, during the period
under review no borrowings were utilised.
The board is pleased to announce an interim dividend of 0.90p.
The second quarter corporate earning season is now drawing to a close and in the
main has reflected positive trading conditions across many industries. However,
these are backward looking and investors focus is now shifting to a raft of
deteriorating macro economic leading indicators which point to a sharp slowdown
in global economic activity in the second half of the year.
The Investment Manager's cautious outlook for corporate earnings is reflected in
the Company's current portfolio positioning which favours companies with strong
balance sheets and command stable, rather than cyclical, profit streams.
J M Le Pelley
Chairman
24 August 2010
Two main global themes emerged during the past half year. First, significant
worries arose over Greece's large fiscal deficit. Greek bond yields rose
sharply, which made debt roll-over prohibitively expensive. Sovereign debt fears
led to concerns about bank funding (banks generally must pay a premium over
sovereign debt to fund themselves, reflecting the riskiness of banks relative to
a country as a whole). A rescue plan from the IMF and other Eurozone countries
allowed Greece to issue new bonds at affordable levels, but there remain
long-term doubts about the country's ability to service its debts. Greece
announced severe public spending cuts during the period. Combined with bank
funding problems, the result will be that the Greek economy will contract
sharply this year. Spain, Portugal, Ireland and the UK (amongst others) also
announced austerity measures, partly out of fear of contagion effects. The
combined effect will be lower than anticipated European economic growth in the
near-term. Partly offsetting this will be a strong export performance from those
countries, such as Germany, that have benefitted from improved competitive
positions as a result of Euro weakness.
The second main theme has been the state of the Chinese economy. China has been
in a residential house building (and house price) boom that prompted a desire
from the government to cool conditions in this sector (but not a desire to cool
other parts of the economy). Rather than raise interest rates, there have been
announcements of a series of restrictions on the number of houses individuals
could own, combined with limits on loan-to-value ratios for home-loans and
background talk about introducing property taxes in some cities (mainland China
currently has no equivalent to property rates or council tax, so that the
opportunity cost of holding empty flats is surprisingly low). The outcome of
these targeted restraints is eagerly awaited by markets. If these fail to cool
the housing market, then interest rates must rise and this will cool the Chinese
(and possibly the global) economy at a time when investors are worried about
economic growth levels.
For the period under review, the UK economy grew very modestly, following a
protracted period of economic shrinkage.
The stock market first anticipated recovery from recession as early as the
second quarter of 2009. Firms that had high levels of leverage and low price to
book values performed best in this initial phase of stock market recovery,
largely out of relief from the growing fear of corporate bankruptcy.
Subsequently, as it became apparent that economic growth would remain muted for
some time, stocks that were able to consistently grow their revenue and earnings
became favoured (sometimes too favoured, in light of the long-term
fundamentals).
Companies exposed to government spending are very much under scrutiny at
present, in light of the UK government's announcement of planned spending cuts
aimed at reducing the budget deficit. Firms reliant on government for contracts
are thusvulnerable and the share prices of many have fallen steeply in
anticipation of tough business conditions for years to come. However, some firms
reliant on government work claim that they can help government to reduce
spending and boost efficiency. They thus argue that they will benefit from
government spending cuts, although we suspect that there will be pressure on
these firms' margins, nevertheless.
The Company performed ahead of the FTSE all-share during the period with net
asset value declining -5.17%. This was driven by strong stock selection in what
continued to be a volatile trading environment.
No single stock has been more volatile than BP. The fallout from the Macondo
well spill has been widely reported, with the share price volatility driven both
by financial and political implications. The Company
Interim Management Report (continued)
took advantage of this volatility to successfully trade in and out of BP at
varying levels and it was one of the biggest positive contributors to
performance in the first half.
The structural shortage of power supply in India and other emerging markets has
been a key theme running through the portfolio for the past few years. We
continue to see this as a multi-year trend, driven by the strong GDP outlook and
consistent power shortages in the region. Indus Gas, the Indian E&P stock was
the single biggest positive contributor to fund performance; Great Eastern
Energy was another positive. In late April we took part in the IPO of the
Indian energy Company Essar, a Company that promptly entered the FTSE 100 the
following month. Despite listing in a tough market, Essar has rallied since the
offering and was another big positive during the period.
We have identified a number of stocks that should be able to generate solid
total returns even in an environment of constrained economic growth. They
typically exhibit stable growth prospects and the careful selection of new
projects by their management teams. Barriers to entry that protect these
businesses typically include powerful brands or regulatory controls.
The Company has increased positions in these stable growers such as National
Grid, Scottish and Southern Energy and GlaxoSmithKline and funded these by
reducing exposure in cyclical names such as Lloyds Banking Group and Rio Tinto.
This rotation proved beneficial to the performance of the Company in June as the
market retreated.
The outlook for UK economic growth remains constrained by the twin headwinds of
government austerity and bank de-leveraging.
With severe cuts in government spending planned in all but a few departments,
new entrants to the job market will find employment opportunities limited.
Unemployment will rise unless private sector hiring can exceed public sector
retrenchment.
Appetite for lending will be constrained as banks continue to "right-size"
themselves in response to funding constraints. At the same time, appetite for
new loans from sound borrowers will be limited, as consumers reduce debt and
build savings to protect against the risk of unemployment.
Although it is tempting to think that weak UK economic growth must translate
into poor stock market returns (and that high economic growth in a number of
emerging markets must translate into high equity returns), this is not borne out
by long-term studies. Where a share price is modest but the firm is well-run,
with a sound balance sheet and barriers to entry in its business, future returns
from the Shares are potentially attractive. And indeed, the portfolio is
positioned with this in mind.
Scottish Widows Investment Partnership
24 August 2010
Scottish Widows Investment Partnership (SWIP) is one of the UK's largest asset
management companies, and is part of the Lloyds Banking Group. Our main aim is
to deliver consistent, superior returns for our clients. We achieve this through
a rigorous investment process, which relies heavily on high-quality, fundamental
research, and the experience and skills of our investment team. Our clients
benefit from our investment intelligence and the experience of our fund
management teams; our disciplined and sustainable investment process based on
proprietary fundamental research; and our analysts' and fund managers' ability
to share information, discuss investment ideas and make effective decisions
quickly.
We manage funds worth more than GBP136 billion* for a wide range of UK and
international clients, including individual investors, investment trusts,
charities, financial institutions, corporate and local-government pension funds.
These funds are invested across all major asset classes, including UK and
international equities, property, bonds and cash. We also offer clients
specialist expertise in multi-manager, smaller companies and socially
responsible investment, and build dynamic multi-asset investment solutions for
institutional clients. When it comes to client service, we have a presence that
stretches around the world: from the UK to continental Europe, the US and Asia.
This international dimension keeps us close to our clients, enhancing our
ability to deliver excellent client service and build lasting relationships. We
believe that the combination of our talented investment team, thorough process
and close proximity to our clients is an enviable combination and gives us a
great opportunity to deliver a high-quality investment management service.
Source: SWIP, 30 June 2010
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 2010 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
24 August 2010
+--+------------------+---------+----------+-----+-----+----------+----+--+
| | Company | Market | Activity | | | | |
| | | Value | | | | | |
+--+------------------+---------+----------+-----+-----+----------+-------+
| | | GBP'000 | | | | | |
+--+------------------+---------+----------+-----+-----+----------+-------+
| | | | | | | | |
+--+------------------+---------+----------+-----+-----+----------+-------+
| 1 | National Grid | 2,223 | One of the world's largest utility |
| | Plc | | companies. |
+--+------------------+---------+-----------------------------------------+
|2 | HSBC Holdings | 2,040 | Large UK - based financial services |
| | Plc | | group. |
+--+------------------+---------+-----------------------------------------+
|3 | Glaxosmithkline | 1,974 | Large Anglo-American pharmaceutical |
| | Plc | | company. |
+--+------------------+---------+-----------------------------------------+
|4 | Scottish & | 1,790 | British company specialising in the |
| | Southern Energy | | production, relay and distribution |
| | Plc | | of electricity and gas supply. |
+--+------------------+---------+-----------------------------------------+
|5 | Royal Dutch | 1,787 | One of the world's largest energy |
| | Shell Plc | | companies which explore, produce, |
| | | | and market oil, gas and chemicals. |
+--+------------------+---------+-----------------------------------------+
|6 | Vodafone Group | 1,779 | The largest mobile | | |
| | Plc | | telecommunications network | | |
| | | | in the world. | | |
+--+------------------+---------+---------------------------------+----+--+
|7 | BG Group Plc | 1,338 | Formerly British Gas. Involved in |
| | | | oil and gas transmission and |
| | | | distribution, as well as power |
| | | | generation. |
+--+------------------+---------+-----------------------------------------+
|8 | British American | 1,232 | The world's most international | |
| | Tobacco Plc | | tobacco group. | |
+--+------------------+---------+--------------------------------------+--+
|9 | BP Plc | 1,042 | One of the world's largest energy |
| | | | companies, providing fuel, energy, |
| | | | and petrochemicals. |
+--+------------------+---------+-----------------------------------------+
|10 | KSK Power | 979 | Engaged in emerging opportunities | |
| | Venture Plc | | in the power development market. | |
+--+------------------+---------+--------------------------------------+--+
|11 | AstraZeneca Plc | 964 | One of the world's largest |
| | | | pharmaceutical companies. |
+--+------------------+---------+-----------------------------------------+
| 12| RSA Insurance | 874 | One of the world's leading | |
| | Group Plc | | insurance groups, providing | |
| | | | personal and commercial insurance | |
| | | | products and services worldwide. | |
+--+------------------+---------+--------------------------------------+--+
|13 | Rio Tinto Plc | 858 | One of the global leaders in the |
| | | | extraction and processing of the |
| | | | earth's mineral resources. |
+--+------------------+---------+-----------------------------------------+
|14 | Great Eastern | 843 | Indian based energy provider. |
| | Energy | | |
| | Corporation Plc | | |
+--+------------------+---------+-----------------------------------------+
|15 | Xstrata Plc | 789 | Coal, copper, zinc and | | |
| | | | alloys mining company. | | |
+--+------------------+---------+---------------------------------+----+--+
|16 | Essar Energy Plc | 781 | Indian-focussed energy company with |
| | | | assets in the existing power and oil |
| | | | and gas businesses. |
+--+------------------+---------+-----------------------------------------+
| 17| Indus Gas Ltd | 714 | Oil and gas exploration and | |
| | | | development company based in | |
| | | | India. | |
+--+------------------+---------+--------------------------------------+--+
|18 | Lloyds Banking | 674 | Financial services group providing a |
| | Group Plc | | range of banking and financial |
| | | | services, primarily in the United |
| | | | Kingdom, to personal and corporate |
| | | | customers. |
+--+------------------+---------+-----------------------------------------+
| 19| Imperial Tobacco | 614 | One of the world's largest | |
| | Group Plc | | international tobacco companies. | |
+--+------------------+---------+--------------------------------------+--+
|20 | Ryanair Holdings | 612 | Irish-based budget airline | |
| | Plc | | | |
+--+------------------+---------+--------------------------------------+--+
|21 | Berkeley Group | 590 | UK based housebuilder and | |
| | Holdings Plc | | developer. | |
+--+------------------+---------+--------------------------------------+--+
| 22| Resolution Ltd | 572 | Offer a broad spectrum of funds | |
| | | | to cater for the differing | |
| | | | investment needs. | |
+--+------------------+---------+--------------------------------------+--+
|23 | Thomas Cook | 439 | Principally engaged in the provision |
| | Group Plc | | of leisure travel services. |
+--+------------------+---------+-----------------------------------------+
| 24| Dolphin Capital | 403 | Real estate holding & development. |
| | Investors | | |
+--+------------------+---------+-----------------------------------------+
| 25| Trading | 377 | UK listed fund investing in a range |
| | Emissions Plc | | of tradable environmental permits. |
+--+------------------+---------+-----------------------------------------+
| 26| Hardy Oil & Gas | 352 | AIM-listed oil and gas exploration |
| | Plc | | company. |
+--+------------------+---------+-----------------------------------------+
| 27| Cadogan | 208 | An Independent oil and gas |
| | Petroleum Plc | | exploration, development and |
| | | | production company. |
+--+------------------+---------+----------+-----+-----+----------+----+--+
+--+------------------+------------+--------------------------------------+--+
| 28| Petroceltic | 188 | A leading upstream oil and gas |
| | International | | exploration company focussed on the |
| | Plc | | Mediterranean and North Africa area. |
+--+------------------+------------+-----------------------------------------+
|29 | Petra Diamonds | 174 | The group's principal activity is | |
| | Ltd | | exploring for and mining diamonds in | |
| | | | Africa. | |
+--+------------------+------------+--------------------------------------+--+
| 30| Aurora Russia | 130 | Investment vehicle established to | |
| | Ltd | | make investments in small and | |
| | | | mid-sized Russian companies. | |
+--+------------------+------------+--------------------------------------+--+
|31| Arden Partners | 106 | Institutional stockbroker specialising |
| | Plc | | in small, midcap and AIM companies. |
+--+------------------+------------+-----------------------------------------+
| 32| Leed Petroleum | 100 | Oil and gas exploration and | |
| | Plc | | production company focussed on the | |
| | | | Gulf of Mexico. | |
+--+------------------+------------+--------------------------------------+--+
|33 | Resaca | 88 | US-based independent oil and gas |
| | Exploitation Inc | | exploration company. |
+--+------------------+------------+-----------------------------------------+
| 34| Ingenious Media | 84 | Advisory and investment firm is now |
| | Active Capital | | Europe's largest private investor in |
| | Ltd | | the media sector. |
+--+------------------+------------+-----------------------------------------+
| 35| BHP Billiton Plc | 72 | The world's largest diversified | |
| | | | natural resources company. | |
+--+------------------+------------+--------------------------------------+--+
| 36| Candover | 48 | UK-based investment firm that | |
| | Investments Plc | | specialises in corporate buyouts. | |
+--+------------------+------------+--------------------------------------+--+
| 37| Resaca | 14 | US-based independent oil and gas | |
| | Exploitation Inc | | exploration company. | |
| | (DI) | | | |
+--+------------------+------------+--------------------------------------+--+
| 38| Newfound N.V. | 10 | Developer and operator of up-market | |
| | | | holiday resorts. | |
+--+------------------+------------+--------------------------------------+--+
| 39| Eatonfield Group | 3 | Commercial and residential property | |
| | Plc | | developer with a focus on Wales and | |
| | | | the North of England. | |
+--+------------------+------------+--------------------------------------+--+
| | Total Valuation | 27,865 | These holdings represent 100% of the | |
| | | | total valuation. | |
+--+------------------+------------+--------------------------------------+--+
| | | | | |
+--+------------------+------------+--------------------------------------+--+
Sector Distribution as at 30 June 2010
+------------------------+------+-----------+-----------+
| | | | |
+------------------------+------+-----------+-----------+
| | | Total | Total |
+------------------------+------+-----------+-----------+
| | | 30 June | 30 June |
| | | 2010 | 2009 |
+------------------------+------+-----------+-----------+
| Sector Classification | | % | % |
+------------------------+------+-----------+-----------+
| Resources | | | |
+------------------------+------+-----------+-----------+
| Oil and Gas | | 26.2 | 29.1 |
+------------------------+------+-----------+-----------+
| | | 26.2 | 29.1 |
+------------------------+------+-----------+-----------+
| Basic industrials | | | |
+------------------------+------+-----------+-----------+
| Construction and | | 2.1 | - |
| building materials | | | |
+------------------------+------+-----------+-----------+
| Mining | | 6.7 | 6.9 |
+------------------------+------+-----------+-----------+
| Electronics and | | - | 5.9 |
| electrical equipment | | | |
+------------------------+------+-----------+-----------+
| | | 8.8 | 12.8 |
+------------------------+------+-----------+-----------+
| Non-cyclical consumer | | | |
| goods | | | |
+------------------------+------+-----------+-----------+
| Tobacco | | 6.5 | 3.7 |
+------------------------+------+-----------+-----------+
| Pharmaceuticals and | | 10.3 | 5.3 |
| biotechnology | | | |
+------------------------+------+-----------+-----------+
| | | 16.8 | 9.0 |
+------------------------+------+-----------+-----------+
| Cyclical services | | | |
+------------------------+------+-----------+-----------+
| Support services | | - | 1.2 |
| | | | |
+------------------------+------+-----------+-----------+
| Leisure, entertainment | | 3.7 | 11.2 |
| and hotels | | | |
+------------------------+------+-----------+-----------+
| Food and Drug | | - | 3.0 |
| Retailers | | | |
+------------------------+------+-----------+-----------+
| | | 3.7 | 15.4 |
+------------------------+------+-----------+-----------+
| Non-cyclical services | | | |
+------------------------+------+-----------+-----------+
| Telecommunication | | 6.3 | - |
| services | | | |
+------------------------+------+-----------+-----------+
| | | 6.3 | - |
| | | | |
+------------------------+------+-----------+-----------+
| Utilities | | | |
+------------------------+------+-----------+-----------+
| Aerospace and defence | | - | 3.0 |
| | | | |
+------------------------+------+-----------+-----------+
| Utilitiles other | | 17.5 | - |
| | | | |
+------------------------+------+-----------+-----------+
| | | 17.5 | 3.0 |
+------------------------+------+-----------+-----------+
| Information and | | | |
| technology | | | |
+------------------------+------+-----------+-----------+
| Software and computer | | - | 4.3 |
| services | | | |
+------------------------+------+-----------+-----------+
| | | - | 4.3 |
| | | | |
+------------------------+------+-----------+-----------+
| Financials | | | |
+------------------------+------+-----------+-----------+
| Banks | | 9.5 | 13.3 |
+------------------------+------+-----------+-----------+
| Specialty and other | | 4.5 | - |
| finance | | | |
+------------------------+------+-----------+-----------+
| Real Estate | | 1.4 | 1.6 |
+------------------------+------+-----------+-----------+
| Investment companies | | 0.2 | 4.3 |
+------------------------+------+-----------+-----------+
| Non life insurance | | 3.1 | - |
| | | | |
+------------------------+------+-----------+-----------+
| Life assurance | | - | 2.0 |
| | | | |
+------------------------+------+-----------+-----------+
| | | 18.7 | 21.2 |
+------------------------+------+-----------+-----------+
| Net current assets | | 2.0 | 5.2 |
+------------------------+------+-----------+-----------+
| Total assets less | | 100.0 | 100.0 |
| current liabilities | | | |
+------------------------+------+-----------+-----------+
| Borrowings | | - | - |
| | | | |
+------------------------+------+-----------+-----------+
| Net assets | | 100.0 | 100.0 |
+------------------------+------+-----------+-----------+
Sector Distribution as at 30 June 2010 (continued)
+-+-------------------------+----------+
|1 | Resources | 26.2% |
+-+-------------------------+----------+
|2 | Basic industrials | 8.8% |
+-+-------------------------+----------+
|3 | Non-cyclical consumer | 16.8% |
| | goods | |
+-+-------------------------+----------+
|4 | Cyclical services | 3.7% |
+-+-------------------------+----------+
|5 | Non-cyclical services | 6.3% |
+-+-------------------------+----------+
|6 | Utilities | 17.5% |
+-+-------------------------+----------+
|7 | Financials | 18.7% |
+-+-------------------------+----------+
By sector as a percentage
To view the graphs relating to Sector Distribution, please view the PDF version
of the announcement:
http://www.rns-pdf.londonstockexchange.com/rns/5485R_-2010-8-24.pdf
Condensed Statement of Comprehensive Income
for the six months ended 30 June 2010 (unaudited)
+------------+------+----------+---+----------+-------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| | | | | | | |
| | | | | | Six months ended 30 June 2010 | Six months ended 30 June 2009 |
+------------+------+-------------------------+-------+-+------------------------------------------------------+---------------------------------------------------+
| | | | Notes | | Revenue | | Capital | | Total | | Revenue | | Capital | | Total |
+------------+------+-------------------------+-------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| | | | | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+------------+------+-------------------------+-------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Gains/(losses) on investments | | | | | | | | | | | | | |
+---------------------------------------------+-------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Net realised gains on financial | | - | | 2,040 | | 2,040 | | - | | 4,532 | | 4,532 |
| assets and liabilities held at fair | | | | | | | | | | | | |
| value through profit or loss 5 | | | | | | | | | | | | |
+-----------------------------------------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Net changes in unrealised | 5 | | - | | (4,227) | | (4,227) | | - | | (1,242) | | (1,242) |
| (depreciation)/appreciation on | | | | | | | | | | | | | |
| financial assets and liabilities | | | | | | | | | | | | | |
| held at fair value through | | | | | | | | | | | | | |
| profit or loss | | | | | | | | | | | | | |
+----------------------------------+------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Net foreign exchange (loss)/gain | | | - | | (1) | | (1) | | - | | - | | - |
+----------------------------------+------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| | | | - | | (2,188) | | (2,188) | | - | | 3,290 | | 3,290 |
+----------------------------------+------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Income | | | | | | | | | | | | | | |
+-------------------+--------------+------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Other income | | 3 | | 511 | | - | | 511 | | 290 | | - | | 290 |
+-------------------+--------------+------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| | | | | | | | | | | | | | | | |
+------------+------+--------------+------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Expenses | | | | | | | | | | | | | | | |
+------------+------+--------------+------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Investment management fees | | | 19 | | 57 | | 76 | | 14 | | 43 | | 57 |
+----------------------------------+------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Performance fee | | | | - | | - | | - | | 8 | | 23 | | 31 |
+-------------------+--------------+------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Administration | | | | 50 | | - | | 50 | | 72 | | - | | 72 |
| fees | | | | | | | | | | | | | | |
+-------------------+--------------+------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Registrars' fees | | | | 14 | | - | | 14 | | 7 | | - | | 7 |
+-------------------+--------------+------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Auditors' | | | | | 7 | | - | | 7 | | 5 | | - | | 5 |
| fees | | | | | | | | | | | | | | | |
+------------+------+--------------+------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Directors' fees | | 10 | | 42 | | - | | 42 | | 41 | | - | | 41 |
+-------------------+--------------+------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Other expenses | | 61 | | - | | 61 | | 44 | | - | | 44 |
+-----------------------------------------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Total operating expenses | | | 193 | | 57 | | 250 | | 191 | | 66 | | 257 |
| before finance costs | | | | | | | | | | | | | |
+------------------------------+----------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| | | | | | | | | | | | | |
+-----------------------------------------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Operating profit/(loss) | | | 318 | | (2,245) | | (1,927) | | 99 | | 3,224 | | 3,323 |
| before finance costs and tax | | | | | | | | | | | | | |
+------------------------------+----------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| | | | | | | | | | | | | | | | |
+------------+------+----------+----------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Finance costs | | | | | | | | | | | | | | |
+-------------------+----------+----------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Interest payable | | | | 1 | | 3 | | 4 | | - | | - | | - |
+-------------------+----------+----------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| | | | | | | | | | | | | |
+-----------------------------------------------------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Profit/(loss) before tax | | | 317 | | (2,248) | | (1,931) | | 99 | | 3,224 | | 3,323 |
+---------------------------------------------+-------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Taxation | | | | | | | | | - | | - | | - |
+---------------------------------------------+-------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| | | | | | | | | | | | | | |
+---------------------------------------------+-------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Net Profit/(loss) | | | 317 | | (2,248) | | (1,931) | | 99 | | 3,224 | | 3,323 |
+---------------------------------------------+-------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| | | | | | | | | | | | | | |
+---------------------------------------------+-------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| Basic return/(deficit) per Ordinary Share | 4 | | 1.53p | | (10.87p) | | (9.34p) | | 0.48p | | 15.57p | | 16.05p |
+---------------------------------------------+-------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
| | | | | | | | | | | | | | | | | | |
+------------+------+----------+---+----------+-------+-+---------+-+----------+----------+---------+----------+---------+----------+---------+----------+---------+
The total column of this statement is the Condensed Statement of Comprehensive
Income 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 18 to 23 are an integral part of these condensed financial
statements.
Condensed Statement of Comprehensive Income (continued)
for the six months ended 30 June 2010 (unaudited)
+-------------+------+----------+----------+-------+--+----------+-+-----------+--+----------+--+
| | | | | | | |
| | | | | | Year ended 31 December 2009 | |
+-------------+------+---------------------+-------+--+--------------------------------------+--+
| | | |Notes | | Revenue | | Capital | | Total | |
+-------------+------+---------------------+-------+--+----------+-+-----------+--+----------+--+
| | | | | | GBP'000 | | GBP'000 | | GBP'000 | |
+-------------+------+---------------------+-------+--+----------+-+-----------+--+----------+--+
| Gains/(losses) on investments | | | | | | | | |
+------------------------------------------+-------+--+----------+-+-----------+--+----------+--+
| Net realised gains on financial | 5 | | - | | 2,551 | | 2,551 | |
| assets and liabilities held at fair | | | | | | | | |
| value through profit or loss | | | | | | | | |
+------------------------------------------+-------+--+----------+-+-----------+--+----------+--+
| Net changes in unrealised | 5 | | - | | 6,701 | | 6,701 | |
| (depreciation)/appreciation on | | | | | | | | |
| financial assets and liabilities held | | | | | | | | |
| at fair value through profit or loss | | | | | | | | |
+------------------------------------------+-------+--+----------+-+-----------+--+----------+--+
| Net foreign exchange (loss)/gain | | | - | | 22 | | 22 | |
+------------------------------------------+-------+--+----------+-+-----------+--+----------+--+
| | | | - | | 9,274 | | 9,274 | |
+------------------------------------------+-------+--+----------+-+-----------+--+----------+--+
| Income | | | | | | | | | | |
+-------------+------+---------------------+-------+--+----------+-+-----------+--+----------+--+
| Other income | 3 | | 1,075 | | - | | 1,075 | |
+------------------------------------------+-------+--+----------+-+-----------+--+----------+--+
| | | | | | | | | | | |
+-------------+------+---------------------+-------+--+----------+-+-----------+--+----------+--+
| Expenses | | | | | | | | | |
+--------------------+---------------------+-------+--+----------+-+-----------+--+----------+--+
| Investment management fees | | | 33 | | 100 | | 133 | |
+------------------------------------------+-------+--+----------+-+-----------+--+----------+--+
| Performance fee | | | | - | | - | | - | |
+--------------------+---------------------+-------+--+----------+-+-----------+--+----------+--+
| Administration | | | | 95 | | - | | 95 | |
| fees | | | | | | | | | |
+--------------------+---------------------+-------+--+----------+-+-----------+--+----------+--+
| Registrars' | | | | | 19 | | - | | 19 | |
| fees | | | | | | | | | | |
+-------------+------+---------------------+-------+--+----------+-+-----------+--+----------+--+
| Auditors' fees | | | | 12 | | - | | 12 | |
+--------------------+---------------------+-------+--+----------+-+-----------+--+----------+--+
| Directors' fees | | 10 | | 84 | | - | | 84 | |
| and expenses | | | | | | | | | |
+--------------------+---------------------+-------+--+----------+-+-----------+--+----------+--+
| Other | | | | | 84 | | - | | 84 | |
| expenses | | | | | | | | | | |
+-------------+------+----------+------------------+--+----------+-+-----------+--+----------+--+
| Total operating expenses before finance | | | 327 | | 100 | | 427 | |
| costs | | | | | | | | |
+------------------------------------------+-------+--+----------+-+-----------+--+----------+--+
| | | | | | | | | | | |
+-------------+------+---------------------+-------+--+----------+-+-----------+--+----------+--+
| Operating profit/(loss) before finance | | | 748 | | 9,174 | | 9,922 | |
| costs and tax | | | | | | | | |
+------------------------------------------+-------+--+----------+-+-----------+--+----------+--+
| | | | | | | | | | |
+--------------------+---------------------+-------+--+----------+-+-----------+--+----------+--+
| Finance costs | | | | | | | | | |
+--------------------+---------------------+-------+--+----------+-+-----------+--+----------+--+
| Interest payable | | 2 | | 5 | | 7 | |
+--------------------------------------------------+--+----------+-+-----------+--+----------+--+
| | | | | | | | | |
+------------------------------------------+-------+--+----------+-+-----------+--+----------+--+
| Profit/(loss) before tax | | | 746 | | 9,169 | | 9,915 | |
+------------------------------------------+-------+--+----------+-+-----------+--+----------+--+
| Taxation | | | - | | - | | - | |
+------------------------------------------+-------+--+----------+-+-----------+--+----------+--+
| | | | | | | | | |
+------------------------------------------+-------+--+----------+-+-----------+--+----------+--+
| Net Profit/(loss) | | | 746 | | 9,169 | | 9,915 | |
+------------------------------------------+-------+--+----------+-+-----------+--+----------+--+
| | | | | | | | | |
+------------------------------------------+-------+--+----------+-+-----------+--+----------+--+
| Basic return/(deficit) per Ordinary | 4 | | 3.61p | | 44.42p | | 48.03p | |
| Share | | | | | | | | |
+------------------------------------------+-------+--+----------+-+-----------+--+----------+--+
| | | | | | | | | | | | |
+-------------+------+----------+----------+-------+--+----------+-+-----------+--+----------+--+
The total column of this statement is the Condensed Statement of Comprehensive
Income 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 18 to 23 are an integral part of these condensed financial
statements.
Condensed Statement of Financial Position
As at 30 June 2010 (unaudited)
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| | | Notes | | | | | | 31 |
| | | | | | | | | December |
| | | | | 30 June | | 30 June | | 2009 |
| | | | | 2010 | | 2009 | | |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| | | | | GBP'000 | | GBP'000 | | GBP'000 |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| Assets | | | | | | | |
+-------------------------------+-------+----------+------------+----------+------------+-+------------+
| Non-current assets | | | | | | | |
+-------------------------------+-------+----------+------------+----------+------------+-+------------+
| Financial assets at fair | 5 | | 27,865 | | 23,451 | | 29,729 |
| value through profit or loss | | | | | | | |
+-------------------------------+-------+----------+------------+----------+------------+-+------------+
| Total non-current | | | | 27,865 | | 23,451 | | 29,729 |
| assets | | | | | | | | |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| | | | | | | | | |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| Current assets | | | | | | | | |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| Receivable from brokers | | | | - | | 996 | | 120 |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| Other receivables | | | 180 | | 527 | | 425 |
+-------------------------------+-------+----------+------------+----------+------------+-+------------+
| Cash at bank | | | 537 | | 203 | | 1,113 |
+-------------------------------+-------+----------+------------+----------+------------+-+------------+
| Total current assets | | | | 717 | | 1,726 | | 1,658 |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| | | | | | | | | |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| Total assets | | | | 28,582 | | 25,177 | | 31,387 |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| | | | | | | | | |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| Liabilities | | | | | | | | |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| Current Liabilities | | | | | | | | |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| Payable to brokers | | | | - | | 4 | | 389 |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| Other payables | | | | 136 | | 428 | | 120 |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| Bank overdraft | | | | - | | - | | 46 |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| Total current | | | | 136 | | 432 | | 555 |
| liabilities | | | | | | | | |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| | | | | | | | | |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| Total liabilities | | | | 136 | | 432 | | 555 |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| | | | | | | | | |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| Net assets attributable to | | | 28,446 | | 24,745 | | 30,832 |
| holders of equity Shares | | | | | | | |
+-------------------------------+-------+----------+------------+----------+------------+-+------------+
| | | | | | | | | |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| Equity Shareholders' | | | | | | | | |
| funds | | | | | | | | |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| Share Capital | | 7 | | 2,083 | | 2,083 | | 2,083 |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| Own Shares held in | | 7 | | (269) | | (397) | | (380) |
| Treasury | | | | | | | | |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
| Reserves | | | 26,632 | | 23,059 | | 29,129 |
+-------------------------------+-------+----------+------------+----------+------------+-+------------+
| | | | 28,446 | | 24,745 | | 30,832 |
+-------------------------------+-------+----------+------------+----------+------------+-+------------+
| | | | | | | | |
+-------------------------------+-------+----------+------------+----------+------------+-+------------+
| Number of ordinary Shares in | 7 | | 20,667,819 | | 20,560,051 | | 20,576,082 |
| issue (net of Treasury | | | | | | | |
| Shares) | | | | | | | |
+-------------------------------+-------+----------+------------+----------+------------+-+------------+
| | | | | | | | |
+-------------------------------+-------+----------+------------+----------+------------+-+------------+
| Net asset value per share | 8 | | 137.63p | | 120.35p | | 149.84p |
+-------------------------+-----+-------+----------+------------+----------+------------+-+------------+
These financial statements were approved by the Board of Directors on 24 August
2010 and signed on behalf of the Board by:
JM Le Pelley D Warr
Director Director
The Notes on Pages 18 to 23 are an integral part of these condensed financial
statements.
Condensed Reconciliation of Movements in Equity Shareholders' Funds
For the six months ended 30 June 2010 (unaudited)
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| | Equity | Own | Share | Capital | Capital | Capital | Revenue | Total |
| | Share | Shares | premium | redemption | reserve-realised | reserve- | reserve | |
| | capital | held | | reserve | | unrealised | | |
| | | in | | | | | | |
| | | treasury | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| At 1 | 2,083 | (380) | 5,411 | 4,308 | 10,788 | 4,574 | 4,048 | 30,832 |
| January | | | | | | | | |
| 2010 | | | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| Shares | - | (123) | - | - | - | - | - | (123) |
| repurchased | | | | | | | | |
| during the | | | | | | | | |
| period | | | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| Cash | | | | | | | | |
| dividends: | | | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| -2009 | - | - | - | - | - | - | (331) | (331) |
| 2nd | | | | | | | | |
| interim | | | | | | | | |
| dividend | | | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| Scrip | - | 234 | - | | | | (234) | - |
| dividends | | | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| Net | - | - | | | 1,978 | (4,227) | 317 | (1,932) |
| profit | | | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| At 30 | 2,083 | (269) | 5,411 | 4,308 | 12,766 | 347 | 3,800 | 28,446 |
| June | | | | | | | | |
| 2010 | | | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
There are no other recognised Income and Expenses for the six months ended 30
June 2010
For the year ended 31 December 2009 (audited)
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| | Equity | Own | Share | Capital | Capital | Capital | Revenue | Total |
| | Share | Shares | premium | redemption | reserve-realised | reserve- | reserve | |
| | capital | held | | reserve | | unrealised | | |
| | | in | | | | | | |
| | | treasury | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| At 1 | 2,083 | (168) | 5,422 | 4,308 | 8,320 | (1,847) | 4,053 | 22,171 |
| January | | | | | | | | |
| 2009 | | | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| Opening | - | - | - | - | - | (280) | - | (280) |
| adjustment | | | | | | | | |
| * | | | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| Shares | - | (528) | - | - | - | - | - | (528) |
| repurchased | | | | | | | | |
| during the | | | | | | | | |
| year | | | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| Cash | | | | | | | | |
| dividends: | | | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| -2008 | - | - | - | - | - | - | (331) | (331) |
| final | | | | | | | | |
| dividend | | | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| -2009 | - | - | - | - | - | - | (104) | (104) |
| interim | | | | | | | | |
| dividend | | | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| Scrip | - | 316 | **(11) | - | - | - | (316) | (11) |
| dividends | | | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| Net | - | - | - | - | 2,468 | 6,701 | 746 | 9,915 |
| profit | | | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
| At 31 | 2,083 | (380) | 5,411 | 4,308 | 10,788 | 4,574 | 4,048 | 30,832 |
| December | | | | | | | | |
| 2009 | | | | | | | | |
+-------------+---------+----------+---------+------------+------------------+------------+---------+---------+
**costs associated with the administration of the scrip dividends.
For the six months ended 30 June 2010 (unaudited)
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| | | | | |
+------------------------------------+-------+--------------------------------+----------+-----------+
| | | Six months ended | | Year |
| | | | | ended |
+------------------------------------+-------+--------------------------------+----------+-----------+
| | | 30 June | | 30 June | | 31 |
| | | 2010 | | 2009 | | December |
| | | | | | | 2009 |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| |Notes | GBP'000 | | GBP'000 | | GBP'000 |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| Cash flows from operating activities | | | | | |
+--------------------------------------------+----------+----------+----------+----------+-----------+
| Payment on purchase of investments | | (34,673) | | | | (87,472) |
| | | | | (37,386) | | |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| Proceeds from sale of investments | | 33,916 | | 37,044 | | 87,924 |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| Cash received from investments | | 781 | | 237 | | 672 |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| Other income | | - | | 24 | | 24 |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| Investment management fee paid | | (79) | | (57) | | (122) |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| Other cash payments | | (17) | | (162) | | (287) |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| | | | | | | |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| Net cash (outflow)/inflow from | | (72) | | (300) | | 739 |
| operating activities | | | | | | |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| | | | | | | |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| Cash flows from financing | | | | | | |
| activities | | | | | | |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| Interest paid | | (4) | | - | | (7) |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| Share repurchase | | (123) | | (463) | | (528) |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| Equity dividends paid | | (331) | | (332) | | (435) |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| | | | | | | |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| Net cash outflow from financing | | (458) | | (795) | | (970) |
| activities | | | | | | |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| | | | | | | |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| Net decrease in cash and cash | (530) | | (1,095) | | (231) |
| equivalents | | | | | |
+--------------------------------------------+----------+----------+----------+----------+-----------+
| | | | | | | |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| Cash and cash equivalents at the | | 1,067 | | 1,298 | | 1,298 |
| beginning of the period/year | | | | | | |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| | | | | | | |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
| Cash and cash equivalents at the | | 537 | | 203 | | 1,067 |
| end of the period/year | | | | | | |
+------------------------------------+-------+----------+----------+----------+----------+-----------+
The Notes on Pages 18 to 23 are an integral part of these condensed financial
statements.
1. General information
UK Select Trust Limited complies with the definition of an 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 companies listed on the London Stock Exchange 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 2009 does not
constitute the statutory financial statements of the Company. A copy of the
annual financial 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 and did not contain a statement under
Section 263(2) of The Companies (Guernsey) Law, 2008.
2. Accounting Policies
a. Basis of presentation
The half-yearly report for the six months ended 30 June 2010 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 2009, 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 2009, as
described in those financial statements.
c. Going Concern
In the opinion of the Directors the Company has adequate resources to continue
in operational existence for the foreseeable future. For this reason the
condensed financial statements have been prepared using the going concern basis.
The Directors have arrived at this opinion by considering, inter-alia, the
following factors:
· the Company has sufficient liquidity to meet all ongoing expenses (net
current asset position at 30 June 2010 of GBP581,000);
· the portfolio of investments held by the Company consists of listed
investments which are readily realisable and therefore the Company will have
sufficient resources to meet its liquidity requirements; and
· the Company currently has no external borrowings and therefore is under
no obligation to repay any borrowing facilities for the foreseeable future.
3. Other income
+-------------------------+---------+----------+---------+-+----------+
| | Six months ended | | Year |
| | | | ended |
+-------------------------+------------------------------+-+----------+
| | 30 June | | 30 June | | 31 |
| | | | | | December |
+-------------------------+---------+----------+---------+-+----------+
| | 2010 | | 2009 | | 2009 |
+-------------------------+---------+----------+---------+-+----------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+-------------------------+---------+----------+---------+-+----------+
| Dividend income and | |
| bond interest from | |
| investments designated | |
| at fair value through | |
| profit or loss: | |
+-------------------------+-------------------------------------------+
| Listed UK - gross | 511 | | 266 | | 1,051 |
+-------------------------+---------+----------+---------+-+----------+
| | | | | | |
| | 511 | | 266 | | 1,051 |
+-------------------------+---------+----------+---------+-+----------+
| | | | | | |
+-------------------------+---------+----------+---------+-+----------+
| Other income from | |
| financial assets not at | |
| fair value through | |
| profit and loss: | |
+-------------------------+-------------------------------------------+
| Deposit interest | - | | 11 | | 11 |
| arising on cash and | | | | | |
| cash equivalents | | | | | |
+-------------------------+---------+----------+---------+-+----------+
| Underwriting commission | - | | 13 | | 13 |
+-------------------------+---------+----------+---------+-+----------+
| | | | | | |
+-------------------------+---------+----------+---------+-+----------+
| | - | | 24 | | 24 |
+-------------------------+---------+----------+---------+-+----------+
| Total income | | | | | |
| | 511 | | 290 | | 1,075 |
+-------------------------+---------+----------+---------+-+----------+
| | | | | | |
+-------------------------+---------+----------+---------+-+----------+
| Total income comprises: |
+---------------------------------------------------------------------+
| Dividends | 511 | | 266 | | 1,051 |
+-------------------------+---------+----------+---------+-+----------+
| Interest | - | | 11 | | 11 |
+-------------------------+---------+----------+---------+-+----------+
| Other income | - | | 13 | | 13 |
+-------------------------+---------+----------+---------+-+----------+
| Total income | | | | | |
| | 511 | | 290 | | 1,075 |
+-------------------------+---------+----------+---------+-+----------+
4. Basic return/(deficit) per ordinary share
+------------------+---------+----------+---------+---------+---------+--------+---------+---------+--------+
| | Six months | Six months | Year ended |
| | ended | ended | |
+------------------+------------------------------+----------------------------+----------------------------+
| | 30 June 2010 | 30 June 2009 | 31 December 2009 |
+------------------+------------------------------+----------------------------+----------------------------+
| | Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total |
+------------------+---------+----------+---------+---------+---------+--------+---------+---------+--------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+------------------+---------+----------+---------+---------+---------+--------+---------+---------+--------+
| Return/(deficit) | 1.53p | (10.87)p | (9.34)p | 0.48p | 15.57p | 16.05p | 3.61p | 44.42p | 48.03p |
+------------------+---------+----------+---------+---------+---------+--------+---------+---------+--------+
Revenue return per ordinary share is based on the net revenue on ordinary
activities of GBP317,000 (Six months ended 30 June 2009: GBP99,000. Year ended
31 December 2009: GBP746,000.) and on 20,684,456 ordinary Shares, being the
weighted average number of ordinary Shares in issue during the period (Six
months ended 30 June 2009: 20,707,544 . Year ended 31 December 2009:
20,640,813).
Capital deficit per ordinary share is based on a net capital deficit for the
financial period of GBP2,248,000 (Six months ended 30 June 2009: capital return
GBP3,224,000. Year ended 31 December 2009: capital return GBP9,169,000) and on
20,684,456 ordinary Shares, being the weighted average number of ordinary Shares
in issue during the period (Six months ended 30 June 2009: 20,707,544. Year
ended 31 December 2009: 20,640,813).
5. Investments
+----------+-------+------+----+----------+---------+----------+---------+-------------+----------+-------------+
| | | | | | Six months | Six | Year ended |
| | | | | | ended | months | |
| | | | | | | ended | |
+----------+-------+------+----+----------+--------------------+-----------------------+------------------------+
| | | | | | 30 June 2010 | 30 June | 31 December |
| | | | | | | 2009 | 2009 |
+----------+-------+------+----+----------+--------------------+-----------------------+------------------------+
| | | | | | Fair | % of | Fair | % of | Fair | % of |
| | | | | | Value | net | Value | net | Value | net |
| | | | | | | assets | | assets | | assets |
+----------+-------+------+----+----------+---------+----------+---------+-------------+----------+-------------+
| Financial assets at fair | | GBP'000 | | GBP'000 | | GBP'000 | |
| value through profit or loss | | | | | | | |
+ +----------+---------+----------+---------+-------------+----------+-------------+
| | | | | | | | |
+------------------------------+----------+---------+----------+---------+-------------+----------+-------------+
| | | | | | | | | | | |
+----------+-------+------+----+----------+---------+----------+---------+-------------+----------+-------------+
| Designated at fair value through profit | | | | | | |
| or loss | | | | | | |
+-----------------------------------------+---------+----------+---------+-------------+----------+-------------+
| - Listed securities | | 27,865 | 97.96 | 23,451 | 94.87 | 29,729 | 96.42 |
+------------------------------+----------+---------+----------+---------+-------------+----------+-------------+
| | | | | | 27,865 | 97.96 | 23,451 | 94.87 | 29,729 | 96.42 |
+----------+-------+------+----+----------+---------+----------+---------+-------------+----------+-------------+
| | | | | | | | | | | |
+----------+-------+------+----+----------+---------+----------+---------+-------------+----------+-------------+
| | | | | | | Six months ended | | Year |
| | | | | | | | | ended |
+----------+-------+------+----+----------+---------+----------------------------------+----------+-------------+
| | | | | | | 30 | | 30 | | 31 |
| | | | | | | June | | June | | December |
+----------+-------+------+----+----------+---------+----------+---------+-------------+----------+-------------+
| | | | | | | 2010 | | 2009 | | 2009 |
+----------+-------+------+----+----------+---------+----------+---------+-------------+----------+-------------+
| | | | | | | GBP'000 | | GBP'000 | | GBP'000 |
+----------+-------+------+----+----------+---------+----------+---------+-------------+----------+-------------+
| | | | | | | | | | | |
+----------+-------+------+----+----------+---------+----------+---------+-------------+----------+-------------+
| Opening book cost | | | | 25,155 | | 22,116 | | 22,116 |
+-------------------------+----+----------+---------+----------+---------+-------------+----------+-------------+
| Opening unrealised | | | 4,574 | | (2,127) | | (2,127) |
| appreciation/(depreciation) | | | | | | | |
+------------------------------+----------+---------+----------+---------+-------------+----------+-------------+
| | | | | | | | | | | |
+----------+-------+------+----+----------+---------+----------+---------+-------------+----------+-------------+
| Opening valuation | | | | 29,729 | | 19,989 | | 19,989 |
+-------------------------+----+----------+---------+----------+---------+-------------+----------+-------------+
| | | | | | | | | | | |
+----------+-------+------+----+----------+---------+----------+---------+-------------+----------+-------------+
| Movements in the | | | | | | | |
| period/year: | | | | | | | |
+------------------------------+----------+---------+----------+---------+-------------+----------+-------------+
| Purchases at cost | | | | 34,069 | | 37,386 | | 87,135 |
+-------------------------+----+----------+---------+----------+---------+-------------+----------+-------------+
| Sales - proceeds | | | | (33,746) | | (37,214) | | (86,647) |
+-------------------------+----+----------+---------+----------+---------+-------------+----------+-------------+
| - realised gains on sales | | | 2,040 | | 4,532 | | 2,551 |
+------------------------------+----------+---------+----------+---------+-------------+----------+-------------+
| (Decrease)/increase in unrealised | (4,227) | | (1,242) | | 6,701 |
| appreciation/(depreciation) | | | | | |
+---------------------------------------------------+----------+---------+-------------+----------+-------------+
| | | | | | | | | | | |
+----------+-------+------+----+----------+---------+----------+---------+-------------+----------+-------------+
| Closing valuation | | | | 27,865 | | 23,451 | | 29,729 |
+-------------------------+----+----------+---------+----------+---------+-------------+----------+-------------+
| | | | | | | | | | | |
+----------+-------+------+----+----------+---------+----------+---------+-------------+----------+-------------+
| Comprising: | | | | | | | | | |
+------------------+------+----+----------+---------+----------+---------+-------------+----------+-------------+
| Closing book cost | | | | 27,538 | | 26,820 | | 25,155 |
+-------------------------+----+----------+---------+----------+---------+-------------+----------+-------------+
| Closing unrealised | | | 347 | | (3,369) | | 4,574 |
| appreciation/(depreciation) | | | | | | | |
+------------------------------+----------+---------+----------+---------+-------------+----------+-------------+
| | | | | | | | | | | |
+----------+-------+------+----+----------+---------+----------+---------+-------------+----------+-------------+
| Closing valuation | | | | 27,865 | | 23,451 | | 29,729 |
+----------+-------+------+----+----------+---------+----------+---------+-------------+----------+-------------+
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 2009: GBPnil. Year ended 31 December 2009: GBPnil) 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 | | 30 June | | 31 |
| | | | | | | June | | | | December |
+-------+----+----+----+----------+--------+--------------+----------+---------+---+------------+
| | | | | | | 2010 | | 2009 | | 2009 |
+-------+----+----+----+----------+--------+--------------+----------+---------+---+------------+
| | | | | | | GBP'000 | | GBP'000 | | GBP'000 |
+-------+----+----+----+----------+--------+--------------+----------+---------+---+------------+
| | | | | | | | | | | |
+-------+----+----+----+----------+--------+--------------+----------+---------+---+------------+
| Authorised | | | | | | | | | |
+------------+----+----+----------+--------+--------------+----------+---------+---+------------+
| 100,000,000 ordinary Shares of 10p | 10,000 | | 10,000 | | 10,000 |
| each | | | | | |
+------------------------------------------+--------------+----------+---------+---+------------+
| | | | | | |
+------------------------------------------+--------------+----------+---------+---+------------+
| 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. At 30 June 2010, no five per cent cumulative
preference voting Shares had been issued (30 June 2009: none, 31 December 2009:
none). 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.
7. Share capital (continued)
+---+----+--------+------+----------+-----------+---------+----+-------+-+--------+---+-----------+
| | | | | | | 30 June | | 31 December |
| | | | | | | 2010 | | 2009 |
+---+----+--------+------+----------+---------------------+------------+----------+---------------+
| | | | | | | GBP'000 | | GBP'000 |
+---+----+--------+------+----------+---------------------+------------+----------+---------------+
| Issued, called up and | | | | | |
| fully paid: | | | | | |
+------------------------+----------+---------------------+------------+----------+---------------+
| 20,830,484 ordinary Shares of 10p each | | | |
+---------------------------------------------------------+------------+----------+---------------+
| (2009: | | | | 2,083 | | 2,083 |
| 20,830,484) | | | | | | |
+-----------------+------+----------+---------------------+------------+----------+---------------+
| | | | | | | | | |
+---+----+--------+------+----------+---------------------+------------+----------+---------------+
| | | | | | | |
+---+----+--------+------+----------+----------------------------------+--------------------------+
| | | | | | | 30 June 2010 |
+---+----+--------+------+----------+-----------+-------------------------------------------------+
| | | | | | | Own Shares held | Shares in issue |
| | | | | | | in Treasury | |
+---+----+--------+------+----------+-----------+------------------------+------------------------+
| | | | | | | Shares |GBP'000 | Shares | GBP'000 |
+---+----+--------+------+----------+-----------+--------------+---------+------------+-----------+
| Balance at 1 January | | | 254,402 | 380 | 20,830,484 | 2,083 |
| 2010 | | | | | | |
+------------------------+----------+-----------+--------------+---------+------------+-----------+
| Shares purchased and held in Treasury | 100,000 | 123 | - | - |
+-----------------------------------------------+--------------+---------+------------+-----------+
| Shares issued in lieu of dividends from | (191,737) | (234) | - | - |
| Treasury | | | | |
+-----------------------------------------------+--------------+---------+------------+-----------+
| Balance at 30 | | | | 162,665 | 269 | | |
| June 2010 | | | | | | 20,830,484 | 2,083 |
+-----------------+------+----------+-----------+--------------+---------+------------+-----------+
| | | | | | | | | | |
+---+----+--------+------+----------+-----------+--------------+---------+------------+-----------+
| | | | | | | 31 December 2009 |
+---+----+--------+------+----------+-----------+-------------------------------------------------+
| | | | | | | Own Shares held | Shares in issue |
| | | | | | | in Treasury | |
+---+----+--------+------+----------+-----------+------------------------+------------------------+
| | | | | | | Shares |GBP'000 | Shares | GBP'000 |
+---+----+--------+------+----------+-----------+--------------+---------+------------+-----------+
| Balance at 1 January | | | 104,742 | 168 | 20,830,484 | 2,083 |
| 2009 | | | | | | |
+------------------------+----------+-----------+--------------+---------+------------+-----------+
| Shares purchased and held in Treasury | 496,709 | 528 | - | - |
| | | | | |
+-----------------------------------------------+--------------+---------+------------+-----------+
| Shares issued in lieu of dividends from | (347,049) | (316) | - | - |
| Treasury | | | | |
+-----------------------------------------------+--------------+---------+------------+-----------+
| Balance at 31 December | | | 254,402 | 380 | | |
| 2009 | | | | | 20,830,484 | 2,083 |
+------------------------+----------+-----------+--------------+---------+------------+-----------+
| | | | | | | | | | |
+---+----+--------+------+----------+-----------+--------------+---------+------------+-----------+
| During the period no Shares were purchased for cancellation (Year ended 31 December |
| 2009: nil). |
+-------------------------------------------------------------------------------------------------+
| | | | | | | | | | | | | |
+---+----+--------+------+----------+-----------+---------+----+-------+-+--------+---+-----------+
7. Share capital (continued)
On 12 February 2010, 100,000 Shares were purchased for Treasury at a total cost
including expenses of GBP123,400.
On 28 May 2010, 191,737 Shares were issued to Shareholders who elected to
receive them in lieu of a second interim cash dividend for 2009. 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 GBP28,446,000 (year ended 31 December 2009:
GBP30,832,000) and on 20,667,819 (year ended 31 December 2009: 20,567,082)
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
GBP41,000 (year ended 31 December 2009: GBP81,000) of which GBP11,250 (year
ended 31 December 2009: GBP16,250) was outstanding at the period end. Allowable
expenses claimed by Directors in the course of their duties amounted to GBP514
for the six months ended 30 June 2010 (year ended 31 December 2009: GBP3,173).
The Investment Manager, Scottish Widows Investment Partnership Limited exercises
discretion over 28.91% (2009: 28.42%) of Shares in the Company, on behalf of
their clients, and earned investment management fees of GBP76,237 (year ended 31
December 2009: GBP132,843) during the period of which GBP35,664 (2009:
GBP38,564) was outstanding at the period end and a performance fee of GBPNil
(year ended 31 December 2009: GBPNil) which was outstanding at the period end.
The basis of calculation of these fees is detailed in note 4 of the annual
financial statements.
The Company has appointed Kleinwort Benson (Channel Islands) Funds Services
Limited to provide administrative and accounting services. Administrative fees
(including the accounting fee) for the period ended 30 June 2010 totalled
GBP50,000 (year ended 31 December 2009: GBP95,000) of which GBP50,000 (year
ended 31 December 2009: GBP35,000) was outstanding at the period end.
11. Events after the reporting date
There have been no significant events after reporting 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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