TIDMUKT
RNS Number : 1982P
Threadneedle UK Select Trust Ltd
14 August 2014
Threadneedle UK Select Trust Limited (the "Company")
14 August 2014
Announcement of Interim Results and Dividend
Interim Results
The financial information set out in this announcement is the
full unedited unaudited half-yearly financial report of the Company
for the period ended 30 June 2014, as approved by the Board of
Directors today. The half-yearly financial report will be uploaded
onto the section of the investment manager's website
(http://www.threadneedle.co.uk/en/Intermediary/Funds/Investment-Companies/UK-Select-Trust-Limited/)
and sent to shareholders shortly.
Dividend
The Company also announces that a first interim dividend in
respect of the year ending 31 December 2014 of 1.85 pence per
Ordinary Share will be paid on Thursday, 30 October 2014 to
shareholders on the register as at close of business on Friday, 22
August 2014 with a corresponding ex-divided date of Wednesday, 20
August 2014 (2013: first interim dividend 1.80 pence and second
interim dividend 2.45 pence).
The Company intends to continue with the policy of paying a
second interim dividend in respect of each financial year to
shareholders in May of the following year in place of a final
dividend. The objective is to rebalance the proportion of the
dividends paid by the Company between two interim dividends, so
that shareholders will receive an increased portion of the
Company's dividend distribution earlier. This is neither a profit
forecast nor a binding commitment to pay such level of dividend and
shareholders should not place any reliance on receipt of such
second interim dividend.
Scrip election forms are expected to be sent to all shareholders
on or around 12 September 2014 for receipt by the Registrar of
scrip elections is 3 October 2014.
Enquiries:
Kleinwort Benson (Channel Islands) Fund Services Limited
Secretary
Tel: + 44 (0) 1481 710607
Threadneedle UK Select Trust Limited
Half-Yearly Report and Condensed Unaudited Financial
Statements
for the period 1 January 2014 to 30 June 2014
Threadneedle UK Select Trust Limited
Contents
Introductory Information 2
Financial Highlights 3
Cautionary Note and Forward Looking Statements 3
Directors and Advisors 4
Investment Objective and Policy 5
Chairman's Statement 6
Investment Manager's Report 8
The Portfolio 11
Portfolio Distribution 12
Interim Management Report 13
Auditor's Independent Review Report 14
Condensed Statement of Comprehensive Income 16
Condensed Statement of Financial Position 18
Condensed Statement of Net Assets Attributable to Shareholders
19
Condensed Statement of Cash Flows 20
Notes to the Condensed Financial Statements 21
Introductory information
Threadneedle UK Select Trust Limited's (the "Company") ordinary
shares are traded on the Main Market of the London Stock
Exchange.
The Company'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.
Financial Highlights
Six months Six months
ended ended Year ended
31 December
30 June 2014 30 June 2013 2013
Net asset value per
share 182.68p 162.21p 181.33p
Equity Shareholders'
interest (1) GBP41.03m GBP35.52m GBP39.69m
Revenue return on ordinary
activities for the financial
period/year after taxation GBP0.50m GBP0.43m GBP0.70m
Capital return on ordinary
activities for the financial
period/year after taxation GBP0.32m GBP3.19m GBP7.49m
Revenue return per ordinary
share 2.23p 2.06p 3.30p
Capital return per ordinary
share 1.43p 15.27p 35.07p
Basic and diluted Earnings
per share 3.66p 17.33p 38.37p
Dividend per ordinary
share (2) 1.85p 1.80p 4.25p
Share Price (3) 184.50p 163.00p 178.00p
Net asset value total
return (4) 2.6% 13.7% 28.1%
FTSE All-Share total
return 1.6% 8.5% 20.8%
(1) At the start of the period, the Company held 24,322 ordinary
shares of 10p each in treasury. During the period the Company
purchased 1,817,856 ordinary shares to be held in treasury. No
ordinary shares held in treasury were sold during the period.
1,842,178 ordinary shares were held in treasury as at 30 June 2014
(16,085 ordinary shares as at 30 June 2013). These are held for
re-sale in order to satisfy general market demand and / or to
satisfy elections under the scrip dividend scheme. The Company does
not intend to cancel these.
During the period 2,388,039 new ordinary shares of 10p each were
issued to shareholders, of which 131,016 new ordinary shares were
issued to shareholders who elected to participate in the Scrip
Dividend Alternative. On 6 May 2014, 525,167 new ordinary shares of
10p each were issued to shareholders. Pursuant to the authority
granted by shareholders at the annual general meeting (the "AGM")
held on 12 June 2014, on 25 June 2014 the other 1,731,856 new
ordinary shares were issued to Canaccord Genuity Limited at a price
of 183.0 pence per share and repurchased by the Company on 30 June
2014 at the same price without commission to be held in
treasury.
(2) The dividend figures include the proposed dividend for the
relevant financial period.
(3) Source: Daily Official List, mid market closing price.
(4) Source: Datastream/Threadneedle. Basis: Gross income
reinvested.
Dividends
Basic earnings per share for the half year amounted to 3.66p
(2013: 17.33p) and revenue earnings per share for the half year
amounted to 2.23p (2013: 2.06p). The Board has declared an interim
dividend of 1.85p per share (Six months ended 30 June 2013: 1.80p),
which will be paid on 30 October 2014 to shareholders on the
register as at 22 August 2014. 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. The policy is to balance the proportion of the dividends
paid by the Company between two interim dividends, so that
shareholders will receive a similar level of income per share
through each dividend.
Cautionary Note and Forward Looking Statements
The Investment Management Report (IMR) has been prepared solely
to provide additional information to shareholders to assess the
Company'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 Investment Manager in good faith based
on the information available to it up to the time of its approval
of that 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
J M Le Pelley (Chairman), (Born 1949) resident in
Guernsey,Non-executive Chairman. He has retired from private
practice as an Advocate of the Royal Court of Guernsey and joined
the board in 1983. Other directorships include AcenciA Debt
Strategies Limited.
J G West FCA, (Born 1947) resident in the UK,Non-executive
Director. He joined the board in 1997. He is a chartered
accountant, who has spent his career in asset management. He is
currently the Chairman of 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
and Aberdeen Smaller Companies High Income Trust. He is also
Chairman of Associated British Foods Pension Fund Limited and
former chief executive of Lazard Asset Management Limited.
D Warr, (Born 1953) resident in Guernsey, Senior independent,
non-executive Director and Risk 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 a non-executive Director of
Breedon Aggregates Limited, Schroder Real Estate Investment Trust
Limited, Acorn Income Fund Limited and Unigestion (Guernsey)
Limited.
S Farnon, (Born 1960) resident in Guernsey, Non-Executive
Director and Audit Committee Chairman. She joined the board in
2013. She is a chartered accountant and was a banking and finance
Partner with KPMG Channel Islands from 1990 until 2001, Head of
Audit KPMG Channel Islands and a former member of The States of
Guernsey Public Accounts Committee. She is currently Vice-Chairman
of The Guernsey Financial Services Commission and a non-executive
Director of Ravenscroft Limited, HICL Infrastructure Fund Limited,
Breedon Aggregates Limited, Standard Life Investments Property
Income Trust Limited and Dexion Absolute Limited.
Advisors
Secretary, Administrator and Registered Office Registrars
Kleinwort Benson (Channel Islands) Fund Services Limited Capita Registrars (Guernsey) Limited
Dorey Court Mont Crevelt House
Admiral Park Bulwer Avenue
St Peter Port St Sampson
Guernsey GY1 2HT Guernsey GY2 4JN
01481 727111 0870 162 3100
Investment Manager Brokers and advisors
Threadneedle Asset Management Limited Canaccord Genuity
Limited
60 St Mary Axe 88 Wood Street
London EC3A 8JQ London
United Kingdom EC2V 7QR
0207 464 5000 0207 523 8000
Auditor 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
Investment Objective and Policy
The Company's investment policy (as published in the Annual
Financial Report for the year ended 31 December 2013) which the
Company follows regarding asset allocation, risk diversification
and gearing is set out below.
Objective
The Company's investment objective is to provide shareholders
with a total return in excess of the total return on the FTSE
All-Share Index, together with a progressive dividend policy.
Investment Policy
The Company is permitted to invest in any security listed or
quoted on any UK stock exchange provided that no less than 80 % of
its gross assets at the time an investment is made are invested in
constituents of the FTSE All-Share index.
There are no minimum or maximum limits on the number of
investments in the portfolio but it is expected that the portfolio
will generally comprise shares and securities in 50 to 90
companies. The Company seeks to manage risk in part through heeding
the following investment restrictions:
-- The top five holdings in the Company's portfolio may not
exceed 40% of the total value of portfolio.
-- The top three sectors represented in the portfolio may not
exceed 50% of the total value of the portfolio.
-- The securities of no one company may represent more than 10%
of the value of the Company's portfolio measured at the time of
acquisition and subsequently, when additions are made to the
holding.
-- The Company will not hold more than 5% of the issued share
capital (or voting shares) in any one company.
-- While the Company may hold shares in other investment
companies (including investment trusts), the Company will not
invest more than 10%, in aggregate, of the value of its total
assets in other listed closed-ended investment funds (save to the
extent that such closed-ended investment funds have published
investment policies to invest no more than 15%. of their total
assets in such other listed closed-ended investment funds).
Cash
The Company intends to be fully invested in normal market
conditions but may hold up to 20% of net asset value in cash on
deposit (or in short-term money market instruments) during periods
in which the Investment Manager believes markets are overvalued or
expects them to fall.
Gearing
Gearing may be used selectively in order to leverage the
Company's portfolio to enhance returns where the Investment Manager
considers it appropriate to do so. The Board has set a gearing
limit for the Company of a maximum of 20% of net assets at the time
of draw down.
Derivatives
Subject to the Board giving its prior approval, the Investment
Manager is permitted to invest in options and other derivatives for
the purposes of efficient portfolio management only.
Investment Process
The Investment Manager's investment approach is driven by stock
selection, with a focus on risk and reward. Reward is derived from
valuation and profit opportunity. In terms of risk, it is the level
of business risk rather than index weight that determines position
size in the portfolio, with portfolio risk minimised through
diversification. Considerable emphasis is placed on identifying
companies which are well managed, have sustainable franchises,
strong balance sheets and cash flow generation, and which trade on
attractive valuations relative to peers and history.
Chairman's Statement
Review of Performance
I am pleased to present your Company's interim report for the
six months to 30 June 2014.
In the period the net asset value rose by 2.6% on a total return
basis. This compares favourably with the 1.6% total return from the
FTSE All-Share Index. The UK stock market has been subdued over the
first half of the year but has nevertheless produced a positive
return in aggregate. It is pleasing yet again to be able to report
the outperformance of the benchmark by the Investment Manager over
the period. As always the report by the Investment Manager provides
a very good update on the portfolio and the outlook for the
remainder of the year.
Share Price and discount
Over the period under review, the share price increased from
178.0p to 184.5p, an increase of 3.7%. On a total return basis
(including dividends) the share price return over the period was
5.0%. The shares were trading at a 1.0% premium relative to their
net asset value at the end of the period compared with 1.8%
discount relative to their net asset value at the start of the
period.
Issue of Additional Shares
During the period the Company was successful in issuing an
additional 525,167 ordinary shares of 10p each to shareholders. The
shares were issued at a small premium to the prevailing net asset
value per share. In addition a further 131,016 shares have been
issued to shareholders under the scrip dividend scheme. The Company
has shareholder authority to issue a number of shares equivalent to
up to 10% of its issued share capital, on a non-pre-emptive basis.
On 25 June 2014 the Company issued 1,731,856 ordinary shares of 10p
each to Canaccord Genuity Limited, free of commission, and
subsequently, on 30 June 2014, repurchased such ordinary shares at
the same price, pursuant to the authority granted by shareholders
at the Company's annual general meeting held on 12 June 2014, such
shares being held in treasury to satisfy demand under the scrip
dividend scheme and / or to be sold into the market to satisfy
general market demand. If any existing shareholders wish to
increase their holdings then the Company will, subject to the
prevailing price at which the shares are trading, be willing to
sell these shares and I would direct shareholders to their
financial adviser or share dealing service if they wish to purchase
additional shares. The Company will continue to seek opportunities
to raise new monies through share issuance at a premium to
prevailing net asset value to enlarge the Company, improve
liquidity and reduce the Company's total expense ratio, as it
spreads the fixed expenses over a larger asset base.
Gearing
As I reported in the annual financial report, on 26 March 2014
the Company entered into a one year GBP5 million loan facility with
Lloyds Bank Plc. The facility is being used to gear the Company's
investment portfolio with the aim of enhancing returns to
shareholders and the Board will be looking to target a level of
leverage of approximately 10% to 20% of the Company's net asset
value. Interest will accrue on the loan at 1% over LIBOR and it is
repayable at the option of the Company. A non-utilisation fee of
0.35% per annum is payable on any portion of the facility not drawn
down. During the period ended 30 June 2014, GBP3 million of the
loan facility was utilised. At the end of the period this meant
that the portfolio was geared by 7%. The Board in conjunction with
the Investment Manager will be seeking to invest further amounts of
the facility where market weakness opportunities have been
identified.
Chairman's Statement (continued)
Principal Risks and Uncertainties
There have been no changes in the principal risks and
uncertainties since 31 December 2013, which are as follows:
Market price risk;
Liquidity risk;
Interest rate risk;
Concentration risk;
Credit risk;
Country risk; and
Foreign currency risk.
The Directors consider that the above risks fairly represent the
principal risks and uncertainties that the Company faces for the
next six months. Details of these risks can be found on pages 12
and 28 of the Company's annual financial report for the year ended
31 December 2013.
Dividend
Revenue earnings per share for the half year amounted to 2.23p
(2013: 2.06p). The Board has declared a first interim dividend of
1.85p per share (2013: 1.80p). 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.
J M Le Pelley
Chairman
14 August 2014
Investment Manager's Report
Performance Review
In the first half of the year the Company delivered a total
return of 2.6%, versus a 1.6% return for the FTSE All Share index.
This performance was driven by strong stock selection. Individual
highlights included jeweller Signet, which operates the Ernest
& Jones and H Samuel brands in the UK but conducts the bulk of
its business in the US. This was a good example of a company with a
strong balance sheet using it to good effect to create value for
shareholders. The company reported strong results and a positive
outlook following the announcement of its acquisition of Zale, a
key competitor in the US. Other stock highlights included the miner
First Quantum, which benefited from strong operational performance
and rising nickel prices, and the medical device manufacturer Smith
& Nephew, whose stock rose on the back of a potential bid. The
Company also benefited from not holding a position in Vodafone
which, having sold its stake in Verizon Wireless, still faces
continued economic, regulatory and competitive pressures in its
core European market.
Top 5 stock overweights and underweights relative to FTSE All
Share
Source: Threadneedle (data as at 30 June 2014)
At the sector level, it was the more defensive areas of the
market that performed strongly over the period, with the energy,
utilities, health care and consumer staples sectors all
outperforming the overall market. Whilst the Company benefited from
an underweight position in banks, it also held no utility stocks
and had an underweight position in the energy sector, which acted
as a drag on overall performance. This was significantly
outweighed, however, by the positive contribution from stock
selection.
Portfolio Activity
Turnover was relatively low over the period. We introduced a few
new holdings in attractively valued companies such as financial
services group Investec, and Phoenix Group, which specialises in
the management of closed life assurance business. We also remain
open to allocating capital to new issuances, albeit cautiously and
selectively, and where we are confident of a company's cash
generation and long term growth outlook. One such example of a
recent IPO which the Company took part in is FDM, which provides a
high quality and low cost recruitment alternative to consultants
and contractors in IT services.
Investment Manager's Report (continued)
Portfolio Activity (continued)
The Company's gearing facility became operational during the
period, and we took advantage of this to add a small amount of
gearing to a number of existing core large cap holdings. Examples
included pharmaceutical company AstraZeneca, publishing business
Pearson, and consumer goods companies Diageo and Reckitt
Benckiser.
Portfolio Breakdown by market capitalisation
Source: Threadneedle (data as at 30 June 2014)
In terms of portfolio sales activity, we continued to take
profits and reduce the Company's exposure to more medium sized
cyclical companies, exiting our positions in housebuilder Persimmon
and electronic goods distributor Electrocomponents, and trimming
positions in aggregates supply company Breedon Aggregates and
housebuilder Bellway. We also exited the Company's position in AZ
Electronic Materials, following its acquisition by global
pharmaceutical company Merck.
Market Background
UK equities were subdued over the first half of the year,
although they still produced a positive return in aggregate. The
OECD revised upwards its full-year GDP growth forecast for the UK
economy to 3.2%, UK unemployment fell to 6.8% (a five-year low) and
inflation fell below the Bank of England's target of 2%.
Investment Manager's Report (continued)
Market Background (continued)
GDP Projections Inflation Projections Unemployment Projections
Source: Bank of England Inflation Report May 2104 - GDP, CPI
inflation and unemployment projections are based on market interest
rate expectations and GBP375 billion purchased assets
Industrial production data improved too, and first-quarter GDP
growth came in at 0.8%, up from the 0.7% recorded in the final
quarter of 2013. UK monetary policy remained unchanged, but Bank of
England Governor Mark Carney caused a stir by indicating in a
speech that interest rates could rise earlier than anticipated; his
comments were at least partly responsible for the strengthening of
the pound over the period.
Whilst equity market volatility remained low, UK equities were
prevented from progressing much further by currency related
earnings downgrades, as a stronger pound impacted exports and the
translation of overseas earnings back into sterling. We also saw a
significant rotation away from highly rated medium sized companies
with strong growth expectations to more defensively oriented larger
companies.
Outlook
UK equities have enjoyed very strong performance over recent
years, but going forward, exposure to the market alone is unlikely
to be as rewarding as it has been. The market remains supported by
strong corporate balance sheets, improving global growth and a
pick-up in M&A activity, but stock selection will be key. We
continue to find opportunities at the individual stock level. We
remain focused on companies with strong business models, balance
sheets, cash flow generation, and management teams, as we believe
those are the companies that are most likely to prosper in what is
likely to remain a low growth world. We also remain cautious on the
UK consumer at a time when real wage growth is still subdued, and
interest rates are likely to begin a tightening cycle either later
this year or early next year.
Simon Brazier
Portfolio Manager
Threadneedle Asset Management
14 August 2014
The Portfolio as at 30 June 2014
Market Market
Company Value Company Value
GBP'000 GBP'000
1 BP 1,856 43 Tullow Oil 435
2 AstraZeneca 1,820 44 Melrose Industries 428
3 BT Group 1,549 45 Aviva 410
4 First Quantum Minerals 1,273 46 Derwent London 390
5 GlaxoSmithKline 1,257 47 Barclays 385
6 BG Group 1,147 48 Glencore Xstrata 380
7 Imperial Tobacco 1,091 49 Carnival 377
Reckitt Benckiser
8 Group 1,072 50 FDM Group 360
9 Unilever 1,037 51 SVG Capital 357
10 Royal Dutch Shell 934 52 Ultra Electronics 347
11 Rio Tinto 918 53 Phoenix Group 345
12 Merlin Entertainment 850 54 Rentokil 344
13 Johnson Matthey 829 55 Old Mutual 335
14 Diageo 825 56 Essentra 326
15 Sage Group 808 57 Grainger 319
16 DCC 782 58 Stagecoach Group 297
17 Smith & Nephew 762 59 PZ Cussons 291
18 Berendson 752 60 ITE Group 285
19 Signet Jewelers 751 61 Experian Group 285
British American
20 Tobacco 730 62 CRH 279
London Stock Exchange
21 Group 728 63 Wetherspoon (J.D) 273
22 Legal and General 697 64 Schroders 255
23 Breedon Aggregates 696 65 easyJet 251
24 Wood Group (John) 686 66 IMI 238
25 SABMiller 686 67 Headlam Group 220
26 Booker Group 665 68 Standard Chartered 212
27 Rolls Royce Holdings 662 69 Bellway 195
28 Smiths Group 647 70 G4S 166
29 Pearson 620 71 AMEC 162
30 Investec 618 72 De La Rue 157
31 Royal Mail 610 73 Aggreko 95
--------
32 Reed Elsevier 607 Total Valuation 43,630
========
33 St James's Place 603
34 Daily Mail & General 589
35 HSBC 585
36 Compass Group 582
37 GKN 556
38 Smith (DS) 537
39 RPC Group 530
40 RSA Insurance Group 514
41 Wolseley 507
42 Crest Nicholson 463
Portfolio Distribution as at 30 June 2014
Total Total
30 June 2014 30 June 2013
Classification % %
---------------------------------------- ------------- -------------
Oil and Gas
Oil and gas producers 10.6 11.2
Oil Equipment, Services and
Distribution 2.2 2.1
12.8 13.3
---------------------------------------- ------------- -------------
Industrials
Construction and materials 2.4 2.7
Aerospace and defence 2.5 2.4
General industrials 4.2 3.6
Industrial engineering 1.6 1.3
Support services 8.9 8.1
Industrial transportation 1.5 0.8
21.1 18.9
---------------------------------------- ------------- -------------
Basic Materials
Chemicals 2.0 4.3
Industrial metals and mining 6.4 5.5
---------------------------------------- ------------- -------------
8.4 9.8
---------------------------------------- ------------- -------------
Consumer goods
Automobiles and parts 1.4 1.7
Beverages 3.7 2.1
Food Producers 2.5 4.5
Household goods and home construction 4.2 4.4
Tobacco 4.4 3.3
Personal goods 0.7 0.6
16.9 16.6
---------------------------------------- ------------- -------------
Consumer Services
General retailers 1.8 0.7
Travel and leisure 6.4 5.0
Food and drug retailers 1.6 1.3
Media 5.3 4.6
---------------------------------------- ------------- -------------
15.1 11.6
---------------------------------------- ------------- -------------
Health Care
Pharmaceuticals and biotechnology 1.9 6.7
Health care equipment and Services 7.6 1.2
9.5 7.9
---------------------------------------- ------------- -------------
Telecommunications
Fixed line telecommunications 3.9 4.1
3.9 4.1
---------------------------------------- ------------- -------------
Utilities
Gas, Water and Multi utilities - 1.1
- 1.1
---------------------------------------- ------------- -------------
Technology
Software and computer services 2.0 1.8
---------------------------------------- ------------- -------------
2.0 1.8
---------------------------------------- ------------- -------------
Financials
Banks 2.9 4.4
Financial services 4.8 0.5
Real estate 1.8 1.6
Non-life insurance 1.3 0.9
Life assurance 5.8 4.0
Equity investment instruments - 2.9
16.6 14.3
---------------------------------------- ------------- -------------
Net current (liabilities)/ assets (6.3) 0.6
---------------------------------------- ------------- -------------
Net assets 100.0 100.00
======================================== ============= =============
Note: The distribution of investments is based on the valuations
at 30 June 2014 and at 30 June 2013. All of the investments
are listed or quoted on the London Stock Exchange.
Interim Management Report
To the best of the knowledge of the Directors:
-- the condensed set of financial statements has been prepared
in accordance with International Accounting Standard 34 'Interim
Financial Reporting' and gives a true and fair view of the assets,
liabilities, financial position and profit or loss of the
Company;
-- the Chairman's Statement, Investment Manager's Report and
Notes to the Financial Statements are incorporated herein by
reference and include a fair review of the development and
performance of the Company and a description of the principal risks
and uncertainties that it faces for the next six months, as
required by DTR 4.2.7R of the FCA's Disclosure and Transparency
Rules; and
-- There were no related party transactions in the period, nor
any changes in related party transactions described in the last
annual report, that could have a material effect on the financial
position of the Company in the period, other than as disclosed in
the financial statements. Details of related parties are set out in
note 9 to the financial statements, all as required by DTR 4.2.8R
of the FCA's Disclosure and Transparency Rules.
By order of the Board
J M Le Pelley
14 August 2014
Auditor's Independent Review Report to Threadneedle UK Select
Trust Limited
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2014 which comprises the condensed
statement of comprehensive income, the condensed statement of
financial position, the condensed statement of net assets
attributable to shareholders, the condensed statement of cash flows
and related notes 1 to 10. We have read the other information
contained in the half-yearly financial report and considered
whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of
financial statements.
This report is made solely to the Company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410
"Review of Interim Financial Information Performed by the
Independent Auditor of the Entity" issued by the Auditing Practices
Board. Our work has been undertaken so that we might state to the
Company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company, for our review work, for this
report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the Disclosure and Transparency Rules of the United Kingdom's
Financial Conduct Authority.
As disclosed in note 2a, the annual financial statements of the
company are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this half-yearly financial report has been prepared in
accordance with International Accounting Standard 34, "Interim
Financial Reporting," as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Auditor's Independent Review Report to Threadneedle UK Select
Trust Limited (continued)
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2014 is not prepared, in all material respects, in accordance
with International Accounting Standard 34 as adopted by the
European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
Deloitte LLP
Chartered Accountants and Statutory Auditor
St. Peter Port, Guernsey
14 August 2014
Condensed Statement of Comprehensive Income
for the six months ended 30 June 2014 (unaudited)
Six months ended 30 June Six months ended 30 June
2014 2013
Notes Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income
Dividend revenue 3 771 - 771 660 - 660
Net gains on financial
assets
at fair value through profit
or loss 5 - 442 442 - 3,295 3,295
Net foreign exchange
(loss)/gains - (1) (1) - 1 1
--------- -------- ------- ---------- --------- -------
771 441 1,212 660 3,296 3,956
--------- -------- ------- ---------- --------- -------
Expenses
Investment management
fees 9 25 75 100 21 62 83
Performance fee 9 13 37 50 15 46 61
Administration fees 9 53 - 53 51 - 51
Registrar's fees 17 - 17 12 - 12
Auditor's
fees 10 - 10 9 - 9
Directors' fees
and expenses 9 55 - 55 55 - 55
Other expenses 99 - 99 67 - 67
--------- -------- ------- ---------- --------- -------
Total operating
expenses before
finance costs 272 112 384 230 108 338
--------- -------- ------- ---------- --------- -------
Operating profit before
finance costs 499 329 828 430 3,188 3,618
Finance costs
Interest and other
finance cost payable 6 4 11 15 - - -
--------- -------- ------- ---------- --------- -------
Profit for the period 495 318 813 430 3,188 3,618
Basic and diluted earnings
per ordinary share 4 2.23p 1.43p 3.66p 2.06p 15.27p 17.33p
--------- -------- ------- ---------- --------- -------
The total column of this statement is the condensed statement of
comprehensive income of the Company, with the revenue and capital
columns representing voluntary 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 21 to 26 are an integral part of these
condensed financial statements.
Condensed Statement of Comprehensive Income (continued)
for the six months ended 30 June 2014 (unaudited)
Year ended 31 December 2013
Notes Revenue Capital Total
GBP'000 GBP'000 GBP'000
Income
Dividend revenue 3 1,152 - 1,152
Net gains on financial
assets at fair value through
profit or loss 5 - 7,708 7,708
Net foreign exchange loss - (1) (1)
---------- ---------- ---------
1,152 7,707 8,859
---------- ---------- ---------
Expenses
Investment management fees 9 45 134 179
Performance fees 9 28 82 110
Administration
fees 9 104 - 104
Registrar's
fees 25 - 25
Auditor's fees 20 - 20
Directors' fees and expenses 9 112 - 112
Other expenses 114 - 114
---------- ---------- ---------
Total operating expenses
before finance costs 448 216 664
---------- ---------- ---------
Operating profit before
finance costs 704 7,491 8,195
Finance costs
Interest and other finance
cost payable 6 - - -
---------- ---------- ---------
Profit for the year 704 7,491 8,195
========== ========== =========
Basic and diluted earnings
per ordinary share 4 3.30p 35.07p 38.37p
---------- ---------- ---------
The total column of this statement is the condensed statement of
comprehensive income of the Company, with the revenue and capital
columns representing voluntary 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 21 to 26 are an integral part of these
condensed financial statements.
Condensed Statement of Financial Position
as at 30 June 2014 (unaudited)
30 June 30 June 31 December
Notes 2014 2013 2013
GBP'000 GBP'000 GBP'000
Assets
Cash and cash
equivalents 399 270 158
Due from brokers 176 - -
Other receivables and accrued
income 88 133 84
Financial assets at fair
value through profit or
loss 5 43,630 35,298 39,712
----------- ----------- ------------
Total assets 44,293 35,701 39,954
----------- ----------- ------------
Liabilities
Due to brokers 49 - -
Other payables
and accrued expenses 213 180 263
Borrowings 6 3,000 - -
Total liabilities 3,262 180 263
----------- ----------- ------------
Net assets attributable
to shareholders 41,031 35,521 39,691
----------- ----------- ------------
Represented by
Share capital 7 2,430 2,192 2,192
treasury share
reserve 7 (3,345) (5) (19)
Reserves 41,946 33,334 37,518
----------- ----------- ------------
Net assets attributable
to shareholders 41,031 35,521 39,691
----------- ----------- ------------
Number of ordinary shares
in issue (net of treasury
shares) 7 22,459,914 21,897,968 21,889,731
Net asset value per share 8 182.68 162.21 181.33p
----------- ----------- ------------
These financial statements were approved by the Board of
Directors on 14 August 2014 and signed on behalf of the Board
by:
J M Le Pelley S Farnon
The Notes on pages 21 to 26 are an integral part of these
condensed financial statements.
Condensed Statement of Net Assets Attributable to
Shareholders
for the six months ended 30 June 2014 (unaudited)
Equity Treasury Capital Capital
share share Share redemption Capital reserve- Revenue
capital reserve premium reserve reserve-realised unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January
2014 2,192 (19) 7,156 4,308 15,335 6,620 4,099 39,691
Shares
repurchased
during the
period - (3,326) - - - - - (3,326)
Share
subscriptions 225 - 3,923 - - - - 4,148
Dividends:
-2013 2(nd)
interim
dividend - - - - - - (295) (295)
Shares issued
for scrip
dividends 13 228 - (241) - - -
Profit/(loss)
for the
period - - - - 446 (128) 495 813
--------- --------- --------- ------------ ----------------- ------------ --------- --------
At 30 June
2014 2,430 (3,345) 11,307 4,308 15,540 6,492 4,299 41,031
--------- --------- --------- ------------ ----------------- ------------ --------- --------
There were no other recognised income and expenses for the six
months ended 30 June 2014
For the six months ended 30 June 2013 (unaudited)
Equity Treasury Capital Capital
share share Share redemption Capital reserve- Revenue
capital reserve premium reserve reserve-realised unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January
2013 2,083 (261) 5,401 4,308 14,322 1,002 3,588 30,443
2012 Scrip
dividend
reserve
transfer* - - - - (385)* - 385* -
Shares
repurchased
during the
period - (39) - - - - - (39)
Share
subscriptions 109 - 1,755 - - - - 1,864
Dividends:
-2012 2(nd)
interim
dividend - - - - - - (365) (365)
Scrip dividends - 295 - - (295) - - -
Profit for
the period - - - - 459 2,729 430 3,618
--------- --------- --------- ------------ ----------------- ------------ --------- --------
At 30 June
2013 2,192 (5) 7,156 4,308 14,101 3,731 4,038 35,521
--------- --------- --------- ------------ ----------------- ------------ --------- --------
*2012 Scrip dividends amounting to GBP385,000 deducted from
revenue reserves in the financial statements for the year ended 31
December 2013 have been transferred to capital reserves realised,
which is consistent with the Board's policy of allocating scrip
dividends against capital reserves realised.
There were no other recognised income and expenses for the six
months ended 30 June 2013
The Notes on pages 21 to 26 are an integral part of these
condensed financial statements.
Condensed Statement of Cash Flows
for the six months ended 30 June 2014 (unaudited)
Six months ended Year ended
30 June 30 June 31 December
2014 2013 2013
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Payment on purchase of financial
investments (8,289) (5,199) (13,450)
Proceeds from sale of financial
investments 4,686 3,476 11,727
Dividends received from investments 763 611 1,150
Investment management fee paid (98) (79) (169)
Other operating expenses (337) (202) (357)
Net cash outflow from operating
activities (3,275) (1,393) (1,099)
--------- -------- ------------
Cash flows from financing activities
Interest paid (10) (3) -
Share repurchase (3,326) (39) (233)
Share subscriptions 4,148 1,864 1,864
Equity dividends paid (295) (365) (578)
Increase in long term loan 3,000 - -
Net cash inflow from financing
activities 3,517 1,457 1,053
--------- -------- ------------
Net increase/(decrease) in cash and
cash equivalents 242 64 (46)
Effect of exchange rate changes
on cash and cash equivalents (1) 1 (1)
Cash and cash equivalents at
the beginning of the period/year 158 205 205
Cash and cash equivalents at
the end of the period/year 399 270 158
--------- -------- ------------
The Notes on pages 21 to 26 are an integral part of these
condensed financial statements.
Notes to the Condensed Financial Statements (unaudited)
1. General information
The Company is an authorised closed-ended investment company
incorporated under The Companies (Guernsey) Law, 2008, as amended,
with its registered office situated at Dorey Court, Admiral Park,
St Peter Port, Guernsey GY1 2HT. The Company's shares have been
admitted to the Official List of the UK Listing Authority with a
premium listing and to trading on the London Stock Exchange's Main
Market for listed securities.
The Company has no employees.
The information presented for the year ended 31 December 2013
does not constitute the statutory financial statements of the
Company. The 31 December 2013 annual financial report was made
public on 10 April 2014. The auditor's report on those financial
statements was unqualified and did not contain a statement under
Section 263(2) of The Companies (Guernsey) Law, 2008, as
amended.
2. Accounting Policies
a. Basis of presentation
The annual financial statements of the Company are prepared in
accordance with IFRSs, as adopted by the European Union.
The condensed set of financial statement included in this
half-yearly report for the six months ended 30 June 2014 has been
prepared in accordance with IAS 34 'Interim Financial Reporting' as
adopted by the European Union.
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 2013, as described in those financial
statements.
c. Going Concern
In the opinion of the Directors, there is a reasonable
expectation that 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 on-going;
-- 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
-- At 30 June 2014 the Company had drawn down GBP3,000,000 of
its loan facility. The Directors are however confident that the
Company will have sufficient cash flow to repay this loan on the
expiry date of 25 March 2015.
Notes to the Condensed Financial Statements (unaudited)
(continued)
d. Segment Reporting
The Board of Directors is of the opinion that the Company is
organised in one main operating segment, namely the management of
the Company's investments in order to achieve the Company's
investment objectives as described in note 1 to the financial
statements.
3. Dividend and other revenue
Six months ended Year ended
30 June 30 June 31 December
2014 2013 2013
GBP'000 GBP'000 GBP'000
Dividend revenue from
investments designated
at fair value through
profit or loss:
Dividends 771 660 1,152
--------- -------- ------------
Total income 771 660 1,152
--------- -------- ------------
4. Basic and diluted earnings per ordinary share
Six months ended Six months ended Year ended
30 June 2014 30 June 2013 31 December 2013
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence pence pence
Return 2.23 1.43 3.66 2.06 15.27 17.33 3.30 35.07 38.37
======== ======== ====== ======== ======== ====== ======== ======== ======
Revenue return per ordinary share is based on the net revenue on
ordinary activities of GBP495,000 (Six months ended 30 June 2013:
GBP430,000. Year ended 31 December 2013: GBP704,000) and on
22,167,613 ordinary shares, being the weighted average number of
ordinary shares in issue during the period, net of treasury shares
(Six months ended 30 June 2013: 20,876,153. Year ended 31 December
2013: 21,361,009).
Capital return per ordinary share is based on a net capital
profit for the financial period of GBP318,000 (Six months ended 30
June 2013: capital profit GBP3,188,000. Year ended 31 December
2013: capital profit GBP7,491,000) and on 22,167,613 ordinary
shares, being the weighted average number of ordinary shares in
issue during the period, net of treasury shares (Six months ended
30 June 2013: 20,876,153. Year ended 31 December 2013:
21,361,009).
Earnings per ordinary share are based on a total profit for the
financial period of GBP813,000 (Six months ended 30 June 2013:
profit GBP3,618,000. Year ended 31 December 2013: profit
GBP8,195,000) and on 22,167,613 ordinary shares, being the weighted
average number of ordinary shares in issue during the period, net
of treasury shares (Six months ended 30 June 2013: 20,876,153. Year
ended 31 December 2013: 21,361,009).
Notes to the Condensed Financial Statements (unaudited)
(continued)
5. Financial assets at fair value through profit or loss
Six months ended Six months Year ended
ended
30 June 2014 30 June 2013 31 December 2013
% of % of
Fair net Fair net Fair % of net
Value assets Value assets Value assets
GBP'000 GBP'000 GBP'000
Financial assets at
fair value through profit
or loss
* Listed or quoted equity securities 43,630 106.30 35,298 99.37 39,709 100.04
* De-listed trading entities - - - - 3 0.01
43,630 106.30 35,298 99.37 39,712 100.05
-------- -------- -------- -------- ---------- -----------
Six months ended Year ended
30 30
June June 31 December
2014 2013 2013
Net gains on financial assets GBP'000 GBP'000 GBP'000
at fair value through profit
or loss
Realised gains 572 566 2,090
Unrealised (losses)/gains (130) 2,729 5,618
-------- -------- ---------------
442 3,295 7,708
-------- -------- ---------------
Fair value measurements
The Company adopted IFRS 13, effective 1 January 2013. IFRS 13
establishes a fair value hierarchy that prioritises the inputs to
valuation techniques used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3
measurements). The three levels of the fair value hierarchy under
IFRS 13 are as follows:
Level 1 fair value measurements are those derived from quoted
prices (unadjusted) in active markets for identical assets or
liabilities
Level 2 fair value measurements are those derived from inputs
other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (that is, as
prices) or indirectly (that is, derived from prices)
Level 3 fair value measurements are those derived from valuation
techniques that include inputs for the asset or liability that are
not based on observable market data (that is, unobservable
inputs)
The level in the fair value hierarchy within which the fair
value measurement is categorised in its entirety is determined on
the basis of the lowest level input that is significant to the fair
value measurement in its entirety. For this purpose, the
significance of an input is assessed against the fair value
measurement in its entirety. If a fair value measurement uses
observable inputs that require significant adjustment based on
unobservable inputs, that measurement is a level 3 measurement.
Assessing the significance of a particular input to the fair value
measurement in its entirety requires judgment, considering factors
specific to the asset or liability.
Notes to the Condensed Financial Statements (unaudited)
(continued)
5. Financial assets at fair value through profit or loss (continued)
The determination of what constitutes 'observable' requires
significant judgment by the Company. The Company considers
observable data to be that market data that is readily available,
regularly distributed or updated, reliable and verifiable, not
proprietary, and provided by independent sources that are actively
involved in the relevant market.
The following tables present the Company's financial assets and
liabilities by level within the valuation hierarchy:
Percentage Percentage Percentage
30 June of net 30 June of net 31 December of net
2014 assets 2013 assets 2013 assets
Level 1 fair GBP'000 % GBP'000 % GBP'000 %
value assets
Investments valued
at fair value 43,630 106.30 35,298 99.37 39,709 100.04
Level 2 fair
value assets
Investments valued
at fair value - - - - 3 0.01
Total fair value
financial assets 43,630 106.30 35,928 99.37 39,712 100.05
========== =========== ========== =========== ============== ===========
6. Loan facility
On 26 March 2014 the Company entered into a revolving loan
facility, secured on the assets of the Company, which is due to
expire on 25 March 2015 for an aggregate principal amount of
GBP5,000,000, for the purposes of future investment. During the
period ended 30 June 2014, GBP3,000,000 of the loan facility was
utilised. Interest is payable at a rate of sterling LIBOR plus 1%
payable quarterly in arrears and the borrowing is held at amortised
cost. Loan interest of GBP9,750 was paid during the period. A fee
of 0.35% per annum is payable on the undrawn amount of GBP2,000,000
of this facility, resulting in GBP2,500 being paid for the period
ended 30 June 2014. GBP2,600 of the GBP10,000 loan facility fee has
been amortised over the period and is also included in finance
cost. Further, the Company is required to comply with the following
covenants imposed by the bank:
-- the Company is required to ensure that the borrowing does not
at any time exceed 20% of the Adjusted Gross Asset Value*;
-- the Company is required to maintain the Net Worth (meaning
net asset value adjusted for such items as intangible assets and
unrealised gains or losses accrued since the date of the audited
annual financial reports) at not less that GBP20,000,000;
-- the Company is required to ensure that the investment
portfolio includes holdings in not less that 25 separate
businesses; and
-- the Company is required not to change its investment policy
without the written permission of the bank.
* Adjusted Gross Asset Value means the market value of Total
Gross Assets adjusted by deducting:
a) The value of unlisted investments
b) The amount by which any single investment exceeds 7.5% of the
investment portfolio
c) The amount by which the investment in a single ICB Investment
Sector exceeds 20% of the investment portfolio
d) The amount by which the largest 10 investments exceeds 50% of
the investment portfolio.
Notes to the Condensed Financial Statements (unaudited)
(continued)
7. Share capital
30 June 30 June 31 December
2014 2013 2013
GBP'000 GBP'000 GBP'000
Authorised
Unlimited number of shares - - -
-------- -------- --------------
The holders of the ordinary shares are entitled to receive
notice of and to attend and vote at General Meetings of the
Company. At such meetings on a show of hands each Shareholder shall
have one vote and on a poll each Shareholder shall have one vote
for each share held by them. The Company is not entitled to any
votes in respect of any ordinary shares held in treasury.
On a winding-up, any surplus assets remaining after the payment
of all creditors shall be divided amongst the shareholders in the
same proportion as the capital attributable to them on the
winding-up date.
30 June 30 June 31 December
2014 2013 2013
GBP'000 GBP'000 GBP'000
Issued, called up
and fully paid:
24,302,092 ordinary shares of
10p each
(2013: 21,914,053) 2,430 2,192 2,192
============== ================== ====================
30 June 2014
Treasury share
reserve Shares in issue
Shares Cost Shares Cost
Nominal GBP'000 Nominal GBP'000
Balance at 1 January
2014 24,322 19 21,914,053 2,192
Shares purchased and held in
treasury 1,817,856 3,326 - -
Shares issued in lieu of dividends - - 131,016 13
Share capital issued during
the year - - 2,257,023 225
Balance at 30
June 2014 1,842,178 3,345 24,302,092 2,430
-------------- ---------------------- --------------- ---------
31 December 2013
Treasury share
reserve Shares in issue
Shares Cost Shares Cost
Nominal GBP'000 Nominal GBP'000
Balance at 1 January
2013 171,032 261 20,830,484 2,083
Shares purchased and held in
treasury 140,000 233
Shares issued in lieu of dividends
from treasury (286,710) (475)
Share capital issued during
the year - - 1,083,569 109
Balance at 31 December
2013 24,322 19 21,914,053 2,192
-------------- ---------------------- --------------- ---------
During the period no shares were purchased for cancellation
(year ended 31 December 2013: none).
On 3 April 2014, 86,000 shares were purchased to be held in
treasury at a total cost including expenses of GBP156,403.
Notes to the Condensed Financial Statements (unaudited)
(continued)
7. Share capital (continued)
On 6 May 2014, 525,167 new ordinary shares of 10p each were
issued to shareholders with a share capital value of GBP52,516 and
a share premium value of GBP926,919, this issue being made at a
premium to the prevailing net asset value.
On 6 May 2014 the Company also announced that, pursuant to its
scrip dividend scheme (the "Scrip Dividend Alternative"), 131,016
shares had been issued, subject only to admission, to shareholders
who had elected to participate in the Scrip Dividend Alternative.
Electing shareholders received shares with a share capital value of
GBP13,101 and a share premium value of GBP228,238. All shares in
issue rank pari passu.
On 25 June 2014 the Company issued 1,731,856 new ordinary shares
of 10p each to the Company's broker with a share capital value of
GBP173,185 and a share premium value of GBP2,996,111. Subsequently
on 30 June 2014 the Company purchased back the 1,731,856 ordinary
shares at the same price for a total cost, including expenses, of
GBP3,169,296 to be held in treasury and used by the Company in the
future to satisfy demand under the scrip dividend scheme and / or
sold into the market to satisfy general market demand.
8. Net asset value per share
Net asset value per ordinary share is based on net assets
attributable to the ordinary shareholders of GBP41,031,000 (Six
months ended 30 June 2013: GBP35,521,000. Year ended 31 December
2013: GBP39,691,000) and on 22,459,914 (Six months ended 30 June
2013: 21,897,968. Year ended 31 December 2013: 21,889,731) ordinary
shares, being the number of ordinary shares in issue at the end of
the period, net of shares held in treasury.
9. 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 GBP54,000 (Six months ended 30 June 2013:
GBP53,750. Year ended 31 December 2013: GBP108,595) of which
GBP31,680 (Six months ended 30 June 2013: GBP4,651. Year ended 31
December 2013: GBP27,900) was outstanding at the period end.
Allowable expenses claimed by Directors in the course of their
duties amounted to GBP800 for the six months ended 30 June 2014
(Six months ended 30 June 2013: GBP1,032. Year ended 31 December
2013: GBP3,565).
Amerprise Financial Inc., the parent of Threadneedle, controlled
the voting rights attached to 21.64% of the Company's shares as at
30 June 2014. Threadneedle exercises discretion over these shares
on behalf of its clients and earned investment management fees of
GBP100,200 (Six months ended 30 June 2013: GBP82,500, Year ended 31
December 2013: GBP178,500) during the period of which GBP49,900
(Six months ended 30 June 2013: GBP42,028, Year ended 31 December
2013: GBP48,400) was outstanding at the reporting date. GBP50,130
performance fees were accrued for the period (Six months ended 30
June 2013: GBP61,305. Year ended 31 December 2013: GBP110,000).
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 2014 totalled GBP52,700 (Six months ended
30 June 2013: GBP51,300. Year ended 31 December 2013: GBP104,073)
of which GBP52,700 (Six months ended 30 June 2013: GBP50,760. Year
ended 31 December 2013: GBP51,751) was outstanding at the period
end.
10. Events after the reporting date
There have been no significant events after the reporting date
which in the opinion of the Board of Directors requires disclosure
in the financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZMGMRKDZGDZM
Uk Select Trust (LSE:UKT)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Uk Select Trust (LSE:UKT)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
