TIDMAOT
ANGLO AND OVERSEAS plc
Half Yearly Financial Report
31 January 2010
The Directors announce the unaudited half yearly financial report for the six months to
31 January 2010 as follows:-
Copies of the half yearly report can be obtained from the following websites:
www.angloandoverseas.com and www.edinburghpartners.com.
HIGHLIGHTS
Net asset value total return including dividends was 15.8%. While the Company's
portfolio is not managed with reference to any stock market index, the Company
performed better than its informal benchmark (the average of the FTSE All-Share
Index and the FTSE All-World ex UK Index) which had a total return of 13.5%.
Interim dividend increased by 2.4% to 0.84p per share.
Principal geographic change was to reduce exposure to Asia Pacific (ex Japan)
region and UK and introduce an exposure of just over 9% to Japanese equities.
Returns from equities look more attractive when compared to alternative
investments such as bonds and cash and a relatively fully invested position is
being retained.
Financial summary
31 January 2010 31 July 2009 Change
Capital
Shareholders' funds GBP80,965,000 GBP73,689,000 9.9%
Net asset value ("NAV") per Ordinary 110.08p 96.80p 13.7%
Share
Share price per Ordinary Share 95.25p 89.75p 6.1%
Share price discount to NAV 13.5% 7.3%
Interim dividend per Ordinary Share 0.84p 0.82p 2.4%
Six months to Six months to Year to
31 January 2010 31 January 2009 31 July 2009
Total return per Ordinary Share*
Capital 14.25p (18.04)p (9.35)p
Revenue 0.92p 1.07p 3.17p
Total 15.17p (16.97)p (6.18)p
* Based on the weighted average number of shares in issue during the period,
excluding own shares held in treasury.
INVESTMENT OBJECTIVE & POLICY
Investment Objective
The Company's investment objective is to provide shareholders with above
average returns over the longer term through both capital appreciation and
income growth.
Investment Policy
Asset allocation
The Company's investment policy is to invest in a focused portfolio comprising
principally securities of publicly quoted companies worldwide which the
Investment Manager considers to be undervalued on the basis of their earnings
potential. The Company may also invest up to 5% of its gross assets in
unquoted securities and up to 10% of its gross assets in other listed
investment companies or funds, including investment trusts. The Company's
portfolio will be constructed without reference to either the composition of
any stock market index or any geographic, industrial or sectoral asset
allocation limits.
Where the Investment Manager believes market or economic conditions make equity
investment unattractive or while seeking appropriate investment opportunities
for the portfolio or to maintain liquidity, the Company may invest in bonds and
other debt instruments, cash, cash equivalents or short-term deposits. The
proportion of the Company's assets which may be invested in this way will vary
according to the Investment Manager's view of market or economic conditions and
the availability of suitable equity investment opportunities. In the unlikely
event of very extreme conditions, 100% of the portfolio could be so invested,
although the use of such investments is not expected normally to exceed 30% of
gross assets. In addition, the Company may purchase derivatives for the
purposes of efficient portfolio management (i.e. for the purpose of reducing,
transferring or eliminating investment risk in its investments, including
protection against currency risk).
Risk diversification
In order to spread risk, the portfolio will normally consist of between 40 and
70 equity investments in publicly quoted companies. No single investment will
represent more than 15% of the Company's gross assets at the time of its
acquisition.
Gearing
The Company's policy on gearing is not to have fixed or structural gearing, but
the Company may from time to time, when deemed appropriate, borrow for
investment purposes in various currencies to suit investment conditions. This
gearing will not exceed 20% of shareholders' funds at the time of borrowing.
This is intended to enhance the Company's ability to take advantage of future
investment opportunities identified by the Investment Manager, subject always
to the Board's overall control in relation to borrowings.
CHAIRMAN'S STATEMENT
Results
The net asset value per share at the Company's half year end of 31 January 2010
was 110.08p. This compares with the net asset value per share at 31 July 2009
of 96.80p and represents an increase of 13.7%. After including the final
dividend of 2.08p, which was paid in December 2009, the total return per share
was 15.8% for the six month period.
The Company's portfolio is not managed with reference to any stock market
index, as your Directors have decided not to adopt a formal benchmark. However,
we continue to believe it is useful to highlight the performance of your
Company against market indices for comparative purposes. It is therefore
pleasing to be able to report that the Company performed better than the
average of the informal benchmarks detailed below.
The total return from the FTSE All-Share Index over the six months to 31
January 2010 was 14.7%, while the corresponding total return from the FTSE
All-World ex UK Index was 12.3%. The total return from the average of these two
indices over the period under review was 13.5%.
Share Price and Discount
The Company's share price increased from 89.75p at 31 July 2009 to 95.25p at 31
January 2010, a rise of 6.1%. As a consequence of the share price movement
being below that of the increase in the net asset value, there was a widening
of the share price discount to net asset value from 7.3% to 13.5%.
It was disappointing to see a widening of the discount despite the Company
continuing to adopt a pro-active policy with regards to the discount. During
the six months to 31 January 2010, the Company purchased a total of 2,577,249
shares at a cost of GBP2,496,000. Of these, 1,177,249 shares were purchased for
cancellation and 1,400,000 shares were purchased and placed into treasury. As
at 31 January 2010 the number of shares held in treasury was 9,727,438 shares,
which represented 11.7% of the total number of shares in issue.
Revenue and Dividend
The net revenue return per share in the six months to 31 January 2010 was
0.92p, a decrease of 14.0% on the 1.07p return in the prior year period. This
reflected the investment strategy of moving from defensive higher yielding
shares to more growth focused companies with lower yields.
I am pleased to report that the Board has decided to pay an interim dividend of
0.84p per share on 30 April 2010 to shareholders on the register as at 9 April
2010. The ex-dividend date will be 7 April 2010. This represents an increase of
2.4% on the prior period interim dividend of 0.82p.
Your Board has again taken account of the importance of income to shareholders
in deciding on the dividend value. The Directors intend to maintain the level
of dividends to shareholders during the current phase of the economic cycle.
Economic Overview
During the early part of 2009 there was a widespread fear of a return to the
economic conditions of the 1930's. However, during the remainder of 2009 and
the early part of 2010 (which included the six month period under review) there
has been a more optimistic view on the economic outlook. The worldwide policy
responses to the economic downturn (which included the bail out of the banking
sector, the reduction of interest rates to historic lows, the substantial
increase in government budget deficits and quantitative easing by central
banks) would appear to have averted an economic depression. In the future,
those international policy responses and the eventual return to more normal
economic policies (particularly with regard to interest rates and government
spending) is likely to lead to more subdued economic growth worldwide,
particularly in the more developed world economies. However, a more rapid rate
of economic growth is expected from emerging economies worldwide, particularly
in China and India, as these economies adjust from an export orientated focus
to a more balanced economic strategy that increases the emphasis on domestic
consumption.
Portfolio
Given the assessment that a global recession would not occur and that many
companies with strong balance sheets and industry leadership positions were
priced at attractive valuations, the Company remained almost fully invested in
equities throughout the period.
The principal geographic change has been to reduce the Company's exposure to
the Asia Pacific (ex Japan) region, principally in China (where a number of
profitable disposals were made) and in the UK and use the proceeds to introduce
an exposure of just over 9% to Japanese equities. Stocks purchased were the
construction company, Obayashi, the trading group, Mitsubishi, and the
electronics companies, Sony and Fujitsu. The management at Fujitsu has been
aggressive at reducing costs; in spite of this investors have focused on the
weak short term outlook for technology spending and therefore these cost
savings have not yet been fully reflected in the share price.
Outlook
Despite the weaker growth outlook and the areas of difficulty that require
resolution before we return to more normal economic conditions, we continue to
remain positive on the outlook for equity investment, particularly when
compared to alternative investments such as bonds and cash. Portfolio
investment opportunities have been identified in a wide range of sectors. There
has been a reduction in exposure to defensively orientated sectors such as
healthcare and increased exposure to more economically sensitive stocks, while
higher risk balance sheet threatened cyclical companies, where an immediate
upturn in economic conditions is required, have been avoided.
We consider that equities are perhaps slightly above fair value at the moment
and are aware that there could continue to be volatility in equity markets.
However, the level of overvaluation is limited and suggests sub trend returns
rather than negative ones. These returns look more attractive than those
available from other asset classes and hence we are retaining a relatively
fully invested position.
John Pearmund
Chairman
29 March 2010
INTERIM MANAGEMENT REPORT AND RESPONSIBILITY STATEMENT
Interim Management Report
The important events that have occurred during the period under review are set
out in the Chairman's Statement. The key factors influencing the financial
statements are also set out in the Chairman's Statement.
The principal uncertainties for the remaining six months of the financial year
are reviewed in the Outlook section of the Chairman's Statement.
The principal risks facing the Company are substantially unchanged since the
date of the Annual Report for the year ended 31 July 2009 and continue to be as
set out in that report.
Risks faced by the Company include, but are not limited to, investment and
strategy risk, discount volatility risk, market risk (comprising: interest rate
risk, currency risk and other price risk), liquidity risk, credit risk, gearing
risk, regulatory risk, operational risk, financial risk and key personnel risk.
There were no related party transactions during the period. Under the AIC SORP
issued in January 2009 the Investment Manager is not considered to be a related
party of the Company.
Responsibility Statement
The Directors confirm that to the best of their knowledge:
- the condensed set of financial statements, prepared in accordance with the
Statement on Half Yearly Financial Reports issued by the UK Accounting
Standards Board, give a true and fair view of the assets, liabilities,
financial position and profit of the Company; and
- the Interim Management Report includes a fair review of the information
required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements;
and a description of the principal risks and uncertainties for the remaining
six months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the Company during that period; and any changes in the related
party transactions described in the last annual report that could do so.
This Half Yearly Report was approved by the Board of Directors on 29 March 2010
and the above responsibility statement was signed on its behalf by John
Pearmund, Chairman.
INCOME STATEMENT (UNAUDITED)
for the six months to 31 January 2010
Six months to Six months to Year to
31 January 2010 31 January 2009 31 July 2009
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains/(losses) on
investments - 10,843 10,843 - (14,269) (14,269) - (7,275) (7,275)
Exchange (losses)/gains on
capital items - (116) (116) - 7 7 - 24 24
Income 1,010 - 1,010 1,294 - 1,294 3,399 - 3,399
Investment management fee (90) (90) (180) (86) (86) (172) (165) (166) (331)
Refund of VAT on investment
management and
administration fees - - - - - - 55 42 97
Other expenses (204) - (204) (213) - (213) (389) - (389)
Net return before interest
and taxation 716 10,637 11,353 995 (14,348) (13,353) 2,900 (7,375) (4,475)
Interest paid - - - (3) - (3) (3) - (3)
Net return before taxation 716 10,637 11,353 992 (14,348) (13,356) 2,897 (7,375) (4,478)
Taxation (27) - (27) (141) 24 (117) (412) 35 (377)
Net return after taxation 689 10,637 11,326 851 (14,324) (13,473) 2,485 (7,340) (4,855)
pence pence pence pence pence pence pence pence pence
Return per Ordinary Share* 0.92 14.25 15.17 1.07 (18.04) (16.97) 3.17 (9.35) (6.18)
The total column of this statement is the profit and loss account of the
Company. The capital and revenue return columns are prepared in accordance with
guidance issued by the Association of Investment Companies ("AIC").
All revenue and capital items in the above statement derive from continuing
operations.
A separate Statement of Recognised Gains and Losses has not been prepared as
all such gains and losses are included in the Income Statement.
* The return per Ordinary Share for the six months to 31 January 2010 is based
on the net revenue return after taxation of GBP689,000 (six months to 31 January
2009: GBP851,000; year to 31 July 2009: GBP2,485,000) and the net capital return
after taxation of GBP10,637,000 (six months to 31 January 2009: GBP(14,324,000);
year to 31 July 2009: GBP(7,340,000)) and on 74,635,005 (six months to 31 January
2009: 79,391,309; year to 31 July 2009: 78,497,082) Ordinary Shares, being the
weighted average number of Ordinary Shares in issue during the period
(excluding treasury shares).
BALANCE SHEET (UNAUDITED)
as at 31 January 2010
31 January 31 January 31 July
2010 2009 2009
GBP'000 GBP'000 GBP'000
Fixed asset investments
Investments at fair value through profit or
loss 77,998 67,320 71,835
Current assets
Debtors 516 787 592
Cash at bank and short-term deposits 3,287 729 1,845
3,803 1,516 2,437
Creditors - amounts falling due within one year 836 1,015 583
Net current assets 2,967 501 1,854
Net assets 80,965 67,821 73,689
Capital and reserves
Called-up share capital 8,327 8,745 8,458
Special reserve 64,737 69,344 67,233
Capital redemption reserve 695 277 564
Capital reserve 4,654 (12,967) (5,983)
Distributable revenue reserve 2,552 2,422 3,417
Total equity shareholders' funds 80,965 67,821 73,689
pence pence pence
Net asset value per
Ordinary Share Note 4 110.08 86.17 96.80
STATEMENT OF CASH FLOWS (UNAUDITED)
for the six months to 31 January 2010
Six months Six months Year to
to to
31 January 31 January 31 July
2010 2009 2009
GBP'000 GBP'000 GBP'000
Operating activities
Investment income received 1,095 1,302 3,163
Other income 6 - 13
Investment management fees paid (174) (186) (343)
Administration and secretarial fees paid (56) (55) (111)
Other cash payments (165) (157) (295)
Refund of VAT on investment management and
administration fees 97 - -
Net cash inflow from operating activities 803 904 2,427
Servicing of finance
Interest paid - (3) (3)
Taxation (116) - (65)
Capital expenditure and financial investment
Purchases of investments (22,410) (19,463) (29,200)
Sales of investments 27,572 19,936 31,949
Exchange (losses)/gains on settlement (115) 8 (116)
Net cash inflow from capital expenditure and
financial investment 5,047 481 2,633
Equity dividends paid (1,554) (1,618) (2,257)
Net cash inflow/(outflow) before financing 4,180 (236) 2,735
Financing
Own shares purchased for cancellation (1,399) (1,387) (3,242)
Own shares purchased and held in treasury (1,339) - -
Net cash outflow from financing (2,738) (1,387) (3,242)
Increase/(decrease) in cash Note 7 1,442 (1,623) (507)
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (UNAUDITED)
for the six months to 31 January 2010
Six months to Six months to Year to
31 January 31 January 31 July
2010 2009 2009
GBP'000 GBP'000 GBP'000
Opening equity shareholders' funds 73,689 84,076 84,076
Costs of own shares bought into
treasury (1,374) - -
Cost of own shares bought for
cancellation (1,122) (1,164) (3,275)
Net return after taxation 11,326 (13,473) (4,855)
Dividends paid (1,554) (1,618) (2,257)
Closing equity shareholders' funds 80,965 67,821 73,689
NOTES
1. Financial information
The financial information contained in this report does not constitute full
statutory accounts as defined in Section 434 of the Companies Act 2006. The
financial information for the six months to 31 January 2010 and 31 January
2009have not been audited or reviewed by the Company's Auditor pursuant to the
Auditing Practices Board guidance on such reviews.
The information for the year ended 31 July 2009 has been extracted from the
latest published audited financial statements, which have been filed with the
Registrar of Companies. The report of the Auditors on those financial
statements contained no qualification or statement under sections 498 (2) or
(3) of the Companies Act 2006.
The financial statements are prepared on the basis of the accounting policies
set out in note 1 of the annual financial statements for the year ended 31 July
2009.
2. Tax charge on ordinary activities
The tax charge for the six months to 31 January 2010 is GBP27,000 (six months to
31 January 2009: GBP117,000; year to 31 July 2009: GBP377,000). The tax charge
comprised irrecoverable overseas withholding tax suffered for the six months to
31 January 2010 of GBP27,000 (six months to 31 January 2009: GBP117,000; year to 31
July 2009: GBP183,000) and corporation tax for the six months to 31 January 2010
of GBPnil (six months to 31 January 2009: GBPnil; year to 31 July 2009: GBP194,000).
Investment gains are exempt from capital gains tax owing to the Company's
status as an investment trust.
3. Status of Company
It is the intention of the Directors to conduct the affairs of the Company so
that it continues to satisfy the conditions for approval as an investment trust
company as set out in Section 842 of the Income and Corporation Taxes Act 1988.
4. Net asset value per Ordinary Share
The net asset value per Ordinary Share is based on net assets at 31 January
2010 of GBP80,965,000 (31 January 2009: GBP67,821,000; 31 July 2009: GBP73,689,000)
and on 73,547,881 Ordinary Shares (31 January 2009: 78,709,881; 31 July 2009:
76,125,130), being the issued share capital (excluding own shares held in
treasury) at those dates. Net asset values include current period revenue.
5. Transactions in own shares
Since the period end 330,000 Ordinary Shares have been purchased to be held in
treasury at a cost of GBP322,000.
6. Dividends
The Directors have declared an interim dividend in respect of the year ending
31 July 2010 of 0.84p (2009: 0.82p) per Ordinary Share, to be paid on 30 April
2010 to shareholders on the register as at 9 April 2010. The ex-dividend date
will be 7 April 2010.
Under FRS 21: 'Events after the Balance Sheet Date', dividends are recognised
within the period in which they are paid. Therefore the interim dividend of
0.84p has not been accounted for within these half yearly financial statements.
7. Reconciliation of net cash flow to movement in net cash
Six months to Six months to Year to
31 January 31 January 31 July
2010 2009 2009
GBP'000 GBP'000 GBP'000
Increase/(decrease) in cash in period 1,442 (1,623) (507)
Change in net cash 1,442 (1,623) (507)
Net cash at 31 July 2009 1,845 2,352 2,352
Net cash at 31 January 2010 3,287 729 1,845
8. Reconciliation of net return before finance costs and taxation to net cash
inflow from operating activities
Six months Six months Year to
to to
31 January 31 January 31 July
2010 2009 2009
GBP'000 GBP'000 GBP'000
Net return before interest and taxation 11,353 (13,353) (4,475)
Net (gains)/losses on investments (10,727) 14,262 7,251
Decrease in creditors (25) (25) (36)
Decrease/(increase) in debtors and
accrued income 213 114 (61)
Tax deducted from investment income (27) (72) (183)
Decrease/(increase) in tax recoverable 16 (22) (69)
Net cash inflow from operating activities 803 904 2,427
PORTFOLIO OF INVESTMENTS
as at 31 January 2010
20 Largest Investments
Company Sector Country Valuation % of
GBP'000 Net
Assets
BP Oil & Gas United 2,934 3.6
Kingdom
Banque Cantonale Financials Switzerland 2,540 3.1
Vaudoise
Anheuser-Busch InBev Consumer Goods Belgium 2,513 3.1
ENI Oil & Gas Italy 2,385 2.9
Provident Financial Financials United 2,343 2.9
Kingdom
Sanofi-aventis Health Care France 2,324 2.9
Nokia Technology Finland 2,234 2.8
Fujitsu Technology Japan 2,120 2.6
Vodafone Telecommunications United 2,018 2.5
Kingdom
Mitsubishi Industrials Japan 1,953 2.4
HSBC Financials United 1,913 2.4
Kingdom
UK Commercial Property Financials - Real United 1,891 2.3
Estate Kingdom
Sony Consumer Goods Japan 1,886 2.3
Imperial Tobacco Consumer Goods United 1,865 2.3
Kingdom
Gazprom Oil & Gas Russia 1,689 2.1
China Mobile Telecommunications China 1,683 2.1
Belgacom Telecommunications Belgium 1,680 2.1
Centrica Utilities United 1,670 2.1
Kingdom
Tesco Consumer Services United 1,656 2.0
Kingdom
Aviva Financials United 1,605 2.0
Kingdom
Total - 20 largest investments 40,902 50.5
Other Investments
SK Telecom Telecommunications Korea, Republic 1,599 2.0
of
Deutsche Post Industrials Germany 1,576 1.9
Obayashi Industrials Japan 1,546 1.9
Vivendi Consumer Services France 1,546 1.9
C&C Consumer Goods Ireland 1,546 1.9
Intesa Sanpaolo Financials Italy 1,544 1.9
E.On Utilities Germany 1,524 1.9
GlaxoSmithKline Health Care United Kingdom 1,521 1.9
Yara International Basic Materials Norway 1,466 1.8
General Electric Industrials United States 1,367 1.7
Arriva Consumer Services United Kingdom 1,364 1.7
Rexam Industrials United Kingdom 1,285 1.6
CRH Industrials Ireland 1,281 1.6
Sage Group Technology United Kingdom 1,278 1.6
Invensys Technology United Kingdom 1,277 1.6
National Grid Utilities United Kingdom 1,262 1.6
Akzo Nobel Basic Materials Netherlands 1,251 1.5
Unilever Consumer Goods Netherlands 1,223 1.5
Standard Chartered Financials United Kingdom 1,213 1.5
Intel Technology United States 1,209 1.5
Actelion Health Care Switzerland 1,156 1.4
Virgin Media Telecommunications United States 1,105 1.4
Cisco Systems Technology United States 1,080 1.3
UBS Financials Switzerland 1,069 1.3
Beazley Financials United Kingdom 995 1.2
General Dynamics Industrials United States 903 1.1
Scottish & Southern Energy Utilities United Kingdom 889 1.1
Siemens Industrials Germany 846 1.0
First Group 6.875% 15/04/ Corporate Bonds United Kingdom 778 1.0
2013
Hyder Consulting Industrials United Kingdom 397 0.5
Total - 50 investments 77,998 96.3
Cash and other net assets 2,967 3.7
Net assets 80,965 100.0
The geographic distribution is based on each investment's principal stock
exchange listing except in instances where this would not give a proper
indication of where its activities predominate.
DISTRIBUTION OF INVESTMENTS
as at 31 January 2010 (% of net assets)
Sector distribution
as at 31 January 2010
%
Financials 16.3
Industrials 13.7
Technology 11.4
Consumer Goods 11.1
Telecommunications 10.1
Oil & Gas 8.6
Utilities 6.7
Health Care 6.2
Consumer Services 5.6
Basic Materials 3.3
Financials - Real Estate 2.3
Corporate Bonds 1.0
Cash and other net assets 3.7
Net assets 100.0
Geographical distribution
as at 31 January 2010
%
Europe 38.6
UK 37.4
Japan 9.2
USA 7.0
Asia Pacific (ex Japan) 4.1
Cash and other net assets 3.7*
Net assets 100.0
* Cash and other net assets includes foreign currency balances of GBP2,000
(0.0%.
The figures detailed in the geographical distribution represent the Company's
equity and bond exposure to those countries or regional areas.
SHAREHOLDER INFORMATION
Investing in the Company
The Company's Ordinary Shares are traded on the London Stock Exchange. You can
buy or sell shares through your stockbroker, bank or other professional
investment adviser. Shares in the Company may also be bought and held in an ISA
or Share Plan through the Edinburgh Partners Investment Trust Savings Scheme.
Further information is available on the Company's website:
www.angloandoverseasplc.com and on the Edinburgh Partners' website:
www.edinburghpartners.com or by telephone on 0131 270 3800.
Share price
The Company's Ordinary Shares are listed on the London Stock Exchange. The
mid-market price is quoted daily in the Financial Times under 'Investment
Companies' and under 'Investment Trusts' in the Daily Telegraph. Previous day
closing price, net asset value and other portfolio information is published on
the Company's website: www.angloandoverseasplc.com and on the Edinburgh
Partners' website: www.edinburghpartners.com.
NAV
The Company's unaudited Ordinary Share net asset value is released daily to the
London Stock Exchange and published on the Company's website:
www.angloandoverseasplc.com and on the Edinburgh Partners' website:
www.edinburghpartners.com.
Share register enquiries
The register for the Ordinary Shares is maintained by Computershare Investor
Services PLC. In the event of queries regarding your holding, please contact
the Registrar on 0870 889 3190 or email web.queries@computershare.co.uk.
Changes of name and/or address must be notified in writing to the Registrar at
the address shown below. You can check your shareholding and find practical
help on transferring shares or updating your details at
www.investorcentre.co.uk.
Key dates
Company's year end July
Annual results announced October
AGM November
Final dividend December
Company's half year end January
Interim results announced March
Interim dividend April
The Company will be releasing Interim Management Statements ("IMS") for the
quarters ending 30 April 2010 and 31 October 2010. These will be released to
the London Stock Exchange and may be viewed at the Company's website.
Sources of further information
Other useful information on investment trusts, such as prices, net asset values
and company announcements, can be found on the websites of the London Stock
Exchange: www.londonstockexchange.com and the Association of Investment
Companies ("AIC"): www.theaic.co.uk.
RISK FACTORS
This document is not a recommendation, offer or invitation to buy, sell or hold
shares of the Company. If you wish to deal in shares of the Company, you may
wish to contact an authorised professional investment adviser.
An investment in the Company should be regarded as long term and is only
suitable for investors who are capable of evaluating the risks and merits of
such investment and who have sufficient resources to bear any loss which might
result from such investment.
The market value of, and the income derived from, the Ordinary Shares can
fluctuate. The Company's share price may go down as well as up. Past
performance is not a guide to future performance. There is no guarantee that
the market price of the Ordinary Shares will fully reflect their underlying net
asset value. Fluctuations in exchange rates will affect the value of overseas
investments (and any income received) held by the Company. Investors may not
get back the full value of their investment. There can be no guarantee that the
investment objectives of the Company will be met. The levels of, and reliefs
from, taxation may change.
This Half Yearly Financial Report contains "forward looking statements" with respect to
the Company's plans and its current goals and expectations relating to its
future financial condition, performance and results. By their nature, all
forward looking statements involve risk and uncertainty because they relate to
future events that are beyond the Company's control. As a result, the Company's
actual future financial condition, performance and results may differ
materially from the plans, goals and expectations set forth in the Company's
forward looking statements. The Company undertakes no obligation to update the
forward looking statements contained within this Half Yearly Report or any
other forward looking statements it makes.
The Company is a public company. It is registered in England and its shares are
listed on the London Stock Exchange. The Company is not regulated or authorised
by the Financial Services Authority.
Employees of Edinburgh Partners Limited may (subject to applicable laws and
regulations) hold shares in the Company and may buy, sell or offer to deal in
the Company's shares from time to time.
DIRECTORS, MANAGER AND ADVISERS
Directors (all non-executive) John Pearmund (Chairman)
Christopher Duffett
John Sussens
Giles Weaver
Secretary and Registered Office Kenneth J Greig
Beaufort House
51 New North Road
Exeter EX4 4EP
Investment Manager Edinburgh Partners Limited
12 Charlotte Square
Edinburgh EH2 4DJ
Registrar and Transfer Office Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZY
Stockbroker JPMorgan Cazenove Limited
10 Aldermanbury
London EC2V 7RF
Auditors KPMG Audit PLC
1 Canada Square
CanaryWharf
London E14 5AG
Solicitor Norton Rose LLP
3 More London Riverside
London SE1 2AQ
Bankers and Custodian The Bank of New York Mellon
1 Canada Square
CanaryWharf
London E14 5AL
Registered in England No. 5451176
An investment company as defined under Section 833 of the Companies Act 2006
The Company is a member of the Association of Investment Companies
Enquiries:
Sandy Nairn 0131 270 3800
Kenneth Greig 0131 270 3800
Edinburgh Partners Limited
12 Charlotte Square
Edinburgh EH2 4DJ
29 March 2010
END
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