TIDMSCIN
RNS Number : 8910Q
Scottish Investment Trust PLC
30 June 2022
LONDON STOCK EXCHANGE ANNOUNCEMENT
THE SCOTTISH INVESTMENT TRUST PLC ('the Company')
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHSED
30(TH) APRIL 2022
Legal Entity Identifier: 549300ZL6XSHQ48U8H53
Information disclosed in accordance with DTR 4.2.2
CHAIRMAN'S STATEMENT
Half-Year Performance
The net asset value per share (NAV) total return (with
borrowings at market value) was +7.1% over the half year period to
30 April 2022. The share price increased from 820p to 880p which,
including dividends, meant that the share price total return was
+8.9%, reflecting the narrowing of the share price discount to net
asset value from 3.6% at the previous financial year end to 3.1% at
the period end. Whilst the Company does not have a formal
benchmark, by way of comparison, the sterling total return of the
MSCI All Country World Index ("ACWI") was -3.5%. It is pleasing to
report on this strong relative performance against the current
market backdrop in a very challenging environment.
Dividend
The Board announced a second quarterly interim dividend of 6.1p
per share payable on 15 July 2022 to shareholders on the register
on 24 June 2022. The ex-dividend date is 23 June 2022. The current
dividend policy will remain unchanged until the proposed
combination of the Company's assets with JPMorgan Global Growth
& Income plc ("JGGI") is implemented, although the timing of
any dividend payments may vary from previous years. The Board has
previously declared a first quarterly interim dividend of 6.1p per
share, equal to a quarter of the previous year's total dividend.
This was paid to shareholders on 13 May 2022. It is expected that a
further interim dividend will be paid prior to the proposed
combination with JGGI ("the Combination") becoming effective.
The changes undertaken in the portfolio to align it more closely
with JGGI's, following the appointment of JPMorgan Funds Limited
("JPMF") in January 2022, will result in a lower level of income.
As a result, a greater proportion of the Company's revenue reserve
may be utilised for these dividends.
Future of the Company
As reported in my 2021 Annual Report statement, following a
review of investment management arrangements, and a recommendation
from the Board, shareholders approved on 9 December 2021 the
proposal that JPMF be appointed as the Company's manager and the
Company adopt a new investment strategy ahead of the Combination
pursuant to a scheme of reconstruction and voluntary winding up of
the Company under section 110 of the Insolvency Act 1986. As
anticipated, JPMF is now the Company's Alternative Investment Fund
Manager ("AIFM") and has delegated portfolio management
responsibilities to JPMorgan Asset Management (UK) Limited. The
Company is now being managed in line with the new investment
strategy, which is substantially identical to that of JGGI.
As previously noted, the process was expected to take a longer
period than might typically be expected for a section 110 scheme of
reconstruction given a number of additional complexities inherent
in the structure
of the Company, in particular its employee pension scheme and
its debt arrangements. It was for this reason that the Board
originally decided upon a two- stage process, the first stage being
the appointment of JPMF as manager on 21 January 2022. This ensured
that the Company had the immediate benefit of the new manager and
investment strategy notwithstanding that the second stage, being
the Combination, was going to take more time to implement as a
result of the additional complexities.
As announced on 29 March 2022, the Company has completed the
buy-in of the benefits under its pension scheme with a third-party
insurer. The Board is also pleased to announce that the sale of its
property at 6 Albyn Place, Edinburgh has also been completed, after
considering a number of competitive bids, in line with its own
valuation of the property. The debt workstreams are however
progressing at a much slower pace than anticipated, and it is for
this reason that the scheme is now expected to complete in the
third quarter of 2022, rather than by the end of the first quarter
of 2022 as originally expected.
The Company has today issued the required circular to the
Company's bondholders, convening a meeting at which their consent
to the substitution of JGGI as the issuer and sole debtor of the 5
3/4 % Secured Bonds due 2030 in place of the Company will be
sought. A further update on the timetable of the Combination will
be provided as soon as practicable after the holding of this
meeting on 29 July 2022.
The Combination will be undertaken by means of a section 110
scheme of reconstruction when the Company has taken all steps
necessary to allow it to be placed into voluntary liquidation in an
orderly fashion and is subject to approval from the Company's
shareholders. On completion of the scheme, the Company's
shareholders will have their shareholdings in the Company replaced
with new ordinary shares in the newly enlarged JGGI subject to
approval of the share issuance by JGGI's shareholders.
Once completed, the Combination with JGGI will offer a number of
attractions to shareholders which were set out in my statement in
the 2021 Annual Report. It is the Board's view that these benefits
have not changed since the Combination was first proposed.
Share Repurchases and Issuance
The Company follows a policy that aims, in normal market
conditions, to maintain the discount to NAV (with borrowings at
market value) at or below 9%. The average discount over the first
half of the year was 3.6%. The Company did not undertake any share
repurchases, nor did it issue any shares during the reporting
period. In the same period last year 6.4m shares were
repurchased.
Gearing
The Board regularly discusses gearing with the Investment
Managers, who utilise it to enhance long- term shareholder returns.
At 30 April 2022, gearing stood at 1% (31 October 2021: 6%).
Recent Performance
Since 30th April 2022, equity markets have continued to be
volatile with significantly increased challenges faced around the
globe and the Company's NAV has fallen by 8.4% as at 29 June
2022.
Outlook
The latter part of the reporting period saw global equity
markets enter a tumultuous period, even before Russia's invasion of
Ukraine at the end of February 2022 which compounded the concerns
with rising oil and utility prices. The much increased uncertainty
and risk factors around the world, such as the ongoing effects of
COVID-19, rising inflation and tightening of monetary policies by
Central Banks, will inevitably lead to increased market volatility
and lower growth in the near-term. Notwithstanding these risks and
uncertainties, the Investment Managers remain confident about the
prospects for the companies in the portfolio and are well resourced
and positioned to identify appropriate investment opportunities in
this environment.
James Will
Chairman 30(th) June 2022
INVESTMENT MANAGERS' REPORT
Volatile markets
This was an exceptionally volatile period for global markets. We
entered the last months of 2021 with relatively low expectations
for interest rate increases, despite the very real threat of rising
inflation. Within a very short period of time, market expectations
then pivoted to believing that the Federal Reserve was behind the
curve when it came to curbing inflation, leading to rates
expectations spiking, and that had significant implications for the
valuation of high-growth assets in the market.
In January and February we saw a meaningful de-rating of
technology companies. This was ultimately a function of both
egregious valuations in some cases, but also mounting evidence of
the scale of the demand "pull- forward" that had occurred during
the pandemic. This was particularly true for the cohort of
companies that are unprofitable, as a rising cost of capital led
investors to demand evidence of profitability, rather than simply
paying up for the fastest growers.
Amidst all this, inflationary and supply chain pressures were
continuing to mount. The supply chain constraints were not new, but
the evidence began to suggest that they would persist for longer
than expected. The concerns around both of these issues were then
exacerbated by the Russian invasion of Ukraine. Of course, most
importantly on a human level we were appalled to see the
devastation this wrought on the Ukrainian people, and we very much
hope for a resolution to this crisis in the near future. Markets
also recognised the scale of the challenge that this posed when
considering how persistent inflation would be - energy prices saw
the most immediate impact, but there are also implications for
prices of food and other commodities that must now flow through to
consumers and businesses.
This was reflected in equity prices around the world, but it was
particularly disruptive in Europe, given both the proximity
geographically to the conflict, but also because of the relatively
outsized impact on the consumer through utility prices. As a
result, we saw European equities underperform in the immediate
aftermath of the invasion.
When we take a step back and look at what this means, equity
markets around the world suffered during this six month period. We
believe it's more important than ever to focus on investing for the
long-term, and identifying those companies that we wish to buy when
we see volatility - which we believe is in the long-term interests
of the Company's shareholders.
A change in management
In the midst of the volatility, we at JPMorgan took over
management of The Scottish Investment Trust on January 21st, in
advance of the proposed merger with JPMorgan Global Growth and
Income plc ("JGGI").
In the lead up to the portfolio transition, which took place
following our appointment, we worked hard to find the most
efficient trading practices to quickly move the Scottish portfolio
to a portfolio that substantially resembled that of JGGI. We were
pleased that we were then able to accomplish this shortly after our
appointment, and at lower transaction costs than first estimated.
The primary challenges were the efficient sales of some of the more
illiquid legacy holdings, whilst at the same time navigating
volatile markets around the time of Chairman Powell's speech.
Portfolio review and Spotlight on Stocks
Shortly after we had taken over the portfolio, Russia invaded
Ukraine. This had a meaningful impact on the portfolio, and our
positions in more cyclical companies listed in Europe were
particularly painful. As a result, the sectors that helped most in
the period since the portfolio transitioned were those that were
either defensive, or with better structural growth.
Pharma and Medtech was our top contributing sector, driven by a
number of different names. Two of the western world's biggest
healthcare challenges are diabetes and obesity, and Novo Nordisk, a
Danish pharmaceutical company, has developed new treatments for
both these diseases. This name was our largest notable contributor
to returns within this sector and its outlook is very positive. The
company estimates that its recently approved diabetes treatment,
Semaglutide, has the potential to generate $20 billion of revenue
per year. Novo Nordisk offers diabetes treatments in both
injectable and tablet forms, which gives physicians broader options
when considering the most effective treatment for individual
patients. The company's anti-obesity drug, Wegovy, was also
approved in recent months. Novo Nordisk believes that there are 20
million people in the US alone who will be eligible for this
treatment in 2022, and we believe the high expectations for this
treatment will be met, once it is launched. In anticipation of its
ongoing success, this stock remains one of our core holdings.
Bristol-Myers Squibb and Abbvie were also strong contributors in
this sector. Both were trading at meaningful discounts to their
peers because of concerns around the durability of their core
franchises, as well as questions over the future revenue generation
of their pipelines. We believe that in both cases, the longevity of
their businesses and the productivity of their R&D spend are
underappreciated, and we continue to own both.
Media was the second largest contributor to outperformance. Meta
- formerly known as Facebook
- was a company we did not own initially, as we felt that the
valuation at Alphabet was more attractive. Meta then saw a
significant decline in its share price after disappointing results
- both from a revenue perspective, but also from a user
perspective. We felt that both these issues were temporary, and
more importantly the stock was now far too cheap. We took advantage
of the volatility to purchase Meta, switching out of Alphabet, as
the valuation disparity between the two was as wide as it had ever
been.
We have different buckets of exposure through the portfolio to
names that are yet to see an earnings recovery after the pandemic.
Marriott was a notable outperformer here. We like this name because
it is not only well insulated from inflation, but may actually
benefit from rising prices. Marriott is largely a franchise
business, so it does not own or operate the hotels which carry its
name and is thus not as exposed to wage pressures as its
competitors with more traditional business models. At the same
time, the franchise fee will benefit from consumers traveling
more.
Chevron was our single largest contributor in the past few
months. With the invasion of Ukraine by Russia, the oil price rose
significantly, and this fed through to companies in the Energy
sector. We like the name for their clear financial discipline,
strong balance sheet, and attractive dividend yield. We expect the
oil price will normalise at some point, but still believe Chevron
is well positioned to outperform.
The situation in Ukraine did of course lead to pain for a number
of our holdings. Societe Generale is one such example, and it was
the largest detractor during the review period. Their business in
Russia meant that they would experience a meaningful hit to their
Common Equity Tier 1 ("CET1") ratio, as well as short-term losses.
With the potential for this to impact future returns to
shareholders, we made the difficult decision to exit the name.
Another name that sold off during the invasion was Volvo. The
company reported strong results during this period, but general
concerns about the impact of a war on the European economy,
industrial activity, and ultimately the heavy truck cycle led to a
meaningful de-rating. We did not see this as a change to our
thesis, and are comfortable continuing to own the name.
The same concerns that hit Volvo also hit the Industrial
Cyclicals sector, and we saw a pullback in a number of names. These
included companies such as Safran and Deutsche Post, but the poor
performance was not limited to Europe. Ingersoll Rand and Trane
Technologies - two US companies with strong growth trajectories -
also got hit by this wave of pessimism. We continue to believe in
their long-term growth and have maintained positions.
Portfolio positioning and outlook
There is much to be uncertain about in the world (and in
markets) today. The common concerns are around the persistence of
inflation, and what that means for Central Bank tightening around
the world, which in turn impacts asset prices. There are concerns
over the supply chain constraints that still exist, and how that
will feed inflation. There are concerns around the war in Ukraine,
the way that feeds through into commodity and food prices, and how
that drives (yes, you guessed it), inflation. Then of course we
have to think about the potential demand destruction and economic
slowdown that might accompany persistently higher prices.
However there are more positive elements to this seemingly
bearish debate, not least the strong consumer balance sheets that
have been built up over the last couple of years, and the tight
labour markets that we see around the world. It would be a unique
event indeed if a recession were to occur without being preceded by
a jump in unemployment, and we see no reason to yet think this is a
foregone conclusion.
When we look at valuations of different types of companies, it
seems that a number of sectors that are considered more cyclical
are not far from fully pricing in a mild recession. Whilst at the
other end of the spectrum, there are technology stocks that remain
overvalued. Will those same stocks be defensive if the stock market
sells off? We're not so sure they will.
As a result, we choose to do what always guides us in periods of
uncertainty and volatility - we focus on our investment process,
and on identifying those companies that we believe will be great
long-term investments. If a selloff were to occur in those names,
our conviction will allow us to buy more. We do of course look to
build a well-diversified portfolio - one that is not driven by
wider market events, but instead by the idiosyncratic drivers that
allow us to select the best global ideas. This period is one where
that combination will be incredibly important.
One way that continues to manifest itself in the portfolio is
through our positions in names that have earnings recoveries
continuing to come through. The travel- exposed companies are one
such example, with Marriott now one of our largest positions.
Booking.com, the online travel agent, are also well positioned to
benefit not only from the rebound in travel, but also the continued
move to online bookings, which will continue to provide a tailwind
to their growth. Zimmer Biomet and Boston Scientific are two
medical device companies that are starting to benefit from a
recovery in surgeries in the US - and we see a long runway before
all procedures that were delayed during the pandemic are
completed.
We have recently increased gearing back to 2%. This was driven
by more reasonable long-term valuations than we have seen for some
time, and although there is much uncertainty, we believe this
leverage will be beneficial for shareholders.
Our portfolio is well balanced across a variety of stocks,
sectors and regions, and we feel strongly that the stability
delivered by our 'core' approach offers significant benefits for
shareholders, which should not be overlooked. Whilst other trusts
may see sizeable swings in their share prices, we aim to navigate
global markets and generate less volatile returns. In addition, the
income that shareholders value is much more predictable.
We would like to thank you the shareholders of this trust for
your support through this transaction and for your approval of our
appointment as Manager. We look forward to building on this
partnership, and to serving you as shareholders of The Scottish and
then as shareholders of the new combined entity.
Helge Skibeli
Rajesh Tanna
Tim Woodhouse
Investment Managers 30(th) June 2022
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its
half year report:
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company are
considered under the following categories:
-- Strategic
-- Investment portfolio and performance
-- Financial
-- Operational
-- Tax, legal and regulatory
Further information on the principal risks and uncertainties is
detailed on pages 29 and 30 of the 2021 Annual Report; they are
broadly unchanged from that year. An explanation of Financial
Instruments risks and how they are managed is set out in Note 16 on
pages 59 to 64 of the 2021 Annual Report.
These and other risks facing the Company are reviewed regularly
by the Audit Committee and the Board, including the ongoing risks
of the Covid-19 pandemic, the change of Manager to JPMorgan Funds
Limited, the proposed combination of the Company's assets with
JPMorgan Global Growth & Income plc and more recently the
Russian invasion of Ukraine and their potential impact on the
Company and its portfolio.
Responsibility statement
The Board of Directors confirms that to the best of its
knowledge:
a) the condensed set of Financial Statements has been prepared
on a going concern basis and in accordance with Financial Reporting
Standard 104 and gives a true and fair view of the assets,
liabilities, financial position and return of the Company;
b) the Interim Report includes a fair review of the information
required by Disclosure Guidance and Transparency Rule 4.2.7R
(indication of important events during the first six months, 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
c) the Interim Report includes a fair review of the information
required by Disclosure Guidance and Transparency Rule 4.2.8R
(disclosure of related party transactions and changes therein).
For and on behalf of the Board
James Will
Chairman 30(th) April 2022
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30(TH) APRIL 2022
Six months to Six months to Year to
30 April 2022 30 April 2021 31 October 2021
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
=========================== ======================= ========================== ==========================
Return attributable to
shareholders 35,059 68,243 72,806
=========================== ======================= ========================== ==========================
Actuarial losses relating
to pension scheme (3,983) - (766)
=========================== ======================= ========================== ==========================
Pension scheme deferred
tax on surplus 145 - 261
=========================== ======================= ========================== ==========================
Total comprehensive
income for the period 31,221 68,243 72,301
=========================== ======================= ========================== ==========================
Total comprehensive
income per share 47.18p 97.58p 106.18p
=========================== ======================= ========================== ==========================
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30(TH) APRIL 2022
Six months to 30 Six months to 30 Year to 31 October
April 2022 (unaudited) April 2021 (unaudited) 2021
GBP'000 GBP'000 (audited)
GBP'000
=============== ============================= ====================================== ==========================================
Opening
shareholders'
funds 586,501 578,519 578,519
Total
comprehensive
income 31,221 68,243 72,301
Dividend
payments (4,632) (8,220) (15,908)
Share buybacks - (45,601) (48,411)
=============== ============================= ====================================== ==========================================
Closing
shareholders'
funds 613,090 592,941 586,501
=============== ============================= ====================================== ==========================================
BALANCE SHEET
AT 30(TH) APRIL 2022
As at 30 April As at 30 April
2022 (unaudited) 2021 (unaudited)
As at 31 October
2021
(audited)
GBP'000 GBP'000 GBP'000
=========================================== ================================== ======================================= =====================================
Fixed Assets
Investments 613,562 620,106 634,256
Non-Current Assets
Pension surplus - 414 1,161
=========================================== ================================== ======================================= =====================================
Current Assets
Derivative financial assets 2,712 - -
Debtors 3,738 5,663 5,928
Cash and cash equivalents 86,151 45,670 42,705
=========================================== ================================== ======================================= =====================================
92,601 51,333 48,633
Creditors: liabilities falling due
within one year (5,750) (1,102) (6,644)
Derivative financial liabilities (3,200) - -
Net Current Assets 83,651 50,231 41,989
Total Assets less Current Liabilities 697,213 670,751 677,406
=========================================== ================================== ======================================= =====================================
Creditors: liabilities falling due
after more than one year
Long-term borrowings at amortised cost (84,123) (84,105) (84,059)
Provisions for Liabilities
Pension scheme deferred tax on surplus - (145) (406)
=========================================== ================================== ======================================= =====================================
Net Assets 613,090 586,501 592,941
=========================================== ================================== ======================================= =====================================
Capital and Reserves
Called-up share capital 16,543 16,543 16,632
Share premium account 39,922 39,922 39,922
Capital redemption reserve 54,318 54,318 54,229
Capital reserve 459,443 431,959 437,945
Revenue reserve 42,864 43,759 44,213
=========================================== ================================== ======================================= =====================================
Shareholders' Funds 613,090 586,501 592,941
=========================================== ================================== ======================================= =====================================
Net Asset Value per share (basic and
fully diluted) with borrowings at
amortised
cost 926.5p 886.3p 891.2p
=========================================== ================================== ======================================= =====================================
Number of shares in issue at period
end 66,173,178 66,173,178 66,529,521
=========================================== ================================== ======================================= =====================================
CASH FLOW STATEMENT
FOR THE SIX MONTHSED 30(TH) APRIL 2022
Six months Six months Year to
to 30 April to 31 October
2022 (unaudited) 2021
GBP'000 30 April (audited)
2021 (unaudited)
GBP'000 GBP'000
=========================================== ========================== ===================== ======================
Operating activities
Net revenue before finance costs and
taxation 6,340 10,004 19,411
Expenses charged to capital (2,322) (665) (1,101)
Decrease/(increase) in accrued income and
other receivables 574 20 (183)
(Decrease)/increase in other payables (255) 3,456 (99)
Adjustment for pension funding (3,569) - (19)
Tax on investment income (387) (1,146) (2,284)
=========================================== ========================== ===================== ======================
Cash flows from operating activities 381 11,669 15,725
=========================================== ========================== ===================== ======================
Investing activites
Purchases of investments (757,548) (303,807) (308,774)
Disposals of investments 804,867 314,412 332,196
=========================================== ========================== ===================== ======================
Cash flows from investing activities 47,319 10,605 23,422
=========================================== ========================== ===================== ======================
Cash flows before financing activities 47,700 22,274 39,147
=========================================== ========================== ===================== ======================
Financing activities
=========================================== ========================== ===================== ======================
Dividends paid (4,632) (8,220) (15,908)
Share buybacks - (44,902) (48,693)
Interest paid (2,587) (2,428) (4,857)
=========================================== ========================== ===================== ======================
Cash flows used in financing activities (7,219) (55,550) (69,458)
=========================================== ========================== ===================== ======================
Net movement in cash and cash equivalents 40,481 (33,276) (30,311)
=========================================== ========================== ===================== ======================
Cash and cash equivalents at the beginning
of period 45,670 75,981 75,981
=========================================== ========================== ===================== ======================
Cash and cash equivalents at the end of
period* 86,151 42,705 45,670
=========================================== ========================== ===================== ======================
* Cash and cash equivalents represent cash at bank and
short-term money market deposits.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30(TH) APRIL 2022
The condensed set of Financial Statements for the six months to
30 April 2022 comprises the statements set out on pages 11 to 14
together with the related notes on this page. It has been prepared
in accordance with FRS 104 'Interim Financial Reporting' and the
AIC's Statement of Recommended Practice and has not been audited or
reviewed by the Auditor pursuant to the Auditing Practices Board
Guidance on 'Review of Interim Financial Information'. The
condensed set of Financial Statements for the six months to 30
April 2022 has been prepared on the basis of the same accounting
policies as set out in the Company's Annual Report for the year
ended 31 October 2021.
The Directors have considered the nature of the Company's
principal risks and uncertainties, as set out on page 16 of this
report, including the implications of the current Covid-19
pandemic. In addition, the Company has considered its investment
objective and policy, assets and liabilities, as well as
projections of both income and expenditure and its dividend policy.
Of particular note, the assets of the Company comprise mainly
equities, listed on recognised exchanges, which are readily
realisable. It is the opinion of the Directors that the Company is
expected to be able to continue in operational existence for the
foreseeable future and, hence, the condensed set of Financial
Statements has been prepared on a going concern basis.
The information contained in this Interim Report does not
constitute statutory accounts as defined in sections 434-436 of the
Companies Act 2006. Where applicable, the figures have been
extracted from the Annual Report for the year ended 31 October 2021
which has been filed with the Registrar of Companies and which
contains an unqualified report from the Auditor.
The second quarterly interim dividend of 6.1p will be paid on 15
July 2022 to shareholders registered at 24 June 2022, with an ex
dividend date of 23 June 2022. This dividend will amount to
GBP4.0m.
The first quarterly interim dividend of GBP4.0m was paid on 13
May 2022.
Equity investments include the unlisted portfolio of GBP2.4m (31
October 2021: GBP2.4m).
The weighted average number of shares in issue during the
half-year was 66,173,178 (2021: 68,089,959) and this figure has
been used in calculating the return per share shown in the income
statement. The net asset value per share at 30 April 2022 has been
calculated using the number of shares in issue on that date which
was 66,173,178 (31 October 2021: 66,173,178).
Analysis of Changes in Net Debt
31 October Non-cash 30 April
2021 Cash flows movements 2022
GBP'000 GBP'000 GBP'000 GBP'000
=================================== ========== ============ ============== ========
Cash 30,670 (26,991) - 3,679
Short-term deposits 15,000 (15,000) - -
Cash equivalents - 82,472 - 82,472
Long-term borrowings at amortised
cost (84,105) - (18) (84,123)
=================================== ========== ============ ============== ========
Total (38,435) 40,481 (18) 2,028
=================================== ========== ============ ============== ========
JPMORGAN FUNDS LIMITED
30(th) June 2022
For further information, please contact:
Divya Amin
For and on behalf of
JPMorgan Funds Limited
020 7742 4000
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
S
A copy of the half year will be submitted to the National
Storage Mechanism and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The half year will also shortly be available on the Company's
website at www.theScottish.co.uk where up to date information on
the Company, including daily NAV and share prices, factsheets and
portfolio information can also be found.
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END
IR FLFESRLIIVIF
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