Final Results
ALLIANCE TRUST PLC
FINAL RESULTS FOR THE YEAR TO 31 JANUARY 2008
ALLIANCE TRUST ANNOUNCES ITS RESULTS FOR YEAR TO 31 JANUARY 2008
* Net asset value down 4.6% in harsh year for stock markets when FTSE
All-Share fell 6.6%
* Equity portfolio results mixed amid extreme volatility. UK Large Cap and
North America outperformed their respective benchmarks
* Risk profile held low by defensive stockpicking and continuing
diversification across asset classes
* Investment in private equity strengthened while property income doubled to
£4m
* Revenue from financial services subsidiary, Alliance Trust Savings, up 19%
* Above-inflation increase in annual dividend, up 4.3% to 7.9p per share
Alliance Trust PLC, announced today that its revenue rose to £82.6m in the year
to 31 January 2008, from £68.1m in the previous financial year. However, the
net asset value of the Company fell to £2,699m in the 12 months to 31 January
2008 from £2,832m the year before. In a volatile year, a sharp fall in stock
markets in January 2008 alone when the FTSE All-Share fell 8.7%, erased gains
made to the end of the previous 11 months.
Alliance Trust Chief Executive Alan Harden said, "Our focus on pursuing real
long-term returns substantially above the rate of inflation prompted us to
position ourselves in defensive stocks and maintain a risk averse stance that
is appropriate in extremely challenging markets. Throughout the financial year,
with increasing volatility in stock markets, we re-entered the market
selectively to invest in well-run companies that were being unjustly marked
down. By investing on what turned out to be some of the worst days of the year
for markets we believe we have added to the potential for outperformance of our
equity portfolio."
"We were heartened that our revenue continued to grow. We continue to develop
our long-term strategy to create sustainable wealth by investing in a broad
range of assets and our subsidiaries which have great potential to generate
rising returns in both capital and income."
Chief Investment Officer Katherine Garrett-Cox said, "We enhanced our
investment process last year, continuing to concentrate our quoted equities
portfolio in a focused selection of stocks while taking decisions that made a
notable difference, such as reducing exposure to Japan, and switching in favour
of Asia and North America."
"We increased investment in private equity during a more difficult year for
quoted equities. Quoted equities remain our principal area of investment and we
largely hold defensive stocks and companies that will benefit from continuing
emerging market growth. We were pleased to see that income from our property
portfolio doubled in the year and, with commercial property prices falling to
levels that are now more attractive, will be seeking opportunities to increase
investment in prime properties where we are confident rental levels will hold
up."
"The coming year will continue to be challenging, with the credit squeeze
hampering global growth. However, we have positioned ourselves in high-quality,
well-managed companies which have the ability to perform well through different
economic cycles. This approach helped us outperform in the notoriously
difficult North American market where our regional portfolio rose 5.9% compared
to a 2.4% loss in the regional benchmark index. We were also able to outperform
in UK Large Cap in spite of volatile conditions. Meanwhile, we are broadening
our portfolio to give even greater protection against risk, building on our
position in private equity in particular, where our access to capital and our
strong team give us a head-start in generating future growth in capital and
income. We retain the flexibility to increase borrowing should we consider it
appropriate."
Contacts
Jane Holligan,
Media Relations Manager Henrietta Guthrie/Anna Schirmer
Alliance Trust Lansons Communications
Tel +44 (0)1382 306064 Tel +44 (0)20 7294 3612/ 3605
Mobile 07745 783212
Email alliancetrust@lansons.com
Email jane.holligan@alliancetrust.co.uk
Web www.alliancetrust.co.uk
For investor enquiries contact:
Kelly O'Donnell, Head of Investor Relations
Alliance Trust
Tel +44 (0) 1382 306036
Mob +44 (0)784 3369522
Email kelly.odonnell@alliancetrust.co.uk
FINANCIAL SUMMARY (Company)
31 January 31
January
2008 2007
Change
Company Statistics
Net asset value (basic) 402.3p 421.5p (4.6%)
Net asset value 401.7p 421.4p (4.7%)
(diluted)
Share price 338.0p 365.5p (7.5%)
Dividend 7.9p 7.575p 4.3%
TER (Proforma) 0.56% 0.39%
Discount to basic Net 16.0% 13.3%
Asset Value
Total Shareholder Return (5.6%)* 7.5%**
Indices
RPI (Retail Prices 4.1%* 4.2%**
Index)
FTSE All-Share Index 3000.1 3211.8 (6.6%)
* Year to 31 January 2008
** Year to 31 January 2007
DIVIDEND
Interim dividends of 1.9p were paid on 30 July 2007, 31 October 2007 and 31
January 2008. A fourth interim dividend of 2.2p will be paid on 30 April 2008.
Total dividends payable for the year to 31 January 2008 will therefore be 7.9p,
an increase of 4.3% on last year's dividend payment of 7.575p.
In the absence of any unforeseen developments, we expect to be able to
recommend quarterly interim dividends of 2p payable on or around 31 July 2008,
31 October 2008 and 30 January 2009, and a fourth interim dividend of at least
2p payable on or around 30 April 2009.
CHIEF EXECUTIVE'S STATEMENT
A year ago I wrote of our growing apprehension about the valuations placed on
financial assets and the way that risk was being priced by investors. We,
therefore, began this financial year with reduced exposure to quoted equities
and with 7.4% of our assets held in cash.
We were earlier than most in adopting this cautious stance and, with the
benefit of hindsight, we should have been even more defensive throughout 2007.
The troubles that hit the financial sector in the middle of the year and
spilled out into all sections of the US and world financial markets were deeper
and have lasted longer than we expected. The effects are still causing
uncertainty today.
Overall, in our last financial year, stock markets delivered a harsh reminder
of the challenge we face when investing to generate a substantial, positive
real gain regardless of the investment environment and market conditions.
However, the difficulties in the credit market and the resulting market
turbulence also underlined the value of the strong diversified balance sheet of
Alliance Trust.
We are disappointed with our results, particularly for capital growth, for the
year. With a negative total shareholder return of 5.6%, we did outperform the
FTSE All Share Index on a NAV basis, which fell 6.6%. Throughout last year the
discount remained high and ended the year at 16.0%. We believe that this level
of discount undervalues our Company. Our target is substantially to outperform
a real return measure over the medium to long term. Over both a three and five
year period this objective has been achieved. However, we have underperformed
our real return target on a one year basis.
As Alliance Trust celebrates its 120th year, we are more conscious than most
that economic and market cycles bring potential benefits for an investment
company with a long term outlook. Last year's events have reinforced our
commitment to a diversified multi-asset class investment strategy; to deliver
substantial and sustainable investment performance complemented by returns from
our financial services subsidiaries. The classes in which we invest are quoted
equities, private equity, property and our subsidiaries. We believe that by
executing this strategy the resulting growth in our Company's value and
earnings will deliver a substantial benefit to all our shareholders and, in so
doing, address the current discount between our share price and our net asset
value in a sustainable manner.
We ended the year with 5.4% (2.8%) in private equity, 3.4% (2.8%) in property
and 1.5% (1.7%) in subsidiaries. The extent of due diligence required when
investing in property and private equity does, however, mean that finding the
best investments takes time. The total invested in private equity increased in
absolute terms. Quoted equity investment at the year end was 93.5% (84.2%). Net
gearing at the year-end was 4.8%, compared to the 2007 year-end when the
portfolio was not geared and we held 7.4% cash.
Improvements in revenue were heartening for our strategy to deliver future
returns from growth in both revenue and capital. Our aim is to create value
within our group and we expect our investment in subsidiary companies to
deliver further returns both through a reassessment of their enterprise value
as well as through future improvements in revenue. In the last financial year,
business units, including property, private equity and our financial services
subsidiary, all delivered higher revenue, showing how several income streams
from different business areas can help to offset capital losses in years of
exceptional volatility on markets.
Our immediate priority is to improve our Company's investment performance and
we have put in place improved processes that will allow us to invest with
greater flexibility, magnify the effect of investment decisions and increase
the tools at our disposal. Our new Chief Investment Officer Katherine
Garrett-Cox has been instrumental in driving this and creating a stronger
structure for decision making.
We remain concerned about the outlook for western economies and markets over
the rest of this year. The US economy may already be in recession, and policy
to correct this could take some time to take effect. Policy makers in the US
have responded swiftly with a combination of fiscal and monetary measures but
the proposed tax rebates will not be delivered until later in the year and the
squeeze in the financial markets has prevented interest rate cuts from being
fully passed on. Meanwhile corporate margins are expected to remain under
pressure.
These problems may prove to be even more acute in the UK. Although we have had
three cuts in interest rates so far, there are few signs of these being passed
on to consumers. Households are struggling under considerable debt and rising
basic costs, access to credit is becoming increasingly difficult, and
discretionary consumer spending is coming under considerable pressure. Our
concerns are magnified by the relatively slow response of policymakers who are
grappling with rising inflation and a fiscal budget which was looking
particularly stretched, even before this downturn began. The UK has enjoyed 15
years of continuous growth but now faces the threat of a major slowdown.
We are more positive about our outlook for Asia, where we expect economic
activity to hold up relatively well. If turmoil in financial markets in the
West can be largely contained, then the momentum for longer term growth in the
East should continue.
Alliance Trust has lower volatility, and hence risk, than many of our peers.
Our five-year share price volatility, which is considered a fair measure of
risk, was almost the lowest of all our peer group. Higher returns than ours
generally came only when companies took on high levels of risk.
We are committed to managing risk actively to achieve an appropriate level of
reward. Our current risk averse portfolio gives us scope to increase risk
towards the median level so as to increase rewards. The current level of
gearing is modest, particularly since our growing diversification across
different asset classes helps offset risk. As we diversify further, we would
expect to increase borrowing gradually to take advantage of market
opportunities in any asset class.
We are pleased by the progress of our private equity team. We increased our
investments in this asset class from £81m to £145m. In addition, we entered
into a series of relationships with private equity managers who have track
record, resources and expertise, investing in their management companies and
funds as well as coinvesting directly alongside them in companies we find
attractive. In this way we seek to maximise the benefit we get from each
relationship.
Although the short-term market turned against commercial property, with capital
valuations falling, revenue from our property portfolio doubled. Our property
portfolio is a defensive one since it targets first-class property in
aspirational areas. The value to the Company of its property investments is the
future income that they will generate and rental income on our portfolio
remains attractive. Falling prices, along with a squeeze on credit, means that
opportunities are appearing and we are rebuilding our property team to take
advantage of these as they arise.
We continue to develop our complementary subsidiary financial services
businesses, primarily Alliance Trust Savings, which offers services including
sharedealing, tax efficient ISAs and self invested personal pensions (SIPPs).
Alliance Trust Savings' continued investment in systems has provided it with a
more robust infrastructure as well as positioning it to grow and deliver
enhancements to its products and services which will satisfy the needs of the
informed private investor and open up a new market among all advisors. During
the year we have addressed challenges in our full SIPP business through
relocating administration functions to Dundee. Revenue and client numbers at
Alliance Trust Savings continued to grow strongly during the year.
We are creating a UK asset management business further to exploit our core
competencies and to create an additional revenue stream for the Company. This
new company will give investors access to the Alliance Trust style of
investment in a range of specialist funds. Like Alliance Trust Savings, this
company is 100% owned by Alliance Trust PLC.
The successful completion in Spring 2009 of our new headquarters in Dundee will
further enhance our drive for greater efficiency across the group by bringing
together teams from three premises into one so that we may continue to build
businesses that work well together. Already this work is well advanced.
The main focus of our business this year will be:
* To continue to improve our investment performance and increase the positive
effect of our asset allocation
* To reach operational profitability in Alliance Trust Savings
* To develop our UK asset management business
Consolidated Income Statement
For the year ended 31 January 2008
2008 2007
£000
Revenue Capital Total Revenue Capital Total
Revenue
Deposit interest 14,184 - 14,184 11,009 - 11,009
Dividend income 73,035 - 73,035 58,750 - 58,750
Mineral rights income 1,633 - 1,633 1,819 - 1,819
Rental income 4,016 - 4,016 1,906 - 1,906
Gains and losses on
investment
Loss on fair-value - (2,255) (2,255) - (54,243) (54,243)
designated investments
unrealised
(loss)/profit on - (116,634) (116,634) - 201,655 201,655
fair-value designated
investments realised
(loss)/profit on - (11,820) (11,820) - 1,861 1,861
investment property
held
Other operating income 9,331 - 9,331 7,763 - 7,763
Total revenue 102,199 (130,709) (28,510) 81,247 149,273 230,520
Administrative (38,114) (1,234) (39,348) (25,395) (462) (25,857)
expenses
Merger expenses - - - - (2,461) (2,461)
Finance costs (5,727) (2,681) (8,408) (3,199) (1,224) (4,423)
Foreign exchange gains 28 1,786 1,814 - (1,651) (1,651)
/(losses)
-------- -------- -------- -------- -------- --------
Profit/(loss)before 58,386 (132,838) (74,452) 52,653 143,475 196,128
tax
Tax (3,052) 274 (2,778) (4,329) 367 (3,962)
-------- -------- -------- -------- -------- --------
Profit/(loss)for the 55,334 (132,564) (77,230) 48,324 143,842 192,166
period
======== ======== ======== ======== ======== ========
Attributable to:
- Minority interest (10) (658) (668) (664) 202 (462)
- Equity holders of 55,344 (131,906) (76,562) 48,988 143,640 192,628
the parent
-------- -------- -------- -------- -------- --------
55,334 (132,564) (77,230) 48,324 143,842 192,166
======== ======== ======== ======== ======== ========
Earnings/(loss) per
share from continuing
operations
attributable to equity
holders of the parent
Basic (p per share) 8.25 (19.65) (11.40) 8.08 23.70 31.78
Diluted (p per share) 8.24 (19.65) (11.41) 8.08 23.70 31.78
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
2008 2007
£000 Revenue Capital Total Revenue Capital Total
Income and expense
recognised directly in
equity:
Defined benefit plan net 1,404 - 1,404 304 - 304
actuarial gains
Retirement benefit (399) - (399) (131) - (131)
obligations deferred tax
Profit/(loss) for the 55,334 (132,564) (77,230) 48,324 143,842 192,166
period
======== ======== ======== ======== ======== ========
Total recognised income 56,339 (132,564) (76,225) 48,497 143,842 192,339
and expense for the period
Attributable to:
- Minority interest (10) (658) (668) (664) 202 (462)
- Equity holders of the 56,349 (131,906) (75,557) 49,161 143,640 192,801
parent
======== ======== ======== ======== ======== ========
56,339 (132,564) (76,225) 48,497 143,842 192,339
COMPANY INCOME STATEMENT
For the year ended 31 January 2008
2008 2007
£000 Revenue Capital Total Revenue Capital Total
Revenue
Deposit interest 4,968 - 4,968 4,847 - 4,847
Dividend income 72,000 - 72,000 59,549 - 59,549
Mineral rights income 1,633 - 1,633 1,819 - 1,819
Rental income 4,016 - 4,016 1,906 - 1,906
Gains and losses on
investments
Loss on fair value - (11,293) (11,293) - (55,894) (55,894)
designated
investments
unrealised
Loss/profit on fair - (116,227) (116,227) - 201,680 201,680
value designated
investments realised
(Loss)/profit on - (11,820) (11,820) - 1,861 1,861
investment property
Other operating 3 - 3 - - -
income
-------- -------- -------- -------- -------- --------
Total revenue 82,620 (139,340) (56,720) 68,121 147,647 215,768
Administrative (14,092) (935) (15,027) (9,642) (439) (10.081)
expenses
Merger expenses - - - - (2,461) (2,461)
Finance costs (1,354) (2,681) (4,035) (622) (1,224) (1,846)
Foreign exchange - 1,786 1,786 - (1,651) (1,651)
gains/(losses)
-------- -------- -------- -------- -------- --------
Profit/(loss)before 67,174 (141,170) (73,996) 57,857 141,872 199,729
tax
Tax (5,648) 274 (5,374) (5,405) 367 (5,038)
-------- -------- -------- -------- -------- --------
Profit/(loss)for the 61,526 (140,896) (79,370) 52,452 142,239 194,691
period
======== ======== ======== ======== ======== ========
Attributable to:
Equity shareholders 61,526 (140,896) (79,370) 52,452 142,239 194,691
Earnings/(loss) per
share from continuing
operations
attributable to
equity shareholders
Basic (p per share) 9.17 (20.99) (11.82) 8.66 23.47 32.13
Diluted (p per share) 9.16 (20.99) (11.83) 8.65 23.47 32.12
COMPANY STATEMENT OF RECOGNISED INCOME AND EXPENSE
2008 2007
£000 Revenue Capital Total Revenue Capital Total
Income and expense
recognised directly in
equity:
Defined benefit plan 1,404 - 1,404 304 - 304
actuarial gains
Retirement benefit (399) - (399) (131) - (131)
obligations deferred tax
Profit/(loss) for the 61,526 (140,896) (79,370) 52,452 142,239 194,691
period
======= ======== ======== ======= ======= =======
= = = =
Total recognised income and 62,531 (140,896) (78,365) 52,625 142,239 194,864
expense for the period
Attributable to:
- Equity shareholders 62,531 (140,896) (78,365) 52,625 142,239 194,864
BALANCE SHEETS
As at 31 January 2008 GROUP COMPANY
2008 2007 2008 2007
£000
Non-current assets
Investments held at 2,729,397 2,538,385 2,741,812 2,550,524
fair value
Investment property 80,100 67,145 80,100 67,145
Property, plant and
equipment:
Office premises 3,884 900 3,884 900
Other fixed assets 36 32 5 14
Intangible assets 16,763 14,808 1,474 1,514
Retirement benefit 1,617 181 1,617 181
surplus
Deferred tax assets - 1,162 - -
---------- ---------- ---------- ----------
2,831,797 2,622,613 2,828,892 2,620,278
Current assets
Other receivables 48,171 29,643 33,492 14,572
Withholding tax 1,013 871 1,013 871
debtor
Corporation tax 875 2,312 500 -
debtor
Cash and cash 227,653 346,571 30,328 208,647
equivalents
---------- ---------- ---------- ----------
277,712 379,397 65,333 224,090
Total assets 3,109,509 3,002,010 2,894,225 2,844,368
Current liabilities
Other payables (236,796) (155,194) (33,738) (10,979)
Tax payable - (1,473) (2,379) (1,559)
Bank overdrafts and (159,000) (5,188) (159,000) -
loans
---------- ---------- ---------- ----------
(395,796) (161,855) (195,117) (12,538)
Total assets less 2,713,713 2,840,155 2,699,108 2,831,830
current liabilities
Non-current
liabilities
Deferred tax (1,546) - (168) (214)
liabilities
---------- ---------- ---------- ----------
Net assets 2,712,167 2,840,155 2,698,940 2,831,616
Equity
Share capital 16,798 16,798 16,798 16,798
Capital reserves 1,966,300 2,096,078 1,962,892 2,106,487
Merger reserve 645,335 645,335 645,335 645,335
Revaluation reserve 608 - 608 -
Capital redemption 2,200 2,200 2,200 2,200
reserve
Revenue reserves 73,550 73,454 71,107 60,796
Equity attributable 2,704,791 2,833,865 2,698,940 2,831,616
to equity holders of
the parent
Minority interest 7,376 6,290 - -
Total equity 2,712,167 2,840,155 2,698,940 2,831,616
Net Asset Value per
ordinary share
attributable to
equity holders of the
parent
Basic (£) £4.03 £4.22 £4.02 £4.22
Diluted (£) £4.03 £4.22 £4.02 £4.21
Cash Flow Statement
For the year ended 31 GROUP COMPANY
January 2008
2008 2007 2008 2007
£000
Cash Flows from operating
activities
(Loss)/profit before tax (74,452) 196,128 (73,996) 199,729
Adjustments for:
Losses/(gains) on 130,709 (149,273) 139,340 (147,647)
investments
Foreign exchange (gains)/ (1,814) 1,651 (1,786) 1,651
loans
Scrip dividends (311) (617) (311) (617)
Bond premium amortisation - 222 - -
Depreciation 45 19 9 9
Amortisation of 1,562 177 391 28
intangibles
Share based payment 885 372 563 292
expense
Interest pay 8,408 4,423 4,035 1,846
--------- --------- --------- ---------
Operating cash flows 65,032 53,102 68,245 55,291
before movements in
working capital
Increase in amounts due 50,526 36,661 - -
to depositors
Decrease/(increase) in 358 (13,643) (34) (2,192)
receivables
Increase in payables 10,613 11,098 2,296 480
--------- --------- --------- ---------
Net cash from operating 126,529 87,218 70,507 53,579
activities before income
taxes
Taxes recovered/(paid) (3,594) (4,760) (5,641) (4,178)
--------- --------- --------- ---------
Net cash inflow from 122,935 82,458 64,866 49,401
operating activities
========= ========= ========= =========
Cash flows from investing
activities
Proceeds on disposal of 1,382,985 870,835 1,382,985 865,266
fair value through profit
and loss investments
Purchases of fair value (1,690,930) (645,326) (1,699,837) (643,751)
through profit and loss
investments
Cash and cash equivalents - 23,596 - 23,596
acquired through merger
Purchase of investment (24,775) (36,684) (24,775) (36,684)
properties
Purchase of plant and (49) (35) - (16)
equipment
Purchase of intangible (570) (4,536) (351) (1,368)
assets
Purchases in respect of (2,984) - (2,984) -
new head office
Purchase of business and - (224) - -
subsidiary undertaking
--------- --------- --------- ---------
Net cash (outflow)/inflow (336,323) 207,626 (344,962) 207,043
from investing activities
========= ========= ========= =========
Cash flows from financing
activities
Dividends paid - Equity (51,334) (50,136) (51,334) (50,136)
Purchase of own shares (3,640) (321) (3,640) (321)
New bank loans raised 159,000 5,188 159,000 -
Repayment of borrowing (5,188) (54,837) - (54,837)
Minority interest 2,226 2,616 - -
investment in PATIF*
Dividends (paid to) - (125) - -
minority interest
Interest payable (8,408) (4,423) (4,035) (1,846)
--------- --------- --------- ---------
Net cash inflow/(outflow) 92,656 (102,038) 99,991 (107,140)
from financing activities
Net (decrease)/increase (120,732) 188,046 (180,105) 149,304
in cash and cash
equivalents
Cash and cash equivalents 346,571 160,176 208,647 60,994
at beginning of period
Effect of foreign 1,814 (1,651) 1,786 (1,651)
exchange rate changes
--------- --------- --------- ---------
Cash and cash equivalents 227,653 346,571 30,328 208,647
at end of period
========= ========= ========= =========
* Premier Alliance Trust Investment Funds Limited.
The income statement is the profit and loss account of the Company.
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 January 2008 or 2007 but is derived
from those accounts.
Statutory accounts for 2007 have been delivered to the Registrar of Companies
and those for 2008 will be delivered following the Company's Annual General
Meeting. The auditor has reported on those accounts. The report was
unqualified.
Notes to the Financial Statements
1. Expenses comprise £15,027,000 (£10,081,000 restated to include £215,000 more
in comparative expenses due to movement of mineral rights/property expenses
into expenses - not netted against income) incurred by the Company, and £
24,321,000 (£15,776,000) incurred by subsidiary companies. Taking guidance from
the Statement of Recommended Practice "Financial Statements of Investment Trust
Companies" the cost of the Senior Management Equity Incentive Plan and Long
Term Incentive Plan deemed to be related to the capital performance of the
Company has been treated as a capital expense of £935,000 (£439,000).
2. The diluted earnings per share is calculated using the weighted average
number of ordinary shares, which is arrived at by taking account of 1,108,624
(162,939) ordinary shares acquired by the Trustee of the Employee Benefit Trust
("EBT") with funds provided by the Company. The basic earning per share is
calculated by adding back these shares.
The Net Asset Value per share excludes, for the purpose of these disclosures,
the 1,108,624 (162,939) ordinary share acquired by the Trustee of the EBT with
funds provided by the company.
3. All expenses are accounted for on an accruals basis. In respect of the
analysis between revenue and capital items presented within the income
statement, all expenses have been presented as revenue items except as follows:
- Expenses which are incidental to the acquisition of an investment are
included within the cost of that investment.
- Expenses which are incidental to the disposal of an investment are deducted
from the disposal proceeds of the investment.
- The Directors have determined to allocate annual bonus and Senior Management
Equity Incentive Plan costs which relate to the achievement of investment
manager performance objectives and total stockholder return performance
objectives against capital profits and those that relate to the achievement of
job performance objectives against revenue profits.
- The Directors have determined to allocate two thirds of the cost of bank
indebtedness incurred to finance investment against capital profits with the
balance being allocated against revenue profits.
Number of Issued Shares
Ordinary Shares of 2.5p 671,909,760
POSTING ARRANGEMENTS
The Report and Accounts will be posted to shareholders on Thursday, 24 April
2008 and will be available on the Company's website www.alliancetrust.co.uk on
Friday, 25 April 2008. It will also be made available to the public at the
Company's registered office, Meadow House, 64 Reform Street, Dundee DD1 1TJ and
at the offices of the Company's Registrar, Computershare Investor Services PLC,
Lochside House, 7 Lochside Avenue, Edinburgh Park, Edinburgh EH12 9DJ on and
after Friday, 25 April 2008.
ANNUAL GENERAL MEETING
The Company's Annual General Meeting will be held on Friday, 23rd May 2008 at
11.00 am at the Hilton Dundee, Earl Grey Place, Dundee DD1 4DE.
In addition to the full annual report, up-to-date performance data, details of
new initiatives and other information about the Company can be found on the
Company's website.
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