Half-yearly Report

CAPITAL GEARING TRUST P.L.C. (the "Company") Announcement of the Half-Year Financial Report for the six months ended 5 October 2013 Interim Management Report Chairman's Overview As at 5 October 2013, the net asset value per share was 3,097.4p. For the reasons explained in more detail in this report, the past six months have proved to be a very difficult period for investors holding defensive assets. Against a background of rising bond yields and a stronger Sterling exchange rate, the net asset value per share fell by 3.2% since 5 April 2013. Bond markets fell more heavily than this, while equity markets moved ahead, with most leading indices showing modest growth. Notwithstanding the negative short-term performance, the portfolio remains well positioned to deliver absolute returns to investors over the longer term. Moreover, mindful that the Company's stated aim is to preserve capital as well as to grow its assets, a defensive strategy continues to be adopted. Board Refreshment I am delighted to welcome Alastair Laing to the Board of Capital Gearing Trust P.l.c. Since joining CG Asset Management Limited ("CGAM") in 2010, Mr Laing has worked alongside Peter Spiller as our investment manager. A chartered accountant, Mr Laing, aged 36, joined CGAM from Hg Capital LLP (a pan-European private equity fund) and previously worked with the mergers and acquisitions team at Deloitte LLP. He is a graduate of Edinburgh University and was an MBA Scholar at London Business School. I can also report that Mr Spiller, having served as a director since 1986, has indicated that he will not stand for re-election at the next AGM which will be held on 11 July 2014. He remains in his role as co-investment manager with Mr Laing and as Chief Executive of CGAM. The Board's aim is to refresh the governance of the Company; there will be no change in the investment management. Mr Spiller continues to enjoy actively managing the trust and his day-to-day role will remain unchanged. Investment Review Excess liquidity associated with quantitative easing has pushed up all asset prices to levels that could not be justified in a normal interest rate environment. This poses specific challenges for asset allocators; safe haven assets trade at levels that provide limited safety at the same time as risk assets expose investors to potentially material capital loss. Which of these unedifying prospects should be chosen? The Company's asset allocation has remained little changed, broadly spread and defensively positioned with a focus on inflation protection. The first half of the year proved to be a very difficult one for the defensive assets that make up a majority of the portfolio. The ripples caused by the potential future tapering of the quantitative easing programme in the US spread to all corners of the global debt markets. There was a marked rise in long interest rates and an associated fall in prices in all safe haven bond markets. Index-linked and conventional government bonds make up close to 50% of the portfolio, so the fund's performance has been poor during the six-month period. Fortunately the duration of these bonds was actively shortened ahead of the sell-off which helped to blunt the worst of the rate rise. Further headwinds were caused by the strength of the pound, as the Company has significant overseas holdings and all currency exposure is unhedged. Whilst it is scant consolation, at least a significant bear market in the largest asset class combined with a strong pound did not cause a more significant fall in the Company's net asset value. The fall would have been greater had the investment trust holdings, representing approximately 24% of the portfolio, not performed very strongly. A significant holding, Jupiter Green Investment Trust Plc, introduced a zero discount policy causing a strong increase in share price. Impax Asian Environmental Markets Plc, another large holding, liquidated and distributed proceeds to investors having previously traded on a wide discount. Indeed discounts on almost all investment trusts have narrowed, as the equity bull market matures, so on average, discounts are now narrower than in 2007. As a result there have been limited new additions to the investment trust portfolio and typically those opportunities pursued have been low beta with limited or no discount risk. The strength and duration of the equity bull market has allowed a number of the convertible debt holdings to be converted into equity. These include Aberdeen Asian Smaller Companies Investment Trust Plc and Standard Life Smaller Companies Trust Plc. With hindsight, fund returns would have been even better had the ordinary equity been held. However, on a risk-adjusted basis these convertible debt instruments have delivered strong returns and demonstrated their attraction within a risk averse portfolio. Investment Outlook The fear of inflation has slipped down the list of investors' concerns as time goes by, without the quantitative easing producing any notable acceleration in the indices of consumer prices. Nevertheless, the environment for inflation continues to deteriorate as money printing in the US, and now Japan, reaches ever greater magnitude. The decision to defer the taper in the USA underlines that point. Admittedly the current rate of price increases is fairly stable, but it is at levels that are higher than would normally be expected at a time of large output gaps, with associated weak wage growth. A tighter labour market may be key to moving inflation above its current range. The consensus of economists appears to be that wages in the UK will pick up in the fourth quarter of 2014. However, there is a difference between real increases in salaries and merely maintaining real incomes. The latter alone would imply increases of 3% or so (using the RPI) and it may be difficult for employers to offer less this coming spring at a time of economic recovery. Higher inflation is inevitable given historic rates of printing, unless the vast quantities of securities purchased by central banks are sold back to the market with subsequent recessionary consequences. These recessionary consequences make reversal of the policy unlikely. A marked improvement in productivity could help offset some of the inflationary pressures; however recent history is discouraging. The portfolio therefore continues to emphasise inflation protected securities. One feature that has been painful over the last six months has been the strength of sterling. That looks to be against the wishes of Governor Carney and unhelpful to growth in the UK. Against the US dollar, the pound looks expensive, especially since a recovering economy does not imply an early increase in interest rates. Indeed the whole policy of financial repression requires that interest rates remain well below the rate of inflation. Interestingly, the 2015 UK elections do not seem to be important to the currency markets yet; a sharp swing to the left at the Labour conference saw no reaction despite the likelihood that they may be the largest party on polling day. That may change with time; in May the election will be a year away and the currency markets may start to take note. Equity markets continue to be buoyed by exceptional liquidity and actually seem to have been supported by talk of the taper, since bond markets no longer offer a rival attraction. Indeed, it is likely that conventional bonds have completed their 30-year bull market and are now working their way erratically to higher nominal yields. In a normalised interest rate environment, equities look expensively priced with little momentum in growth of earnings. Numerous signs of complacency have reached new levels, ranging from margin debt through covenant light loans and record low short positions. However, with printing continuing at a huge rate in the US and Japan and short-term interest rates remaining exceptionally low, markets may continue to be pushed up. Risk, though, is high. Indeed, as a general statement, the price of all financial assets has been driven to unusual levels. The portfolio maintains a broad spread of assets to mitigate the risk inherent in such overvaluation. As in the past, there is reason to expect our equities to outperform the market, but discounts as a whole are tight. Issue of Shares As stated in our Annual Report, the Board operates an informal discount/premium control mechanism in order to help satisfy market supply and demand imbalances. In accordance with the authority given to directors at the 2013 Annual General Meeting, 5,000 Ordinary Shares were issued on 30 July 2013 at a price of 3,567p, representing a 15% premium to the prevailing net asset value. Alternative Investment Fund Managers ("AIFM") Directive The AIFM Directive creates a European-wide framework for regulating managers of 'alternative investment funds', including investment trusts. The Board is working actively to determine the best course of action to optimise the benefits of the Directive for shareholders. Principal Risks and Uncertainties The principal risks and uncertainties facing the Company were explained in detail within the Annual Report issued in May 2013. The directors are not aware of any new risks or uncertainties and those stated within the Annual Report continue to be the same for the Company and its investors during the period under review and moving forward. Related-Party Transactions Details of related-party transactions are contained in the Annual Report issued in May 2013. There have been no material changes in the nature and type of the related-party transactions as stated within the Annual Report. Going Concern The directors believe that the Company is well placed to manage its business risks in the foreseeable future. The directors consider that the Company has adequate resources, an appropriate financial structure and suitable arrangements in place to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Statement of Directors' Responsibilities Each director confirms that, to the best of their knowledge: (a) The condensed set of financial statements has been prepared in accordance with the Accounting Standards Board's statement 'Half-Yearly Financial Reports'; (b) The Interim Management Report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.7R (indication of important events during the first six months of the financial year and description of principal risks and uncertainties for the remaining six months of the financial year); and (c) The Interim Management Report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.8R (disclosure of related-party transactions and changes therein). The condensed set of financial statements are published on the Company's website, www.capitalgearingtrust.com, which is a website maintained by TMF Corporate Secretarial Services Limited. The directors are responsible for the maintenance and integrity of the Company's corporate website and financial information included within the website. The work carried out by the auditors does not involve consideration of the maintenance and integrity of the website or any other website upon which the financial statements may be published and accordingly, the auditors accept no responsibility for any changes that may occur following presentation on a website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. For and on behalf of the Board Mr T R Pattison Chairman 12 November 2013 Distribution of Investment Funds at 5 October 2013 Distribution of Investment Funds of £90,567,000 (5 April 2013: £93,481,000) 5 October 5 April North 2013 2013 UK America Europe Elsewhere Total Total % % % % % % Investment Trust Assets: Ordinary shares 12.1 3.7 1.8 6.2 23.8 27.4 Zero dividend 16.1 - - - 16.1 15.6 preference shares Other Assets: Index linked 11.0 18.8 8.2 1.6 39.6 43.9 Fixed interest 4.7 - 5.1 - 9.8 10.0 Cash 10.6 - - 0.1 10.7 3.1 54.5 22.5 15.1 7.9 100 100 Investments of the Company at 5 October 2013 5 October 2013 £'000 Investment Trust Ordinary Shares: North Atlantic Smaller Companies 3,377 Renewable Energy Generation 1,526 Prospect Japan Fund 1,481 ETFS Metal Securities (physical gold) 1,359 Mithras Investment Trust 1,211 Strategic Equity Capital 1,036 Blackrock New Energy Investment Trust 957 Invesco Perpetual UK Smaller Companies Investment Trust 864 Jupiter Green Investment Trust 841 Private Equity Investor 793 Oryx International Growth Fund 620 Bluefield Solar 615 Renewable Energy Infrastructure 576 Japan Residential Investment Company 482 Aurora Investment Trust 472 Blackrock Absolute Return Strategies 411 Miton Worldwide Growth Investment Trust 406 Invesco Leveraged High Yield 295 Greencoat UK Wind 266 Value & Income Trust 238 Signet Global Fixed Income Strategies 233 Foreign & Colonial Investment Trust 218 EPE Special Opportunities 208 Candover Investments 207 Marwyn Value Investors 204 Dexion Trading 197 Shape Capital 190 GCP Infrastructure Investments 182 Acencia Debt Strategies 147 Hansa Trust `A' Shares 147 Dexion Absolute GBP 144 Alternative Investment Trust 134 Ground Rents Income Fund 131 Rights & Issues Investment Trust 128 Active Capital Trust 118 Montanaro European Smaller Companies Trust 110 Tapestry Investment 101 Alternative Liquidity Solutions (previously Saltus European Debt Strategies) 99 Goldman Sachs Dynamic Opportunites 90 BB Bio-Tech AG 90 JP Morgan Income & Growth 84 Absolute Return Trust 83 Henderson Global Trust 73 Dexion Absolute USD 67 Midas Income & Growth Trust 64 Advance Developing Markets 58 Thames River Multi Hedge 50 Atlantis Japan Growth Fund 49 Cambium Global Timberland 46 North American Banks Fund 37 Close European Accelerated Fund 16 Equity Partnership 9 Henderson Global Property 8 Henderson Private Equity Investment Trust 7 Thompson Clive Investments 3 Prospect Epicure J-Reit Value Fund 2 Vision Opportunity China Fund 1 21,561 Investment Trust Zero Dividend Preference Shares: M&G High Income Investment Trust 2,500 EW & PO Finance 2,218 Aberforth Geared Income Trust 1,925 Electra Private Equity 1,151 Premier Energy & Water Trust 1,018 JP Morgan Income & Capital Trust 990 Utilico Investments 2018 910 F&C Private Equity 848 Utilico Finance 2016 812 Jupiter Second Split Trust 746 Acorn Income Fund 2017 491 NB Private Equity Partners 366 Ground Rents Income Fund 280 JP Morgan Private Equity 2013 210 Jupiter Dividend & Growth Trust 46 JP Morgan Private Equity 2017 36 14,547 Index Linked Securities: UK Treasury 0.125% 2024 5,594 USA Treasury 2.0% 2026 4,189 USA Treasury 1.375% 2018 3,260 Sweden (Kingdom of) 0.5% 2017 2,695 USA Treasury 0.625% 2021 2,481 UK Treasury 1.25% 2027 2,467 Sweden (Kingdom of) 3.5% 2028 2,244 USA Treasury 0.125% 2023 1,834 USA Treasury 1.75% 2028 1,784 Germany (Federal Republic) 0.1% 2023 1,735 Japan (Govt of) 1.4% 2018 1,485 UK Treasury 1.25% 2017 1,088 USA Treasury 2.375% 2027 995 USA Treasury 1.125% 2021 893 UK Treasury 1.875% 2022 818 Sweden (Kingdom of) 4.0% 2020 768 USA Treasury 1.375% 2020 737 Canada (Govt of) 4.0% 2031 613 USA Treasury 0.125% 2022 158 USA Treasury 1.625% 2018 112 35,950 Fixed Interest Securities: Switzerland (Govt of) 3.0% 2018 3,853 The Cayenne Trust 3.25% Convertible Unsecured Loan Stock 2016 836 City Natural Resources 3.5% Convertible Unsecured Loan Stock 2018 819 SVG Capital 8.25% Convertible 2016 647 Enterprise Inns 6.5% 2018 549 Switzerland (Govt of) 2.5% 2036 402 Switzerland (Govt of) 2.0% 2014 352 EPE Special Opportunities Convertible Loan Notes 349 Standard Life UK Smaller Companies 3.5% 2018 272 Blackrock Latin American 3.5% 2015 231 Edinburgh Dragon Trust 3.5% 2018 202 Scottish American 8.0% 2022 177 The Mercantile Investment Trust 6.125% 2030 159 8,848 Total investments Cash held by the custodian awaiting investment 9,661 Total investment funds 90,567 Independent Review Report to Capital Gearing Trust P.l.c. Introduction We have been engaged by the Company to review the condensed set of financial statements in the Half-Year Financial Report for the six months ended 5 October 2013, which comprises the Income Statement, Statement of Total Recognised Gains and Losses, Reconciliation of Movements in Shareholders' Funds, Balance sheet, Cash Flow Statement and related notes. We have read the other information contained in the Half-Year Financial Report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. Directors' Responsibilities The Half-Year Financial Report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the Half-Year Financial Report in accordance with the Disclosure and Transparency Rules of the UK's Financial Conduct Authority. As disclosed in note 1, the annual financial statements of the Company are prepared in accordance with applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice). The condensed set of financial statements included in this Half-Year Financial Report has been prepared in accordance with the statement "Half-Yearly Financial Reports" issued by the UK Accounting Standards Board. Our Responsibility Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the Half-Year Financial Report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the Disclosure and Transparency Rules of the Financial Conduct Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. 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 enquiries, 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. 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-Year Financial Report for the six months ended 5 October 2013 is not prepared, in all material respects, in accordance with the Statement 'Half-Yearly Financial Reports' issued by the UK Accounting Standards Board and the Disclosure and Transparency Rules of the UK's Financial Conduct Authority. PricewaterhouseCoopers LLP Chartered Accountants Belfast 12 November 2013 Income Statement (unaudited) for the six months ended 5 October 2013 (unaudited) (unaudited) (audited) 6 months ended 6 months ended Year ended 5 October 2013 5 October 2012 5 April 2013 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Net - (727) (727) - 3,336 3,336 - 7,994 7,994 (losses)/gains on investments Exchange - (1,691) (1,691) - (498) (498) - 1,323 1,323 (losses)/gains Investment 485 - 485 541 - 541 1,064 - 1,064 income (note 2) Gross 485 (2,418) (1,933) 541 2,838 3,379 1,064 9,317 10,381 return/(loss) Investment (154) (230) (384) (147) (220) (367) (302) (453) (755) management fee Transaction - (19) (19) - (28) (28) - (54) (54) costs Other expenses (185) - (185) (172) - (172) (367) - (367) Net 146 (2,667) (2,521) 222 2,590 2,812 395 8,810 9,205 return/(loss) on ordinary activities before tax Tax on ordinary (7) 7 - 21 21 42 67 32 99 activities (note 7) Net 139 (2,660) (2,521) 243 2,611 2,854 462 8,842 9,304 return/(loss) attributable to equity shareholders Return/(loss) 4.75p (90.98)p (86.23)p 8.32p 89.42p 97.74p 15.82p 302.71p 318.53p per Ordinary Share (note 3) The total column of this statement is the Income Statement of the Company. The revenue return and capital return columns are supplementary to this and are prepared under guidance issued by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations. Statement of Total Recognised Gains and Losses (unaudited) for the six months ended 5 October 2013 (unaudited) (unaudited) (audited) 6 months 6 months Year ended ended ended 5 October 5 October 5 April 2013 2012 2013 £'000 £'000 £'000 Net (loss)/return attributable to equity shareholders (2,521) 2,854 9,304 Total gains and losses recognised for the period (2,521) 2,854 9,304 Reconciliation of Movements in Shareholders' Funds (unaudited) for the six months ended 5 October 2013 Capital Capital Called Share Capital reserve reserve up premium redemption arising on arising on Revenue share account reserve investments investments reserve Total capital held sold £'000 £'000 £'000 £'000 £'000 £'000 £'000 Balance at 6 April 730 11,930 16 11,474 67,682 1,637 93,469 2013 Issue of shares 1 177 - - - - 178 (note 8) Exchange losses on - - - (1,459) (232) - (1,691) investments Net gains on - - - - 1,953 - 1,953 realisation of investments Net decrease in - - - (2,680) - - (2,680) unrealised appreciation Transfer on - - - (1,027) 1,027 - - disposal of investments Transaction costs - - - (10) (9) - (19) Costs charged to - - - - (230) - (230) capital Tax on costs - - - - 7 - 7 charged to capital Net revenue for - - - - - 139 139 the period Total 731 12,107 16 6,298 70,198 1,776 91,126 Dividends (note 4) - - - - - (468) (468) Balance at 5 731 12,107 16 6,298 70,198 1,308 90,658 October 2013 for the six months ended 5 October 2012 Capital Capital Called Share Capital reserve reserve up premium redemption arising on arising on Revenue share account reserve investments investments reserve Total capital held old £'000 £'000 £'000 £'000 £'000 £'000 £'000 Balance at 6 April 730 11,862 16 7,442 62,872 1,715 84,637 2012 Issue of shares - 68 - - - - 68 (note 8) Exchange gains on - - - (655) 157 - (498) investments Net gains on - - - - 1,436 - 1,436 realisation of investments Net decrease in - - - 1,900 - - 1,900 unrealised appreciation Transfer on - - - (151) 151 - - disposal of investments Transaction costs - - - (24) (4) - (28) Costs charged to - - - - (220) - (220) capital Tax on costs - - - - 21 - 21 charged to capital Net revenue for - - - - - 243 243 the period Total 730 11,930 16 8,512 64,413 1,958 87,559 Dividends (note 4) - - - - - (540) (540) Balance at 5 730 11,930 16 8,512 64,413 1,418 87,019 October 2012 Balance Sheet (unaudited) at 5 October 2013 (unaudited) (unaudited) (audited) 5 October 5 October 5 April 2013 2012 2013 £'000 £'000 £'000 Fixed assets Listed investments 80,906 83,267 90,551 Current assets Debtors 10,012 4,017 3,225 Cash at bank 21 21 21 10,033 4,038 3,246 Creditors: amounts falling due (281) (286) (328) within one year Net current assets 9,752 3,752 2,918 Net assets 90,658 87,019 93,469 Capital and reserves Called up share capital 731 730 730 Share premium account 12,107 11,930 11,930 Capital redemption reserve 16 16 16 Capital reserve arising on 6,298 8,512 11,474 investments held Capital reserve arising on 70,198 64,413 67,682 investments sold Revenue reserve 1,308 1,418 1,637 Total equity shareholders' funds 90,658 87,019 93,469 Net asset value per Ordinary Share 3,097.4p 2,978.2p 3,198.9p The Half-Year Financial Report for the six months ended 5 October 2013 was approved by the board of directors on 12 November 2013 and signed on its behalf by: Mr T R Pattison Chairman 12 November 2013 Cash Flow Statement (unaudited) for the six months ended 5 October 2013 (unaudited) (unaudited) (audited) 6 months 6 months Year ended ended ended 5 October 5 October 5 April 2013 2012 2013 £'000 £'000 £'000 Net cash (outflow)/inflow from operating (187) 61 117 activities (note 5) Taxation Foreign tax received on investment income - 42 170 UK tax paid in relation to prior period - - (113) adjustments - 42 57 Capital expenditure and financial investment Payments to acquire investments (8,269) (7,166) (22,728) Receipts from sale of investments 15,477 9,127 23,858 7,208 1,961 1,130 Equity dividends paid (note 4) (468) (540) (540) Management of liquid resources Change in cash held by the custodian awaiting (6,731) (1,598) (838) investment Financing Issue of ordinary share capital (note 8) 178 68 68 Decrease in cash (note 6) - (6) (6) Notes to the Financial Statements 1 Accounting policies The financial information for the six months to 5 October 2013 and 5 October 2012, and for the year ended 5 April 2013 has been prepared under the historical cost convention, modified to include the revaluation of investments and in accordance with Accounting Standards applicable in the UK, pronouncements on interim reporting issued by the UK Accounting Standards Board and the Statement of Recommended Practice for Investment Trusts issued in January 2009 by the Association of Investment Companies. The half-year financial statements have been prepared on the basis of the accounting policies set out in the financial statements for the year ended 5 April 2013. 2 Investment income 6 months 6 months Year ended ended ended 5 October 5 October 5 April 2013 2012 2013 £'000 £'000 £'000 Income from investments Income from UK bonds 127 136 272 Income from UK equity and non-equity 111 120 236 investments Interest from overseas bonds 247 284 555 485 540 1,063 Deposit interest - 1 1 Total income 485 541 1,064 3 Return per Ordinary Share The calculation of return per Ordinary Share is based on results after tax divided by the weighted average number of shares in issue during the period of 2,923,764 (six-month period ended 5 October 2012: 2,920,015). The revenue, capital and total return per Ordinary Share is shown in the Income Statement. 4 Dividends 6 months 6 months Year ended ended ended 5 October 5 October 5 April 2013 2012 2013 Pence per share 16.0p 18.5p 18.5p Total cost £468,000 £540,000 £540,000 5 Reconciliation of net revenue before finance costs and taxation to net cash inflow from operating activities 6 months 6 months Year ended ended ended 5 October 5 October 5 April 2013 2012 2013 £'000 £'000 £'000 Net revenue before finance costs and 146 222 395 taxation Investment management fee charged to (230) (220) (453) capital (Decrease)/increase in creditors (47) 52 94 (Increase)/decrease in other debtors, prepayments and accrued income (56) 7 81 Net cash (outflow)/inflow from (187) 61 117 operating activities 6 Reconciliation of net cash flow to movement in net funds 6 months 6 months Year ended ended ended 5 October 5 October 5 April 2013 2012 2013 £'000 £'000 £'000 Net funds at the beginning of the 21 27 27 period Decrease in cash for the period - (6) (6) Net funds at the end of the period 21 21 21 7 Taxation Capital returns and dividend income are not subject to corporation tax within an investment trust company. The provision for corporation tax arises from the excess of unfranked investment income over management expenses. During the period a refund of £nil (six-month period ended 5 October 2012: £42,000) of withholding tax in relation to prior periods was received from the Swiss tax authorities. 8 Issue of Ordinary Shares During the period the Company issued 5,000 Ordinary Shares for a consideration of £178,350 (six-month period ended 5 October 2012: 2,000 Ordinary Shares for a consideration of £67,914). 9 General information The financial information contained in this Half-Year Financial Report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half-years ended 5 October 2012 and 5 October 2013 has been reviewed but not audited by the Company's auditors. The abridged financial information for the year ended 5 April 2013 has been extracted from the Company's statutory accounts for that year, which have been filed with the Registrar of Companies. The report of the auditors on those accounts was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. A copy of this announcement and other documents of the Company are available on the Company's website at www.capitalgearingtrust.com. A pdf copy of the printed Half-Year Financial Report, for posting to shareholders, will also be available shortly on the website.

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