Half-yearly Report
The Edinburgh Investment Trust plc
Preliminary announcement of unaudited half yearly results for the six months
ended 30 September 2007
Contents
Objectives and Performance
Summary of Results
Chairman's Review
Analysis of Performance
Responsibility Statement
Top 20 Holdings
Financial Statements
Independent Review Report
Investor Information
Directory
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Objectives and Performance
The achievement of capital growth at a higher rate than the FTSE All-Share
Index and dividend growth above the rate of UK inflation.
Performance against objectives - 6 months to 30 September 2007
Capital growth
Net asset value ("NAV") (debt at par) -0.7%
NAV (debt at market value) -0.7%
Share price -1.5%
FTSE All-Share Index +1.0%
Total return (capital growth with income reinvested) - 6 months to 30 September
2007
NAV (debt at par) +1.0%
NAV (debt at market value) +1.2%
Share price +0.6%
FTSE All-Share Index +2.7%
Standardised performance on a total return basis
30/09/02 30/09/03 30/09/04 30/09/05 30/09/06
to to to to to
30/09/03 30/09/04 30/09/05 30/09/06 30/09/07
NAV (debt at +14.9% +16.1% +25.9% +15.2% +10.2%
par)
NAV (debt at +17.0% +17.7% +26.3% +16.3% +11.7%
market)
NAV (excluding +10.9% +12.0% +21.8% +11.3% +6.4%
income, debt at
par)
Share price +15.9% +18.0% +24.7% +20.1% +13.2%
Sources: Fidelity and Datastream
Past performance is not a reliable indicator of future results. The value of
your investment and the income from it can go down as well as up. You may not
get back the amount you invested.
Summary of Results
30 September 31 March % change
2007 2007
Capital return
NAV per share (debt at 553.29p 557.47p -0.7
par)
NAV per share (debt at 527.22p 530.90p -0.7
market value)
Share price 474.00p 481.00p -1.5
FTSE All-Share Index 3,316.89 3,283.21 +1.0
6 months to 30 September 30 September
2007 2006
Revenue return
Interim dividend (1) 4.75p 4.40p
Revenue return per share 10.44p 9.19p +13.6
Total return - percentage
changes
NAV per share (debt at +1.0 +2.7
par)
NAV per share (debt at +1.2 +3.1
market value)
Share price +0.6 +4.3
FTSE All-Share Index +2.7 +1.7
30 September 31 March
2007 2007
Discount (difference
between share price and
NAV)
Where borrowings are 14.3% 13.7%
deducted at par value
Where borrowings are 10.1% 9.4%
deducted at market value
Gearing (2)
Actual gearing ratio 9.7% 14.3%
Potential gearing ratio 17.7% 16.6%
1 Further interim dividends are scheduled for the current financial year - See
Chairman's Review
2 Actual gearing: borrowings less net current assets ÷ shareholders' funds.
Potential gearing: borrowings ÷ shareholders' funds.
Chairman's Review
The UK Equity Market
The relatively flat performance of the FTSE All-Share Index ("the Index") - an
increase of 1.0% in the six months to 30 September 2007 - conceals considerable
volatility. After steady market growth in the April-June period, a sharp
sell-off occurred, largely due to now well publicised concerns about global
credit markets, and the Index had fallen by more than 10% by mid-August. US
interest rate reductions and a general increase in confidence led to recovery
in the level of the Index by the end of the period. This recovery was not
uniform - a notably poor performance was seen in the UK banks and building
related sectors, offset by a strong rally in the mining and utilities.
Investment Performance
Growth in the Company's Net Asset Value ("NAV") was less than that of the
benchmark Index in the six month period under review. On a capital-only basis,
the NAV fell by 0.7% compared to Index growth of 1.0%. The failure to meet the
performance objective was due principally to overweight positions in the poorly
performing UK bank and building material sectors, and to low exposure to the
mining and utility sectors, which, as already discussed, performed well. The
share price fell by 1.5% over the six month period.
On a total return basis - incorporating both income and growth in capital value
- returns, with debt at par and market value respectively, were 1.0% and 1.2%.
The Index, on a comparable basis, returned 2.7%. The attribution analysis
"Analysis of Performance - six months to 30 September 2007 (total return)",
below, demonstrates how this return arose.
Although the Company has not in the six months under review met its capital
performance objective - to increase NAV by more than Index growth - it has
performed well relative to its peer group of 12 investment trusts in the AIC's
"UK Growth and Income" sector. In the six months to September your Company
ranked 3rd and 4th in this group of 12 comparator companies for share price
total return, and NAV total return, respectively (Source: Fundamental Data).
Analysis of Performance
six months to 30 September 2007 (total return)
%
Increase in NAV (debt at 1.2
market value)
Increase in FTSE All-Share 2.7
Index
Relative return -1.5
Analysis of relative return %
UK Equities -2.1
Debenture borrowings:
- Net gearing 0.2
- Debenture interest -0.2
Share buy backs 0.8
Charges -0.2
Total -1.5
Past performance is not a reliable indicator of future results. The value of
your investment and the income from it can go down as well as up. You may not
get back the amount you invested.
Dividends
Shareholders will be aware that dividends have increased by 43.3% over the two
years to March 2007 and that the Company has been recategorised to the UK
Growth and Income sector. I explained in my statement in this year's Annual
Report that dividend growth was likely to be of a much lower order in future -
the Board nevertheless expects that it will, as a minimum, continue to meet the
Company's objective of increasing dividends by more than the rate of UK
inflation. The Company declared dividends of 18.85 pence per share in respect
of the year ended 31 March 2007. The Board resolved last year that the Company
would in future pay three interim dividends in November, February and May with
a final payment in July. For the current year an interim dividend of 4.75 pence
per share (2006/7 4.40p) (being approximately one quarter of the total
dividends paid in respect of the prior year) will be paid in November (record
date 9 November 2007, ex-dividend date 7 November 2007 and payment date 23
November 2007). It is intended that the same amount will be paid as interim
dividends in each of February and May. The final dividend will be paid in July,
the amount to be determined when the year's results are known. In the absence
of unforeseen circumstances, the Board does not expect that this final payment
will be less than each of the three preceding ones.
Repurchase of Shares
The Board believes that it is important to have the power in appropriate
circumstances to buy back shares, with the prime objective of increasing NAV
per share for remaining shareholders. At the Annual General Meetings in July
2006 and 2007, shareholders renewed the Board's powers to buy back, for
cancellation, up to 14.99% of the equity outstanding at the date of each
meeting. During the six months to 30 September 2007, the Company repurchased
some 12 million shares, enhancing the NAV for remaining shareholders by
approximately 4.4 pence per share. The Board will continue to pursue this
policy; since 30 September 2007 a further 835,000 shares have been bought back
for cancellation.
Gearing
The Company's portfolio can be geared by investing some or all of the two
debenture stocks, whose par value is £200m, and whose retention the Directors
continue to believe is justified. I explained in the Annual Report that the
Company's gearing had been reduced after the year end and that, at the end of
May, about 60% of the debenture stocks were invested in equity markets. This
position has been broadly maintained throughout the remainder of the period
under review - net gearing was 9.7% at the end of September: this compares to
14.3% at the start of the period.
VAT on Management Fees
The Board was pleased to hear the final judgement from the European Court of
Justice in favour of the claim by JPMorgan Claverhouse plc that Her Majesty's
Revenue and Customs had been wrong in requiring investment trusts domiciled in
the UK to pay VAT on their management fees. An appropriate announcement will be
made when the Company's position becomes clearer. Meanwhile no account has been
taken of any repayment of VAT in the accompanying financial statements.
Principal Risks and Uncertainties
The Board believes that the principal risks and uncertainties faced by the
Company continue to fall into six broad categories:
* Market risk
* Performance risk
* Gearing risk
* Income/dividend risk
* Share price risk
* Control environment risk
Information of each of these is given in the Business Review section in the
Annual Report for the year ended 31 March 2007.
Prospects
The UK market, in line with most others in the developed economies, has been
highly volatile in the face of the global credit shortage, and concerns about
its impact on the real economy. Although uncertainties remain, most
commentators believe that the UK corporate sector offers good value at current
levels, with, unless unforeseen circumstances arise, further scope for
increases in earnings and dividends. Against this background, the Board
believes that your Company provides a good vehicle for long term investment in
the UK equity market by providing above average and rising income, whilst
aiming to preserve capital in real terms.
Scott Dobbie
Chairman
25 October 2007
Responsibility Statement
The Directors confirm to the best of their knowledge that:
a) the condensed set of financial statements contained within the half yearly
financial report has been prepared in accordance with the UK Accounting
Standards Board's Statement "Half-Yearly Financial Reports"; and
b) the half yearly report from the Chairman (constituting the interim
management report) includes a fair review of the information required by the
FSA's Disclosure and Transparency Rules.
c) in accordance with Disclosure and Transparency Rule 4.2.8R there have been
no related parties transactions during the six months to 30 September 2007 and
therefore nothing to report on any material effect by such a transaction on the
financial position or the performance of the Company during that period; and
there have been no changes in this position since the last annual report that
could have a material effect on the financial position or performance of the
Company in the first six months of the current financial year.
The half yearly financial report was approved by the Board on 25 October 2007
and the above responsibility statement was signed on its behalf by Scott
Dobbie, Chairman.
Top 20 Holdings as at 30 September 2007
Company Market Value £ Sector
'000
Vodaphone 103,668 Mobile Telecommunications
BP 99,371 Oil & Gas Producers
HSBC 70,572 Banks
Royal Bank of Scotland 64,393 Banks
National Grid Transco 59,671 Gas, Water &
Multi-utilities
Royal Dutch Shell `B' 47,606 Oil & Gas Producers
GlaxoSmithKline 32,712 Pharmaceuticals &
Biotechnology
Imperial Tobacco 31,286 Tobacco
British American Tobacco 29,222 Tobacco
Royal Dutch Shell `A' 26,744 Oil & Gas Producers
Ten largest investments 565,245 42.6%
HBOS 26,433 Banks
BG Group 25,587 Oil & Gas Producers
Legal & General 25,515 Life Assurance
BAE Systems 22,635 Aerospace & Defence
AstraZeneca 21,686 Pharmaceuticals &
Biotechnology
Tesco 20,803 Food & Drug Retailers
Smiths Group 20,793 Aerospace & Defence
Aviva 18,560 Life Assurance
BHP Billiton 18,205 Mining
Anglo American 17,504 Mining
Twenty largest investments 782,966 59.1%
Other equity investments 451,569 34.0%
Total equity investments 1,234,535 93.1%
Net current assets 90,910 6.9%
Total assets less current 1,325,445 100.0%
liabilities
The Edinburgh Investment Trust plc
Income Statement for the six months ended 30 September
for the for the for the
six six months year ended
months ended
ended
30.09.07 30.09.06 31.03.07
unaudited unaudited audited
revenue capital total revenue capital total revenue capital total
Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Losses)/ - (8,069) (8,069) - 5,683 5,683 - 91,751 91,751
gains on
investments
Income 2 25,873 - 25,873 25,143 - 25,143 48,565 - 48,565
Investment (621) (1,450) (2,071) (615) (1,434) (2,049) (1,241) (2,896) (4,137)
management
fee
Other (394) - (394) (377) - (377) (751) - (751)
expenses
Exchange (3) (17) (20) 1 (41) (40) 5 (128) (123)
(losses)/
gains
Net return/ 24,855 (9,536) 15,319 24,152 4,208 28,360 46,578 88,727 135,305
(loss)
before
finance
costs and
taxation
Interest (2,944) (6,870) (9,814) (2,944) (6,870) (9,814) (5,850) (13,651) (19,501)
payable
Net return/ 21,911 (16,406) 5,505 21,208 (2,662) 18,546 40,728 75,076 115,804
(loss) on
ordinary a
ctivities
before
taxation
Taxation on 3 (115) - (115) (4) - (4) (14) - (14)
return on
ordinary
activities
Net return/ 21,796 (16,406) 5,390 21,204 (2,662) 18,542 40,714 75,076 115,790
(loss) on
ordinary
activities
after
taxation for
the period
attributable
to equity
shareholders
Return/ 5 10.44p (7.86p) 2.58p 9.19p (1.15p) 8.04p 18.13p 33.44p 51.57p
(loss) per
ordinary s
hare
A Statement of Total Recognised Gains and Losses has not been prepared as there
are no gains and losses other than those reported in the Income Statement.
The total column on this statement is the profit and loss account of the
Company.
These financial statements have been prepared in accordance with the AIC
Statement of Recommended Practice ("SORP") issued in January 2003 and revised
in December 2005.
The Edinburgh Investment Trust plc
Reconciliation of Movements in Shareholders' Funds
called share capital capital capital revenue total
up premium redemption reserve reserve reserve equity
share account reserve realised unrealised
capital
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Opening 58,487 6,639 14,968 830,830 245,481 58,199 1,214,604
shareholders' funds
: 1 April 2006
Net recognised - - - 126,161 (34,410) - 91,751
gains/(losses) for
the year
Exchange losses - - - - (128) - (128)
Repurchase of (4,612) - 4,612 (80,571) - - (80,571)
ordinary shares
Management fee to - - - (2,896) - - (2,896)
capital
Debenture interest - - - (13,651) - - (13,651)
and amortised
expenses to capital
Revenue after - - - - - 40,714 40,714
taxation
Dividends paid - - - - - (44,596) (44,596)
Closing 53,875 6,639 19,580 859,873 210,943 54,317 1,205,227
shareholders'
funds: 31 March 200
7
Net recognised - - - 62,060 (70,129) - (8,069)
gains/(losses) for
the period
Exchange (losses)/ - - - (60) 43 - (17)
gains
Repurchase of (3,021) - 3,021 (59,933) - - (59,933)
ordinary shares
Management fee to - - - (1,450) - - (1,450)
capital
Debenture interest - - - (6,870) - - (6,870)
and amortised
expenses to capital
Revenue after - - - - - 21,796 21,796
taxation
Dividend paid - - - - - (21,472) (21,472)
Closing 50,854 6,639 22,601 853,620 140,857 54,641 1,129,212
shareholders'
funds: 30 September
2007
Opening shareholders' 58,487 6,639 14,968 830,830 245,481 58,199 1,214,604
funds: 1 April 2006
Net recognised gains/ - - - 54,567 (48,884) - 5,683
(losses) for the
period
Exchange losses - - - - (41) - (41)
Repurchase of (2,877) - 2,877 (48,523) - - (48,523)
ordinary shares
Management fee to - - - (1,434) - - (1,434)
capital
Debenture interest - - - (6,870) - - (6,870)
and amortised
expenses to capital
Revenue after - - - - - 21,204 21,204
taxation
Dividend paid - - - - - (25,383) (25,383)
Closing shareholders' 55,610 6,639 17,845 828,570 196,556 54,020 1,159,240
funds: 30 September
2006
The Edinburgh Investment Trust plc
Balance Sheet
30.09.07 30.09.06 31.03.07
unaudited unaudited audited
Notes £'000 £'000 £'000
Fixed assets
Investments held at fair value 1,234,535 1,323,945 1,374,218
through profit or loss
Current assets
Debtors 7,988 11,350 14,008
Fidelity Institutional Cash Fund 51,061 - -
plc
Cash at bank 39,879 24,131 27,821
98,928 35,481 41,829
Creditors - amounts falling due (8,018) (4,205) (14,715)
within one year
Net current assets 90,910 31,276 27,114
Total assets less current 1,325,445 1,355,221 1,401,332
liabilities
Creditors - amounts falling due (196,233) (195,981) (196,105)
after more than one year
Total net assets 1,129,212 1,159,240 1,205,227
Capital and reserves
Called up share capital 50,854 55,610 53,875
Share premium account 6,639 6,639 6,639
Capital redemption reserve 22,601 17,845 19,580
Capital reserve - realised 853,620 828,570 859,873
Capital reserve - unrealised 140,857 196,556 210,943
Revenue reserve 54,641 54,020 54,317
Total equity shareholders' funds 1,129,212 1,159,240 1,205,227
Net asset value per ordinary share 6 553.29p 519.34p 557.47p
The balance sheet as at 31 March 2007 has been extracted from the financial
statements for the year to 31 March 2007. These financial statements on which
the auditors gave an unqualified report have been delivered to the Registrar of
Companies.
The income statement and the balance sheet do not represent full accounts in
accordance with Section 240 of the Companies Act 1985.
The Edinburgh Investment Trust plc
Cash Flow Statement
For the six months For the
ended year ended
30.09.07 30.09.06 31.03.07
unaudited unaudited audited
£'000 £'000 £'000
Net return before finance 24,855 24,152 46,578
costs and taxation
Scrip dividends (23) - -
Decrease in debtors 3,828 4,927 362
Increase/(decrease) in 8 (1,002) (275)
creditors
Expenses charged to capital (1,450) (1,434) (2,896)
Overseas taxation paid (115) (4) (14)
Net cash inflow from 27,103 26,639 43,755
operating activities
Net cash outflow from (9,625) (9,625) (19,250)
servicing of finance
Net cash inflow from 131,676 5,642 49,256
financial investment
Equity dividends paid (21,472) (25,383) (44,596)
Net cash inflow/(outflow) 127,682 (2,727) 29,165
before use of liquid
resources and financing
Net cash (outflow)/inflow (51,061) 47,451 47,451
from management of liquid
resources
Net cash outflow from (64,606) (49,151) (77,225)
financing
Increase/(decrease) in cash 12,015 (4,427) (609)
Notes to the Financial Statements
1. Accounting policies
The half yearly financial statements have been prepared on the basis of the
accounting policies set out in the Company's annual report and financial
statements dated 31 March 2007.
2. Income
30.09.07 30.09.06 31.03.07
unaudited unaudited audited
£'000 £'000 £'000
Income from investments 23,628 22,854 45,237
UK scrip dividends 23 - -
Other investment income 275 317 425
Fixed interest - 94 137
Premium on call options - 639 639
23,926 23,904 46,438
Other income
Interest on short time 830 568 1,338
deposits
Income from Fidelity 1,061 671 671
Institutional Cash Fund
plc
Underwriting income 46 - -
Sundry income 10 - 118
25,873 25,143 48,565
3. Taxation on return on ordinary activities
30.09.07 30.09.06 31.03.07
unaudited unaudited audited
£'000 £'000 £'000
Overseas taxation 115 4 14
suffered
4. Dividends
A first interim dividend of 4.75 pence per share for the year to 31 March 2008
will be paid on 23 November 2007 to shareholders on the register on 9 November
2007. The ex-dividend date is 7 November 2007.
5. Return/(loss) per ordinary share
Basic returns per ordinary share are based on (i) the revenue on ordinary
activities after taxation in the period; (ii) the capital (loss)/return in the
period; and (iii) the weighted average number of shares in issue over the
period.
30.09.07 30.09.07 30.09.06 30.09.06 31.03.07 31.03.07
unaudited return per unaudited return per audited return per
ordinary ordinary ordinary
£'000 share £'000 share £'000 share
Revenue 21,796 10.44p 21,204 9.19p 40,714 18.13p
return
Capital (16,406) (7.86p) (2,662) (1.15p) 75,076 33.44p
(loss)/return
Weighted 208,702,928 230,611,823 224,522,324
average
number of
shares
6. Net Asset Value per ordinary share
Total equity shareholders' funds have been calculated in accordance with the
provisions of FRS 26. The net asset values per ordinary shares have been
calculated on the basis of shareholders' rights to reserves adjusted to reflect
the redemption of debentures at par. A reconciliation of the two is as follows:
30.09.07 30.09.06 31.03.07
unaudited unaudited audited
Shareholders' funds per ordinary 25p share 555.14p 521.15p 559.28p
Less: Unamortised discount and expenses (1.85p) (1.81p) (1.81p)
arising from debenture issue
Net asset value per ordinary 25p share 553.29p 519.34p 557.47p
Number of equity shares in issue at period 203,411,748 222,437,714 215,496,748
end
7. Share repurchases
The following share repurchases were made in the period:
30.09.07 30.09.06 31.03.07
unaudited unaudited audited
Number of shares 12,085,000 11,509,000 18,449,966
repurchased
Average price per share 495.93p 421.61p 436.70p
Total cost including stamp £ £ £
duty and commission 59,933,000 48,523,000 80,571,000
8. Costs of Investment Transactions
Included in the gains/(losses) on investments are the following costs of
investment transactions:
30.09.07 30.09.06 31.03.07
unaudited unaudited audited
£'000 £'000 £'000
Purchases expenses 1,169 1,455 3,400
Sales expenses 317 297 575
1,486 1,752 3,975
Independent Review Report to The Edinburgh Investment Trust plc
INTRODUCTION
We have been engaged by the Company to review the condensed set of financial
statements in the half yearly financial report for the six months ended 30
September 2007 which comprises the income statement, reconciliation of movement
in shareholders' funds, balance sheet, cash flow statement and the related
explanatory notes. We have read the other information contained in the half
yearly financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the condensed
set of financial statements.
This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the Disclosure
and Transparency Rules ("the DTR") of the UK's Financial Services Authority
("the UK FSA"). Our review has been undertaken so that we might state to the
Company those matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company for our review work, for
this report, or for the conclusions we have reached.
DIRECTORS' RESPONSIBILITIES
The half yearly financial report is the responsibility of, and has been
approved by, the Directors. The Directors are responsible for preparing the
half yearly financial report in accordance with the DTR of the UK FSA. As
disclosed in note 1, the annual financial statements of the Company are
prepared in accordance with UK Accounting Standards and applicable law (UK
Generally Accepted Accounting Practice). The condensed set of financial
statements included in this half yearly financial report has been prepared in
accordance with the Statement `Half-Yearly Financial Reports' as 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 yearly financial report based on our
review.
SCOPE OF REVIEW
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410 Review of Interim Financial Information
Performed by the Independent Auditor of the Entity issued by the Auditing
Practices Board for use in the UK. 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 yearly
financial report for the six months ended 30 September 2007 is not prepared, in
all material respects, in accordance with the Statement `Half-Yearly Financial
Reports' as issued by the UK Accounting Standards Board and the DTR of the UK
FSA.
KPMG Audit Plc
Chartered Accountants
25 October 2007
Edinburgh
Investor Information
CONTACT INFORMATION
Private investors can call free on 0800 41 41 10
9am to 6pm, seven days a week.
Financial advisers can call free on 0800 41 41 81
8am to 6pm, on any business day.
Existing investors who have specific queries regarding their holding, for
example a change of address, should contact the appropriate administrator:
Holders of ordinary shares
Equiniti Limited*
PO Box 28448, Finance House,
Orchard Brae, Edinburgh EH4 1WQ
www.shareview.co.uk
Telephone 0870 601 5366
* Lloyds TSB Registrars has been taken over by Advent International. The new
name of the Company's Registrars is Equiniti Limited.
Fidelity Share Plan investors
Fidelity Investment Trust Share Plan,
Equiniti Limited*, The Causeway, Worthing,
West Sussex BN99 6DA
Telephone 0870 601 5366
Fidelity ISA/PEP investors
Fidelity, using the freephone numbers given above, or by writing to:
UK Customer Service, Fidelity Investments,
Oakhill House, 130 Tonbridge Road,
Hildenborough, Kent TN11 9DZ
www.fidelity.co.uk/its
General enquiries should be made to Fidelity Investments International, the
Investment Manager and Secretary, at the following address:
Fidelity Investments International,
Beech Gate, Millfield Lane,
Lower Kingswood, Tadworth,
Surrey KT20 6RP
Telephone 01732 36 11 44
Fax 01737 83 68 92
www.fidelity.co.uk/its
Fidelity Share Network
www.fidelity.co.uk/sharenetwork
Internet sites
www.itseit.co.uk
www.fidelity.co.uk/its
FINANCIAL CALENDAR
30 September 2007 - six months period end
October 2007 - announcement of half yearly results to 30 September 2007
November 2007 - publication of half yearly report
November 2007, February and May 2008 - payment of interim dividends
31 March 2008 - financial year end
June 2008 - publication of annual report
July 2008 - Annual General Meeting and payment of final dividend
Directory
Board of Directors
Scott Dobbie (Chairman)
Richard Barfield (Senior Independent Director)
James Pettigrew (Chairman, Audit Committee)
Nicola Ralston
William Samuel
Sir Nigel Wicks
Registered Office
3 Glenfinlas Street
Edinburgh EH3 6AQ
Manager and Secretary
Fidelity Investments International
Beech Gate, Millfield Lane
Lower Kingswood
Tadworth
Surrey
KT20 6RP
Company Brokers
UBS Limited
Dresdner Kleinwort
Independent Auditors
KPMG Audit Plc
Saltire Court
20 Castle Terrace
Edinburgh EH1 2EG
Bankers and Custodian
JP Morgan Chase Bank, London
Branch
Registrars
Equiniti Limited*
PO Box 28448
Finance House
Orchard Brae
Edinburgh EH4 1WQ
www.shareview.co.uk
* Lloyds TSB Registrars has been taken over by Advent International. The new
name of the Company's Registrars is Equiniti Limited.
The printing
The Fidelity Individual Savings Account ("ISA") is offered and managed by
Financial Administration Services Limited. The Fidelity Investment Trust Share
Plan is managed by Fidelity Investments International. Both companies are
authorised and regulated by the Financial Services Authority. The Fidelity
Investment Trust Share Plan is administered by Equiniti Limited (formerly
Lloyds TSB Registrars) and shares will be held in the name of Lloyds TSB
Registrars Savings Nominees Limited. The value of savings and eligibility to
invest in an ISA will depend on individual circumstances and all tax rules may
change in the future. Fidelity investment trusts are managed by Fidelity
Investments International. Fidelity only gives information about its own
products and services and does not provide investment advice based on
individual circumstances. Should you wish to seek advice, please contact a
Financial Adviser. Issued by Fidelity Investments International, authorised and
regulated in the UK by the Financial Services Authority.
For the purposes of Sections 21 and 25 of the Financial Services and Markets
Act 2000, the content of this report has been approved by Fidelity Investments
International. Issued by Fidelity Investments International.
Reference in this document to specific securities should not be construed as a
recommendation to buy or sell these securities, but is included for the
purposes of illustration only. Investees should also note that the views
expressed may no longer be current and may have already been acted upon by
Fidelity.
Fidelity, Fidelity International and the Pyramid Logo are trademarks of
Fidelity International Limited.
Copies of the half yearly report will be posted to shareholders as soon as
practicable. Copies will also be available to the public from the Company's
registered office, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth,
Surrey KT20 6RP and on the Company's website www.itseit.co.uk
For further information, please contact:
Fidelity Investments 01737 837844
International
020 7074 5205
Richard Miles
Simon Ellis
Issued by Fidelity Investments International, authorised and regulated in the
UK by the Financial Services Authority.
CB32635/NA
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