Half-yearly Report
FIDELITY EUROPEAN VALUES PLC
Half-Yearly Report for the 6 months ended 30 June 2011
Contents
Investment Objective and Performance Summary
Summary of Results
Half-Yearly Report
Responsibility Statement
Twenty Largest Investments
Financial Statements
Investor Information
Directory
Warning to Shareholders - "Boiler Room" Scams
Investment Objective and Performance Summary
The investment objective of the Company is to achieve long term capital growth
from the stockmarkets of continental Europe.
Performance - total returns (includes reinvested income) (%)
Six months to 30 June From launch 5 November
2011 1991
Net asset value (NAV) per share +10.8 +1,613.7
Share price +14.8 +1,386.5
FTSE World Europe (ex UK) Index +8.4 +522.7
Standardised performance - total returns (includes reinvested income) (%)
30/06/06 30/06/07 30/06/08 30/06/09 30/06/10
to to to to to
30/06/07 30/06/08 30/06/09 30/06/10 30/06/11
Net asset value per share +24.8 -3.0 -24.2 +14.9 +30.5
Share price +24.1 -5.2 -25.8 +7.0 +37.0
FTSE World Europe (ex UK) +25.1 -9.5 -20.8 +15.1 +28.6
Index
Sources: Fidelity and Datastream
Past performance is not a guide to future returns
Summary of Results
30 June 2011 31 December % change
2010
Assets
Total assets employed (1) £766.1m £716.4m +6.9
Shareholders' funds £700.6m £660.5m +6.1
Borrowings as % of shareholders' funds 9.4 8.4
Borrowings less cash as % of 9.2 4.6
shareholders' funds (2)
NAV per share 1,461.98p 1,335.78p +9.4
Stockmarket data
FTSE World Europe (ex UK) Index 404.69 382.26 +5.9
Share price period end 1,260.00p 1,113.00p +13.2
(3)
high 1,287.00p 1,163.00p
low 1,071.00p 916.00p
Discount (3) period end 13.8% 16.7%
high 17.1% 17.9%
low 10.3% 7.7%
Results for the six months to 30 June - 2011 2010
see pages 8 and 9
Revenue return per ordinary share 24.73p 17.38p
Capital return/(loss) per ordinary share 111.40p (133.82p)
Total return/(loss) per ordinary share 136.13p (116.44p)
Total returns (includes reinvested 2011 2010
income)
for the six months to 30 June
NAV per share +10.8% -9.1%
Share price +14.8% -17.2%
FTSE World Europe (ex UK) Index +8.4% -11.5%
1 Total assets less current liabilities, excluding fixed term loan liabilities
2 Cash includes cash held at bank and for the prior year investment in cash
funds
3 The high and low figures relate to the six month period to 30 June 2011 and
the year to 31 December 2010
Sources: Fidelity and Datastream
Past performance is not a guide to future returns
Half-Yearly Report
Performance
During the first six months of the year the net asset value rose by 10.8% to
1,461.98p per share, compared to a rise of 8.4% for the FTSE World Europe (ex
UK) Index. The share price increased by 14.8% to 1,260.00p, the discount having
narrowed during the six month period. (All figures in sterling terms and on a
total return basis.)
Market Review
European equities advanced over the period despite sporadic volatility. Healthy
corporate earnings growth and robust balance sheets were the key factors
supporting the market. Nevertheless, serious worries over the sovereign debt
crisis in peripheral Europe and concerns about the next phase of global growth
persisted. Fears about unexpected losses from the Japanese earthquake and the
geopolitical unrest in the Middle East and North Africa also dampened
sentiment. Cyclical and defensive segments generated mixed performance;
healthcare and consumer discretionary advanced strongly, while technology,
utilities and industrials lagged.
A clear divergence could be seen between the stronger core economies such as
Germany, which benefited from a weaker euro and healthy consumption in Asia,
and peripheral countries, which were encumbered by debt issues. As a result,
companies in Germany and France were some of the best performers. Among
peripheral nations, Greek stocks suffered due to concerns about a debt default;
however, some companies in Ireland, Spain and Italy performed relatively well.
Total Returns Performance for the six months to 30 June 2011
Portfolio Manager's Report
Performance over the period has been driven by a number of overweight stock
positions. German fashion retailer, Hugo Boss, was the stand out performer as
it continues to enjoy a strong re-rating on the back of encouraging earnings
updates. Dialysis manufacturer and supplier, Fresenius Medical Care, also
contributed to performance following encouraging guidance, while a position in
the Dutch financial company ING Groep rose after it announced encouraging
fourth quarter earnings and an improving capital position. Conversely, an
off-benchmark position in mining company Vale fell despite solid earnings as
investors worried about the outlook for commodity prices. Dutch mobile telecom
operator KPN also detracted from returns. KPN retreated after it cut its 2011
profit forecast, citing weak domestic revenues in the face of intense
competition.
Principal Risks and Uncertainties
The Board believes that the principal risks and uncertainties faced by the
Company continue to fall into the following categories: market risks;
performance risk; investment management and income risks; share price, NAV and
discount volatility risk; gearing risk; and control systems, regulation,
governance including shareholder relations risks. Information on each of these
is given in the Business Review section of the Annual Report for the year ended
31 December 2010.
Going Concern
The Board receives regular reports from the Manager and the Directors have a
reasonable expectation that the Company has adequate resources to continue in
operational existence for the foreseeable future. Thus they continue to adopt
the going concern basis of accounting in preparing the financial statements as
outlined in the Annual Report for the year ended 31 December 2010. The next
continuation vote will be put to shareholders at the 2013 Annual General
Meeting.
Discount Management and Gearing
The Board continued to adopt an active policy in relation to discount
management and gearing.
A further 1,531,587 ordinary shares were repurchased for cancellation in the
six month period to 30 June 2011. The purpose has been to control the level of
discount and reduce share price volatility, in the interests of shareholders.
The discount has been brought in from 16.7% at the start of the period to 13.8%
at 30 June 2011. Share repurchases at a discount also result in an enhancement
of the NAV per share, which over the six month period amounted to 6.16p per
share.
The level of net gearing was increased during the period from 4.6% to 9.2%,
with a draw down from the revolving credit facility. This reflects the broadly
positive view of the Manager towards opportunities in European equities, fully
supported by the Board.
Outlook
There remain many unanswered questions regarding the outlook for the global
economy and, therefore, equities over the coming months. Will the United States
continue with quantitative easing when the current round comes to an end? Will
China, and other emerging economies, experience "hard landings" as a result of
their tightening of monetary policy to combat inflationary pressures? Will the
EU be able to navigate its way out of the sovereign debt problem without
setting off a worrying trend of contagion which may imperil the "too big to
fail" sovereigns of Italy and Spain?
The handling of these various `crises' is becoming increasingly political and
therefore, also, increasingly difficult to predict. Solutions may well be messy
and time-consuming but if solutions are found, European equities appear
inexpensive relative to historic norms and other asset classes on a 10 times
forward Price Earnings Ratio and a 4% forward dividend yield (with expectations
of double-digit dividend growth).
European companies are, generally, in much better shape than European economies
and your Company remains focused on attractively valued stocks which will be
able to sustain dividend growth in different economic scenarios. These sorts of
companies will, in the Manager's view, continue to make progress, in terms of
total return, despite a choppy economic and political back-drop.
By order of the Board
FIL Investments International
27 July 2011
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';
b) the Half-Yearly report narrative on pages 3 to 5 (constituting the interim
management report) includes a fair review of the information required by Rule
4.2.7R of the FSA's Disclosure and Transparency Rules and their impact on the
condensed set of financial statements and a description of the principal risks
and uncertainties for the remaining six months of the financial year; and
c) in accordance with Disclosure and Transparency Rule 4.2.8R there have been
no related parties transactions during the six months to 30 June 2011 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 has not been audited or reviewed by the
Company's Independent Auditor.
The Half-Yearly financial report was approved by the Board on 27 July 2011 and
the above responsibility statement was signed on its behalf by Humphrey van der
Klugt, Chairman.
Twenty Largest Investments as at 30 June 2011
Holding Fair Value % (1)
£'000
Nestle
Packaged food 44,723 5.8
Sanofi-Aventis
Pharmaceuticals 26,508 3.5
BNP Paribas
Financial services 24,652 3.2
Novo Nordisk
Healthcare services 24,510 3.2
SAP
Software solutions and consultancy 23,339 3.0
Schneider Electric
Electricity distribution and automation management 23,305 3.0
Siemens
Electronic and electrical engineering 20,081 2.6
Saipem
Oil and gas 19,763 2.6
UBS
Financial services 18,746 2.4
Societe Generale
Financial services 18,692 2.4
Umicore
Materials technology 18,449 2.4
Fresenius Medical Care
Healthcare services 18,448 2.4
Royal Dutch Shell
Oil and gas 18,431 2.4
Zurich Financial Services
Financial services 17,170 2.3
Vale
Mining 16,208 2.1
BASF
Chemicals 15,846 2.1
Schindler Holding
Escalators, elevators and moving walks 15,287 2.0
Linde
Gases and engineering 15,179 2.0
Storebrand
Insurance 15,062 2.0
Swedish Match
Smokeless tobacco products 14,778 2.0
Twenty Largest Investments 409,177 53.4
1 % of total assets less current liabilities, excluding fixed term loan
liabilities
Income Statement
for the six months ended for the year ended for the six months ended
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
revenue capital total revenue capital total revenue capital total
Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) - 57,817 57,817 - 33,621 33,621 - (67,171) (67,171)
on investments
designated at
fair value
through profit
or loss
Income 2 17,754 - 17,754 18,883 - 18,883 15,123 - 15,123
Investment (2,920) - (2,920) (5,036) - (5,036) (2,384) - (2,384)
management fee
Other expenses (371) - (371) (664) - (664) (333) - (333)
Exchange gains/ 53 (461) (408) 65 (4,808) (4,743) 85 (6,429) (6,344)
(losses) on
other net assets
Exchange - (3,093) (3,093) - 4,153 4,153 - 6,502 6,502
(losses)/gains
on loans
Net return/ 14,516 54,263 68,779 13,248 32,966 46,214 12,491 (67,098) (54,607)
(loss) before
finance costs
and taxation
Finance costs (1,284) - (1,284) (3,025) - (3,025) (1,760) - (1,760)
Net return/ 13,232 54,263 67,495 10,223 32,966 43,189 10,731 (67,098) (56,367)
(loss) on
ordinary
activities
before taxation
Taxation on 3 (1,193) (36) (1,229) (2,262) (60) (2,322) (2,012) (39) (2,051)
return/(loss) on
ordinary
activities
Net return/ 12,039 54,227 66,266 7,961 32,906 40,867 8,719 (67,137) (58,418)
(loss) on
ordinary
activities after
taxation for the
period
Return/(loss) 4 24.73p 111.40p 136.13p 15.95p 65.91p 81.86p 17.38p (133.82p) (116.44p)
per ordinary
share
A Statement of Total Recognised Gains and Losses has not been prepared as there
are no gains and losses other than those reported in this Income Statement.
The total column of the Income Statement is the profit and loss account of the
Company.
All revenue and capital items in the above statement derive from continuing
operations.
No operations were acquired or discontinued in the period.
These financial statements have been prepared in accordance with the AIC
Statement of Recommended Practice ("SORP") issued in January 2009.
Reconciliation of Movements in Shareholders' Funds
share capital
share premium redemption capital revenue total
capital account reserve reserve reserve equity
Note £'000 £'000 £'000 £'000 £'000 £'000
Opening shareholders' 12,779 58,615 3,046 558,047 16,448 648,935
funds:
1 January 2010
Net recognised capital - - - (67,098) - (67,098)
loss on ordinary
activities before
taxation for the
period
Taxation charged to - - - (39) - (39)
capital
Repurchase of ordinary (304) - 304 (13,274) - (13,274)
shares
Net revenue return on - - - - 8,719 8,719
ordinary activities
after taxation for the
period
Dividend paid to 5 - - - - (11,292) (11,292)
ordinary shareholders
Closing shareholders' 12,475 58,615 3,350 477,636 13,875 565,951
funds:
30 June 2010
Opening shareholders' 12,779 58,615 3,046 558,047 16,448 648,935
funds:
1 January 2010
Net recognised capital - - - 32,966 - 32,966
return on ordinary
activities before
taxation for the year
Taxation charged to - - - (60) - (60)
capital
Repurchase of ordinary (417) - 417 (17,968) - (17,968)
shares
Net revenue return on - - - - 7,961 7,961
ordinary activities
after taxation for the
year
Dividend paid to 5 - - - - (11,292) (11,292)
ordinary shareholders
Closing shareholders' 12,362 58,615 3,463 572,985 13,117 660,542
funds:
31 December 2010
Net recognised capital - - - 54,263 - 54,263
return on ordinary
activities before
taxation for the
period
Taxation charged to - - - (36) - (36)
capital
Repurchase of ordinary (383) - 383 (18,511) - (18,511)
shares
Net revenue return on - - - - 12,039 12,039
ordinary activities
after taxation for the
period
Dividend paid to 5 - - - - (7,740) (7,740)
ordinary shareholders
Closing shareholders' 11,979 58,615 3,846 608,701 17,416 700,557
funds:
30 June 2011
Balance Sheet
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
Notes £'000 £'000 £'000
Fixed assets
Investments designated at fair value 766,655 693,547 565,509
through profit or loss
Current assets
Debtors 6,004 2,106 5,474
Fidelity Institutional Liquidity Fund - 21,533 42,562
plc
Cash at bank 750 3,976 11,652
6,754 27,615 59,688
Creditors - amounts falling due within
one year
Bank loans 6 (65,532) (55,812) (53,464)
Other creditors (7,320) (4,808) (5,782)
(72,852) (60,620) (59,246)
Net current (liabilities)/assets (66,098) (33,005) 442
Total net assets 700,557 660,542 565,951
Capital and reserves
Share capital 11,979 12,362 12,475
Share premium account 58,615 58,615 58,615
Capital redemption reserve 3,846 3,463 3,350
Capital reserve 608,701 572,985 477,636
Revenue reserve 17,416 13,117 13,875
Total equity shareholders' funds 700,557 660,542 565,951
Net asset value per ordinary share 7 1,461.98p 1,335.78p 1,134.18p
Cash Flow Statement
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
£'000 £'000 £'000
Operating activities
Investment income received 12,771 14,713 11,755
Deposit interest received 10 188 75
Investment management fee paid (2,820) (4,958) (2,572)
Directors' fees paid (49) (112) (53)
Other cash payments (268) (735) (379)
Net cash inflow from operating activities 9,644 9,096 8,826
Servicing of finance
Interest paid on bank loans (622) (3,054) (1,803)
Net cash outflow from servicing of finance (622) (3,054) (1,803)
Overseas taxation recovered 1,524 1,485 139
Financial investment
Purchase of investments (217,184) (555,131) (229,385)
Disposal of investments 201,952 554,223 251,785
Net cash (outflow)/inflow from financial (15,232) (908) 22,400
investment
Dividend paid to shareholders (7,740) (11,292) (11,292)
Net cash (outflow)/inflow before use of liquid (12,426) (4,673) 18,270
resources and financing
Cash flow from management of liquid resources
Fidelity Institutional Liquidity Fund plc 21,533 24,290 3,261
Cash inflow from management of liquid 21,533 24,290 3,261
resources
Net cash inflow before financing 9,107 19,617 21,531
Financing
Repurchase of ordinary shares (18,552) (19,590) (14,712)
Variable rate unsecured bank loan drawn down 6,627 - -
3.23% fixed rate unsecured bank loan repaid - (33,147) (33,147)
Net cash outflow from financing (11,925) (52,737) (47,859)
Decrease in cash (2,818) (33,120) (26,328)
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 for the year ended 31 December 2010.
2 Income
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
£'000 £'000 £'000
Income from investments designated at fair value
through profit or loss
UK dividends 104 - -
Overseas dividends 15,850 18,344 14,871
Overseas scrip dividends 1,790 352 176
17,744 18,696 15,047
Other income
Deposit interest 6 55 13
Income from Fidelity Institutional Liquidity Fund 4 132 63
plc
Total income 17,754 18,883 15,123
3 Taxation on return/(loss) on ordinary activities
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
revenue capital total revenue capital total revenue capital total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
UK corporation tax (36) 36 - (60) 60 - 419 39 458
Double taxation - - - - - - (458) - (458)
relief
(36) 36 - (60) 60 - (39) 39 -
Overseas taxation 2,939 - 2,939 3,687 - 3,687 3,149 - 3,149
suffered
Overseas taxation (1,710) - (1,710) (1,365) - (1,365) (1,098) - (1,098)
recovered
Current taxation 1,193 36 1,229 2,262 60 2,322 2,012 39 2,051
charge
4 Return/(loss) per ordinary share
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
Revenue 24.73p 15.95p 17.38p
Capital 111.40p 65.91p (133.82p)
Total 136.13p 81.86p (116.44p)
Returns/(losses) per ordinary share are based on the net revenue return on
ordinary activities after taxation in the period, the net capital return/(loss)
on ordinary activities after taxation in the period and the net total return/
(loss) on ordinary activities after taxation in the period and on the weighted
average number of shares in issue during the period.
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
£'000 £'000 £'000
Revenue 12,039 7,961 8,719
Capital 54,227 32,906 (67,137)
Total 66,266 40,867 (58,418)
Weighted average number of ordinary shares in 48,678,237 49,925,614 50,168,442
issue
5 Dividends paid
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
£'000 £'000 £'000
Final dividend of 15.75 pence per share paid for 7,740 - -
the year ended 31 December 2010
Interim dividend of 22.50 pence per share paid for - 11,292 11,292
the year ended 31 December 2009
7,740 11,292 11,292
No dividend has been declared in respect of the current period.
6 Bank loans
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
£'000 £'000 £'000
Fixed rate unsecured loan @ 4.38% per annum* 58,753 55,812 53,464
Variable rate unsecured loan** 6,779 - -
65,532 55,812 53,464
* The fixed rate loan from Barclays Bank PLC of euro 65,000,000 was drawn down
on 29 December 2006 for a period of five years at an interest rate of 4.38% per
annum. The loan is repayable on 15 December 2011.
** The Company has a variable rate euro 25,000,000 credit facility agreement
with Lloyds TSB Bank plc which expires on 15 December 2011. On 18 May 2011,
euro 7,500,000 was drawn down and is repayable on 17 November 2011.
7 Net Asset Value per ordinary share
The net asset value per ordinary share is based on net assets of £700,557,000
(31.12.10: £660,542,000; 30.06.10: £565,951,000) and on 47,918,399 (31.12.10:
49,449,986; 30.06.10: 49,899,656) ordinary shares, being the number of ordinary
shares in issue at the relevant period end.
8 Investment transaction costs
Transaction costs are incurred in the acquisition and disposal of investments.
These are included in the gains/(losses) on investments designated at fair
value through profit or loss in the capital column of the Income Statement and
are summarised below:
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
£'000 £'000 £'000
Purchases 302 580 203
Sales 233 592 242
535 1,172 445
9 Share Repurchases
The following repurchases of ordinary shares were made in the period:
30.06.11 31.12.10 30.06.10
unaudited audited unaudited
Number of ordinary shares repurchased 1,531,587 1,666,619 1,216,949
Average price per ordinary share 1,208.62p 1,078.11p 1,090.76p
Total cost including stamp duty and commission £ £ £
18,511,000 17,968,000 13,274,000
10 Unaudited Financial Statements
The results for the six months to 30 June 2011 and 30 June 2010, which are
unaudited, constitute non-statutory accounts within the meaning of s435 of the
Companies Act 2006. The figures and financial information for the year ended 31
December 2010 are extracted from the latest published financial statements.
These financial statements, on which the Independent Auditor gave an
unqualified report, have been delivered to the Registrar of Companies.
Investor Information
CONTACT INFORMATION
Private investors can call free on 0800 41 41 10 9am to 6pm, Monday to
Saturday.
Financial advisers can call free on 0800 41 41 81 8am to 6pm, Monday to Friday.
www.fidelity.co.uk/its
Existing shareholders who have specific queries regarding their holding or need
to provide updated information, for example a change of address, should contact
one of the following administrators.
Fidelity Share Plan investors:
Fidelity Investment Trust Share Plan, BNP Paribas Securities Services, Block C,
Western House, Lynchwood Business Park, Peterborough PE2 6BP.
Telephone: 0845 358 1107 (calls to this number are charged at 4p per minute
from a BT landline. Other telephone service providers' costs may vary.)
Fidelity ISA investors:
Fidelity, using the freephone number given above, or by writing to: UK Customer
Service, Fidelity International, Oakhill House, 130 Tonbridge Road,
Hildenborough, Tonbridge, Kent TN11 9DZ.
www.fidelity.co.uk/its
Fidelity ShareNetwork:
www.fidelity.co.uk/sharenetwork
Other holders of ordinary shares:
Capita Registrars, Registrars to Fidelity European Values PLC, The Registry, 34
Beckenham Road, Beckenham, Kent BR3 4BR.
Telephone: 0871 664 0300 (calls cost 10p per minute plus network extras)
Email: ssd@capitaregistrars.com
Details of individual shareholdings and other information can also be obtained
from the Registrar's website: www.capitaregistrars.com
General enquiries should be made to Fidelity, the Investment Manager and
Secretary, at the Company's registered office: FIL Investments International,
Investment Trusts, 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
FINANCIAL CALENDAR
30 June 2011 - Half-Yearly period end
27 July 2011 - Announcement of Half-Yearly results
August 2011 - Publication of Half-Yearly report
31 December 2011 - Financial year end
March 2012 - Publication of Annual Report
May 2012 - Annual General Meeting
Directory
BOARD OF DIRECTORS
Humphrey van der Klugt (Chairman)
James Robinson (Chairman of the Audit Committee and Senior Independent
Director)
Simon Duckworth
Simon Fraser
Robin Niblett
MANAGER, SECRETARY AND REGISTERED OFFICE
FIL Investments International
Beech Gate, Millfield Lane
Lower Kingswood
Tadworth
Surrey, KT20 6RP
FINANCIAL ADVISERS AND STOCKBROKERS
Winterflood Investment Trusts
The Atrium Building
Cannon Bridge
25 Dowgate Hill
London, EC4R 2GA
INDEPENDENT AUDITOR
Grant Thornton UK LLP
Chartered Accountants and Registered Auditor
30 Finsbury Square
London, EC2P 2YU
BANKERS AND CUSTODIAN
JP Morgan Chase Bank (London Branch)
125 London Wall
London, EC2Y 5AJ
REGISTRARS
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent, BR3 4BR
LAWYERS
Slaughter and May
One Bunhill Row
London, EC1Y 8YY
Speechly Bircham LLP
6 New Street Square
London, EC4A 3LX
WARNING TO SHAREHOLDERS - "BOILER ROOM" SCAMS
Many companies are aware that their shareholders have received unsolicited
phone calls or correspondence concerning investment matters. These are
typically from overseas based `brokers' who target UK shareholders, offering to
sell them what often turn out to be worthless or high risk shares in US or UK
investments. These operations are commonly known as `boiler rooms'. These
`brokers' can be very persistent and extremely persuasive, and a 2006 survey by
the Financial Services Authority (FSA) has reported that the average amount
lost by investors is around £20,000. It is not just the novice investor that
has been duped in this way; many of the victims had been successfully investing
for several years. Shareholders are advised to be very wary of any unsolicited
advice, offers to buy shares at a discount or offers of free company reports.
If you receive any unsolicited investment advice:
• Make sure you get the correct name of the person and organisation
• Check that they are properly authorised by the FSA before getting involved by
visiting www.fsa.gov.uk/register
• Report the matter to the FSA either by calling 0845 606 1234 or visiting
www.moneymadeclear.fsa.gov.uk
• If the calls persist, hang up.
If you deal with an unauthorised firm, you will not be eligible to receive
payment under the Financial Services Compensation Scheme. The FSA can be
contacted by completing an online form at www.fsa.gov.uk/pages/doing/regulated/
law/alerts/overseas.shtml
Details of any share dealing facilities that the Company endorses will be
included in company mailings. More detailed information on this or similar
activity can be found on the FSA website www.moneymadeclear.fsa.gov.uk
The Fidelity Individual Savings Account ("ISA") is offered and managed by
Financial Administration Services Limited. The Fidelity Investment Trust Share
Plan is managed by FIL Investments International. Both companies are authorised
and regulated by the Financial Services Authority. The Fidelity Investment
Trust Share Plan is administered by BNP Paribas Securities Services and shares
will be held in the name of Puddle Dock Nominees Limited. The value of savings
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