Half-yearly Report
Fidelity Special Values PLC
Preliminary announcement of unaudited Half-Yearly results for the six months
ended 28 February 2010.
Contents
The Investment Objective
Summary of Results
Chairman's Statement
Half-Yearly Report
Responsibility Statement
Twenty Largest Investments
Financial Statements
Investor Information
Directory
The investment objective of the Company is to achieve long term capital growth
from an actively managed portfolio of special situation investments, consisting
primarily of securities listed or traded on the London Stock Exchange. Up to
20% may be invested outside of the UK.
Total Returns %
Six months to From launch
28 February 2010 17 November 1994
Capital Returns
Net Asset Value (NAV) per share -2.9 +498.8
Share price -4.9 +450.8
FTSE All-Share Index +8.6 +76.2
Total Returns¹
NAV per share total return -1.4 +602.8
Share price total return -3.4 +555.1
FTSE All-Share Index total +10.1 +185.0
return
¹ Total return includes reinvested income
Standardised performance (on a total return basis%)
01/03/05 01/03/06 01/03/07 01/03/08 01/03/09
to to to to to
28/02/06 28/02/07 29/02/08 28/02/09 28/02/10
NAV per share +31.3 +11.5 -2.8 -31.0 +54.2
Share price +24.3 +8.4 -7.5 -29.6 +54.1
FTSE All-Share Index +22.3 +11.6 -2.7 -33.0 +47.3
Sources: Fidelity and Datastream
Past performance is not a guide to future returns
Summary of Results
28 February 31 August %
2010 2008 change
Assets
Total assets employed¹ £324.68m £361.52m -10.2
Shareholders' funds £324.68m £334.52m -2.9
NAV per share 570.23p 587.50p -2.9
Number of shares in issue 56,938,896 56,938,896
Stock market Data
FTSE All-Share Index 2,736.80 2,520.66 +8.6
Share price period end 523.00p 550.00p -4.9
high 577.00p 553.00p
low 478.00p 325.00p
Discount period end (8.3)% (6.4)%
high 0.1% 4.4%
low (10.6)% (12.2)%
Returns for the six months to end February 2010 2009
Capital loss per ordinary share (10.98p) (173.41p)
Capital + revenue loss per ordinary share (8.27p) (169.55p)
¹ Total assets less current liabilities. For the prior year this excluded the
fixed term loan liability of £27m
Chairman's Statement
NAV: -2.9% TO 570.23P PER SHARE;
SHARE PRICE: -4.9% TO 523.00P;
BENCHMARK: +8.6% (FTSE ALL-SHARE
INDEX)
In contrast to the results of last year, we have had a disappointing start to
this year with a decline of 2.9% in the net asset value ("NAV") to 570.23p per
share. Nobody likes negative numbers and, unfortunately, they compare with a
positive return of 8.6% earned by the FTSE All-Share Index, our benchmark.
In the report which follows, Sanjeev Shah explains the various factors within
the portfolio which made up the results, but suffice it to say that your Board
is not unduly concerned, particularly given the excellent return that he earned
last year when the net asset value rose by 4.5% - against a fall of 12.1% in
the benchmark. We, the Directors, make our assessments on a five year view,
during which there will always be ups and downs. Over the last five years the
NAV has risen 39.4%, the benchmark by 9.7%.
The share price fell a little bit more, declining by 4.9% to 523.00p with the
result that the discount widened to 8.3%.
BOARD APPOINTMENTS
In last year's annual report I stated that "we are in the process of appointing
at least one more director to the Board". I am pleased to report that Andy
Irvine and Sharon Brown have been appointed directors and their election will
be the subject of resolutions at this year's Annual General Meeting in
December.
Andy is Chairman of Montanaro European Smaller Companies PLC and a Director of
Securities Trust of Scotland PLC and Non-Executive Chairman of Robertson
Property. He is also Non-Executive Chairman of Jones Lang LaSalle Scotland,
Chairman of the Scottish International Education Trust and Chairman of the
British and Irish Lions Limited, having previously been President of the
Scottish Rugby Union until 2007.
Sharon is Finance Director of Dobbies Garden Centres PLC, a subsidiary of Tesco
and Member of Court and Audit Committee Chairman of Queen Margaret University,
Edinburgh.
I also stated that during the coming of next year, I would step down as a
director of the Company and as Chairman of the Board. I am delighted to tell
you that Lynn Ruddick, who joined the Board in 2005, has been appointed
Chairman with effect from 9 July 2010, following my last board meeting as a
director. She is a most capable person and an able and experienced director of
investment trusts and I feel the leadership of the Board will be in good hands.
ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE
Some shareholders will be aware that the European Union is in the process of
enacting a new directive, the Alternative Investment Fund Managers Directive
(the "AIFM" Directive). It has come about because of concerns over the lack of
regulation of hedge funds and of private equity funds but it, in effect,
encompasses all funds not currently covered by its UCITs directives - including
investment trust companies. Its provisions, as originally proposed, were really
quite harmful to the well being and modus operandi of investment trusts - in
part because of a lack of understanding about them. The Association of
Investment Companies ("AIC") backed by the Treasury and the FSA, as well as our
Manager, Fidelity International, have worked hard with legislators in Brussels
to effect improvements in the Directive's provisions and, as things stand at
the moment, quite a lot of improvements have been achieved. However the scope
of the Directive is so far reaching that it maybe some time before we know the
final outcome.
OUTLOOK
Following the severe economic and financial crisis which erupted so violently
in the autumn of 2008, the Bank of England engaged in a programme of what is
known as quantitative easing - whereby the Bank supplied huge quantities of
money to financial markets to alleviate the liquidity crisis and the Government
enacted several measures, including the part nationalization of the Royal Bank
of Scotland and Lloyds Banking Group, to stabilize the economy. The causes of
the crisis were largely centered on overly indebted consumers overly geared
banks and poor banking governance and regulation. As a nation we have been
living beyond our means for many, many years. To date these causes have not
been dealt with, rather it is just the symptoms that have been alleviated. The
major risk associated with the policies is that they result in material levels
of inflation and a further decline in the value of sterling. It will take many
years to resolve them; meanwhile we are likely to experience low economic
growth as a country.
Its effect on our stockmarkets is difficult to judge because low rates of
economic growth are not normally good for corporate profits and share prices
but, if low growth results in low interest rates and easy money, markets could
perform quite well. In any event there should be lots of opportunities for
investment - most particularly because of the significant exposure that so many
UK companies have to more soundly financed and faster growing overseas
economies.
Alex Hammond-Chambers
Chairman
15 April 2010
Half-Yearly Report
HALF YEAR RETURNS:
The results for the first half of the year are contained in the tables on the
preceding two pages and can be summarised as follows:
NAV: -1.4% to 570.23p per share;
Share Price: -3.4% to 523.00p;
Benchmark: +10.1% (FTSE All-Share Index)
(All figures on a total return basis)
The results over the six months were disappointing as the Company didn't
achieve its goal of capital growth for shareholders. While the net asset value
declined slightly in the review period, shareholders should note that this was
preceded by very strong performance in the previous six months, when the
Company generated absolute returns of 56.4% and outperformed the benchmark by
more than 22%.
This Half-Yearly report seeks to explain the reasons for the fall in the net
asset value and to offer long term optimism as the economic recovery continues
to take hold.
STOCK MARKET & PORTFOLIO REVIEW:
The UK stock market continued its recovery in the first half of our financial
year, rising over 8.6%. However, the strength of the rally was tested when
concerns grew about the sovereign debt problems in several European countries,
notably Greece, and fears about a default on debt obligations by Dubai. These
problems undermined the performance of the financials sector, one of our key
overweight industry positions, and hence had a negative impact on overall
returns.
The economic outlook has gradually improved over the past year, with UK GDP
coming out of recession in the last quarter of 2009, after contracting for six
consecutive quarters. However, the inconclusive nature of recent data releases
suggests that the revival is likely to be relatively drawn out. In view of the
uncertain environment, the Bank of England kept interest rates unchanged.
In terms of performance, the Company's net asset value fell slightly in the
period. Key positive contributors included educational publisher Pearson, which
continued to gain market share in the US. PartyGaming, the leisure company,
performed well as the regulatory environment improved, and electronic
components distributor Premier Farnell, rose as industrial production bottomed
and the company's internet strategy became more widely appreciated. Gains from
some of the smaller holdings, such as Kofax, Cairn Energy and Unibet, also
helped returns.
The key area of underperformance was the overweight position in the broader
financial sector and in particular banks. Some of the top holdings, such as
Royal Bank of Scotland and Lloyds Banking Group, could not sustain the sharp
recovery seen in their share prices earlier in 2009 and fell quite
significantly as they undertook further capital raising. Nevertheless, concerns
about the financial sector have eased recently, following recapitalisations,
and I believe these shares still offer attractive value at their current
levels. Several of the other holdings suffered falls from the higher levels
achieved in the rally of the previous months, including positions in Yell in
the media sector, London Stock Exchange, and real estate company British Land.
I believe these to be instances of short term weakness, rather than a
reflection of any underlying problems and these shares remain good value
propositions.
Following the sharp rally in cyclical stocks in 2009, which was largely
beneficial to the Company's returns, I am gradually switching exposure from
cyclical shares to those offering more defensive growth. The portfolio remains
overweight in small and mid sized companies but I am now finding further
opportunities in large companies. While earnings growth has been strong thanks
to aggressive cost cutting by companies, I am also looking for companies that
will see a resumption of top line revenue growth to drive earnings higher.
Investments in derivatives were made during the period, including selling short
selected stocks in order to benefit from any share price fall. These
transactions accounted for only a small part of the Company but had a negative
effect on overall returns. During the period we repaid £27 million of the debt
of the Company. However I am still able to achieve gearing through the use of
derivatives, which is a cheaper option than conventional gearing in the current
environment.
OUTLOOK
The economic environment is showing further signs of improvement and I remain
confident about the outlook for equities, but the underlying problems are yet
to be fully resolved and it is likely that stock markets will see some set back
in the year ahead.
The longer term prospects are much better, underpinned by a potential expansion
in the global economy and the considerable stimulus from the easing in monetary
policy.
Sanjeev Shah
Portfolio Manager
PRINCIPAL RISKS AND UNCERTAINTIES
The Board believes that the principal risks and uncertainties faced by
theCompany continue to fall into two broad categories. The first, external
risks, being stock market, share price and discount and the second, internal
risks,being portfolio and governance, operational, financial,
compliance,administration etc. Information on each of these is given in the
Business Review section of the Annual Report for the year ended 31 August 2009.
By order of the Board
FIL Investments International
15 April 2010
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 5, 6 and 7 (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 28 February 2010 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 Auditor.
The Half-Yearly financial report was approved by the Board on 15 April 2010 and
the above responsibility statement was signed on its behalf by Alex
Hammond-Chambers, Chairman.
Enquiries
Chris Davies - Head of Investment Trusts, FIL Investments International - 01737 837 723
Anne Read - Corporate Communication, FIL Investments International - 0207 961 4409
Christopher Pirnie - Company Secretary, FIL Investments International - 01737 837929
Twenty Largest Investments as at 28 February 2010
Investments (including derivatives) Exposure Fair Value2 %¹
£'000 £'000
HSBC 22,452 17,290 6.5
Banking and financial services organisation
GlaxoSmithKline 18,022 18,022 5.2
Pharmaceutical company
Lloyds Banking Group 15,665 12,789 4.5
Banking and financial services organisation
Vodafone 13,692 13,692 3.9
Mobile telecommunications company
Royal Bank of Scotland 11,715 10,865 3.4
Global financial services group
AstraZeneca 11,639 10,580 3.4
Pharmaceutical company
British Sky Broadcasting 11,551 8,864 3.3
Broadcasting company
LogicaCMG 10,562 10,562 3.0
Information technology consultancy services
provider
PartyGaming 10,447 10,447 3.0
Online gaming company
Ericsson 9,890 (210) 2.9
Global telecommunications equipment and related
services provider
Premier Farnell 9,575 9,575 2.8
Electronic components and equipment
distributing company
Yell 9,171 9,171 2.7
Advertising company
British Land 9,021 7,759 2.6
Property company
Land Securities 8,673 7,296 2.5
Real estate investment trust
Pearson 7,540 7,540 2.2
Global publishing company
Electrocomponents 7,500 7,500 2.2
Electronic components and equipment
distributing company
Royal Dutch Shell A' 6,731 6,731 1.9
Oil and gas company
WPP 6,356 6,356 1.8
Advertising, information and consultancy
services
Centrica 6,069 6,069 1.7
Integrated energy company
Xchanging 5,800 5,800 1.7
Insurance and financial markets processing
services provider
Top 20 holdings 212,071 186,698 61.2
1 % based on total exposure which is the fixed asset investments plus the fair
value of the underlying
securities within the derivative instruments
2 Fair value is measured as: Listed and AIM quoted investments are valued at
bid prices where available otherwise at published price quotations; Unlisted
investments are valued using an appropriate valuation technique in the absence
of an active market; Options are valued at the quoted trade price for the
contract; Contracts for difference and equity forwards - the difference between
the settlement price and the value of the underlying shares in the contract
(unrealised gains/(losses))
Income Statement
For the six months ended
28.02.10
unaudited
Notes revenue capital total
£'000 £'000 £'000
(Losses)/gains on investments - (922) (922)
designated at fair value through
profit or loss
(Losses)/gains on derivative - (5,189) (5,189)
instruments
held at fair value through profit or
loss
Income 2 4,151 - 4,151
Net derivative income/(expenses) 3 54 - 54
Investment management fee (1,730) - (1,730)
VAT recovered on investment management - - -
fee
Other expenses (315) - (315)
Exchange (losses)/gains on other net (5) (141) (146)
assets
Net return/(loss) before 2,155 (6,252) (4,097)
finance costs and taxation
Interest payable (591) - (591)
Net return/(loss) on ordinary 1,564 (6,252) (4,688)
activities before taxation
Taxation on return/(loss) ordinary 4 (22) - (22)
activities
Net return/(loss) on ordinary 1,542 (6,252) (4,710)
activities after taxation for the
period
Return/(loss) per ordinary share 5 2.71p (10.98p) (8.27p)
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 this Income 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 2009.
Income Statement (continued)
For the year ended 31.08.09 For the six months ended 28.02.09
audited unaudited
revenue capital total revenue capital total
£'000 £'000 £'000 £'000 £'000 £'000
- 8,423 8,423 - (98,737) (98,737)
- 10,756 10,756 - - -
10,421 - 10,421 4,698 - 4,698
(375) - (375) - - -
(2,862) - (2,862) (1,317) - (1,317)
6 - 6 6 - 6
(513) - (513) (277) - (277)
- 123 123 - 138 138
6,677 19,302 25,979 3,110 (98,599) (95,489)
(1,637) - (1,637) (899) - (899)
5,040 19,302 24,342 2,211 (98,599) (96,388)
(57) - (57) (15) - (15)
4,983 19,302 24,285 2,196 (98,599) (96,403)
8.76p 33.92p 42.68p 3.86p (173.41p) (169.55p)
Reconciliation of Movements in Shareholders' Funds
Notes share share
premium
capital
account
£'000
£'000
Opening shareholders' funds: 1 September 14,198 95,058
2008
Net recognised capital losses for the period - -
Issue of ordinary shares 45 709
Repurchase of ordinary shares (9) -
Net revenue return after taxation for the - -
period
Dividend paid to shareholders - -
Closing shareholders' funds: 28 February 14,234 95,767
2009
Opening shareholders' funds: 1 September 14,198 95,058
2008
Net recognised capital gains for the year - -
Issue of ordinary shares 45 709
Repurchase of ordinary shares (9) -
Net revenue return after taxation for the - -
year
Dividend paid to shareholders - -
Closing shareholders' funds: 31 August 2009 14,234 95,767
Net recognised capital losses for the period - -
Net revenue return after taxation for the - -
period
Dividend paid to shareholders 8 - -
Closing shareholders' funds: 28 February 20 14,234 95,767
10
Reconciliation of Movements in Shareholders' Funds (continued)
Capital other capital revenue total
redemption non-distributable
reserve reserve equity
reserve £'000
£'000 £'000 £'000
£'000
2,545 5,152 191,309 10,995 319,257
- - (98,599) - (98,599)
- - - - 754
9 - (123) - (123)
- - - 2,196 2,196
- - - (9,655) (9,655)
2,554 5,152 92,587 3,536 213,830
2,545 5,152 191,309 10,995 319,257
- - 19,302 - 19,302
- - - - 754
9 - (123) - (123)
- - - 4,983 4,983
- - - (9,655) (9,655)
2,554 5,152 210,488 6,323 334,518
- - (6,252) - (6,252)
- - - 1,542 1,542
- - - (5,125) (5,125)
2,554 5,152 204,236 2,740 324,683
Balance Sheet
Notes 28.02.10 31.08.09 28.02.09
unaudited audited unaudited
£'000 £'000 £'000
Fixed assets
Investments designated at fair value 318,651 355,379 233,281
through
profit or loss
Current assets
Derivative assets held at fair value 1,934 4,186 -
through
profit or loss
Debtors 3,659 9,135 3,789
Amounts held at futures clearing houses 2,395 843 1,985
and brokers
Cash at bank 3,460 8,087 3,846
11,448 22,251 9,620
Creditors - amounts falling due
within one year
Derivative liabilities held at fair value (3,568) (1,238) -
through profit or loss
Fixed rate unsecured loan 9 - (27,000) (27,000)
Other creditors (1,848) (14,874) (2,071)
(5,416) (43,112) (29,071)
Net current assets/(liabilities) 6,032 (20,861) (19,451)
Total net assets 324,683 334,518 213,830
Capital and reserves
Share capital 14,234 14,234 14,234
Share premium account 95,767 95,767 95,767
Capital redemption reserve 2,554 2,554 2,554
Other non-distributable reserve 5,152 5,152 5,152
Capital reserve 204,236 210,488 92,587
Revenue reserve 2,740 6,323 3,536
Total equity shareholders' funds 324,683 334,518 213,830
Net asset value per ordinary share 6 570.23p 587.50p 375.54p
Cash Flow Statement
28.02.10 31.08.09 28.02.09
unaudited audited unaudited
£'000 £'000 £'000
Operating activities
Investment income received 2,741 4,232 2,162
Net derivative expenses paid (67) (377) -
Underwriting commission received 28 97 -
Deposit interest received 8 216 616
Investment management fee paid (1,746) (2,803) (1,447)
VAT recovered on investment management fee - 2,306 2,306
Directors' fees paid (68) (112) (49)
Other cash receipts/(payments) 274 (684) (220)
Net cash inflow from operating activities 1,170 2,875 3,368
Return on investments and servicing of finance
Interest paid (736) (1,692) (960)
Net cash outflow from returns on investments and (736) (1,692) (960)
servicing of finance
Overseas taxation recovered 5 38 38
Financial investments
Purchase of investments (91,611) (263,308) (144,546)
Disposal of investments 120,610 254,390 139,301
Net cash inflow/(outflow) from Financial 28,999 (8,918) (5,245)
investment
Derivative activities
Premium received on options 172 3,441 -
Premium paid on options (182) (1,365) -
Proceeds of derivative instruments (384) 5,923 -
Net cash (outflow)/inflow from derivative (394) 7,999 -
activities
Dividend paid to shareholders (5,125) (9,655) (9,655)
Net cash inflow/(outflow) before use of liquid 23,919 (9,353) (12,454)
resources and financing
Net cash inflow from management of liquid - 9,091 9,091
resources
Net cash inflow/(outflow) before financing 23,919 (262) (3,363)
Financing
Issue of ordinary shares - 754 754
Repurchase of ordinary shares - (124) (123)
5.435% fixed rate unsecured loan repaid (27,000) - -
5.655% fixed rate unsecured loan repaid - (8,000) (8,000)
Net cash outflow before financing (27,000) (7,370) (7,369)
Decrease in cash (3,081) (7,632) (10,732)
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 August 2009.
As a result of technical guidance issued by the Institute of Chartered
Accountants in England and Wales in TECH 01/08: "Distributable Profits",
changes in fair value of investments which are readily convertible to cash,
without accepting adverse terms at the balance sheet date, can be treated as
realised. As a result of the new SORP, capital reserves realised and unrealised
are now shown in aggregate as capital reserve in the Reconciliation of
Movements in Shareholders' Funds and the Balance Sheet. At the balance sheet
date all investments held by the Company were listed on a recognised stock
exchange and were considered to be readily convertible to cash with the
exception of unlisted investments with a fair value of £827,000.
2 INCOME
28.02.10 31.08.09 28.02.09
unaudited audited unaudited
£'000 £'000 £'000
Franked investment income 1,898 2,477 1,295
UK scrip dividends 1,534 5,340 2,181
Overseas dividends 367 628 167
Overseas scrip dividends 47 736 228
Income from REIT Investments 269 574 244
Other income - - 17
Deposit interest 8 134 131
Income from Fidelity Institutional Cash - 28 28
Fund plc
Investment on VAT recovered on - 407 407
investment management fees*
Underwriting commission 28 97 -
4,151 10,421 4,698
* This is interest received in prior year on VAT recovered on investment
management fees following the decision of the European Court of Justice in the
JPMorgan Claverhouse Invstment Trust case (C-365/05).
3 DERIVATIVE INCOME/(EXPENSES)
28.02.10 31.08.09 28.02.09
unaudited audited unaudited
£'000 £'000 £'000
Interest received on short contracts for 6 162 -
difference
Dividends received on long contracts for 215 6 -
difference
Interest paid on long contracts for (150) (94) -
difference
Dividends paid on short contracts for (17) (449) -
difference
54 (375) -
4 TAXATION ON RETURN/(LOSS) ON ORDINARY ACTIVITIES
28.02.10 31.08.09 28.02.09
unaudited audited unaudited
£'000 £'000 `000
Overseas taxation suffered 22 57 15
5 RETURN/(LOSS) PER ORDINARY SHARE
28.02.10 31.08.09 28.02.09
unaudited audited unaudited
Revenue 2.71p 8.76p 3.86p
Capital (10.98p) 33.92p (173.41p)
Total (8.27p) 42.68p (169.55p)
Return/(loss) per ordinary share is based on the net revenue return on ordinary
activities after taxation in the period, the capital (loss)/gain in the period
and the weighted average number of ordinary shares in issue during the period:
28.02.10 31.08.09 28.02.09
unaudited audited unaudited
£'000 £'000 £'000
Revenue 1,542 4,983 2,196
Capital (6,252) 19,302 (98,599)
Total (4,710) 24,285 (96,403)
Weighted average number of ordinary 56,938,869 56,899,410 56,859,269
shares
6 NET ASSET VALUE PER ORDINARY SHARE
The net asset value per ordinary share is based on net assets of £324,683,000
(31.08.09:
£334,518,000; 28.02.09: £213,830,000) and on 56,938,896 ordinary shares
(31.08.09: 56,938,896;
28.02.09: 56,938,896), being the number of ordinary shares in issue at the
period end.
7 COSTS OF INVESTMENT TRANSACTIONS
Included in the (losses)/gains on investments are the following costs of
investment transactions:
28.02.10 31.08.09 28.02.09
unaudited audited unaudited
£'000 £'000 £'000
Purchases expenses 298 2,383 704
Sales expenses 90 458 107
Total 388 2,841 811
8 DIVIDEND
No dividend has been declared in respect of the current period. The dividend
shown in the Reconciliation of Movements in Shareholders' Funds for the six
months ended 28 February 2010 relates to the year ended 31 August 2009.
9 LOAN FACILITIES
The fixed rate loan from Barclays Bank PLC of £7,000,000 (Tranche A) drawn down
on 25 October 2004 and a further £20,000,000 (Tranche B) drawn down on 26
January 2005, both tranches at an interest rate of 5.435% per annum, were
repaid on 26 January 2010.
10 SHARE ISSUES
The following ordinary share issues were made in the period:
28.02.10 31.08.09 28.02.09
unaudited audited unaudited
Number of ordinary shares issued - 178,393 178,393
Average price in pence per ordinary - 422.66p 422.66p
share
Total cost including commission - £754,000 £754,000
11 SHARE REPURCHASES
The following ordinary share repurchases were made in the period:
28.02.10 31.08.09 28.02.09
unaudited audited unaudited
Number of ordinary shares - 34,000 34,000
repurchased
Average price in pence per ordinary - 361.76p 361.76
share
Total cost including stamp duty and - £123,000 £123,000
commission
12 UNAUDITED FINANCIAL STATEMENTS
The results for the six months to 28 February 2010 and 28 February 2009, 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 August 2009 are extracted from the latest published financial
statements. These financial statements, on which the 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 a specific query regarding their holding or need
to provide update information, for example a change of address, should contact
the appropriate administrator.
Holders of ordinary shares: Capita Registrars, Registrars to Fidelity Special
Values PLC, Northern House, Woodsome Park, Fenay Bridge, Huddersfield, West
Yorkshire, HD8 0GA.
Telephone: 0871 664 0300 (calls cost 10p per minute plus network extras) Lines
are open from 8.30am to 5.30pm, Monday to Friday. If calling from overseas,
telephone +44 208 639 3399
Email: ssd@capitaregistrars.com
Details of individual shareholdings and other information can also be obtained
from the Registrars' website: www.capitaregistrars.com
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 providers' costs may vary).
Fidelity ISA investors: Fidelity, using the freephone numbers given opposite,
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 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 2010
28 February - Half-Yearly period end
28 April - Announcement of Half-Yearly results
Beginning of May - Publication of Half-Yearly report
July - Interim Management Statement (as at 31 May 2010)
31 August - Financial year end
November - Publication of Annual Report
December - Annual General Meeting
Directory
BOARD OF DIRECTORS
Alex Hammond-Chambers (Chairman)
Douglas Kinloch Anderson
Sharon Brown
Andy Irvine
Nicky McCabe
Lynn Ruddick (Chairman of the Audit Committee)
Ben Thomson
MANAGER, SECRETARY AND
REGISTERED OFFICE
FIL Investments International,
Beech Gate, Millfield Lane,
Lower Kingswood,
Tadworth,
Surrey, KT20 6RP.
FINANCIAL ADVISERS AND
STOCKBROKERS
Cenkos Securities plc,
6,7,8 Tokenhouse Yard,
London, EC2R 7AS.
INDEPENDENT AUDITOR
Grant Thornton UK LLP,
Chartered Accountants
and Registered Auditor,
30 Finsbury Square,
London, EC2P 2YU.
BANKERS AND CUSTODIAN
JPMorgan Chase Bank (London Branch),
125 London Wall,
London, EC2Y 5AJ.
REGISTRARS
Capita Registrars,
Northern House, Woodsome Park,
Fenay Bridge, Huddersfield,
West Yorkshire, HD8 0GA.
LAWYERS
Slaughter and May,
One Bunhill Row,
London, EC1Y 8YY.
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
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 FIL 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.
Please note that the value of investments and the income from them may fall as
well as rise and the investor may not get back the amount originally invested.
Past performance is not a guide to future returns. For funds that invest in
overseas markets, changes in currency exchange rates may affect the value of
your investment. Investing in small and emerging markets can be more volatile
than other more developed markets.
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.
Investors should also note that the
views expressed may no longer be current and may already have been acted upon
by Fidelity.
Fidelity, Fidelity International and the Pyramid Logo are trademarks of FIL
Limited.
Issued by Fidelity Special Values PLC.
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