Half-yearly Report
FIDELITY SPECIAL VALUES PLC
AVAILABILITY OF THE HALF-YEARLY REPORT FOR THE SIX MONTHS TO 28 FEBRUARY 2009
Further to the disclosure of the Company's Half-Yearly results for the six
months ended 28 February 2009 by way of an announcement dated 17 April 2009, in
accordance with the Disclosure and Transparency Rules ("the Rules") 4.2.2 and
6.3.5(3) this announcement contains the text of that announcement dated 17
April 2009 together with the details of the availability of the Half-Yearly
Report.
Copies of the Fidelity Special Values PLC Half-Yearly Report for the six months
ended 28 February 2009 have been submitted to the UK Listing Authority, and
will shortly be available for inspection at the UK Listing Authority's Document
Viewing Facility, which is situated at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS
Tel: 020 7676 1000
(Documents will usually be available for inspection within six normal business
hours of this notice being given).
The Half-Yearly Report is available on the Company's website: www.fidelity
.co.uk/its
Fidelity Special Values PLC
Preliminary announcement of unaudited Half-Yearly results for the six months
ended 28 February 2009.
Contents
The Investment Objective
Summary of Results
Half-Yearly Report
Responsibility Statement
Top 20 Holdings
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.
Returns %
Six months to From launch
28 February 2009 17 November 1994
Capital Returns
Net Asset Value ("NAV") per -33.2% +294.4%
share
Share price -28.3% +263.3%
FTSE All-Share Index -32.7% +23.7%
Total Returns¹
NAV per share total return -30.3% +355.7%
Share price total return -25.1% +325.2%
FTSE All-Share Index total -31.4% +93.2%
return
¹ Total return includes reinvested income
Standardised performance (on a total return basis) (%)
01/03/04 01/03/05 01/03/06 01/03/07 01/03/08
to to to to to
28/02/05 28/02/06 28/02/07 29/02/08 28/02/09
NAV per share +19.5 +31.3 +11.5 -2.8 -31.0
Share price +17.2 +24.3 +8.4 -7.5 -29.6
FTSE All-Share Index +15.0 +22.3 +11.6 -2.7 -33.0
Sources: Fidelity and Datastream
Summary of Results
28 February 31 August %
2009 2008 change
Assets
Total assets employed¹ £240.83m £354.26m -32.0
Shareholders' funds £213.83m £319.26m -33.0
Borrowings as % of shareholders' funds 12.6% 11.0%
Borrowings less cash as % of shareholders' 10.8% 3.4%
funds'²
NAV per share 375.54p 562.13p -33.2
Number of shares in issue 56,938,896 56,794,503
Stockmarket Data
FTSE All-Share Index 1,929.75 2,868.69 -32.7
Share price Period end 345.00p 481.50p -28.3
High 486.00p 596.00p
Low 329.00p 407.00p
Discount Period end 8.1% 14.3%
High 15.0% 14.7%
Low 2.6% 4.8%
Returnsfor the six months to end February 2009 2008
Capital loss per ordinary share (173.41p) (58.82p)
Capital +revenue loss per ordinary share (169.55p) (56.88p)
¹ Total assets less liabilities, excluding fixed term loan liabilities
² Includes cash held and investment in cash funds; excludes amounts held at
futures clearing houses and brokers and any effect from Contracts for
Difference
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: -33.2% to 375.54p per share;
Share Price: -28.3% to 345p;
Benchmark: -32.7% (FTSE All-Share Index)
These results are obviously very disappointing indeed to shareholders. This
half year report seeks to explain the circumstances of such a sharp decline in
the net asset value, to report a degree of caution about the shorter term
prospects but to offer longer term optimism once the causes of the current
financial crisis have been resolved.
Stock Market & Portfolio Review:
In one of the worst bear markets for decades, the UK stock market fell over 30%
in the first half of our financial year. The outlook for the global economy
deteriorated considerably as the severe problems in the banking system led to a
sharp slowdown in borrowing, curtailing consumer spending and business
investment. The deepening recession is also causing a sharp decline in
corporate profits. The fall in commodity prices has resulted in a moderation in
inflation, which allowed the world's central banks to announce a series of
interest rate cuts in addition to economic stimulus packages; so far, however,
these measures have failed to trigger any recovery but it will take time for
such measures to take effect.
The Bank of England reduced interest rates on six consecutive occasions
starting in October reaching a record low rate of 0.5% in March and it recently
announced an unprecedented asset purchase programme; as a consequence the US
dollar value of sterling tumbled, declining from over $2 to the pound down to
circa $1.40. In the near term, equity markets are expected to remain volatile
with investment confidence likely to be influenced by economic developments and
government action.
The nature of the Manager's approach to the management of the portfolio is to
identify sectors and stocks that are considered to be materially undervalued.
In normal circumstances, as share prices fall they tend to become more
attractively valued - some more so than others depending on their individual
circumstances. The crash in the stock market over the period, with stocks on
average losing about a third of their value, has thrown up a lot of
opportunities, some of which the Manager took advantage.
The very broad base of the bear market meant that there was nowhere for equity
investors to hide from declining share prices; indeed in our portfolio of well
over 100 holdings, only four registered positive returns, those in the shares
of Experian (a credit reference company), BSkyB, Marks & Spencer and Amlin (a
Lloyds underwriter). Our investments in the media, travel & leisure, gambling
and catering fared relatively better than the averages.
However inevitably there were some mistakes made as the fall in share prices of
certain sectors and stocks reflected the depth of their underlying problems,
the extent of which was such that the lower share prices proved to be - to use
stock market jargon - a "value trap" instead of a "value opportunity". Our
investments in the media and particularly in the banking sectors proved to be
very costly, none more so than our holding in Lloyds Banking Group.
There were other influences on the performance of the net asset value. We used
derivatives, including the ability to sell short selected stocks in order to
benefit from share price falls and to buy put options to help shield the
Company's portfolio from the broad-based stock market decline, to offset the
declines suffered elsewhere and that helped alleviate the decline in the value
of the portfolio. However we remained overinvested throughout the period with
net borrowings of 3.4% of shareholders' equity at the beginning of the half
year and 10.8% at the end; that exacerbated the decline in the net asset value.
Outlook:
There can be no doubt that the current economic and financial circumstances are
very grave indeed with far reaching consequences likely to evolve for some time
to come. At present it is impossible to forecast with any degree of confidence
how the next year or two will develop, so we are not in a position to offer any
short term optimism. The best one can say is that stock markets are likely to
remain very volatile with marked movements on both the upside and downside.
In the longer term, however, the enormous and broadly based overindebtedness of
consumers, banks and governments will be reduced as savings rise and borrowings
are paid down. In the circumstances of a sounder economic and financial
environment, Fidelity's proven ability to manage portfolios profitably provides
the prospects of good long-term returns for shareholders.
PRINCIPAL RISKS AND UNCERTAINTIES
The Board believes that the principal risks and uncertainties faced by the
Company 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 2008.
By order of the Board
FIL Investments International
16 April 2009
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 (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 2009 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 auditors.
The Half-Yearly financial report was approved by the Board on 16 April 2009 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
Top 20 Holdingsas at 28 February 2009
Holding Fair Value %¹
£'000
GlaxoSmithKline 8,920 3.7
Pharmaceutical company
BSkyB 8,900 3.7
Broadcasting company
AstraZeneca 8,750 3.6
Pharmaceutical company
Vodafone Group 8,684 3.6
Mobile telecommunications company
Pearson 8,316 3.5
Global publishing company
HSBC 8,226 3.4
Banking and financial services organisation
Royal Dutch Shell 'A' 7,217 3.0
Oil and gas company
Reed Elsevier 7,035 2.9
International publishing company
LogicaCMG 6,301 2.6
Information technology consultancy services provider
PartyGaming 6,254 2.6
Online gaming company
Premier Farnell 6,219 2.6
Electronic components and equipment distributing
company
Kingfisher 5,308 2.2
International home improvement retailer
London Stock Exchange 5,086 2.1
United Kingdom's primary stock exchange
Cairn Energy 5,036 2.1
Oil and gas company
Xchanging 4,797 2.0
Insurance and financial markets processing services
provider
Standard Chartered 4,575 1.9
Banking and financial services organisation
Provident Financial 4,383 1.8
International personal finance and insurance company
Lloyds Banking Group 4,349 1.8
Banking group
Compass Group 3,992 1.7
International food service provider
British Land 3,543 1.5
Property company
Top 20 Holdings 125,891 52.3
¹ % total assets less current liabilities, excluding fixed term loan
liabilities
Income Statement
For the six months ended 28.02.09
unaudited
Notes revenue capital total
£'000 £'000 £'000
Losses on investments - (98,737) (98,737)
Income 2 4,698 - 4,698
Investment management fee (1,317) - (1,317)
VAT recovered on investment management 6 - 6
fee
Other expenses (277) - (277)
Exchange gains/(losses) - 138 138
NET RETURN/(LOSS) BEFORE 3,110 (98,599) (95,489)
FINANCE COSTS AND TAXATION
Interest payable (899) - (899)
NET RETURN/(LOSS) ON ORDINARY 2,211 (98,599) (96,388)
ACTIVITIES BEFORE TAXATION
Taxation on return on ordinary 3 (15) - (15)
activities
NET RETURN/(LOSS) ON ORDINARY ACTIVITES 2,196 (98,599) (96,403)
AFTER TAXATION FOR THE PERIOD
RETURN/(LOSS) PER ORDINARY SHARE 4 3.86p (173.41p) (169.55p)
Income Statement(continued)
For the year ended 31.08.08 For the six months ended 29.02.08
audited Unaudited
revenue capital total revenue capital total
£'000 £'000 £'000 £'000 £'000 £'000
- (46,807) (46,807) (34,406) (34,406)
13,758 - 13,758 4,322 - 4,322
(3,507) - (3,507) (1,848) - (1,848)
2,300 - 2,300 - - -
(490) - (490) (270) - (270)
- (46) (46) (4) (44) (48)
12,061 (46,853) (34,792) 2,200 (34,450) (32,250)
(2,033) - (2,033) (1,064) - (1,064)
10,028 (46,853) (36,825) 1,136 (34,450) (33,314)
(121) - (121) (2) - (2)
9,907 (46,853) (36,946) 1,134 (34,450) (33,316)
17.13p (81.03p) (63.90p) 1.94p (58.82p) (56.88p)
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. These financial statements have been prepared in accordance with the
AIC Statement of Recommended Practise ("SORP") issued in January 2003 and
revised in December 2005.
Reconciliation of Movements in Shareholders' Funds
Notes called up share premium capital
share account redemption
capital £'000 reserve
£'000 £'000
Opening shareholders' funds: 1 14,926 95,058 1,817
September 2007
Net recognised gains/(losses) for - - -
the period
Repurchase of ordinary shares (537) - 537
Net revenue after taxation - - -
Dividend paid to shareholders - - -
Shareholders' funds: 29 February 14,389 95,058 2,354
2008
Opening shareholders' funds: 1 14,926 95,058 1,817
September 2007
Net recognised gains/(losses) for - - -
the year
Repurchase of ordinary shares (728) - 728
Net revenue after taxation - - -
Dividend paid to shareholders - - -
Closing shareholders' funds: 31 14,198 95,058 2,545
August 2008
Net recognised losses for the period - - -
Repurchase of ordinary shares (9) - 9
Issue of ordinary shares 45 709 -
Net revenue after taxation - - -
Dividend paid to shareholders 7 - - -
Closing shareholders' fund: 28 14,234 95,767 2,554
February 2009
Reconciliation of Movements in Shareholders' Funds(continued)
other capital capital revenue total
reserve
non-distributable reserve reserve equity
unrealised
reserve realised £'000 £'000
£'000
£'000 £'000
5,152 232,390 21,733 5,514 376,590
- 25,718 (60,168) - (34,450)
- (11,923) - - (11,923)
- - - 1,134 1,134
- - - (4,426) (4,426)
5,152 246,185 (38,435) 2,222 326,925
5,152 232,390 21,733 5,514 376,590
- 9,041 (55,894) - (46,853)
- (15,961) - - (15,961)
- - - 9,907 9,907
- - - (4,426) (4,426)
5,152 225,470 (34,161) 10,995 319,257
- (29,214) (69,385) - (98,599)
- (123) - - (123)
- - - - 754
- - - 2,196 2,196
- - - (9,655) (9,655)
5,152 196,133 (103,546) 3,536 213,830
Balance Sheet
Notes 28.02.09 31.08.08 29.02.08
unaudited audited unaudited
£'000 £'000 £'000
FIXED ASSETS
Investments at fair value through profit 233,281 331,312 347,533
or loss
CURRENT ASSETS
Debtors 3,789 6,994 7,292
Amounts held at futures clearing houses 1,985 1,573 1,549
and brokers
Fidelity Institutional Cash Fund plc - 9,091 9,578
Cash at bank 3,846 14,994 3,883
9,620 32,652 22,302
CREDITORS - AMOUNTS FALLING DUE
WITHIN ONE YEAR
Fixed rate unsecured loans 8 (27,000) (8,000) -
Other creditors (2,071) (9,707) (7,910)
(29,071) (17,707) (7,910)
NET CURRENT(LIABILITIES)/ASSETS (19,451) 14,945 14,392
TOTAL ASSETS LESS CURRENT LIABILITIES 213,830 346,257 361,925
CREDITORS - AMOUNT FALLING DUE
AFTER MORE THAN ONE YEAR
Fixed rate unsecured loans 8 - (27,000) (35,000)
TOTAL NET ASSETS 213,830 319,257 326,925
CAPITAL AND RESERVES
Called up share capital 14,234 14,198 14,389
Share premium account 95,767 95,058 95,058
Capital redemption reserve 2,554 2,545 2,354
Other non-distributable reserve 5,152 5,152 5,152
Capital reverse - realised 196,133 225,470 246,185
Capital reverse - unrealised (103,546) (34,161) (38,435)
Revenue reverse 3,536 10,995 2,222
TOTAL EQUITY SHAREHOLDERS' FUNDS 213,830 319,257 326,925
NET ASSET VALUE PER ORDINARY SHARE 5 375.54p 562.13p 568.00p
Cash Flow Statement
28.02.09 31.08.08 29.02.08
unaudited audited unaudited
£'000 £'000 £'000
OPERATING ACTIVITIES
Investment income received 2,162 5,639 1,832
Deposit interest received 616 947 571
Investment management fee paid 859 (3,704) (2,033)
Directors' fees paid (49) (108) (47)
Other cash payments (220) (620) (500)
NET CASH INFLOW/(OUTFLOW)FROM OPERATING 3,368 2,154 (177)
ACTIVITIES
RETURN ON INVESTMENTSAND SERVICING OF FINANCE
Interest paid (960) (2,057) (1,099)
NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS AND (960) (2,057) (1,099)
SERVICING OF FINANCE
TAXATION
Overseas taxation recovered 38 13 13
TAXATION RECOVERED 38 13 13
FINANCIAL INVESTMENTS
Purchase of investments (144,546) (318,920) (170,539)
Disposal of investments 139,301 338,703 177,008
NET CASH (OUTFLOW)/INFLOW FROM (5,245) 19,783 6,469
FINANCIAL INVESTMENTS
EQUITY DIVIDEND PAIDTO SHAREHOLDERS (9,655) (4,426) (4,426)
NET CASH (OUTFLOW)/INFLOWBEFORE USE OF LIQUID (12,454) 15,467 780
RESOURCES AND FINANCING
NET CASH INFLOWFROM MANAGEMENT OF LIQUID 9,091 1,251 764
RESOURCES
NET CASH (OUTFLOW)/INFLOWBEFORE FINANCING (3,363) 16,718 1,544
FINANCING
Repurchase of ordinary shares (123) (16,442) (12,400)
Issue of ordinary shares 754 - -
4.91% fixed rate unsecured loan repaid - (5,000) (5,000)
5.655% fixed rate unsecured loan repaid (8,000) - -
NET CASH OUTFLOWFROM FINANCING (7,369) (21,442) (17,400)
DECREASE IN CASH (10,732) (4,724) (15,856)
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 2008.
2 INCOME
28.02.09 31.08.08 29.02.08
unaudited audited unaudited
£'000 £'000 £'000
Franked investment income 1,295 5,051 1,790
UK unfranked investment income - 60 -
UK scrip dividends 2,181 6,009 1,808
Overseas dividends 167 1,144 103
Overseas scrip dividends 228 275 -
Property income distribution 244 197 40
Other income 17 38 4
Deposit interest 131 632 342
Income from Fidelity Institutional 28 352 235
Cash Fund plc
Investment on VAT recovered on 407 - -
investment management fee*
4,698 13,758 4,322
* This is interest received on VAT on the investment management fees reclaimed
following the decision of the
European Court of Justice in the JP Morgan Claverhouse Investment Trust / AIC
Case (C-363/05).
3 TAXATION ON RETURN
ON ORDINARY ACTIVITIES
28.02.09 31.08.08 29.02.08
unaudited audited unaudited
£'000 £'000 £'000
Overseas taxation suffered 15 121 2
4 RETURN/(LOSS) PER ORDINARY SHARE
28.02.09 31.08.08 29.02.08
unaudited audited unaudited
Revenue 3.86p 17.13p 1.94p
Capital (173.41p) (81.03p) (58.82p)
Total (169.55p) (63.90p) (56.88p)
Returns per ordinary share is based on the net revenue return on ordinary
activities after taxation in the period, the capital loss in the period and the
weighted average number of ordinary shares in issue over the period:
28.02.09 31.08.08 29.02.08
unaudited audited unaudited
£'000 £'000 £'000
Revenue return 2,196 9,907 1,134
Capital loss (98,599) (46,853) (34,450)
Total (96,403) (36,946) (33,316)
Weighted average of number of shares 56,859,269 57,823,165 58,567,005
5 NET ASSET VALUE PER ORDINARY SHARE
The net asset value per ordinary share is based on net assets of £213,830,000
(31.08.08: £319,257,000; 29.02.08: £326,925,000) and on 56,938,896 ordinary
shares (31.08.08: 56,794,503; 29.02.08: 57,557,003), being the number of
ordinary shares in issue at the period end.
6 COSTS OF INVESTMENT TRANSACTION
Included in the losses on investments are the following costs of investment
transactions:
28.02.09 31.08.08 29.02.08
unaudited audited unaudited
£'000 £'000 £'000
Purchases expenses 704 1,634 876
Sales expenses 107 313 156
Total 811 1,947 1,032
7 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 2009 relates to the year ended 31 August 2008.
8 LOAN FACILITIES
The fixed rate unsecured loan from Barclays Bank PLC of £7,000,000 (Tranche A)
was drawn down on 25 October 2004 and a further £20,000,000 (Tranche B) was
drawn down on 26 January 2005, each with a maturity date of 26 January 2010 at
an interest rate of 5.435% per annum.
The fixed rate unsecured loan from The Royal Bank of Scotland PLC of £8,000,000
drawn down on 16 January 2004 at an interest rate of 5.655% per annum was
repaid on 16 January 2009.
9 SHARE ISSUES
During the period 178,393 ordinary shares of 25p were issued at a small premium
for a total cost of £754,000 and an average price per share of 422.66 pence
(31.08.08: nil; 29.02.08: nil).
10 SHAREREPURCHASES
The following share repurchases were made in the period:
28.02.09 31.08.08 29.02.08
unaudited audited unaudited
Number of shares repurchased 34,000 2,910,157 2,147,657
Average price per share 361.76p 548.46p 555.16p
Total cost including stamp duty £123,000 £15,961,000 £11,923,000
and commission
11UNAUDITED FINANCIAL STATEMENTS
The results for the six months to 28 February 2009 and 29 February 2008, 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 2008 are extracted from the latest published financial
statements. These financial statements, on which the auditors 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, 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 OGA, 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 Registrars' website: www.capitaregistrars.com
Fidelity Share Plan investors:
Fidelity Investment Trust Share Plan, Equiniti Limited, PO Box 4605, Aspect
House, Spencer Road, Lancing, West Sussex, BN99 6QY.
Telephone: 0871 384 2781 (calls to this number are charged at 8p per minute
from a BT landline. Other telephony providers' costs may vary.)
Fidelity ISAinvestors:
Fidelity, using the freephone numbers given above, or by writing to: UK
Customer Service, Fidelity Investments, Oakhill House, 130 Tonbridge Road,
Hildenborough, Tonbridge, Kent TN11 9DZ. www.fidelity.co.uk/its
Fidelity ShareNetwork:
http://www.fidelity.co.uk/sharenetwork
General enquiries should be made to FIL Investments International, 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
28 February
- Half-Yearly period end
17 April
- announcement of Half-Yearly results
Beginning of May
- publication of Half-Yearly report
July
- Interim Management Statement (as at 31 May 2009)
31 August
- financial year end
November
- publication of annual report
December
- Annual General Meeting
Directory
Board of Directors
Alex Hammond-Chambers (Chairman)
Sir Richard Brooke, Bt
Douglas Kinloch Anderson
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 OGA
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, administered by Equiniti
Limited and with shares held in the name of Lloyds TSB Registrars Savings
Nominees Limited. The value of tax 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. FIL Investments International is authorised and regulated in the
UK by the Financial Services Authority. Fidelity only gives information about
its own products and services and does not provide investment advice based on
individual circumstances. For funds that invest in overseas markets, changes in
currency exchange rates may affect the value of your investment. Investments in
small and emerging markets can be more volatile than other more developed
markets. Should you wish to seek advice please contact a Financial Adviser.
Issued by Fidelity Special Values PLC, authorised and regulated in the UK by
the Financial Services Authority.
Latest directors dealings
- 4 hours ago Judges Scientific
- 6 hours ago Mitie Group
- 7 hours ago NCC Group
- 7 hours ago Worldwide Healthcare Trust
- 7 hours ago JpMorgan China Growth & Income