Preliminary announcement of results
NEWS RELEASE
For immediate release - 17 December 2008
Finsbury Growth & Income Trust PLC
Audited Results for the Year Ended 30 September 2008
Finsbury Growth & Income Trust PLC today announces its preliminary results for
the year ended 30 September 2008.
30 September 30 September
2008 2007 % Change
Share price 202.0p 307.5p -34.3
Net asset value per share 215.5p 315.4p -31.7
Discount of share price to net asset
value per share 6.3% 2.5% -
Shareholders' funds £109.8m £166.1m -33.9
Market capitalisation £102.9m £161.9m -36.4
Dividends
First interim paid 4.4p 4.2p +4.8
Second interim paid 5.1p^ 4.8p +6.3
Total 9.5p 9.0p +5.6
Share price total return* -33.1% +5.3% -
Net asset value per share total return -31.4% +6.9% -
*
FTSE All-Share Index (tota return)
(company -22.3% +12.2% -
benchmark)
Total expense ratio (excluding
performance fee)+ 1.0% +1.1% -
^Second interim dividend paid on 3 November 2008.
*Source: Fundamental Data. Does not include the second interim dividend paid 3
November 2008, ex-dividend date 1 October 2008.
+TER is calculated based on the average net asset value during the year ended
30 September.
This Announcement is not the Company's annual report. It is an abridged version
of the Company's full annual report for the year ended 30 September 2008, which
has been approved by the Board. The full annual report will be sent to
shareholders on 22 December 2008. The full annual report, together with a copy
of this announcement, will also be available on the Company's website:
www.finsburygt.com
The following are attached:
* Chairman's Statement
* Investment Manager's Review
* Income Statement
* Reconciliation of Movements in Shareholders' Funds
* Balance Sheet
* Cash Flow Statement
* Notes
For further information please contact:
Mark Pope, Frostrow Capital LLP 020 3 008 4913
Anthony Townsend, Chairman 020 3 008 4910
Nick Train, Lindsell Train Limited 020 7 227 8200
CHAIRMAN'S STATEMENT -
Performance
I mentioned at the interim stage that the outlook for markets was likely to be
volatile and uncertain. This looks to have been something of an understatement.
The FTSE All- Share Index, the Company's benchmark, fell by 22.3% during the
year on a total return basis. I am very disappointed to report that the
Company's net asset value per share fell rather more, by 31.7% and the share
price by 34.3% reflecting a wider discount to the net asset value per share
compared with the previous year. Given the recent market conditions, that
widening was probably unavoidable. The overall performance of the investment
portfolio relative to the benchmark index was not helped by the level of
gearing held in a falling market, together with disappointing contributions by
regional brewers and financials.
Performance in the short term has been difficult but I would like to remind
shareholders that the longer term investment performance generated by the
Company relative to its peers continues to be strong with the Company ranked
second out of its peer group of 16 similar investment trusts over the last five
years (source: Winterflood Securities Limited).
Investment Strategy and Portfolio
Recent stock market turmoil will have caused many boards to reconsider their
investment mandates, but your Company's overall investment strategy under the
stewardship of Lindsell Train deliberately remains largely unchanged when
compared to previous years. The focus of the investment portfolio continues to
be towards investment in durable cash generative business franchises which are
held for the long term. The investment portfolio is concentrated with less than
thirty stocks held and is focussed in banking and financial stocks, consumer
staple stocks and business facing media and software stocks. The Board has had
the benefit of feedback from many of the Company's major shareholders and after
careful review continues to be confident in the strategy adopted by our
investment manager.
Return and Dividend
The Income Statement shows a total loss per share of 91.08p (2007 return:
20.23p) made up of a revenue return of 10.12p (2007:9.44p) and a capital loss
of 101.20p (2007 return: 10.79p).
Your Board has declared two interim dividends totalling 9.5p per share and the
yield of 5.1% is in line with Company's peer group. The total dividend for the
year represents an increase of 5.6% over that paid last year and is in line
with your Board's desire to maintain a progressive dividend policy. The second
interim dividend was paid on 3 November 2008 to shareholders on the register at
the close of business on 3 October 2008. The associated ex-dividend date was 1
October 2008.
Following the payment of the second interim dividend of £2,598,000 on 3
November 2008, the Company had £2,351,000 of retained distributable reserves
which is equivalent to approximately 4.6p per share. These retained reserves
are available to the Company to facilitate a progressive dividend policy.
Share Capital
The Company continues to use its power to buy back shares as part of its
discount control mechanism with a consequent increase in shareholder value per
share. During the year the Company purchased into treasury a total of 2,514,146
shares at a cost of £6.1m (including expenses). A total of 150,000 new shares
were issued and 667,396 shares were reissued out of treasury in early 2008 and
a further 50,000 subsequent to the Company's year end at a narrower discount to
that at which they were bought. As at 30 September 2008, the Company held
1,846,750 shares in treasury.
The authority to repurchase shares will expire at the Annual General Meeting on
23 January 2009 and a Special Resolution will be proposed for its renewal. This
will allow the Company to purchase up to 14.99% of its shares in issue
(excluding treasury shares) in the open market and for the purchased shares to
be cancelled or held in treasury.
Borrowings
At 30 September 2008, the Company had two credit facilities with ING Bank N.V.
totalling £30m of which £13m was drawn down. These facilities expired in early
October and were replaced by a single loan facility of £15m which better
reflects our Investment Manager's requirements in current markets.
The Company's Articles of Association (the "Articles")
The Board believes that as a result of various recent legislative and
regulatory developments the Articles should be amended to bring them into line
with current best practice. This will include a provision for the future use of
communications with shareholders both in electronic form and via the website. A
Special Resolution will be proposed at the Annual General Meeting which will,
if approved, ratify the adoption of new Articles.
VAT
The position with regard to the repayment of VAT remains as described in my
statement at the interim stage. We continue to work towards a settlement with
the Company's previous Manager, Close Investments Limited and will report on
developments as they arise.
Outlook
Recent market turbulence has resulted in unprecedented write-downs in financial
assets and losses for many of the world's largest banks leading to an acute
shortage of liquidity within the financial sector. The outlook for the UK
economy in the short-term is poor. Along with other major economies the UK is
now in recession; while the prospect of lower oil and food prices and further
cuts in interest rates may allow a recovery to begin next year it will take
some time to gain momentum. Your Board remains cautious in its outlook but the
investment portfolio is invested in strong cash generative companies that the
Board and the Investment Manager believe should be best positioned to take
advantage of a recovery in markets.
Annual General Meeting
The Annual General Meeting of the Company will be held at The City of London
Club, 19 Old Broad Street, London EC2N 1DS on Friday, 23 January 2009 from 12
noon. I hope as many shareholders as possible will attend. This will provide an
opportunity to hear the latest views of the Company's Investment Manager.
Anthony Townsend
Chairman
16 December 2008
INVESTMENT MANAGER'S REVIEW
After a year as disappointing and disturbing as that to September 2008, I am
relieved that at least one thing is clear - that is the content of this report.
There are three things that need to be said and said earnestly.
First, I take the opportunity to apologise formally and sincerely to all
shareholders for the loss of value they have endured.
A year ago I remember persuading the then Chairman to delete some cautious
remarks from his annual statement to shareholders, so confident was I that the
massing storm clouds of 2007 would shortly disperse. By mid-October, with the
FTSE All-Share down 40% year-to-date, my determinedly optimistic stance on
markets looks dogmatic and naïve.
At Lindsell Train we were not wholly oblivious to the deteriorating conditions
and took some evasive action for your Company. For instance, over the year
borrowings have been reduced by £11.85m, the holding in the London Stock
Exchange was cut early in the year and, thankfully, we sold the entire position
in Bradford & Bingley at around £2.00 per share. Today, though, I can't escape
feelings of hindsight regret - why not sell more, earlier?
However, in golfing parlance - the ball must be played from where it lies, like
it or not. And we must keep shareholders alert to the risks and opportunities
within the investment portfolio - as we apprehend them - today, not as it stood
at the start of the year.
Discussion of these risks and opportunities is, then, the second objective of
this report. In what follows we refer to holdings and position sizes as at 30
November 2008, not the September period end. This is because events have moved
on decisively since then.
In our opinion, there is one dominant risk in the portfolio - the remaining
exposure to financial companies. The total at the end of November amounts to
24.1% and we think it helpful to disaggregate the holdings into three types.
Bank Ordinary Shares
The amount invested here amounts to 4.9% of net asset value and comprises two
positions, Lloyds TSB, 4.6% and, after two reductions, 0.3% in HBOS ordinary.
After both those reductions we switched the proceeds into Lloyds - a decision
that has proven only relatively successful, because Lloyds has fallen, but the
less of the two.
We made the switch because we have long hoped for an opportunity to invest in a
dominant, strongly-branded retail banking franchise in the UK, believing that
such entities are attractive for long term investors - if they are prudently
managed, as Lloyds has been. Candidly, we are dismayed at the circumstances
that have brought about this opportunity - namely the loss of HBOS as a viable
independent entity. On balance, in full awareness of the disadvantages
attendant, we are supportive of the merger between Lloyds and HBOS, expecting
that investors will come to approve the creation of a group with number 1
positions in UK current accounts, deposit accounts, mortgages and savings.
Bank Preference Shares
Three holdings here amount to 7.9% of the net asset value, two HBOS issues, at
7.3% and another 0.6% in NatWest (or, effectively, RBS). These positions were
built up five years ago, and, we must admit, we did not then give any serious
consideration to the possibility that not only might these preference dividends
not be paid, but that the issuing banks could become insolvent. The recognition
of this possibility has been uncomfortable and a salutary reminder that even
boring, apparently low risk assets are never risk-free.
Our understanding of the outlook for these preference shares and their
dividends, as of late October, is as follows. Both HBOS and RBS have confirmed
to us that the ban on the payment of ordinary dividends, on which the Treasury
has insisted for all banks drawing on public funds, does not extend to the
dividends on their existing preference shares. To be clear then, if HBOS and
RBS retain sufficient earnings to afford to pay their existing preference
dividends there is no reason they cannot do so.
We judge, therefore, that it is likely that these dividends will be paid. This
because both RBS and HBOS have been given access to the billions required to
stabilise their balance sheets and, for HBOS, there is the additional security
of its merger with Lloyds. Despite the grumbling, we still think this
transaction will consummate, given it represents a "once in a generation"
opportunity for Lloyds and the Government must be keen to ensure that HBOS does
not follow Bradford & Bingley and Northern Rock into nationalisation.
On current yields of c10.5% net, the risk and reward for the preference shares
are finely balanced. In extremis there could be a catastrophic loss of value.
On the other hand, we think it possible that the instruments could be sought
out by investors and valued more highly, once the parent banks have
recapitalised. Preference shares were originally created for economic
conditions such as those likely to prevail over the next few years - sluggish
GDP growth, volatile ordinary dividends - and their high income returns could
be attractive to income-starved savers.
Financial Market Proxies
We retain four holdings of this type, amounting to 11.3% of net asset value -
the companies are Hargeaves Lansdown, London Stock Exchange, Rathbone and
Schroders.
These have some common characteristics - they are all strong brands in their
respective markets. Three of the four have significant net cash on their
balance sheets - the London Stock Exchange is the exception, which has moderate
debt, but comfortable interest cover (5.6x). This means that none of them is at
any risk of financial embarrassment. Finally, each is a proxy for the long term
health of global equity markets.
We continue to own these "market proxies" because, unfashionably enough, we are
optimistic about equity markets - and not only in the long term. What we expect
is that the transition between the end of the current bear market and a new
bull market will be violent, sudden and compressed into a short period. The
timing of it is also wholly unpredictable. As long term bulls then, we think it
critical to maintain exposure to sound wealth management companies and the
London Stock Exchange, because these give us participation in any "spike"
upwards in markets. Certainly these are among the last stocks we would sell
today, given the extraordinary, all-pervading pessimism.
Consumer Staples
Elsewhere, the Company has maintained its very substantial investments in
"consumer staple" companies. As I write the only share in the investment
portfolio with a gain for calendar year 2008 is A.G. Barr, the IRN-BRU company,
up 6.5%. With 10.1% invested in Barr, 13.6% in Diageo, 11.9% Unilever, 8.4%
Cadbury and a further 12.5% combined in Dr Pepper, Fullers, Marston and Youngs
- the Company has 56.5% of its net assets accounted for by "booze, chocolate
and soap". By and large these have proven defensive holdings, offering nervous
investors durability, predictable cash flows and, in the medium term,
protection against inflation.
In addition, we expect a theme in any new equity bull market to be consumption
growth in Emerging Economies - because it is in those parts that there are
savings pools and relatively healthy banks, which could finance early recovery.
Cadbury, Diageo and, especially, Unilever are well-positioned and are among the
stocks we hope will lead Western markets out of their slump.
The investment portfolio has benefited this year, relatively speaking, from its
holdings in business-facing Media and Software companies, notably Pearson (7.4%
of net assets), Reed (6.1%) and Sage (5.2%). While not exempt from both capital
market and economic pressures, these companies are increasingly recognised as
offering non-cyclical "growth" and, in our opinion, are rare and undervalued.
Conclusion
Our final message is that it is important for shareholders to know we continue
to take a bullish view of the investment portfolio, however dogmatic or naïve -
to reuse a phrase from earlier in this report - this reads in currently
discouraging circumstances.
The world will muddle through.
The risk of a systemic banking collapse is receding.
Stock markets often go up during recessions.
The Internet and Emerging Markets are still young industrial and investment
themes.
Through 2008 we have been waiting for three conditions to be met, which we
expect to at least spark a rally and perhaps lay the foundations for a new bull
market. As this report is written, two out of the three have triggered and the
last is imminent. The three are - Consolidation in the European banking
industry, Oil below $80 and, in the UK, a positively sloped yield curve (short
term interest rates below long term rates).
It looks likely UK interest rates could decline much further, through into 2009
and this is an important consideration in our thinking about the last risk and
opportunity that shareholders should be aware of - the Company's gearing. In
consultation with your Board, we have maintained borrowings, today at £13m, for
gearing of 13.3%. This debt has exacerbated the fall in net asset value in
2008, but will enhance the eventual recovery in values, whose timing, to
reiterate, is unpredictable, but likely to be V-shaped and turbo-charged.
In the long run we are confident that the FTSE All-Share Index and, we hope,
your investment portfolio will generate returns in excess of the Company's cost
of borrowing, handsomely so if interest rates are falling (reducing that
interest charge) and this is the other justification for your Company's policy
toward gearing its balance sheet.
Nick Train, Lindsell Train Limited
Investment Manager
16 December 2008
Income Statement
incorporating the revenue account for the year ended 30 September 2008
2008 2007
Revenue Capital Total Revenue Capital Total
Notes £'000 £'000 £'000 £'000 £'000 £'000
(Losses)/gains on
investments held at fair
value through profit or loss - (51,522) (51,522) - 7,401 7,401
Income 2 6,363 - 6,363 6,253 - 6,253
Investment management,
management and
performance fees 3 (300) (609) (909) (415) (895) (1,310)
Other expenses (434) - (434) (513) - (513)
Return/(loss) on ordinary
activities before finance
charges and taxation 5,629 (52,131) (46,502) 5,325 6,506 11,831
Finance charges (346) (702) (1,048) (470) (954) (1,424)
Return/(loss) on ordinary
activities before taxation 5,283 (52,833) (47,550) 4,855 5,552 10,407
Taxation on ordinary
activities - - - - - -
Return/(loss) on ordinary
activities after taxation 5,283 (52,833) (47,550) 4,855 5,552 10,407
Return/(loss) per share 4 10.12p (101.20)p (91.08)p 9.44p 10.79p 20.23p
The total column of this statement represents the profit and loss account of
the Company.
The revenue and capital columns are supplementary to this and are prepared
under guidance published by the Association of Investment Companies (AIC).
All items in the above statement derive from continuing operations.
The Company had no recognised gains or losses other than those declared in the
Income Statement.
Reconciliation of Movements in Shareholders' Funds
For the year ended 30 September 2008
Called-up Share Capital
share premium Special redemption Capital Revenue
capital account reserve reserve reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 30 September 2007 13,162 35,482 12,424 3,453 97,023 4,511 166,055
Net (loss)/
return from ordinary - - - - (52,833) 5,283 (47,550)
activities
Second interim dividend
(4.8p per share) for the
year ended 30 September 2007 - - - - - (2,527) (2,527)
First interim dividend (4.4p
per share) for the year
ended 30 September 2008 - - - - - (2,318) (2,318)
Shares issued net of issue
expenses 37 432 - - - - 469
Repurchase of shares into
treasury - - - - (6,081) - (6,081)
Sale of shares from treasury - - - - 1,736 - 1,736
Year ended 30 September
2008 13,199 35,914 12,424 3,453 39,845 4,949 109,784
At 30 September 2006 12,309 25,414 12,424 3,453 91,471 3,907 148,978
Net return from ordinary
activities - - - - 5,552 4,855 10,407
Second interim dividend
(4.2p per share) for the
year ended 30 September 2006 - - - - (2,068) (2,068)
First interim dividend (4.2p
per share) for the year -
ended 30 September 2007 - - - - (2,183) (2,183)
Shares issued net of issue
expenses 853 10,068 - - - - 10,921
Year ended 30 September 2007
13,162 35,482 12,424 3,453 97,023 4,511 166,055
Balance Sheet
as at 30 September 2008
2008 2007
£'000 £'000
Fixed assets
Investments held at fair value through profit 121,586 189,042
or loss
Current assets
Debtors 1,159 1,753
Cash at bank 204 507
1,363 2,260
Current Liabilities
Creditors (165) (397)
Bank Loans (13,000) (24,850)
(13,165) (25,247)
Net current liabilities (11,802) (22,987)
Total net assets 109,784 166,055
Capital and reserves
Called-up share capital 13,199 13,162
Share premium account 35,914 35,482
Special reserve 12,424 12,424
Capital redemption reserve 3,453 3,453
Capital reserve 39,845 97,023
Revenue reserve 4,949 4,511
Equity shareholders' funds 109,784 166,055
Net asset value pershare(note 5) 215.5p 315.4p
Cash Flow Statement
for the year ended 30 September 2008
2008 2007
£'000 £'000
Net cash inflow from operating activities 5,548 4,083
Net cash outflow from servicing of finance (1,185) (1,376)
Financial investment
Purchase of investments (5,886) (15,890)
Sale of investments 21,791 71
Net cash inflow/(outflow)from financial investment 15,905 (15,819)
Equity dividends paid (4,845) (4,251)
Net cash inflow/(outflow)before financing 15,423 (17,363)
Financing
Shares issued net of issue expenses 469 10,921
Repurchase of shares into treasury (6,081) -
Sale of shares from treasury 1,736 -
(Repayment)/drawdown of loans (11,850) 4,850
Net cash (outflow)/inflow from financing (15,726) 15,771
Decreasein cash (303) (1,592)
Reconciliation of net cash flow to movement in net
debt
Decrease in cash resulting from cashflows (303) (1,592)
Decrease/(increase) in debt 11,850 (4,850)
Movement in net debt 11,547 (6,442)
Net debt at 1 October 2007 (24,343) (17,901)
Net debt at 30 September 2008 (12,796) (24,343)
Notes
1. Accounting Policies
The principal accounting policies, all of which have been applied consistently
throughout the year in the preparation of these financial statements are set
out below:
a. Basis of preparation
The financial statements have been prepared under the historical cost
convention, except for the measurement at fair value of investments and in
accordance with UK Generally Accepted Accounting Practice (GAAP) and the
Statement of Recommended Practice (SORP) for "financial statements of
Investment Trust Companies" issued by the Association of Investment Trust
Companies dated December 2005.
b. Investments
Investments have been designated by the Board as held at fair value through
profit or loss and accordingly are valued at fair value. Fair value for quoted
investments is deemed to be bid marker prices, or last traded price, depending
on the convention of the exchange on which they are quoted.
Unquoted investments are valued by the Directors using primary valuation
techniques.
Changes in the fair value of investments held at fair value through profit or
loss, and gains and losses on disposal are recognized in the Income Statement
as "gains or losses on investments held at fair value through profit or loss".
All purchases and sales of investments are accounted for on the trade date
basis.
The Company's policy is to expense transaction costs on acquisition and the
capital column of the Income Statement. The total of such expenses, showing the
total amounts included in disposals and additions are disclosed below, as
recommended by the SORP.
Transaction costs on the acquisition and sale of investments totalled £50,000
and £33,000 respectively (2007: £108,000 and £nil) and are included in the
(losses)/gains on investments within the Income Statement.
c. Dividend Payments
Dividends paid by the Company on its shares are recognised in the financial
statements in the period in which they are paid and are shown in the
Reconciliation of Movements in Shareholders' Funds.
d. Investment Income
Dividends receivable on equity shares are recognised on the ex-dividend date.
Fixed returns on non-equity shares are recognised on a time apportionment
basis.
Special dividends: In deciding whether a dividend should be regarded as a
capital or revenue receipt, the Company reviews all relevant information as to
the reasons for and sources of the dividend on a case by case basis.
LLP profit share is recognised in the financial statements when the entitlement
to the income is established.
e. Expenditure and Finance Charges
All the expense and finance costs are accounted for on an accruals basis.
Expenses are charged through the revenue column of the Income Statement except
as follows:
Notes (continued)
1. expenses which are incidental to the acquisition or disposal of an
investment are treated as part of the cost or proceeds of that investment
(as explained in 1(b) above);
2. expenses are taken to capital reserve realised via the capital column of
the Income Statement, where a connection with the maintenance or
enhancement of the value of the investments can be demonstrated. In line
with the Board's expected long term split of returns, in the form of
capital gains and income, from the Company's investment portfolio, 67% of
the investment management fee and finance costs are taken to the capital
reserve realised;
3. performance fees are charged 100% to capital.
f. Taxation
The payment of taxation is deferred or accelerated because of timing
differences between the treatment of certain items for accounting and taxation
purposes. Full provision for deferred taxation is made under the liability
method, without discounting, on all timing differences that have arisen, but
not reversed by the balance sheet date, unless such provision is not permitted
by Financial Reporting Standard 19.
Any tax relief obtained in respect of management fees, finance costs and other
capital expenses charged or allocated to the capital column of the Income
Statement is reflected in the Capital reserve - realised and a corresponding
amount is charged against the revenue column of the Income Statement. The tax
relief is the amount by which corporation tax payable is reduced as a result of
these capital expenses.
g. Capital Reserve
Capital reserve - realised
The following are taken to this reserve:
1. Gains and losses on the realisation of investments;
2. Realised exchange differences of a capital nature;
3. Expenses, together with the related taxation effect, allocated to this
reserve in accordance with the above policies; and
Capital reserve - unrealised
The following are taken to this reserve:
4. Increase and decrease in the valuation of investments held at the year end;
and
5. Unrealised exchange differences of a capital nature.
h. Cash and cash equivalents
Cash comprises cash in hand and demand deposits. Cash equivalents are
short-term, highly liquid investments that are readily convertible to known
amounts of cash.
2. Income
2008 2007
£'000 £'000
Income from investments
Franked investment income
- dividends 6,237 6,074
Unfranked investment income
- Limited Liability Partnership 11 -
profit-share
- fixed interest 65 145
- money market dividend 44 25
6,357 6,244
Other income
Bank interest 6 9
Total Income 6,363 6,253
Notes (continued)
3. Investment Management, Management and Performance Fees
Revenue Capital Total Revenue Capital Total
2008 2008 2008 2007 2007 2007
£'000 £'000 £'000 £'000 £'000 £'000
Investment management fee 199 402 601 196 398 594
Management fee 86 176 262 157 320 477
Performance fee - - - - 44 44
VAT thereon* 15 31 46 62 133 195
Total fees 300 609 909 415 895 1,310
*With effect from 1 October 2007 no VAT has been charged on Investment
Management fees.
4. Return per Share
The total return per share is based on the total loss attributable to equity
shareholders of £47,550,000 (2007: profit £10,407,000), and on 52,206,113
(2007: 51,438,470) shares, being the weighted average number of shares in issue
during the year.
Revenue return per share is based on the net revenue on ordinary activities
after taxation of £5,283,000 (2007: profit £4,855,000).
Capital loss per share is based on net capital loss for the year of £52,833,000
(2007: profit £5,552,000).
5. Net Asset Value per Share
Net asset value per share is based on net assets of £109,784,000 (2007:£
166,055,000) and on 50,950,673 (excluding treasury shares) (2007:52,647,423)
shares in issue at the year end. As at 30 September 2008 the Company held
1,846,750 shares in treasury (2007: nil).
6. Financial Information
This preliminary statement is not the Company's statutory accounts. The above
results for the year ended 30 September 2008 are an abridged version of the
Company's audited statutory accounts, which have not yet been filed with the
Registrar of Companies.
The statutory accounts for the year ended 30 September 2007 have been delivered
to the Registrar of Companies and those for 30 September 2008 will be
despatched to shareholders shortly. The statutory accounts for the years ended
30 September 2007 and 2008 both received an audit report which was unqualified,
did not include a reference to any matters to which the auditors drew attention
by way of emphasis without qualifying the report, and did not contain
statements under Section 237 (2) and (3) of the Companies Act 1985.
Frostrow Capital LLP,
Company Secretary
17 December 2008
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