Half-yearly Report
EP GLOBAL OPPORTUNITIES TRUST PLC
HALF YEARLY REPORT
Six months ended 30 June 2011
The Directors announce the unaudited Half Yearly Report for the period from
1 January 2011 to 30 June 2011 as follows:-
Copies of the Half Yearly Report can be obtained from the following websites:
www.epgot.com and www.edinburghpartners.com.
FINANCIAL SUMMARY
30 June 2011 31 December 2010 Change
Shareholders' funds £109,917,000 £51,620,000 112.9%
Net asset value per ordinary share 183.5p 188.2p (2.5)%
("NAV")
Share price per ordinary share 173.0p 186.8p (7.4)%
Share price discount to NAV 5.7% 0.7%
OBJECTIVE
The investment objective of the Company is to provide Shareholders with an
attractive real long-term total return by investing globally in undervalued
securities. The portfolio is managed without reference to the composition of
any stock market index.
INVESTMENT POLICY
The Company invests in a focused portfolio of approximately 30 to 40 securities
of issuers throughout the world, predominantly in quoted equities. The Company
may also invest in unquoted securities, which are not anticipated to exceed 10
per cent of the Company's total assets at the time of investment (excluding
shares held in Edinburgh Partners Limited). No investment in the Company's
portfolio may exceed 15 per cent of the Company's total assets at the time of
investment (being the maximum amount permitted for an investment trust company
in terms of Chapter 4 of Part 24 of the Corporation Tax Act 2010).
The Company has no present intention to invest in other investment companies or
funds but retains the ability to invest no more than 15 per cent of its gross
assets in other listed investment companies (including investment trusts).
The Company may also invest a substantial portion of its assets in debt
instruments, cash or cash equivalents when the Investment Manager believes
market or economic conditions make equity investment unattractive or while
seeking appropriate investment opportunities for the portfolio or to maintain
liquidity. In addition, the Company may purchase derivatives for the purposes
of efficient portfolio management.
It is intended that, from time to time, when deemed appropriate, the Company
will borrow for investment purposes up to the equivalent of 25 per cent of its
total assets. By contrast, the Company's portfolio may from time to time have
substantial holdings of debt instruments, cash or short-term deposits.
The investment objective and policy are intended to distinguish the Company
from other investment vehicles which have relatively narrow investment
objectives and which are thus constrained in their decision making and asset
allocation. The objective and policy allow the Company to be constrained in its
investment selection only by valuation and to be pragmatic in portfolio
construction by only investing in securities which the Investment Manager
considers to be undervalued on an absolute basis.
CHAIRMAN'S STATEMENT
Results
Our net asset value per share at the end of June 2011 was 183.5p and the total
return for the six months since the end of 2010 was -1.1 per cent. This
compares with a total return for the FTSE All-World Index of +2.3 per cent,
while the FTSE All-Share Index total return was +3.0 per cent.
The share price declined by 7.4 per cent to 173p, and the discount to the net
asset value per share widened from 0.7 per cent at the year end to 5.7 per cent
at the end of June. The last few days in June saw a sharp rally in share prices
and our own share price was left behind. It is our policy to buy in shares,
when necessary, to maintain the share price at close to the net asset value per
share. This we will continue to do. In the first six months of 2011, we bought
back 1.05 million shares at a small discount to the net asset value per share.
In March, we merged with the investment trust Anglo & Overseas, which was also
managed by Edinburgh Partners. Shareholders holding over 70% of Anglo & Overseas
shares transferred their investment into our Company and we are very pleased
with this outcome. This increased our net assets to over £100 million
and resulted in our shares being added to the FTSE SmallCap Index and the FTSE
All-Share Index in early June. A number of investment funds that shadow these
indices became buyers of our shares, enabling us to issue 1.65 million shares
from treasury at a small premium to net asset value during the period.
Stock market and investment performance
After a strong rally in the second half of 2010, world stock markets began to
struggle early in 2011. In general, markets traded between their peak levels in
February and their lows in mid-March. Share prices were volatile but the main
regional market indices ended the period little changed from their levels at
the start of the year. The indecision in stock markets was mirrored in currency
markets, although the strength of the euro, particularly versus the US dollar
and sterling, was somewhat surprising given the developing crisis in the
Eurozone.
We do not have a formal benchmark but monitor the performance of the major
market indices as an indication of performance. The FTSE All-World European
ex-UK Index was relatively flat over the six month period but, adjusted for the
firmer euro, was up 5.7 per cent in sterling terms. By contrast, a 5.0 per cent
rise in the S&P Composite Index in the USA was reduced to a gain of 2.4 per
cent in sterling terms. The poorest performing major equity market was Japan,
where the tragedy of the tsunami and the nuclear accident at the Fukushima
plant caused a sharp downward spike in share prices. The Topix Index in Japan
dropped briefly to about 15 per cent below its year-end level before recovering
to end the period down 5.5 per cent, equivalent to a 7.5 per cent decline when
converted into sterling. The FTSE All-World Asia ex-Japan Index was down
2.0 per cent in sterling terms. (All index figures stated are capital returns.)
Our own performance was held back primarily by our Japanese investments.
We have steadily increased our exposure to Japanese equities over the last
eighteen months and, by the end of 2010, Japan had become our largest
geographical area of investment, fractionally larger than our investment in
Europe ex UK.
The distribution of the portfolio was only marginally altered by the merger
with Anglo & Overseas. Compared to the year end, our exposure to Europe ex UK,
Japan and Asia is slightly higher, with the Company's largest exposure now in
Europe ex UK. This is balanced by a small reduction in the percentages invested
in the UK and USA.
Revenue account
The income statement below shows revenue per share for the first half of 2011
of 3.3p, an increase of 22.2 per cent over the same period last year. In line
with accounting practices, this figure is based on the weighted average number
of shares in issue during the period and is therefore significantly affected by
the large number of shares which were issued as a result of the merger with
Anglo & Overseas. However, we do also expect a healthy increase in the revenue
account for the full year.
Gearing
In January we borrowed £5 million from Scotiabank, introducing potential
gearing of approximately 10 per cent. The merger with Anglo & Overseas reduced
the effective level of gearing to under 5 per cent of net assets. We have
negotiated an additional £5 million loan to take the potential gearing back up
to nearer 10 per cent. At the end of June we had not drawn down this second
tranche. We also held cash equivalent to the amount of the first tranche,
making your Company fully invested in equities but ungeared.
Outlook
It is not surprising that financial markets made little headway in the first
half of 2011. Corporate profit growth has, in general, been good but this has
been balanced by a plethora of disturbing developments, such as rising
inflation, the so called "Arab awakening" and the Eurozone crisis. Since
mid-year, share prices have fallen sharply as fears have grown that economies
will fall back into recession. Much will depend on how governments and central
bankers react to this risk. However, we are encouraged by the level of
valuation of the shares we hold, not least in Japan, and believe patience will
be rewarded. Meanwhile, we have the opportunity to make use of the gearing in
place as sensible opportunities arise.
Teddy Tulloch
Chairman
24 August 2011
DISTRIBUTION OF INVESTMENTS
as at 30 June 2011 (% of net assets)
Sector distribution
Sector %
Consumer Goods 21.1
Technology 19.0
Telecommunications 13.8
Financials 13.3
Oil & Gas 11.8
Industrials 10.3
Health Care 6.7
Consumer Services 2.6
Financials (unlisted) 1.4
100.0
Geographical distribution
Geographical %
Europe 28.4
Japan 25.8
United Kingdom 16.7
United States 13.9
Asia Pacific 12.7
Latin America 2.5
100.0
The figures detailed in the geographical distribution table represent the
Company's equity exposure to these countries or regional areas.
The geographical distribution is based on each investment's principal stock
exchange listing, except in instances where this would not give a proper
indication of where its activities predominate.
Cash and other net assets equate to £12,000 (0.0%).
PORTFOLIO OF INVESTMENTS
as at 30 June 2011
% of
Company Sector Country Valuation Net Assets
£'000
Equity investments
Sanofi-aventis Health Care France 4,056 3.7
Gazprom Oil & Gas Russia 3,917 3.5
Singapore Telecommunications Singapore 3,711 3.4
Telecommunications
ENI Oil & Gas Italy 3,366 3.1
Heineken Consumer Goods Netherlands 3,312 3.0
GlaxoSmithKline Health Care UK 3,280 3.0
Yamaha Motor Company Consumer Goods Japan 3,261 3.0
Vodafone Telecommunications UK 3,149 2.9
Bridgestone Consumer Goods Japan 3,142 2.9
Deutsche Post Industrials Germany 3,075 2.8
Unilever Consumer Goods Netherlands 3,021 2.7
Cisco Systems Technology USA 3,020 2.7
Intesa Sanpaolo Financials Italy 3,008 2.7
Intel Technology USA 2,954 2.7
Royal Dutch Shell Oil & Gas UK 2,931 2.7
Canon Technology Japan 2,920 2.7
China Mobile Telecommunications China 2,903 2.6
Tesco Consumer Services UK 2,867 2.6
Omron Industrials Japan 2,822 2.6
Panasonic Consumer Goods Japan 2,810 2.5
Total - 20 largest equity investments 63,525 57.8
Other equity investments 46,380 42.2
Total equity investments 109,905 100.0
Cash and other net assets 12 -
Net assets 109,917 100.0
INTERIM MANAGEMENT REPORT AND RESPONSIBILITY STATEMENT
Interim Management Report
The important events that have occurred during the period under review are set
out in the Chairman's Statement. The key factors influencing the financial
statements are also set out in the Chairman's Statement.
The principal risks and uncertainties for the remaining six months of the
financial year are reviewed in the Outlook section of the Chairman's Statement
detailed above and in the Risk Factors detailed below.
The principal risks facing the Company are substantially unchanged since the
date of the Annual Report for the year ended 31 December 2010 and continue to
be as set out in that report on pages 41 to 44.
Risks faced by the Company include, but are not limited to, investment and
strategy, discount volatility, market risk, liquidity risk, credit risk,
interest rate risk, foreign currency risk, gearing, regulatory risk,
operational risk and other financial risk.
There were no related party transactions during the period. Under the AIC SORP
issued in January 2009 the Investment Manager is not considered to be a related
party of the Company.
Responsibility Statement
The Directors confirm that to the best of their knowledge:
â— the condensed set of financial statements, prepared in accordance with the
Statement on Half Yearly Financial Reports issued by the UK Accounting
Standards Board, give a true and fair view of the assets, liabilities,
financial position and loss of the Company; and
â— the interim management report includes a fair review of the information
required by:
(a) 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year 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 year; and
(b) 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the Company during that period; and any changes in the related
party transactions described in the last Annual Report that could do so.
This Half Yearly Report was approved by the Board of Directors on 24 August
2011 and the above responsibility statement was signed on its behalf by Teddy
Tulloch, Chairman.
INCOME STATEMENT (UNAUDITED)
for the six months to 30 June 2011
Six months to Six months to Year to
30 June 2011 30 June 2010 31 December 2010
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Losses)/ 3 - (2,864) (2,864) - (3,292) (3,292) - 3,149 3,149
gains on
investments
at fair
value
through
profit or
loss
Foreign - (27) (27) - (21) (21) - (35) (35)
exchange
losses on
capital
items
Income 2 1,966 - 1,966 1,163 - 1,163 1,635 - 1,635
Investment (128) - (128) (183) - (183) (365) - (365)
management
fee*
Other (127) - (127) (127) - (127) (276) - (276)
expenses
Net return 1,711 (2,891) (1,180) 853 (3,313) (2,460) 994 3,114 4,108
before
finance
costs and
taxation
Finance
costs
Interest (52) - (52) - - - - - -
payable and
similar
charges
Net return 1,659 (2,891) (1,232) 853 (3,313) (2,460) 994 3,114 4,108
before
taxation
Taxation 4 (92) - (92) (86) - (86) (100) - (100)
Net return 1,567 (2,891) (1,324) 767 (3,313) (2,546) 894 3,114 4,008
after
taxation
pence pence pence pence pence pence pence pence pence
Return per 5 3.3 (6.1) (2.8) 2.7 (11.7) (9.0) 3.2 11.0 14.2
ordinary
share
* Following the merger with Anglo & Overseas Plc on 10 March 2011, the Company
is entitled to a reduction of £236,000 in the Investment Management fees
payable to Edinburgh Partners Limited from 1 April 2011. The Investment
Management fee has been reduced by £193,000 in the six months to 30 June 2011,
leaving a balance of £43,000 to be deducted subsequently.
All revenue and capital items in the above statement derive from continuing
operations.
The total column of this statement is the profit and loss account of the
Company. The revenue and capital return columns are prepared in accordance with
guidance issued by the Association of Investment Companies ("AIC").
A separate Statement of Total Recognised Gains and Losses has not been prepared
as all such gains and losses are included in the Income Statement.
BALANCE SHEET (UNAUDITED)
as at 30 June 2011
30 June 30 June 31 December
2011 2010 2010
Note £'000 £'000 £'000
Fixed asset investments
Investments at fair value through 109,905 45,080 51,312
profit or loss
Current assets
Debtors 2,447 209 193
Cash at bank and short-term 2,239 1,018 350
deposits
4,686 1,227 543
Current liabilities
Creditors 130 152 235
Loan 4,544 - -
4,674 152 235
Net current assets 12 1,075 308
Net assets 109,917 46,155 51,620
Capital and reserves
Called-up share capital 645 327 327
Capital redemption reserve 14 14 14
Share premium account 77,307 17,991 17,991
Special reserve 11,234 11,575 10,486
Capital reserve 18,315 14,778 21,205
Revenue reserve 2,402 1,470 1,597
Total Shareholders' funds 109,917 46,155 51,620
pence pence pence
Net asset value per ordinary share 6 183.5 164.5 188.2
STATEMENT OF CASH FLOW (UNAUDITED)
for the six months to 30 June 2011
Six months to Six months to Year to
30 June 2011 30 June 2010 31 December
2010
Note £'000 £'000 £'000
Operating activities
Investment income 1,810 1,109 1,601
received
Bank deposit interest - 12 -
received
Investment management (221) (182) (361)
fees paid
VAT and interest on - 138 138
investment management
fees recovered
Secretarial fees paid (39) (35) (71)
Other cash payments (134) (126) (125)
Net cash inflow from 7 1,416 916 1,182
operating activities
Servicing of finance (42) - -
Taxation
Taxation paid (45) (30) (70)
Capital expenditure and
financial investment
Purchases of investments (67,327) (6,571) (12,957)
Sales of investments 5,869 7,531 14,126
Exchange gains/(losses) 8 (27) (40)
on settlement
Net cash (outflow)/inflow (61,450) 933 1,129
from investing activities
Net cash (outflow)/inflow (60,121) 1,819 2,241
before equity dividend
paid and financing
Equity dividend paid (761) (681) (681)
Financing
Ordinary shares purchased (1,888) (1,330) (2,419)
and held in treasury
Ordinary shares sold from 805 - -
treasury
Share issue 59,344 - -
Net cash inflow/(outflow) 58,261 (1,330) (2,419)
from financing
Decrease in cash (2,621) (192) (859)
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (UNAUDITED)
for the six months to 30 June 2011
Six months to Six months to Year to
30 June 2011 30 June 2010 31 December
2010
£'000 £'000 £'000
Opening Shareholders' funds 51,620 50,712 50,712
Net return after taxation (1,324) (2,546) 4,008
Dividends paid (761) (681) (681)
Proceeds from share issue* 59,344 - -
Proceeds of shares sold from 2,926 - -
treasury
Share purchases for treasury (1,888) (1,330) (2,419)
Closing Shareholders' funds 109,917 46,155 51,620
* During the period the Company issued a total of 31,855,462 new shares to
shareholders in Anglo & Overseas Plc following the merger of the two companies.
NOTES TO THE FINANCIAL STATEMENTS
for the six months to 30 June 2011
1. Accounting policies
a) Accounting convention
The financial statements are prepared in accordance with the Accounting
Standard Board's ("ASB") Statement on Half Yearly Financial Reports, UK
Generally Accepted Accounting Practice ("UK GAAP") and with the AIC Statement
of Recommended Practice issued in January 2009 relating to the Financial
Statements of Investment Trust Companies and Venture Capital Trusts.
b) Financial information
The financial information contained in this report does not constitute full
statutory accounts as defined in Section 434 of the Companies Act 2006. The
financial information for the six months to 30 June 2011 and 30 June 2010 has
not been audited or reviewed by the Company's Auditors pursuant to the Auditing
Practices Board guidance on such reviews.
The information for the year ended 31 December 2010 has been extracted from the
latest published audited Annual Report and Financial Statements, which have
been filed with the Registrar of Companies. The report of the Auditors on those
financial statements contained no qualification or statement under Sections 498
(2) or (3) of the Companies Act 2006.
The financial statements are prepared on the basis of the accounting policies
set out in note 1 of the audited Annual Report and Financial Statements for the
year ended 31 December 2010.
The Company has considerable financial resources and as a consequence, the
Directors believe that the Company is well placed to manage its business risks
successfully. After making enquiries, the Directors have a reasonable
expectation that the Company will have adequate resources to continue in
operational existence for the foreseeable future. Accordingly, they continue to
adopt the going concern basis in preparing the Half Yearly Financial Report.
2. Income
Six months to Six months to Year to
30 June 2011 30 June 2010 31 December 2010
£'000 £'000 £'000
Income from
investments:
UK net dividend income 428 341 486
Overseas dividend 1,537 821 1,147
income
Deposit funds income 1 1 2
1,966 1,163 1,635
Income comprises:
Dividends 1,966 1,163 1,635
3. (Losses)/gains on investments
Six months to Six months to Year to
30 June 2011 30 June 2010 31 December 2010
£'000 £'000 £'000
Realised gains on sales 1,970 1,764 2,805
Changes in fair value (4,834) (5,056) 344
of investments
(2,864) (3,292) 3,149
4. Taxation
The taxation charge for the six months to 30 June 2011 is £92,000 (six months
to 30 June 2010: £86,000; year to 31 December 2010: £100,000).
The taxation charge comprises a corporation tax charge for the six months to 30
June 2011 of £nil (six months to 30 June 2010: £nil; year to 31 December 2010:
£nil) and irrecoverable withholding tax suffered of £92,000 (six months to 30
June 2010: £86,000; year to 31 December 2010: £100,000).
5. Return per ordinary share
Six months to Six months to Year to
30 June 2011 30 June 2010 31 December 2010
Net Per Net Per Net Per
return share return share return share
£'000 pence £'000 pence £'000 pence
Revenue return after 1,567 3.3 767 2.7 894 3.2
taxation
Capital return after (2,891) (6.1) (3,313) (11.7) 3,114 11.0
taxation
Total return (1,324) (2.8) (2,546) (9.0) 4,008 14.2
The returns per share for the six months to 30 June 2011 are based on
47,203,313 shares (six months to 30 June 2010: 28,397,152 shares; year to 31
December 2010: 28,149,994 shares) being the weighted average number of ordinary
shares, excluding shares held in treasury, in issue during the period.
6. Net asset value per ordinary share and share capital
The net asset value per ordinary share is based on net assets at 30 June 2011
of £109,917,000 (30 June 2010: £46,155,000; 31 December 2010: £51,620,000) and
on 59,886,942 ordinary shares (30 June 2010: 28,056,480; 31 December 2010:
27,430,480) being the number of ordinary shares, excluding shares held in
treasury, at the period end. Net asset values calculated include current period
revenue.
During the six month period to 30 June 2011, the Company issued 31,855,462
ordinary shares as a result of the merger with Anglo & Overseas Plc, raising
proceeds of £59,344,000.
In addition, 1,650,000 ordinary shares were issued from treasury at a premium
to net asset value, raising proceeds of £2,926,000, during the six months to
30 June 2011.
A total of 1,049,000 ordinary shares were repurchased for treasury at a cost of
£1,888,000 during the six months to 30 June 2011.
As a result of the transactions detailed above, there were 64,509,642 ordinary
shares in issue as at 30 June 2011, of which 4,622,700 ordinary shares were
held in treasury.
7. Reconciliation of net return before finance costs and taxation to net cash
inflow from operating activities
Six months to Six months to Year to
30 June 2011 30 June 2010 31 December
2010
£'000 £'000 £'000
Net return before finance (1,180) (2,460) 4,108
costs and taxation
Net losses/(gains) on capital 2,891 3,313 (3,114)
items
(Decrease)/increase in (115) (15) 83
creditors
(Increase)/decrease in debtors (180) 78 105
and accrued income
Net cash inflow from operating 1,416 916 1,182
activities
8. Reconciliation of net cash flow to movement in net funds
Six months to Six months to Year to
30 June 2011 30 June 2010 31 December
2010
£'000 £'000 £'000
Decrease in cash (2,621) (192) (859)
Realised exchange (losses)/ (34) 24 23
gains
(2,655) (168) (836)
Net funds at start of period 350 1,186 1,186
Net funds at end of period (2,305) 1,018 350
9. Post balance sheet event
Subsequent to the half year end, on 19 August 2011, the Court of Session
approved the Company's application to cancel its share premium account and an
amount of £77,307,420 has been transferred from the Company's share premium
account to its special reserve account.
SHAREHOLDER INFORMATION
Investing in the Company
The Company's ordinary shares are traded on the London Stock Exchange. You can
buy or sell shares through your stockbroker, bank or other professional
investment adviser. Shares in the Company may also be bought and held in a
Share Plan or ISA through the BNP Paribas - Edinburgh Partners Savings Scheme
and ISA. Further information is available on the Company's website:
www.epgot.com or on the Edinburgh Partners' website: www.edinburghpartners.com
or by telephone on 0845 358 1100.
Frequency of net asset value ("NAV") publication
The Company's ordinary share net asset value is released daily to the London
Stock Exchange and published on the Company's website: www.epgot.com and the
Edinburgh Partners' website: www.edinburghpartners.com.
Share price and sources of other information
The Company's ordinary share price is quoted daily in the Financial Times and
the Daily Telegraph. Previous day closing price, daily net asset value and
other portfolio information is published on the Company's website:
www.epgot.com and on Edinburgh Partners' website: www.edinburghpartners.com.
Other useful information on investment trusts, such as prices, net asset values
and company announcements, can be found on the websites of the London Stock
Exchange: www.londonstockexchange.com and the Association of Investment
Companies ("AIC"): www.theaic.co.uk.
Share register enquiries
The register for the ordinary shares is maintained by Computershare Investor
Services PLC. In the event of queries regarding your holding, please contact
the Registrar on 0870 889 4069 or email web.queries@computershare.co.uk.
Changes of name and/or address must be notified in writing to the Registrar, at
the address below.
Key dates
Company's year end 31 December
Annual results announced March
Annual General Meeting April
Annual dividend paid May
Company's half year end 30 June
Half yearly results August
announced
In accordance with the Disclosure and Transparency Rules, the Company will be
releasing Interim Management Statements ("IMS") for the quarters ending 31
March and 30 September. These will be released to the London Stock Exchange and
may be viewed on the Company's website.
This announcement is not a recommendation, offer or invitation to buy, sell or
hold ordinary shares of the Company. If you wish to deal in the ordinary shares
of the Company, you may wish to contact an authorised professional investment
adviser.
RISK FACTORS
An investment in the Company should be regarded as long term and is only
suitable for investors who are capable of evaluating the risks and merits of
such investment and who have sufficient resources to bear any loss which might
result from such investment.
The market value of, and the income derived from, the ordinary shares can
fluctuate. The Company's share price may go down as well as up. Past
performance is not a guide to future performance. There is no guarantee that
the market price of the ordinary shares will fully reflect their underlying net
asset value. Fluctuations in exchange rates will affect the value of overseas
investments held by the Company. Investors may not get back the full value of
their investment. There can be no guarantee that the investment objective of
the Company will be met. The levels of, and reliefs from, taxation may change.
The principal risks facing the Company relating to its investment activities
were set out in detail in the Annual Report for the year ended 31 December
2010, with an explanation of the risks and how they are managed detailed in
note 18, and continue to be as set out in that report. These risks are
investment and strategy, discount volatility, market price risk, liquidity
risk, credit risk, interest rate risk, foreign currency risk, gearing,
regulatory risk, operational risk and other financial risk. In particular, it
should be noted that the Company does not have any benchmark. The Investment
Manager is free to invest in securities on a global basis which it considers to
be undervalued on an absolute basis. This policy is designed to permit the
Investment Manager a large degree of freedom in share selection and as such
investment results are dependent on the success or failure of the Investment
Manager in correctly identifying undervalued securities.
This Half Yearly Report contains "forward looking statements" with respect to
the Company's plans and its current goals and expectations relating to its
future financial condition, performance and results. By their nature, all
forward looking statements involve risk and uncertainty because they relate to
future events that are beyond the Company's control. As a result, the Company's
actual future financial condition, performance and results may differ
materially from the plans, goals and expectations set forth in the Company's
forward looking statements. The Company undertakes no obligation to update the
forward looking statements contained within this Half Yearly Report or any
other forward looking statements it makes.
The Company is a public company. It is registered in Scotland and its shares
are listed on the London Stock Exchange. The Company is not regulated or
authorised by the Financial Services Authority.
Employees of Edinburgh Partners Limited may (subject to applicable laws and
regulations) hold shares in the Company and may buy, sell or offer to deal in
the Company's shares from time to time.
DIRECTORS AND ADVISERS
Directors (all non-executive) Teddy Tulloch (Chairman)
Richard Burns
David Hough
Ian McBean
Giles Weaver
Secretary and Registered Kenneth J Greig
Office
12 Charlotte Square
Edinburgh EH2 4DJ
Investment Manager Edinburgh Partners Limited
12 Charlotte Square
Edinburgh EH2 4DJ
Auditors Ernst & Young LLP
Ten George Street
Edinburgh EH2 2DZ
Registrar and Transfer Office Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZY
Solicitor and Sponsor Dickson Minto W.S.
16 Charlotte Square
Edinburgh EH2 4DF
Bankers and Custodian The Bank of New York Mellon
One Canada Square
Canary Wharf
London E14 5AL
Registered in Scotland No. 259207
An investment company as defined under Section 833 of the Companies Act 2006
The Company is a member of the Association of Investment Companies ("AIC")
Enquiries:
Sandy Nairn
Kenneth Greig
Edinburgh Partners
Telephone: 0131 270 3800
24 August 2011
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