Half-yearly Report
EP GLOBAL OPPORTUNITIES TRUST PLC
HALF YEARLY REPORT
Six months ended 30 June 2012
The Directors announce the unaudited Half Yearly Report for the period from 1
January 2012 to 30 June 2012 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 2012 31 December 2011 Change
Shareholders' funds £90,920,000 £95,092,000 (4.4)%
Net asset value per ordinary share 170.0p 169.9p 0.1%
("NAV")
Share price per ordinary share 160.3p 167.0p (4.0)%
Share price discount to NAV 5.7% 1.7%
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.
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 2012 was 170p, virtually
unchanged from the 169.9p at the end of December 2011. The net asset value per
share total return for the six months, taking account of the dividend of 4.2p
paid in May, was 2.5 per cent. This compares with a total return for the FTSE
All-Share Index of 3.3 per cent, while the FTSE All-World Index total return
was 5.1 per cent.
The share price declined by 4.0 per cent to 160.25p. The discount of the share
price to the net asset value per share widened from 1.7 per cent at the year
end to 5.7 per cent at the end of June. While the high level of day-to-day
volatility in equity markets creates greater levels of fluctuation in the
discount, we continue to buy-in shares with the objective of maintaining the
share price at close to the net asset value. In the first six months of 2012,
we bought in a total of 2.5 million shares at small discounts to the net asset
value per share.
Stock market and investment performance
The recovery in share prices in the last quarter of 2011 continued in the early
months of this year. Progress came to a halt in April and equity markets
experienced a brief but sharp setback in May with many markets giving back all
they had gained earlier in the year. In June, markets began to recover once
again leading to positive results for most of the major stock markets over the
six month period.
As a generalisation, the major stock market regional indices have been in a
broad trading range over the last eighteen months and, in some regions, for
even longer. Problems in the Eurozone area have been the dominant feature over
this time period. The lack of a clear resolution to the problems within Europe
has led to a series of financial scares. Each time the debt crisis has reached
a critical point, a short-term solution has been produced which has bought time
but has not resolved the underlying problems of the Eurozone area. It was
concerns about the ability of Spain and Italy to refinance their debts that led
to markets selling off in May.
There was not a huge divergence in the total return of the major regional
indices in the first half of the year when adjusted into sterling. The S&P
Composite Index in the US was the clear leader, producing a total return of 8.5
per cent. The poorest results were in the FTSE All-World European ex UK and
Japanese Topix indices with returns of 2.1 and 2.2 per cent respectively.
Our own results moved more in line with Europe and Japan where 44.1 per cent of
our net assets are invested. We were helped by the US investments where we have
added three new holdings since the year end, taking our investment there to
23.5 per cent. The additions to the US were balanced by reductions in the UK,
where we sold Royal Dutch Shell and Tesco. While our holdings in Asia performed
particularly well, it was a number of individual holdings in Europe that were
the main reason for our results lagging behind the FTSE All-World Index.
We continue to have a short-term borrowing facility of £10 million. As at the
end of June 2012, the equivalent of £4.7 million in Japanese yen and US dollars
was drawn down. However, this was balanced by holding cash of £4.5 million,
resulting in only marginal gearing at mid-year.
Revenue account
The income statement below shows revenue per share of 2.7p for the first six
months of 2012. This compares to 3.3p over the same period last year. As
explained in the 2011 Annual Report, last year's revenue benefited from a
one-off rebate of the investment management fee as a consequence of the merger
with Anglo and Overseas. Without the rebate, last year's revenue per share
would have been 2.9p. The lower figure this year is mainly due to changes made
in the investments, in particular the increased investment in the US and the
reduction in the UK holdings.
Outlook
The expected rate of global economic growth has been gradually revised
downwards making the outlook for corporate profits more challenging. While the
news has focused on the deflationary effect of fiscal austerity in Europe, the
growth rate in China has also been moderating. A positive consequence of this
has been the fall in some commodity prices, leading to a fall in inflation
which will relieve some of the pressure on consumer spending.
The resulting lower level of inflation has enabled a number of countries to
start reducing their interest rates as they focus more on economic growth
rather than controlling inflation, with China, importantly, being one of them.
A number of other countries have also taken measures to stimulate economic
activity, including the UK where the Bank of England has announced another
round of "quantitative easing", intending to buy-in a further £50 billion of UK
government bonds.
No doubt there will continue to be further swings in investor sentiment putting
share prices under pressure from time to time. There is no lack of issues to be
concerned about, however, share prices appear to offer reasonable value. We
continue to be fully invested, although at present we are not making use of the
£10 million of borrowing that is available for investment. This sums up our
feeling on markets, namely one of cautious optimism.
Teddy Tulloch
Chairman
22 August 2012
DISTRIBUTION OF INVESTMENTS
as at 30 June 2012 (% of net assets)
Sector distribution
Sector %
Technology 21.3
Consumer Goods 21.1
Industrials 15.4
Telecommunications 13.0
Financials 10.2
Health Care 5.7
Oil & Gas 5.7
Consumer Services 5.5
Basic Materials 2.4
Cash less net liabilities* (0.3)
100.0
Geographical distribution
Geographical area %
Japan 23.6
United States 23.5
Europe 20.5
Asia Pacific 16.8
United Kingdom 15.9
Cash less net liabilities* (0.3)
100.0
* Cash less net liabilities total (£252,000) (0.3)%.
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.
PORTFOLIO OF INVESTMENTS
as at 30 June 2012
% of Net
Company Sector Country Valuation Assets
£'000
Equity investments
Singapore Telecommunications Singapore 3,265 3.6
Telecommunications
Microsoft Technology USA 3,234 3.6
Sanofi Health Care France 3,179 3.5
Vodafone Telecommunications UK 3,020 3.3
Japan Tobacco Consumer Goods Japan 3,002 3.3
China Mobile Telecommunications China 2,842 3.1
Wal-Mart Stores Consumer Services USA 2,821 3.1
Mitsubishi Industrials Japan 2,760 3.0
Softbank Telecommunications Japan 2,692 3.0
Cisco Systems Technology USA 2,655 2.9
Illinois Tool Works Industrials USA 2,632 2.9
Unilever Consumer Goods Netherlands 2,617 2.9
Gazprom Oil & Gas Russia 2,591 2.9
Samsung Electronics Technology South Korea 2,579 2.8
ENI Oil & Gas Italy 2,560 2.8
Canon Technology Japan 2,516 2.8
Google Technology USA 2,437 2.7
Swire Pacific Industrials Hong Kong 2,402 2.6
Fujitsu Technology Japan 2,396 2.6
Bridgestone Consumer Goods Japan 2,273 2.5
Total - 20 largest equity investments 54,473 59.9
Other equity 36,699 40.4
investments
Total equity investments 91,172 100.3
Cash less net liabilities (252) (0.3)
Net assets 90,920 100.0
DIRECTORS' STATEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES
The important events that have occurred during the period under review are set
out in the Chairman's Statement above. The key factors influencing the
financial statements are also set out in the Chairman's Statement.
The principal factors that could impact the remaining six months of the
financial year are detailed in the Chairman's Statement above. Additional Risk
Factors are set out below.
The Directors consider that the principal risks facing the Company are
substantially unchanged since the date of the Annual Report for the year ended
31 December 2011 and continue to be as set out in that report on pages 43 to
46.
Risks faced by the Company include, but are not limited to, investment and
strategy risk, discount volatility risk, market price risk, liquidity risk,
credit risk, interest rate risk, foreign currency risk, gearing risk,
regulatory risk, operational risk and financial risk.
DIRECTORS' STATEMENT OF RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS
The Directors confirm that to the best of their knowledge:
- 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 profit of the Company; and
- this Half Yearly 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.
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.
This Half Yearly Report was approved by the Board of Directors on 22 August
2012 and the above responsibility statement was signed on its behalf by Teddy
Tulloch, Chairman.
INCOME STATEMENT (UNAUDITED)
for the six months to 30 June 2012
Six months to Six months to Year to
30 June 2012 30 June 2011 31 December 2011
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/ 3 - 659 659 - (2,864) (2,864) - (12,273) (12,273)
(losses) on
investments
at fair
value
through
profit or
loss
Foreign - 132 132 - (27) (27) - (296) (296)
exchange
gains/
(losses) on
capital
items
Income 2 2,109 - 2,109 1,966 - 1,966 3,625 - 3,625
Investment (338) - (338) (128) - (128) (432) - (432)
management
fee*
Other (165) - (165) (127) - (127) (273) - (273)
expenses
Net return 1,606 791 2,397 1,711 (2,891) (1,180) 2,920 (12,569) (9,649)
before
finance
costs and
taxation
Finance
costs
Interest (51) - (51) (52) - (52) (99) - (99)
payable and
similar
charges
Net return 1,555 791 2,346 1,659 (2,891) (1,232) 2,821 (12,569) (9,748)
before
taxation
Taxation 4 (105) - (105) (92) - (92) (181) - (181)
Net return 1,450 791 2,241 1,567 (2,891) (1,324) 2,640 (12,569) (9,929)
after
taxation
pence pence pence pence pence pence pence pence pence
Return per 5 2.7 1.4 4.1 3.3 (6.1) (2.8) 5.0 (23.9) (18.9)
ordinary
share
* The Investment Manager, as part of the Company's merger with Anglo & Overseas
Plc, agreed to reduce its management fee payable by the Company on a one-off
basis by £236,000 in the year ended 31 December 2011, of which £193,000 was
accounted for in the six months to 30 June 2011.
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 2012
30 June 30 June 31 December
2012 2011 2011
Note £'000 £'000 £'000
Fixed asset investments
Investments at fair value through 91,172 109,905 98,550
profit or loss
Current assets
Debtors 295 2,447 975
Cash at bank and short-term 4,548 2,239 908
deposits
4,843 4,686 1,883
Creditors: amounts falling due
within one year
Creditors 409 130 506
Loans 4,686 4,544 4,835
5,095 4,674 5,341
Net current (liabilities)/assets (252) 12 (3,458)
Net assets 90,920 109,917 95,092
Capital and reserves
Called-up share capital 645 645 645
Capital redemption reserve 14 14 14
Share premium account* - 77,307 -
Special reserve 78,186 11,234 82,321
Capital reserve 9,427 18,315 8,636
Revenue reserve 2,648 2,402 3,476
Total Shareholders' funds 90,920 109,917 95,092
pence pence pence
Net asset value per ordinary share 6 170.0 183.5 169.9
* The cancellation of the share premium account was approved by the Court of
Session on 19 August 2011 and £77,307,000 was transferred to the special reserve.
STATEMENT OF CASH FLOW (UNAUDITED)
for the six months to 30 June 2012
Six months to Six months to Year to
30 June 2012 30 June 2011 31 December 2011
Note £'000 £'000 £'000
Operating activities
Investment income 2,133 1,810 3,449
received
Investment management (347) (221) (354)
fees paid
VAT and interest on 2 - -
secretarial fees
recovered
Secretarial fees paid (41) (39) (74)
Other expenses paid (120) (134) (213)
Net cash inflow from 7 1,627 1,416 2,808
operating activities
Servicing of finance (47) (42) (88)
Taxation
Taxation paid (107) (45) (109)
Capital expenditure and
financial investment
Purchases of investments (18,575) (9,321) (25,069)
Sales of investments 27,298 5,869 22,903
Exchange gains/(losses) 17 8 (43)
on settlement
Net cash inflow/ 8,740 (3,444) (2,209)
(outflow) from investing
activities
Net cash inflow/ 10,213 (2,115) 402
(outflow) before equity
dividend paid and
financing
Equity dividend paid (2,278) (761) (761)
Financing
Cash received in - 1,338 1,338
relation to merger with
Anglo & Overseas Plc
Expenses incurred on - - (13)
share premium
cancellation
Ordinary shares (4,259) (1,888) (7,916)
purchased and held in
treasury
Ordinary shares sold - 805 2,926
from treasury
Net cash (outflow)/ (4,259) 255 (3,665)
inflow from financing
Increase/(decrease) in 8 3,676 (2,621) (4,024)
cash
RECONCILLIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (UNAUDITED)
for the six months to 30 June 2012
Six months to Six months to Year to
30 June 2012 30 June 2011 31 December 2011
£'000 £'000 £'000
Opening Shareholders' funds 95,092 51,620 51,620
Net return after taxation 2,241 (1,324) (9,929)
Dividends paid (2,278) (761) (761)
Proceeds from share issue - 59,344 59,343
Share premium cancellation - - (13)
expenses
Proceeds of shares sold from - 2,926 2,926
treasury
Share purchases for treasury (4,135) (1,888) (8,094)
Closing Shareholders' funds 90,920 109,917 95,092
NOTES TO THE FINANCIAL STATEMENTS
for the six months to 30 June 2012
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 ("SORP") 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 2012 and 30 June 2011 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 2011 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 2011.
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 Report.
2. Income
Six months to Six months to Year to
30 June 2012 30 June 2011 31 December 2011
£'000 £'000 £'000
Income from investments:
UK net dividend income 582 428 994
Overseas dividend income 1,524 1,537 2,627
Interest on liquidity funds 3 1 4
2,109 1,966 3,625
Income comprises:
Dividends 2,109 1,966 3,625
3. Gains/(losses) on investments
Six months to Six months to Year to
30 June 2012 30 June 2011 31 December 2011
£'000 £'000 £'000
Realised (losses)/gains on (6,376) 1,970 282
sales
Changes in fair value of 7,035 (4,834) (12,555)
investments
659 (2,864) (12,273)
4. Taxation
The taxation charge for the six months to 30 June 2012 is £105,000 (six months
to 30 June 2011: £92,000; year to 31 December 2011: £181,000).
The taxation charge comprises a corporation tax charge for the six months to 30
June 2012 of £nil (six months to 30 June 2011: £nil; year to 31 December 2011:
£nil) and irrecoverable withholding tax suffered of £105,000 (six months to 30
June 2011: £92,000; year to 31 December 2011: £181,000).
5. Return per ordinary share
Six months to Six months to Year to
30 June 2012 30 June 2011 31 December 2011
Net Per Net Per Net Per
return share return share return share
£'000 pence £'000 pence £'000 pence
Revenue return after 1,450 2.7 1,567 3.3 2,640 5.0
taxation
Capital return after 791 1.4 (2,891) (6.1) (12,569) (23.9)
taxation
Total return 2,241 4.1 (1,324) (2.8) (9,929) (18.9)
The returns per share for the six months to 30 June 2012 are based on
54,725,009 shares (six months to 30 June 2011: 47,203,313 shares; year to 31
December 2011: 52,641,529 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 2012
of £90,920,000 (30 June 2011: £109,917,000; 31 December 2011: £95,092,000) and
on 53,492,725 ordinary shares (30 June 2011: 59,886,942; 31 December 2011:
55,967,725) being the number of ordinary shares, excluding shares held in
treasury, at the period end. Net asset values calculated include current period
revenue.
A total of 2,475,000 ordinary shares were repurchased for treasury at a cost of
£4,135,000 during the six months to 30 June 2012.
As a result of the transactions detailed above, there were 64,509,642 ordinary
shares in issue as at 30 June 2012, of which 11,016,917 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 2012 30 June 2011 31 December 2011
£'000 £'000 £'000
Net return before finance 2,397 (1,180) (9,649)
costs and taxation
Net (gains)/losses on capital (791) 2,891 12,569
items
Increase/(decrease) in 7 (115) 74
creditors
Decrease/(increase) in 14 (180) (186)
debtors and accrued income
Net cash inflow from 1,627 1,416 2,808
operating activities
8. Reconciliation of net cash flow to movement in net funds
Six months to Six months to Year to
30 June 2012 30 June 2011 31 December 2011
£'000 £'000 £'000
Increase/(decrease) in cash 3,676 (2,621) (4,024)
Realised exchange gains/ 113 (34) (253)
(losses)
3,789 (2,655) (4,277)
Net (debt)/funds at start of (3,927) 350 350
period
Net debt at end of period (138) (2,305) (3,927)
9. Post balance sheet event
The Company owns shares in Edinburgh Partners Limited, the Company's Investment
Manager. As at 30 June 2012, this investment was valued at £1,700,000 (30 June
2011: £1,500,000; 31 December 2011: £1,700,000). On 16 August 2012, the Board
of Directors announced their decision to revalue this investment to £1,450,000
with effect from 15 August 2012. The revaluation represented a reduction of
0.5p in the net asset value per ordinary share, based on 53,057,412 ordinary
shares in circulation at 15 August 2012.
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 and 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 on 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 the 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 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. You can check your shareholding and find practical help on
transferring shares or updating your details at www.investorcentre.co.uk.
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: www.epgot.com and on the Edinburgh
Partners' website: www.edinburghpartners.com.
This document 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
2011, with an explanation of the risks and how they are managed detailed in
note 19, and continue to be as set out in that report. These risks are
investment and strategy risk, discount volatility risk, market price risk,
liquidity risk, credit risk, interest rate risk, foreign currency risk, gearing
risk, regulatory risk, operational risk and 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 6ZZ
Solicitor and Sponsor Dickson Minto W.S.
16 Charlotte Square
Edinburgh EH2 4DF
Custodian and Banker The Bank of New York Mellon
One Canada Square
Canary Wharf
London E14 5AL
Banker Scotiabank Group PLC
6th Floor
201 Bishopsgate
London EC2M 3NS
* with effect from 27 August 2012, the Registered Office and the address of the
Investment Manager will change to: 27-31 Melville Street, Edinburgh EH3 7JF
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
Enquiries:
Sandy Nairn
Kenneth Greig
Edinburgh Partners Limited
Telephone: 0131 270 3800
22 August 2012
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