Half-yearly Report
EP GLOBAL OPPORTUNITIES TRUST PLC
HALF YEARLY REPORT
Six months ended 30 June 2013
The Directors announce the unaudited Half Yearly Report for the
period from 1 January 2013 to 30 June 2013 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 2013 31 December 2012 Change
Shareholders' funds £101,996,000 £91,766,000 11.1%
Net asset value per
ordinary share ("NAV") 211.4p 183.1p 15.5%
Share price per ordinary
share 200.5p 175.5p 14.2%
Share price discount to
NAV 5.2% 4.2%
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 the ability to invest in other investment companies
or funds but will 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
During the six months to 30 June 2013 our net asset value per share
increased by 15.5 per cent to 211.4p. This was a particularly encouraging
performance as our investments in Japan began to bear fruit. The net asset
value per share total return for the six months was 17.6 per cent. This result
compares with a total return for the FTSE All-Share Index of 8.5 per cent,
while the FTSE All-World Index total return was 13.9 per cent.
The share price increased by 14.2 per cent to 200.5p. The discount
of the share price to the net asset value per share was 5.2 per cent at the
end of June. We continued 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
2013, we bought in 1.9 million shares at small discounts to the net asset
value per share.
Stock market and investment performance
Share prices started 2013 on a strong note and, in general, the
upwards momentum continued until the second half of May. Concerns that the US
Federal Reserve might start to rein in its quantitative easing, the
stimulative financial policy of buying-in US government bonds, and fears of a
less robust Chinese economy, led to profit-taking with bond and equity
markets coming under pressure. Asian and other emerging equity markets were
particularly affected, with the FTSE All-World Asia Pacific ex Japan Index
surrendering almost all its earlier gains.
The best performances of the major country indices were those of
Japan and the US. Currencies were more volatile than usual, with the Japanese
yen being very weak and the US dollar particularly strong. Sterling gained
against the yen by 7.2 per cent but fell by 6.7 per cent versus the US dollar
and 5.4 per cent versus the euro. The strong dollar boosted the total return
of the US S&P Composite Index from 13.8 per cent in US dollar terms to
22.0 per cent when measured in sterling. The Japanese Topix Index still achieved a
24.4 per cent total return in sterling terms despite the weakness in the yen.
The FTSE All-World European ex UK Index performed more in line with the UK
equity market, providing a sterling total return of 10.2 per cent.
Our results benefited from the emphasis on Japan and the US. The
performance of the Japanese shareholdings had held back performance from 2010
when the percentage of the Company's investment portfolio in Japan was first
raised to over 20 per cent. The timing was unfortunate as the devastating
earthquake and tsunami struck in March 2011. However, the patience of our
Investment Manager and the conviction that Japanese equities represented
outstanding value are now being rewarded. Although the other Asian markets had
a relatively disappointing six months, the holding that provided the largest
uplift to our net asset value over the six month period was Prince Frog
International, a Chinese retailer of children's care products.
Despite the dramatic recovery in Japanese share prices from
November 2012, the market was so depressed that there still appeared to be
good value in many Japanese shares. As a consequence, further additions were
made in Japan and, at the end of June 2013, the geographical exposure to Japan
had been increased to 36.9 per cent of the Company's investment portfolio.
This was funded by a reduction in the exposure to the rest of Asia from
20.5 per cent at the end of 2012 to 14.1 per cent and to the UK from 12.9 per cent
to 6.2 per cent.
Revenue account
The income statement below shows revenue per share of 2.1p for the
first six months of 2013. This compares to 2.7p over the same period last
year. The principal reason for the lower revenue is the increased investment
in Japanese equities where the dividend yields are much lower than the yields
on the UK and Asian shares which were sold. This may result in lower revenue
per share for the full year.
Your Board does not wish the investment policy to be restricted by
income account considerations but believes that our Investment Manager's
well-defined investment philosophy focusing on value will produce a better
total return over the longer term.
Outlook
Equities have risen considerably since share prices bottomed out in
early 2009 during the darkest days of the financial crisis. Shares have
climbed a wall of worry, with prices moving higher as worries receded. There
have been numerous setbacks as concerns have reappeared, and with each setback
there has been no shortage of financial commentators predicting another
financial meltdown. It is not surprising that against such a background
investors have tended increasingly to put their faith in companies with stable
growth prospects. As a consequence, the share prices of many such quality
companies now look fully valued. It does not mean that their share prices
cannot appreciate further, but they may disappoint over the longer term. We
have steadily reduced our holdings in such companies.
There is growing optimism about the economic outlook, particularly
in the US, even if the rate of growth is more moderate than it has been
historically. Investor focus has been shifting back to companies that have
good long-term growth prospects but whose earnings progression is more
cyclical. The share prices of many such companies still have upside potential
but with recent gains our optimism has to be slightly more tempered. The
rebalancing of the global economy will occur over an extended period and this
will continue to be punctuated by swings in investor sentiment. Such
volatility will inevitably create more investment opportunities. We believe
that investing in shares offering long-term value will continue, in due
course, to be rewarded.
Teddy Tulloch
Chairman
27 August 2013
DISTRIBUTION OF INVESTMENTS
as at 30 June 2013 (% of investments)
Sector distribution
Sector %
Consumer Goods 23.3
Technology 21.9
Industrials 21.3
Financials 12.6
Consumer Services 9.5
Telecommunications 7.2
Oil & Gas 4.2
100.0
Geographical distribution
Geographical area %
Japan 36.9
United States 22.1
Europe 20.7
Asia Pacific 14.1
United Kingdom 6.2
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.
As at 30 June 2013, the Company was marginally geared with investments
equivalent to 103.5% of Shareholders' funds. The gearing was financed by
borrowings in Japanese yen.
PORTFOLIO OF INVESTMENTS
as at 30 June 2013
% of Net
Company Sector Country Valuation Assets
£'000
Equity investments
Sumitomo Mitsui Financials Japan 3,577 3.5
Bridgestone Consumer Goods Japan 3,505 3.4
Microsoft Technology US 3,359 3.3
Google Technology US 3,243 3.2
Japan Tobacco Consumer Goods Japan 3,113 3.1
KDDI Telecommunications Japan 3,090 3.0
Toyota Motor Consumer Goods Japan 3,061 3.0
Sugi Consumer Services Japan 2,875 2.8
Deutsche Post Industrials Germany 2,853 2.8
SanDisk Technology US 2,725 2.7
Johnson Controls Consumer Goods US 2,704 2.7
Indra Sistemas Technology Spain 2,700 2.7
Yamaha Motor Consumer Goods Japan 2,689 2.6
Tyco International Industrials US 2,687 2.6
Prince Frog
International Consumer Goods China 2,672 2.6
Toshiba Industrials Japan 2,667 2.6
Fujitsu Technology Japan 2,659 2.6
DBS Financials Singapore 2,619 2.6
Swire Pacific Industrials Hong Kong 2,595 2.5
Vodafone Telecommunications UK 2,563 2.5
Total - 20 largest equity investments 57,956 56.8
Other equity investments 47,578 46.7
Total equity investments 105,534 103.5
Cash less net liabilities (3,538) (3.5)
Net assets 101,996 100.0
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.
DIRECTORS' STATEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES
The important events that have occurred during the period under
review and the key factors influencing the financial statements are set out in
the Chairman's Statement above. Factors that could impact the remaining six
months of the financial year are also detailed in the Chairman's Statement.
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 2012 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 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, gives 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 Statement of Recommended Practice 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
27 August 2013 and the above responsibility statement was signed on its behalf
by Teddy Tulloch, Chairman.
INCOME STATEMENT (UNAUDITED)
for the six months to 30 June 2013
Six months Six months Year to
to 30 June 2013 to 30 June 2012 31 December 2012
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments
at fair value through
profit or loss 3 - 14,635 14,635 - 659 659 - 6,089 6,089
Foreign exchange
gains on capital
items - 111 111 - 132 132 - 487 487
Income 2 1,718 - 1,718 2,109 - 2,109 3,379 - 3,379
Investment
management fee (357) - (357) (338) - (338) (660) - (660)
Other expenses (193) - (193) (165) - (165) (351) - (351)
Net return before
finance costs and
taxation 1,168 14,746 15,914 1,606 791 2,397 2,368 6,576 8,944
Finance costs
Interest payable
and similar charges (41) - (41) (51) - (51) (97) - (97)
Net return before
taxation 1,127 14,746 15,873 1,555 791 2,346 2,271 6,576 8,847
Taxation 4 (71) - (71) (105) - (105) (189) - (189)
Net return after
taxation 1,056 14,746 15,802 1,450 791 2,241 2,082 6,576 8,658
pence pence pence pence pence pence pence pence pence
Return per
ordinary share 5 2.1 30.0 32.1 2.7 1.4 4.1 3.9 12.3 16.2
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 2013
30 June 30 June 31 December
2013 2012 2012
Note £'000 £'000 £'000
Fixed asset investments
Investments at fair value
through profit or loss 105,534 91,172 94,466
Current assets
Debtors 1,918 295 214
Cash at bank and short-term
deposits 1,209 4,548 2,165
3,127 4,843 2,379
Creditors: amounts falling due
within one year
Creditors 2,399 409 769
Loans 4,266 4,686 4,310
6,665 5,095 5,079
Net current liabilities (3,538) (252) (2,700)
Net assets 101,996 90,920 91,766
Capital and reserves
Called-up share capital 645 645 645
Capital redemption reserve 14 14 14
Special reserve 68,939 78,186 72,615
Capital reserve 29,959 9,427 15,212
Revenue reserve 2,439 2,648 3,280
Total Shareholders' funds 101,996 90,920 91,766
pence pence pence
Net asset value per ordinary
share 6 211.4 170.0 183.1
STATEMENT OF CASH FLOW (UNAUDITED)
for the six months to 30 June 2013
Six months to Six months to Year to
30 June 2013 30 June 2012 31 December 2012
Note £'000 £'000 £'000
Operating activities
Investment income
received 1,691 2,133 3,472
Investment management
fees paid (334) (347) (667)
VAT and interest on
secretarial fees
recovered - 2 -
Administration fees
paid (51) (41) (78)
Other expenses paid (179) (120) (225)
Net cash inflow from
operating activities 7 1,127 1,627 2,502
Servicing of finance (42) (47) (94)
Taxation
Taxation paid (73) (107) (192)
Capital expenditure and
financial investment
Purchases of
investments (19,056) (18,575) (35,857)
Sales of investments 23,066 27,298 46,690
Exchange gains on
settlement 16 17 78
Net cash inflow from
investing activities 4,026 8,740 10,911
Net cash inflow before
equity dividend paid
and financing 5,038 10,213 13,127
Equity dividend paid (1,896) (2,278) (2,278)
Financing
Ordinary shares
purchased and held in
treasury (4,149) (4,259) (9,476)
Net cash outflow from
financing (4,149) (4,259) (9,476)
(Decrease)/increase in
cash 8 (1,007) 3,676 1,373
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (UNAUDITED)
for the six months to 30 June 2013
Six months to Six months to Year to
30 June 2013 30 June 2012 31 December 2012
£'000 £'000 £'000
Opening Shareholders' funds 91,766 95,092 95,092
Net return after taxation 15,802 2,241 8,658
Dividends paid (1,896) (2,278) (2,278)
Share purchases for treasury (3,676) (4,135) (9,706)
Closing Shareholders' funds 101,996 90,920 91,766
NOTES TO THE FINANCIAL STATEMENTS
for the six months to 30 June 2013
1. Accounting policies
a) Accounting convention
The financial statements are prepared in accordance with the
Accounting Standards Board's Statement on Half Yearly Financial Reports, UK
Generally Accepted Accounting Practice 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 2013 and
30 June 2012 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 2012 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.
On 19 June 2013, the Company invested £1.0m in Edinburgh Partners
Prospect Fund ("Prospect Fund"), a sub fund of Edinburgh Partners
Opportunities Fund plc, an Irish domiciled open-ended investment company,
which is authorised by the Central Bank of Ireland and registered in the UK
with the Financial Conduct Authority. The Prospect Fund is managed by the
Company's Investment Manager, Edinburgh Partners Limited, and has an
investment objective to provide an attractive real long-term total return by
investing globally in undervalued securities. The Prospect Fund will invest in
companies primarily outwith the largest 500 companies by market capitalisation
of the MSCI All Countries World Index. Investing in the Prospect Fund will
allow the Company to gain access to a diversified range of companies globally
with a lower market capitalisation than the Company would consider investing
in directly. The Company's investment, at the time of purchase, 30 June 2013
and the date of this report, represents a 52 per cent shareholding in the
Prospect Fund.
Based on the Company's accounting policies, adopted for the year
ended 31 December 2012, the investment in the Prospect Fund would represent a
controlling interest and would require consolidation within the Company's
financial statements. However, for the Annual Report and Financial Statements
for the year ending 31 December 2013, the Company intends to adopt Financial
Reporting Standard ("FRS") 102, which was issued in March 2013.
FRS 102 provides an exemption to consolidate the controlling
interest where the controlling interest represents an investment held
exclusively with a view to subsequent resale. As a consequence of the adoption
of FRS 102, as at 30 June 2013, the investment in the Prospect Fund is held in
the Company's portfolio of investments and is measured at fair value with
changes in fair value recognised in the Income Statement. Adoption of FRS 102
will not materially impact the Company's financial statements and the
accounting policies set out in note 1 of the Annual Report and Financial
Statements for the year ended 31 December 2012 will remain substantially
unchanged.
c) Going concern
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 2013 30 June 2012 31 December 2012
£'000 £'000 £'000
Income from investments
UK net dividend income 495 582 802
Overseas dividend
income 1,223 1,524 2,571
Interest on liquidity
funds - 3 6
1,718 2,109 3,379
Income comprises
Dividends 1,718 2,109 3,379
3. Gains/(losses) on investments
Six months to Six months to Year to
30 June 2013 30 June 2012 31 December 2012
£'000 £'000 £'000
Realised gains/(losses)
on sales 5,308 (6,376) (2,613)
Changes in fair value
of investments 9,327 7,035 8,702
14,635 659 6,089
4. Taxation
The taxation charge for the six months to 30 June 2013 is £71,000
(six months to 30 June 2012: £105,000; year to 31 December 2012: £189,000).
The taxation charge comprises a corporation tax charge for the six
months to 30 June 2013 of £nil (six months to 30 June 2012: £nil; year to
31 December 2012: £nil) and irrecoverable withholding tax suffered of £71,000
(six months to 30 June 2012: £105,000; year to 31 December 2012: £189,000).
5. Return per ordinary share
Six months to Six months to Year to
30 June 2013 30 June 2012 31 December 2012
Net Per Net Per Net Per
return share return share return share
£'000 pence £'000 pence £'000 pence
Revenue return
after taxation 1,056 2.1 1,450 2.7 2,082 3.9
Capital return
after taxation 14,746 30.0 791 1.4 6,576 12.3
Total return 15,802 32.1 2,241 4.1 8,658 16.2
The returns per share for the six months to 30 June 2013 are based
on 49,161,622 shares (six months to 30 June 2012: 54,725,009 shares; year to
31 December 2012: 53,395,020 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 2013 of £101,996,000 (30 June 2012: £90,920,000; 31 December 2012:
£91,766,000) and on 48,252,725 ordinary shares (30 June 2012: 53,492,725;
31 December 2012: 50,127,725) 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 1,875,000 ordinary shares were repurchased for treasury
at a cost of £3,676,000 during the six months to 30 June 2013.
As a result of the transactions detailed above, there were
64,509,642 ordinary shares in issue as at 30 June 2013, of which 16,256,917
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 2013 30 June 2012 31 December 2012
£'000 £'000 £'000
Net return before finance
costs and taxation 15,914 2,397 8,944
Net gains on capital items (14,746) (791) (6,576)
Increase in creditors 3 7 37
(Increase)/decrease in
debtors and accrued income (44) 14 97
Net cash inflow from
operating activities 1,127 1,627 2,502
8. Reconciliation of net cash flow to movement in net debt
Six months to Six months to Year to
30 June 2013 30 June 2012 31 December 2012
£'000 £'000 £'000
(Decrease)/increase in cash (1,007) 3,676 1,373
Realised exchange gains 95 113 409
(912) 3,789 1,782
Net debt at start of period (2,145) (3,927) (3,927)
Net debt at end of period (3,057) (138) (2,145)
SHAREHOLDER INFORMATION
Investing in the Company
The Company's ordinary shares are traded on the London Stock
Exchange and can be bought or sold through a stockbroker or financial adviser.
The ordinary shares are eligible for inclusion in ISAs, Junior ISAs and SIPPs.
These are available through Alliance Trust Savings, who also offer the
opportunity to invest in the Company through a Dealing Account. Further
information is available on the Company's website: www.epgot.com or by
telephone on 01382 573737.
Frequency of net asset value 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 shown on the inside back
cover. 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 announced August
In accordance with the Disclosure and Transparency Rules, the
Company will be releasing Interim Management Statements 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 2012, 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 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 traded on the London Stock Exchange. The Company is not
regulated or authorised by the Financial Conduct 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 Teddy Tulloch (Chairman)
non-executive) Richard Burns
David Hough
Giles Weaver
Secretary and Registered Kenneth J Greig
Office 27-31 Melville Street
Edinburgh EH3 7JF
Investment Manager Edinburgh Partners Limited
27-31 Melville Street
Edinburgh EH3 7JF
Auditor Ernst & Young LLP
Ten George Street
Edinburgh EH2 2DZ
Registrar and Transfer Computershare Investor Services PLC
Office 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 Europe PLC
6th Floor
201 Bishopsgate
London EC2M 3NS
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
Latest directors dealings
- 2 days ago Premier Miton Group
- 2 days ago YouGov
- 2 days ago K3 Business Technology Group
- 2 days ago Foresight Group Holdings Limited NPV
- 2 days ago Investec