Half-yearly Report
Invesco Asia Trust plc
Half-Yearly Financial Report
For the Six Months to 31 October 2010
Key Facts
Invesco Asia Trust plc is an investment trust listed on the London Stock
Exchange.
Objective of the Company
The objective of Invesco Asia Trust plc is to provide long-term capital growth
by investing in a diversified portfolio of Asian and Australasian companies.
The Company aims to achieve growth in its net asset value in excess of the
Benchmark Index, the Morgan Stanley Capital International All Countries Asia
Pacific ex Japan Index, measured in sterling.
Investment Policy and Risk
Invesco Asia Trust plc invests primarily in the equity securities of companies
listed on the stockmarkets of China, Hong Kong, India, Malaysia, Singapore,
South Korea, Taiwan, Thailand and Australasia. It may also invest in unquoted
securities up to 10% of the value of the Company's gross assets and in warrants
and options when it is considered the most economical means of achieving
exposure to an asset.
The Company is actively managed and the Manager has broad discretion to invest
the Company's assets to achieve its investment objective. The Manager seeks to
ensure that the portfolio is appropriately diversified having regard to the
nature and type of securities (such as performance and liquidity) and the
geographic and sector composition of the portfolio.
Full details of the Company's investment limits can be found on pages 18 and 19
of the 2010 annual financial report.
Share Capital
At the period end the Company's issued share capital consisted of 94,136,305
ordinary shares of 10p each and 18,468,305 subscription shares of 1p each.
During the period, 299,180 subscription shares were exercised and converted to
ordinary shares.
Performance Statistics
The Benchmark Index of the Company is the MSCI All Countries Asia Pacific ex
Japan Index (£).
At At
31 October 30 April %
2010 2010 Change
Capital Statistics
Net assets (£'000) 164,821 150,934 +9.2
Actual gearing 105 103
Asset gearing 105 102
Net asset value:
- basic 175.1p 160.8p +8.9
- diluted 166.9p 154.9p +7.7
Benchmark Index - capital return(1) 287.0 279.5 +2.7
Mid-market price:
- ordinary shares 155.3p 138.3p +12.3
- subscription shares 34.0p 26.0p +30.8
Discount per ordinary share(2) 7.0% 10.7%
Total Return Statistics(1)
Diluted net asset value +9.8
Benchmark Index +4.7
(1) Source: Thomson Financial Datastream.
(2) The discount is the amount by which the mid-market price per ordinary share
is less than the diluted net asset value per share.
INTERIM MANAGEMENT REPORT INCORPORATING THE CHAIRMAN'S STATEMENT
Chairman's Statement
Performance and prospects
The rally in Asian equity markets was maintained in the six months to the end
of October. The period was interspersed with bouts of volatility, mostly
surrounding the sustainability of the recovery at a global level, but the
overall trend was higher as Asia's economic performance remained strong. With
the economic backdrop supportive and Asian businesses benefiting from a
combination of greater efficiency and renewed top-line growth, equity markets
in the region were able to make healthy progress. It is pleasing to note that
the portfolio was able to fully participate in the market's rise during the
period under review, underlining the importance of taking a long-term
perspective and maintaining a focus on value. Over the period, the net asset
value total return per ordinary share was 9.8% compared to the total return of
the benchmark index, the MSCI All Countries Asia Pacific ex-Japan index, of
4.7%, adjusted for sterling. The Company's share price increased from 138.3p to
155.3p, while the discount to net asset value at which the shares trade
narrowed to 7.0%.
Dividend
As in previous years, no interim dividend is being declared.
Outlook
The two-speed recovery that has characterised the global economy since the
financial crisis remains largely in place, and continues to favour Asia. While
the region remains closely engaged with Western export demand, the lacklustre
recoveries in most developed countries are not proving to be major constraints
on growth. The emergence of demand from the domestic consumer is gradually
gathering pace and the generally sound finances of regional governments have
facilitated supportive policies where required. These supports are now starting
to be slowly removed, reflecting Asia's strong fundamentals that will be the
drivers of independent economic expansion in the years ahead.
Recent evidence shows that corporate profits in the region are rising strongly.
Asian companies are also increasingly aware of their responsibilities to
shareholders, further enhancing their attraction to investors. While there will
inevitably be bumps along the way, Asia's global significance continues to rise
and I believe that its long-term prospects are compelling.
Subscription Shares Exercise
During the period under review, subscription shareholders had their first
opportunity to exercise their right to subscribe for one ordinary share of the
Company at a price of 125p. The subscription period ended on 31 August 2010. As
a result, 299,180 ordinary shares were allotted in mid-September 2010.
Subscription shareholders will have further opportunities to convert their
holdings in 2011 and 2012.
As a result, the issued share capital of your Company at the period end was
94,136,605 ordinary shares of 10p each and 18,468,305 subscription shares of 1p
each.
Bryan Lenygon
It is with great regret and sadness that the Board announced in November that
Bryan Lenygon passed away on 25 November 2010. Bryan, who had served as a
director since the inception of the Company in 1995, made a very valuable
contribution to the business, particularly in his role as Chairman of the Audit
Committee, a position he held since 1995. He will be sorely missed by his
family, colleagues and many friends.
Appointment of New Audit Committee Chairman
With effect from 10 December 2010, Mr James Robinson was appointed Chairman of
the Audit Committee.
David Hinde
Chairman
17 December 2010
Investment Management Report
Market and Economic Review
Equity markets in the Asia Pacific region ended the period higher as positive
domestic economic data and upbeat earnings news outweighed intermittent
concerns about the outlook for growth globally.
In Asia, economic performance remained strong and third quarter GDP growth in
China helped to allay fears of a material slowdown in the region's dominant
economy. Growth of 9.6% year-on-year (y-o-y) in the third quarter was modestly
ahead of forecasts and, while it was slower than the previous quarter (10.3%
y-o-y), it underlined the continued strength of China's economy. The GDP data,
combined with rising consumer prices, contributed to the first interest rate
rise in China since the global financial crisis. The increase in the one-year
lending rate of 0.25% to 5.56% confirmed policymakers' desire to control
inflation and liquidity and to prevent potential asset price bubbles. The
Chinese currency was once again a major topic and external criticism was
fuelled by data showing that China's foreign exchange reserves had reached
$2.65 trillion by the end of the period, adding to calls from the US for the
yuan to be allowed to appreciate more quickly. Economic data outside of China
saw GDP growth above expectations in India, Hong Kong, Taiwan and Indonesia.
Corporate earnings announcements continued to demonstrate the healthy rebound
in profits being delivered by Asian companies. Early in the period Samsung
Electronics announced quarterly profits more than seven times higher than a
year earlier and their confident outlook was demonstrated in the decision to
invest heavily across their memory chip, television and mobile phone
businesses. Hyundai Motor posted record quarterly earnings as sales of new
models in overseas markets grew rapidly. Taiwan Semiconductor's third quarter
earnings were ahead of forecasts as robust demand for smartphones helped the
group record a 54% rise in net income and a 25% rise in sales. Banking stocks
in general saw earnings improve, helped by significant loan growth. Bank of
China saw profits rise 29% in the third quarter and ICBC saw quarterly profits
rise 38% from a year earlier.
Company Performance
Over the period, the Company's performance was strong, gaining 9.8% (NAV, total
return £), which was ahead of the benchmark MSCI All Countries Asia Pacific
ex-Japan index, which added 4.7% (total return, £). The overweight exposure to
the industrial conglomerates sector was positive, with Hutchison Whampoa and
Jardine Matheson making strong contributions. Hutchison Whampoa was supported
by first half profits that rose 12%, beating analysts' expectations. The group
saw improvement in its mobile phone operations and forecast that this business
would be profitable in 2011. Our exposure to Jardine Matheson boosted returns
as the group stated that improved market conditions were benefiting its
businesses in the region. The overweight position in the real estate management
& development sector was beneficial as the sector outperformed the wider
market, with Filinvest Land and Wharf Holdings both delivering positive
returns. The representation in commercial services detracted from performance
as the sector underperformed the wider market and stock specific returns were
weak. Downer EDI fell during the period as the group experienced difficulties
with a large train manufacturing contract.
Outlook for Asian Economies and Markets
We are positive on the long-term prospects for Asian equity markets, based on
the region's healthy economic fundamentals and the positive earnings momentum
being demonstrated by the corporate sector. Although growth in developed
economies has moderated recently, policymakers appear committed to maintaining
a growth bias which should continue to benefit Asia. Internal trade and rising
domestic demand will also be key drivers of growth in the years ahead and we
expect them to be powerful supports to Asian economies. While interest rates
have been slowly moving higher in response to rising inflation, including both
China and India, monetary policy in general remains accommodative. While
inflation has picked up as economic growth has strengthened, we expect that in
aggregate it will remain within acceptable levels and that authorities will be
reluctant to increase interest rates too aggressively to avoid exacerbating the
risks of further capital inflows.
Asian stocks offer attractive long-term value in our view, based on undemanding
valuations and positive earnings growth. Asian companies are direct
beneficiaries of the sound economic fundamentals of the region, which continue
to set them apart from their western counterparts. With Asia's contribution to
global economic growth expected to rise further in the years ahead, we remain
confident in the ability of Asian businesses to turn that growth into higher
profits.
The investment strategy remains focused on identifying and taking advantage of
the changing dynamics of Asian economies as domestic demand becomes a more
significant source of growth and the traditional reliance on exports starts to
decline. China is already experiencing this new trend, where the move from
rural to urban lifestyles brings a number of new opportunities. The changing
social landscape inevitably involves greater demand for housing and the
portfolio is overweight in the real estate sector. Recent government measures
to cool the pace of price rises have focused on the significant gains that have
been seen in some tier 1 cities, but in our view general affordability levels
are not stretched. High levels of savings mean that a significant proportion of
property purchases are made without a mortgage and rising incomes are also
positive for the real estate market. Higher disposable incomes are supportive
of consumer demand and while valuations in some consumer related areas have
risen to reflect this, we believe that some businesses that can indirectly
benefit from the consumer theme offer attractive value. The portfolio is
overweight in the insurance sector, where we think that new business growth
could be substantial, a factor which we consider is not reflected in current
share prices. We also continue to have positions in large, high quality
technology businesses, which we believe are well placed to capitalise on their
improved competitive positions.
We remain cautious on the energy and materials sectors, where we believe that
current share prices already reflect continued recovery in Asian economies. The
portfolio is also underweight in the utility and telecommunications sectors, as
we believe they have modest growth potential and that they are likely to trail
the market in the positive long-term outlook that we anticipate.
China and Hong Kong remain the preferred countries as we believe that many
businesses in these markets can take advantage of the supportive economic
backdrop. We are underweight in Australia, as we believe that growth prospects
are stronger elsewhere in Asia and also because we are underweight in the
banking and resources sectors which are large parts of the Australian market.
The allocations to Malaysia and Singapore are below the benchmarks as we see
more limited opportunities in these markets.
Stuart Parks
Manager
17 December 2010
RELATED PARTY
Invesco Asset Management Limited (`IAML'), a wholly-owned subsidiary of Invesco
Limited, acts as Manager, Company Secretary and Administrator to the Company.
Details of IAML's services and fee arrangements are given in the latest annual
financial report, which is available on the Manager's website at
www.invescoperpetual.co.uk/ investmenttrusts.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties that could affect the Company's business
can be divided into the following areas:
- Investment Objective;
- Investment Process;
- Market Movement and Portfolio Performance;
- Foreign Exchange Risks;
- The Ordinary Shares;
- Derivatives;
- Gearing; and
- Regulatory and Tax Related.
A detailed explanation of these principal risks and uncertainties can be found
on pages 22 to 24 of the latest published annual financial report which is
available on the Manager's website.
In the view of the Board, these principal risks and uncertainties are equally
applicable to the remaining six months of the financial year as they were to
the six months under review.
Additional risks apply to the subscription shares which tend to involve a high
degree of gearing, such that a relatively small movement in the price of the
ordinary shares is likely to result in a disproportionately large movement in
the price of the subscription shares.
GOING CONCERN
The financial statements have been prepared on a going concern basis. The
Directors consider this is the appropriate basis as they have a reasonable
expectation that the Company has adequate resources to continue in operational
existence for the foreseeable future. In considering this, the Directors took
into account the diversified portfolio of readily realisable securities which
can be used to meet short-term funding commitments, and the ability of the
Company to meet all of its liabilities and ongoing expenses.
DIRECTORS' RESPONSIBILITY STATEMENT
in respect of the preparation of the half-yearly financial report
The Directors are responsible for preparing the half-yearly financial report
using accounting policies consistent with applicable law and UK Accounting
Standards.
The Directors confirm that to the best of their knowledge:
- the condensed set of financial statements contained within the half-yearly
financial report have been prepared in accordance with the Accounting Standards
Board's Statement `Half-Yearly Financial Reports';
- the interim management report includes a fair review of the information
required by 4.2.7R and 4.2.8R of the FSA's Disclosure and Transparency Rules;
and
- the interim management report includes a fair review of the information
required on related party transactions.
The half-yearly financial report has not been audited or reviewed by the
Company's auditors.
Signed on behalf of the Board of Directors.
David Hinde
Chairman
17 December 2010
TWENTY-FIVE LARGEST HOLDINGS AT 31 OCTOBER 2010
Ordinary shares unless otherwise stated
market
value % of
Company principal activity country £'000 portfolio
Jardine Matheson Capital Goods Hong Kong 7,988 4.6
Samsung Electronics Technology Hardware South Korea 7,653 4.4
Equipment
Industrial & Banking China 4,987 2.9
Commercial Bank of
ChinaH
Hutchison Whampoa Capital Goods Hong Kong 4,986 2.9
Taiwan Semiconductors & Taiwan 4,804 2.8
Semiconductor Semiconductor Equipment
Manufacturing
China Taiping Insurance Hong Kong 4,648 2.7
InsuranceR
United Phosphorus Materials India 3,847 2.2
Wharf Diversified Financials Hong Kong 3,496 2.0
PetrochinaH Energy China 3,323 1.9
Hyundai Motor Automobiles & Parts South Korea 3,122 1.8
Iluka Resources Materials Australia 3,039 1.8
Infosys Software & Services India 2,944 1.7
Technologies
Metro Bank & Trust Banking Philippines 2,896 1.7
Cheung Kong Real Estate Hong Kong 2,836 1.7
Shinhan Financial Banking South Korea 2,835 1.6
Bank of ChinaH Banking China 2,828 1.6
Daphne Consumer Durables & Apparel Hong Kong 2,824 1.6
International
Daegu Bank Banking South Korea 2,805 1.6
BHP Billiton Materials Australia 2,783 1.6
China MobileR Telecommunication Services Hong Kong 2,756 1.6
Filinvest Land Real Estate Philippines 2,664 1.6
Far Eastern New Capital Goods Taiwan 2,652 1.6
Century
Coal India Materials India 2,575 1.5
Hyundai Mobis Automobiles & Components South Korea 2,558 1.5
Newcrest Mining Materials Australia 2,545 1.5
90,394 52.4
Other investments 82,001 47.6
Total investments 172,395 100.0
R: Red Chip Holdings
H: H-Shares
CONDENSED INCOME STATEMENT
Year TO
30
SIX MONTHS TO Six months TO April
31 October 2010 31 October 2009 2010
Revenue Capital Total REVENUE CAPITAL TOTAL Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on - 14,000 14,000 - 29,890 29,890 52,680
investments held
at fair value
through profit or
loss
Gains/(losses) on - 41 41 - (138) (138) (195)
foreign currency
revaluation
Income
Overseas 2,296 - 2,296 1,850 - 1,850 2,839
dividends
UK dividends 52 - 52 19 - 19 19
Scrip dividends 265 - 265 170 - 170 207
Deposit interest - - - 3 - 3 1
Gross return 2,613 14,041 16,654 2,042 29,752 31,794 55,551
Investment (141) (423) (564) (116) (349) (465) (1,005)
management fee -
note 2
Other expenses (237) (4) (241) (246) (6) (252) (478)
Net return before 2,235 13,614 15,849 1,680 29,397 31,077 54,068
finance costs and
taxation
Interest payable (10) (31) (41) (11) (32) (43) (68)
and similar
charges - note 2
Return on ordinary 2,225 13,583 15,808 1,669 29,365 31,034 54,000
activities before
taxation
Tax on ordinary (184) - (184) (142) - (142) (84)
activities
Net return on 2,041 13,583 15,624 1,527 29,365 30,892 53,916
ordinary
activities after
tax for the period
Return per
ordinary share -
note 3
Basic 2.2p 14.5p 16.7p 1.6p 31.3p 32.9p 57.5p
Diluted 2.1p 14.2p 16.3p 1.6p 31.3p 32.9p 57.2p
The total column of this statement represents the Company's profit and loss
account. The supplementary revenue and capital columns are presented for
information purposes in accordance with the Statement of Recommended Practice
issued by the Association of Investment Companies. All items in the above
statement derive from continuing operations and the Company has no other gains
or losses, therefore no statement of total recognised gains and losses is
presented. No operations were acquired or discontinued in the period.
CONDENSED BALANCE SHEET
Registered Number 03011768
at at at
31 October 30 April 31 October
2010 2010 2009
£'000 £'000 £'000
Fixed assets
Investments designated at fair value 172,395 154,345 126,687
Current assets
Amounts due from brokers 27 128 564
Taxation 272 255 185
VAT recoverable 7 14 40
Prepayments and accrued income 65 355 91
Cash at bank 319 1,246 1,031
690 1,998 1,911
Creditors: amounts falling due
within one year
Bank loans (7,490) (5,000) -
Amounts owed to brokers (356) (16) -
Taxation - - (318)
Accruals and deferred income (418) (393) (367)
(8,264) (5,409) (685)
Net current (liabilities)/assets (7,574) (3,411) 1,226
Total net assets 164,821 150,934 127,913
Capital and reserves
Share capital 9,598 9,571 9,571
Share premium 74,506 74,159 74,162
Capital redemption reserve 1,863 1,863 1,863
Special reserve 11,798 11,798 11,798
Capital reserve 63,540 49,957 27,590
Revenue reserve 3,516 3,586 2,929
164,821 150,934 127,913
Net asset value per share - note 4
Basic 175.1p 160.8p 136.3p
Diluted 166.9p 154.9p 134.4p
CONDENSED CASH FLOW STATEMENT
six months six months
TO Year to TO
31 October 30 april 31 october
2010 2010 2009
£'000 £'000 £'000
Net return before finance costs
and taxation 15,849 54,068 31,077
Adjustment for gains on investments (14,000) (52,680) (29,890)
Translation differences (41) 195 138
Tax on unfranked investment income (280) (209) (151)
Scrip dividends received as income (265) (207) (170)
Decrease/(increase) in debtors 297 (51) 187
Increase in creditors 9 87 57
Cash inflow from operating
activities 1,569 1,203 1,248
Servicing of finance
Interest paid on bank loans (42) (70) (41)
Taxation 93 (336) (63)
Dividends paid (2,111) (1,408) (1,408)
Capital expenditure and financial
investment
Purchase of investments (30,818) (54,904) (27,667)
Sale of investments 27,477 51,629 28,770
Net cash (outflow)/inflow before
financing (3,832) (3,886) 839
Financing
Bank debt 2,490 5,000 -
Cost of subscription share issue - (241) (238)
Conversion of subscription shares 374 - -
(Decrease)/increase in cash in
the period (968) 873 601
Cash flow from movement in debt (2,490) (5,000) -
Translation difference 41 (195) (138)
Movement in net (debt)/funds in
the period (3,417) (4,322) 463
Net (debt)/funds at beginning of (3,754) 568 568
period
Net (debt)/funds at end of period (7,171) (3,754) 1,031
Analysis of changes in net
(debt)/funds
Brought forward:
Cash at bank 1,246 568 568
Debt due within one year (5,000) - -
Net (debt)/funds brought forward (3,754) 568 568
Movements in the period:
Cash (outflow)/inflow from bank (968) 873 601
Exchange movement 41 (195) (138)
Debt due within one year (2,490) (5,000) -
Net (debt)/funds at end of period (7,171) (3,754) 1,031
CONDENSED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
capital
Share Share redemption Special Capital revenue
Capital Premium reserve reserve Reserve reserve total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
For the year
ended 30 April
2010
At 1 May 2009 9,383 74,588 1,863 11,798 (1,775) 2,810 98,667
Net return - - - - 51,732 2,184 53,916
from ordinary
activities
Capitalise 188 (188) - - - - -
share premium
for payment in
full of
subscription
shares
Cost of - (241) - - - - (241)
subscription
share issue
Final dividend - - - - - (1,408) (1,408)
for 2009
At 30 April 9,571 74,159 1,863 11,798 49,957 3,586 150,934
2010
For the six
months ended
31 October
2010
Net return - - - - 13,583 2,041 15,624
from ordinary
activities
Conversion of 27 347 - - - - 374
subscription
shares
Final dividend - - - - - (2,111) (2,111)
for 2010
At 31 October 9,598 74,506 1,863 11,798 63,540 3,516 164,821
2010
For the six
months ended
31 October
2009
At 1 May 2009 9,383 74,588 1,863 11,798 (1,775) 2,810 98,667
Net return - - - - 29,365 1,527 30,892
from ordinary
activities
Capitalise 188 (188) - - - - -
share premium
for payment
in full of
subscription
shares
Costs of - (238) - - - - (238)
subscription
shares
Final dividend - - - - - (1,408) (1,408)
for 2009
At 31 October 9,571 74,162 1,863 11,798 27,590 2,929 127,913
2009
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1. Accounting Policy
The condensed financial statements have been prepared using the same accounting
policies as those adopted in the 2010 annual financial report, which were
prepared under the historical cost convention and are consistent with
applicable UK Accounting Standards and with the Statement of Recommended
Practice `Financial Statements of Investment Trust Companies and Venture
Capital Trusts'.
2. Management Fee and Interest Payable
Investment management fees and interest payable on borrowings are charged 75%
to capital and 25% to revenue.
3. Basis of Returns
Six months to Six months Year to
to
31 October 31 October 30 April
2010 2009 2010
£ £ £
Basic returns after tax:
Revenue 2,041,000 1,527,000 2,184,000
Capital 13,583,000 29,365,000 51,732,000
Total 15,624,000 30,892,000 53,916,000
Weighted average number of
ordinary shares in issue
during the period:
- basic 93,917,098 93,837,425 93,837,425
- diluted 95,716,705 n/a 94,261,260
The subscription shares are dilutive for the purposes of return per share when
they would result in the issue of ordinary shares. This occurs when the average
market price of the ordinary shares during the period is greater than the
exercise price of 125p. The average market price for the six months ended 31
October 2010 was 138.32p (30 April 2010: 127.89p) and thus was dilutive. The
average market price for the six months ended 31 October 2009 was 122.61p and
was not dilutive.
4. Basis of Net Asset Value (`NAV') per Ordinary Share
At At at
31 October 31 October 30 April
2010 2009 2010
(unaudited) (unaudited) (audited)
Shareholders' funds:
- basic 164,821,000 127,913,000 150,934,000
- diluted 187,906,000 151,372,000 174,393,000
Ordinary shares in issue at
period end:
- basic 94,136,605 93,837,425 93,837,425
- diluted 112,604,910 112,604,910 112,604,910
The diluted NAV assumes all the subscription shares are exercised at their
exercise price of 125p. When the basic NAV is greater than the exercise price,
the subscription shares are dilutive as shown above. However, subscription
shareholders are not likely to exercise their option unless the market price is
greater than the exercise price, as otherwise this would dilute their holdings.
5. Share Capital
(a) Ordinary Shares of 10p each
Six months to Six months Year to
to
31 october 31 October 30 April
2010 2009 2010
Number of ordinary shares:
Brought forward 93,837,425 93,837,425 93,837,425
Subscription shares exercised 299,180 - -
In issue at period end 94,136,605 93,837,425 93,837,425
No shares have been repurchased since the period end.
(b) Subscription Shares of 1p each
The Company issued 18,767,485 subscription shares on 13 August 2009. Each
subscription share confers the right to subscribe for one ordinary share on or
around 31 August for each of the years 2010 to 2012 at an exercise price of
125p. Further details of the subscription shares are contained in the
prospectus issued on 13 July 2009. On 13 September 2010, 299,180 subscription
shares were converted into 299,180 ordinary shares, resulting in there being
18,468,305 subscription shares in issue at 31 October 2010.
(c) Total Share Capital
The total share capital of the Company is £9,598,000 comprising £9,414,000 in
respect of ordinary shares and £184,000 in respect of subscription shares.
6. Dividends
The Company paid a final dividend of 2.25p per ordinary share for the year
ended 30 April 2010 on 13 August 2010 to shareholders on the register on 16
July 2010. The Directors do not propose the payment of an interim dividend
(2009: nil).
7. Investment Trust Status
It is the intention of the Directors to conduct the affairs of the Company so
that it satisfies the conditions for approval as an investment trust company
set out in section 1158 of the Corporation Tax Act 2010.
8. Status of Half-Yearly Financial Report
The financial information contained in this half-yearly report, which has not
been reviewed or audited by the independent auditors, does not constitute
statutory accounts within the meaning of section 434 of the Companies Act 2006.
The financial information for the half years ended 31 October 2010 and 31
October 2009 have not been audited. The figures and financial information for
the year ended 30 April 2010 are extracted and abridged from the latest
published accounts and do not constitute the statutory accounts for that year.
Those accounts have been delivered to the Registrar of Companies and include
the Report of the Independent Auditors, which was unqualified and did not
include a statement under section 498 of the Companies Act 2006.
By order of the Board
Invesco Asset Management Limited
Company Secretary
17 December 2010
DIRECTORS, INVESTMENT MANAGER AND ADMINISTRATION
Directors
David Hinde (Chairman)
Carol Ferguson
Bryan Lenygon (Chairman of the Audit and Management Engagement Committees)*
Tom Maier
James Robinson (Chairman of the Audit and Management Engagement Committees)**
All Directors are members of the Audit, Management Engagement and Remuneration
Committees
*Until 25 November 2010
**With effect from 10 December 2010
Manager, Secretary and Registered Office
Invesco Asset Management Limited
30 Finsbury Square, London EC2A 1AG
020 7065 4000
Company Secretarial contacts: Kelly Nice and Kerstin Rucht
Company Number
Registered in England and Wales: No. 03011768
Registrars and Transfer Office
Capita Registrars,
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Capita's website www.capitaregistrars.com or www.capitashareportal.com
Capita provide an on-line and telephone share dealing service to existing
shareholders who are not seeking advice on buying or selling. This service is
available at www.capitadeal.com or 0871 664 0364 (lines are open 8am - 4.30pm
every working day). Calls cost 10p per minute plus network extras.
Invesco Perpetual Investor Services
Invesco Perpetual has a Investor Services Team available to assist you from
8.30am to 6.30pm every working day on 0800 085 8677.
The Invesco Perpetual investment trust website is:
www.invescoperpetual.co.uk/investmenttrusts
The contents of websites referred to in this document, or accessible from links
within those websites are not incorporated into, nor do they form part of this
document.
Invesco Asset Management Limited
30 Finsbury Square
London EC2A 1AG
020 7065 4000
Invesco Asset Management Limited is a wholly owned subsidiary of Invesco
Limited
and is authorised and regulated by the Financial Services Authority
Invesco Perpetual is a business name of Invesco Asset Management Limited
Friday, 2nd August 2024
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