Half-yearly Report

INVESCO PERPETUAL UK SMALLER COMPANIES INVESTMENT TRUST PLC Half-Yearly Financial Report for the Six Months to 31 July 2013 KEY FACTS Invesco Perpetual UK Smaller Companies Investment Trust plc (the Company) is an  investment trust, quoted on the London Stock Exchange, which invests predominantly in the shares of small to medium sized UK quoted companies. Investment Objective and Policy of the Company The Company aims to achieve long-term total return for its shareholders via an investment vehicle which gives access to a broad cross section of small to medium sized UK quoted companies. Full details of the Company's investment policy and risk and investment limits can be found in the annual financial report for the year ended 31 January 2013. Performance Statistics The Benchmark Index of the Company is the Numis Smaller Companies Index (excluding Investment Companies) on a total return basis. AT AT 31 JULY 31 JANUARY % 2013 2013 CHANGE Net asset value and share price: Net asset value per share:   - balance sheet 326.2p 285.7p +14.2%   - after charging proposed 324.6p 281.3p +15.4% dividends (capital NAV) Shareholders' funds (£'000) 173,556 152,034 +14.2% Mid-market price per share 280.5p 246.5p +13.8% Discount per share based on 14.0% 13.7% balance sheet NAV Total return (all income reinvested) for the six months ended 31 July 2013: Net asset value* +16.3% Benchmark Index* +16.1% FTSE All-Share Index* +8.9% Capital return: Net asset value* Benchmark Index* +14.4% FTSE All-Share Index* +6.8% *Source: Thomson Reuters Datastream AT AT 31 JULY 31 JANUARY 2013 2013 Gearing   - gross gearing(1) nil nil   - net gearing(2) nil nil   - maximum permissible gearing (3) 11.5% 13.2%   - net cash(4) 0.8% 5.1% SIX MONTHS SIX MONTHS ENDED ENDED 31 JULY 31 JULY 2013 2012 Return and dividend per share: Revenue return 3.6 p 3.2 p Capital return 41.2 p 8.3 p Total return 44.8 p 11.5 p Interim dividend 1.6p 1.6p Notes: 1. Gross gearing: borrowings ÷ shareholders' funds. 2. Net gearing: borrowings less cash ÷ shareholders' funds. 3. Maximum permissible gearing: maximum permissible borrowings as laid down in the investment policy and covenants under the borrowing facility ÷ shareholders' funds. 4. Net cash: net exposure to cash and cash equivalents ÷ shareholders' funds. . CHAIRMAN'S STATEMENT INCORPORATING THE INTERIM MANAGEMENT REPORT Chairman's Statement During the six months to 31 July 2013, your Company delivered a total return of 16.3%, marginally outperforming its benchmark, the Numis Smaller Companies Index (ex Investment Companies) which rose by 16.1%. By contrast, your Company significantly outperformed the wider UK market, as measured by the FTSE All-Share Index, which rose by 8.9% over the same period. The mid-market price of the Company's shares rose from 246.5p to 280.5p per ordinary share during the six months to 31 July 2013, an increase of 13.8%. The Company's discount to NAV widened marginally from 13.7% at the beginning of the period to 14.0% as at 31 July 2013 (par value, cum-income). At the date of this Report the discount had narrowed to 11.4%. This return was achieved through the consistent approach applied by the Company's investment managers of investing in good quality, cash-generative businesses that have the resilience and competitiveness to withstand the difficult market conditions that have continued, a full six years after the onset of this unprecedented economic crisis. As the figures show, smaller companies have outperformed their larger counterparties and have proved themselves to be agile and quick to react to these challenging circumstances, keeping costs down and maintaining or even enhancing their profitability. Discount Control Whilst the Company has not conducted any buy back transactions during the period, your Board believes that targeted buy backs can, in certain circumstances, help to reduce the discount to NAV at which the Company's shares trade. For this reason the authority to conduct market purchases of the Company's own shares will be used under appropriate circumstances, if thought fit by your Board. As explained in my Chairman's Statement to the 2013 annual financial report, on or around the Company's Annual General Meeting in 2017 shareholders will be able to decide whether to continue their investment in the Company, to rollover into a similar investment vehicle or to realise their investment for cash at a price close to net asset value (NAV). One of the benefits the Board hopes to achieve, in time, by this initiative - together with occasional buy backs as explained above - is a permanent narrowing of the discount to NAV at which the shares trade. Interim Dividend The Board is pleased to declare an interim dividend of 1.6p per share to be paid on 24 October 2013 to shareholders on the register on 27 September 2013. The shares will go ex-dividend on 25 September 2013. During the year to date the Company has been in receipt of special dividends of £0.4 million. Future dividends, will, as always, depend on market conditions and investment performance. Outlook Recent comments from Central Bankers - the Bank of England's Mark Carney in particular - have reminded investors that economic resolution is still some years away. The decent run-up in markets that has been experienced in 2013, particularly in smaller companies, may pause as the year progresses and indicators of sustained improvement are increasingly sought by market participants. In this environment, your Board continues to believe in adhering to the portfolio managers' long-held principles of selecting a portfolio of good quality companies with sound balance sheets, little debt and with the ability to compete successfully for market share. Ian Barby Chairman 17 September 2013 . INVESTMENT MANAGERS' REPORT Investment Review The six month period under review provided good returns for equity investors. Stock markets were buoyed by a combination of continued monetary expansion from central banks and some more encouraging economic data from western economies. It was not all plain sailing in the first half however, with faltering growth in China causing a substantial fall in commodity markets, which in turn sent many emerging country stock markets into reverse. Also, talk of the Federal Reserve tapering its monetary stimulus in the US resulted in a short term setback in bond and stock markets, which was of sufficient magnitude to prompt soothing words from the Chairman. Typically when the market is in an optimistic mood, smaller companies tend to outperform. This was the case again in the first half of the year, with smaller companies, as measured by the Numis Smaller Companies Index (ex Investment Companies), rising 16.1%, versus the wider equity market, as measured by the FTSE All-Share Index rising by 8.9%, both in total return terms. Portfolio Strategy and Review Against this background, your Company increased its net asset value by 16.3% for the half-year, in total return terms. The portfolio benefited from overweight positions in the Support Services and Housebuilding sectors but was hurt by its exposure to the Oil & Gas and its, albeit modest, exposure to Mining. At the individual stock level, the best performers included: prefabricated kitchen wholesaler Howden Joinery (+54.3%) which continued to prosper in an unhelpful environment; digital print-head manufacturer Xaar (+192.7%), which saw strong demand from Chinese tile manufacturers and significant upgrades to earnings estimates; and home shopping company Brown (N) (+46.4%). While contributors to performance substantially outweighed detractors, there were disappointments from IQE (-33.8%) which saw new competition enter one of its markets and African Barrick Gold (-67.6%), which has continued to experience production issues at some of its mines. The Company no longer owns either of these two stocks. At the start of the period, the looming issue for the global economy was the risk of "sequestration", an automatic across the board 10% reduction in the US Federal budget, which posed a potential significant headwind for the world's largest economy. In the event, the US economy shrugged off the budget reduction and continued to grow at a modest rate, in contrast to many other developed countries. The resilient performance of the US is in part due to an energy cost advantage from shale oil and gas, a housing market which has fully corrected in terms of affordability and is now recovering, and a banking system which is functional again having substantially dealt with its bad debts. The on-going issues in Europe have largely been glossed over and investors have been keen to seize on positive data points as evidence that the Eurozone is recovering from its 18 month recession. Whilst evidence of this recovery is hard to see in the trading of companies exposed to the region, some of the leading indicators have started to improve. Business confidence surveys are showing some improvement, manufacturing and services data is less negative than it was and there has been an improvement in the balance of trade, although this has been as a result of lower imports rather than higher exports. Unemployment remains a significant problem for the region and the political situation continues to be fragile, with the electorates in many countries showing signs of rebellion against austerity measures which seem to favour investors in banks at the expense of the people at large. The confiscation of bank deposits in Cyprus is the most extreme example of this, but more generally European politicians seem more concerned with the perpetuation of the European "project" than the shorter term livelihoods of their own countrymen. Elsewhere in the world, the weaknesses inherent in a central command economy are starting to reveal themselves in China, where a colossal misallocation of capital appears to have occurred in the real estate and infrastructure sectors. The construction boom is showing signs of ending, with many underutilised projects failing to provide sufficient returns to service their debt. Ultimately this will lead to problems in the Chinese banking system, but the level of vested interest, both on a political and financial level, means that the current situation could be perpetuated for some time. Markets, however, are beginning to discount an end to the boom, with commodity prices declining rapidly. The effect of this is being felt in commodity based economies, notably Australia and Emerging markets but, for the rest of the world, the lower commodity prices are helpful in keeping inflation in check. The last few months have seen some tentative signs that the UK economy is on an improving trend. Survey data relating to services, manufacturing and construction have all improved over recent months. Employment data has continued to be better than expected, possibly due to labour pricing itself back into work, as wage rates continue to lag general inflation. Whilst helpful for job numbers, the continued squeeze on the standard of living for UK households is a drag on consumption, which is the largest component of UK GDP. The government initiatives to re-ignite the housing market are having a clear effect on house prices in the short term, and the wealth effect from this should be supportive of future growth in consumer spending. The outlook for the public sector, which is the other major component of GDP, is less attractive. Despite all the talk of austerity, 2013 will be the first year that sees real reductions in the level of public expenditure. We continue to believe that the pace of recovery in the UK will continue to be modest but, with 2 years until the next general election, the government will be keen to generate more optimism around the economy and, in particular, this should be supportive of the consumer and housing sectors. The improvement in economic data has, on the whole, failed to manifest itself in company earnings. The UK small and mid-cap sector has suffered 16 months in a row of net downgrades to earnings estimates. Despite this lengthy run of deteriorating profit expectations, the market as measured by the Numis Smaller Companies Index (ex Investment Companies) has risen 45.9% over that period. In part this is due to the market discounting improved economic conditions over the next year or so but, more importantly, it is a reflection of the relative value to be found in equities when compared to other asset classes, particularly fixed income. With bond yields reaching an all-time low during the period and the prospect of a slowdown in quantitative easing, there has been a trend for new investment to be directed at equities rather than bonds. The expectation that bond yields will return to more normal levels over time - and indeed they have risen sharply of late - should result in equities being seen as the primary asset class on a long term view. The current market could best be termed a stock pickers market. Many of the so-called recovery stocks are now trading on relatively high multiples of partially recovered earnings and, in the absence of a more distinct economic recovery over the next 6 months, appear to offer little in the way of value. The stocks which are of more interest to us are the higher quality ones which have continued to take market share through the recession. In many cases these stocks trade at discounts to the "recovery" stocks but will still be beneficiaries of an improving economy. Companies such as Diploma, a high margin distribution business with operations in North America and Europe and Euromoney, a media business specialising in subscription services to financial markets, offer the kind of long term growth potential that form the cornerstone of the portfolio. These companies traded well through the recession, generating significant amounts of cash, but should also deliver substantial growth in an improved economic environment. In anticipation of government initiatives to stimulate the economy ahead of the general election in 2015, we have added to positions in the Travel & Leisure and Retail sectors, as well as housing related stocks and financials. We have reduced our weightings in the mining, industrial and technology sectors. Outlook We are encouraged by the tentative signs of economic recovery across a number of developed countries, which bodes well for improved levels of company profitability over the next few years. The consumer environment in the UK should be underpinned by government initiatives over the next couple of years and there are hopes that some modest weakening in sterling will result in a stronger outlook for export led businesses. However, recovering economic activity will prompt a scaling back of quantitative easing which has undoubtedly been a strong support and stimulus for stock markets. In addition deleveraging is still in progress and will continue to inhibit the pace of economic recovery. On balance we remain positive for the UK stock market, despite the strength of the market in recent years. However, we also remain vigilant should the current rise in bond yields extend further than expected and result in a more pronounced setback in markets. Richard Smith  Jonathan Brown Portfolio Managers 17 September 2013 . Related Party Transactions and Transactions with the Manager 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 fees are given in the 2013 annual financial report which is available on the Manager's website. Principal Risks and Uncertainties - Investment Objective - there can be no guarantee that the Company will achieve its published investment objective. - Market Movements and Portfolio Performance - a fall in the stock markets and/ or a prolonged period of decline in the markets relative to other forms of investment as well as bad performance of individual companies. - Ordinary Shares - the market value of the shares in the Company may not reflect their underlying net asset value. Whilst it is the Directors' intention to pay a dividend, the ability to do so and its quantum will depend upon the income received from securities. - Regulatory Risk - the Company is subject to various laws and regulations by virtue of its status as an investment trust. Control failures by the Managers or third party service providers may result in operational or reputational problems,erroneous disclosures or loss of assets through fraud, as well as breaches of regulations. - Gearing - The Company may borrow money for investment purposes. If the investments fall in value, any borrowings will magnify any loss. If borrowing facilities could not be renewed, the company might have to sell investments to repay borrowings. - Reliance on Third Party Service Providers - failure by any service provider to carry out its obligations to the Company could have a materially detrimental impact on the operation of the Company and affect the ability of the Company to successfully pursue its investment policy. A detailed explanation of these principal risks and uncertainties can be found on pages 17 to 19 of the Company's 2013 annual financial report, which is available on the Manager's website at: www.invescoperpetual.co.uk/investmenttrusts In the view of the Board, these principal risks and uncertainties are as much applicable to the remaining six months of the financial year as they were to the six months under review. Going Concern The financial statements have been prepared on a going concern basis. The Directors consider this is the appropriate basis, as 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 funding commitments, and the ability of the Company to meet all of its liabilities, including bank overdraft and ongoing expenses from its assets. . DIRECTORS, ADVISERS AND PRINCIPAL SERVICE PROVIDERS Directors Ian Barby (Chairman) Richard Brooman (Deputy Chairman and Chairman of the Audit Committee) Christopher Fletcher Garth Milne John Spooner Manager, Company Secretary and Registered Office Invesco Asset Management Limited 30 Finsbury Square London EC2A 1AG Authorised and regulated by the Financial Conduct Authority Tel 020 7065 4000 Company Secretarial contact: Kevin Mayger Company Number Registered in England and Wales No. 2129187 Invesco Perpetual Investor Services Invesco Perpetual has an Investor Services Team, available from 8.30 am to 6pm, Monday to Friday (excluding UK bank holidays). Please feel free to take advantage of their expertise. Tel 0800 085 8677 www.invescoperpetual.co.uk/investmenttrusts Savings Scheme and ISA Administration For queries relating to both the Invesco Perpetual Investment Trust Saving Scheme and ISA please contact: Invesco Perpetual P.O. Box 11150 Chelmsford CM99 2DL Tel 0800 085 8677 Registrars Capita Registrars The Registry 34 Beckenham Road Beckenham Kent BR3 4TU If you hold your shares direct and not through either a Savings Scheme or ISA and have queries relating to your shareholding, you should contact the Registrars' on: Tel 0871 664 0300 Calls cost 10p per minute plus network charges. From outside the UK: +44 20 8639 3399. Lines are open from 9.00 am to 5.30 pm, Monday to Friday (excluding UK bank holidays). Capita Registrars provide a telephone and an online share dealing service to existing shareholders who are not seeking advice on buying or selling. This service is available at www.capitadeal.com or Tel 0871 664 0364 From outside the UK: +44 20 3367 2691. Shareholders holding shares directly can also access their holding details via Capita's websites: www.capitaregistrars.com or www.capitashareportal.com . THIRTY LARGEST HOLDINGS AT 31 JULY 2013 Ordinary shares unless stated otherwise VALUE %OF COMPANY ACTIVITY BY SECTOR £'000 PORTFOLIO Synergy Health Health Care 6,148 3.6 Equipment & Services Dechra Pharmaceuticals & 5,813 3.4 Pharmaceuticals Biotechnology Howden Joinery Support Services 4,702 2.7 Senior Aerospace & Defence 4,145 2.4 Greene King Travel & Leisure 3,386 2.0 Jupiter Fund Financial Services 3,299 1.9 Management Bellway Household Goods & 3,235 1.9 Home Construction Diploma Support Services 3,197 1.9 Brown (N) General Retailers 3,035 1.8 Premier Oil Oil & Gas Producers 3,022 1.8 LSL Property Real Estate 2,986 1.7 Services Investment & Services Euromoney Media 2,978 1.7 Institutional Investor RPC General Industrials 2,912 1.7 Essentra Support Services 2,869 1.7 Bovis Homes Household Goods & 2,820 1.7 Home Construction Micro Focus Software & Computer 2,736 1.6 International Services Thomas Cook Travel & Leisure 2,728 1.6 Mears Support Services 2,717 1.6 Dunelm General Retailers 2,633 1.5 PayPoint Support Services 2,553 1.5 RWS AIM Support Services 2,548 1.5 International Financial Services 2,528 1.5 Personal Finance IG Group Financial Services 2,419 1.4 Carphone Warehouse General Retailers 2,375 1.4 Brewin Dolphin Financial Services 2,362 1.4 Rentokil Initial Support Services 2,236 1.3 Workspace Real Estate 2,196 1.3 Investment Trusts RPS Support Services 2,136 1.2 Elementis Chemicals 2,067 1.2 CVS AIM General Retailers 2,044 1.2 90,825 53.1 Other Investments 80,212 46.9 (73) Total Investments 171,037 100.0 (103) AIM - Investments quoted on AIM (formerly the Alternative Investment Market). . CONDENSED STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 31 JAN SIX MONTHS TO 31 JUL 2013 SIX MONTHS TO 31 JUL 2012 2013 REVENUE CAPITAL TOTAL REVENUE CAPITAL TOTAL TOTAL £'000 £'000 £'000 £'000 £'000 £'000 £'000 Profits on - 22,215 22,215 - 4,937 4,937 25,353 investments at fair value Losses on - - - - - - (45) derivative instruments Income UK dividends 2,174 - 2,174 1,963 - 1,963 3,859 UK unfranked - - - 41 - 41 76 investment income Overseas 155 - 155 81 - 81 188 dividends Gross profit 2,329 22,215 24,544 2,085 4,937 7,022 29,431 Investment (267) (267) (534) (221) (221) (442) (902) management fee - note 2 Performance - - - - (258) (258) - fee - note 2 Other (149) (2) (151) (142) (2) (144) (292) expenses Profit before 1,913 21,946 23,859 1,722 4,456 6,178 28,237 finance costs and tax Finance costs - - - (7) (29) (36) (36) - note 2 Profit before 1,913 21,946 23,859 1,715 4,427 6,142 28,201 tax Taxation - - - (3) - (3) (5) Profit after 1,913 21,946 23,859 1,712 4,427 6,139 28,196 tax Return per ordinary share Basic 3.6p 41.2p 44.8p 3.2p 8.3p 11.5p 53.0p - note 3. The total column of this statement represents the Company's statement of comprehensive income, prepared in accordance with International Financial Reporting Standards. The profit after tax is the total comprehensive income for the period. The supplementary revenue and capital columns are both prepared 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 . CONDENSED BALANCE SHEET Registered number 2129187 AT AT AT 31 JUL 31 JUL 31 JAN 2013 2012 2013 £'000 £'000 £'000 Non-current assets Investments at fair 171,037 131,705 146,338 value through profit or loss Current assets Amounts due from 1,859 409 687 brokers Prepayments and 489 472 263 accrued Income Cash and cash 1,363 - 7,742 equivalents 3,711 881 8,692 Total assets 174,748 132,586 155,030 Current liabilities   Amounts due to (1,045) (230) (2,840) brokers   Bank overdraft - (1,152) -   Accruals (147) (116) (156) (1,192) (1,498) (2,996) Total assets less 173,556 131,088 152,034 current liabilities Provision for - (258) - performance fee - note 2 Net assets 173,556 130,830 152,034 Issued capital and reserves Share capital 10,642 10,642 10,642 Share premium 21,244 21,244 21,244 Capital redemption 3,386 3,386 3,386 reserve Capital reserves 133,793 91,449 111,847 Revenue reserve 4,491 4,109 4,915 Total Shareholders' 173,556 130,830 152,034 funds Net asset value per ordinary share Basic - see note 5 326.2p 245.9p 285.7p . CONDENSED STATEMENT OF CASH FLOW SIX MONTHS SIX MONTHS YEAR TO TO TO 31 JUL 31 JUL 31 JAN 2013 2012 2013 £'000 £'000 £'000 Cash flow from operating activities Profit before tax 23,859 6,142 28,201 Taxation - (3) (5) Adjustments for:   Purchases of (39,300) (19,206) (33,823) investments   Sales of investments 33,849 27,865 50,595 (5,451) 8,659 16,772   Profit on investments (22,215) (4,937) (25,353)   Finance costs - 36 36 Operating cash flows (3,807) 9,897 19,651 before movements in working capital Increase in receivables (226) (271) (62) Decrease in payables (9) (161) (378) Net cash flows from (4,042) 9,465 19,211 operating activities after tax Cash flows from financing activities Interest paid - (36) (36) Shares repurchased and - (280) (280) cancelled Equity dividends paid (2,337) (1,803) (2,655) Net cash used in (2,337) (2,119) (2,971) financing activities Net (decrease)/increase (6,379) 7,346 16,240 in cash, cash equivalents and bank overdrafts Cash, cash equivalents 7,742 (8,498) (8,498) and bank overdraft at the beginning of the period Cash, cash equivalents 1,363 (1,152) 7,742 and bank overdraft at the end of the period . CONDENSED STATEMENT OF CHANGES IN EQUITY CAPITAL SHARE SHARE REDEMPTION CAPITAL REVENUE CAPITAL PREMIUM RESERVE RESERVE RESERVE TOTAL £'000 £'000 £'000 £'000 £'000 £'000 For the six months ended 31 July 2013 At 31 January 10,642 21,244 3,386 111,847 4,915 152,034 2013 Profit for the - - - 21,946 1,913 23,859 year Dividends paid - - - - - (2,337) (2,337) note 4 At 31 July 2013 10,642 21,244 3,386 133,793 4,491 173,556 For the six months ended 31 July 2012 At 31 January 10,669 21,244 3,359 87,299 4,200 126,771 2012 Profit for the - - - 4,427 1,712 6,139 year Shares (27) - 27 (277) - (277) repurchased and cancelled Dividends paid - - - - - (1,803) (1,803) note 4 At 31 July 2012 10,642 21,244 3,386 91,449 4,109 130,830 For the year ended 31 January 2013 At 31 January 10,669 21,244 3,359 87,299 4,200 126,771 2012 Profit for the - - - 24,826 3,370 28,196 year Shares (27) - 27 (278) - (278) repurchased and cancelled Dividends paid - - - - - (2,655) (2,655) note 4 At 31 January 10,642 21,244 3,386 111,847 4,915 152,034 2013 . NOTES TO THE CONDENSED FINANCIAL STATEMENTS 1. Basis of Preparation Accounting Standards and Policies These condensed financial statements have been prepared using the same accounting policies as those adopted in the 2013 annual financial report, which are consistent with International Financial Reporting Standards (IFRS), and Standard Interpretation Committee and International Financial Reporting Interpretation Committee interpretations issued by the International Accounting Standards Board to the extent adopted by the EU. 2. Management Fee, Performance Fee and Finance Costs The investment management fee is allocated 50% to revenue and 50% to capital; finance costs are allocated 20% to revenue and 80% to capital. Performance-related fees are charged wholly to capital and at the period end, there was no accrual (31 July 2012: £258,000; 31 January 2013: nil). 3. Basis of Returns SIX MONTHS SIX MONTHS YEAR TO TO TO 31 JUL 31 JUL 31 JAN 2013 2012 2013 Returns after tax: Revenue £1,913,000 £1,712,000 £3,370,000 Capital £21,946,000 £4,427,000 £24,826,000 Total £23,859,000 £6,139,000 £28,196,000 Weighted average 53,209,084 53,225,507 53,217,249 number of ordinary shares in issue during the period 4. Dividends on Ordinary Shares RATE SIX MONTHS SIX MONTHS YEAR ENDED ENDED ENDED 31 JUL 31 JUL 31 JAN 2013 2012 2013 £'000 £'000 £'000 Final 2012 3.4p - 1,809 1,809 Interim 2013 1.6p - - 852 Final 2013 4.4p 2,341 - - Return of (4) (6) (6) unclaimed dividends from previous years Total 2,337 1,803 2,655 An interim dividend of 1.6p per ordinary share (2012: 1.6p) will be paid on 24 October 2013 to shareholders on the register on 27 September 2013. 5. Basis of Net Asset Value per Ordinary Share AT 31 JUL AT 31 JUL AT 31 JAN 2013 2012 2013 Shareholders' funds £173,556,000 £130,830,000 £152,034,000 Ordinary shares in 53,209,084 53,209,084 53,209,084 issue at period end 6. Movements in Share Capital SIX MONTHS SIX MONTHS YEAR TO 31 JUL TO 31 JUL TO 31 JAN 2013 2012 2013 Number of ordinary 20p shares: Brought forward 53,209,084 53,346,084 53,346,084 Buy backs in period - (137,000) (137,000) In issue at period end 53,209,084 53,209,084 53,209,084 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. 8. Status of Half Yearly Financial Report The financial information contained in this half yearly financial 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 July 2012 and 31 July 2013 has not been audited. The figures and financial information for the year ended 31 January 2013 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 Auditor, which was unqualified. By order of the Board Invesco Asset Management Limited Company Secretary 17 September 2013 . 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 International Financial Reporting 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 International Accounting Standards 34 `Interim Financial Reporting'; - the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UKLA'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. Ian Barby Chairman 17 September 2013 Invesco Asset Management Limited 30 Finsbury Square London EC2A 1AG Tel 020 7065 4000 Invesco Asset Management Limited is a wholly owned subsidiary of Invesco Limited and is authorised and regulated by the Financial Conduct Authority. Invesco Perpetual is a business name of Invesco Asset Management Limited

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