Half-yearly Report
Keystone Investment Trust plc
Half-Yearly Financial Report for the Six Months to 31 March 2010
Key Facts
Keystone Investment Trust plc is an investment trust company listed on the
London Stock Exchange. The Company is managed by Invesco Asset Management
Limited.
Objective of the Company
The objective of Keystone Investment Trust plc is to provide shareholders with
long-term growth of capital, mainly from UK investments.
Full details of the Company's investment policy, risk and limits can be found
in the annual financial report for the year ended 30 September 2009.
Performance Statistics
AT AT
31 MARCH 30 SEPTEMBER %
2010 2009 CHANGE
Assets
Net assets attributable to ordinary 153,912 150,252 +2.4
shareholders (£'000)
Net asset value per ordinary share 1151.3p 1123.9p +2.4
- with income reinvested +11.6
Share price (mid-market) of ordinary 1020p 1008p +1.2
shares
- with income reinvested +6.9
FTSE All-Share Index +10.5
- with income reinvested +12.2
Discount of share price to net asset value
per ordinary share:
- debt at par 11.4% 10.3%
- debt at fair value 9.7% 8.6%
Total borrowings as % of net assets 25.9 26.5
attributable to ordinary
shareholders
Effective gearing - equity exposure as % 107 105
of net assets
attributable to ordinary shareholders
SIX MONTHS SIX MONTHS
ENDED ENDED
31 MARCH 31 MARCH %
2010 2009 CHANGE
Revenue
Net revenue return per ordinary share 17.6p 24.1p -27.0
Interim dividend per ordinary share 17.5p 17.5p -
INTERIM MANAGEMENT REPORT INCORPORATING THE CHAIRMAN'S STATEMENT
Chairman's Statement
Performance
Over the six months from 30 September 2009 to 31 March 2010, the Company's
shares gave a total return of 6.9% to shareholders. During the same period, the
total return of the net asset value per ordinary share was 11.6%, while the
total return of the Company's benchmark for performance measuring purposes, the
FTSE All-Share Index, was 12.2%. (All these figures are with income
reinvested.) On 31 March 2010, the discount of the share price relative to net
asset value (debt at par) was 11.4%.
Borrowings
Equity exposure increased from 105% of net assets at 30 September 2009 to 107%
at 31 March 2010. During the period the gearing limits set by the Board were
that the Manager must make no net purchases if equity exposure was more than
107.5% of net assets, and must make sales if (as a result of market movements)
equity exposure rose to more than 115% of net assets.
Dividend
The interim dividend was 17.5p per ordinary share, the same as last year. The
dividend was paid on 30 March 2010 to shareholders on the register on 12 March
2010.
Board
After ten years as Director and nine years as Chairman of your Company, I will
retire from the Board at the Board Meeting following the Annual General Meeting
in December. I am pleased to report that, with the enthusiastic approval of
other members of the Board, Beatrice Hollond has agreed to take over then as
Chairman of the Company.
The role of Nominations Committee has hitherto been carried out by the Board.
The Board has now appointed a Nominations Committee, consisting of all Board
members and chaired by Beatrice Hollond, to consider the addition of another
director following my departure.
Richard Oldfield
Chairman
18 May 2010
Manager's Report
Market Review
The UK equity market rose by 12.2% in the six months to 31 March 2010 as
measured by the FTSE All-Share Index. This investment environment was supported
by better-than-expected corporate results, improving economic data, low
interest rates and government stimulus measures. The favourable conditions
generated optimism among some investors that the economy had started to
recover. This sentiment was reflected in market leadership, which was dominated
by economically sensitive sectors at the expense of more defensive parts of the
equity market. Mid-cap companies outperformed large and small companies, partly
due to their greater sensitivity to economic recovery and also as a result of a
higher level of merger and acquisition activity. At the sector level,
engineering and mining were among the best performing in the FTSE All-Share
index, while leisure and telecommunications lagged.
The Bank of England's Monetary Policy Committee kept interest rates on hold at
0.5% during the review period, but extended the quantitative-easing programme
by £25bn to £200bn in November 2009. This serves to illustrate the fact that
the authorities see the recovery remaining fragile and dependent on help from
monetary and fiscal stimulus.
Economic data was generally positive over the review period and company profit
announcements have also been well received. In fact, there has been a
widespread and rapid recovery in the level of corporate profitability, which
has surpassed market expectations and focused investor sentiment in the areas
of greatest profit rebound.
Despite the positive sentiment created by the encouraging economic data and the
rebound in company profits, the Manager continues to pursue a cautious stance
on the outlook for the UK economy, believing that a number of headwinds
persist; not least the uncertainty over the incoming government's ability to
introduce a robust debt-reduction plan to tackle the difficult state of the
UK's fiscal position.
Portfolio Strategy & Review
The Trust's net asset value rose by 11.6% during the 6 months to the end of
March 2010, compared to a rise of 12.2% from the FTSE All-Share Index (both
figures include reinvested income).
In an equity-market environment driven higher by cyclical stocks, the Trust,
with its limited exposure to cyclicals and bias towards defensives, managed to
generate satisfactory returns for investors.
The Trust's resilient performance was supported by a market rotation out of
cyclicals into defensives in December 2009, reflecting investors' concern that
cyclical companies had become too expensive. During this time, tobacco stocks
were particularly strong performers and the Trust's holdings in the sector
proved very rewarding. The stocks in this sector were the most significant
positive contributors to the Trust's success over the review period.
In terms of portfolio activity, some diversification was added in the period to
take advantage of opportunities to invest in good quality businesses at cheap
valuations. There were several new transactions within the Trust, including
Yell, Babcock International and Wm Morrison.
Babcock International was purchased following a period of share-price weakness
and in order to increase the Trust's exposure to growth in government
outsourcing following the General Election. After the end of the period Babcock
succeeded in acquiring VT Group. The portfolio had holdings in both companies
and has retained a position in the enlarged group which has become a business
with increased diversification to outsourcing in central government
expenditure.
A new holding in Wm Morrison was initiated following the announcement of the
change of management. In the aftermath of the CEO's departure, the shares
performed poorly but a decision was made to build a holding as the company
continues to succeed in executing its strategy of margin recovery and
geographic expansion.
At Yell, the Manager took advantage of the potential recovery of the
directories business following a period of financial and operational stress.
The Manager was encouraged by the steps taken by the company to remedy its
balance sheet problems. Furthermore, on the assumption that the decline in the
advertising market stabilises this year, the shares look undervalued.
Other activity within the Trust consisted of adding to the existing holdings at
favourable levels, for example with additions to holdings of Bunzl and Capita.
BP was sold as the Manager felt that better growth opportunities could be found
elsewhere in the market.
Outlook
The enormous levels of fiscal and monetary stimulus pursued by the government
and the Bank of England over 2009 have provided much support for the UK
economy. As a consequence, many investors are of the opinion that the economy
is on a steady path to recovery, similar to the experience of the early 1990's,
and, in response, the UK equity market has moved higher to reflect this
positive view. Despite the signs that the economy is stabilising, the Manager
continues to believe that the UK economy is less strong than many others
predict.
The Manager has identified a number of headwinds which still face the economy.
Specifically, high levels of consumer and government debt, high and rising
petrol prices, a dysfunctional banking system, political uncertainty following
the General Election (as changes to public sector spending are announced and
start to feed through to general economic behaviour) and uncertainty over the
state of Sovereign finances around the developed world. The Manager believes
that these issues will pose major risks to the longer-term health of the
economy as well as to the sustainability of the recovery from the recession.
Unless and until these headwinds subside, an uncertain and protracted recovery
for the UK is seen. The current composition of the Trust reflects the Manager's
cautious view, with defensive sectors such as utilities, tobacco and
pharmaceuticals featuring prominently in the portfolio. The significant
disparity in the performance of the UK equity market over the past year has
created a large opportunity to buy these kinds of companies at very low
valuations compared to their historic average.
In terms of the outlook for the UK equity market, the Manager believes that UK
equities are now fairly valued and that the stockmarket could rise modestly in
2010, even though there are pockets of over valuation. The most plausible
outcome is that market leadership will rotate from cyclicals to defensives,
which will benefit the positioning of the portfolio.
From the perspective of UK dividends, the Manager is confident that the UK
market will continue to be among the better income-generating markets globally.
Given the favourable valuation starting point for many of these shares and the
high level of confidence which the Manager holds for the future level of growth
in these dividends, the outlook for this portfolio looks very promising indeed.
Mark Barnett
Fund Manager
18 May 2010
Related Parties
Invesco Asset Management Limited (`IAML'), a wholly owned subsidiary of Invesco
Limited, acts as Manager and Company Secretary to the Company. Details of
IAML's services and fee arrangements are given in the latest annual financial
report, which is available on the Company's website.
Principal Risks and Uncertainties
There is no guarantee that the investment policy adopted by the Company will
provide the returns sought by the Company. There can therefore be no guarantee
that the Company will achieve its investment objective. The principal risks and
uncertainties that could affect the Company's business can be divided into
various areas:
- Investment Objective
- Investment Process
- Market Movement and Portfolio Performance
- The Ordinary Shares
- Bond Holdings
- Gearing
- Regulatory and Tax-related
A detailed explanation of these principal risks and uncertainties can be found
on pages 18 and 19 of the 2009 annual financial report, which is available on
the Company'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.
Going Concern
This half-yearly financial report has 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, including the redemption of the 2010
debentures, 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 Report';
- the interim management report includes a fair review of the information
required by DTR 4.2.7R and DTR 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.
Richard Oldfield
Chairman
18 May 2010
INVESTMENTS BY SECTOR AT 31 MARCH 2010
UK listed ordinary shares unless otherwise stated
MARKET VALUE % OF
SECTOR/COMPANY £'000 PORTFOLIO
Basic Materials
UK Coal 804 0.4
804 0.4
Consumer Goods
British American Tobacco 9,360 4.9
Reynolds American - US Common 9,186 4.8
Stock
Imperial Tobacco 7,806 4.1
Reckitt Benckiser 3,675 1.9
Tate & Lyle 2,094 1.1
Landkom International 469 0.3
32,590 17.1
Consumer Services
Tesco 5,675 3.0
Compass 3,038 1.6
Morrison (W) Supermarket 2,734 1.4
Yell 1,122 0.6
ITV 721 0.4
13,290 7.0
Financials
Hiscox 3,807 2.0
Provident Financial 2,749 1.4
Beazley 2,136 1.1
A J Bell - Unquoted 1,650 0.9
Impax Enviromental 1,184 0.6
Damille Investments 1,100 0.6
Impax Asian Enviromental - Ord and Subscription 994 0.5
Shares
Trading Emissions 737 0.4
Ecofin Water & Power 722 0.4
Climate Exchange 559 0.3
Macau Property Opportunities Fund 552 0.3
Helphire 489 0.3
16,679 8.8
Healthcare
AstraZeneca 7,977 4.2
GlaxoSmithKline 7,560 4.0
BTG 2,330 1.2
Lombard Medical 1,179 0.6
Biocompatibles International 1,028 0.5
Imperial Innovations 768 0.4
Puricore 539 0.3
Vectura 531 0.3
Fusion IP 468 0.2
Renovo 225 0.1
Xcounter AB 135 0.1
XTL Biopharmaceutical - US ADR (10 Ordinary 19 -
Shares)
Napo Pharmaceuticals - Common 15 -
Stock
22,774 11.9
Industrials
Capita 5,598 2.9
BAE Systems 5,259 2.8
International Power 4,443 2.3
Balfour Beatty 3,425 1.8
VT 2,580 1.4
Rentokil Initial 2,414 1.3
Bunzl 2,125 1.1
Homeserve 2,028 1.1
Rolls Royce - Ordinary & C Shares 1,639 0.9
Babcock 1,204 0.6
30,715 16.2
Oil & Gas
BG 8,219 4.3
Altus Resource 1,275 0.7
9,494 5.0
Technology
Sage 1,907 1.0
Nexeon Series B - Unquoted 300 0.2
Mirada 6 0.0
2,213 1.2
Telecommunications
Vodafone 7,825 4.1
BT 5,379 2.8
Kcom 1,963 1.0
15,167 7.9
Utilities
National Grid 5,011 2.6
Centrica 4,626 2.4
Scottish & Southern Energy 3,415 1.8
Pennon 3.113 1.6
Drax 2,732 1.4
Northumbrian Water 2,013 1.1
Barclays Bank - Nuclear Power Notes 28 February 623 0.3
2019
21,533 11.2
Total Equity Investments 165,259 86.7
Ecofin Water & Power 6.00% May 2016 163 0.1
Total Fixed Asset Investments 165,422 86.8
Lloyds Bank 0.56% Apr 27 9,999 5.3
2010
Barclays Bank 0.60% Jun 30 8,993 4.7
2010
RBS 0.50% Apr 06 6,000 3.2
2010
Total Certificates of Deposit 24,992 13.2
Total Investments 190,414 100.0
CONDENSED INCOME STATEMENT
YEAR ENDED
30
SIX MONTHS TO SIX MONTHS TO SEPTEMBER
31 MARCH 2010 31 MARCH 2009 2009
REVENUE CAPITAL TOTAL REVENUE CAPITAL TOTAL TOTAL
NOTE £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on investments -- 10,885 10,885 -- (18,685) (18,685) 6,538
(Losses)/gains on
certificates of deposit -- (7) (7) -- 61 61 29
Foreign exchange losses 2 -- (465) (465) -- (1,339) (1,339) (931)
Income:
UK dividends 2,516 -- 2,516 2,321 -- 2,321 5,537
Overseas dividends 296 -- 296 320 -- 320 609
UK unfranked investment -
interest 220 -- 220 818 -- 818 1,285
Scrip dividends 13 -- 13 -- -- -- 135
Interest on VAT recovered on
management fees -- -- -- 172 -- 172 640
Deposit interest 6 -- 6 18 -- 18 18
Underwriting commission 6 -- 6 15 -- 15 39
Investment management fees 3 (133) (399) (532) (116) (349) (465) (979)
VAT recovered on management
fees -- -- -- 254 1,396 1,650 2,416
Performance fee 3 -- -- -- -- (942) (942) (584)
Other expenses (145) -- (145) (148) -- (148) (298)
Net return before finance
costs and taxation 2,779 10,014 12,793 3,654 (19,858) (16,204) 14,454
Finance costs
Interest payable (378) (1,138) (1,516) (378) (1,135) (1,513) (3,040)
Distributions in respect of
non-equity
shares (6) -- (6) (6) -- (6) (12)
Return on ordinary activities
before taxation 2,395 8,876 11,271 3,270 (20,993) (17,723) 11,402
Tax on ordinary activities 4 (44) -- (44) (47) -- (47) (108)
Return on ordinary activities
after taxation 2,351 8,876 11,227 3,223 (20,993) (17,770) 11,294
Return per ordinary share
Basic 5 17.6p 66.4p 84.0p 24.1p (157.0)p (132.9)p 84.5p
The total column of this statement represents the Company's profit and loss
account prepared in accordance with UK Accounting Standards. 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 and
therefore no statement of recognised gains or losses is presented. No
operations were acquired or discontinued in the period.
CONDENSED BALANCE SHEET
Registered number 538179 AT AT AT
31 MARCH 31 MARCH 30 SEPTEMBER
2010 2009 2009
NOTE £'000 £'000 £'000
Fixed assets
Investments at fair value through 165,422 137,033 165,788
profit or loss
Current assets
Certificates of deposit 24,992 23,536 20,999
Amounts due from brokers - 644 566
Tax recoverable - 17 -
Unrealised profit on forward 2 28 29 -
currency contracts
Prepayments and accrued income 852 1,006 1,323
VAT recoverable on management fees - 1,650 -
Cash and cash funds 3,487 2,197 3,762
29,359 29,079 26,650
Creditors: amounts falling due
within one year
Amounts due to brokers - (1,440) (1,060)
Unrealised loss on forward 2 - - (236)
currency contracts
Accruals (1,028) (965) (1,058)
(1,028) (2,405) (2,354)
Net current assets 28,331 26,674 24,296
Total assets less current 193,753 163,707 190,084
liabilities
Creditors: amounts falling due
after more than one year
Debenture stock (39,591) (39,571) (39,582)
Cumulative preference shares (250) (250) (250)
Provisions - (358) -
Net assets 153,912 123,528 150,252
Capital and reserves
Share capital 6,685 6,685 6,685
Share premium 1,258 1,258 1,258
Capital redemption reserve 466 466 466
Capital reserve 140,415 106,932 131,539
Revenue reserve 5,088 8,187 10,304
Shareholders' funds 153,912 123,528 150,252
Net asset value per share
Basic 7 1151.3p 924.0p 1123.9p
CONDENSED CASH FLOW STATEMENT
SIX SIX
MONTHS TO MONTHS TO YEAR TO
31 MARCH 31 MARCH 30 SEPTEMBER
£'000 £'000 £'000
Total return before finance costs and 12,793 (16,204) 14,454
taxation
Adjustment for (gains)/losses on (10,878) 18,624 (6,567)
investments and
certificates of deposit
Adjustment for exchange losses 465 1,339 931
Scrip dividends (13) - (135)
Decrease/(increase) in debtors 471 (1,542) (194)
(Decrease)/increase in creditors and (24) 282 14
provisions
Tax on overseas dividends (44) (47) (108)
Cashflow from operating activities 2,770 2,452 8,395
Servicing of finance (1,518) (1,517) (3,034)
Capital expenditure and financial (73,655) (106,492) (172,992)
investment
Purchase of investments and
certificates of deposit
Proceeds from sale of investments and 80,424 104,730 170,036
certificates of
deposit
Equity dividend paid (7,567) (3,610) (5,950)
Increase/(decrease) in cash in the 454 (4,437) (3,545)
period
Exchange movements (728) (1,333) (660)
Debenture stock non-cash movement (10) (7) (18)
Movement in net debt in the year (284) (5,777) (4,223)
Net debt at beginning of period (36,070) (31,847) (31,847)
Net debt at period end (36,354) (37,624) (36,070)
Analysis of changes in net debt
Brought forward:
Cash and cash funds 3,762 7,967 7,967
Cumulative preference shares (250) (250) (250)
Debenture stock (39,582) (39,564) (39,564)
Net debt brought forward (36,070) (31,847) (31,847)
Movements in the period:
Cash inflow/(outflow) from cash funds 454 (4,437) (3,545)
and short
term deposits
Exchange movements (728) (1,333) (660)
Debenture stock non-cash movement (10) (7) (18)
Net debt at period end (36,354) (37,624) (36,070)
CONDENSED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
CAPITAL
SHARE SHARE REDEMPTION CAPITAL REVENUE
CAPITAL PREMIUM RESERVE RESERVE RESERVE TOTAL
£'000 £'000 £'000 £'000 £'000 £'000
For the six months
ended
31 March 2010
At 1 October 2009 6,685 1,258 466 131,539 10,304 150,252
Dividends paid - note - - - - (7,567) (7,567)
7
Net return on ordinary - - - 8,876 2,351 11,227
activities
At 31 March 2010 6,685 1,258 466 140,415 5,088 153,912
For the six months
ended
31 March 2009
At 1 October 2008 6,685 1,258 466 127,925 8,574 144,908
Dividends paid - note - - - - (3,610) (3,610)
7
Net return on ordinary - - - (20,993) 3,223 (17,770)
activities
At 31 March 2009 6,685 1,258 466 106,932 8,187 123,528
For the year ended
30 September 2009
At 1 October 2008 6,685 1,258 466 127,925 8,574 144,908
Dividends paid - note - - - - (5,950) (5,950)
7
Net return on ordinary - - - 3,614 7,680 11,294
activities
Balance at 30 6,685 1,258 466 131,539 10,304 150,252
September 2009
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1. Accounting Policies
The condensed financial statements have been using the same accounting policies
as those adopted in the annual financial report for the year ended 30 September
2009.
2. Forward Currency Contracts
The equity portfolio includes £9,205,000 (30 September 2009: £7,486,000; 31
March 2009: £6,592,000) of equities denominated in currencies other than pounds
sterling. In order to manage the currency risk, the Manager has hedged part of
their currency exposure into sterling through the use of forward foreign
exchange contracts. These foreign exchange contracts are designated as fair
value hedges through profit or loss.
3. Management Fees
The investment management fee is charged 75% to capital and 25% to revenue; the
performance fee is allocated wholly to capital.
SIX MONTHS TO SIX MONTHS TO YEAR TO
31 MAR 2010 31 MAR 2009 30 SEPT 2009
£'000 £'000 £'000
Performance fee relating to:
31 Dec 2008 (paid) - 584 -
31 Dec 2009 (provided) - 358 -
Total - 942 -
No performance fee is provided for the six months ended 31 March 2010 and there
was no performance fee provision as at 30 September 2009. No performance fee
was paid for the calendar year ended 31 December 2009, although a fee of £
358,000 was provided for in the half-yearly accounts to 31 March 2009.
4. Tax
The tax effect of expenditure is allocated between capital and revenue on the
same basis as the particular item to which it relates, using the Company's
effective rate of tax for the accounting period.
5. Basis of Returns
SIX MONTHS TO SIX MONTHS TO YEAR TO
31 MAR 2010 31 MAR 2009 30 SEPT 2009
£'000 £'000 £'000
Returns after tax:
Revenue 2,351 3,223 7,680
Capital 8,876 (20,993) 3,614
Total 11,227 (17,770) 11,294
The number of ordinary shares in issue for each period has remained unchanged
at 13,368,799.
6. Basis of Net Asset Value per Ordinary Share
AT AT AT
31 MAR 2010 31 MAR 2009 30 SEPT 2009
Shareholders' funds £153,912,000 £123,528,000 £150,252,000
Ordinary shares in issue at 13,368,799 13,368,799 13,368,799
period end
7. Dividends Paid
SIX MONTHS TO SIX MONTHS TO YEAR TO
31 MAR 2010 31 MAR 2009 30 SEPT 2009
£'000 £'000 £'000
Final 28p / 27p 3,743 3,610 3,610
Special 11.1p 1,484 - -
Interim 17.5p 2,340 - 2,340
Total paid 7,567 3,610 5,950
The Directors have paid an interim dividend of 17.5p (2009: 17.5p) per ordinary
share in respect of the six months ended 31 March 2010. This was paid on 30
March 2010 to ordinary shareholders registered on 12 March 2010.
The special dividend of 11.1p paid in respect of the year ended 30 September
2009 represented the revenue portion of VAT on management fees and interest
thereon.
8. 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 842 of the Income and Corporation Taxes Act 1988.
9. 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 March
2009 and 31 March 2010 has not been audited. The figures and financial
information for the year ended 30 September 2009 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
18 May 2010
DIRECTORS, INVESTMENT MANAGER AND ADMINISTRATION
Directors
Richard Oldfield (Chairman)
David Adams OBE
Beatrice Hollond
William Kendall
Peter Readman
Managers, Company Secretary and Registered Office
Invesco Asset Management Limited
30 Finsbury Square
London EC2A 1AG
Authorised and regulated by the Financial Services Authority
Tel: 020 7065 4000
Company Secretarial contact: Kerstin Rucht
Company Number
Registered in England and Wales No. 538179
Registrars
Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
West Yorkshire HD8 0LA
If you hold your shares direct and have any queries you should contact the
Registrars' call centre on:
Tel: 0871 664 0300
Calls cost 10p per minute plus network extras. Lines are open Monday to Friday
8.30am to 5.30pm.
Shareholders can also access their holding details via Capita's websites
www.capitaregistrars.com or www.capitashareportal.com
The Registrars provide a telephone and an online share dealing service for
existing shareholders as follows:
Tel: 0871 664 0454
www.capitadeal.com
Calls cost up to 10p per minute plus network extras. Lines are open Monday to
Friday 8.00am to 4.30pm.
Invesco Perpetual Investor Services
Invesco Perpetual has an Investor Services Team available from 8.30 am to 6.00
pm every working day to help you on:
Tel: 0800 085 8677
www.invescoperpetual.co.uk/investmenttrusts
FINANCIAL CALENDAR 2010
Announcements
Half-yearly Financial Report May
Annual Financial Report November
Interim Management Statements January and
July
Ordinary Share Dividends
Interim paid March
Final payable December
Annual General Meeting December
Year end 30 September
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