Half-yearly Report
Keystone Investment Trust plc
Half-Yearly Financial Report Announcement
for the Six Months to 31 March 2013
Performance Statistics
SIX MONTHS SIX MONTHS YEAR ENDED
31 MAR 31 MAR 30 SEPT
2013 2012 2012
Total Return (capital growth with income reinvested) % % %
Net asset value (NAV) per share:
- debt at par +21.3 +10.8 +15.8
- debt at fair value +22.5 +10.7 +14.0
Share price (mid-market) +16.2 +10.8 +21.0
FTSE All-Share Index +14.5 +15.0 +17.2
Source: Thomson Reuters Datastream
SIX MONTHS SIX MONTHS YEAR ENDED
31 MAR 31 MAR 30 SEPT
2013 2012 2012
Capital Return % % %
NAV per share:
- debt at par +17.9 +7.3 +11.3
- debt at fair value +18.8 +7.1 +9.5
Share price +13.5 +7.9 +16.1
FTSE All-Share Index +12.7 +13.1 +13.0
Discount/(premium) of share price to net asset value per
share:
- debt at par 7.2 7.1 3.6
- debt at fair value 3.9 4.4 (0.6)
Gearing
- gross 14.7 18.1 17.4
- net 8.5 8.5 8.5
SIX MONTHS SIX MONTHS
31 MAR 31 MAR %
Revenue 2013 2012 CHANGE
Revenue return per ordinary share 26.6p 21.4p 24.3
Interim dividend per ordinary share 18.0p 18.0p -
.
INTERIM MANAGEMENT REPORT INCORPORATING THE CHAIRMAN'S STATEMENT
Chairman's Statement
Performance
The Company's shares gave a total return of 16.2% to shareholders over the six
months from 30 September 2012 to 31 March 2013. From the perspective of the
underlying net asset value (NAV) per ordinary share, the total return was
21.3%. These compare with a total return by the Company's benchmark for
performance measuring purposes, the FTSE All-Share Index, of 14.5% (all these
figures are with income reinvested). On 31 March 2013, the discount of the
share price relative to NAV (debt at par) was 7.2% and relative to NAV (debt at
fair value) was 3.9%. As I mentioned in the annual financial report, at the
beginning of the period the share price was at a premium to NAV (debt at fair
value) and we took the opportunity to issue 75,000 shares in October to meet
demand.
1 January 2013 represented the 10th anniversary of Mark Barnett taking over the
management of the Company's portfolio. Over the 10 years, a period during which
the market was subject to a number of substantial setbacks and recoveries, the
Company's NAV total return was 218.3% compared with 131.7% for the benchmark
FTSE All-Share Index. The share price total return was 291.2% (all 10-year
figures sourced from Thomson Reuters Datastream). It is an excellent result and
one which Mark has produced with great care, attention to detail and a sound
knowledge of every business in which he invests. I would like to record how
thankful we are, on behalf of all shareholders, for the performance he has
produced for us and we hope that such outstanding results will continue to be
produced for shareholders in the future.
Gearing and Investment Guidelines
Equity exposure ranged from approximately 106% to 110% of net assets in the
period and stood at 108.5% at 31 March 2013 (108.5% at 30 September 2012).
During the period the gearing limits set by the Board were unchanged, requiring
that the Manager must make no net purchases if equity exposure was more than
110% 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 Board has declared an interim dividend of 18p per ordinary share which will
be paid on 28 June 2013 to shareholders on the register on 31 May 2013. The
shares will be marked ex-dividend on 29 May 2013.
Beatrice Hollond
Chairman
14 May 2013
.
Manager's Report
Market Review
Fuelled by on-going monetary stimulus, UK equities have continued to perform
strongly into 2013 - both the FTSE 100 and the FTSE All-Share indices have
delivered 10 consecutive months of positive returns following Mario Draghi's
statement that he would do "whatever it takes" to save the euro. The market hit
a five year high towards the end of the period, largely prepared to ignore the
inconclusive result of the Italian elections, the Cypriot banking rescue,
on-going profit forecast downgrades and further disappointing news on the UK
economy. The latter saw further downgrades to 2013 GDP forecasts in the
Chancellor's budget.
Portfolio Strategy & Review
The portfolio's performance over the six months exceeded that of the benchmark
FTSE All-Share Index and benefited from strong performances from a broad spread
of the portfolio's investments. Amongst these, the most significant individual
positive impact came from the holding in Thomas Cook. The stock market has
become persuaded in the scope for new management to turn around this
previously ailing business, which retains a strong brand and market position,
customer loyalty and pan European distribution.
The portfolio's holdings in Roche and Novartis provided a strongly positive
impact on performance. This came partly on the back of the strength of the
Swiss franc against sterling and an improved stock market appreciation of the
sector's strengths, but also as Roche, in particular, continues to lead the
industry in terms of drug discovery and innovation.
Results from BT Group underlined why this company is expected to continue to
deliver good profit and dividend growth. While headline profits were slightly
ahead of expectations, the stock market focused on the announcement of a new
group-wide restructuring programme. The current management team has very
effectively reduced the cost-base in recent years and the latest announcement
opens a path for the next wave of efficiencies.
The Reckitt Benckiser share price benefited from a strong operational
performance and news that it had outbid Bayer to purchase Schiff Nutrition, a
deal which gives it access to the fast growing vitamins and nutrition
supplements market. Reckitt Benckiser has an excellent track record of creating
value through acquisitions and this is a highly fragmented but well regulated
market, with scope for growth in both emerging and developed markets.
The portfolio's performance also benefited, relative to the FTSE All-Share
Index, from its zero weighting in the mining sector. This is a sector which has
performed well in previous market rallies, but has underperformed during this
one as a combination of falling metal prices and rising production costs has
led to sharp downgrades to profit forecasts across the sector.
There were relatively few detractors from performance. BG Group's shares fell
sharply on the news last October that it had reduced production growth
forecasts. The holding in the company has subsequently been disposed of. There
was also disappointing news from Chemring. Carlyle called off its discussions
about a possible takeover of the company and Chemring issued a significant
profit warning and a decline in its order book. However, with a new management
team now in place, long-term value should now be realised from the high quality
businesses within the company.
Vodafone reduced its forecasts for revenue growth on the back of on-going
weakness in its core southern European markets and announced a share buy-back
rather than the hoped for passing-on of its dividend from Verizon as a special
dividend. The company's ability to generate pricing power from data services is
not assured while the cash flow cover of the dividend has fallen to
uncomfortably low levels. Hence the Company's holding in the shares has been
sold.
In terms of portfolio activity, as outlined above, the holdings in BG Group and
Vodafone were disposed of along with the investments in Filtrona, Wm Morrison,
Regus and Tate & Lyle. New investments were made in Legal & General, London
Stock Exchange, Rolls-Royce and Sherborne Investors.
Outlook
The continued strong performance of the UK stock market has created a sense of
optimism towards an imminent economic recovery and a growing belief in a
multi-year equity bull market. However, this market rise has been notable for
several important characteristics, namely significant increases in monetary
stimulus and liquidity along with steadily declining profit expectations. The
market's rise is not underpinned by fundamental corporate profit growth and
hence the multiple of earnings that buyers have been prepared to pay has risen
over the past year. The historic price to earnings multiple for the UK market
is now in line with the average of the past 40 years, signifying that the
market, on average, is fairly valued.
However, a scenario in which rising prices driven by quantitative easing
accompanied by weaker fundamentals as a result of lower profit forecasts should
prompt a pause for thought, if not concern. Given this combination, and in the
absence of improving fundamentals, the market may struggle to see further
significant gains. Concerns remain about the challenging macro-economic outlook
and ability for companies to grow revenues consistently and the portfolio
strategy therefore remains largely unchanged from the recent past. The strong
preference is for companies that have proven ability to grow revenues, profits
and free cash flow in this low growth world, coupled with management teams that
are fully cognisant of the need to deliver sustainable long term dividend
growth. It is this type of investment opportunity that forms the majority of
the portfolio and will continue to offer the best combination to deliver good
risk adjusted returns over the long term.
Mark Barnett
Fund Manager
14 May 2013
.
Related Parties and Transactions with the Manager
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 and fees paid to Directors are disclosed
in the 2012 annual financial report, which is available on the Manager's
website at www.invescoperpetual.co.uk/investmenttrusts.
Principal Risks and Uncertainties
The principal risk factors relating to the Company can be summarised as:
Investment Objective - the Company may not achieve its published objective.
Market Risk - a fall in the stock market as a whole will affect the performance
of the portfolio and individual investments.
Investment Risk - the active fund management approach employed can result in a
portfolio that looks and behaves differently to the benchmark index.
Foreign Exchange Risk - the Company has some non-sterling denominated
investments and is therefore subject to foreign exchange risk.
Shares - share price is affected by market sentiment, supply and demand, and
dividends declared as well as portfolio performance.
Bond Holdings - fixed interest securities are subject to credit, liquidity,
duration and interest rate risks.
Gearing - borrowing will amplify the effect on shareholders' funds of portfolio
gains and losses.
Regulatory - whilst compliance with rules and regulations is closely monitored,
breaches could affect returns to shareholders.
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 operations 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 and 18 of the 2012 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.
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, being taken as 12 months after the date
of this report. 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 debentures, and ongoing expenses. The
Directors also considered the revenue forecasts for the year and future
dividend payments in concluding on the going concern basis.
.
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 this 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 FCA's Disclosure and Transparency
Rules; and
theinterim 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.
Beatrice Hollond
Chairman
14 May 2013
.
INVESTMENTS BY SECTOR AT 31 MARCH 2013
UK listed ordinary shares unless otherwise stated
MARKET VALUE % OF
SECTOR/COMPANY £'000 PORTFOLIO
Basic Materials
HaloSource I 430 0.2
Coalfield Resources (formerly UK Coal) 72 -
502 0.2
Consumer Goods
Imperial Tobacco 11,190 4.8
British American Tobacco 11,189 4.8
Reynolds American - US Common Stock 10,810 4.6
Reckitt Benckiser 6,768 2.9
39,957 17.1
Consumer Services
Thomas Cook 6,930 3.0
Reed Elsevier 4,882 2.1
Compass 4,547 1.9
Carnival 4,280 1.8
Ladbrokes 4,200 1.8
Brown (N) 3,241 1.4
Hibu 15 -
Mirada 3 -
28,098 12.0
Financials
Hiscox 5,863 2.5
Provident Financial 5,100 2.2
Amlin 4,710 2.0
Beazley 4,701 2.0
Legal & General 3,802 1.6
A J BELL - Unquoted 3,600 1.5
Workspace 3,209 1.4
London Stock Exchange 2,595 1.1
Lancashire 2,247 1.0
Doric Nimrod Air Two - Preference Shares 1,586 0.7
Fusion IP 1,451 0.6
Sherborne Investors Guernsey B - A Shares 1,372 0.6
Imperial Innovations 1,351 0.6
Damille Investments II 1,290 0.5
Macau Property Opportunities Fund 580 0.2
Altus Resource Capital 484 0.2
Damille Investments 352 0.2
Impax Asian Environmental Markets - Subscription Shares 10 -
44,303 18.9
Healthcare
AstraZeneca 11,653 5.0
Roche - Swiss Common Stock 10,569 4.5
Novartis - Swiss Common Stock 10,392 4.5
GlaxoSmithKline 9,406 4.0
BTG 3,659 1.6
Napo Pharmaceuticals - Unquoted 2,870 1.2
Lombard Medical Technologies 2,391 1.0
Vectura 1,224 0.5
PuriCore 1,170 0.5
XCounter - Swedish Common Stock 347 0.2
XTL Biopharmaceuticals - ADR 108 -
53,789 23.0
Industrials
BAE Systems 8,186 3.5
Capita 5,740 2.5
Babcock International 4,402 1.9
Rentokil Initial 3,836 1.6
Serco 3,456 1.5
Rolls-Royce 2,276 1.0
HomeServe 1,707 0.7
Chemring 1,283 0.5
Nexeon
- B Shares- Unquoted 497}
- Preference C Shares- Unquoted 400} 0.4
- Ordinary Shares - Unquoted 4}
31,787 13.6
Telecommunications
BT 13,835 5.9
TalkTalk Telecom 4,403 1.9
KCOM 4,253 1.8
22,491 9.6
Utilities
Drax 4,644 2.0
Centrica 4,206 1.8
SSE 3,774 1.6
Barclays Bank - Nuclear Power Notes 28 Feb 2019 416 0.2
13,040 5.6
Total Investments 233,967 100.00
.
CONDENSED INCOME STATEMENT
YEAR
SIX MONTHS TO SIX MONTHS TO ENDED
31 MARCH 2013 31 MARCH 2012 30 SEPT
2012
REVENUE CAPITAL TOTAL REVENUE CAPITAL TOTAL TOTAL
NOTE £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments - 35,273 35,273 - 14,429 14,429 21,056
Gains on certificates of deposit - - - - 9 9 11
Foreign exchange (losses)/gains 2 - (30) (30) - 82 82 84
Income:
UK dividends 3,007 - 3,007 2,798 - 2,798 6,792
Overseas dividends 1,338 - 1,338 644 - 644 982
UK unfranked investment interest - - - 89 - 89 128
Scrip dividends 6 - 6 9 - 9 23
Deposit interest 1 - 1 6 - 6 8
Investment management and 3 (188) (868) (1,056) (155) (676) (831) (1,606)
performance fees
Other expenses (159) - (159) (158) - (158) (316)
Net return before finance costs and 4,005 34,375 38,380 3,233 13,844 17,077 27,162
taxation
Finance costs
Interest payable (274) (822) (1,096) (274) (821) (1,095) (2,191)
Loss on debenture stock buy back 4 - (6) (6) - - -
Distributions in respect of (6) - (6) (6) - (6) (12)
non-equity shares
Return on ordinary activities 3,725 33,547 37,272 2,953 13,023 15,976 24,959
before taxation
Tax on ordinary activities 5 (149) - (149) (96) - (96) (138)
Return on ordinary activities after 3,576 33,547 37,123 2,857 13,023 15,880 24,821
taxation
Return per ordinary share
Basic 6 26.6p 249.6p 276.2p 21.4p 97.4p 118.8p 185.7p
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 total 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
2013 2012 2012
NOTE £'000 £'000 £'000
Fixed Assets
Investments held at fair value through profit or loss 233,967 192,485 199,259
Current assets
Certificates of deposit - 13,998 -
Amounts due from brokers 1,545 10 130
Prepayments and accrued income 1,263 887 732
Overseas witholding tax recoverable 332 112 123
Cash and cash funds 13,472 2,288 15,934
16,612 17,295 16,919
Creditors: amounts falling due within one year
Amounts due to brokers (367) (320) -
Unrealised loss on forward currency contracts 2 - (4) (3)
Accruals and deferred income (1,168) (1,107) (1,155)
(1,535) (1,431) (1,158)
Net current assets 15,077 15,864 15,761
Total assets less current liabilities 249,044 208,349 215,020
Creditors: amounts falling due after more than one year
Debenture stock 4 (31,626) (31,633) (31,645)
Cumulative preference shares (250) (250) (250)
Provision 3 (349) (210) (322)
Net assets 216,819 176,256 182,803
Capital and reserves
Called up share capital 6,722 6,685 6,685
Share premium 2,214 1,258 1,258
Capital redemption reserve 466 466 466
Capital reserve 199,435 160,656 165,888
Revenue reserve 7,982 7,191 8,506
Shareholders' funds 216,819 176,256 182,803
Net asset value per share
Basic 7 1612.8p 1318.4p 1367.4p
.
CONDENSED CASH FLOW STATEMENT
SIX SIX YEAR TO
MONTHS MONTHS 30
TO 31 TO 31 SEPTEMBER
MARCH MARCH 2012
2013 2012 £'000
£'000 £'000
Total return before finance costs and taxation 38,380 17,077 27,162
Adjustment for gains on investments and certificates of deposit (35,273) (14,438) (21,067)
Cash (outflow)/inflow from forward currency contracts (3) 87 86
Scrip dividends (16) (9) (23)
(Increase)/decrease in debtors (740) (131) 13
Increase in creditors and provisions 40 228 388
Tax on overseas dividends (149) (96) (138)
Cash inflow from operating activities 2,239 2,718 6,421
Servicing of finance (1,090) (1,090) (2,180)
Capital expenditure and financial investment
Purchases of investments and certificates of deposit (25,979) (70,086) (123,333)
Proceeds from sale of investments and certificates of deposit 25,512 71,182 137,856
Equity dividend paid - note 9 (4,100) (3,877) (6,271)
Net cash (outflow)/inflow before management of liquid resources (3,418) (1,153) 12,493
and financing
Management of liquid resources 1,670 - (15,000)
Financing
Buy back of debenture stock (37) - -
Net proceeds from shares issued 993 - -
Decrease in cash in the period (792) (1,153) (2,507)
Cashflow from movement in liquid resources (1,670) - 15,000
Debenture stock non-cash movement (12) (11) (23)
Movement in net debt in the period (2,474) (1,164) 12,470
Net debt at beginning of period (15,961) (28,431) (28,431)
Reduction in debenture stock liability 31 - -
Net debt at period end (18,404) (29,595) (15,961)
Analysis of changes in net debt
Brought forward:
Cash and cash funds 15,934 3,441 3,441
Debenture stock (31,645) (31,622) (31,622)
Cumulative preference shares (250) (250) (250)
Net debt brought forward (15,961) (28,431) (28,431)
Movements in the period:
Cash (outflow)/inflow from cash funds and short term deposits (2,462) (1,153) 12,493
Reduction in debenture stock liability 31 - -
Debenture stock non-cash movement (12) (11) (23)
Net debt at period end (18,404) (29,595) (15,961)
.
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 2013
At 30 September 2012 6,685 1,258 466 165,888 8,506 182,803
Dividends paid - note 9 - - - - (4,100) (4,100)
Issue of ordinary shares - note 8 37 956 - - - 993
Net return on ordinary activities - - - 33,547 3,576 37,123
At 31 March 2013 6,722 2,214 466 199,435 7,982 216,819
For the six months ended 31 March 2012
At 30 September 2011 6,685 1,258 466 147,633 8,211 164,253
Dividends paid - note 9 - - - - (3,877) (3,877)
Net return on ordinary activities - - - 13,023 2,857 15,880
At 31 March 2012 6,685 1,258 466 160,656 7,191 176,256
For the year ended 30 September 2012
At 30 September 2011 6,685 1,258 466 147,633 8,211 164,253
Dividends paid - note 9 - - - - (6,271) (6,271)
Net return on ordinary activities - - - 18,255 6,566 24,821
At 30 September 2012 6,685 1,258 466 165,888 8,506 182,803
.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1. Accounting Policies
The condensed financial statements have been prepared using the same accounting
policies as those adopted in the annual financial report for the year ended 30
September 2012.
2. Forward Currency Contracts
The equity portfolio includes £32,226,000 (31 March 2012: £19,111,000; 30
September 2012: £24,943,000) of equities denominated in currencies other than
pounds sterling. In order to manage the currency risk, the Manager has hedged
part of the 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. Base Management Fee, Finance Costs and Performance Fee
The base management fee and finance costs are allocated 75% to capital and 25%
to revenue. The base management fee rate is 0.2% of the ten day average
mid-market capital of the Company at each quarter end date.
Up to 31 December 2012, a performance-related fee was due after the end of the
calendar year if the Company's annualised total return over the previous three
years was greater than the annualised return of the FTSE All-Share (Total
Return) Index over the same period, plus 2%. For the accounting year to 30
September 2013, the period element of the performance fee has been revised so
that current and future performance fee calculation periods are coterminous
with the Company's September year end. As a consequence, for this year only,
the performance fee is based on a shorter period of two years and nine months
to 30 September 2013 with a pro-rated fee for the period 1 January to 30
September 2013. Thereafter the performance fee will revert to a three year
calculation period, on the historical basis, but to 30 September each year.
SIX MONTHS TO SIX MONTHS TO YEAR TO
31 MAR 2013 31 MAR 2012 30 SEPT 2012
£'000 £'000 £'000
Provision brought forward 322 - -
Fee earned/paid (277) - -
Charge for the period 304 210 322
Provision carried forward 349 210 322
4. Debenture Stock
The Company's structured debt at the period end is as follows:
31 MAR 2013 31 MAR 2012 30 SEPT 2012
£'000 £'000 £'000
7.75% debenture stock 2020 7,000 7,000 7,000
6.5% debenture stock 2023 24,968 25,000 25,000
Total 31,968 32,000 32,000
Discount and issue expense on debenture stock (342) (367) (355)
31,626 31,633 31,645
On 8 February 2013, £31,700 of 6.5% Debenture Stock 2023 was repurchased and
cancelled for £38,000 including accrued interest.
5. 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.
6. Basis of Returns
SIX MONTHS SIX MONTHS YEAR TO
TO TO 30 SEPT
31 MAR 2013 31 MAR 2012 2012
Returns after tax:
Revenue £3,576,000 £2,857,000 £6,566,000
Capital £33,547,000 £13,023,000 £18,255,000
Total £37,123,000 £15,880,000 £24,821,000
Weighted average number of ordinary shares in issue during 13,441,739 13,368,799 13,368,799
the period
7. Basis of Net Asset Value per Ordinary Share
AT AT AT
31 MAR 2013 31 MAR 2012 30 SEPT 2012
Shareholders' funds £216,819,000 £176,256,000 £182,803,000
Ordinary shares in issue at period end 13,443,799 13,368,799 13,368,799
8. Movements in Called up Share Capital
SIX MONTHS TO SIX MONTHS TO YEAR TO
31 MAR 2013 31 MAR 2012 30 SEPT 2012
£'000 £'000 £'000
Number of ordinary 50p shares:
Brought forward 13,368,799 13,368,799 13,368,799
Issued in period 75,000 - -
In issue at period end 13,443,799 13,368,799 13,368,799
The average share price of shares issued in the six months to 31 March 2013 was
1341.67p.
9. Dividends Paid
SIX MONTHS TO SIX MONTHS TO YEAR TO
31 MAR 2013 31 MAR 2012 30 SEPT 2012
£'000 £'000 £'000
Second interim 30.5p (2012 final: 29p) 4,100 3,877 3,877
Interim 18p - - 2,406
Return of unclaimed dividends from previous years - - (12)
Total paid 4,100 3,877 6,271
The interim dividend of 18p will be paid on 28 June 2013 to shareholders on the
register on 31 May 2013. Last year the interim dividend of 18p was paid on 29
June 2012 to shareholders on the register on 1 June 2012
10. 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
within the meaning of section 1159 of the Corporation Tax Act 2010.
11. 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
2012 and 31 March 2013 has not been audited. The figures and financial
information for the year ended 30 September 2012 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
14 May 2013
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