Half-yearly Report
NEW STAR INVESTMENT TRUST PLC
HALF YEAR RESULTS
This announcement constitutes regulated information.
UNAUDITED RESULTS
FOR THE SIX MONTHS ENDED 31ST DECEMBER 2010
New Star Investment Trust plc (the 'Company'), whose objective is to achieve
long-term capital growth, announces its consolidated results for the half year
ended 31st December 2010.
FINANCIAL HIGHLIGHTS
31st 30th %
December June
2010 2010 Change
PERFORMANCE
Net assets (£'000) 76,208 67,972 12.1
Net asset value per Ordinary share 107.30p 95.70p 12.1
Mid-market price per Ordinary share 81.25p 70.00p 16.1
Discount of share price to net asset 24.3% 26.9% n/a
value
608.97 510.67 19.2
FTSE World Index (total return,
sterling adjusted)
4,111.90 3,370.06 22.0
FTSE All-Share Index (total return)
Six months Six months
ended ended
31st December 31st December
2010 2009
REVENUE
Return per Ordinary share (0.16)p (0.13)p
Dividend per Ordinary share - -
TOTAL RETURN
Net assets 12.1% 14.8%
FTSE World Index 19.2% 26.0%
INTERIM MANAGEMENT REPORT
Chairman's Statement
Your Company generated positive returns over the half year to 31st December
2010, with total assets rising 12.1% to £76.2 million. This gain, however,
lagged the broader markets, with the FTSE All-Share Total Return Index rising
22.0% and the FTSE World Total Return Index rising 19.2% in sterling. The
return on cash was 0.3%. At the period end, the net asset value per Ordinary
share was 107.30p. From the fund's launch in May 2000 to the period end it
delivered a total return of 15.9%. The FTSE All-Share over the same period
returned 44.3%. The principal reason for this underperformance has been the
fund's recent cautious positioning, with cash accounting for a significant
proportion of the portfolio.
The net revenue loss before tax for the period was £134,000. In common with
previous years, your directors are not recommending payment of an interim
dividend to shareholders.
Market review
After weakness over the summer amid investor concerns about US economic
problems, global equities made consistent progress during the period. One
factor was the Federal Reserve's willingness to respond to weak job creation
data, which threatened to undermine the US economic recovery. After a series of
dovish speeches, Ben Bernanke, the Fed chairman, announced a second programme
of quantitative monetary easing in November. This announcement combined with
positive economic news in late 2010 increased investors' risk appetites. Other
factors included strong economic growth in emerging markets. There were,
however, short bouts of nervousness caused by the fiscal crises in the
eurozone's peripheral countries. After the Greek rescue in the spring, Ireland
was bailed out in the autumn.
Geographically, the stockmarket gains were broadly spread, with Latin American
markets the strongest, up 22.6% in sterling terms as a result of rising
commodity prices. Of the developed markets, Europe excluding the UK returned
18.8%, the US returned 18.3% but Japan underperformed, returning 13.5%.
Emerging Asia returned 18.9%. Commodity prices also affected sector returns,
with basic materials and energy up 35.8% and 24.9% respectively. By contrast,
defensive areas such as healthcare, utilities and telecommunications
underperformed, rising 9.3%, 10.2% and 15.4% respectively.
Investor concerns about fiscal deficits and inflation were evident in bond
markets. Gilts returned just 1.45% while Bank of America's sterling high-yield
bond index returned 6.6%.
Portfolio review
Your Company committed more cash to markets during the period although it
maintained a cautious position. The largest investments included Vallar, a
company floated by Nat Rothschild, and the Fundsmith Equity Fund, the new fund
launched by Terry Smith, former deputy chairman of Collins Stewart. Smaller
investments included the PFS Brompton UK Recovery Unit Trust, the Wells Fargo
China Equity Fund and All Star Leisure, a privately-owned bowling alleys
company. Disposals included Prusik Asia and GWI Brazil.
Your Company ended the period with 57.9% of its assets in retail funds, 6.0% in
ETFs, 5.8% in investment trusts, 3.8% in hedge funds, 7.3% in other securities
and 19.2% in cash. Geographically, the biggest non-cash exposures were the UK,
at 18.6%, emerging markets, at 16.8%, and Europe excluding the UK, at 9.6%. In
asset class terms, the biggest non-cash holdings were in equities, at 53.3%,
commodities, at 12.8%, and private equity at 5.4%.
Outlook
The strength of global economic growth in 2010 surprised many observers.
Expansion in developing countries provided most momentum although G7 growth
also surpassed consensus expectations in early 2010. Growth in the G7 may,
however, moderate in 2011 in response to weaker inflation-adjusted money supply
trends although the US may outperform the eurozone, where inflation-adjusted
money supply trends have been weaker than average. US business investment is
growing while higher productivity and increased working hours should lead to
job creation. Strong growth in emerging economies, meanwhile, is fuelling
inflation, leading to fears of overheating, and higher interest rates may cause
the pace of expansion to slow markedly.
The most significant macroeconomic trend of 2011 is likely to be rising
inflation in the G7 as a result of previous money supply growth. Commodity
prices have risen strongly recently and businesses have become increasingly
confident that such price rises can be passed on to consumers. In response to
such trends, it is possible the Fed will start to tighten monetary policy in
the summer. In financial markets, long-dated government bonds are likely to
fare worst in such conditions. After healthy growth in the second half of 2010,
equities may be affected initially by the weak trends in the inflation-adjusted
money supply in the G7 relative to industrial output growth. Indications of
slowing output growth combined with stable money supply trends may provide
sufficient liquidity to fuel further growth in equity prices later in the year.
In such an environment, returns among stocks and sectors may diverge widely,
emphasising the role that careful asset allocation will play in generating
performance.
The unaudited net asset value at 31st January 2011 was 105.01p per Ordinary
share.
Geoffrey Howard-Spink
Chairman
24th February 2011
Directors report
In the six months to 31st December 2010 the net asset value per Ordinary share
increased by 12.1% to 107.30p. In the same period the share price increased by
16.1% to 81.25p. This compares to increases of 22.0% and 19.2% respectively in
the FTSE All Share Index and the FTSE World Index. Further details of the
Company's performance may be found in the Chairman's Statement.
Investment objective
The Company's investment objective is to achieve long-term capital growth.
Investment policy
The Company's investment policy is to allocate assets to global investment
opportunities through investment in equity, bond, commodity, real estate,
currency and other markets. The Company's assets may have significant
weightings to any one asset class or market, including cash.
The Company will invest in pooled investment vehicles, exchange traded funds,
futures, options, limited partnerships and direct investments in relevant
markets. The Company may invest up to 15% of its net assets in direct
investments in relevant markets.
The Company will not follow any index with reference to asset classes,
countries, sectors or stocks. Aggregate asset class exposure to any one of the
United States, the United Kingdom, Europe ex UK, Asia ex Japan, Japan or
Emerging Markets and to any individual industry sector will be limited to 50%
of the Company's net assets, such values being assessed at the time of
investment and for funds by reference to their published investment policy or,
where appropriate, their underlying investment exposure.
The Company may invest up to 20% of its net asset value in unlisted securities
(excluding unquoted pooled investment vehicles) such values being assessed at
the time of investment.
The Company will not invest more than 15% of its net assets in any single
investment, such values being assessed at the time of investment.
Derivative instruments and forward foreign exchange contracts may be used for
the purposes of efficient portfolio management and currency hedging.
Derivatives may also be used outside of efficient portfolio management to meet
the Company's investment objective. The Company may take outright short
positions in relation to up to 30% of its net assets, with a limit on short
sales of individual stocks of up to 5% of its net assets, such values being
assessed at the time of investment. The Company may borrow up to 30% of net
assets for short-term funding or long-term investment purposes. No more than
10%, in aggregate, of the value of the Company's total assets may be invested
in other closed-ended investment funds except where such funds have themselves
published investment policies to invest no more than 15% of their total assets
in other listed closed-ended investment funds.
Share capital
The Company's share capital comprises 305,000,000 Ordinary shares of 1p each,
of which 71,023,695 (2010: 71,023,695) have been issued fully paid. No
Ordinary shares are held in treasury, and none were bought back or issued
during the six months to 31st December 2010.
Risk management
The principal risks associated with the Company that have been identified by
the Board, together with the steps taken to mitigate them, are as follows:
Investment strategy: inappropriate long-term strategy, asset allocation and
manager selection might lead to the underperformance of the Company. The
Company's strategy is kept under regular review by the Board. Investment
performance is discussed at every Board meeting and the Directors receive
monthly reports on portfolio changes, asset values and performance.
Business conditions and general economy: the Company's investment returns are
influenced by general economic conditions in the UK and globally. Factors such
as interest rates, inflation, investor sentiment and the availability and cost
of credit could adversely affect investment returns. The Board regularly
considers the economic environment in which the Company operates. The
portfolio is managed with a view to mitigating risk by investing in a spread of
different asset classes and geographic regions.
Portfolio risks - market price, foreign currency and interest rate risks: the
downward movement of investments contained in the portfolio would lead to a
reduction in the Company's net asset value. A proportion of the Group's
portfolio is invested in investments denominated in foreign currencies and
movements in exchange rates can significantly affect their sterling value. It
is the Board's policy to hold an appropriate spread of investments in order to
reduce the risk arising from factors specific to a particular investment or
sector. The Investment Manager takes account of foreign currency risk and
interest rate risk when making investment decisions.
The Company does not normally hedge against foreign currency movements
affecting the value of the investment portfolio, although hedging techniques
may be employed in appropriate circumstances.
Investment Manager: the quality of the management team employed by the
Investment Manager is an important factor in delivering good performance and
the loss by the Investment Manager of key staff could adversely affect
investment returns. With effect from the beginning of the calendar year the
Company's portfolio has been managed by Gill Lakin. A representative of the
Investment Manager attends each Board meeting. The Board is kept informed of
any personnel changes to the investment team employed by the Investment
Manager.
Tax and regulatory risks: a breach of sections 1158 to 1165 Corporation Tax Act
2010 could lead to a loss of investment trust status, resulting in capital
gains realised within the portfolio being subject to United Kingdom corporation
tax. A breach of the UKLA Listing Rules could result in suspension of the
Company's shares, while a breach of company law could lead to criminal
proceedings, or financial or reputational damage. The Board employs Brompton
Asset Management LLP as Investment Manager and Phoenix Administration Services
Limited as Company Secretary and Administrator to help manage the Company's
legal and regulatory obligations. The Board receives a monthly financial
report which includes information on the Company's compliance with section
1158.
Operational : disruption to, or failure of, the Investment Manager's and
Administrator's accounting, dealing or payment systems or the Custodian's
records could prevent the accurate reporting and monitoring of the Company's
financial position. The Company is also exposed to the operational risk that
one or more of its suppliers may not provide the required level of service.
Investment Management Arrangements and Related Party Transactions
In common with most investment trusts the Company does not have any executive
Directors or employees. The day-to-day management and administration of the
Company, including investment management, accounting and company secretarial
matters, and custodian arrangements are delegated to specialist third party
service providers.
Details of related party transactions are contained in the Annual Report.
There have been no material transactions with related parties during the period
which have had a significant impact on the performance of the Company.
Review of Investment Trust Rules
In December 2010 the results of the review of the current rules for taxation of
Investment Trusts were announced. The original proposed changes to the Close
Company Tax rules and changes to the Income Retention rules, which could have
had serious adverse consequences for the Company, have been dropped. The
Company can continue to operate in its current form.
By order of the Board
Phoenix Administration Services Limited
24th February 2011
SCHEDULE OF TOP TWENTY INVESTMENTS AT 31STDECEMBER 2010
Holding Activity Bid-market % of
Investment
value portfolio
£'000
New Star European Special Investment Fund 7,430 12.00
Situations Fund
Black Rock Gold & General Income Investment Fund 7,426 12.00
Fund
Investec Africa Fund Investment Fund 4,730 7.64
Occam Umbrella Asia Focus Fund Investment Fund 4,534 7.32
Polar Capital Global Technology Investment Fund 3,383 5.47
Fund
Atlantis China Fund Plc Investment Fund 3,241 5.24
Artemis UK Special situations Investment Fund 2,748 4.44
Fund
Trojan Investment Fund Investment Fund 2,709 4.38
M&G Optimal Income Fund Investment Fund 2,650 4.28
Lyxor Gold Bullion Securities ETF ETF 2,433 3.93
Henderson Private Equity Investment 2,410 3.89
Investment Trust Company
Aquilus Inflection Fund Investment Fund 2,394 3.87
Vallar Quoted Equity 2,220 3.59
iShares FTSE/Xinhua China 25 ETF ETF 2,182 3.53
Neptune Russia & Greater Russia Investment Fund 2,127 3.44
Fund
Fundsmith Equity Fund Investment Fund 1,541 2.49
PFS Brompton UK Recovery Unit Investment Fund 1,377 2.22
Trust
The Sierra Investment Fund Investment Fund 1,214 1.96
BH Global Investment Limited Investment 1,095 1.77
Company
Aberforth Geared Income Trust Investment 965 1.56
Company
58,809 95.02
Balance held in 12 investments 3,086 4.98
Total investments 61,895 100.00
The investment portfolio can be further analysed
as follows:
Equities 7,937
Convertible securities 598
Investment funds, investment companies 53,360
and ETFs
61,895
All the Company's investments are either unlisted or are unit trust/OEIC funds
with the exception of Henderson Private Equity Investment Trust, iShares FTSE/
Xinhua China 25 ETF, BH Global Investment Limited, MAM Funds, Lyxor Gold
Bullion Securities ETF (Exchange Traded Fund), Immedia Broadcasting, Hanson
Westhouse Holdings and Vallar.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31ST
DECEMBER 2010
Six months ended
31st December 2010
(unaudited)
Revenue Capital Total
Return Return Return
£'000 £'000
£'000
Notes
INCOME
Investment income 259 - 259
Other operating income 6 - 6
Total income 2 265 - 265
GAINS AND LOSSES ON INVESTMENTS
Gains on investments at fair value
through profit or loss - 9,002 9,002
Other exchange (losses)/gains - (285) (285)
Trail commission - 31 31
265 8,748 9,013
EXPENSES
Management fees 3 (274) - (274)
Other expenses (125) - (125)
PROFIT BEFORE FINANCE COSTS AND TAX (134) 8,748 8,614
Finance costs - - -
PROFIT BEFORE TAX (134) 8,748 8,614
Tax 19 (397) (378)
PROFIT FOR THE PERIOD (115) 8,351 8,236
EARNINGS PER SHARE
Ordinary shares (pence) 4 (0.16) 11.76 11.60
The total column of this statement represents the Group's Statement of
Comprehensive Income, prepared in accordance with IFRS. The supplementary
revenue return and capital return columns are both prepared under guidance
published by the Association of Investment Companies. All items in the above
statement derive from continuing operations. No operations were acquired or
discontinued during the period.
All income is attributable to the equity holders of the parent company. There
are no minority interests.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31ST
DECEMBER 2009 AND THE YEAR ENDED 30TH JUNE 2010
Six Months ended Year ended
31st December 2009 30th June 2010
(unaudited) (audited)
Revenue Capital Total Revenue Capital Total
Return Return Return Return Return Return
£'000 £'000 £'000 £'000 £'000 £'000
Notes
INCOME
Investment income 232 - 232 420 - 420
Other operating income 12 - 12 17 - 17
Total income 2 244 - 244 437 - 437
GAINS AND LOSSES ON
INVESTMENTS
Gains on investments at
fair value through profit - 8,175 8,175 - 9,397 9,397
or loss
- 257 257 - 659 659
Other exchange gains
- 78 78 - 120 120
Trail commission
244 8,510 8,754 437 10,176 10,613
EXPENSES
Management fees 3 (235) - (235) (496) - (496)
Other expenses (138) - (138) (267) - (267)
PROFIT BEFORE FINANCE COSTS
AND TAX
(129) 8,510 8,381 (326) 10,176 9,850
Finance costs
- - - (1) - (1)
PROFIT BEFORE TAX (129) 8,510 8,381 (327) 10,176 9,849
Tax 36 19 55 46 (172) (126)
PROFIT FOR THE PERIOD (93) 8,529 8,436 (281) 10,004 9,723
EARNINGS PER SHARE
Ordinary shares (pence) 4 (0.13) 12.01 11.88 (0.40) 14.09 13.69
The total column of this statement represents the Group's Statement of
Comprehensive Income, prepared in accordance with IFRS. The supplementary
revenue return and capital return columns are both prepared under guidance
published by the Association of Investment Companies. All items in the above
statement derive from continuing operations. No operations were acquired or
discontinued during the periods.
All income is attributable to the equity holders of the parent company. There
are no minority interests.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31ST
DECEMBER 2010 (UNAUDITED)
Share Share Special Retained
capital premium reserve earnings Total
£'000 £'000 £'000 £'000 £'000
AT 30TH JUNE 2010 710 21,573 56,908 (11,219) 67,972
Profit for the period - - - 8,236 8,236
Dividend paid - - - - -
AT 31ST DECEMBER 2010 710 21,573 56,908 (2,983) 76,208
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31ST
DECEMBER 2009 (UNAUDITED)
Share Share Special Retained
capital premium reserve earnings Total
£'000 £'000 £'000 £'000 £'000
AT 30TH JUNE 2009 710 21,573 56,908 (20,445) 58,746
Profit for the period - - - 8,436 8,436
Dividend paid - - - (497) (497)
AT 31ST DECEMBER 2009 710 21,573 56,908 (12,506) 66,685
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30TH JUNE 2010
(AUDITED)
Share Share Special Retained
capital premium reserve earnings Total
£'000 £'000 £'000 £'000 £'000
AT 30TH JUNE 2009 710 21,573 56,908 (20,445) 58,746
Profit for the period - - - 9,723 9,723
Dividend paid - - - (497) (497)
AT 30TH JUNE 2010 710 21,573 56,908 (11,219) 67,972
CONSOLIDATED BALANCE SHEET AT 31ST DECEMBER 2010
31st 31st 30th June
December December
2010 2009 2010
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
NON-CURRENT ASSETS
Investments at fair value
through profit or loss
61,895 51,623 48,902
CURRENT ASSETS
Other receivables 1,043 173 68
Cash and cash equivalents 14,267 15,626 19,672
15,310 15,799 19,740
TOTAL ASSETS 77,205 67,422 68,642
CURRENT LIABILITIES
Other payables (212) (448) (230)
TOTAL ASSETS LESS CURRENT 76,993 66,974 68,412
LIABILITIES
NON-CURRENT LIABILITIES
(785) (289) (440)
Deferred tax liability
NET ASSETS 76,208 66,685 67,972
EQUITY ATTRIBUTABLE TO
EQUITY HOLDERS
Called-up share capital
710 710 710
Share premium
21,573 21,573 21,573
Special reserve
56,908 56,908 56,908
Retained earnings
5 (2,983) (12,506) (11,219)
TOTAL EQUITY 76,208 66,685 67,972
NET ASSET VALUE PER
ORDINARY SHARE (PENCE)
6 107.30 93.89 95.70
This half year report was approved and authorised for issue by the Board on
24th February 2011.
CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31ST DECEMBER 2010
Six months Six months Year
ended ended ended
31st 31st 30th June
December December 2010
2010 2009 (audited)
(unaudited) (unaudited)
£'000 £'000 £'000
NET CASH OUTFLOW FROM
OPERATING ACTIVITIES
(1,136) (103) (513)
NET CASH OUTFLOW FROM
SERVICING OF FINANCE
- - (1)
FINANCIAL INVESTMENT
Purchase of investments (6,211) (9,074) (15,113)
Sale of investments 2,227 4,854 14,948
NET CASH OUTFLOW FROM
FINANCIAL INVESTMENT
(3,984) (4,220) (165)
EQUITY DIVIDENDS PAID - (497) (497)
NET CASH OUTFLOW BEFORE (5,120) (4,820) (1,176)
FINANCING
FINANCING - - -
DECREASE IN CASH (5,120) (4,820) (1,176)
RECONCILIATION OF NET CASH
FLOW TO MOVEMENT IN NET
FUNDS
Decrease in cash resulting (5,120) (4,820) (1,176)
from cash flows
Exchange movements (285) 257 659
Movement in net funds (5,405) (4,563) (517)
Net funds at 1 July 19,672 20,189 20,189
NET FUNDS AT END OF PERIOD 14,267 15,626 19,672
/ YEAR
RECONCILIATION OF NET
RETURN BEFORE FINANCE COSTS
AND TAXATION TO NET CASH
FLOW FROM OPERATING
ACTIVITIES
Net return before finance 8,614 8,381 9,850
costs and taxation
Gains on investments (9,002) (8,175) (9,397)
Exchange differences 285 (257) (659)
Capital trail commission (31) (78) (120)
Net loss before finance (134) (129) (326)
costs and taxation
Rolled-up interest (28) - (112)
Increase in debtors (981) (74) 19
Decrease in creditors (18) 28 (112)
Taxation (6) (6) (102)
Capital trail commission 31 78 120
NET CASH INFLOW FROM
OPERATING ACTIVITIES
(1,136) (103) (513)
NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31ST
DECEMBER 2010
1. Accounting policies
The consolidated half year financial statements comprise the unaudited results
of the Company and its subsidiary, JIT Securities Limited, for the six months
to 31st December 2010. The comparative information for the year to 30th June
2010 does not constitute statutory accounts under the Companies Act 2006. Full
statutory accounts for the year to 30th June 2010 included an unqualified audit
report, did not contain any statements under section 498 of the Companies Act
2006, and have been filed with the Registrar of Companies.
The half year financial statements have been prepared in accordance with
International Accounting Standard 34 'Interim Financial Reporting', and are
presented in pounds sterling, as this is the Group's functional currency.
The same accounting policies have been followed in the interim financial
statements as applied to the accounts for the year ended 30th June 2010, which
are prepared in accordance with IFRSs as adopted by the European Union.
2. Total income
For the For the six For the
six months months
ended 31st ended 31st year ended
December December 30th June
2010 2009
2010
£'000 £'000
£'000
Income from Investments
UK net dividend income
37 - 23
UK unfranked investment income
194 86 182
Fixed interest income
- 118 160
Interest on convertible loan
stock 28 28 55
259 232 420
Operating Income
Bank interest receivable 6 12 17
6 12 17
For the For the six For the
six months months
ended 31st ended 31st year ended
December December 30th June
2010 2009
2010
£'000 £'000
£'000
Total income comprises
Dividends 231 86 205
Interest 28 146 215
Other income 6 12 17
265 244 437
3. Management fees
For the For the six For the
six months months
ended 31st ended 31st year ended
December December 30th June
2010 2009
2010
£'000 £'000
£'000
Investment management 274 235 496
Performance fee - - -
274 235 496
The management fee is payable in arrears and is calculated at a rate of 3/16%
per quarter of the total assets of the Company and its subsidiary after the
deduction of the value of any investments managed by the Investment Manager (as
defined in the management agreement). The Investment Manager is also entitled
to a performance fee of 15% of the growth in net assets over a hurdle of
3-month Sterling LIBOR plus 1% per annum, payable six monthly in arrears,
subject to a high water mark. The aggregate of the Company's management fee and
any performance fee are subject to a cap of 4.99% of net assets in any
financial year (with any performance fee in excess of this cap capable of being
earned in subsequent periods). The performance fee will be charged 100% to
capital, in accordance with the Board's expectation of how any out-performance
will be generated.
4. Return per Ordinary share
For the For the six For the
six months months
ended 31st ended 31st year ended
December December 30th June
2010 2009
2010
£'000 £'000
£'000
Revenue return (115) (93) (281)
Capital return 8,351 8,529 10,004
Total return 8,236 8,436 9,723
'
71,023,695 71,023,695 71,023,695
Revenue return per Ordinary (0.16)p (0.13)p (0.40)p
share
11.76p 12.01p 14.09p
Capital return per Ordinary
share
Total return per Ordinary share 11.60p 11.88p 13.69p
5. Retained earnings
The components of retained earnings are set out below:
31st 31st 30th June
December December
2010 2009 2010
£'000 £'000 £'000
Capital reserve - realised (15,970) (8,856) (8,925)
Capital reserve - revaluation 12,711 (4,229) (2,685)
Revenue reserve 276 579 391
(2,983) (12,506) (11,219)
6. Net asset value per Ordinary share
31st 31st 30th June
December December
2010 2009 2010
£'000 £'000 £'000
Net assets attributable to
Ordinary shareholders
76,208 66,685 67,972
Ordinary shares in issue at end 71,023,695 71,023,695 71,023,695
of period
Net asset value per Ordinary 107.30p 93.89p 95.70p
share
7. Related party transactions
There have been no related party transactions that have materially affected the
financial position or performance of the Group.
OTHER INFORMATION
This announcement is not for publication or distribution to persons in the
United States of America, its territories or possessions or to any US person
(within the meaning of Regulation S under the US Securities Act of 1933, as
amended). Neither this announcement nor any copy of it may be taken or
transmitted into Australia, Canada or Japan or to Canadian persons or to any
securities analyst or other person in any of those jurisdictions. Any failure
to comply with this restriction may constitute a violation of United States,
Australian, Canadian or Japanese securities law. The distribution of this
announcement in other jurisdictions may be restricted by law and persons into
whose possession this announcement comes should inform themselves about, and
observe any such restrictions.
FORWARD-LOOKING STATEMENTS
This preliminary announcement contains certain forward-looking statements with
respect to New Star Investment Trust PLC. These statements and forecasts
involve risk and uncertainty because they relate to events and depend upon
circumstances that will occur in the future. There are a number of factors that
could cause actual results or developments to differ materially from those
expressed or implied by these forward-looking statements and forecasts. Nothing
in this announcement should be construed as a profit forecast.