Half-yearly Report

PREMIER ENERGY AND WATER TRUST PLC Half Year Report for the six months to 30 June 2013 Investment Objectives The Company's investment objectives are to achieve a high income and to realise long term growth in the capital value of its portfolio. The Company will seek to achieve these objectives by investing principally in the equity and equity-related securities of companies operating primarily in the energy and water sectors, as well as other infrastructure investments. Contents Investment Objectives 1 Company Highlights 2-3 Chairman's Statement 4-5 Investment Manager's Report 6-8 Ten Largest Holdings 9 Income Statement 10-11 Balance Sheet 12 Reconciliation of Movements in 13 Shareholders' Funds Cashflow Statement 14 Reconciliation of Net Cashflow to 14 Movements in Net Debt Notes to the Half Year Report 15-17 Interim Management Report 18 Shareholder Information 19 Directors and Advisers 20 Company Highlights for the six months to 30 June 2013 Six months to Year ended 30 June 31 December 2013 2012 Total Return Performance Total Assets Total Return 1 18.9% 2.9% Bloomberg World Utilities 9.0% (1.0%) Index Total Return (GBP) 2 FTSE All World Index Total 13.7% 11.9% Return (GBP) 2 FTSE All Share Index Total 8.6% 12.9% Return (GBP) 2 Ongoing charges 3 1.6% 1.6% Six months to Year ended 30 June 31 December 2013 2012 % change Ordinary Share Returns Net Asset Value per 162.95p 112.59p 44.7% Ordinary share (cum income) 4 Mid-market price 133.50p 99.00p 34.8% per Ordinary share  Discount (18.1%) (12.1%) Net Asset Value 50.0% (4.0%) Total Return 5 Share Price Total 40.9% 3.7% Return 2 Six months to Six months to 30 June 30 June 2013 2012 % change Returns and Dividends Revenue Return per 7.74p 8.01p (3.4%) Ordinary share Net Dividends 4.35p 3.40p 27.9% declared per Ordinary share Six months to Year ended 30 June 31 December 2013 2012 % change Zero Dividend Preference Share Returns Net Asset Value per 189.23p 183.45p 3.2% Zero Dividend Preference share 4 Mid-market price 193.63p 186.50p 3.8% per Zero Dividend Preference share Premium 2.3% 1.7% Six months to 30 June 2013 Hurdle Rates Ordinary shares Hurdle rate to return the share price of 133.5p at 30 June 2013  6 2.7% Zero Dividend Preference shares Hurdle rate to return the redemption price share of 221.78p at 30 June 2013  6 (10.8%) Six months to Year ended 30 June 31 December 2013 2012 % change Balance Sheet Gross Assets less £67.9m £58.1m 16.9% Current Liabilities Zero Dividend (£40.3m) (£39.1m) 3.1% Preference shares Equity £27.6m £19.0m 45.3% shareholders' funds Gearing on Ordinary 2.46x 3.06x shares Zero Dividend 1.68x 1.49x Preference share cover 7 1 Based on opening and closing total assets plus dividends marked "ex-dividend" within the period. Source: PFM Ltd. 2 Source: Bloomberg. 3 Ongoing charges have been based on the Company's management fees and other operating expenses as a percentage of average gross assets less current liabilities over the year. 4 Articles of Association basis. 5 Based on opening and closing NAVs plus dividends marked "ex-dividend" within the period. Source: PFM Ltd. 6 Source: JP Morgan Cazenove. 7 Based on the ZDP accrued capital entitlement at the end of each year. Chairman's Statement for the six months to 30 June 2013 Overview of the period The first six months of 2013 have been positive for both the Premier Energy & Water Trust ("PEWT") and also equity markets generally. Monetary policy has been accommodating in developed markets, and the US recovery appears to have moved onto a solid footing. The structural issues in recession-hit Europe remain largely unresolved. However, the European Central Bank appears to have steadied the bond markets for the short term at least. There is an increasing realisation in both Europe and elsewhere that monetary policy alone will be insufficient, and that more fundamental reform will also be required. In the Emerging Markets, to which PEWT has become increasingly exposed, the middle classes have made their voices heard, demanding increased transparency, legitimacy, and value for money from those they elect. We view this as healthy, although this does of course unnerve some investors. PEWT has no exposure to either Turkey or Egypt, but is present in Brazil. During Brazil's transition from a low to high value economy it is natural that there should be some tensions, and politicians will have to "up their game", and deliver improved standards of services. The challenge for PEWT is to be aware of the risks, but also alert to any opportunities that these situations will invariably present. Performance PEWT's annual report for 2012 contained an analysis of the change in management and subsequent substantial portfolio restructuring which took place during that year, and I am pleased to report that these changes have had a beneficial effect on performance in the first half of 2013. The broad thrust was to reduce weightings in many of the US and European utilities, increasing exposure instead to Emerging Markets. Those developed markets utilities that were retained have generally shown strong outperformance when compared to those sold. For instance, the decision taken to exit the German utilities sector in 2012 has proved to be correct. PEWT's portfolio showed a very meaningful outperformance of both wider equity markets, and also the utilities sector. The total return on the portfolio, including income received, amounted to 18.9% over the six months, well ahead of the FTSE All World Index (total return, GBP adjusted), which returned 13.7%. The utilities sector again lagged, with the Bloomberg World Utilities Index showing a 9.0% return (total return, GBP adjusted). In contrast to our recent history, Ordinary shareholders have benefitted from the gearing provided by the ZDP shares. The NAV per Ordinary share increased by 44.7% to 162.95p, (having reached almost 178p in mid-May). Unfortunately the discount on the Ordinary share, as compared to the NAV, increased from 12.1% to 18.1%, which held the share price back to an increase of 34.8%. The ZDP shares benefited from increased asset cover as a result of portfolio performance, their asset cover increasing to 1.68x at the end of this interim period, an improvement on the 1.49x cover at the close of 2012. At the end of June the ZDP shares traded on a yield to maturity of 5.6%. The ZDP shares are scheduled to redeem at 221.78p on 31 December 2015. Dividends The Board has reviewed the revenue projection for the Company for the year ending 31 December 2013 and the current level of the revenue reserve. The Board is committed to a progressive dividend strategy and intends to continue to distribute a base dividend that relates to the level of earnings. The Board has therefore increased the second interim base dividend for 2013 by 11.76% to 1.9p compared to the 1.7p per Ordinary share paid for the equivalent period in 2012. In addition, subject to unforeseen circumstances, the Board intends to run down the Company's substantial revenue reserve by making additional distributions of 0.75p per quarter and anticipates being in a position to maintain these additional distributions through to the Company's currently anticipated winding up date of 31 December 2015. The additional 0.75p per quarter distribution will commence with the second interim dividend payment in 2013. On 1 August 2013 the Board declared a second interim dividend for the year ending 31 December 2013 of 2.65p per Ordinary share comprised of a base dividend of 1.9p and an additional dividend of 0.75p. This second interim dividend will be paid on 30 September 2013 to members on the register at the close of business on 30 August 2013. The Ordinary shares will be marked ex-dividend on 28 August 2013. Alternative Investment Fund Managers Directive (AIFMD) Your Board has considered and taken advice on the best response for PEWT to this EU driven legislation. This appears to be a classic sledgehammer, taken in this case to crack a hedge fund and derivatives `nut'. It is hard to see that PEWT has anything other than a tenuous connection to this nut, but nevertheless the Company will be hit with higher regulatory charges which we are in the process of assessing. Outlook While this has been a strong period for equities, it is one that highlights that the strength of equity markets and the underlying economic situation can sometimes show little correlation. While many investors may base their decisions around the actions of central bankers and politicians, we on the other hand, are looking for strong and growing companies, particularly those that can put in a good performance "whatever the weather". However, we are braced for continual changes in market direction and sentiment, which may sometimes be sharp. The resulting volatility is likely to be dramatic in Emerging Markets with their sensitivity to capital flows, but we are confident that the fundamental rising demand for energy and water services from the burgeoning middle classes will produce satisfactory growth in earnings and shareholder value. Geoffrey Burns Chairman 14 August 2013 Investment Manager's Report for the six months to 30 June 2013 Performance The first six months of 2013 has seen the utilities sector underperform to a far lesser degree than in 2012. The Bloomberg World Utilities Index (GBP adjusted, total return) rose 9.0% while the FTSE All World Index (GBP adjusted, total return) gained 13.7%. The majority of regional utilities indices remained in positive territory throughout the period - the major exception being Brazil - with particular strength from the US utility sector, and, importantly for the Company, Asian utilities. UK stocks as a group performed in line with the global index, but European utilities continued to lag. The details of PEWT's NAV per share may be found in the financial summary pages and the Chairman's Statement. On a share price and dividends received basis a PEWT Ordinary shareholder has seen a total return of 40.9% to the end of June. This is pleasing to report and comes despite a widening of the discount of the Ordinary share to the NAV, which increased from 12.1% at 31 December 2012 to 18.1% at 30 June 2013. Portfolio As discussed at length in the last annual report, 2012 saw a substantial re-structuring of PEWT's investment portfolio by the new management team. This restructuring has translated into a significant improvement in performance and turnover for the first six months of 2013 has been substantially lower than the second half of 2012. There have been only limited changes in geographic weightings, although the shift in emphasis from developed to emerging markets has continued, by approximately 8%, and these markets now comprise a little over 60% of the portfolio. The most significant increase has come in Latin America, and particularly Brazil to which we have been increasing exposure as the market there has been falling. June saw a particularly marked correction to the Brazilian market, in response to calls for political reform which it is feared may encompass a degree of tinkering with utility regulation and tariffs. However, the fundamentals of the Brazilian economy remain strong, and our analysis suggests that the stocks held by PEWT, CEMIG, AES Tiete and the most recent addition, COPASA, are less exposed to this threat than some other companies, and that their share prices should recover as the current tensions dissipate. PEWT's exposure to China has increased partly by virtue of the strong share price performance by several of the holdings in the top 20, such as China Everbright (+53.1%), China Suntien (+68.1%) and Huaneng Renewables (+103.6%). All three have responded positively to the series of policy statements being made by the Chinese government on the subject of a cleaner China. We expect this to continue, and see significant future growth remaining, even when set against a potential slowdown in the Chinese economy. OPG Power Ventures, mentioned in the last report, has continued to deliver on its Indian power station capacity expansion programme, and has seen its share price increase by 52.4% over the last six months. We have added further to the position and it is now the largest holding, at 7.3%. It has been encouraging to see the French electricity company, EdF, making up some ground in response to the adoption of a gradually more favourable stance towards regulation and pricing by the French government. The shares have risen 27.6% over the six months to June with a further increase seen in July post the interim period end. Also in Europe, two less well known Italian multi utilities, Hera and Acea (+19.0% and +40.9% respectively) are also starting to emerge from the turmoil that engulfed much of Continental Europe in 2011. France and Italy however, remain the extent of the Company's exposure to Continental Europe. GEOGRAPHIC ALLOCATION 30 June 2013 China 27.6% (24.3%) Asia (ex China) 18.8% (17.6%) United Kingdom 13.1% (15.8%) Europe (ex UK) 9.2% (9.2%) Latin America 8.7% (2.7%) North America 8.1% (10.3%) Global 7.2% (10.1%) Middle East 4.1% (3.8%) Eastern Europe 2.0% (4.8%) Australasia 1.2% (1.4%) (31 December 2012 comparative % figures shown in brackets) SECTOR ALLOCATION 30 June 2013 Electricity 46.8% (45.5%) Multi Utilities 25.3% (26.3%) Water & Waste 10.6% (12.5%) Gas 9.8% (9.5%) Renewable Energy 6.4% (5.0%) Transportation 1.1% (1.2%) (31 December 2012 comparative % figures shown in brackets) Currency Currency movements have played an important role over the interim period. Sterling has fallen by 6.7% from a level of 1.63 to 1.52 against the US dollar. This has had a positive effect on the portfolio, with the Ordinary shares further benefitting from the gearing effect provided by the ZDP shares. The US dollar is the Company's largest exposure as a result both of direct holdings in the US and its Chinese investments, all of which are listed in Hong Kong, the Hong Kong dollar being pegged to the US dollar. Just after the period end, a modest hedge was put in place to lock in a portion of this dollar strength and sterling weakness. Likewise sterling fell by 5.1% against the Euro over the period, although the Company is fully hedged in this respect, so this benefit was not seen in the value of the portfolio. Longer term, we expect that sterling will be weak against other major currencies. Public spending and trade imbalances run deep and debt levels remain high within the UK economy and this will continue to be the case irrespective of any short term signs of economic recovery. Balance sheet As a result of the strong investment performance of the past six months, the effective gearing on the Ordinary shares has fallen from 3.06x to a somewhat more comfortable 2.46x. However, markets permitting, we would still hope to bring this level down further over the remainder of 2013. At the end of June, PEWT's Ordinary shares represented £27.6 million out of the total gross assets of £67.9 million. Outlook Despite the market correction in the final month of the period under review, we continue to be encouraged by the broadly based performance of the portfolio, which has seen strength not only from its growing Asian and other emerging market investments, but also as a result of careful stock selection. Looking ahead, we see further scope for strength in many of the Company's larger holdings and are also excited by the prospects for a number of the smaller holdings. Income generation also remains a key objective of our investment decisions, but we do not feel constrained on this front, as the majority of utility dividends continue to see year on year increases. The importance of the built in inflation protection that many of the regulated utilities offer is, we feel, all too often overlooked by investors. Overall the portfolio as currently structured is well positioned to continue to meet its twin objectives of income and capital growth. James Smith Claire Long Premier Fund Managers Limited 14 August 2013 Ten Largest Holdings for the six months to 30 June 2013 Value % total June December Company/Activity Country £000 investments 2013 2012 OPG Power Ventures Electricity India 4,893 7.3% 1 7 Generation China Suntien Green Energy Multi Utility China 4,090 6.1% 2 4 China Everbright International Water & Waste China 3,876 5.8% 3 3 Essar Energy* Electricity India 2,859 4.3% 4 2 Generation & Oil Refining Qatar Electricity & Water Multi Utility Qatar 2,703 4.1% 5 9 Enersis Electricity Chile 2,594 3.9% 6 16 Integrated Ecofin Water & Power** Investment UK 2,569 3.9% 7 5 Company National Grid Electricity & Gas UK 2,497 3.7% 8 10 Transmission GDF Suez Multi Utility France 2,256 3.4% 9 1 Huaneng Renewables Renewable Energy China 2,190 3.3% 10 23 30,527 45.8% Other investments 36,123 54.2% Total investments 66,650 100.0% * Holding in convertible bonds and ordinary shares ** Holding in convertible bonds Income Statement for the six months to 30 June 2013 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited) (Audited) Six months Six months Six months Six months Six months Six months Year Year Year to 30 June to 30 June to 30 June to 30 June to 30 June to 30 June ended 31 ended 31 ended 31 2013 2013 2013 2012 2012 2012 December December December 2012 2012 2012 Revenue Capital Total Revenue Capital Total Revenue Capital Total Notes £000 £000 £000 £000 £000 £000 £000 £000 £000 Gains on investments held at fair value through - 9,703 9,703 - 631 631 - 71 71 profit or loss Revenue 1,708 - 1,708 1,888 - 1,888 2,859 - 2,859 Investment (132) (198) (330) (116) (174) (290) (230) (345) (575) management fee Other (176) - (176) (178) - (178) (386) - (386) expenses Return before finance costs and taxation 1,400 9,505 10,905 1,594 457 2,051 2,243 (274) 1,969 Finance - (1,192) (1,192) - (1,134) (1,134) - (2,328) (2,328) costs Return on ordinary activities before 1,400 8,313 9,713 1,594 (677) 917 2,243 (2,602) (359) taxation Taxation on (78) - (78) (226) - (226) (349) - (349) ordinary activities Return on ordinary activities after taxation attributable to equity 1,322 8,313 9,635 1,368 (677) 691 1,894 (2,602) (708) shares Return per Ordinary share (pence) - basic 4 7.74 48.71 56.45 8.01 (3.97) 4.04 11.10 (15.25) (4.15) The total column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies. A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement. Balance Sheet as at 30 June 2013 (Unaudited) (Unaudited) (Audited) 30 June 30 June 31 December 2013 2012 2012 £000 £000 £000 Non current assets Investments at fair 66,650 55,966 56,452 value through the profit or loss Current assets Debtors 933 2,760 324 Cash at bank 834 747 1,480 1,767 3,507 1,804 Current liabilities Creditors: amounts (525) (616) (184) falling due within one year Net current assets 1,242 2,891 1,620 Total assets less 67,892 58,857 58,072 current liabilities Creditors: amounts falling due after more than one year Zero Dividend (40,257) (37,871) (39,065) Preference shares Total net assets 27,635 20,986 19,007 Capital and reserves Share capital 171 171 171 Share premium 6,884 6,884 6,884 Redemption reserve 88 88 88 Capital reserve 10,315 3,927 2,002 Special reserve 7,472 7,472 7,472 Revenue reserve 2,705 2,444 2,390 Total equity 27,635 20,986 19,007 shareholders' funds Net asset value per Ordinary share (pence) - UK Accounting 161.91 122.95 111.36 Standards basis Net asset value per Ordinary share (pence) - Articles of 162.95 124.36 112.59 Association basis Reconciliation of Movements in Shareholders' Funds for the six months to 30 June 2013 For the six months to 30 June 2013 (unaudited) Share Share premium Redemption Capital Special Revenue capital reserve reserve reserve reserve reserve Total £000 £000 £000 £000 £000 £000 £000 Balance at 1 January 2013 171 6,884 88 2,002 7,472 2,390 19,007 Return on ordinary activities after taxation - - - 8,313 - 1,322 9,635 Dividends paid - - - - - (1,007) (1,007) Balance at 30 June 171 6,884 88 10,315 7,472 2,705 27,635 2013 For the six months to 30 June 2012 (unaudited) Share Share premium Redemption Capital Special Revenue capital reserve reserve reserve reserve reserve Total £000 £000 £000 £000 £000 £000 £000 Balance at 1 January 2012 171 6,884 88 4,604 7,472 2,049 21,268 Return on ordinary activities after taxation - - - (677) - 1,368 691 Dividends paid - - - - - (973) (973) Balance at 30 June 171 6,884 88 3,927 7,472 2,444 20,986 2012 For the year ended 31 December 2012 (audited) Share Share premium Redemption Capital Special Revenue capital reserve reserve reserve reserve reserve Total £000 £000 £000 £000 £000 £000 £000 Balance at 1 January 2012 171 6,884 88 4,604 7,472 2,049 21,268 Return on ordinary activities after taxation - - - (2,602) - 1,894 (708) Dividends paid - - - - - (1,553) (1,553) Balance at 31 December 2012 171 6,884 88 2,002 7,472 2,390 19,007 Cashflow Statement for the six months to 30 June 2013 (Unaudited) (Unaudited) (Audited) Six months to Six months to Year ended 30 June 30 June 31 December 2013 2012 2012 Notes £000 £000 £000 Net cash inflow 7 962 1,329 2,062 from operating activities Taxation Overseas tax (38) (226) (379) paid Financial investments Purchases of (16,802) (25,054) (48,526) investments Sales of 16,239 20,458 44,663 investments Net cash (563) (4,596) (3,863) outflow from financial investments Equity (1,007) (973) (1,553) dividends paid Net cash (646) (4,466) (3,733) outflow before financing Decrease in (646) (4,466) (3,733) cash Reconciliation of Net Cash Flow to Movements in Net Debt (Unaudited) (Unaudited) (Audited) Six months to Six months to Year ended 30 June 30 June 31 December 2013 2012 2012 £000 £000 £000 Decrease in cash as (646) (4,466) (3,733) above Net change in debt (1,192) (1,134) (2,328) due in more than one year Movements in net (1,838) (5,600) (6,061) debt for year Net debt as at 1 (37,585) (31,524) (31,524) January Net debt as at end (39,423) (37,124) (37,585) of period Notes to the Half Year Report ACCOUNTING POLICIES 1. These financial statements have been prepared in accordance with applicable United Kingdom Accounting Standards and with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" (issued in January 2009). The accounting policies applied to this half year report are consistent with those applied in the accounts for the year ended 31 December 2012. The accounts have been prepared on a going concern basis. 2. The figures and financial information for the year ended 31 December 2012 are an extract from the latest published accounts and do not constitute statutory accounts. Full accounts for that period have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under section 498 of the Companies Act 2006. The accounts for the six months ended 30 June 2013 and for the six months ended 30  June 2012 are unaudited and do not constitute statutory accounts. 3. On 1 August 2013 the Directors declared a second interim dividend of 2.65p per Ordinary share comprised of a base dividend of 1.9p and an additional dividend of 0.75p for the year ending 31 December 2013 to holders of Ordinary shares on the register on 30 August 2013. The Ordinary shares will be marked ex-dividend on 28 August 2013 and the dividend will be paid on 30 September 2013. 4. The total return per Ordinary share is based on the return on ordinary activities after taxation of £9,635,000 (six months ended 30 June 2012: £ 691,000; year ended 31 December 2012: £(708,000)) and on 17,068,480 Ordinary shares in issue during the six months ended 30 June 2013 (six months ended 30  June 2012: 17,068,480 shares; year ended 31 December 2012: 17,068,480 shares). 5. The Net Asset Value differences reported below arise from the treatment of the premium (net of expenses) from the issue of Zero Dividend Preference ("ZDP") shares in December 2011 of £330,000. In accordance with UK Accounting Standards this has been included with the ZDP liability and is being amortised over the life of the Company. In accordance with the Articles of Association the premium has been included with shareholders equity and the ZDP liability reflects their accrued capital entitlement at 30 June 2013 and 31 December 2012. The net asset value per share and the net assets available to each class of share calculated in accordance with UK Accounting Standards, are as follows: Net asset value Net assets Net asset value Net assets per share available per share available 30 June 30 June 31 December 31 December 2013 2013 2012 2012 Pence £000 Pence £000 17,068,480 Ordinary shares of £0.01 each in issue 161.91 27,635 111.36 19,007 21,180,373 Zero Dividend Preference shares of £0.01 each 190.07 40,257 184.44 39,065 in issue* * Classified as a liability. The net asset value per share and the net assets available to each class of share calculated in accordance with the Articles of Association, are as follows: Net asset value Net assets Net asset value Net assets per share available per share available 30 June 30 June 31 December 31 December 2013 2013 2012 2012 Pence £000 Pence £000 17,068,480 Ordinary shares of £0.01 each in issue 162.95 27,813 112.59 19,217 21,180,373 Zero Dividend Preference shares of £0.01 each 189.23 40,079 183.45 38,855 in issue* * Classified as a liability. 6. The taxation charge of £78,000 (30 June 2012: £226,000 and 31 December 2012: £ 349,000) relates to irrecoverable overseas taxation. 7. Reconciliation of total return on ordinary activities before finance costs and taxation to net cash inflow from operating activities: (Unaudited) (Unaudited) (Audited) Six months to Six months to Year ended 30 June 30 June 31 December 2013 2012 2012 £000 £000 £000 Total return on ordinary activities before finance costs and 10,905 2,051 1,969 taxation Capital return (9,505) (457) 274 before finance costs and taxation Accrued income and (253) (157) 112 prepayments Other creditors 13 66 52 Investment (198) (174) (345) management fee capitalised Net cash inflow 962 1,329 2,062 from operating activities 8. Investment management fee charged by Premier Fund Managers Limited. (Unaudited) (Unaudited) (Audited) Six months to Six months to Year ended 30 June 30 June 31 December 2013 2012 2012 £000 £000 £000 Basic fee: 40% 132 116 230 charged to revenue Basic fee: 60% 198 174 345 charged to capital 330 290 575 9. It is the intention of the Directors to conduct the affairs of the Company so that they satisfy the conditions for approval as an investment trust company set out in section 1158 of the Income and Corporation Tax Act 2010. Interim Management Report Premier Energy and Water Trust PLC is required to make the following disclosures in its half year report: PRINCIPAL RISKS AND UNCERTAINTIES The Board believes that the principal risks and uncertainties faced by the Company continue to fall into the following categories: • Structure of the Company • Discount volatility and gearing • Dividend levels • Operational • Currency risk • Accounting, legal and regulatory • Liquidity risk • Political and regulatory • Market price risk Information on each of these is given in the Report of the Directors in the Annual Report for the year ended 31 December 2012. RELATED PARTY TRANSACTIONS There have been no related party transactions during the six months ended 30 June 2013. GOING CONCERN The Directors believe, having considered the Company's investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio and income and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts. DIRECTORS' RESPONSIBILITY STATEMENT The Directors are responsible for preparing the half year report, in accordance with applicable law and regulations. The Directors confirm that, to the best of their knowledge: • The condensed set of financial statements within the half year report has been prepared in accordance with the Accounting Standards Board's statement "Half-Yearly Financial Reports"; and • The Interim Management Report includes a fair review of the information required by 4.2.7R (indication of important events during the first six months of the year) and 4.2.8R (disclosure of related party transactions and changes therein) of the FCA's Disclosure and Transparency Rules. For and on behalf of the Board. Geoffrey Burns Chairman 14 August 2013 Shareholder Information SHARE PRICE AND PERFORMANCE INFORMATION The Ordinary shares and Zero Dividend Preference shares are listed on the London Stock Exchange. Information about the Company and that of the other investment company managed by Premier, the Acorn Income Fund Limited, including current share prices can be obtained directly from: www.premierfunds.co.uk Contact Premier on 01483 400 400, or by e-mail to premier@premierfunds.co.uk. SHARE DEALING Shares can be purchased through a stockbroker. Information on the Premier ISA can be obtained by contacting Premier on 01483 400 400. SHARE REGISTER ENQUIRIES The register for the Ordinary shares and Zero Dividend Preference shares is maintained by Capita Registrars. In the event of queries regarding your holding, please contact the Registrar on 0871 664 0300 (calls cost 10p per minute plus network extras, lines are open Monday to Friday 9.00 a.m. to 5.30 p.m.); overseas +44 208 639 3399; or e-mail ssd@capitaregistrars.com. Changes of name and/or address must be notified in writing to the Registrar. A member of the Association of Investment Companies. Directors and Advisers DIRECTORS Geoffrey Burns (Chairman) Ian Graham Michael Wigley Charles Wilkinson INVESTMENT MANAGER Premier Fund Managers Limited Eastgate Court High Street Guildford Surrey GU1 3DE Telephone: 01483 306 090 www.premierfunds.co.uk Authorised and regulated by the Financial Conduct Authority SECRETARY AND REGISTERED OFFICE Premier Asset Management Limited Eastgate Court High Street Guildford Surrey GU1 3DE Telephone: Mike Nokes 0207 982 1260 COMPANY NUMBER 4897881 WEBSITE www.premierfunds.co.uk REGISTRAR Capita Registrars The Registry 34 Beckenham Road Beckenham Kent BR3 4TU Telephone: 0871 664 0300 Overseas: +44 208 639 3399 E-mail: ssd@capitaregistrars.com AUDITOR Ernst & Young LLP 1 More London Place London SE1 2AF STOCKBROKER N+1 Singer Advisory LLP One Bartholomew Lane London EC2N 2AX Telephone: 0207 496 3000 ORDINARY SHARES SEDOL 3353790GB LSE PEW.L ZDP SHARES SEDOL 3353820GB LSE PEWZ.L

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