Interim Results
Artemis Alpha Trust PLC
21 December 2005
ARTEMIS ALPHA TRUST PLC
Preliminary Unaudited Results for the six months ended 31st October 2005
Chairman's Statement
Performance
Over the six months to 31st October 2005 your Company's basic net asset value
fell by 5.5% (diluted down 5.0%) which compared to a rise in the capital value
of the benchmark index, the FTSE All Share, of 11.2%. Whilst it is always
disappointing to report a period of underperformance, the objective of the
Company is to achieve above average rates of return over the longer term. This
has been achieved, with the net asset value rising by some 151.4% since May 2003
when Artemis Investment Management was appointed Manager. This compares with a
rise in the benchmark of 35.3% over the same period.
Dividends
Your Board has declared a maintained first interim dividend of 1.0 pence per
ordinary share for the year ended 30th April 2006. This dividend will be paid on
3rd February 2006 to shareholders on the register at the close of business on
6th January 2006. It is intended that any increase in total dividends for the
year to 30th April 2006 will be reflected in the second dividend for the year.
Accounting Standards
Shareholders will be aware that many UK listed companies are now adopting
International Financial Reporting Standards ('IFRS') for the preparation of
their financial statements. Your Company has adopted IFRS for the first time in
this accounting period and the interim financial statements and related notes
reflect the requirements of these new standards. The two main changes in the
Company's financial statements are, firstly, the change in the basis of valuing
the listed investments, which is now done using bid prices as opposed to mid
prices, and secondly, the timing of recognition of dividends, which will now be
done when the dividend is paid. Previously dividends were included on an accrual
basis. Accordingly, the first interim dividend cost of £333,000 has not been
deducted from the Company's net assets at 31st October 2005. Further information
on these new standards is set out in the notes to the financial statements.
Investment Plan
The Investment Plan is now fully operational and your Board considers that it
provides shareholders and new investors with a cost effective way to acquire the
Company's shares. Documentation for the Investment Plan is available on the
Manager's website (www.artemisonline.co.uk/pdf/brochures/
alphatrustinvestmentplan.pdf) or by contacting the Manager on 0800 092 2051.
Manager Warrants
As the Board indicated previously, it undertook to review the level of Manager
Warrants from time to time to ensure that the Manager was being incentivised
fairly in light of the assets being managed. Having recently reviewed the
position, the Board has concluded that it is now appropriate to offer further
Manager Warrants to Artemis. The issue of additional Manager Warrants will be
subject to shareholder approval and you will find enclosed with the Interim
Report, a Chairman's letter setting out more fully the background to the
proposal, together with the notice convening an Extraordinary General Meeting of
the Company.
Outlook
The continuing high price of oil and the affect this may have on inflation,
coupled with a general slowdown in consumer spending, are a concern for
stockmarkets. However, there remains a significant amount of institutional money
waiting to be invested and this may provide a certain level of support for
equities. Your Board believes that your Company's wide investment policy and the
Manager's ability to identify companies and sectors that offer the prospect of
good returns will continue to produce positive returns for shareholders over the
longer term.
Subsequent event
In March this year, your Company acquired a 1.9% holding in the Manager, Artemis
Investment Management. Following a recent third party transaction in the
underlying shares of Artemis, in which Artemis Alpha Trust reduced its holding,
the Board has revalued the remaining shares (with effect from close of business
yesterday), on the basis of an appropriate discount to the transaction price.
The combined effect of the disposal and revaluation has been to add 14 pence to
the Company's basic net asset value per Ordinary share. As at close of business
on 20th December 2005 the basic net asset value per Ordinary share was 205.4
pence (diluted: 191.0 pence). Further details will be contained in the Annual
Report & Accounts.
Simon Miller
Chairman
21st December 2005
Consolidated Income Statement
For the six months ended 31st October 2005
1st May 2005 to 31st October 2005 1st May 2004 to 31st October 2004
(Restated see note 2)
Revenue Capital Total Revenue Capital Total
Notes £'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on 32 (3,358) (3,326) 214 5,045 5,259
investments
Exchange loss - (37) (37) - (17) (17)
Investment income 596 - 596 482 - 482
Subsidiary's realised 148 - 148 58 - 58
dealing profits
Other income - - - 16 - 16
776 (3,395) (2,619) 770 5,028 5,798
Expenses
Management fees (28) (249) (277) (18) (161) (179)
Other operating (164) - (164) (147) - (147)
expenses
Finance costs (34) (305) (339) (15) (138) (153)
(226) (554) (780) (180) (299) (479)
Profit /(loss) before 550 (3,949) (3,399) 590 4,729 5,319
taxation
Taxation (40) 40 - (9) - (9)
Profit /(loss) for the 510 (3,909) (3,399) 581 4,729 5,310
period
Earnings per Ordinary 3 (10.20)p 17.36p
share (basic)
Return per Ordinary 3 (9.49)p 16.80p
share (diluted)
Consolidated Income Statement
For the six months ended 31st October 2005
Year ended 30th April 2005
Restated (see note 2)
Revenue Capital Total
Notes £'000 £'000 £'000
Gains/(losses) on investments 334 19,389 19,723
Exchange loss - (13) (13)
Investment income 799 - 799
Subsidiary's realised dealing profits 400 - 400
Other income 16 - 16
1,549 19,376 20,925
Expenses
Management fees (44) (389) (433)
Other operating expenses (301) (60) (361)
Finance costs (42) (374) (416)
(387) (823) (1,210)
Profit (loss) before taxation 1,162 18,553 19,715
Taxation (82) 63 (19)
Profit (loss) for the period 1,080 18,616 19,696
Earnings per Ordinary share (basic) 3 63.71p
Earnings per ordinary share (diluted) 3 60.13p
The total column of this statement represents the Income Statement of the Group,
prepared in accordance with IFRS. The revenue and capital columns are
supplementary to this and are prepared under guidance published by the
Association of Investment Trust Companies. All items in the above statement
derive from continuing operations.
Consolidated Balance Sheet (unaudited)
As at 31st October 2005
31st October 31st October
2005 2004
(Restated - see note 2)
Notes £'000 £'000
Non-current assets
Investments 69,838 50,211
Current Assets
Investments held by subsidiary 1,246 817
Cash and cash equivalents 3,285 1,027
Due from brokers - 168
Trade and other receivables 237 159
4,768 2,171
Current liabilities
Payable to brokers (1,096) (48)
Bank loan (11,500) (4,800)
Other payables (810) (2,187)
(13,406) (7,035)
Net current liabilities (8,638) (4,864)
Net assets 61,200 45,347
Equity
Called-up share capital 333 306
Share premium account 23,912 18,431
Special reserve 8,208 8,208
Warrant reserve 1,101 1,101
Capital redemption reserve 2 2
Retained earnings 6 27,644 17,299
Equity shareholders' funds 61,200 45,347
Net asset value per ordinary share (basic) 3 183.67p 148.22p
30th April
2005
(Restated - see note 2)
Notes £'000
Non-current assets
Investments 74,415
Current Assets
Investments held by subsidiary 654
Cash and cash equivalents 2,907
Due from brokers 716
Trade and other receivables 121
4,398
Current liabilities
Payable to brokers -
Bank loan (11,500)
Other payables (2,378)
(13,878)
Net current liabilities (9,480)
Net assets 64,935
Equity
Called-up share capital 333
Share premium account 23,912
Special reserve 8,208
Warrant reserve 1,101
Capital redemption reserve 2
Retained earnings 6 31,379
Equity shareholders' funds 64,935
Net asset value per ordinary share (basic) 3 194.88p
Consolidated Statement of Changes in Equity (unaudited)
For the six months ended 31st October 2005
Share capital Share Special Warrant Capital Retained Total
£'000 premium reserve reserve redemption earnings
£'000 £'000 £'000 reserve £'000 £'000
£'000
Net assets at
30th April 2005
(as restated - 333 23,912 8,208 1,101 2 31,379 64,935
see note 2)
Dividends paid - - - - - (336) (336)
and declared
Net loss on
ordinary - - - - - (3,399) (3,399)
activities
after taxation
Net assets at
31st October 2005 333 23,912 8,208 1,101 2 27,644 61,200
For the six months ended 31st October 2004
Share capital Share premium Special Warrant Capital Retained Total
£'000 £'000 reserve reserve redemption earnings
£'000 £'000 reserve £'000 £'000
£'000
Net assets at
30th April 2004
(as restated - 306 18,431 8,208 367 2 12,120 39,434
see note 2)
Issue of - - - 734 - - 734
warrants
Dividends paid - - - - - (131) (131)
and declared
Net profit on
ordinary - - - - - 5,310 5,310
activities
after taxation
Net assets at
31st October 2004 306 18,431 8,208 1,101 2 17,299 45,347
For the year ended 30th April 2005
Share capital Share premium Special Warrant Capital Retained Total
£'000 £'000 reserve reserve redemption earnings
£'000 £'000 reserve £'000 £'000
£'000
Net assets at
30th April 2004
(as restated - 306 18,431 8,208 367 2 12,120 39,434
see note 2)
Issue of - - - 734 - - 734
warrants
Issue of shares 27 5,493 - - - - 5,520
Expense of - (12) - - - - (12)
share issues
Dividends paid - - - - - (437) (437)
and declared
Net profit on
ordinary - - - - - 19,696 5,310
activities
after taxation
Net assets at 333 23,912 8,208 1,101 2 31,379 64,935
30th April 2005
Consolidated Cash Flow Statement (unaudited)
For the six months ended 31st October 2005
1st May 2005 to 1st May 2004 to Year ended
31st October 31st October 30th April
2005 2004 2005
(restated - see note 2) (restated - see note 2
£'000 £'000 £'000
Operating activities
Investment Income received 615 496 1,169
Interest received 11 38 53
Investment management fees paid (234) (157) (327)
Other cash payments (284) (194) (317)
Interest paid (311) (164) (425)
Net cash (outflow)/inflow from operating (203) 19 153
activities
Investing activities
Purchases of investments (15,516) (28,925) (51,480)
Sales of investments 17,985 22,534 40,925
Net cash inflow/(outflow) from investing 2,469 (6,391) (10,555)
activities
Financing activities
Amounts drawn under revolving credit - 2,000 6,700
facility
Expenses of share issue (12) - -
Proceeds from issue of warrants - 734 734
Dividends paid on Ordinary Shares (336) (130) (436)
Net cash (outflow)/inflow from financing (348) 2,604 6,998
activities
Net increase/(decrease) in cash and cash 1,918 (3,768) (3,404)
equivalents
Cash and cash equivalents at start of 1,404 4,795 4,795
period
Effect of foreign exchange rate changes (37) - 13
Cash and cash equivalents at end of period 3,285 1,027 1,404
Notes
1. Accounting Policies
The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS) adopted by the International Accounting
Standards Board (IASB), and interpretations issued by the International
Financial Reporting Interpretations Committee of the IASB (IFRIC).
These are the Group's first financial statements prepared in accordance with
IFRS and IFRS1, First Time Adoption, has been applied. Previously the financial
statements were prepared in accordance with UK Generally Accepted Accounting
Principles (UK GAAP). UK GAAP differs in certain respects from IFRS. In
preparing the financial statements under IFRS, the Directors have amended
certain accounting and valuation methods applied under UK GAAP.
Reconciliations concerning the transition to IFRS are shown in note 2.
(a) Basis of Preparation
EU law requires that the annual consolidated financial statements of the Group
for the year ended 30 April 2006 be prepared in accordance with accounting
standards adopted for use in the EU. These interim financial statements have
been prepared on the basis of the recognition and measurement requirements of
IFRS in issue that either are adopted by the EU and effective (or available for
early adoption) or are expected to be adopted and effective (or available for
early adoption) at 30 April 2006.
The financial statements are prepared on an historical cost basis, except for
the measurement at fair value of investments and derivative instruments.
(b) Investments
Investments are all held at fair value through profit or loss. Listed
investments are measured initially at cost, and are recognised at trade date.
For financial assets acquired, the cost is the fair value of the consideration.
Subsequent to initial recognition, all listed investments are measured at their
quoted bid prices without deduction for the estimated future selling costs.
Unlisted investments are valued by the directors using primary valuation
methodologies such as earnings multiples, recent transactions and net assets.
Where fair value cannot reliably be measured the investment will be carried at
the previous reporting date value unless there is evidence that the investment
has since been impaired. In such cases the value will be reduced to reflect the
estimated extent of impairment.
Assets are derecognised at the trade date of the disposal. Proceeds will be
measured at fair value which will be regarded as the proceeds of sale less any
transaction costs.
(c) Movements in Fair Value
Changes in the fair value of all held-at-fair-value assets are taken to the
Consolidated Income Statement. On disposal, realised gains and losses are also
recognised in the Consolidated Income Statement.
(d) Income
Dividends receivable on equity shares are treated as revenue for the year on an
ex-dividend basis. Where no ex-dividend date is available dividends receivable
on or before the year end are treated as revenue for the year. Provision is made
for any dividends not expected to be received.
Income from fixed interest securities is recognised on an effective yield basis.
Interest receivable from cash and short term deposits and interest payable is
recognised on an accruals basis.
(e) Expenses
All expenses are accounted for on an accruals basis. Expenses have been charged
to the revenue column in the Consolidated Income Statement except as follows:
• expenses which are incidental to the acquisition or disposal of an
investment are treated as capital.
• expenses are treated as capital where a connection with the maintenance or
enhancement of the value of the investments can be demonstrated. As a
result management fees and finance costs are allocated on the basis of 10%
to revenue and 90% to capital.
(f) Taxation
Deferred tax is recognised in respect of all temporary differences that have
originated but not reversed at the balance sheet date, where transactions or
events that result in an obligation to pay more tax in the future or right to
pay less tax in the future have occurred at the balance sheet date. This is
subject to deferred tax assets only being recognised if it is considered more
likely than not that there will be suitable profits from which the future
reversal of the temporary differences can be deducted.
(g) Cash and Cash Equivalents
Cash comprises current deposits and overdrafts with banks.
These are subject to an insignificant risk of changes in value, and are held for
the purpose of meeting short-term cash commitments rather than for investment or
other purpose.
(h) Dividends Payable
Dividends are recognised from the date on which they are irrevocably committed
to payment.
(i) Foreign Currency Translation
Transactions involving foreign currencies are converted at the rate ruling at
the date of the transaction. Foreign currency monetary assets and liabilities
are translated into Sterling at the rate ruling on the balance sheet date.
Foreign exchange differences arising on translation are recognised in the
Consolidated Income Statement.
2. Transition to IFRS Reconciliation
a) Reconciliation of Equity at 31st October 2004
At 1st May 2004 the Company adopted International Financial Reporting Standards.
In accordance with IFRS 1 First Time Adoption of International Financial
Reporting Standards the following are reconciliations of the figures previously
reported under the applicable UK Accounting Standards.
Previously
reported Restated
31st October IFRS adjustments 31st October
2004 2004
Notes £'000 £'000 £'000
Fixed assets
Investments i 50,323 (112) 50,211
Current assets ii 1,915 256 2,171
Creditors : amounts falling
due within one year iii (7,341) 306 (7,035)
---------- ---------- ----------
Total assets less current
liabilities 44,897 450 45,347
---------- ---------- ----------
Capital and reserves
Called up share capital 306 - 306
Share premium 18,431 - 18,431
Special reserve 8,208 - 8,208
Warrant reserve 1,101 - 1,101
Capital redemption reserve 2 - 2
Capital reserve - realised iv 8,794 (8,794) -
Capital reserve -
unrealised iv 7,787 (7,787) -
Revenue reserve/retained
earnings iv 268 17,031 17,299
---------- ---------- ----------
44,897 450 45,347
---------- ---------- ----------
Net asset value per
Ordinary share 146.75p 1.47p 148.22p
b) Reconciliation of the Consolidated Statement of Total Return to the
Consolidated Income Statement for the six months ended 31st October 2004
Under IFRS the Consolidated Income Statement is the equivalent of the
Consolidated Statement of Total Return as reported previously.
£'000
Total transfer to reserve per Consolidated Statement of Total Return 4,739
Add back dividends proposed on Ordinary shares 306
Change from mid to bid basis at 30th April 2004 143
Change from mid to bid basis at 31st October 2004 (112)
Change in valuation of current asset investments at 30th April 2004 (22)
Change in valuation of current asset investments at 31st October 2004 256
----------
Net gain per Consolidated Income Statement 5,310
c) Reconciliation of the Consolidated Cash Flow Statement for the six months
ended 31st October 2004
Previously Effect of Adjusted cash
reported cash transition to flows
flows IFRSs
2004 2004
Notes £'000 £'000 £'000
Net cash inflow from operating
activities v 183 (164) 19
Returns on investments and
servicing of finance v (6,555) 164 (6,391)
Equity dividends paid vi (130) 130 -
---------- ---------- ----------
Net cash inflow before
financing (6,502) 130 (6,372)
Financing vi 2,734 (130) 2,604
---------- ---------- ----------
Increase in cash (3,768) - (3,768)
d) Reconciliation of Equity at 30th April 2005
Previously Restated
reported
30th April IFRS adjustments 30th April
2005 2005
Notes £'000 £'000 £'000
Fixed assets
Investments i 74,593 (178) 74,415
Current assets ii 4,058 340 4,398
Creditors : amounts falling
due within one year iii (14,214) 336 (13,878)
---------- ---------- ----------
Total assets less current
liabilities 64,437 498 64,935
Capital and reserves
Called up share capital 333 - 333
Share premium 23,912 - 23,912
Special reserve 8,208 - 8,208
Warrant reserve 1,101 - 1,101
Capital redemption reserve 2 - 2
Capital reserve - realised iv 13,178 (13,178) -
Capital reserve - unrealised iv 17,378 (17,378) -
Revenue reserve/retained
earnings iv 325 31,054 31,379
---------- ---------- ----------
64,437 498 64,935
Net asset value per Ordinary
share 193.38p 1.50p 194.88p
e) Reconciliation of the Consolidated Statement of Total Return to the
Consolidated Income Statement for the year ended 30th April 2005
Under IFRS the Consolidated Income Statement is the equivalent of the
Consolidated Statement of Total Return as reported previously.
£'000
Total transfer to reserve per Statement of Total Return 18,771
Add back dividends proposed on Ordinary shares 642
Change from mid to bid basis at 30th April 2004 143
Change from mid to bid basis at 30th April 2005 (178)
Change in valuation of current asset investments at 30th
April 2004 (22)
Change in valuation of current asset investments at 30th
April 2005 340
----------
Net gain per Consolidated Income Statement 19,696
f) Reconciliation of the Consolidated Cash Flow Statement for the year ended
30th April 2005
Previously
reported cash Effect of Adjusted cash flows
flows transition to IFRSs
2005 2005
Notes £'000 £'000 £'000
Net cash inflow from
operating activities v 578 (425) 153
Returns on investments and
servicing of finance
v (10,980) 425 (10,555)
Equity dividends paid vi (436) 436 -
---------- ---------- ----------
Net cash inflow before
financing (10,838) 436 (10,402)
Financing vi 7,434 (436) 6,998
---------- ---------- ----------
Decrease in cash (3,404) - (3,404)
g) Reconciliation of Equity at 30th April 2004
Previously Restated
reported
30th April IFRS 30th April
2004 Adjustments 2004
Notes £'000 £'000 £'000
Fixed assets
Investments i 39,742 (143) 39,599
Current assets ii 5,873 22 5,895
Creditors : amounts falling
due within one year iii (6,191) 131 (6,060)
---------- ---------- ----------
Total assets less current
liabilities 39,424 10 39,434
Capital and reserves
Called up share capital 306 - 306
Share premium 18,431 - 18,431
Special reserve 8,208 - 8,208
Warrant reserve 367 - 367
Capital redemption reserve
2 - 2
Capital reserve - realised iv 4,655 (4,655) -
Capital reserve - iv -
unrealised 7,228 (7,228)
Revenue reserve/retained
earnings iv 227 11,893 12,120
---------- ---------- ----------
39,424 10 39,434
---------- ---------- ----------
Net asset value per
Ordinary share 128.86p 0.04p 128.90p
Notes to the Reconciliation
i. Non-current asset investments are all classified as held-at-fair-value under
IFRS and are carried at bid prices which equates to their fair value. They
were previously carried at mid-market value. The resultant difference is
included in Retained earnings.
ii. Current asset investments are classified as held at fair value under IFRS
and are carried at bid prices which equates to their fair value. They were
previously carried at the lower of cost or mid-market value. The resultant
difference is included in retained earnings.
iii. No provision has been made for the dividends relating to the period ends as
these were not declared until after the balance sheet date. Under IFRS the
dividend is not recognised until paid. This is therefore added to retained
earnings.
iv. Under IFRS, there is no differentiation between 'capital' and 'revenue gains
/losses'. The previous headings of 'Capital reserve - realised' and 'Capital
reserve-unrealised' are now included under the heading Retained earnings.
v. Bank interest paid is now shown under operating activities rather than
servicing of finance.
vi. Equity dividends paid are now disclosed under financing.
3. Earnings per Ordinary Share and Net Asset Value per Ordinary Share
31st October 31st October 30th April
2005 2004 2005
Net revenue attributable to
Ordinary shareholders £510,000 £581,000* £1,080,000*
Net capital (losses)/gains
attributable to Ordinary
shareholders £(3,909,000) £4,729,000* £18,616,000*
Equity shareholders funds £61,200,000 £45,347,000* £64,935,000*
The weighted average number of
Ordinary shares in issue during
each period, on which the return
per Ordinary share was
calculated, was: 33,320,799 30,593,452 30,914,756
The actual number of Ordinary
shares in issue at the end of the
period on which the net asset
value was calculated, was: 33,320,799 30,593,452 33,320,799
Revenue earnings per Ordinary
share 1.53p 1.90p* 3.49p*
Capital earnings per Ordinary
share (11.73p) 15.46p* 60.22p*
---------- ---------- ----------
Total earnings per Ordinary share
(10.20p) 17.36p* 63.71p*
---------- ---------- ----------
Net asset value per Ordinary
share 183.67p 148.22p* 194.88p*
Revenue earnings per share
(diluted) 1.42p 1.84p* 3.30p*
Capital earnings per share
(diluted) (10.91p) 14.96p* 56.83p*
---------- ---------- ----------
Total earnings per share
(diluted) (9.49p) 16.80p* 60.13p*
---------- ---------- ----------
Asset value per share (diluted) 172.62p 142.26p* 182.09p*
---------- ---------- ----------
* Restated see note 2.
The calculation of the fully diluted revenue and capital returns per Ordinary
share are carried out in accordance with International Accounting Standard 33
'Earnings per Share.' For the purposes of calculating the diluted revenue and
capital returns per Ordinary share, the number of Ordinary shares is the
weighted average used in the basic calculation plus the number of Ordinary
shares deemed to be issued for no consideration on exercise of all Manager
Warrants by reference to the average share price of the Ordinary shares during
the period. The calculation indicates that the exercise of Manager Warrants
would result in an increase in the weighted average of Ordinary shares of
2,494,670 (31st October 2004: 1,024,458; 30th April 2005: 1,844,066).
The diluted net asset value per Ordinary share has been calculated on the
assumption that the warrants of 6,118,689 (31st October 2004: 6,118,689, 30th
April 2005: 6,118,689) were exercised on the first day of the financial period
resulting in a total of 39,439,488 Ordinary shares (31st October 2004:
36,712,141, 30th April 2005: 39,439,488).
4. Comparative Information
The above financial information does not constitute statutory financial
statements as defined in Section 240 of the Companies Act 1985.
Information for the year ended 30th April 2005 has been extracted from the
audited financial statements for the year ended 30th April 2005 and restated to
comply with IFRS. These financial statements contained an unqualified auditor's
report, have been lodged with the Registrar of Companies and did not contain a
statement required under Section 237 (2) or (3) of the Companies Act 1985.
5. Interim Dividend
Dividends on Ordinary shares deducted from reserves are analysed below:
Six months Six months Year
ended ended ended
31st October 31st October 30th April
2005 2004 2005
£'000 £'000 £'000
Second interim dividend for year
ended 30th April 2004 - 1.0p
- 131 131
First interim dividend for year
ended 30th April 2005 - 1.0p - - 306
Second interim dividend for year
ended 30th April 2005 - 1.1p 336 - -
---------- ---------- ----------
336 131 437
A first interim dividend for the year ended 30th April 2006 of £333,000 (1.0
pence per Ordinary share) is proposed. This will be paid on 3rd February 2006.
6. Analysis of Retained Earnings
31st October 31st October 30th April
2005 2004 2005
£'000 £'000 £'000
Retained earnings -
Capital Reserve
(realised) 15,634 8,794 13,178
Retained earnings -
Capital Reserve
(unrealised) 10,835 7,931 17,200
Retained earnings -
Revenue 1,175 574 1,001
---------- ---------- ----------
27,644 17,299 31,379
7. Transaction costs
During the period transaction costs were incurred on purchases and sales of
investments as follows:
Six months ended Six months ended Year ended
31st October 2005 31st October 2004 30th April 2005
£'000 £'000 £'000
Purchases 8 101 150
Sales 42 69 127
---------- ---------- ---------
50 170 277
8. It is anticipated that copies of the interim report will be sent to
shareholders in December 2005 and will be available from the Company
Secretary.
BNP Paribas Secretarial Services Limited
Secretary
21st December 2005
For further information please contact:
Mr W. A. Aitken 0131 718 0405
Artemis Investment Management Ltd
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