Interim Results - replacement
GROUP FINANCIAL HIGHLIGHTS
For the six months ended 30 June 2006
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 June 30 June 31 December
2006 2005 2005
£'000 £'000 £'000
Revenue
Return before tax 1,360 1,068 1,759
Earnings per £1 ordinary shares - basic (note 4) 4.70p 3.55p 5.41p
Earnings per £1 ordinary shares - diluted (note 4) 3.86p 3.03p 4.86p
Capital
Total equity 43,170 39,954 42,765
Revenue reserve (note 7) 2,414 2,660 2,300
Capital reserve - realised (note 7) 15,343 14,693 15,141
Capital reserve - unrealised (note 7) (9,837) (12,399) (9,676)
Net assets per ordinary share (note 5)
-Basic £1.33 £1.20 £1.31
- Diluted £1.23 £1.14 £1.22
Diluted net assets per ordinary share at 25 September 2006 £1.24
Dividends*
Dividends per ordinary share (note 3) 2.5p 2.3p 5.55p
Special dividend per ordinary share (note 3) 1.0p 1.0p 1.0p
Dividends per preference share (note 3) 1.75p 1.75p 3.5p
* Dividends declared for the period. Dividends shown in the accounts are, by contrast, dividends paid or
approved
in the period.
GROUP INVESTMENT PORTFOLIO
Six months ended 30 June 2006
Company Nature of Business Percentage
Valuation of portfolio
£'000 %
Prudential plc Life Assurance 4,890 11.70
Geron Corporation Inc Biomedical - USA 4,661 11.15
Liberty International plc Property 4,473 10.70
Electra Private Equity plc Investment Trust 3,182 7.61
The Alliance Trust plc Investment Trust 2,935 7.02
RIT Capital Partners plc Investment Trust 2,901 6.94
Dunedin Income Growth Investment Trust plc Investment Trust 2,305 5.52
British Assets Trust plc Investment Trust 1,935 4.63
Lloyds TSB plc Banks retail 1,594 3.81
St. James Place Capital - Unit Trust Unit Trust 1,408 3.37
Matrix Chatham Maritime Trust Enterprise Zone Trust 1,000 2.39
The Scottish American Investment Company plc Investment Trust 895 2.14
Shires Income plc Investment Trust 629 1.51
Invesco Income Growth Trust plc Investment Trust 599 1.43
Georgica Plc Leisure and hotels 583 1.39
Royal & Sun Alliance Insurance Group PLC - Insurance - Non-Life 519 1.24
Cumulative Irredeemable Preference
Rothschilds Continuation Finance - Notes Financial 508 1.22
Emblaze Systems Ltd Software and computer services 506 1.21
Speymill Deutsche Immobilien Company plc Property 480 1.15
Merchants Trust plc Investment Trust 467 1.12
20 Largest investments 36,470 87.25
Other investments (number of holdings : 66) 5,331 12.75
Total investments 41,801 100.00
Unaudited Interim Report
30 June 2006
Registered number : 433137
Directors
J Anthony V Townsend (Chairman)
Jonathan C Woolf (Managing Director)
Dominic G Dreyfus (Non-executive)
Ronald G Paterson (Non-executive)
Registered office
Wessex House
1 Chesham Street
London SW1X 8ND
Telephone: 020 7201 3100
Chairman's Statement
I report our results for the 6 months to 30 June 2006.
Revenue
The profit on revenue account before tax amounted to £1.4million (30 June 2005: £1.1 million), an increase of
27 percent. As in the previous year, this increase reflects the receipt of special dividends from a number of
our investee companies over the period.
Total profit before taxation, which includes income and both realised and unrealised capital appreciation, was
£1.4 million (£3.0 million). The capital element of this total was represented by £0.2 million of realised
losses and £0.3 million of unrealised gains. The net profit during the period was therefore composed almost
entirely of income return.
The earnings per ordinary share were 4.7 pence on an undiluted basis (3.5 pence) and 3.9 pence on a fully
diluted basis (3.0 pence).
Net Assets
Group net assets were £43.2 million (£42.8 million, at 31 December 2005), an increase of 1.0 percent. This
compares to an increase over the same six month period of 3.8 percent in the FTSE 100 share and 4.2 percent in
the All Share index. This underperformance was principally due to relative declines in the value of our US
investments which form a greater part of our portfolio than before together with weakness in the US dollar, as
noted more fully below. The net asset value per £1 ordinary share was 133 pence (prior charges deducted at par)
and 123 pence on a fully diluted basis.
Dividends
We intend to pay an interim dividend of 2.5 pence per ordinary share on 16 November 2006 to shareholders on the
register at 18 October 2006. This represents an increase of 8.7 percent from last year's interim dividend. A
preference dividend of 1.75 pence will be paid to preference shareholders on the same date. In addition, we
intend to pay a special dividend of 1 penny per ordinary share on 14 December 2006 to shareholders on the
register at 18 October 2006 in recognition of the special dividends received from investee companies over the
period.
Discount and performance
Our discount has remained relatively stable over the period at between 4 and 8 percent which is in line with
the market for smaller size income and growth investment trusts. However, our yield at approximately 5 percent
(excluding special dividends) is considerably higher than most such trusts, which should be helpful in
maintaining or even narrowing discount levels in the future.
Our higher levels of dividend distribution have enabled us to out-perform the trusts in the AITC UK Income and
Growth sector on share price total return. Over one year we are ranked first of 26 such trusts and over two
years we are ranked second.
As at 25 September, group net assets were £43.4 million, an increase of 0.6 percent since 30 June. This
compares with a decrease of 0.6 percent in the FTSE 100 index and an increase of 0.1 percent in the All Share
index over the same period, and is equivalent to 134 pence per share (prior charges deducted at par) and 124
pence per share on a fully diluted basis.
Anthony Townsend
MANAGING DIRECTOR'S REPORT
Performance
In the six months to 30 June 2006, the UK equity market advanced overall by 4 percent. However, this result
masks a considerably more volatile movement, particularly in the second quarter. Prices rose strongly and
consistently in the first four months across all sectors lead by the natural resources sector, peaking in early
May to register a gain of 8.6 percent since the beginning of the year. Similar growth patterns were seen in
equity markets globally including in the leading US stocks, although NASDAQ quoted stocks experienced a lower
level of increase by comparison.
In May, a dramatic correction in equity prices occurred over a period of just a few days when the UK equity
market fell by 9.2 percent, taking the indices back below their year opening levels. Leading stocks in the US
declined similarly but NASDAQ listed stocks declined significantly further. This general correction was not
unexpected given the unusually high gains of the previous months and was precipitated by a perception that
inflationary trends were returning and the high levels of growth in China which had contributed to unusually
large rises in commodity prices and therefore natural resource company stock values, would not continue.
Commodity prices fell back accordingly together with natural resource company stock prices, leading the markets
down as well given their weightings in the indices. After this rapid correction, the markets stabilised
relatively quickly, however, and resumed a pattern of albeit unsteady growth to register an overall gain by the
period end.
Our portfolio under-performed the market over the period by 3 percent, despite out-performing in the first
quarter. This under-performance in the second quarter was principally due to price weakness in our US
investments which tracked the relative declines in the NASDAQ, noted above. In addition, valuations of our US
holdings were affected by a significant decline in the US dollar of 7 percent over the period. As noted in
previous reports, our under-weighting in oil and commodity stocks may tend to result in a level of capital
under-performance in current markets. Furthermore, our increased holdings of US dollar denominated NASDAQ-
listed stocks will also give rise to an amount of relative volatility when measured against the UK indices.
Since the period end, the portfolio has slightly out-performed the FTSE 100 and All Share indices, as noted
above.
Dividends/Total return
As a result of special dividends received during the period, we are able to repeat again this year our special
dividend distribution of 1p per share at the interim stage. Together with the interim dividend of 2.5p per
share, this results in an income return to shareholders of approximately 3 percent on market price for the half
year period. Total portfolio return over the period, after adding back dividends for the period, was 3.3
percent compared to 5.2 percent from the leading stocks index. As noted above, our levels of dividend
distribution and discount have enabled us to outperform on the basis of share price total return.
Outlook
The general growth trends seen in most of the developed economies in recent years are expected to continue
although at lower levels as resource costs escalate and monetary tightening continues or quickens to offset
inflation expectations. Equity markets are expected to remain generally firm but are increasingly vulnerable to
external shocks arising from global political and environmental events.
Since June, equity markets have maintained a generally rising trend, despite the political uncertainties in the
Middle East over the summer months. UK equities, however, have not regained the year highs registered in the
Spring and remain 3 percent below this peak. Our portfolio has performed in line with the UK and US indices
over the period.
We will continue to maintain our generalist investment approach in the UK and remain invested in specifically
identified stocks in the USA.
Jonathan C Woolf
28 September 2006
CONSOLIDATED INCOME STATEMENT
Six months ended 30 June 2006
Unaudited Unaudited Audited
6 months to 30 June 2006 6 months to 30 June 2005 Year ended 31 December
2005
Note Revenue Capital Revenue Capital Revenue Capital
return return Total return return Total return return Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investment income 2 1,510 - 1,510 1,202 - 1,202 2,032 - 2,032
Gains on investments at fair value - 358 358 - 1,764 1,764 - 4,665 4,665
through profit or loss - unrealised
Realised (losses)/gains on sales - (242) (242) - 275 275 - 618 618
Other expenses (150) (75) (225) (134) (66) (200) (273) (139) (412)
Profit before tax 1,360 41 1,401 1,068 1,973 3,041 1,759 5,144 6,903
Taxation (9) - (9) (6) - (6) (57) - (57)
Profit for the period 1,351 41 1,392 1,062 1,973 3,035 1,702 5,144 6,846
Earnings per ordinary share 4
Basic 4.7p 3.5p 5.4p 20.6p 26.0p
0.2p 4.9p 7.9p 11.4p
Diluted 3.9p 3.0p 4.9p 14.7p 19.6p
0.1p 4.0p 5.7p 8.7p
The total column of this statement is the Group's Income Statement, prepared in accordance with IFRS.
The supplementary revenue return and capital return columns are both prepared under guidelines published by the
Association of Investment Trust Companies.
All items in the above statement derive from continuing operations.
All income is attributable to the equity holders of the parent company. There are no minority interests.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited
Six months ended 30 June 2006
Capital Retained Total
Share Capital reserve earnings
reserve unrealised
capital realised
£'000 £'000 £'000 £'000 £'000
Balance at 31 December 2005 35,000 15,141 (9,676) 2,300 42,765
Profit for the period - 202 (161) 1,351 1,392
Ordinary dividend paid - - - (812) (812)
Preference dividend paid - - - (175) (175)
Balance at 30 June 2006 35,000 15,343 (9,837) 2,664 43,170
Unaudited
Six months ended 30 June 2005
Capital Retained Total
Share Capital reserve earnings
reserve unrealised
capital realised
£'000 £'000 £'000 £'000 £'000
Balance at 31 December 2004 35,000 13,114 (12,793) 2,548 37,869
Profit for the period - 1,579 394 1,062 3,035
Ordinary dividend paid - - - (775) (775)
Preference dividend paid - - - (175) (175)
Balance at 30 June 2005 35,000 14,693 (12,399) 2,660 39,954
Audited
Year ended 31 December
2005
Capital Retained Total
Share Capital reserve earnings
reserve unrealised
capital realised
£'000 £'000 £'000 £'000 £'000
Balance at 31 December 2004 35,000 13,114 (12,793) 2,548 37,869
Profit for the period - 2,027 3,117 1,702 6,846
Ordinary dividend paid - - - (1,600) (1,600)
Preference dividend paid - - - (350) (350)
Balance at 31 December 2005 35,000 15,141 (9,676) 2,300 42,765
CONSOLIDATED BALANCE SHEET
As at 30 June 2006
Unaudited Unaudited 30 Audited
30 June June 31 December
2006 2005 2005
£'000 £'000 £'000
Non-current assets
Investments - fair value through profit or
loss (note 1) 41,801 36,524 2,369
Current assets
Receivables 389 391 3,379
Cash and cash equivalents 1,376 3,495 3,263
1,765 3,886 6,642
Total assets 43,566 40,410 49,011
Current liabilities (396) (456) (6,246)
Total assets less current liabilities 43,170 39,954
42,765
Net assets 43,170 39,954
42,765
Equity attributable to equity holders
Ordinary share capital 25,000 25,000
25,000
Convertible preference share capital 10,000 10,000
10,000
Capital reserve - realised 15,343 14,693
15,141
Capital reserve - unrealised (9,837) (12,399) (9,676)
Retained earnings 2,664 2,660
2,300
Total equity 43,170 39,954
42,765
Net assets per ordinary share - basic £1.33 £1.20 £1.31
Net assets per ordinary share - diluted £1.23 £1.14 £1.22
CONSOLIDATED CASH FLOW STATEMENT
Six months ended 30 June 2006
Unaudited Unaudited Audited
6 months to 6 months Year ended
30 June to 30 June 31December
2006 2005 2005
£'000 £'000 £'000
Cash flow from operating activities
Profit before tax 1,401 3,041 6,903
Adjustment for:
Gains on investments (116) (2,039) (5,283)
Scrip dividends (2) (2) (4)
Film income tax deducted at source (4) (1) (4)
Proceeds on disposal of investments at fair value
through profit or loss 14,778 5,470 6,406
Purchases of investments at fair value
through profit or loss (14,527) (4,383) (7,552)
Operating cash flows before movements
in working capital 1,530 2,086 466
Decrease/(increase) in receivables 108 (197) (52)
(Decrease)/increase in payables (2,523) 327 2,576
Net cash from operating activities
before income taxes (885) 2,216 2,990
Income taxes (paid)/received (15) 2 (4)
Net cash from operating activities (900) 2,218 2,986
Cash flow from financing activities
Dividends paid on ordinary shares (812) (775) (1,600)
Dividends paid on preference shares (175) (175) (350)
Net cash used in financing activities (987) (950) (1,950)
Net (decrease)/increase in cash and cash equivalents (1,887) 1,268 1,036
Cash and cash equivalents at beginning of period 3,263 2,227 2,227
Cash and cash equivalents at end of period 1,376 3,495 3,263
1. ACCOUNTING POLICIES
Basis of preparation
This interim report has been prepared in accordance with IAS 34.
The accounting policies are consistent with the preceding annual accounts.
The results are based on unaudited Group consolidated accounts prepared under the historical cost basis
except where IFRS require an alternative treatment, principally relating to financial instruments (IAS
32 and 39).
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and its
subsidiary undertakings made up to 31 December each year. Control is achieved where the company has the
power to govern the financial and operating policies of an investee entity so as to obtain benefits from
its activities. All intra-group transactions, balances, income and expenses are eliminated on
consolidation.
Significant accounting policies
In order better to reflect the activities of an investment trust company and in accordance with guidance
issued by the Association of Investment Trust Companies (AITC), supplementary information which analyses
the income statement between items of a revenue and capital nature has been presented alongside the
income statement. In accordance with the company's status as a UK investment company under section 266
of the Companies Act 1985, net capital returns may not be distributed by way of dividend.
Investments held at fair value through profit or loss are initially recognised at fair value.
Investments are classified as either fair value through profit or loss or available-for-sale. As the
entity's business is investing in financial assets with a view to profiting from their total return in
the form of interest, dividends or increases in fair value, listed equities and fixed income securities
are designated as fair value through profit or loss on initial recognition. The entity manages and
evaluates the performance of these investments on a fair value basis in accordance with its investment
strategy, and information about the group is provided internally on this basis to the entity's key
management personnel.
After initial recognition, investments, which are designated as at fair value through profit or loss,
are measured at fair value. Gains or losses on investments designated as at fair value through profit or
loss are included in net profit or loss as a capital item, and material transaction costs on acquisition
and disposal of investments are expensed and included in the capital column of the income statement. For
investments that are actively traded in organised financial markets, fair value is determined by
reference to Stock Exchange quoted market bid prices or last traded prices, depending upon the
convention of the exchange on which the investment is quoted at the close of business on the balance
sheet date. Investments in units of unit trusts or shares in OEICs are valued at the closing price
released by the relevant investment manager.
In respect of unquoted investments, or where the market for a financial instrument is not active, fair
value is established by using an appropriate valuation technique. Where no reliable fair value can be
estimated for such unquoted equity instruments, they are carried at cost, subject to any provision for
impairment.
Investments in subsidiary companies are held at directors' valuation.
All purchases and sales of investments are recognised on the trade date i.e. the date that the group
commits to purchase or sell an asset.
Realised gains on sales of investments in the group financial statements are based on historical cost to
the group and on brought forward market value.
Dividend income from investments is recognised as income when the shareholders' rights to receive
payment has been established, normally the ex-dividend date.
Interest income on fixed interest securities is recognised on a time apportionment basis so as to
reflect the effective interest rate of the security.
Property unit trust income is recognised on the date the distribution is receivable. Film royalty income
is recognised on receipt of royalty statements covering periods ending in the financial year.
When special dividends are received, the underlying circumstances are reviewed on a case by case basis
in determining whether the amount is capital or income in nature. Amounts recognised as income will form
part of the company's distribution. Any tax thereon will follow the accounting treatment of the
principal amount.
All expenses are accounted for on an accruals basis. Expenses are charged as revenue items in the income
statement except as follows:
- material transaction costs which are incurred on the purchase or sale of an investment designated as
fair value through profit or loss are expensed and included in the capital column of the income
statement;
- expenses are split and presented partly as capital items where a connection with the maintenance or
enhancement of the value of the investments held can be demonstrated, and accordingly investment management and
related costs have been allocated 50% (2005 - 50%) to revenue and 50% (2005 - 50%) to capital, in order to
reflect the directors' long-term view of the nature of the expected investment returns of the company.
The 3.5% cumulative convertible non-redeemable preference shares issued by the company are classified as
equity instruments in accordance with IAS 32 'Financial Instruments - Disclosure and Presentation' and
FRS 25 as the company has no contractual obligation to redeem the preference shares for cash or pay
preference dividends unless similar dividends are declared to ordinary shareholders.
Segmental reporting
The directors are of the opinion that the Group is engaged in a single segment of business, that is
investment business, and therefore no segmental reporting is provided.
2. INVESTMENT INCOME
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 June 30 June 31 December
2006 2005 2005
£'000 £'000 £'000
Income from investments 1,455 1,138 1,885
Other income 55 64 47
1,510 1,202 2,032
3. PROPOSED DIVIDENDS*
Unaudited Unaudited
6 months to 30 June 2006 6 months to 30 June 2005
Pence per Pence per
share £ share £
Ordinary shares - interim 2.5 625,000 2.3 575,000
Ordinary shares - special 1.0 250,000 1.0 250,000
Preference shares - fixed 1.75 175,000 1.75 175,000
1,050,000 1,000,000
The directors have declared an interim dividend of 2.5p (2005 - 2.3p) per ordinary share, payable on 16
November 2006 to shareholders registered on 20 October 2006. The shares will be quoted ex-dividend on 18
October 2006.
The directors have further declared a special dividend of 1.0p (2005 - 1.0p) per ordinary share, payable
on 14 December 2006 to shareholders registered on 20 October 2006. The shares will be quoted ex-dividend
on 18 October 2006.
The dividends on ordinary shares are based on 25,000,000 ordinary £1 shares. Dividends on preference
shares are based on 10,000,000 non-voting 3.5% convertible preference shares of £1.
The holders of the 3.5% convertible preference shares will be paid a dividend of £175,000 being 1.75p
per share. The payment will be made on the same date as the dividend to the ordinary shareholders.
*Dividends shown in the statement of changes in equity are those paid or approved in the period rather
than proposed.
4. EARNINGS PER ORDINARY SHARE
Unaudited Unaudited Audited
6 months to 6 months Year ended
30 June to 30 June 31 December
2006 2005 2005
£'000
£'000 £'000
Basic earnings per share
Calculated on the basis of:
Net revenue profit after preference dividends 1,176 887 1,352
Net capital profit 41 1,973 5,144
Net total earnings after preference dividends 1,217 2,860 6,496
Ordinary shares in issue 25,000 25,000 25,000
Diluted earnings per share
Calculated on the basis of:
Net revenue profit 1,351 1,062 1,702
Net capital profit 41 1,973 5,144
Profit after taxation 1,392 3,035 6,846
Ordinary and preference shares in issue 35,000 35,000 35,000
DILUTED EARNINGS PER SHARE IS CALCULATED TAKING INTO ACCOUNT THE PREFERENCE SHARES WHICH ARE CONVERTIBLE TO
ORDINARY SHARES ON A ONE FOR ONE BASIS, UNDER CERTAIN CONDITIONS, AT ANY TIME DURING THE PERIOD 1 JANUARY 2006
TO 31 DECEMBER 2025 (BOTH DATES INCLUSIVE).
5. NET ASSET VALUE ATTRIBUTABLE TO EACH SHARE
Basic net asset value attributable to each share has been calculated by reference to 25,000,000 ordinary
shares, and group net assets attributable to shareholders as follows:
Unaudited Unaudited
30 June 30 June Audited
2005 31 December
2006 2005
£'000
£'000 £'000
Total net assets 43,170 39,954
42,765
Less convertible preference shares (10,000) (10,000)
(10,000)
Net assets attributable to ordinary shareholders 33,170 29,954
32,765
Diluted net asset value is calculated on the total net assets in the table above and on 35,000,000
shares, taking into account the preference shares which are convertible to ordinary shares on a one for
one basis, under certain conditions, at any time during the period 1 January 2006 to 31 December 2025
(both dates inclusive).
6. FINANCIAL INFORMATION
This interim statement is not the company's statutory accounts. The statutory accounts for the year 31
December 2005 have been delivered to the Registrar of Companies and received an audit report which was
unqualified, did not include a reference to any matters to which the auditors drew attention by way of
emphasis without qualifying the report, and did not contain statements under section 237(2) and (3) of
the Companies Act 1985.
The Interim Report will be sent to the company's shareholders shortly, and members of the public may
obtain a copy at that time on application to the company's registered office.
7. RETAINED EARNINGS
The table below shows the movement in the retained earnings analysed between revenue and capital items.
Unaudited Unaudited Unaudited Unaudited
Capital Capital Revenue Total
reserve reserve
- realised -unrealised
£'000 £'000 £'000 £'000
At 1 January 2006 15,141 (9,676) 2,300 7,765
Movement during the period:
Net profit for the period (317) 358 1,351 1,392
Transfer on disposal between reserves 519 (519) - -
Dividends paid on ordinary shares - - (812) (812)
Dividends paid on preference shares - - (175) (175)
At 30 June 2006 15,343 (9,837) 2,664 8,170
Independent Review Report to British & American Investment Trust PLC
Introduction
We have been instructed by the company to review the financial information for the six months ended 30 June
2006 which comprises the consolidated income statement, the consolidated statement of changes in equity, the
consolidated balance sheet, the consolidated cash flow statement and related notes 1 to 7. We have read the
other information contained in the interim report and considered whether it contains any apparent misstatements
or material inconsistencies with the financial information.
This report is made solely to the company in accordance with Bulletin 1999/4 issued by the Auditing Practices
Board. Our work has been undertaken so that we might state to the company those matters we are required to
state to them in an independent review report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the company and the company's shareholders as a
body, for our audit work, for this report, or for the opinions we have formed.
Directors' responsibilities
The interim report, including the financial information contained therein, is the responsibility of, and has
been approved by, the directors. The directors are responsible for preparing the interim report in accordance
with the Listing Rules of the Financial Services Authority. The directors are also responsible for ensuring
that the accounting policies and presentation applied to the interim figures are consistent with those applied
in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing
Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group
management and applying analytical procedures to the financial information and underlying financial data and,
based thereon, assessing whether the accounting policies and presentation have been consistently applied,
unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of
assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance
with International Standards on Auditing (UK and Ireland) and therefore provides a lower level of assurance
than an audit. Accordingly we do not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that should be made to the financial
information as presented for the six months ended 30 June 2006.
RSM Robson Rhodes LLP
Chartered Accountants
London, England
28 September 2006
British & American Investment Trust Plc