Half Yearly Report
To: RNS
Date: 27 February 2009
From: New City High Yield Fund Limited
Subject: Half Yearly Report
Unaudited statement of results for the half-year ended 31 December 2008
-
Net asset value total return of -19.7 per cent since 1 July 2008.
-
Ordinary share price total return of -17.2 per cent since 1 July 2008.
-
Dividend yield of 8.6 per cent, based on dividends at an annualised rate of 3.57p and a share price of 41.75p at 31 December 2008.
-
Ordinary share price at a premium of 3.9 per cent to published net asset value at 31 December 2008.
Chairman's Statement
During the six month period to 31 December 2008 we experienced a global financial crisis. Following the collapse of the US investment bank, Lehman Brothers, volatility and uncertainty in financial markets has been unprecedented, resulting in sharp falls in global stock markets. It is against this backdrop that I report on the Company's results.
Investment Performance
During this six month period the Company's net asset value per share fell by 23.0% to 39.31p per share. When this capital measure is adjusted for the payment of dividends totalling 1.87p per share in the period, the total return was -19.7%. The share price total return was -17.2%. Despite this fall, based on share price performance, the Company was still the second best performer within the AIC High Income Sector for the period and was top based on the last year. At the period end, the shares were at a premium of 3.9 per cent to published net asset value and since then have continued to trade at a similar level. This compares favourably with an average discount for the sector of -3.9% at 31 December 2008.
Dividends
In line with the dividend rate in the prior year, the first two interim dividends, each of 0.85p per share, were paid on 24 November 2008 and 20 February 2009 respectively. Based on an annualised rate of 3.57p and a share price of 41.75p at the period end, this represents a yield of 8.6 per cent. This has also been achieved alongside a further increase in our revenue reserve equivalent to 0.83p per share. Having provided for the second interim dividend, revenue reserves now total £2,625,000, equivalent to 1.88p per share.
Market and Economic Background
Amongst other nations, the UK and US are now firmly in a recession. Exchange rates have also been volatile with sterling having declined significantly over the last six months, in particular against the US dollar and Euro. Against this we have witnessed unprecedented intervention from governments in an attempt to support and stimulate the global credit markets and wider economies. Examples were the US bail out of mortgage associations, Fannie Mae and Freddie Mac and in the UK the capital injection into a number of the major banks. Despite this, the banking sector in particular remains in difficulty. The wider economy is also suffering with companies facing extremely difficult trading conditions and inevitably those that survive may cut dividends or fail to meet interest payments. To date the investment portfolio has only experienced a few such cuts; however, this will continue to be monitored closely to ensure the Company's revenue stream is not adversely affected. Over the last six months the Company has benefited from the weakness of sterling as its overseas income receipts have been translated into sterling. This should help to offset any negative consequences of the current economic environment. While the Investment Manager has been bearish of sterling for some time, they are conscious of the extreme volatility in currencies globally. As such the current target for currency exposure in the investment portfolio is close to 50% sterling and 50% non-sterling.
Outlook
It is widely expected that conditions will remain difficult in 2009. Time will tell what long term effect the various government and central bank measures have had, but any recovery will be slow. The Investment Manager has been careful to moderate our level of gearing, and given the market's persistent volatility and the reduction in global liquidity we continue to review the Company's gearing strategy and short term borrowing arrangements. Credit spreads are historically wide and if the high level of defaults do not materialise there are very attractive yield opportunities. While high yield is historically cheap, liquidity is still very poor. Given the fall in central bank base rates investors may be attracted out of deposits and into bonds in the coming year which should have a positive effect on both high yielding and investment grade bonds. The Company's income stream is its bedrock and the Investment Manager continues to look for investment opportunities to add to it with the possibility for capital appreciation.
James G West
Chairman
Investment Manager's Review
The six month period covered by this report, contains a large part of the worst global banking and economics crisis in living memory. The perceived straw to break the camel's back was the Lehman bankruptcy on 15 September. For the next month there were well founded fears that there would be a total meltdown of global financial markets. The response which was coordinated between central banks and governments continues and appears to have saved the financial system from Armageddon.
The major knock on effect has been the banks rebuilding their balance sheets and not lending on. As a consequence, all major economies now face at best a vicious recession, if not a full blown depression. The knock on effect for both equity and credit markets has been dire. The FTSE All Share Total Return Index was down 21 per cent and the FTSE 100 down 19.6 per cent over the period. The ITRAXX Crossover Index* spread widened from 528 basis points to 1,029 basis points, a level, which had the Index been running in the 1929-34 depression, implies a higher rate of default than at the worst of the great depression. All markets have been victims of the de-leveraging by hedge funds. The net effect has been that all stocks and bonds which had liquidity have been sold without any account of the quality of the underlying company.
The implications of such markets for the Fund can be taken as a positive in the longer term providing opportunities for buying bonds and convertibles at distressed levels. This will provide the Fund with an improved income stream and the opportunity for capital growth in a recovering market, whenever that occurs. The pundits are split on the timing, at anytime between six months to ten years! Income stream and its protection have always been important to the Investment Manager of the Fund and in a time where bank deposits are yielding next to nothing, the quarterly dividend cheque increases in importance to all.
Over the period the Fund used the market conditions to buy cheaply into some secured positions, including Care First Group 11.8% 1st mortgage debenture 2014 (whose ultimate parent is BUPA Care homes), First Hydro Finance 9% 2021 (whose parent is International Power) and Mercator Minerals 11.5% 2012. The major redemptions in the period were BRIT Insurance 8.5% CULS 31/12/2008, which was the second largest holding in the portfolio, and London Mining 11.5% 2012, which was called when it sold its Brazilian asset. London Mining was the fifth largest holding at that time. The net result has been that we ended the period with a larger than usual cash position which is being reinvested as and when sensible opportunities present themselves.
Richard Lockwood/ Ian Francis / Andrew Ferguson
New City Investment Managers Limited
* ITRAXX Crossover Index is composed of 50 European sub-investment grade entities.
Unaudited Income Statement
For the six months ended 31 December 2008
|
|
Six months ended 31 December 2008 (Unaudited) |
|||
|
|
|
£ '000 |
£'000 |
£'000 |
|
|
Notes |
Revenue |
Capital |
Total |
|
Capital losses on investments |
|
|
|
|
|
Losses on investments |
|
- |
(16,764) |
(16,764) |
|
Exchange losses |
|
- |
(280) |
(280) |
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
Investment Income |
3 |
4,459 |
- |
4,459 |
|
Total Income |
|
4,459 |
(17,044) |
(12,585) |
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
Investment management fee |
|
(234) |
(78) |
(312) |
|
Other expenses |
|
(171) |
(5) |
(176) |
|
Total Expenses |
|
(405) |
(83) |
(488) |
|
Profit/(loss) before finance costs and taxation |
|
4,054 |
(17,127) |
(13,073) |
|
|
|
|
|
|
|
Finance costs |
|
|
|
|
|
Interest payable and similar charges |
|
(427) |
(142) |
(569) |
|
Profit/(loss) before taxation |
|
3,627 |
(17,269) |
(13,642) |
|
|
|
|
|
|
|
Irrecoverable withholding tax |
|
(94) |
- |
(94) |
|
Profit/(loss) after taxation |
|
3,533 |
(17,269) |
(13,736) |
|
|
|
|
|
|
|
Return per ordinary share (pence) |
4 |
2.53p |
(12.39)p |
(9.86)p |
|
|
|
|
|
|
The total column of this statement represents the Company's Income Statement, prepared in accordance with IFRS (refer to notes 1 and 7). The supplementary revenue return and capital return columns are both prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement are derived from continuing operations.
The Company was incorporated on 17 January 2007 and launched on 7 March 2007.
Unaudited Income Statement
For the period from 17 January 2007 to 31 December 2007
|
|
Period from 17 January 2007 to 31 December 2007 (Unaudited) |
|||
|
|
|
£'000 |
£'000 |
£'000 |
|
|
Notes |
Revenue |
Capital |
Total |
|
Capital losses on investments |
|
|
|
|
|
Losses on investments |
|
- |
(2,279) |
(2,279) |
|
Exchange losses |
|
- |
(102) |
(102) |
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
Investment Income |
3 |
5,718 |
- |
5,718 |
|
Total Income |
|
5,718 |
(2,381) |
3,337 |
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
Investment management fee |
|
(409) |
(136) |
(545) |
|
Other expenses |
|
(246) |
- |
(246) |
|
Total Expenses |
|
(655) |
(136) |
(791) |
|
Profit/(loss) before finance costs and taxation |
|
5,063 |
(2,517) |
2,546 |
|
|
|
|
|
|
|
Finance costs |
|
|
|
|
|
Interest payable and similar charges |
|
(673) |
(224) |
(897) |
|
Profit/(loss) before taxation |
|
4,390 |
(2,741) |
1,649 |
|
|
|
|
|
|
|
Irrecoverable withholding tax |
|
(66) |
- |
(66) |
|
Profit/(loss) after taxation |
|
4,324 |
(2,741) |
1,583 |
|
|
|
|
|
|
|
Return per ordinary share (pence) |
4 |
3.41p |
(2.16)p |
1.25p |
|
|
|
|
|
|
Audited Income Statement
For the period from 17 January 2007 to 30 June 2008
|
|
Period from 17 January 2007 to 30 June 2008 (Audited) |
|||
|
|
|
£'000 |
£'000 |
£'000 |
|
|
Notes |
Revenue |
Capital |
Total |
|
Capital losses on investments |
|
|
|
|
|
Losses on investments |
|
- |
(4,858) |
(4,858) |
|
Exchange losses |
|
- |
(153) |
(153) |
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
Investment Income |
3 |
9,685 |
- |
9,685 |
|
Total Income |
|
9,685 |
(5,011) |
4,674 |
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
Investment management fee |
|
(666) |
(222) |
(888) |
|
Other expenses |
|
(462) |
(6) |
(468) |
|
Total Expenses |
|
(1,128) |
(228) |
(1,356) |
|
Profit/(loss) before finance costs and taxation |
|
8,557 |
(5,239) |
3,318 |
|
|
|
|
|
|
|
Finance costs |
|
|
|
|
|
Interest payable and similar charges |
|
(1,069) |
(356) |
(1,425) |
|
Profit/(loss) before taxation |
|
7,488 |
(5,595) |
1,893 |
|
|
|
|
|
|
|
Irrecoverable withholding tax |
|
(161) |
- |
(161) |
|
Profit/(loss) after taxation |
|
7,327 |
(5,595) |
1,732 |
|
|
|
|
|
|
|
Return per ordinary share (pence) |
4 |
5.62p |
(4.29)p |
1.33p |
|
|
|
|
|
|
Balance Sheet
|
|
|
As at
|
As at
|
As at
|
|
|
|
31 December 2008
|
31 December 2007
|
30 June 2008
|
|
|
|
(unaudited)
|
(unaudited)
|
(audited)
|
|
|
Notes
|
£’000
|
£’000
|
£’000
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
Investments held at fair value
|
|
62,578
|
79,576
|
83,461
|
|
Current assets
|
|
|
|
|
|
Other receivables
|
|
2,622
|
2,064
|
2,400
|
|
Cash at bank
|
|
5,968
|
4,056
|
2,103
|
|
|
|
8,590
|
6,120
|
4,503
|
|
Total assets
|
|
71,168
|
85,696
|
87,964
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Bank loan
|
|
(16,000)
|
(16,000)
|
(16,000)
|
|
Other payables
|
|
(386)
|
(1,074)
|
(840)
|
|
Total liabilities
|
|
(16,386)
|
(17,074)
|
(16,840)
|
|
Net assets
|
|
54,782
|
68,622
|
71,124
|
|
|
|
|
|
|
|
Share capital and reserves
|
|
|
|
|
|
Stated capital account
|
|
23,452
|
18,806
|
23,452
|
|
Special distributable reserve
|
|
50,385
|
50,387
|
50,385
|
|
Capital reserves
|
|
(22,864)
|
(2,741)
|
(5,595)
|
|
Revenue reserve
|
|
3,809
|
2,170
|
2,882
|
|
Equity shareholders’ funds
|
|
54,782
|
68,622
|
71,124
|
|
|
|
|
|
|
|
Net asset value per ordinary share (pence)
|
4
|
39.31p
|
52.71p
|
51.03p
|
Statement of Changes in Equity
For the six months ended 31 December 2008 (unaudited)
|
|
|
Stated
|
Special
|
|
|
|
|
|
|
capital
|
distributable
|
Capital
|
Revenue
|
|
|
|
|
account
|
reserve
|
reserves
|
reserve
|
Total
|
|
|
Notes
|
£’000
|
£’000
|
£’000
|
£’000
|
£’000
|
|
|
|
|
|
|
|
|
|
At 30 June 2008
|
|
23,452
|
50,385
|
(5,595)
|
2,882
|
71,124
|
|
(Loss)/profit for the period
|
|
-
|
-
|
(17,269)
|
3,533
|
(13,736)
|
|
Dividends paid
|
2
|
-
|
-
|
-
|
(2,606)
|
(2,606)
|
|
|
|
|
|
|
|
|
|
At 31 December 2008
|
|
23,452
|
50,385
|
(22,864)
|
3,809
|
54,782
|
|
|
|
|
|
|
|
|
For the period from 17 January 2007 to 31 December 2007 (unaudited)
|
|
|
Stated
|
Special
|
|
|
|
|
|
|
capital
|
distributable
|
Capital
|
Revenue
|
|
|
|
|
account
|
reserve
|
reserves
|
reserve
|
Total
|
|
|
Notes
|
£’000
|
£’000
|
£’000
|
£’000
|
£’000
|
|
|
|
|
|
|
|
|
|
At 17 January 2007 (date of incorporation)
|
|
-
|
-
|
-
|
-
|
-
|
|
Issue of shares
|
|
69,799
|
-
|
-
|
-
|
69,799
|
|
Transfer to special distributable
reserve
|
|
(50,993)
|
50,993
|
-
|
-
|
-
|
|
Launch costs
|
|
-
|
(594)
|
-
|
-
|
(594)
|
|
Cost of reduction in stated
capital account
|
|
-
|
(12)
|
-
|
-
|
(12)
|
|
(Loss)/profit for the period
|
|
-
|
-
|
(2,741)
|
4,324
|
1,583
|
|
Dividends paid
|
2
|
-
|
-
|
-
|
(2,154)
|
(2,154)
|
|
|
|
|
|
|
|
|
|
At 31 December 2007
|
|
18,806
|
50,387
|
(2,741)
|
2,170
|
68,622
|
|
|
|
|
|
|
|
|
For the period from 17 January 2007 to 30 June 2008 (audited)
|
|
|
Stated
|
Special
|
|
|
|
|
|
|
capital
|
distributable
|
Capital
|
Revenue
|
|
|
|
|
Account
|
reserve
|
reserves
|
reserve
|
Total
|
|
|
Notes
|
£’000
|
£’000
|
£’000
|
£’000
|
£’000
|
|
|
|
|
|
|
|
|
|
At 17 January 2007 (date of incorporation)
|
|
-
|
-
|
-
|
-
|
-
|
|
Issue of shares
|
|
74,445
|
-
|
-
|
-
|
74,445
|
|
Transfer to special distributable
reserve
|
|
(50,993)
|
50,993
|
-
|
-
|
-
|
|
Launch costs
|
|
-
|
(596)
|
-
|
-
|
(596)
|
|
Cost of reduction in stated
capital account
|
|
-
|
(12)
|
-
|
-
|
(12)
|
|
(Loss)/profit for the period
|
|
-
|
-
|
(5,595)
|
7,327
|
1,732
|
|
Dividends paid
|
2
|
-
|
-
|
-
|
(4,445)
|
(4,445)
|
|
|
|
|
|
|
|
|
|
At 30 June 2008
|
|
23,452
|
50,385
|
(5,595)
|
2,882
|
71,124
|
|
|
|
|
|
|
|
|
Cash Flow Statement
|
|
Six months
|
Period from
|
Period from
|
|
|
ended
|
17 January 2007
|
17 January 2007
|
|
|
31 December 2008
(unaudited)
|
to 31 December 2007±
(unaudited)
|
to 30 June 2008±
(audited)
|
|
|
£’000
|
£’000
|
£’000
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
(Loss)/profit before finance costs and
taxation
|
(13,073)
|
2,546
|
3,318
|
|
Losses on investments
|
16,764
|
2,279
|
4,858
|
|
Exchange losses
|
280
|
102
|
153
|
|
Increase in other receivables
|
(218)
|
(821)
|
(1,165)
|
|
Increase in other payables
|
(18)
|
87
|
137
|
|
Net cash inflow from operating activities before interest and taxation
|
3,735
|
4,193
|
7,301
|
|
Interest paid
|
(551)
|
(815)
|
(1,180)
|
|
Irrecoverable withholding tax paid
|
(96)
|
(66)
|
(152)
|
|
Net cash inflow from operating activities
|
3,088
|
3,312
|
5,969
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Purchase of investments
|
(10,274)
|
(40,870)
|
(57,322)
|
|
Sales of investments
|
13,937
|
25,108
|
34,649
|
|
Net cash inflow/(outflow) from investing activities
|
3,663
|
(15,762)
|
(22,673)
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Equity dividends paid
|
(2,606)
|
(2,154)
|
(4,445)
|
|
Drawdown of bank loan
|
-
|
2,000
|
2,000
|
|
Issue of ordinary shares
|
-
|
16,868
|
21,599
|
|
Expenses of share issues and launch
costs
|
-
|
(626)
|
(714)
|
|
Cost of reduction in stated capital account
|
-
|
(12)
|
(12)
|
|
Net cash (outflow)/inflow from financing
|
(2,606)
|
16,076
|
18,428
|
|
|
|
|
|
|
Increase in cash and cash equivalents
|
4,145
|
3,626
|
1,724
|
|
Cash and cash equivalents at the start of the period
|
2,103
|
-
|
-
|
|
Exchange losses
|
(280)
|
(102)
|
(153)
|
|
Cash inflow from transfer of cash from New City High Yield Trust plc †
|
-
|
532
|
532
|
|
Cash and cash equivalents at end of period
|
5,968
|
4,056
|
2,103
|
† On 6 March 2007 the net assets of New City High Yield Trust plc which totalled £52,964,000 were transferred in specie to New City High Yield Fund Limited. Cash of £532,000 and investments with a market value of £66,432,000 were received and a loan of £14 million due to Allied Irish Bank was also novated and transferred to the Company.
± The cash flow statement above has been presented in accordance with IFRS. Until 30 June 2008 the Company reported its results in accordance with UK GAAP. Note 7 to the accounts provides a reconciliation of the cash flow statements previously presented under UK GAAP to IFRS.
Notes
1. The unaudited interim results which cover the six month period to 31 December 2008 have, for the first time, been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the International Accounting Standards Board (IASB). The accounting policies adopted under IFRS are not materially different from those previously adopted under UK GAAP. The transition to IFRS has not resulted in a change to the net asset value or return per share as would have been reported under UK GAAP. These financial statements have been prepared in accordance with (IAS) 34 - 'Interim Financial Reporting', and the accounting polices which will be set out in the statutory accounts of the Company for the year ended 30 June 2009. The disclosures required by IFRS1 'First time Adoption of International Financial Reporting Standards' ('IFRS1') concerning the transition from UK GAAP to IFRS are given in note 7.
2. Dividends
Amounts recognised as distributions to equity holders in the period.
Rate Rate Rate
A second interim dividend in respect of the year ended 30 June 2009 of 0.85p per ordinary share was paid on
20 February 2009 to shareholders on the register on 30 January 2009. In accordance with IFRS this dividend
has not been included as a liability in these accounts.
3. Income
The breakdown of income was as follows:
4. Return per ordinary share
The return per ordinary share is based on the (loss)/profit after taxation of £(13,736,000)
(31 December 2007: £1,583,000; 30 June 2008: £1,732,000) and on a weighted average of
139,366,428 (31 December 2007: 126,859,619; 30 June 2008: 130,471,218) ordinary shares in
issue throughout the period.
Net asset value per ordinary share
The net asset value per ordinary share is based on net assets at the period end of £54,782,000
(31 December 2007: £68,622,000; 30 June 2008: £71,124,000) and on 139,366,428
(31 December 2007: 130,196,828; 30 June 2008: 139,366,428) ordinary shares, being the number
of ordinary shares in issue at the period end.
5. Related parties
The Company's investment manager is CQS/New City Investment Managers Limited. CQS receive a basic monthly fee at the rate of 0.8 per cent per annum of the Company's total assets (less current liabilities other than bank borrowings), payable in arrears. During the period investment management fees of £312,000 were incurred, of which £49,000 was payable at the period end.
Mr G Ross is a Director of the Company Secretary and Administrator, R&H Fund Services (Jersey) Limited which receives fees from the Company. During the period fees of £7,500 were incurred (excluding the Directors' fee to G Ross). No amounts were outstanding at the period end.
Mr G Ross is also a Director of the Registrar, Computershare Investor Services (Channel Islands) Limited which receives fees from the Company. During the period fees and expenses of £10,000 were incurred of which £1,000 was payable at the period end.
6. Contingent asset
In June 2007 the European Court of Justice ('ECJ') ruled that investment trusts should be treated as special investment funds and thus exempted from VAT on management fees. While the Company does not incur VAT on management fees, its predecessor, New City High Yield Trust plc, did incur VAT. Accordingly the liquidator of New City High Yield Trust plc may be able to reclaim amounts in respect of VAT previously charged by its investment managers. In accordance with the terms of the voluntary winding-up of New City High Yield Trust plc and the rollover of shareholders' interests into New City High Yield Fund Limited, any VAT reclaimed, net of any liquidators costs will be paid to New City High Yield Fund Limited. The mechanics and, in particular, the quantum of any recovery is so uncertain that it has not been recognised as an asset in the accounts.
7. Explanation of transition to IFRS
The Company has adopted IFRS. Until 30 June 2008 the company reported its results in accordance with UK GAAP.
a) Reconciliation of equity/net assets
Had the Company reported its results under IFRS at the end of the comparable interim period (31 December 2007) and 'year end' (30 June 2008) the net assets would have been unchanged from those previously reported under UK GAAP.
b) Reconciliation of the Income Statement
Had the Company reported its results under IFRS at the end of the comparable interim period (31 December 2007) and 'year end' (30 June 2008) the return on ordinary activities would have been unchanged from that previously reported under UK GAAP.
c) Reconciliation of the Cash Flow Statement for the period from
17 January 2007 to 31 December 2007
Increase in cash 1,724 – 1,724
The above reconciliations show the re-allocation of amounts within the Cash Flow Statement
but the actual cash flows remain unchanged.
Reference to reconciling items:
(i) Loan interest paid and withholding tax paid is now shown under operating activities rather than servicing of finance and taxation.
(ii) Equity dividends paid are now disclosed under financing.
8. Financial information
The financial information for the six months ended 31 December 2008 and the period to 31
December 2007 comprise non-statutory accounts. The full audited accounts for the period ended
30 June 2008, which were unqualified, have been lodged with the Registrar of Companies.
9. The report and accounts for the period ended 31 December 2008 will be posted to shareholders
and made available on the website www.ncim.co.uk. Copies may also be obtained from the
Company's registered office, Ordnance House, 31 Pier Road, St. Helier, Jersey, JE4
8PW, Channel Islands
Directors' Statement of Principal Risks and Uncertainties
The Company's assets consist principally of listed fixed interest securities and its principal risks are therefore market related. The Company is also exposed to currency risk in respect of the markets in which it invests. Other key risks faced by the Company relate to investment and strategic, regulatory, operational matters and financial controls. These risks, and the way in which they are managed, are described in more detail under the heading 'Principal risks and risk management' within the Directors' Report and Business Review contained within the Company's annual report and accounts for the period ended 30 June 2008. The Company's principal risks and uncertainties have not changed materially since the date of the report.
Directors' Responsibility Statement in Respect of the Interim Report
The Directors are responsible for preparing the Interim Report.
We confirm that to the best of our knowledge:
-
the condensed set of financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' issued by the International Accounting Standards and give a true and fair view of the assets, liabilities, financial position and return of the Company;
-
the Chairman's Statement includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the financial statements;
-
the Statements of Principal Risks and Uncertainties shown above is a fair review of the information required by DTR 4.2.7R; and
-
the condensed set of financial statements include a fair review of the information required by DTR 4.2.8R, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Company during that period and any changes in the related party transactions described in the last Annual Report that could do so.
On behalf of the Board
JG West
Director
27 February 2009
Enquiries:
Richard Lockwood, New City Investment Managers: 020 7201 5365
Graeme Ross, Company Secretary: 01534 825 200
This information is provided by RNS
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