Half-year Report

RNS Number : 5807J
BMO UK High Income Trust PLC
06 December 2018
 

To:                   RNS

From:              BMO UK High Income Trust PLC

Date:               6 December 2018

LEI:                  213800B7D5D7RVZZPV45

 

 

Interim Results

The Board of BMO UK High Income Trust PLC announces the unaudited interim results of the Company for the six month period to 30 September 2018.

 

Highlights

 

·     Expected distribution yield of 5.0 per cent on Ordinary shares and B shares at 30 September 2018, based on expected total distribution of 5.04p per share for the year ended 31 March 2019. This compares with the yield on the FTSE All-Share Index of 3.8 per cent.

 

·     Distributions paid quarterly. Interim distributions in respect of the period increased by 3.3 per cent compared to the prior year.

 

·     Net asset value total return per share for the six months was 6.4 per cent, compared to the Benchmark+ total return of 7.9 per cent.

 

+ From launch on 1 March 2007, the Company's benchmark index was the FTSE All-Share Capped 5% Index. Following shareholder approval at the Company's AGM on 5 July 2018, the benchmark was changed to the FTSE All-Share Index.

 

Chairman's Statement

 

Investment background

In the last annual report, I wrote to you about the positive steps the Board and Manager had taken to position the Company for the next five-year performance cycle. This strategy has now been implemented and I am pleased to say that it has been well received by our shareholders. The Company is positioned with a differentiated 'high-income' strategy which the Board looks forward to delivering over the coming years.

 

While the Manager's concentrated and differentiated philosophy is a change in approach for the Company, the ethos has not changed, being to deliver a high and growing dividend.  We are however pursuing our strategy with a change in portfolio profile and style, which we continue to communicate to existing and prospective shareholders. As already noted, this will take time to evolve and with that in mind the Manager's portfolio has been in place for less than a year. 

 

Investment performance

The net asset value total return for the Ordinary shares and B shares was 6.4 per cent over the six months to 30 September 2018 compared to the 7.9 per cent total return for the benchmark index.

 

Since the Company's launch in March 2007, the net asset value total return for the Ordinary shares and B shares has been 101.0 per cent, which exceeds the 100.7 per cent total return from the benchmark index.

 

As shareholders will be aware, global equity markets became more volatile towards the end of the period with escalating trade tensions between the US and China, slowing global economic growth, and closer to home, the daily news flow around Brexit being the catalysts. Following the period-end, there was a sharp sell-off in October, which was compounded by a 'Brexit deal' that Theresa May will take to a divided Parliament. The impact on 'UK PLC' from Brexit is very difficult to gauge and the Manager cannot, and will not, try to position the portfolio to mitigate what may or may not happen in the short term. The Manager is focused on the fundamental qualities of the businesses owned which will allow these businesses to generate sustainable returns over the longer term.

 

There has been, and remains, a disconnect between what are considered 'quality' companies that are relatively expensively valued by the market and companies that are more lowly rated and considered to represent 'value'. The Manager remains concerned that valuations for 'quality' are becoming ever more extreme. There are great opportunities in the portfolio and considerable value but it remains tough to make any call on where the bottom may be for some of these value companies. 

 

UK consumer stocks are bearing the brunt of the recent sell-off although this is not only Brexit related. Sectors such as retail, property, banks and construction all have their own cyclical or structural issues which are not helped by negative sentiment. The portfolio has limited exposure to these sectors, not because of Brexit, but because of the Manager's view on the businesses.

 

It is clear that as Brexit approaches, investors are seeking the relative safe-haven provided by investing in mega-cap companies. Oil & gas has been buoyed by the work that businesses have done on their cost bases coupled with revenues and dividends in US dollars which for now are deemed to be relatively safe. Other sectors including pharmaceutical and consumer staples have also seen a rerating, which the Manager feels reflects their safe-haven status, rather than the fundamentals. 

 

Earnings, dividends and capital distributions

Revenue has been lower over the first half of this financial year, which is a function of timing, change in style and fewer special dividends. The shape of the revenue generation has changed as it was felt the portfolio was top-heavy with too many high dividend yielders, but minimal growth. By exiting a number of those holdings, the yield premium to the benchmark index has been reduced from approximately 10 per cent to around about neutral. This has allowed the Manager to reposition the portfolio towards lower yielding companies with higher dividend growth resulting in a better balance between capital and dividends over the long term. These changes have not altered the ethos and our intention to pay a covered dividend for this year.

 

Movements in the sterling exchange rate, most notably against the US dollar, have an important influence on the Company's revenue, as approximately one-fifth of the Company's income comes from UK-listed companies that declare dividends in US dollars. While growth in underlying dividends has continued, income at the half year has also been assisted by the continued weakness of sterling against the US dollar. In addition, a special dividend contributed £101,000 to the revenue account during the period compared with £258,000 during the same period in the prior year.

 

The Company's dividend for the year ending 31 March 2019 is estimated, barring unforeseen circumstances, to be 5.04p per share, which represents an increase of 3.3 per cent compared to the prior year (2018: 4.88p per share). 

 

The first three quarterly dividends will be paid in equal instalments of 1.25p per share and a fourth quarterly dividend of 1.29p per share is expected to be paid to Ordinary shareholders. B Shareholders will receive capital repayments of the same amount per share at the same time as dividends are received by Ordinary shareholders.

 

The expected annual distribution level represents a yield for Ordinary shareholders, B shareholders and unit holders of 5.0 per cent based on the respective share prices as at 30 September 2018. This yield compares favorably with the yield on the FTSE All-Share Index of 3.8 per cent at that date.

 

Dividends to Ordinary shareholders and capital repayments to B shareholders are paid quarterly in August, November, February and May each year.

 

After providing for the second quarter dividend, the Company had revenue reserves of £5.1m (approximately 5.87p per Ordinary share) at 30 September 2018.

 

Discount and buy backs

The Company's Ordinary share price and B share price stood at a discount to net asset value of 6.4 per cent at 30 September 2018. Over the six-month period, the price of the Company's Ordinary shares and B shares traded at an average discount to net asset value per share of 7.7 per cent and 7.1 per cent respectively.

 

During the six-month period, the Company did not buy back any Ordinary shares or B shares.

 

Name change

On 9 November 2018, it was announced that it had been decided to change the Company's name to BMO UK High Income Trust PLC. The Company's Manager, F&C Investment Business Limited, became part of the BMO Financial Group in 2014. BMO was founded over 200 years ago as Bank of Montreal and is now the eighth largest bank by assets in North America.  As part of its development plans, BMO decided to rebrand F&C's savings plans to the BMO prefix. Many of the Company's shareholders invest through the F&C savings plans and with the F&C brand changing your Board has therefore resolved that continuing to align with the brand of its Manager, as well as the savings plans, avoids unnecessary confusion and ensures the Company maximises the benefits resulting from broader investment by BMO.  The investment policy and process remain unchanged with Philip Webster as Fund Manager.

 

Outlook

As a Board, we have articulated a clear, simplified and differentiated strategy, which the Manager is now executing. There is significant uncertainty in the market outlook but the dividend is well underpinned by the combination of the revenue generated by the portfolio and the revenue reserve. This gives the Board comfort that a 'progressive dividend policy' can be sustained.

 

 

 

Iain McLaren

Chairman

5 December 2018

 

Condensed Unaudited Statement of Comprehensive Income

For the six month period to 30 September 2018

 

Six months to 30 September 2018

 

 

 

 

                                                                  Notes

Revenue

Capital

Total

 

£'000

£'000

£'000

 

 

 

 

Gains on investments held at fair value

-

6,177

6,177

Exchange differences

-

10

10

Investment income                                          2

2,394

-

2,394

Investment management fee                           3

(127)

(295)

(422)

Other expenses

(204)

-

(204)

Profit before finance costs and taxation

2,063

5,892

7,955

 

 

 

 

Net finance costs

 

 

 

Interest on bank loan

(31)

(72)

(103)

Total finance costs

(31)

(72)

(103)

 

 

 

 

Profit before tax

2,032

5,820

7,852

Tax on ordinary activities

-

-

-

Profit for the period

2,032

5,820

7,852

 

 

 

 

 

 

 

 

Total comprehensive income for the period

2,032

5,820

7,852

 

 

 

 

 

 

 

 

Earnings per share                                           4

1.72p

4.94p

6.66p

 

All of the profit and comprehensive income for the period is attributable to the owners of the Company.

 

All items in the above statement derive from continuing operations.

 

 

 

 

 

Condensed Unaudited Statement of Comprehensive Income

For the six month period to 30 September 2017

 

Six months to 30 September 2017

 

 

 

 

                                                                  Notes

Revenue

Capital

Total

 

£'000

£'000

£'000

 

 

 

 

Gains on investments held at fair value

-

482

482

Exchange differences

-

(16)

(16)

Investment income                                          2

3,364

-

3,364

Investment management fee                           3

(148)

(345)

(493)

Other expenses

(172)

-

(172)

Profit before finance costs and taxation

3,044

121

3,165

 

 

 

 

Net finance costs

 

 

 

Interest on bank loan

(88)

(206)

(294)

Total finance costs

(88)

(206)

(294)

 

 

 

 

Profit/(loss) before tax

2,956

(85)

2,871

Tax on ordinary activities

-

-

-

Profit/(loss) for the period

2,956

(85)

2,871

 

 

 

 

 

 

 

 

Total comprehensive income for the period

2,956

(85)

2,871

 

 

 

 

Earnings per share                                           4

2.50p

(0.07)p

2.43p

 

 

 

 

 

 

 

 

Condensed Statement of Comprehensive Income

For the year to 31 March 2018

 

 

Year to 31 March 2018*

 

 

 

 

                                                                  Notes

Revenue

Capital

Total

 

£'000

£'000

£'000

 

 

 

 

Losses on investments held at fair value

-

(6,867)

(6,867)

Exchange differences

-

(17)

(17)

Investment income                                           2

5,601

-

5,601

Investment management fee                            3

(294)

(686)

(980)

Other expenses

(424)

-

(424)

Profit/(loss) before finance costs and taxation

4,883

(7,570)

(2,687)

 

 

 

 

Net finance costs

 

 

 

Interest on bank loan

(119)

(277)

(396)

Total finance costs

(119)

(277)

(396)

 

 

 

 

Profit/(loss) before tax

4,764

(7,847)

(3,083)

Tax on ordinary activities

-

-

-

Profit/(loss) for the period

4,764

(7,847)

(3,083)

 

 

 

 

Total comprehensive income for the period

4,764

(7,847)

(3,083)

 

 

 

 

Earnings per share                                           4

4.03p

(6.64)p

(2.61)p

 

 

 

*These figures are audited
 

Condensed Unaudited Balance Sheet

 

 

As at

30 Sept 2018

As at

30 Sept 2017

As at

31 March 2018*

                                                                           Notes

£'000

£'000

£'000

 

 

 

 

Non-current assets

 

 

 

Investments held at fair value through profit or loss   8

132,418

133,751

127,664

 

132,418

133,751

127,664

Current assets

 

 

 

Receivables

3,231

649

1,179

Cash and cash equivalents

1,177

4,556

1,563

 

4,408

5,205

2,742

Total assets

136,826

138,956

130,406

 

 

 

 

Current liabilities

 

 

 

Payables

(2,097)

(323)

(581)

 

(2,097)

(323)

(581)

 

 

 

 

Non-current liabilities

 

 

 

Bank loan

(7,500)

(7,500)

(7,500)

 

(7,500)

(7,500)

(7,500)

 

 

 

 

Total liabilities

(9,597)

(7,823)

(8,081)

Net assets

127,229

131,133

122,325

 

 

 

 

 

 

 

 

 

 

 

 

Capital and reserves

 

 

 

Share capital                                                            10

134

134

134

Share premium

153

153

153

Capital redemption reserve

5

5

5

Buy back reserve

82,190

82,190

82,190

Special capital reserve

17,315

18,839

18,089

Capital reserves

21,246

23,188

15,426

Revenue reserve

6,186

6,624

6,328

Shareholders' funds

127,229

131,133

122,325

 

 

 

 

Net asset value per Ordinary share                      11

107.91p

111.22p

103.75p

Net asset value per B share                                  11

107.91p

111.22p

103.75p

 

 

 

 

 

 

 

 

 

 

 

 

 

*These figures are audited 
 

 

Condensed Unaudited Statement of Changes in Equity

 

 

Notes

Six months to

30 Sept 2018

Six months to

30 Sept 2017

Year to

31 March 2018*

 

 

£'000

£'000

£'000

 

 

 

 

 

Opening equity shareholders' funds

 

122,325

131,649

131,649

Net profit/(loss) for the period

 

7,852

2,871

(3,083)

Shares bought back for treasury

10

-

(521)

(521)

Dividends paid on Ordinary shares

  7

(2,174)

(2,116)

(4,220)

Capital repayments paid on B shares

  7

(774)

(750)

(1,500)

 

 

 

 

 

Closing equity shareholders' funds

 

127,229

131,133

122,325

 

*These figures are audited

 

 

Condensed Unaudited Cash Flow Statement

 

 

Six months to

30 Sept 2018

Six months to

30 Sept 2017

Year to

31 March 2018*

 

£'000

£'000

£'000

 

 

 

 

Net cash flow from operating activities

2,652

5,767

5,771

Net cash flow from financing activities

(3,048)

(14,181)

(17,177)

 

 

 

 

Net decrease in cash and cash equivalents

(396)

(8,414)

(11,406)

Currency gains/(losses)

10

(12)

(13)

Net cash and cash equivalents at beginning of period

1,563

12,982

12,982

Net cash and cash equivalents at end of period

1,177

4,556

1,563

 

*These figures are audited

 

 Notes to the Condensed Accounts (unaudited)

 

1.    The condensed unaudited financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and the accounting policies set out in the statutory accounts of the Company for the year ended 31 March 2018. The condensed financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the financial statements of the Company for the year ended 31 March 2018, which were prepared under full IFRS requirements to the extent that they have been adopted by the European Union.

 

 

2.    Income for the period is derived from:

 

30 Sept 2018

30 Sept 2017

31 March 2018

 

£'000

£'000

£'000

Equity investments

2,386

3,296

5,522

Fixed interest investments

-

60

63

Deposit interest

3

8

11

Underwriting commission

5

-

5

 

 

 

 

 

2,394

3,364

5,601

             

3.    The Company's investment manager F&C Investment Business Limited changed its name to BMO Investment Business Limited effective 31 October 2018.  With effect from 1 April 2018 BMO Investment Business Limited receives an investment management fee of 0.65 per cent per annum of the net asset value of the Company payable quarterly in arrears. Until 31 March 2018 the investment management fee was 0.75 per cent per annum of the net asset value of the Company payable quarterly in arrears. 

 

4.    The earnings per share are based on the net profit / (loss) for the period and on 117,904,847 shares (period to 30 September 2017 - 118,325,177; year to 31 March 2018 - 118,115,012), being the weighted average number of shares in issue during the period.

 

5.    Earnings for the six months to 30 September 2018 should not be taken as a guide to the results of the full year.

 

6.    The Board has considered the requirements of IFRS 8 'Operating Segments'. The Board is of the view that the Company is engaged in a single segment of business, of investing in equity securities, and that therefore the Company has only a single operating segment. The Board of Directors, as a whole, has been identified as constituting the chief operating decision maker of the Company. The key measure of performance used by the Board to assess the Company's performance is the total return on the Company's net asset value measuring debt at fair value. The reconciliation between the measure of profit or loss used by the Board and that contained in the financial statements is as follows:

 

 

 

 

 

 

 

 

 

 

30 September 2018

30 September 2017

      31 March 2018

 

 

 

 

£'000

Pence per share

 

 

£'000

Pence per share

 

 

£'000

Pence per share

 

Shareholders' funds per financial statements

 

127,229

 

107.91

 

131,133

 

111.22

 

122,325

 

103.75

 

Closing fair value adjustment on fixed-rate term loan

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Shareholders' funds with debt at fair value

 

127,229

 

107.91

 

131,133

 

111.22

 

122,325

 

103.75

 

Profit/(loss) for the period per financial statements

 

7,852

 

6.66

 

2,871

 

2.43

 

(3,083)

 

(2.61)

 

Movement in fair value on fixed-rate term loan

 

-

 

-

 

78

 

0.07

 

78

 

0.07

 

Profit/(loss) for the period with debt at fair value

 

7,852

 

6.66

 

2,949

 

2.50

 

(3,005)

 

(2.54)

 

 

7.    Dividends and capital repayments

 

Six months to

30 Sept 2018

Six months to

30 Sept 2017

Year

to

31 March 2018

 

£'000

£'000

£'000

In respect of the previous period:

 

 

 

Fourth interim dividend paid at 1.25p (2017: 1.21p) per Ordinary share

 

1,087

 

1,058

 

1,058

Fourth capital repayment paid at 1.25p (2017: 1.21p) per B share

 

387

 

375

 

375

 

 

 

 

In respect of the period under review:

 

 

 

First interim dividend paid at 1.25p (2018: 1.21p) per Ordinary share

 

1,087

 

1,058

 

1,058

First capital repayment paid at 1.25p (2018: 1.21p) per B share

 

387

 

375

 

375

Second interim dividend paid at 1.21p per Ordinary share

 

-

 

-

 

1,052

Second capital repayment paid at 1.21p per B share

 

-

 

-

 

375

Third interim dividend paid at 1.21p per Ordinary share

 

-

 

-

 

1,052

Third capital repayment paid at 1.21p per B share

 

-

 

-

 

375

 

2,948

2,866

5,720

 

A second interim dividend for the year to 31 March 2019, of 1.25p per Ordinary share, was paid on 2 November 2018 to Ordinary shareholders on the register on 5 October 2018. A second quarter capital repayment of 1.25p per B share was paid on 2 November 2018 to B shareholders on the register on 5 October 2018. Although these payments relate to the period ended 30 September 2018, under IFRS they will be accounted for in the six months to 31 March 2019, being the period during which they are paid.

 

 

 

8.    Investments held at fair value through profit or loss

 

 

Listed/

Quoted

(Level 1)

£'000

 

Subsidiary/

Unlisted

(Level 3)

£'000

 

 

 

Total

£'000

Opening book cost

109,298

250

109,548

Opening fair value adjustment

18,116

-

18,116

Opening valuation

127,414

250

127,664

Movement in the period:

 

 

 

Purchases at cost

15,726

-

15,726

Sales - proceeds

(17,149)

-

(17,149)

           - gains on sales

2,474

-

2,474

Increase in fair value adjustment

3,703

-

3,703

Closing valuation at 30 September 2018

132,168

250

132,418

Closing book cost at 30 September 2018

110,349

250

110,599

Closing fair value adjustment at 30 September 2018

21,819

-

21,819

Closing valuation at 30 September 2018

132,168

250

132,418

 

Accounting standards recognise a hierarchy of fair value measurements for financial instruments which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The classification of financial instruments depends on the lowest significant applicable input, as follows:

·     Level 1 - quoted (unadjusted) prices in active markets for identical assets or liabilities.

·     Level 2 - other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly. The Company held no such instruments during the period under review.

·     Level 3 - techniques that use inputs that have a significant effect on the recorded   fair value that are not based on observable market data. The Company's investment in its subsidiary undertaking, Investors Securities Company Limited, is included in level 3 and is valued at its net asset value.

 

There were no transfers between levels of the fair value hierarchy during the six months ended 30 September 2018.

 

9.    The Company has a £7.5 million unsecured term loan from Scotiabank Europe plc with a five year term to 28 September 2022 and at a fixed interest rate of 2.58 per cent per annum. The Company also has a £7.5 million unsecured multicurrency revolving credit facility ("RCF") with Scotiabank (Ireland) Designated Activity Company available until 28 September 2022. £nil of the RCF was drawn down at 30 September 2018 (30 September 2017 - £nil; 31 March 2018 - £nil).

 

The fair value of the £7.5 million term loan is not materially different from the value reflected in the Balance Sheet.

 

10.  The Company did not buy back any Ordinary shares or B shares to hold in treasury during the period (period to 30 September 2017 - 500,000 Ordinary shares and nil B shares; year to 31 March 2018 - 500,000 Ordinary shares and nil B shares). The Company did not resell any Ordinary shares or B shares from treasury and did not issue any new shares during the period (period to 30 September 2017 - nil Ordinary or B shares; year to 31 March 2018 - nil Ordinary or B shares).

 

At 30 September 2018 the Company held 15,139,000 Ordinary shares and 1,100,000 B shares in treasury (30 September 2017 - 15,139,000 Ordinary shares and 1,100,000 B shares; 31 March 2018 - 15,139,000 Ordinary shares and 1,100,000 B shares).

 

11.  The net asset value per share is based on shareholders' funds at the period end and on 86,928,144 Ordinary shares and 30,976,703 B shares, being the number of shares in issue at the period end (30 September 2017 - 86,928,144 Ordinary shares and 30,976,703 B shares; 31 March 2018 - 86,928,144 Ordinary shares and 30,976,703 B shares).

 

12.  The fair values of the Company's financial assets and liabilities are not materially different from their carrying values in the financial statements.

 

The Company's financial risk management objectives and policies are consistent with those disclosed in the Company's financial statements for the year ended 31 March 2018.

 

13.  In assessing the going concern basis of accounting the Directors have had regard to the guidance issued by the Financial Reporting Council and have undertaken a rigorous review of the Company's ability to continue as a going concern.

 

The Company's objective and policy, which is subject to regular Board monitoring processes, is designed to ensure that the Company is invested mainly in liquid, listed securities. The Company retains title to all assets held by its custodian and has agreements relating to its borrowing facilities with which it has complied. Cash is held only with banks approved and regularly reviewed by the Manager.

 

As part of the going concern review, the Directors noted that borrowing facilities of a £7.5 million fixed term loan and a £7.5 million revolving credit facility are committed to the Company until 28 September 2022.

 

The Directors believe, in the light of the controls and review processes noted above and bearing in mind the nature of the Company's business and assets, that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of the accounts. Accordingly, they continue to adopt the going concern basis in preparing the accounts.

 

14.  The Company's auditor, Deloitte LLP, has not audited or reviewed the Interim Report to 30 September 2018 pursuant to the Auditing Practices Board guidance on 'Review of Interim Financial Information'. These are not full statutory accounts in terms of Section 434 of the Companies Act 2006 and are unaudited. Statutory accounts for the year ended 31 March 2018, which received an unqualified audit report and which did not contain a statement under Section 498 of the Companies Act 2006, have been lodged with the Registrar of Companies. The condensed financial statements shown for the year ended 31 March 2018 are an extract from those accounts. No full statutory accounts in respect of any period after 31 March 2018 have been reported on by the Company's auditor or delivered to the Registrar of Companies.

                

The Interim Report will be posted to shareholders during December and will be available on the website: www.bmoukhighincome.com

 

Statement of Principal Risks and Uncertainties

 

Most of the Company's principal risks are market related and comparable to those of other investment trusts investing primarily in listed securities. These risks, and the way in which they are managed, are described under the heading 'Principal Risks and Viability Statement' within the Strategic Report in the Company's Annual Report for the year ended 31 March 2018. The Company's principal risks and uncertainties have not changed materially since the date of that report and are not expected to change materially for the remainder of the Company's financial year. The most important types of risk associated with financial instruments are credit risk, market price risk, liquidity risk, interest rate risk and foreign currency risk. Other risks faced by the Company include investment and strategic, regulatory, operational and custody risks.

 

 

 

Statement of Directors' Responsibilities in Respect of the Interim Report

 

We confirm that to the best of our knowledge:

 

·   the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;

·     the Chairman's Statement (constituting the Interim Management Report) together with the Statement of Principal Risks and Uncertainties include a fair review of the information required by the Disclosure Guidance and Transparency Rules ('DTR') 4.2.7R, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements;

·     the Statement of Principal Risks and Uncertainties shown above is a fair review of the principal risks and uncertainties for the remainder of the financial year; and

·     the Chairman's Statement together with 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

 

Iain McLaren

Director

5 December 2018

 

 

For further information, please contact:

Phil Webster, Fund Manager                                      0207 628 8000

Ian Ridge, Company Secretary                                  0207 628 8000

 


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