Interim Management Statement and Q3 2012 Inv Rpt

RNS Number : 3838R

Qatar Investment Fund PLC

19 November 2012

 



19 November 2012

Qatar Investment Fund plc

("QIF" or the "Company")

Interim Management Statement and Q3 (Financial Q1) Investment Report

Qatar Investment Fund plc (LSE: QIF) today issues the following Interim Management Statement in accordance with the UK Listing Authority's Disclosure Rules and Transparency Rules, for the period 1 July 2012 to 16 November 2012.

The Company has also issued its Q3 Investment Report (Financial Q1) for the period 1 July 2012 to 30 September, a PDF copy of which can be obtained from QIF's website at: www.qatarinvestmentfund.com.

QIF was established to capitalize on the investment opportunities in Qatar and the Gulf Cooperation Council ("GCC") region, arising from the economic growth being experienced in the area. The Company invests in quoted Qatari equities listed on the Qatar Exchange ("QE") in addition to companies soon to be listed, with a possible allocation of do 15% in other listed companies elsewhere in the GCC region. The Investment Adviser invests using a top-down screening process combined with fundamental industry and company analysis.

OVERVIEW OF KEY HIGHLIGHTS

·     The Company's NAV increased by +5.38% during the period 28 June 2012 to 1 November 2012, marginally underperforming the QE Index return of +5.92%.

·     For the period starting from 29 December 2011 up to 1 November 2012 the Company's NAV rose by +2.5%, comfortably beating the benchmark's negative return of -2% over the same period.

·     Figures published by the Qatar Statistics Authority (QSA) real GDP growth slowed slightly to +5% year-on-year in Q2, following a recently upwardly revised +7.9% in Q1.

·     Economic growth, particularly in the non-hydrocarbon sector, is expected to be well supported by over $150bn of infrastructure spending up to the 2022 FIFA World Cup.

·     Population growth remains robust in Qatar, with the population standing at 1.84m at the end of September 2012, an 8.4% year-on-year increase.

·     The Qatari Banking and Financial sector showed profit growth of 11.0% in H1 2012 compared to H1 2011. Qatari companies' Q2 net profits showed an aggregate increase of 4.2% over the same period.

·     Banks continue to represent the largest single sector exposure within the portfolio, with a weighting of 49.3% of NAV as at 1 November 2012, down from 57.5% at the end of June 2012.

·     Regional valuations remain compelling, with the Qatari equity market representing particularly good value, with a 2012E price earnings ratio of  10.9 times falling to 9.8 times for 2013 forecast earnings; and a forecast dividend yield for 2012 of 4.4%.

·     Qatar remains the investment adviser's preferred regional market due to a unique combination of strong growth, high earnings visibility and domestic political stability.

PERFORMANCE AND PORTFOLIO STRUCTURE

On 1 November 2012 the QIF NAV reached US$1.0655, an increase of 5.38% from 28 June 2012.

At the end of October 2012 the QIF share price was trading at a -13.6% discount to NAV.

Embedded image removed - please refer to the IMS on the Company's website http://www.qatarinvestmentfund.com/publications/quarterly-reports/ for a chart depicting the NAV compared to the share price.

Historic Performance of the QIF NAV against the QE Index

QIF NAV	13.90%	-36.40%	10.40%	29.90%	1.30%	1.38%
QE Index	27.00%	-28.80%	1.10%	24.80%	1.10%	-2.00%

Source: Bloomberg, Qatar Insurance Company

* Up to 1 November 2012

Historic Performance of the QIF Share Price against Local and International Indices

QIF	23.0%	-1.5%	2.5%
QE Index	24.8%	1.1%	-2.0%
Abu Dhabi	-0.9%	-11.7%	11.3%
Bahrain	-1.8%	-20.1%	-8.1%
Dubai	-9.6%	-17.0%	19.9%
Kuwait	-0.7%	-16.4%	-2.7%
Oman	6.1%	-15.7%	-0.1%
Saudi Arabia	8.2%	-3.1%	5.8%
Bloomberg GCC200	13.0%	-9.3%	3.6%
MSCI World	9.6%	-7.6%	11.0%
S&P 500	12.8%	0.0%	13.5%
FTSE All-Share USD	10.9%	-6.7%	7.2%
Eurostoxx 600 USD	1.6%	-14.2%	11.5%
*Up to 1 November 2012 Source: Bloomberg

PORTFOLIO STRUCTURE

Top 10 Holdings

As of 1 November 2012, top five investments of the Company constituted 53.8% of NAV (excluding cash, which is 10.7%), compared to 58.9% of NAV at the end of 30 June 2012. The top 10 holdings (including cash) represents 84.4% of the company's NAV.

Qatar National Bank	Banks & Fin. Ser.	17.4%
Industries Qatar	Industry	14.7%
Cash	Cash	10.7%
Commercial Bank of Qatar	Banks & Fin. Ser.	7.5%
Masraf Al Rayan	Banks & Fin. Ser.	7.4%
Doha Bank	Banks & Fin. Ser.	6.7%
Qatar Islamic Bank	Banks & Fin. Ser.	5.9%
Barwa Real Estate	Real Estate	5.8%
Qatar Electricity & Water Co	Industry	4.3%
Qatar Navigation	Transportation	3.9%

Source: Bloomberg, Qatar Insurance Company (1 November 2012)

As at 1 November 2012, twenty positions were held in Qatar and two in Oman (twenty one positions in Qatar and one position in Oman at the end of Q2 2012), while the cash position increased to 10.7% of NAV from 2.7% at the end of June 2012.

Country Allocation

Qatar continues to be the Investment Adviser's favourite market within the GCC due to a combination of relatively low political risk and high growth prospects. In addition, and as illustrated in the Valuations section, the Investment Adviser believes that the Qatari market is trading at an attractive level both relative to its earnings growth potential and its regional peer group.

Embedded image removed - please refer to the IMS on the Company's website http://www.qatarinvestmentfund.com/publications/quarterly-reports/ for a chart depicting the overall portfolio allocation by country as at 1 November 2012.

Sector Allocation

Embedded image removed - please refer to the IMS on the Company's website http://www.qatarinvestmentfund.com/publications/quarterly-reports/ for a chart depicting the overall portfolio allocation by sector as at 1 November 2012.

The Investment Adviser maintains a positive outlook on the Qatari banking sector, and remains overweight compared to the QE Index, with an aggregate sector weighting of 49.3% (down from 57.5% at the end of June 2012) in the portfolio vs. 47.12% for the QE Index.

According to research recently published by the QNB Group, and in contrast to challenges being faced by the sector globally, Qatar's banks continue to see strong growth momentum across a range of performance indicators e.g. the latest Qatar Central Bank (QCB) data published at the end of August 2012 shows that overall banking sector assets in Qatar grew by 10.7% to QAR772.6 billion (US$212.2 billion) compared to the end of 2011, mainly driven by loan growth of 18.5%.

Qatari banks are also eyeing regional expansion. QNB is leading the way with plans to purchase the Egyptian assets of Société Générale and raise its stake in Iraq's Mansour Bank to 51% from 23%. It has also announced the acquisition of a 49% stake in Libya's Bank of Commerce and Development. The second largest portfolio allocation, at 19.6%, is the Industrial sector, in particular Industries Qatar. The weighting of the Transportation sector declined slightly to 4.5% as at 1 November 2012 as compared to 5.0% of NAV at the end of the second quarter. The weighting of the Real Estate sector decreased to 7.5% as at 1 November 2012 from 8.2% at the end of the second quarter. The allocation to the Insurance sector stood at 2.9%, slightly down from the last quarter, while our position in the Telecom sector stood at 4.2% of NAV as at 1 November 2012 as compared to 4.3% at the end of the second quarter.

REGIONAL EQUITY MARKET OVERVIEW

GCC Quarterly Equity Market Performance

Qatar (DSM)	0.39%	4.59%	0.13%	-7.60%	5.21%
Saudi (TASI)	-7.05%	5.00%	22.09%	-15.95%	3.27%*
Dubai (DFMGI)	-5.62%	-5.47%	21.83%	-11.95%	11.55%
Abu Dhabi (ADI)	-6.32%	-5.18%	6.27%	-4.13%	9.18%
Kuwait (KWSE)	-6.09%	-0.32%	6.03%	-6.10%	-0.38%
Oman (MSI)	-5.31%	1.66%	-0.09%	0.00%	-0.02%**
Bahrain (BAX)	-11.67%	-1.89%	0.77%	-2.23%	-6.11%

* As at 3 November 2012 and ** As at 1 November 2012

Source: Bloomberg

The performance of most GCC markets improved during the 1 July - 31 October 2012 period, with the exceptions of Kuwait, Oman and Bahrain, following a muted performance in the previous quarter. The Qatar market was up 5.2% from June 2012 levels, while the Dubai market reported the highest increase of 11.6% from June 2012 levels. In the past 12 months, the Dubai market has provided the highest returns at 15.0%, followed by the Saudi market at 9.3%. While GCC markets in general are not immune to global economic events, a rise in oil prices supported the advance of the regional equity markets. Additionally, the announcement of the European Central Bank's bond-buying programme and the launching of the Federal Reserve's third round of quantitative easing, further supported the market rise.

During the 1 July - 31 October 2012 period, the QE index was up 5.2% from June 2012 levels, following positive performance across all the sectors. The Consumer Goods and Services sector was the top performer during the period with a gain of 15.3%, followed by the Industrial sector, which gained 10.0%. The Transportation and Telecommunication sectors advanced at a slower pace and posted a gain of 2.8% and 1.9%, respectively.

Recent data published on the banking sector in Saudi shows encouraging signs, with strong growth in loans and deposits. Additionally, the real estate market in Dubai is on the path of recovery driven by rising rental prices. However, the outlook for the petrochemicals sector looks subdued, as demand from China is subsiding amid economic slowdown.

The Investment Adviser believes that Qatar remains the most attractive market in the GCC region. The long term growth story of the Qatar market is intact, with the Qatar government investing heavily in upgrading infrastructure, education, health and transport facilities in the country.

H1 2012 Corporate Profitability

The corporate profitability of Qatari companies remained strong during the first half of 2012. Of the 42 companies listed on the Qatar Exchange, 40 registered profits while 2 reported losses. During H1 2012, Qatari companies reported a combined net profit of QAR18.4 billion (US$5.0 billion), representing a rise of 2.7% year-on-year, while the Q2 year-on-year increase was 4.2%.

During H1 2012, while 27 companies reported earnings growth on a year-on-year basis, 13 companies reported a decline in profits and the remaining two companies incurred losses. The banking and financial sector reported the strongest growth amongst all sectors. Banking and financial sector net profits grew 11.0% year-on-year to QAR8.3 billion (US$2.3 billion). The transportation sector reported a modest 3.9% year-on-year increase in net profit to QAR0.9 billion (US$0.2 billion).

Financial Performance of Market Sectors in H1 2012 (Net Profit/Loss in (thousands) of US$)

Banking & Financial	2,061,650	2,288,165	11.0%	1,076,814	1,176,681	9.3%
Insurance	149,928	138,858	-7.4%	61,171	55,512	-9.3%
Industrial	1,529,042	1,524,575	-0.3%	784,625	804,452	2.5%
Services & Consumer Goods	222,844	216,074	-3.0%	115,894	111,985	-3.4%
Real Estate	332,277	301,301	-9.3%	132,570	140,633	6.1%
Telecoms	387,416	338,833	-12.5%	164,770	143,458	-12.9%
Transportation	227,872	236,739	3.9%	100,606	105,303	4.7%
Total	4,911,029	5,044,546	2.7%	2,436,448	2,538,025	4.2%

Source: Qatar Exchange, QIC

Banking and Financial Sector

The performance of Qatari banks remained strong during the first half of the year, largely driven by public sector loan growth for the country's planned capital investments in infrastructure projects. The listed universe of eight banks reported a growth of 10.8% on year-on-year basis, reaching QAR8.2 billion (US$2.29 billion) during H1 2012, compared to QAR7.4 billion (US$2.06 billion) reported during same period a year ago. The banking sector accounted for 44.5% of the total profit of the market during the first half of the year. The largest bank, Qatar National Bank (QIF's largest holding), reported a 17.1% growth (on a year-on-year basis) in net earnings to QAR4.1 billion (US$1.1 billion), during H1 2012. Commercial Bank of Qatar's net income grew 6.4% on a year-on-year basis to QAR1.0 billion (US$0.3 billion) during the same period.

Industrial Sector

The industrial sector recorded a marginal decline in net profit from QAR5.57 billion (US$1.53 billion) in H1 2011 to QAR5.55 billion (US$1.52 billion) in H1 2012. However, on a year-on-year basis, the industrial sector reported a rise in net profit during Q2 2012. The sector accounted for 30.2% of the total profit of the market during the first half of the year, the second largest following the banking and financial sector.

The marginal fall in net profit of the sector during H1 2012 can be largely attributed to dismal performance by sector heavy weights, such as Industries Qatar and Qatar Electricity and Water Co. (QEW). During H1 2012, Industries Qatar (IQ), one of the largest chemical producers in the GCC region, reported a 3.2% fall in net profit, on a year-on-year basis, to QAR4.0 billion (US$1.1 billion), largely due to weak performance at the petrochemical and steel divisions. QEW net earnings declined 4.5% on a year-on-year basis to QAR0.6 billion (US$0.2 billion), largely due to extended maintenance-related shutdowns at their RGPC and RLPC plants during Q2 2012.

Insurance Sector

During H1 2012, net earnings of the insurance sector declined by 7.4% year-on-year to QAR0.51 billion (US$0.14 billion), representing 2.8% of the market aggregate.

Of the five listed companies in the sector, two saw net earnings decline, while the remaining three reported growth. The largest insurance company by net profit in the sector, Qatar Insurance Company (QIC), reported an 11.4% fall in net profit on a year-on-year basis to QAR0.30 billion (US$0.08 billion). QIC accounted for 59.9% of the insurance sector total profits.

Services and Consumer Goods Sector

During H1 2012, the services and consumer goods sector, which accounted for 4.3% of the total market profits, reported an aggregate 3.0% year-on-year decline in net profit to QAR0.79 billion (US$0.22 billion). Of the eight listed companies which comprise the sector, two reported lower net earnings; five reported a higher figure, while losses at Qatar German Co for Medical Devices increased by contrast with last year.

The largest player by net profit in the sector, Qatar Fuel Company, reported a 6.4% drop in net profit on a year-on-year basis to QAR0.56 billion (US$0.15 billion), during H1 2012. Qatar Fuel Company accounted for 71.3% of the sector's net profit, lower than the 73.9% recorded in H1 2011.

Real Estate Sector

Net profit of the real estate sector plunged 9.3% on a year-on-year basis to QAR1.10 billion (US$0.30 billion) during H1 2012. It contributed 6.0% of the total market net profits during H1 2012, lower than 6.8% contributed during H1 2011. The largest contributor in the sector by net profit, Barwa Real Estate Co, reported a 21.1% fall in net profit on year-on-year basis to QAR0.59 billion (US$0.16 billion). Of the four listed companies in the sector, three companies reported fall in net profit, while Ezdan Real Estate Co reported a robust 91.0% increase in net profit to QAR0.20 billion (US$0.05 billion) during H1 2012.

Telecom Sector

The telecom sector is made up of only two companies i.e. Vodafone Qatar and Qatar Telecom. The telecom sector contributed 6.7% of the total net profit of the Qatar exchange listed companies during H1 2012 but reported a 12.5% decline in year-on-year net profit during the period to QAR1.23 billion (US$0.34 billion).

Qatar Telecom reported an 11.8% drop in net profit on year-on-year basis to QAR1.4 billion (US$0.4 billion), largely due to adverse foreign exchange movement in Indonesia and Algeria. Vodafone Qatar's losses declined marginally during the period.

Transportation Sector

During H1 2012, the transportation sector reported a 3.9% growth in net profit on year-on-year basis to QAR0.86 billion (US$0.24 billion), from QAR0.83 billion (US$0.23 billion) reported during the same period last year. Of the three companies present in the sector, two companies reported higher net profit, while one reported a marginal decline in its earnings.

Qatar Navigation, the sector heavyweight, reported a 5.5% rise in net profit on year-on-year basis to QAR0.44 billion (US$0.12 billion), during H1 2012. During the same period, Gulf Warehousing Co's net profit increased 32.5% year-on-year to QAR40.5 million (US$11.1 million). Qatar Gas Transport Co (Nakilat) reported a marginal decline in net profit to QAR0.38 billion (US$0.10 billion) during H1 2012.

MACROECONOMIC UPDATE

GDP grew 11.9% year-on-year to QAR173.4 billion in Q2 2012

According to the Qatar Statistics Authority (QSA), Qatar's nominal GDP is estimated to have grown 11.9% year-on-year to QAR173.4 billion in Q2 2012. In real terms, GDP is estimated to have risen 5.0% year-on-year in Q2 2012 to QAR84.9 billion, slightly lower than the (recently revised upwards) 7.9% year-on-year growth in Q1 2012.

Real growth in the hydrocarbon sector declined to 0.8% year-on-year in Q2 2012, from 4.6% year-on-year in Q1 2012. The non-hydrocarbon sector growth has moderated to 8.5% on a year-on-year basis in Q2 2012, from 10.8% in Q1 2012. Growth in the government services sector sharply decelerated from 13.9% year-on-year in Q1 2012, to a mere 1.6% year-on-year in Q2 2012. Manufacturing sector growth deteriorated to 8.0% year-on-year in Q2 2012, from 14.6% year-on-year growth reported in the previous quarter. However, sluggish growth in manufacturing and the government services sector was partially offset by continuing recovery in the construction sector. The building and construction sector registered a growth of 10.0% year-on-year in Q2 (6.1% in Q1), largely due to government spending plans to upgrade infrastructure. This has also provided an impetus to the growth in the transport and utility sectors, which grew 18.0% and 10.3% year-on-year, respectively.

Going forward, the IMF expects Qatar's real GDP growth to slow to 6.0% in 2012 and further to 4.6% in 2013. The growth outlook in the near and long term is largely dependent on the government's spending plans to boost non-hydrocarbon sector growth. Additionally, the Investment Adviser believes that growth prospects in the near and long term are well supported by the Qatar's expansionary budget of FY2012-13.

Population grew 8.4% year-on-year at the end of September 2012

Qatar's population continues to grow at a healthy pace, rising by an 8.4% year-on-year to 1.84 million at the end of September 2012. As compared to the previous quarter, Qatar's population expanded 7.1%. The rise in population is driving the consumption growth in the country, which is likely to benefit the domestic companies' profitability going forward.

Strong infrastructure pipeline

According to the Minister of Economy and Finance, Qatar's spending on infrastructure is expected to reach US$150 billion ahead of the 2022 FIFA World Cup, in line with the country's 2030 Vision. A slew of infrastructure projects are in the pipeline, including a transport corridor project in Doha, investment in roads, railways, new airport, stadiums, a deep-water seaport, tens of thousands of hotel rooms, and even a new city.

Recently, Qatar Railways signed contracts worth US$407.2m with several engineering companies as part of the initial stages of the US$36bn rail system project. Three contracts, totalling around US$313.1m were won by American firms Jacobs Engineering, Louis Berger and Hill International and France's Egis Rail, while the fourth contract valued at US$79.1m for preparation work was awarded to a division of Qatar's HBK Contracting Co. A further US$15m contract was awarded to Britain's Lloyd's Register for safety assessment.

Qatar Railways noted that a tender for a logistics coordinator has been issued, while contracts for tunnelling work for 49 km of twin tunnels are to be awarded in Q1 2013. The new rail system is expected to be operational by the end of 2019.

Longer term prospects in Qatar continue to remain positive, and the Investment Adviser believes that preparations for the FIFA World Cup 2022, and upgrading of related infrastructure, will lead to sustained construction spending in Qatar for many years to come.

Changes to QE Index Constituents and Weightings

Following the recent semi-annual review of QE Index constituents, the Qatar Exchange announced that from 1 October 2012, Al Meera and Qatar Insurance will not be a part of the QE Index and they will be replaced by The Investors and Mazaya. Also, after the scheduled review of the QE All Share Index, Al Ahli Bank has been added.

The Qatar Exchange caps the maximum weight a single stock can hold at 15% in the QE Index. Based on 16 September 2012 closing prices, Qatar National Bank (20.5% weight) and Industries Qatar (16.8% weight) each had higher than 15% individual weight in the QE Index. During the semi-annual review, their weights have been capped at 15% and excess weights have been distributed proportionately among the remaining QE Index constituents.

Valuations

During the past 12 months, the performance of the Qatar market (-0.6%) has been subdued relative to peers such as Saudi (+9.3%) and Dubai (+15.0%). However, the Investment Adviser believes that the underperformance during the past 12 months has resulted in attractive valuations for the Qatar market, underpinned by sound fundamentals of the Qatar economy, combined with domestic political stability, a robust fiscal position and relatively little exposure to troubled European economies.

Qatar	10.9	9.8	9.2	2.1	6.9	30.3	4.4	4.0	11.8
Saudi Arabia	12.9	10.9	10.8	2.2	8.4	18.2	4.1	10.2	17.2
UAE	12.8	13.0	10.8	1.2	5.1	11.1	3.3	10.3	23.4
Kuwait	13.5	11.1	10.1	1.9	5.0	15.1	4.3	13.0	17.9
Abu Dhabi	9.5	8.7	8.0	1.4	2.9	16.5	4.7	2.6	9.0
Dubai	16.1	17.4	13.6	1.0	7.4	5.8	1.9	18.1	37.9
Oman	8.5	9.1	8.5	1.5	2.6	23.7	5.7	4.3	-3.3

Source: HSBC (as at close of 21 September 2012)

OUTLOOK

The outlook for the Qatari stock market remains positive, underpinned by the government's intentions to spend US$150 billion on infrastructure investments in the coming years, including a new metro, airport, seaport and roads, as the country gears up for the FIFA World Cup in 2022. This can be seen as an important catalyst for investing in Qatar Exchange listed companies. The Investment Adviser believes that the Qatar market has been overlooked by investors in recent months, due to global economic and regional political concerns. However, new financial reforms and attractive valuations should underpin positive future performance.

The medium to long-term growth story of Qatar remains intact as the large proportion of planned spending in the coming years is expected to be utilised for infrastructure and public projects. The Investment Adviser believes that with the massive infrastructure building programme gathering pace in the near term, banks and consumer driven companies will be the key beneficiaries.

OTHER

Share Options

On 1 August 2012, the Company announced that the 1,713,550 US$1.00 share options granted to professional advisors at the time of the Company's admission to AIM expired unexercised on 31 July 2012.

Dividend

On 26 September 2012, QIF announced a final dividend of 3.0 cents per ordinary share in respect of the year ended 30 June 2012, payable after the proposed tender offer. Shareholder approval was obtained at the Company's annual general meeting on 14 November 2012, and the dividend will be paid on 30 January 2013 to ordinary shareholders on the register as at 14 December 2012. The corresponding ex-dividend date will be 12 December 2012.

Annual General Meeting

In accordance with the Company's Articles of Association, the Board of Directors put a discontinuation vote to shareholders at the Company's annual general meeting on 14 November 2012, proposing that the Company cease to continue in existence. The resolution was not passed and as such the discontinuation proposal was rejected.

All other resolutions were approved by shareholders.

Extraordinary General Meeting

On 17 October 2012, the Company announced the terms of a tender offer to purchase up to 20% of the Company's issued share capital, together with subsequent tender offers in the fourth quarters of 2013 and 2014 (subject to shareholder approval) for up to 10 per cent. of the Company's issued share capital at those times (excluding treasury shares) in the event that the average discount to net asset value per share for the subsequent twelve month period has been greater than 10 per cent.

In addition, the Board sought authority for a revised investment policy to allow investment in Saudi Arabian listed companies by way of swaps and p-notes. The Board also sought authority to issue shares from treasury on a non-pre-emptive basis at a price which may represent a discount to the prevailing Net Asset Value per Share.

The Board also entered into a revised investment management agreement for a fixed one year period from1 November 2012 with the Company's investment manager, with the same fee arrangement as the existing investment management agreement.

At the Company's extraordinary general meeting on 14 November 2012, the resolutions to approve the tender offer and the revised investment policy were passed, and the special resolution to approve the reissue of shares out of treasury did not achieve a 75 per cent. majority and was therefore not passed.    

Result of Tender Offer

A total of 41,552,272 shares were validly tendered under the tender offer all of which will be repurchased by the Company and cancelled; this equates to 18.7% of the Company's shares in issue as at 17 October 2012 (excluding treasury shares), and 93.54 per cent. of the shares available under the Tender Offer. Details of the tender price are expected to be announced on 7 December 2012.

Warrants

Notice was sent to warrant holders of the final subscription date falling on 16 November 2012. This is the final date for exercise of subscription rights attached to the warrants. Following 16 November 2012, all rights attaching to the warrants shall lapse.

Directorate Change

On 12 November 2012, the Directors announced the sudden death on 11 November 2012 of David von Simson, non-executive Chairman of the Company. On 13 November 2012, the Board appointed Nick Wilson, the senior independent director, as non-executive Chairman with immediate effect. Mr Wilson has been a director of the Company since its inception in July 2007. 

For further information, please contact:

Nick Wilson

Qatar Investment Fund plc                                         [phone]

Ian Dungate/Suzanne Jones                                      [phone]

Galileo Fund Services Limited

Andrew Potts                                                              [phone]

Panmure Gordon

Joe Winkley/Neil Winward                                          [phone]

Oriel Securities

William Clutterbuck/ Robbie Hynes                            [phone]

Maitland

 

END

 

 

MSCLLFIDLTLRLIF