Posting of Annual Financial Report & Notice of AGM

RNS Number : 4669I

Polar Capital Technology Trust PLC

25 July 2012

 



25  July 2012

Polar Capital Technology Trust plc

 Annual Financial Report for the year ended 30 April 2012

On 3 July 2012, Polar Capital Technology Trust plc (the "Company") announced its final results for the year ended 30 April 2012 under RNS number 7337G. This announcement contained regulated information in relation to annual financial reports required to be made public in unedited full text by Disclosure and Transparency Rule 6.3.5, with the exception of the Statement of Directors' Responsibility which is outlined below.

The Company now announces that the Annual Report and Financial Statements for the year ended 30 April 2012 and Notice of AGM and Form of Proxy will shortly be available on the Company's website at www.Polarcapitaltechnologytrust.co.uk. 

The Company will hold its AGM at 12 noon on 4 September 2012 at the Royal Automobile Club, 89/91 Pall Mall, London, SW1Y 5HS. As explained in the Chairman's Statement in the annual report and in the letter accompanying the Notice of Annual General Meeting, in addition to the standard AGM business, the Company is seeking shareholder approval to changes in the Company's investment policy and to amend the current Articles of Association to remove the prohibition of distribution by way of dividend of surpluses arising from the realisation of investments, to reflect the reform of the tax rules applicable to investment trust companies.

The Company will shortly be posting its Annual Report and Accounts to shareholders together with the Notice of the 2012 Annual General Meeting ("AGM") and Form of Proxy.

Copies of the Company's Report and Financial Statements for the year ended 30 April 2012 and the Notice of AGM and Form of Proxy have also been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do.

Statement of Directors' Responsibilities

In Respect of the Annual Report, Directors' Remuneration Report and Financial Statements

The Directors are responsible for preparing the Annual Report, the Directors' Remuneration Report and the Financial Statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the Group and Company financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. Under Company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable IFRS as adopted by the European Union have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006 and, as regards the Group's financial statements, Article 4 of the IAS Regulations. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of Information to the Auditors

As far as the Directors are aware and to the best of their knowledge, having made enquiries, there is no relevant audit information of which the Auditors are unaware and the Directors have taken steps to make themselves aware of any relevant audit information and to establish that the Auditors are aware of such information.

Going Concern

The Board's assessment of the Group's position as at 30 April 2012 and the factors impacting the forthcoming year are set out in the Chairman's Statement and the Investment Manager's Report on pages 2 to 13 and in the Directors' Report which incorporates the business review and corporate governance statements.

The financial position of the Group, its cash flows, and its liquidity position is described in the Business Review on pages 38 to 48. Note 31 to the financial statements includes the Groups' policies and process for managing its capital; its financial risk management objectives; details of financial instruments and hedging activities. Exposure to credit risk and liquidity risk are also disclosed.

The Group has considerable financial resources and after making enquiries the Directors have a reasonable expectation that the Company and Group have adequate resources to continue in operational existence for the foreseeable future despite the continued uncertain economic outlook. Accordingly the Directors continue to adopt the going concern basis in preparing the annual report and financial statements. 

Responsibility Statement under the Disclosure and Transparency Rules

The Directors of Polar Capital Technology Trust plc, who are listed on page 36 and 37, confirm to the best of their knowledge:

• the financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the European Union, and give a true and fair view of the assets, liabilities, financial position and profit of the Group and the undertakings included in the consolidation taken as a whole; and

• the Chairman's Statement, Investment Manager's Report and Directors' Report (together constituting the Management Report) include a fair review of the development and  performance of the business and financial position of the Company and undertakings included in the consolidation taken as a whole, and include a description of the principal risks and uncertainties.

The financial statements were approved by the Board on 9 July 2012 and the responsibility statement was signed on its behalf by Michael Moule, Chairman of the Board.

Michael Moule

Chairman 

For further information please contact:

 N P Taylor

Polar Capital Secretarial Services

Tel: [phone]

 

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