Final Results

RNS Number : 3016T

RIT Capital Partners PLC

03 June 2009

 



3 June 2009

AUDITED FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2009

FINANCIAL HIGHLIGHTS

	31 March 2009	31 March 2008	Change
Total Net Assets (£ million)	1,350.5	1,690.0	(20.1)%
Net Asset Value per Share	874.3p	1,091.6p	(19.9)%
Share Price	831.0p	1,147.0p	(27.6)%
(Discount)/premium	(5.0)%	5.1%

PERFORMANCE

	1 Year	5 Years	10 Years
RIT Capital Partners plc (Net Asset Value per Share)	(19.9)%	39.2%	119.3%
Morgan Stanley Capital International World Index (in £)	(22.3)%	(2.5)%	(23.6)%
FTSE All-Share Index	(32.2)%	(9.7)%	(31.5)%
Investment Trust Net Assets Index	(30.0)%	11.5%	12.4%

The following is derived from the Chairman's Statement which will appear in the Annual Report and Accounts.

Chairman's Statement 

In last year's Annual Report, I outlined the actions that we had taken to adjust our investment positioning to reflect our increasing concerns about the economic and investment outlook. These included a reduction in public market exposure (after adjusting for hedges) from 76% to 37% of our net asset value over the course of that year and a significant hedge of our Sterling exposure. 

We now know that a combination of excess debt, complacency about risk and a number of policy errors resulted in market dislocations equal to the worst of the past century. 

Having produced strong increases in net asset value since the prior market lows in 2003, we were concerned to preserve performance in the face of the risks that I have mentioned. Although your Company was defensively positioned for the year under review, its net asset value decreased by 19.9% from 1,091.6p to 874.3p.  Over the same period, the Morgan Stanley Capital International World Index (in Sterling), the FTSE All-Share Index and the Investment Trust Net Assets Index decreased by 22.3%, 32.2% and 30.0% respectively.  Your Company's 5 and 10 year returns are 39.2% and 119.3% in comparison with the MSCI World Index (in Sterling), which declined over these periods by -2.5% and -23.6% respectively.

It is disappointing to have to report a reduction in our NAV, albeit major markets over the period endured losses of between 30% to 40% in local currency terms.  While the changes in investment exposure and currency positioning mentioned above were of clear benefit, public market exposure (after adjusting for market hedges) accounted for nearly two thirds of the reduction in value over the year. Most of this was attributable to our external managers, including some of the previously most successful ones.

Just over a tenth of the reduction was attributable to our unquoted holdings.  These holdings, however, benefited from currency movements, as the majority are denominated in currencies other than Sterling.

There were few refuges from the unprecedented destruction of wealth we witnessed last autumn.  However, lower prices obviously bring opportunities to invest at levels not seen for many years.  Yet it remains the case that many of the major structural problems in the world economy and the financial system have yet to be resolved.  

At a time when returns on cash are negligible and when many other asset classes have limited appeal, investment in public equities has become more compelling and, indeed, the effect of government policy has encouraged investors. The stock market rally of the past few months reflects investors' confidence being restored by the massive interventions carried out by governments to generate economic recovery.  We have, however, been warned recently by the Governor of the Bank of England that the UK faces 'a slow and protracted recovery'.  In the USA the Federal Reserve has shown, by its actions, that it will do whatever is deemed necessary to combat deflationary forces.  The longer-term consequences, however, of huge increases in government debt, of bailing out banks with taxpayers' money, of saving 'white elephant' corporations and of quantitative easing on a large scale, are without precedent and surely dangerous.  As these reflationary measures fight deflation we can expect heightened volatility together with some economic recovery. However, this may well be followed by a period of renewed difficulty as the basic problems of Western debt and over-consumption, which have led to such extreme imbalances with the Far East, remain to be tackled.

Beyond the current phase lie clear risks of increased inflation. Indeed, many of our more recent investments have been made to position the portfolio for this likelihood. These include a 'short' position in US 10 year government bonds, Japanese government bonds and UK gilts amounting in total to £416 million on 22 May 2009, as we expect long term interest rates to rise. We have also taken a £100 million 'long' position in a basket of commodities.

As markets have fluctuated over the past few months, we have remained cautiously, rather than fully, invested in stock markets, although we have increased our exposure to listed equities from 37% at 31 March 2009 to 60% at 22 May 2009. Since your Company's year end, the net asset value per share has increased by 4.6%, from 874.3p to 914.4p at that date, sharing to some extent in the market upturn during this period. 

ASSET ALLOCATION

We set out below our asset allocation within the investment portfolio at the period end:

		% of Portfolio 31 March 2009	% of Portfolio 31 March 2008
Quoted investments		25.0	34.4
Long equity funds		15.3	11.5
Hedge funds		0.7	4.2
Unquoted investments:
	Direct	15.9	15.8
	Funds	12.6	9.0
Investment property		1.7	1.7
Government securities and money market funds		28.8	23.4
		100.0	100.0

The investment portfolio excludes cash, borrowings and other assets and liabilities.  A more detailed analysis of your Company's portfolio and currency exposure is shown below.

UNQUOTED INVESTMENTS

Direct

Valuing illiquid assets in the current environment has become a contentious subject for holders of such assets who are required to value them on a regular basis.  We have made every effort to review these valuations and to reflect prevailing conditions.  As a result, while we have made gains over the year and benefited from favourable currency translation, these have both been offset by the reduction in valuations. Further information on this section of the portfolio appears in the Annual Report and Accounts.

In November 2008 we sold our holding in MessageLabs, an email security business, for £28.2 million, or 5.9 times the cost of the investment originally made in 1999. At the interim stage we also increased the valuation of our investment in Robin Hood Holdings, the generic pharmaceuticals company, to reflect the continued strong progress of the underlying business.  This holding remains our largest single investment, valued at £94.2 million at 31 March, compared with £45.5 million at the start of the year. Part of this increase was due to the strengthening of the US Dollar against Sterling.

RIT has experienced attractive and, in some cases, exceptional returns from investing in unquoted transactions over the years.  As long-term investors, we believe that we should continue to invest in such transactions, realising that it is at times of severe dislocation that the best opportunities often emerge.  

Funds

We have £203.9 million invested in a diversified portfolio of externally managed unquoted funds, including venture capital, property, energy and distressed debt. Exposure to large buy-out funds amounts to only 1% of the portfolio. Detailed information on the underlying funds in this section of the portfolio appears in the Annual Report and Accounts.

Of our total undrawn commitments of £220 million to such funds, the single largest undrawn commitment, of £40 million, is to Darwin Private Equity, which we were instrumental in creating in 2006. They have made one investment, representing about 15% of Darwin's capital of £217 million. They are therefore well placed to take advantage of current conditions.  The second-largest undrawn commitment, of £39 million, is to Xander, the successful Indian investment company specialising in real estate and infrastructure projects, where we were a founder partner and investor. During the course of the year Xander raised a fund of $485 million, none of which has been invested so far.  Assets under management amount to $1.7 billion, the company has no debt and the majority of its funds are available for future opportunities.

We have reviewed valuations to reflect prevailing conditions and to take account of the March valuations which a large majority of our managers have provided. We have adjusted the remaining December valuations to reflect subsequent movements in the relevant stock market indices. 

CURRENCIES

Sterling declined during the course of the year and we had negligible exposure to the currency at the start of the period under review. This view on Sterling was at the time justified. We have, however, recently become more concerned about the prospects for the US Dollar and have accordingly hedged a large part of our Dollar exposure.  Against this we have significantly increased our exposure to Sterling.

We have also re-established our exposure to the Australian and Canadian Dollars and Norwegian Krone, which stand to benefit from a reflationary trend and a recovery in commodity prices from their sharp falls in 2008. 

In an environment where government policy may further undermine confidence in currencies, exposure to gold too has been increased and now amounts to some 5% of RIT's net asset value.

BORROWINGS

Our US$150 million fixed rate loan was repaid in July and replaced with a revolving credit facility for the same amount, which remains undrawn.

In addition to this, we have a £150 million multi-currency loan repayable in May 2010 (and extendable for one year) and a €150 million loan repayable in 2012. At the year end, the Sterling equivalent of these two committed and drawn facilities was £369 million. 

Against these borrowings we have government securities, money market funds and cash resources of £565 million.

DIVIDEND

We are proposing to pay a dividend of 7.5p per share on 29 July 2009 to shareholders on the register at 19 June 2009.  The increase over the previous year's dividend of 4.0p reflects exceptional dividend income from our portfolio investments, in particular Harbourmaster, in the current year.  However, shareholders should be aware that this level of dividend might not be sustainable in future years.  The focus of your Company remains one of achieving capital growth rather than increases in income.

BOARD

I referred in my Statement at the interim stage to a number of changes to your Board and in particular to the appointment of Sandra Robertson and Ian Wace.  Sandra became Chief Investment Officer of Oxford University Endowment Management in 2007, having spent the previous fourteen years at Wellcome Trust, where she became the co-Head of Portfolio Management.  She has also agreed to serve on the Board's Valuations Committee.  Ian is the co-founder of the hedge fund, Marshall Wace, and was previously Global Head of Equity and Derivative Trading at Deutsche Morgan Grenfell.

Charles Bailey will be retiring as Chairman of the Audit Committee, with effect from the 30 June 2009, and John Cornish has agreed to take up this position.  John is well-qualified for this role, having headed the investment trust team at Deloitte for a number of years.  On behalf of shareholders, I would like to thank Charles for his exceptional contribution over the years in chairing this Committee and we are delighted that he will continue as a Director of your Company.

Rothschild

3 June 2009

The following tables will appear in the Company's Annual Report and Accounts.

MOVEMENT IN NET ASSET VALUE

The Group's net asset value as at 31 March 2009 was £1,350.5 million (31 March 2008: £1,690.0 million). This represents a decrease of £339.5 million which is analysed below:

Year ended 31 March 2009	£ million	£ million	Pence per share	Pence per share
Quoted investments	(155.4)		(100.3)
Hedge funds	1.0		0.6
Long equity funds	(93.1)		(60.1)
Unquoted investments: Direct	(23.9)		(15.4)
Unquoted investments: Funds	(14.2)		(9.2)
Property	(2.9)		(1.9)
Government securities and money market funds	17.6		11.4
Investment Portfolio		(270.9)		(174.9)
Currency hedging gains and dealing profits	(0.5)		(0.3)
Index futures hedging	48.3		31.2
Hedging and Dealing		47.8		30.9
Foreign exchange adjustments on cash and bank loans	(69.1)		(44.6)
Unallocated administrative expenses	(13.3)		(8.6)
Finance costs	(12.7)		(8.2)
Taxation	(0.3)		(0.2)
Other movements	1.5		1.1
Expenses, Interest, Taxation and Other		(93.9)		(60.5)
Loss for the year		(317.0)		(204.5)
Interest rate swap (relating to term loans)	(13.7)		(8.8)
Dividend paid	(6.2)		(4.0)
Share buy-backs	(2.6)		-
Reserve Movements		(22.5)		(12.8)
Decrease in net asset value		(339.5)		(217.3)

PORTFOLIO ANALYSIS BY COUNTRY/ AREA 

	31 March 2009 % of investment  portfolio	31 March 2008 % of investment portfolio
US	34	34
UK	31	28
Europe	16	16
Far East	6	6
Japan	3	5
Canada	1	5
Other	9	6
Total	100	100

CURRENCY ANALYSIS OF NET ASSETS 

	31 March 2009 % of net assets	31 March 2008 % of net assets
Sterling	34	0
US Dollar	21	15
Euro	11	20
Norwegian Krone	9	10
Canadian Dollar	8	8
Australian Dollar	7	3
Japanese Yen	5	4
Singapore Dollar	3	16
Swiss Franc	1	13
Swedish Krona	0	6
Other	1	5
Total	100	100

CONSOLIDATED INCOME STATEMENT 

For the year ended 31 March 2009

	Notes	Revenue   return   £ million	Capital   return   £ million	Total   £ million
Income
Investment income		56.6	-	56.6
Other income		1.9	-	1.9
Losses on dealing investments held at fair value		(18.7)	-	(18.7)
Total income		39.8	-	39.8
Losses on portfolio investments held at fair value		-	(381.2)	(381.2)
Other capital items	5	-	58.1	58.1
		39.8	(323.1)	(283.3)
Expenses
Administrative expenses		(15.1)	1.3	(13.8)
Investment management fees		(7.1)	(0.5)	(7.6)
Loss before finance costs and tax		17.6	(322.3)	(304.7)
Finance costs		(12.7)	-	(12.7)
Loss before tax		4.9	(322.3)	(317.4)
Taxation	6	(1.7)	1.4	(0.3)
Loss for the year	2	3.2	(320.9)	(317.7)
Earnings per ordinary share	2	2.1p	(207.3)p	(205.2)p

Note:	Final dividend	£11.6 million
	Final dividend per ordinary share	7.5p

The total column of this statement represents the Group's Income Statement, prepared in accordance with International Financial Reporting Standards (IFRS). The supplementary revenue return and capital return columns are both prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations.

CONSOLIDATED INCOME STATEMENT 

For the year ended 31 March 2008

	Notes	Revenue   return   £ million	Capital   return   £ million		Total   £ million
Income
Investment income		45.6	-		45.6
Other income		3.2	-		3.2
Profits on dealing investments held at fair value		57.4	-		57.4
Total income		106.2	-		106.2
Gains on portfolio investments held at fair value		-	42.6		42.6
Other capital items	5	-	(22.1)		(22.1)
		106.2	20.5		126.7
Expenses
Administrative expenses		(14.6)	(3.5)		(18.1)
Investment management fees		(5.6)	(2.3)		(7.9)
Profit before finance costs and tax		86.0	14.7		100.7
Finance costs		(13.3)	-		(13.3)
Profit before tax		72.7	14.7		87.4
Taxation	6	(4.1)	(4.7)		(8.8)
Profit for the year	2	68.6	10.0		78.6
Earnings per ordinary share	2	44.2p		6.4p	50.6p

Note:	Final dividend	£6.2 million
	Final dividend per ordinary share	4.0p

The total column of this statement represents the Group's Income Statement, prepared in accordance with IFRS. The supplementary revenue return and capital return columns are both prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations.

CONSOLIDATED BALANCE SHEET 

	Notes	31 March   2009   £ million	31 March   2008   £ million
Non-current assets
Investments held at fair value	4	1,593.2	1,878.6
Investment property	4	28.5	32.6
Property, plant and equipment		0.4	0.4
Derivative financial instruments		-	4.8
Retirement benefit asset		-	1.4
Deferred tax asset		0.3	-
		1,622.4	1,917.8
Current assets
Dealing investments held at fair value		11.3	1.9
Sales for future settlement		14.7	20.1
Derivative financial instruments		6.0	29.7
Other receivables		13.5	19.2
Tax receivable		0.9	0.6
Cash at bank		98.5	152.1
		144.9	223.6
Total assets		1,767.3	2,141.4
Current liabilities
Bank loans and overdrafts		(0.1)	(98.9)
Purchases for future settlement		(19.5)	(29.0)
Derivative financial instruments		-	(8.8)
Tax payable		(1.8)	(3.2)
Other payables		(4.9)	(7.1)
		(26.3)	(147.0)
Net current assets		118.6	76.6
Total assets less current liabilities		1,741.0	1,994.4
Non-current liabilities
Derivative financial instruments		(13.7)	(4.7)
Bank loans		(369.3)	(284.9)
Provisions		(7.0)	(13.1)
Retirement benefit liability		(0.5)	-
Deferred tax liability		-	(1.7)
		(390.5)	(304.4)
Net assets		1,350.5	1,690.0
Equity attributable to equity holders
Called up share capital		154.5	154.8
Capital redemption reserve		35.7	35.4
Cash flow hedging reserve		(13.7)	0.1
Foreign currency translation reserve		0.6	(0.2)
Capital reserve		1,166.9	1,490.4
Revenue reserve		6.5	9.5
Total shareholders' equity		1,350.5	1,690.0
Net asset value per ordinary share	3	874.3p	1,091.6p

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Year ended 31 March 2009	Share capital £ million	Capital redemption  reserve £ million	Cash flow hedging reserve £ million	Foreign currency translation reserve £ million	Capital reserve £ million	Revenue reserve £ million	Total £ million
Balance at 31 March 2008	154.8	35.4	0.1	(0.2)	1,490.4	9.5	1,690.0
Loss for the year	-	-	-	-	(320.9)	3.2	(317.7)
Cash flow hedges
Losses taken to equity	-	-	(13.8)	-	-	-	(13.8)
Transferred to the income
statement for the year	-	-	-	-	-	-	-
Exchange movements arising
on consolidation	-	-	-	0.8	-	-	0.8
Ordinary dividend paid	-	-	-	-	-	(6.2)	(6.2)
Purchase of own shares	(0.3)	0.3	-	-	(2.6)	-	(2.6)
Balance at 31 March 2009	154.5	35.7	(13.7)	0.6	1,166.9	6.5	1,350.5

Year ended 31 March 2008	Share capital £ million	Capital redemption  reserve £ million	Cash flow hedging reserve £ million	Foreign currency translation reserve £ million	Capital reserve £ million	Revenue reserve £ million	Total £ million
Balance at 31 March 2007	156.2	34.0	5.4	(0.2)	1,494.5	(54.3)	1,635.6
Profit for the year	-	-	-	-	10.0	68.6	78.6
Cash flow hedges
Losses taken to equity	-	-	(4.1)	-	-	-	(4.1)
Transferred to the income
statement for the year	-	-	(1.2)	-	-	-	(1.2)
Exchange movements arising
on consolidation	-	-	-	-	-	-	-
Ordinary dividend paid	-	-	-	-	-	(4.8)	(4.8)
Purchase of own shares	(1.4)	1.4	-	-	(14.1)	-	(14.1)
Balance at 31 March 2008	154.8	35.4	0.1	(0.2)	1,490.4	9.5	1,690.0

CONSOLIDATED CASH FLOW STATEMENT

	Year ended   31 March 2009   £ million	Year ended   31 March 2008   £ million
Cash inflow from Operating Activities	14.8	60.0
Investing Activities:
Purchase of property, plant and equipment	(0.3)	(0.2)
Sale of property, plant and equipment	-	-
Net cash outflow from Investing Activities	(0.3)	(0.2)
Financing Activities:
Buy-back of ordinary shares	(2.6)	(14.1)
Increase in term loans	-	74.5
Equity dividend paid	(6.2)	(4.8)
Net cash (outflow)/inflow from Financing Activities	(8.8)	55.6
Increase in cash and cash equivalents in the year	5.7	115.4
Cash and cash equivalents at the start of the year	130.0	10.8
Effect of foreign exchange rate changes	13.9	3.8
Cash and cash equivalents at the year end	149.6	130.0
Reconciliation:
Cash at bank	98.5	152.1
Money market funds (included in portfolio investments)	51.2	76.8
Bank loans and overdrafts	(0.1)	(98.9)
Cash and cash equivalents at the year end	149.6	130.0

NOTES

1. ACCOUNTING POLICIES

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union, and those parts of the Companies Act 1985 applicable to companies reporting under IFRS.

The Group has adopted the following standards and interpretations for the first time in these financial statements:

IFRS 8	Operating Segments
IFRIC 8	Scope of IFRS 2
IFRIC 11	IFRS 2 Group and Treasury Share Transactions
IFRIC 14	IAS 19 The Limit on a Defined Benefit Asset, Minimum Fund Requirements and their interaction
IAS 23	(Amendment) Borrowing Costs

The first-time application of these did not result in any changes to the Group's financial statements.  

2. EARNINGS PER ORDINARY SHARE

The earnings per ordinary share for the year ended 31 March 2009 is based on the net loss of £317.7 million (31 March 2008: net profit of £78.6 million) and the weighted average number of ordinary shares in issue during the period of 154.8 million (31 March 2008: 155.2 million).

The earnings per ordinary share figure detailed can be further analysed between revenue and capital as set out below:

	Year ended    31 March 2009   £ million	Year ended    31 March 2008   £ million
Net revenue profit	3.2	68.6
Net capital (loss)/profit	(320.9)	10.0
	(317.7)	78.6
	Pence per share	Pence per share
Revenue earnings per ordinary share	2.1	44.2
Capital earnings per ordinary share	(207.3)	6.4
	(205.2)	50.6

3. NET ASSET VALUE PER ORDINARY SHARE

The net asset value per ordinary share as at 31 March 2009 of 874.3p (31 March 2008: 1,091.6p) is based on the net assets attributable to the equity shareholders of £1,350.5 million (31 March 2008: £1,690.0 million) and the number of ordinary shares in issue at 31 March 2009 of 154.5 million (31 March 2008: 154.8 million).

4. INVESTMENT MOVEMENTS

	Quoted £ million	Hedge Funds £ million	Long Equity Funds £ million	Unquoted Investments: Direct £ million	Unquoted Investments: Funds £ million	Other  securities £ million	Investment Property £ million	Total £ million
Cost at 31 March 2008	635.5	67.0	193.0	233.5	139.1	441.6	25.2	1,734.9
Appreciation/(depreciation)
at 31 March 2008	22.9	12.7	26.7	68.0	32.2	6.4	7.4	176.3
Valuation at 31 March 2008	658.4	79.7	219.7	301.5	171.3	448.0	32.6	1,911.2
Reclassifications	1.8	-	0.5	(1.8)	-	(0.5)	-	-
Additions	1,076.8	2.8	212.6	64.7	73.1	592.2	-	2,022.2
Disposals	(1,227.2)	(63.9)	(112.2)	(36.6)	(23.2)	(579.9)	-	(2,043.0)
Revaluation	(103.7)	(7.6)	(72.5)	(70.2)	(17.3)	6.7	(4.1)	(268.7)
Valuation at 31 March 2009	406.1	11.0	248.1	257.6	203.9	466.5	28.5	1,621.7
Cost at 31 March 2009	488.7	13.3	305.2	258.0	191.0	459.5	25.2	1,740.9
Appreciation /(depreciation)
at 31 March 2009	(82.6)	(2.3)	(57.1)	(0.4)	12.9	7.0	3.3	(119.2)

Other securities comprise government securities and investments in money market funds.

	£ million
Investments held at fair value	1,593.2
Investment property	28.5
Investment portfolio	1,621.7

Investment properties were valued at 31 March 2009 by Jones Lang LaSalle in accordance with the Appraisal and Valuation Manual of the Royal Institution of Chartered Surveyors on the basis of open market value.

5. OTHER CAPITAL ITEMS

Other capital items include profits arising on forward currency contracts, exchange movements, index futures and movements on provisions.

6. TAXATION

Year ended 31 March 2009	Revenue   £ million	Capital   £ million	Total   £ million
UK corporation tax charge	-	-	-
Adjustment in respect of prior years	(0.1)	-	(0.1)
Overseas taxation	2.4	-	2.4
Double taxation relief	-	-	-
Current tax charge	2.3	-	2.3
Deferred tax credit	(0.6)	(1.4)	(2.0)
Adjustment in respect of prior years	-	-	-
Taxation charge	1.7	(1.4)	0.3

Year ended 31 March 2008	Revenue   £ million	Capital   £ million	Total   £ million
UK corporation tax charge	0.3	2.4	2.7
Adjustment in respect of prior years	-	-	-
Overseas taxation	1.8	0.4	2.2
Double taxation relief	-	(0.1)	(0.1)
Current tax charge	2.1	2.7	4.8
Deferred tax charge	2.0	2.0	4.0
Adjustment in respect of prior years	-	-	-
Taxation charge	4.1	4.7	8.8

The deferred tax credit in the current year and charge in the prior year relate to the origination and reversal of timing differences.

7. BASIS OF PRESENTATION

The financial information contained in this announcement has been prepared on the basis of the accounting policies set out in the statutory accounts for the year ended 31 March 2009.  Whilst the financial information included in this announcement has been computed in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union, this announcement does not itself contain sufficient information to comply with IFRS.  The financial information does not constitute the Company's statutory accounts for the years ended 31 March 2009 or 31 March 2008, but is derived from those accounts. Statutory accounts for the year ended 31 March 2008 have been delivered to the Registrar of Companies and those for the year ended 31 March 2009 will be delivered following the Company's annual general meeting.  The auditors have reported on those accounts: their reports were unqualified, did not draw attention to any matters by way of emphasis and did not contain statements under s237(2) or (3) of the Companies Act 1985.

8. ANNUAL REPORT

It is intended that the Company's Annual Report and Accounts for the year ended 31 March 2009 will be posted to shareholders on or around Friday 12 June 2009. Copies of this announcement and the Annual Report and Accounts will be available to the public at the Company's registered office at 27 St James's Place, London SW1A 1NR.

Contact: Mikael Breuer-Weil, Investment Director - 020 7647 8588

 

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