Final Results
TEMPLETON EMERGING MARKETS INVESTMENT TRUST PLC
16 July 1999
TEMPLETON EMERGING MARKETS INVESTMENT TRUST PLC
('TEMIT' or 'the Company')
Year to 30 April 1999
The Company today announced its annual results for the year to
30 April 1999:
CHAIRMAN'S STATEMENT
AT 30 April 1999 TEMIT's net assets stood at £721.6m compared
with £686.6m a year ago. The diluted net asset value per share
was 149.95 pence a rise of 4.3% on the year. This compares
with a fall of 4.8% in the IFCI Composite Index. The discount
to diluted net asset value at 30 April 1999 was 14.3%,
compared to a discount of 16.3% as at 30 April 1998.
Although the primary objective of the fund is long-term
capital appreciation, U.K. tax regulations require that
earnings should be distributed. Accordingly, the Board of
Directors has proposed a cash dividend of 1.10 pence per
Ordinary Share. If approved, this dividend will be paid on 21
September 1999, to Ordinary Shareholders on the register at
close of business on 20 August 1999.
The table below shows the disposition of assets, with
97.6% being invested in equities and the remaining 2.4% held
in fixed income securities and liquid assets. The regional
weightings were Asia/Far East 41.8%, Latin America 35.2%,
Africa 11.1% , Europe 9.1% and the Middle East 0.4%.
At 30 April 1999, the largest individual company holding was
in Telefonos de Mexico (Telmex), Mexico's national telephone
operator. This holding represented about 5.3% of TEMIT's
portfolio. The second largest holding was in Telecomunicacoes
Brasileiras (Telebras), the main Brazilian telecommunications
company (3.5%). The third largest holding was in Thai Farmers
Bank Public Co. (3.3%).
The largest sector in which TEMIT invested was the
telecommunications sector which accounted for 18.7% of the
portfolio. Banking was the second largest sector, representing
17.7%.
A high degree of volatility has been a feature of emerging
markets investing in the year under review. These are the
conditions when an active approach to fund management can add
value for shareholders with the Manager taking advantage of
extreme market conditions to buy or sell at favourable prices.
However the Manager will only invest in countries where the
custodial arrangements are satisfactory and other arrangements
are in place to safeguard TEMIT's investment.
TEMIT was established in 1989 and the first net asset value
per share was published in July of that year. The average
annual growth in net asset value per share from that date
until 30 April 1999 has been 14.8%. The Manager's approach of
in-depth research into stocks which it believes to be under-
valued and taking a long-term approach has been a successful
one. Since inception TEMIT's net asset value has risen by
283.2% in sterling terms compared with a rise of 151.0% in the
IFCI Composite Index and 180.0% in the MSCI Emerging Markets
Free Index.
The Manager believes that emerging markets will continue to
provide good opportunities for long-term capital growth. Many
of the world's developing economies have shown the capacity to
provide strong growth in GDP and have proved able to adapt to
changing economic circumstances and withstand volatile market
conditions.
It is a requirement of the Company's constitution that a vote
should be taken every five years to decide on its
continuation. Your Board believes that it is in the best
interests of the Shareholders and Warrantholders for the
Company to continue as an investment trust. A resolution
proposing the continuation of the Company will be put to the
Annual General Meeting in September.
The Honourable Nicholas F Brady
16 July 1999
Indices above are shown on a total return basis.
Source: Templeton and Standard & Poor's Micropal
DISTRIBUTION OF PORTFOLIO
GEOGRAPHICAL ANALYSIS
(by country of incorporation)
As at 30 April 1999
Country Cost Market Value
(of incorporation) £'000 £'000
Mexico* 64,784 90,795
South Africa 74,852 79,113
Brazil* 48,530 70,322
Singapore 45,804 69,173
Thailand$ 50,236 58,918
Hong Kong$ 34,776 48,259
Korea (South)+ 36,126 44,413
Turkey+ 22,281 35,956
Argentina* 32,055 34,032
Indonesia* 25,458 28,032
Chile*+ 21,274 26,127
Malaysia 26,139 18,088
Venezuela* 11,907 17,474
Philippines* 15,278 15,065
India+ 21,738 11,456
Hungary+ 10,948 11,319
Czech Republic 16,652 9,174
Colombia* 13,929 8,336
Peru* 8,459 6,765
Poland+ 6,265 6,056
China*@ 6,992 4,158
Pakistan 9,006 3,846
Russia* 7,106 2,785
Israel 2,571 2,460
Egypt 687 612
Ghana* 385 428
Slovak Republic 1,015 327
Botswana 168 258
Zimbabwe+ 542 162
Estonia 82 113
Sri Lanka 83 61
------- -------
TOTAL INVESTMENTS 616,128 704,083
OTHER NET ASSETS 17,488
-------
TOTAL SHAREHOLDERS' FUNDS 721,571
-------
*Includes U.S. listed stocks
+Includes U.K. listed stocks
@Includes Hong Kong listed stocks
$Includes Singapore listed stocks
GEOGRAPHIC ASSET DISTRIBUTION
As at 30 April 1999 and 30 April 1998
1999 1998
% %
Mexico 12.58 10.81
South Africa 10.96 3.45
Brazil 9.74 13.20
Singapore 9.58 2.39
Thailand 8.16 4.53
Hong Kong 6.69 8.79
Korea(South) 6.16 0.99
Turkey 4.98 7.50
Argentina 4.72 4.03
Indonesia 3.88 1.22
Chile 3.62 1.38
Malaysia 2.51 2.53
Venezuela 2.42 0.76
Philippines 2.09 1.41
India 1.59 2.93
Hungary 1.57 1.26
Czech Republic 1.27 1.58
Colombia 1.16 1.19
Peru 0.94 0.45
Poland 0.84 0.52
China 0.58 1.15
Pakistan 0.53 0.91
Russia 0.39 0.71
Israel 0.34 0.30
Egypt 0.08 0.00
Ghana 0.06 0.00
Slovak Republic 0.05 0.10
Botswana 0.04 0.11
Zimbabwe 0.02 0.05
Estonia 0.01 0.00
Sri Lanka 0.01 0.02
Greece 0.00 8.72
Portugal 0.00 7.33
Saudi Arabia 0.00 0.42
Namibia 0.00 0.13
Kenya 0.00 0.07
Jordan 0.00 0.02
Liquid Assets 2.43 9.04
------
100.00
DISTRIBUTION OF PORTFOLIO
Industrial Analysis as at 30 April 1999
Industry Classification % of Total Net Assets
1999 1998
% %
SERVICE
Telecommunications 18.72 12.09
Transportation 2.15 1.57
Merchandising 1.65 1.68
Leisure & Tourism 1.26 0.63
Broadcasting & Publishing 0.17 0.03
Wholesale & International Trade 0.10 0.13
Data Processing & Reproduction 0.03 0.00
Technology Services 0.01 0.00
Business & Public Services 0.00 0.02
----- -----
24.09 16.15
----- -----
FINANCE
Banking 17.73 25.99
Real Estate 4.38 2.87
Insurance 0.71 0.53
Financial Services 0.41 1.88
----- -----
23.23 31.27
----- -----
MATERIALS
Metals & Mining 6.49 4.46
Building Materials & Components 4.13 5.69
Forest Products & Paper 2.63 1.44
Chemicals 1.86 2.81
Miscellaneous Materials & Commodities 1.06 0.28
----- -----
16.17 14.68
----- -----
ENERGY
Utilities - Electrical & Gas 7.20 5.19
Energy Sources 4.44 4.26
----- -----
11.64 9.45
----- -----
MULTI-INDUSTRIES 9.72 10.19
----- -----
CONSUMER GOODS
Beverages & Tobacco 3.65 1.15
Food & Household Products 2.54 2.92
Automobiles 0.97 0.96
Appliances & Household Durables 0.74 1.66
Health & Personal Care 0.28 0.07
Recreation & Other Consumer Goods 0.19 0.08
Textiles & Apparel 0.07 0.19
----- -----
8.44 7.03
----- -----
CAPITAL EQUIPMENT
Electrical & Electronics 3.51 0.98
Machinery & Engineering 0.49 0.53
Industrial Components 0.15 0.35
Construction & Housing 0.13 0.24
Energy Equipment & Services 0.00 0.07
Electronic Components & Instruments 0.00 0.02
----- -----
4.28 2.19
----- -----
OTHER NET ASSETS 2.43 9.04
----- -----
100.00 100.00
------- ------
The above groupings are based on the Morgan Stanley Capital
International Perspective Directory of Industry Classification.
INVESTMENT REVIEW
This is the investment review for Templeton Emerging Markets
Investment Trust PLC covering the twelve-month period ending
30 April, 1999. During the past 12 months, emerging markets
saw crises in Russia and Brazil in addition to the economic
crisis in Asia. As a result, the benchmark MSCI Emerging
Markets Free and IFCI Composite indices lost 6.7% and 4.8%,
respectively, in Sterling terms. However, the Trust showed a
positive return of 4.3% during the same period.
During the renewed downtrend in emerging equity markets, the
Trust held 8% of its portfolio in cash as of May 1998.
However, restructuring of the Trust was initiated throughout
the descent in preparation for the recovery to come. As a
result, cash levels escalated, reaching 26% as of end-July
1998. The well-publicised recovery began in September 1998 in
Asia and then spread throughout the emerging market universe
as interest rates were reduced and liquidity returned to
emerging markets. By end-October the Trust's cash levels had
fallen to around 18%, as investments were made. And by the end
of 1998 the Trust was again fully invested, with cash levels
at 2%, the same level as at the year end.
In May 1998, the Trust's greatest exposure was to holdings in
Latin America (32%), Asia (27%) and Emerging Europe (24%).
However, as a part of the restructuring process, holdings in
Greece and Portugal were sold in late 1998 as it was felt they
had become fully valued and better opportunities existed
elsewhere. Thus, holdings in Portugal's Banco Comercial
Portugues (BCP) and Banco Portugues do Investmento (BPI), as
well as Greece's Alpha Credit Bank, which combined accounted
for 9% of the Trust as of May 1998, were realised fully.
The restructuring heavily favoured companies in the Asian and
Latin American regions as companies found in these regions
were among the cheapest in the world and it was believed that
they would be the first to show signs of a recovery. The
Trust's exposure to South Africa was also increased in
anticipation of an upswing in commodity prices. So far, both
assumptions have been proven correct. The recovery for many
Asian stocks began in September 1998, taking the Trust's
exposure in the region to 42% by end-April 1999. Three new
companies were added to the Trust's top 10 holdings,
Thailand's Thai Farmers Bank, South Korea's Korea Electric
Power Corporation (KEPCO) and Singapore's City Developments
Limited. Within the region, the negative effects of currency
controls imposed in Malaysia and political turmoil in India
reduced the Trust's exposure to these two markets, while the
positive effects of South Korea's restructuring effort greatly
increased exposure to Korean companies. The delay of a
recovery in Latin American stocks until the float of the
Brazilian Real in mid-January 1999 meant that exposure to the
region remained relatively constant at 35%, with the greatest
exposure continuing to be to companies in Brazil and Mexico.
The Trust's exposure to African companies was increased to 11%
by end-April 1999, while the mentioned sell-off of Greek and
Portuguese companies reduced exposure to Emerging Europe from
24% to 9%.
Market strength in Latin America since the devaluation of the
Brazilian Real in January 1999 shows little sign of weakening.
Demand for Brazilian stocks should remain strong as long as
the government keeps inflation under control and successfully
lowers interest rates. Mexico should continue to benefit from
the strength of the U.S. economy and its position as the U.S's
second largest trading partner. Sentiment may weaken over the
short term as political uncertainty increases prior to the
2000 presidential elections. Continued recovery in prices of
key commodities such as oil, copper and agricultural products
should contribute stability to the Latin American region as
governments adjust to the increased income. The economies of
Chile and Venezuela continue to suffer from strict government
austerity and reduced export earnings, but in the case of
Venezuela, this could change as newly elected President Chavez
undertakes reforms.
We believe the recovery in many Asian countries has reached a
level of sustainability and growth should continue over the
next three to four years. Over the short term, however, market
tendencies to front-run actual economic improvement should
result in some profit taking and a cooling of individual
market advances. South Korea has been an early favourite as
the government has actively pursued the opening of many
industries and greater foreign investor involvement. However,
President Kim's plans for a restructuring of the nation's
conglomerates, or chaebol, has yet to be implemented and,
while positive for the economy over the long run, hardship
will be felt in the future, further adding to short-term
volatility.
Thailand appears to be another market with significant long-
term potential. Thai stocks experienced phenomenal growth in
April as investors became interested in the value offered by
Thai companies.
Dr Mark Mobius
Director
16 July 1999
Letter from Turkey
I write to you now from the edge of Europe - Istanbul, Turkey.
The day is quiet, and I have set time aside to write this
letter and review the faxes and email which are my constant
travelling companions. During my travels here I never cease to
be amazed by the variations contained within this sprawling
city. Istanbul's tumultuous past is reflected throughout the
city, giving one a sense of being out of time, out of place.
The 'foggy' winter air adds to the sense of otherworldliness,
and as I look down now from my hotel window over the
Dolmabahce Mosque and then the Bosphorus, I can easily imagine
the sporadic crowd noises I hear come from races at the
ancient Hippodrome rather than the modern-day soccer stadium
down the road.
Istanbul has been razed and reborn numerous times throughout
its history, a pattern which appears to be repeated in the
movements of its modern-day stock market. A glance at the
Istanbul National-100 index in U.S.Dollar terms over the past
three or so years shows no fewer than four significant ascents
and two major crashes. Between those crashes, one in 1995 (-
79%) and one in 1998 (-58%), the market appreciated over 380%,
showing the country's potential for growth when times are
good. As I write this letter, however, things are not so good
and the market is fluctuating near the bottom hit during the
latest crash. I believe the long-term potential for growth
remains despite present conditions, and the depressed state of
the market offers a great opportunity to find the bargains I
like, those which are cheap due to sentiment and overselling,
not because of fundamentals.
Why do I say this? Well, to get the full picture we need to
step back and look at the environment in which Turkish stocks
are being traded. At the widest view, we have the recent float
of the Brazilian currency and questions about the effects that
it will have on Latin America as a whole. Occurring just as
international investors were recovering from the 1997/98
crisis in Asia, the Latin American situation has once again
dampened sentiment towards emerging markets investing.
Compounding this, and much closer to home, is uncertainty in
Russia. The Russian president has been repeatedly hospitalised
and terms of the controversial restructuring of the domestic
debt market have yet to be agreed upon. These factors have
sent the Russian market on a roller coaster ride for months,
and with each reversal the future direction of the country
becomes more cloudy.
The current unpopularity of emerging markets has added to the
risk premium being attributed to investments made here, making
it more difficult to raise money for corporate growth. The
Turkish government has recently rolled over its foreign and
domestic debt obligations. However, the risk premium has made
this refinancing costly, and servicing of government debt is
now expected to total more than 11% of Turkey's gross national
product (GNP). While this level is sustainable, it will not be
for long if interest rates continue to climb.
Within Turkey, the negative sentiment facing the market stems
not only from high interest rates, but from a lack of a strong
government. In 1998 the government of Mesut Yelmaz fell to
allegations of corruption. Since then, formation of a
government has been difficult. A government was eventually
formed by the combined powers of Yelmaz's Motherland Party and
the Democratic Left Party of Bulent Ecevit, the current prime
minister. However, this government is only temporary, facing
elections in April 1999, so little forward planning can be
expected. Luckily, Turkish people are used to changes in
government, as evidenced by the 56 governments formed over the
75-year life of the Turkish Republic. But to international
players a lack of strong government means increased risk, and
the appetite for risk is currently very low.
With the political sentiment improving, support for the
present government - which is luckily favoured by the stock
market - should increase, further adding to national
stability. Another boon is that Turkey's excessive military
spending could be reduced, hinting at a possible reduction of
the country's 7% budget deficit. Yes, this is good news, the
kind that turns sentiment and starts a rally . . . I am glad I
am here to witness its effects firsthand.
Dr Mark Mobius
Director
Istanbul, Turkey
April 1999
INVESTMENT REVIEW
TWENTY LARGEST EQUITY HOLDINGS
as at 30 April 1999
Principal % of
Country Issued % of
of Share Total Market
Number Issue/ Capital Net Cost Value
of Shares Issuer Listing Held Assets £'000 £'000
811,100 Telefonos de Mexico* Mexico 0.21 5.29 21,337 38,161
(Telmex). A major
telephone company
servicing allof Mexico
with domestic and
international
telephone services
1,016,681,836 Telecomunicacoes Brazil 0.32 3.53 9,903 25,469
Brasileiras (Telebras).
A supplier of
telecommunications
services in Brazil
providing inter-state,
international and
intra-state services.
14,970,300 Thai Farmers Bank Thailand 1.27 3.25 10,929 23,468
Public Co.
One of Thailand's
largest commercial
banks
581,603 Anglo-American Corp South 0.25 2.57 13,494 18,522
of South Africa. Africa
Involved in the
financial industry,
precious metals
mining, base metals
mining, other mining
and industrial
interests.
936,100 Korea Electric Power Korea 0.15 2.32 9,270 16,731
Corp. (South)
Largest integrated
electricity company in
Korea
2,658,000 Cheung Kong Holdings. Hong 0.12 2.08 6,579 15,017
A Hong Kong based Kong
property development
company with holdings
in wholesale, import &
export, shipping
terminal operations,
electricity
generation, hotels and
manufacturing.
752,500,042 Akbank. Turkey 0.30 2.07 6,303 14,920
One of the largest
banks in Turkey.
4,803,638 Cemex. Mexico 0.38 1.92 9,553 13,860
A Mexican company
which is the world's
fourth largest cement
producer and the most
important producer on
the American
Continent.
9,050,078 Grupo Financiero Mexico 0.55 1.91 9,147 13,780
Banamex Accival.
One of the largest
financial services
companies in Mexico.
3,298,500 City Developments. Singapore 0.41 1.90 6,022 13,670
Singapore's, and one
of the region's,
leading property and
hotel conglomerates
with operations in 14
countries.
------- ------
Top 10 Holdings - 26.8% of Total Assets 102,537 193,598
------- -------
952,687,850 Centrais Eletricas Brazil 0.18 1.73 10,033 12,448
Brasileiras (Eletrobras).
An electricity utility
which has a majority
of its capital owned
by the Brazilian
Government.
2,315,000 United Overseas Bank. Singapore 0.33 1.54 4,873 11,122
One of Singapore's
largest banks.
2,569,052 Sasol. South 0.39 1.52 9,554 10,952
Conversion of coal Africa
into oil and
chemicals, and oil
refining.
38,429,000 PT Telekomunikasi Indonesia 0.41 1.47 6,514 10,628
Indonesia (Persero).
Principal provider of
telecommunications
services in Indonesia
for both local
services, and domestic
long-distance
services.
585,850 Compania De Telecom- Chile 0.25 1.33 7,920 9,620
unicaciones De Chile*.
Chile's largest
telecommunications
company. It provides
local, long-distance
and cellular services.
It has 92% of Chile's
network.
295,603 Samsung Display Devices.Korea 0.71 1.31 5,638 9,423
An affiliate of the (South)
Samsung group, one of
Korea's largest
business
conglomerates, which
is involved in the
manufacture of colour
picture tubes, colour
display tubes and
monitors.
1,563,000 Overseas Chinese Singapore 0.13 1.26 3,428 9,114
Banking Corp.
One of Singapore's
largest commercial
banks.
439,258 Philippine Long Philippines 0.36 1.22 5,239 8,799
Distance Telephone Co*.
The principal supplier
of domestic and
international
telecommunications
services in the
Philippines.
369,678 HSBC Holdings. Hong Kong 0.01 1.18 2,854 8,532
An international
banking and financial
services organisation
headquartered in
London.
638,011 Electricidad De Venezuela 0.88 1.14 5,863 8,238
Caracas Saica Saca.
Integrated electricity
company in Venezuela.
------- ------
Top 20 Holdins - 40.5% of Total Assets 164,453 292,474
------- -------
* U.S. Listed
ANALYSIS OF PORTFOLIO
TOTAL VALUE OF EQUITY PORTFOLIO (97.6%) 704,083
TOTAL VALUE OF FIXED INCOME PORTFOLIO (1.0%) 6,938
OTHER NET ASSETS (1.4%) 10,550
-------
721,571
=======
STATEMENT OF TOTAL RETURN OF THE COMPANY
(incorporating the revenue account)
For the year ended 30 April 1999
1999 1998
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses)on - 32,257 32,257 - (43,415) (43,415)
investments
Income 19,774 - 19,774 20,259 - 20,259
Investment management (5,469) - (5,469) (7,100) - (7,100)
fee
Other expenses (3,048) - (3,048) (3,746) - (3,746)
------- ------ ------- ------- -------- -------
Net Return on
ordinary activities
before taxation 11,257 32,257 43,514 9,413 (43,415) (34,002)
Tax on ordinary (3,348) - (3,348) (2,681) - (2,681)
activities ------- ------ ------- ------- -------- -------
Return on ordinary
activities after taxation
for the financial year 7,909 32,257 40,166 6,732 (43,415) (36,683)
Dividend in respect
of equity shares (5,178) - (5,178) (5,178) - (5,178)
------- ------- ------- ------- -------- -------
Transfer to reserves
(after aggregate
dividends paid and
proposed) 2,731 32,257 34,988 1,554 (43,415) (41,861)
======= ======= ====== ===== ======= ========
Return per ordinary share
(before Dividend)
Basic 1.68p 6.85p 8.53p 1.43p (9.23p) (7.80p)
Diluted 1.68p 6.85p 8.53p 1.43p (9.23p) (7.80p)
Return per ordinary share
(after Dividend)
Basic 0.58p 6.85p 7.43p 0.33p (9.23p) (8.90p)
Diluted 0.58p 6.85p 7.43p 0.33p (9.23p) (8.90p)
Notes: The capital element is not distributable.
The revenue column of this statement is the profit and loss
account of the company.
The accompanying notes are an integral part of this statement.
All revenue and capital items in the above statement derive
from continuing operations.
BALANCE SHEET
As at 30 April 1999
1999 1998
£'000 £'000
FIXED ASSETS
Investments 704,083 624,497
------- -------
CURRENT ASSETS
Debtors 13,571 11,889
Current Asset Investments 6,937 49,394
Cash 15,395 13,120
------ ------
35,903 74,403
CREDITORS: amounts falling due
within one year11 (17,816) (11,429)
-------- --------
NET CURRENT ASSETS 18,087 62,974
------- --------
TOTAL ASSETS LESS CURRENT
LIABILITIES 722,170 687,471
PROVISION FOR LIABILITIES
AND CHARGES (599) (888)
-------- --------
721,571 686,583
-------- --------
CAPITAL AND RESERVES
Called-up Share Capital 117,681 117,681
Share Premium Account 275,071 275,071
Capital Reserves 317,275 285,018
Revenue Reserves 11,544 8,813
------- --------
SHAREHOLDERS' FUNDS (all equity) 721,571 686,583
------- --------
Net asset Value Per Ordinary Share (in pence)
- Basic 153.29 145.86
- Diluted 149.95 143.74
These Financial Statements were approved by the Board on 16
July 1999.
The Honourable Nicholas F Brady Sir John Shaw
Chairman Director
CASH FLOW STATEMENT
1999 1998
£'000 £'000
Reconciliation of operating profit
to net cash inflow from operating
activities
Operating profit 11,257 9,413
Decrease/(increase) in debtors 520 (481)
Decrease/(increase) in accrued income 936 (197)
Decrease in creditors (228) (235)
------- ------
Net cash inflow from operating activities 12,485 8,500
======= ======
Cash Flow Statement
Net cash inflow from operating
activities 12,485 8,500
Taxation (4,382) (3,420)
Financial investments (43,180) 26,547
-------- -------
(35,077) 31,627
Equity dividends paid (5,178) (5,172)
-------- -------
(40,255) 26,455
Management of liquid resources 42,456 (25,693)
Financing - 710
-------- -------
Increase in cash 2,201 1,472
======== ========
Reconciliation of net cash flow to movement
in net funds
Increase in cash in the year 2,201 1,472
Cash (outflow)/inflow from
increase in liquid resources (42,456) 25,693
-------- ------
Movement in net funds (40,255) 27,165
Foreign exchange translation differences 74 -
Opening net funds 62,514 35,349
-------- ------
Closing net funds 22,333 62,514
======= =======
This Preliminary Announcement is not the Company's statutory
accounts. The statutory accounts for the two years ended 30 April 1998 and 30
April 1999 have been approved and have received audit reports which were
unqualified and did not contain statements under s237(2) or (3) of the
Companies Act 1985.
The statutory accounts for the year ended 30 April 1998 have been delivered to
the Registrar of Companies but the accounts to 30 April 1999 have not yet been
filed.
Copies of the Annual Report and Accounts to 30 April 1999 will shortly be sent
to the shareholders.
For further information, please contact:
Jim Sharp Arthur Copple
Templeton Merrill Lynch
Tel: 0131 469 4000 Tel: 0171 772 1000
Wednesday, 13th November 2024
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