Interim Results
ABERFORTH GEARED CAPITAL & INCOME TRUST plc
INTERIM RESULTS
For the six months to 30 June 2006
FEATURES
Total Assets Total Return +5.7%
Net Asset Value of Capital Shares 1 +9.5%
First Interim Dividend 3.50p [+8.4%]
1 The asset performance of the Capital Shares assumes that
Income Shares have a capital entitlement of 100p each.
CHAIRMAN'S STATEMENT TO SHAREHOLDERS
RESULTS REVIEW
For the six months to 30 June 2006 the total return on the total
assets of Aberforth Geared Capital & Income Trust plc (AGCiT) was
5.7%. This return was achieved against a volatile background for UK
equities.
The FTSE All-Share Index showed a total return of 6.1%, while the
Hoare Govett Smaller Companies Index (Excluding Investment Companies)
(HGSC (XIC)), representative of AGCiT's opportunity base, generated a
total return of 6.8%.
The Net Asset Value of a Capital Share has risen by 9.5% from 467.90p
on 31 December 2005 to 512.51p on 30 June 2006.
Following the adoption of the new accounting standards in the annual
accounts for 2005 the Board believes that the most appropriate
performance measurements to use for the capital performance of AGCiT
are the total return on total assets and the change in Net Asset Value
of a Capital Share with the Income share value being deducted at the
full prior charge of 100p.
In future, I will confine comments in statements to these measures. I
encourage readers to refer to the Capital Structure section of the
Interim Report where an explanation of the calculation methodology has
been provided. However, I repeat the comments made in my 2005
Chairman's statement that these new accounting standards do nothing to
simplify AGCiT's financial statements, their presentation or
interpretation.
These performance numbers mask a period of contrasting stockmarket
conditions. In the first four months of the year, stockmarkets
produced strong positive returns: the FTSE All-Share Index +9.2%, HGSC
(XIC) +11.6% and AGCiT's total asset total return +10.7%. In the
subsequent two months investor sentiment changed substantially and the
respective returns were -2.9%, -4.3%, and -4.5%.
Shareholders will appreciate that the gearing employed by AGCiT is of
a structural nature and it is not possible significantly to alter the
amount of borrowing employed by the trust without distorting the
returns to both Income and Capital Shareholders. Consequently, the
benefits of the structure are enjoyed in periods in which the total
return on total assets is positive (normally, but not exclusively,
when equity markets generate positive returns) and vice versa in
periods of negative returns on total assets.
The underlying growth in dividends from AGCiT's portfolio of
investments has continued to be robust and it is appropriate to
reflect the growth in income enjoyed by AGCiT in the dividend paid to
Income Shareholders. Consequently, a first interim dividend of 3.50p
per Income Share has been declared. This represents an 8.4% increase
over the 3.23p paid in respect of the comparative period in 2005.
This rate of increase broadly reflects the underlying growth in
dividends from AGCiT's portfolio. The dividend will be paid on 24
August 2006 to Income Shareholders who are on the Register on 28 July
2006.
Consistent with the new accounting standards mentioned above, the
interim dividend has not been reflected in these financial statements
but rather will be accounted for on its payment date of 24 August
2006.
The robust income growth from the portfolio reflects the strength of
dividend growth in the UK stockmarket. This has been a constant
feature of the first half of 2006 against what has been a volatile
stockmarket background. Should this favourable dividend backdrop be
sustained it would represent an attractive background for both Income
and Capital shareholders in the medium term.
Alastair C Dempster
Chairman
19 July 2006
MANAGERS' REPORT
INVESTMENT BACKGROUND
What a difference a few weeks can make! The stockmarket exuberance
that characterised 2005 held sway for much of the first half of 2006.
Indeed, by close on 9 May 2006, the HGSC (XIC) had risen by 14% from
its level at the start of the year, implying a remarkable annualised
return of 45%, somewhat higher than the 5-7% real rates of return that
your Managers have indicated as likely over the longer term.
Subsequently, however, the index fell back sharply to produce a more
modest 6.8% total return over the first half as a whole.
This pattern was not confined to small UK quoted companies.
Displaying higher correlation than might usually be expected, the
world's major stockmarkets, emerging market equities and commodities
experienced pronounced declines at roughly the same time. The finger
of blame was pointed at worse than anticipated inflation news in the
US, with the release in May showing headline CPI up by 4.2% year on
year. However, the curious behaviour of gold, which is traditionally
considered an inflation hedge but which shared in the pervading gloom,
suggested that other concerns were at play.
Indeed, underlying inflationary pressures, not least from commodities,
have been evident for some time and have presumably been an influence
on US monetary policy, which saw interest rates rise further, to
5.25%, in the first half. The Federal Reserve was joined in
tightening by other central banks, most notably in Japan, where the
strategy of "quantitative easing" was brought to an end and the
possibility of interest rate rises was actually mooted. However,
interest rates in much of the world remain at low levels, especially
in real terms. Accordingly, notwithstanding the imbalances that still
characterise the global economy, economic activity has thus far
continued buoyant and businesses have found trading conditions
generally favourable.
Further interest rate rises, or perhaps merely anticipation of them,
should eventually bring about a slowdown in the rate of growth. In
the shorter term, however, the impact of tighter monetary conditions
may have been simply to calm the increasing ebullience displayed by
many financial markets over the last year. The threat of less freely
available money would naturally complicate those investment strategies
that have relied upon cheap debt financing. Thus, it is possible to
interpret the recent stockmarket declines as essentially a financial
market phenomenon, born of over-confidence and weaned on leverage.
INVESTMENT PERFORMANCE
These gyrations set the scene for the swings in AGCiT's fortunes as
described by the Chairman. As was the case in the second half of
2005, your Managers' value investment style fared less well in the
upbeat stockmarket conditions of the first four months of 2006. This
was again a period in which growth, and particularly momentum oriented
investment styles, ruled supreme. Conversely, those businesses with
less demanding valuations tended to fare rather better as the appetite
for risk waned from the beginning of May.
While the impact of stock selection on AGCiT's relative performance
was positive, it was out-weighed by the negative contribution from
sector selection. Four sectors - Oil & Gas Producers, Mining, Real
Estate and General Financials - accounted for 45% of the HGSC (XIC)'s
rise in the first half. The performance of these sectors in 2005 had
already taken their constituent companies to valuations that your
Managers found difficult to rationalise. AGCiT therefore entered the
current year 16.0 percentage points underweight in the four sectors, a
position that proved unhelpful given their sustained momentum in the
first half of 2006.
Corporate activity continued. Interest rates, though rising, remained
low in the longer term context and, with lower equity valuations,
continued to fuel the de-equitisation trend. Of the HGSC (XIC)'s 583
constituents, 22 were acquired in the six months, with deals taking
place even after the turmoil in financial markets commenced. On the
other hand, IPOs did suffer: several were abandoned towards the end of
the period, though seven were completed, to one of which AGCiT
subscribed. The 87 stock portfolio saw five bids completed, with one
other outstanding at 30 June, and thus enjoyed a hit-rate superior to
the HGSC (XIC)'s. It would not, however, be surprising if some of the
fervour for corporate activity was to diminish in response to still
higher interest rates and a general erosion in confidence.
To remedy some of the confusion frequently engendered by the financial
markets, it might be helpful to focus on the performance of the
underlying businesses in AGCiT's portfolio and, in particular, on the
dividend experience. Of the 87 holdings, it was the policy of one not
to pay a dividend. Another seven had been listed for less than two
years, preventing dividend growth calculations. Of the remaining 79,
two cut their dividends, 13 left them unchanged and 64 reported
increases. The median company of the 64 raised its dividend by 8.9%.
Although this median does not necessarily reflect AGCiT's actual
receipts, since the portfolio is actively managed and a specific rate
of dividend growth is not targeted, it does suggest that underlying
trading conditions remained generally supportive.
INVESTMENT OUTLOOK
The threat of further interest rates rises would appear to have
affected equity markets in two ways. First, it might be reasonable to
anticipate lower than previously expected demand for the goods and
services supplied by companies. Second, with the logic of leveraged
investment in the shares of these companies appearing less sound,
certain speculative positions may have been unwound rather quickly.
It feels plausible that this latter effect might explain the
particular severity of recent stockmarket declines. This is not,
however, to underplay the potential impact on actual economic
activity.
In both the UK and US, long bond yields are the same as or lower than
short term yields. This inversion of the yield curve is conventionally
interpreted as heralding economic slowdown or even recession.
Moreover, the risk that monetary authorities may over-react in their
rediscovered enthusiasm to stifle inflation is heightened by the high
levels of debt that permeate the consumer sectors on both sides of the
Atlantic. This has led some to talk not just of a deceleration in
economic growth but of possible recession or stagflation.
From your Managers' point of view, these risks have been apparent for
some time but were increasingly overlooked by a bullish stockmarket as
it moved higher until the start of May. The subsequent retrenchment
has not been too dispiriting: small company returns of 6.8%, though
less spectacular than looked likely in April, are nevertheless
excellent for a six month period in the longer term context of the UK
stockmarket. Moreover, the increased volatility has served to throw
up additional investment opportunities as fundamentally good
businesses have found themselves caught up in the atmosphere of worry.
30 June 2006 30 June 2005
Characteristics AGCiT HGSC (XIC) AGCiT HGSC (XIC)
Number of Companies 87 560 86 627
Weighted Average Market £397m £539m £343m £409m
Capitalisation
Price Earnings Ratio 15.7x 16.9x 14.0x 16.4x
(Historic)
Net Dividend Yield 3.1% 2.2% 3.1% 2.3%
(Historic)
Dividend Cover (Historic) 2.1x 2.7x 2.3x 2.6x
As the table demonstrates, the tremendous returns afforded by small UK
quoted companies over the last 12 months have resulted in higher
valuations. As was the case at the start of the year, the HGSC (XIC)
is more highly rated than larger companies, which at the end of June
had a PE of 13.6x and a yield of 3.2%. Your Managers have offset some
of the revaluation of the asset class by progressively taking money
out of those areas of the market that they perceive to be over-valued.
Therefore, although the portfolio is more highly rated than 12 months
ago, it might be hoped that AGCiT will fare relatively well should the
recent pessimism persist.
Aberforth Partners LLP
Managers
19 July 2006
The Income Statement, Reconciliation of Movements in
Shareholders Funds, Balance Sheet and Cash Flow Statement are
set out below: -
INCOME STATEMENT
For the six months ended 30 June 2006
(unaudited)
6 months to 6 months to
30 June 2006 30 June 2005
(restated)
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Realised net gains - 9,957 9,957 - 5,327 5,327
on sales
Unrealised - (5,094)(5,094) - 3,824 3,824
(losses)/gains
----- ----- ----- ----- ----- -----
Net gains on - 4,863 4,863 - 9,151 9,151
investments
Dividend income 1,988 251 2,239 1,909 515 2,424
Interest income 3 - 3 1 - 1
Investment (146) (340) (486) (122) (285) (407)
management fee
Transaction costs - (286) (286) - (173) (173)
Other expenses (98) - (98) (94) - (94)
----- ----- ----- ----- ----- -----
Net return before 1,747 4,488 6,235 1,694 9,208 10,902
finance costs and
Finance costs:
Interest (327) (762)(1,089) (339) (791)(1,130)
Change in fair - 957 957 - (656) (656)
valuation of
interest rate swap
----- ----- ----- ----- ----- -----
1,420 4,683 6,103 1,355 7,761 9,116
Finance costs:
Dividends on (1,321) - (1,321) (1,287) - (1,287)
Income Shares
classified as
financial
liabilities
----- ----- ----- ----- ----- -----
Return on ordinary 99 4,683 4,782 68 7,761 7,829
activities before
tax
Tax on ordinary - - - - - -
activities
----- ----- ----- ----- ----- -----
Return attributable 99 4,683 4,782 68 7,761 7,829
to shareholders ===== ===== ===== ===== ===== =====
Returns per Share:
Income Share 5.79p - 5.79p 5.53p - 5.53p
Capital Share - 44.61p 44.61p - 73.92p 73.92p
The Board declared, on 19 July 2006 a first interim dividend
for the year to 31 December 2006 of 3.50p per Income Share
(2005 - 3.23p) and the total cost of the first interim
dividend will be £858,000 (2005 - £791,000). The Board also
declared, on 20 January 2006, a second interim dividend in
respect of the year ended 31 December 2005 of 5.39p per Income
Share (2005 - 5.255p) and the total cost of the second interim
dividend amounted to £1,321,000 (2005 - £1,287,000).
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
(unaudited)
For the six months ended 30 June 2006
Capital Capital Capital
Share Redemption Special Reserve Reserve Revenue
Capital Reserve Reserve Realised Unrealised Reserve TOTAL
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Equity 105 50 9,674 10,450 28,852 1,954 51,085
shareholders'
funds as at 31
December 2005
Return - - - 8,820 (4,137) 99 4,782
attributable
to equity
shareholders
------ ------ ------ ------ ------ ------ ------
Equity
shareholders'
funds as at 30
June 2006 105 50 9,674 19,270 24,715 2,053 55,867
====== ====== ====== ====== ====== ====== ======
For the six months ended 30 June 2005
Capital Capital Capital
Share Redemption Special Reserve Reserve Revenue
Capital Reserve Reserve Realised Unrealised Reserve TOTAL
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Equity 105 50 9,674 4,545 16,707 1,806 32,887
shareholders'
funds as at 31
December 2004
Return - - - 2,858 4,903 68 7,829
attributable
to equity
shareholders
------ ------ ------ ------ ------ ------ ------
Equity
shareholders'
funds as at 30
June 2005 105 50 9,674 7,403 21,610 1,874 40,716
====== ====== ====== ====== ====== ====== ======
BALANCE SHEET
As at 30 June 2006
(unaudited)
30 June 31 December 30 June
2006 2005 2005
(restated)
£'000 £'000 £'000
Fixed Assets: Investments 112,351 111,640 100,097
at fair value through ------- ------- -------
profit or loss
Debtors 701 328 668
Cash at bank - - -
Bank overdraft - (633) -
Other creditors (638) (75) (47)
------- ------- -------
Net current assets / 63 (380) 621
(liabilities)
------- ------- -------
TOTAL ASSETS LESS CURRENT 112,414 111,260 100,718
LIABILITIES
Creditors (amounts falling (56,547) (60,175) (60,002)
due after more than one
year) (Note 6)
------- ------- -------
TOTAL NET ASSETS 55,867 51,085 40,716
======= ======= =======
CAPITAL AND RESERVES:
EQUITY INTERESTS
Called up share capital:
Capital shares 105 105 105
Reserves:
Capital redemption 50 50 50
reserve
Special reserve 9,674 9,674 9,674
Capital reserve - 19,270 10,450 7,403
realised
Capital reserve - 24,715 28,852 21,610
unrealised
Revenue reserve 2,053 1,954 1,874
------- ------- -------
TOTAL EQUITY 55,867 51,085 40,716
======= ======= =======
Net Asset Values:
per Capital Share (Note 4) 512.51p 467.90p 369.93p
NOTE
Income shares are classified as financial liabilities and are
accounted for within Creditors in the Balance Sheet.
CASH FLOW STATEMENT
For the six months ended 30 June 2006
(unaudited)
6 months to 6 months to
30 June 30 June
2006 2005
£'000 £'000 £'000 £'000
Net cash inflow from 1,412 1,576
operating activities
Returns on investments and
servicing of finance
Interest and other finance (1,097) (1,137)
costs paid
Dividends paid (1,321) (1,287)
------ ------
Net cash outflow from
returns on investments
and servicing of finance (2,418) (2,424)
Capital expenditure and
financial investment
Payments to acquire (21,239) (12,519)
investments
Receipts from sales of 25,553 15,523
investments ------ ------
Net cash inflow from capital
expenditure and financial 4,314 3,004
investment ----- -----
Net cash inflow before 3,308 2,156
financing activities
Financing
Flexible loans repaid (2,675) (471)
----- -----
Net cash outflow from (2,675) (471)
financing ----- -----
Change in cash during the 633 1,685
period ===== =====
Reconciliation of net return
before finance costs and
taxation to net cash inflow
from operating activities
Net return before finance 6,235 10,902
costs and taxation
Gains on investments (4,863) (9,151)
Transaction costs 286 173
Increase in debtors (225) (338)
Decrease in creditors (21) (10)
------ ------
Net cash inflow from 1,412 1,576
operating activities ====== ======
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING STANDARDS
The financial statements have been prepared under historical
cost convention, as modified to include the revaluation of
investments and in accordance with applicable accounting
standards and the AITC's Statement of Recommended Practice
"Financial Statements of Investment Trust Companies" issued
in 2005. As a consequence we now present an Income Statement
and whilst it still shows supplementary information on the
capital and revenue returns, it is the total column which is
the profit and loss account of the Company. All revenue and
capital items in the Income Statement are derived from
continuing operations. No operations were acquired or
discontinued in the period.
The same accounting policies used for the year ended 31
December 2005 have been applied. However, the financial
statements for the six months ended 30 June 2005 have been
restated as a result of restating the Company's position as at
31 December 2004. The financial statements for the six months
ended 30 June 2005 also reflect the revised treatment of
transaction costs and the interest rate swap valuation and the
reclassification of Income Shares as "financial liabilities".
The effect of the restatements are set out in note 5.
2. FINANCE COSTS: DIVIDENDS ON INCOME SHARES CLASSIFIED AS
FINANCIAL LIABILITIES
Six Six
months months
ended 30 ended 30
June 2006 June 2005
£'000 £'000
Amounts recognised as distributions
to Income Shareholders in the period:
Second Interim Dividend for the 1,321 1,287
year to 31 December 2005 of
5.39p paid on 23 February 2006
(2005 - 5.255p paid on 24
February 2005)
A first Interim Dividend for the year to 31 December 2006
of 3.50p (2005 - 3.23p)will be paid on 24 August 2006 to
shareholders on the register on 28 July 2006.
3. RETURNS PER SHARE
The calculations of the revenue return per Income Share are
based on net revenue of £1,420,000 (30 June 2005 - £1,355,000)
and on 24.5 million Income Shares. The calculations of the
capital return per Capital Share are based on net capital
gains of £4,683,000 (30 June 2005 - £7,761,000) and on 10.5
million Capital Shares
4. NET ASSET VALUE
Total net assets have been calculated in accordance with the
provisions of Financial Reporting Standard 4. Income shares
are classified as financial liabilities and are carried on
the balance sheet at their fair value of 100p each and which
results in a total fair valuation of the Income shares of
£24,500,000. This valuation does not reflect the rights of
the Income shares under the Articles of Association on a
return of assets. Set out below is a reconciliation of the
Capital share net asset value on the basis of Income shares
at 100p each and a reconciliation of Capital and Income share
net asset values in accordance with the Articles.
Net Asset Value of Capital Shares (based on Income Shares at
100p)
As at As at As at
30 June 31 December 30 June
2006 2005 2005
£'000 £'000 £'000
Total net assets 55,867 51,085 40,716
Revenue reserve (2,053) (1,954) (1,874)
------ ------ ------
Net Asset Value 53,814 49,131 38,842
of Capital Shares ====== ====== ======
Number of Capital Shares: 10.5m 10.5m 10.5m
NAV per Capital Share (Income 512.51p 467.90p 369.93p
Shares at 100p)
Net Asset Value of Capital Shares and Income Shares (Articles
Basis)
Capital Income
Shares Shares Total
£'000 £'000 £'000
Total net assets 55,867 - 55,867
as at 30 June 2006
Revenue reserve (2,053) 2,053 -
Capital entitlement of Income - 24,500 24,500
Shares at 31 March 2011
(valuation of Income Shares
disclosed within Creditors)
Adjustment to relect capital 6,270 (6,270) -
entitlement not yet transferred
to Income Shareholders in
accordance with Articles
------ ------ ------
Net assets per Articles as at 60,084 20,283 80,367
30 June 2006 ====== ====== ======
Number of 10.5m 24.5m
shares
NAV per share (Articles) 572.22p 82.79p
5. EXPLANATION OF PRIOR YEAR ADJUSTMENTS
Reconciliation of the Income Statement for the six months
ended 30 June 2005
As
previously Effect of As
reported change in restated
Total policy Total
INCOME STATEMENT £'000 £'000 £'000
Net gains on investments 8,101 1,050 9,151
Dividend income 2,424 - 2,424
Interest income 1 - 1
Investment management fee (407) - (407)
Other expenses (94) (173) (267)
------ ----- ------
Net return before finance 10,025 877 10,902
costs and tax
Finance costs: interest (1,130) - (1,130)
Finance costs: change in - (656) (656)
fair valuation of interest
rate swap
------ ----- ------
8,895 221 9,116
Finance costs: dividends on - (1,287) (1,287)
Income Shares
------ ----- ------
Net return on ordinary 8,895 (1,066) 7,829
activities before tax
Tax on ordinary activities - - -
------ ----- ------
Return attributable to 8,895 (1,066) 7,829
equity shareholders ====== ===== ======
Returns per Income Share 5.53p - 5.53p
Returns per Capital Share 71.81p 2.11p 73.92p
Reconciliation of the Balance Sheet as at 30 June 2005
As
previously Effect of As
reported change in restated
Total policy Total
£'000 £'000 £'000
Fixed assets: Investments at 100,097 - 100,097
fair value through profit or loss ------- ------- -------
Debtors 668 - 668
Cash at bank - - -
Bank overdrafts - - -
Other creditors (47) - (47)
------- ------- -------
Net current assets 621 - 621
------- ------- -------
Total assets 100,718 - 100,718
Creditors (amounts falling (35,502) (24,500) (60,002)
due after more than one year)
------- ------- -------
TOTAL NET ASSETS 65,216 (24,500) 40,716
======= ======= =======
CAPITAL AND RESERVES;
EQUITY INTERESTS
Called up share capital
Capital shares 350 (245) 105
Reserves:
Capital redemption reserve 50 - 50
Special reserve 33,929 (24,255) 9,674
Capital reserve - realised 9,630 (2,227) 7,403
Capital reserve - unrealised 21,117 493 21,610
Interest rate swap reserve (1,734) 1,734 -
Revenue reserve 1,874 - 1,874
------- ------- -------
TOTAL EQUITY 65,216 (24,500) 40,716
======= ======= =======
Net Asset Values:
Per Income Share 76.68p - 76.68p
Per Capital Share 369.93p - 369.93p
Gains on Investments
The adoption of FRS 26 resulted in a change to the basis if
valuation of investments. Under FRS 26, the Company's
investments have been categorised as "financial assets at fair
value through profit or loss". Therefore quoted investments
are now valued at bid prices. Previously quoted investments
were valued at middle market prices. The change in accounting
policy has increased the return attributable to Shareholders
for the six months ended 30 June 2005 by £813,000 and is
included within the £1,050,000 increase in net gains on
investments. The difference between the two figures reflects
the impact of transaction costs on gains on investments.
Expenses incurred in acquiring or disposing of investments
As a further consequence of investments being categorised as
"financial assets at fair value through profit or loss",
transaction costs incidental to the acquisition or disposal of
investments amounting to £173,000 for the six months ended 30
June 2005 are now treated as a capital expense and included
within expenses under the capital column of the Income
Statement. This change in accounting policy has no overall
effect on the return attributable to Shareholders and appears
on the Income Statement as offsetting increases of £173,000 in
transaction costs and within gains on investments. Previously
such transaction costs were included within book cost of
investments and proceeds from sales.
Classification of Income Shares
The adoption of FRS 25 resulted in the classification of
Income Shares as "financial liabilities" and as a consequence
the fair value at time of issue of £24.5 million has been
accounted for within creditors. Dividends paid to Income
Shareholders are now treated as finance costs and appear
within this category on the Income Statement. This change in
accounting policy for the classification of Income Shares has
had no effect on the net assets attributable to shareholders.
Derivatives
FRS 26 requires derivatives to be measured at fair value and
depending on whether the derivative is part of a qualifying
hedge relationship, changes in fair value must be recognised
either in the Income Statement or in equity reserves. The
Company's interest rate swap is not designated as a cash flow
hedge and therefore changes in its fair value are recognised
in the Income Statement. In the interim accounts as at 30 June
2005 the fair value of derivates was included in the Balance
Sheet but not the Income Statement. The change in accounting
policy for derivatives has had no effect on Shareholders'
funds as at 30 June 2005.
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31 30 June
30 June December 2005
2006 2005 (restated)
£'000 £'000 £'000
Loan facility 1,625 4,300 3,828
LIBOR loan facility 30,000 30,000 30,000
Less: unamortised issue (51) (56) (60)
costs
Income shares 24,500 24,500 24,500
Interest rate swap 473 1,431 1,734
------ ------ ------
56,547 60,175 60,002
====== ====== ======
7. FURTHER INFORMATION
The foregoing do not comprise statutory accounts (as defined
in section 240(5) of the Companies Act 1985) of the Company.
The statutory accounts for the period to 31 December 2005,
which contained an unqualified Report of the Auditors, have
been lodged with the Registrar of Companies and did not
contain a statement required under section 237(2) or (3) of
the Companies Act 1985.
The Interim Report is expected to be posted to shareholders on
24 July 2006. Members of the public may obtain copies from
Aberforth Partners LLP, 14 Melville Street, Edinburgh EH3 7NS
or from its website at www.aberforth.co.uk.
CONTACT: David Ross - Aberforth Partners LLP - 0131 220 0733
Aberforth Partners LLP, Secretaries - 19 July 2006
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