Final Results

RNS Number : 1280W

Henderson Far East Income Limited

12 November 2010

 



12 November 2010

This announcement contains regulated information.

HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2010

Per Ordinary Share	31 August 2010	31 August 2009	% change
Net asset value	295.00p	258.52p	14.1%
Market price	298.25p	269.50p	10.7%
Total earnings	47.78p	9.79p	388.0%
Revenue earnings	15.35p	13.76p	11.6%

MANAGEMENT REPORT

Extracts from the Chairman's Statement

Asian markets have once again performed strongly compared to those in the West and your Company's net asset value has improved significantly over the year. Your Board has also been able to increase the dividend without recourse to reserves and remains confident about the income and growth prospects for the Company in the year ahead.

Performance

In the year under review the net asset value total return was 19.5%, up from 5.3% the previous year, in part through the strength of the Asian currencies against sterling in the period, and the share price total return was 15.7%. The FTSE All-World Asia Pacific ex Japan Index returned 22.8% for the same period. Revenue earnings increased by 11.6% from 13.76p per share to 15.35p.

Dividends

A fourth interim dividend of 3.60p per share has been declared making a total of 13.60p for the year, an increase of 9.7% on last year. Revenue after tax was significantly higher than in the previous year and so there was no recourse to the revenue reserve. Your Board remains confident that it will be able at least to maintain the level of total dividend in the coming year.

Capital and gearing

As reported at the half year, the Company allotted 6,462,943 shares in an institutional placing last December at a premium to net asset value of 2%, and subsequently applied for a new blocklisting of 9,150,555 shares. Aside from the placing the Company issued 6,760,000 shares in the year under review and a further 1,475,000 since the year end, all at a premium of not less than 2%. The Board will continue to issue shares which will result in a NAV enhancement for shareholders.

The Board maintains a cautious view on borrowings and has not entered into any formal loan arrangements.

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2010

MANAGEMENT REPORT (continued)

Extracts from the Chairman's Statement (continued)

Board visit to the region

In July the Board took a five day due diligence and fact finding trip to China and Singapore. In China we visited Beijing, Tianjin and Shanghai. It is difficult to understand the transformation of China that has taken place in such a short time. We visited a broad section of industry and commerce including an informative meeting with the Bank Regulator. Overall we were impressed by the professionalism and quality of those we met together with their determination to succeed. The scale and speed of infrastructure spending is unprecedented in the history of the world and is laying the foundation of an economy which in time may well emerge as the world's largest economy. That is in the future but the building blocks are now being put in place.

Outlook

Asian markets have benefited from lower interest rates and surplus liquidity, factors which have proved to be more important than global economic growth in delivering returns to investors. We believe that dividend growth in the region will exceed that of the West which will have a positive impact on our dividend policy. However, markets will remain volatile as they need more certainty that the global economic recovery is sustainable for that volatility to disappear. Certainly, Asian markets will continue to be an attractive proposition in the medium term.

Annual General Meeting

The Company's AGM will be held at 12 noon on Friday 17 December 2010 at Liberté House, 19-23 La Motte Street, St Helier, Jersey JE2 4SY. As usual an open presentation to shareholders will be held at 11.00am on Monday 20 December 2010 at Henderson's offices in London.

John Russell

Chairman

12 November 2010

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2010

MANAGEMENT REPORT (continued)

Principal Risks and Uncertainties

The Board has drawn up a matrix of risks facing the Company and has put in place a schedule of investment limits and restrictions appropriate to the Company's investment objective and policy, in order to mitigate risks as far as practicable. The principal risks which have been identified and the steps taken by the Board to mitigate these are as follows:

• Investment and Strategy

An inappropriate investment strategy, for example, in terms of asset allocation or level of gearing, may result in under performance against the companies in the peer group, and also in the Company's shares trading on a wider discount. The Board manages these risks by ensuring a diversification of investments and a regular review of the extent of borrowings. The Portfolio Manager operates in accordance with an investment limits and restrictions policy determined by the Board, which includes limits on the extent to which borrowings may be employed. The Board reviews the limits and restrictions on a regular basis and the Manager confirms adherence to them every month. The Manager provides the Board with management information, including performance data and reports and shareholder analyses. The Directors monitor the implementation and results of the investment process with the Portfolio Manager at each Board meeting and monitor risk factors in respect of the portfolio. Investment strategy is reviewed at each meeting.

• Market

Market risk arises from uncertainty about the future prices of the Company's investments. This is commented on in the Annual Report.

• Accounting, legal and regulatory

The Company must comply with the provisions of the Companies (Jersey) Law 1991 and since its shares are listed on the London Stock Exchange, the UKLA's Listing and Disclosure Rules. The Company must also ensure compliance with the listing rules of the New Zealand Stock Exchange. A breach of company law could result in the Company and/or the Directors being fined or the subject of criminal proceedings and financial and reputational damage. A breach of the UKLA Rules could result in the suspension of the Company's shares. The Board relies on its Company Secretary and advisers to ensure adherence to company law and UKLA and New Zealand Stock Exchange Rules.

• Operational

Disruption to, or the failure of, the Manager's or the Administrator's accounting, dealing, or payment systems or the Custodian's records could prevent the accurate reporting or monitoring of the Company's financial position. The Administrator, BNP Paribas Securities Services Fund Administration Limited sub-contracts some of the operational functions (principally relating to trade processing, investment administration and accounting) to BNP Paribas Securities Services. Details of how the Board monitors the services provided by the Manager and other suppliers, and the key elements designed to provide effective internal control, are explained further in the internal control section of the Annual Report.

• Financial

The financial risks faced by the Company include market risk (market price risk, interest rate risk and currency risk), liquidity risk and credit risk. Further details are disclosed in the Annual Report. Additional disclosures are provided in accordance with IFRS 7: Financial Instruments: Disclosures.

Related Party Transactions

The contract with Henderson is the only related party arrangement currently in place. Other than fees payable in the ordinary course of business, there have been no material transactions with this related party which have affected the financial position or performance of the Company in the financial year.

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2010

MANAGEMENT REPORT (Continued)

Statement under Disclosure and Transparency Rules

The Directors, who are listed in the Annual Report, each confirm to the best of their knowledge that:

(a)     the financial statements, prepared in accordance with applicable accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group; and

(b)    the Report of the Directors in the Annual Report includes a fair review of the development and performance of the business and the position of the Company and of the Group, together with a description of the principal risks and uncertainties that they face.

On behalf of the Board

C P Spencer

Director

12 November 2010

Twenty Largest Holdings

These twenty investments total £143,551,000 (twenty largest holdings in 2009: £107,710,000) representing 51.1% (2009: 52.1%) by value of the total investments.

Rank 2010	Rank 2009	Name of Investment	Sector	Country	Value £'000
1	4	Kasikornbank	Financials	Thailand	9,092
2	9	BOC Hong Kong Holdings	Financials	Hong Kong	8,274
3	1	Bank of China	Financials	China	7,524
4	17	Advanced Information Services	Telecommunications	Thailand	7,475
5	13	Link REIT	Property	Hong Kong	7,468
6	40	SK Telecom	Telecommunications	South Korea	7,225
7	-	Amcor	Industrials	Australia	7,189
8	-	Fraser & Neave	Industrials	Singapore	7,133
9	8	Santos	Oil & Gas	Australia	7,123
10	27	Philippine Long Distance Telephone	Telecommunications	Philippines	7,055
11	7	Telekomunikasi Indonesia	Telecommunications	Indonesia	7,026
12	12	CTCI Corporation	Industrials	Taiwan	6,997
13	33	Lonking Holdings	Industrials	China	6,967
14	3	Industrial & Commercial Bank of China	Financials	China	6,903
15	-	Shanghai Industrial	Industrials	China	6,808
16	41	KT Corporation	Telecommunications	South Korea	6,784
17	16	Incitec Pivot	Basic Materials	Australia	6,727
18	29	Telstra Corporation	Telecommunications	Australia	6,667
19	20	Chunghwa Telecom	Telecommunications	Taiwan	6,589
20	-	Yuanta Financial	Financials	Taiwan	6,525

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2010

Consolidated and Parent Company Statement of Comprehensive Income

for the year ended 31 August 2010

	Year ended 31 August 2010			Year ended 31 August 2009
	Revenue return	Capital return	Total	Revenue return	Capital return	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Investment income (note 2)	16,074	-	16,074	11,069	-	11,069
Other income (note 3)	1,308	-	1,308	1,900	-	1,900
Gains/(losses) on investments held at fair value through profit or loss	-	31,367	31,367	-	(1,870)	(1,870)
	---------	-----------	-----------	---------	---------	---------
Total income	17,382	31,367	48,749	12,969	(1,870)	11,099
	---------	-----------	-----------	---------	---------	---------
Expenses
Management fees	(1,322)	(1,322)	(2,644)	(979)	(992)	(1,971)
Other expenses	(328)	(319)	(647)	(242)	(249)	(491)
	---------	-----------	-----------	---------	---------	---------
Profit/(loss) before finance costs and taxation	15,732	29,726	45,458	11,748	(3,111)	8,637
Finance costs	(11)	(11)	(22)	(25)	(25)	(50)
	---------	-----------	-----------	---------	---------	---------
Profit/(loss) before taxation	15,721	29,715	45,436	11,723	(3,136)	8,587
Taxation	(1,654)	-	(1,654)	(855)	-	(855)
	---------	-----------	-----------	---------	---------	---------
Profit/(loss) for the year and total comprehensive income	14,067	29,715	43,782	10,868	(3,136)	7,732
	=====	======	=======	=====	=====	=====
Earnings/(loss) per ordinary share  (note 4)	15.35p	32.43p	47.78p	13.76p	(3.97)p	9.79p
	=====	======	======	=====	=====	=====

The total column of this statement represents the Consolidated Statement of Comprehensive Income, prepared in accordance with IFRS. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.

All items in the above statement derive from continuing operations.

All income is attributable to the equity holders of Henderson Far East Income Limited. There are no minority interests.

The net profit of the Company for the year was £43,782,000 (2009: £7,732,000).

The Group does not have any other comprehensive income and hence the net profit for the year as disclosed above is the same as the Group's total comprehensive income.

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2010

Consolidated and Parent Company Statement of Changes in Equity

for the year ended 31 August 2010

	Stated share capital	Distributable reserve	Other capital reserves	Revenue reserve	Total
Consolidated (Year ended 31 August 2010)	£'000	£'000	£'000	£'000	£'000
Total equity at 31 August 2009	14,323	180,471	10,675	10,027	215,496
Total comprehensive income:
Profit for the year	-	-	29,715	14,067	43,782
Transactions with owners, recorded directly to equity:
Dividends paid (note 5)	-	-	-	(12,185)	(12,185)
Shares issued	38,084	-	-	-	38,084
Issue costs	(261)	-	-	-	(261)
	---------	---------	---------	---------	---------
Total equity at 31 August 2010	52,146	180,471	40,390	11,909	284,916
	=====	=====	=====	=====	=====
	Stated share capital	Distributable reserve	Other capital reserves	Revenue reserve	Total
Consolidated (Year ended 31 August 2009)	£'000	£'000	£'000	£'000	£'000
Total equity at 31 August 2008	-	180,471	13,811	8,852	203,134
Total comprehensive income:
(Loss)/profit for the year	-	-	(3,136)	10,868	7,732
Transaction with owners, recorded directly to equity:
Dividends paid (note 5)	-	-	-	(9,693)	(9,693)
Shares issued	14,323	-	-	-	14,323
	--------	--------	----------	----------	--------
Total equity at 31 August 2009	14,323	180,471	10,675	10,027	215,496
	=====	=====	======	======	=====
	Stated share capital	Distributable reserve	Other capital reserves	Revenue reserve	Total
Company (Year ended 31 August 2010)	£'000	£'000	£'000	£'000	£'000
Total equity at 31 August 2009	14,323	180,471	10,847	9,855	215,496
Total comprehensive income:
Profit for the year	-	-	29,543	14,239	43,782
Transactions with owners, recorded directly to equity
Dividends paid (note 5)	-	-	-	(12,185)	(12,185)
Shares issued	38,084	-	-	-	38,084
Issue costs	(261)	-	-	-	(261)
	---------	---------	---------	---------	---------
Total equity at 31 August 2010	52,146	180,471	40,390	11,909	284,916
	=====	=====	=====	=====	=====
	Stated share capital	Distributable reserve	Other capital reserves	Revenue reserve	Total
Company (Year ended 31 August 2009)	£'000	£'000	£'000	£'000	£'000
Total equity at 31 August 2008	-	180,471	14,082	8,581	203,134
Total comprehensive income:
(Loss)/profit for the year	-	-	(3,235)	10,967	7,732
Transactions with owners, recorded directly to equity:
Dividends paid (note 5)	-	-	-	(9,693)	(9,693)
Shares issued	14,323	-	-	-	14,323
	--------	--------	----------	----------	--------
Total equity at 31 August 2009	14,323	180,471	10,847	9,855	215,496
	=====	=====	======	======	=====

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HENDERSON FAR EAST INCOME LIMITED

 Annual Financial Report for the year ended 31 August 2010

Consolidated and Parent Company Balance Sheet

at 31 August 2010

	Consolidated 2010 £'000	Consolidated 2009 £'000	Company 2010 £'000	Company 2009 £'000
Non current assets
Investments held at fair value through profit or loss	280,760	206,757	280,760	207,473
	----------	----------	----------	----------
Current assets
Other receivables	5,994	6,865	5,994	6,865
Cash and cash equivalents	2,448	3,845	2,448	3,845
	----------	----------	----------	----------
	8,442	10,710	8,442	10,710
	----------	----------	----------	----------
Total assets	289,202	217,467	289,202	218,183
	----------	----------	----------	----------
Current liabilities
Other payables	(658)	(510)	(658)	(1,226)
Bank overdrafts	(3,628)	(1,461)	(3,628)	(1,461)
	----------	----------	----------	----------
	(4,286)	(1,971)	(4,286)	(2,687)
	----------	----------	----------	----------
Net assets	284,916	215,496	284,916	215,496
	======	======	======	======
Equity attributable to equity shareholders
Stated share capital (note 7)	52,146	14,323	52,146	14,323
Distributable reserve	180,471	180,471	180,471	180,471
Retained earnings:
Other capital reserves	40,390	10,675	40,390	10,847
Revenue reserve	11,909	10,027	11,909	9,855
	----------	----------	----------	----------
Total equity	284,916	215,496	284,916	215,496
	======	======	======	======
Net asset value per ordinary share (note 6)	295.00p	258.52p	295.00p	258.52p
	======	======	======	======

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2010 and were signed on its behalf by:

Richard Thomas Povey                                                                                       Christopher Paul Spencer

Director                                                                                                                  Director

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2010

Consolidated and Parent Company Cash Flow Statement

for the year ended 31 August 2010

	Consolidated 2010 £'000	Consolidated 2009 £'000	Company 2010 £'000	Company 2009 £'000
Operating activities
Profit before taxation	45,436	8,587	45,436	8,481
Add back interest payable	22	50	22	50
(Less)/add (gains)/losses on investments held at fair value through profit or loss	(31,367)	1,870	(31,195)	1,969
Less movements in investments held at fair value through profit or loss	(43,225)	(9,458)	(42,681)	(9,458)
(Increase)/decrease in other receivables	(390)	232	(390)	117
Decrease in amounts due from brokers	952	384	952	384
Increase/(decrease) in other payables	198	(41)	198	(13)
Decrease in amounts due to brokers	(35)	(6,595)	(35)	(6,595)
Scrip dividends included in investment income	(24)	(195)	(24)	(195)
	----------	----------	----------	----------
Net cash outflow from operating activities before interest and taxation	(28,433)	(5,166)	(27,717)	(5,260)
Interest paid	(32)	(50)	(32)	(50)
Taxation on investment income	(1,649)	(743)	(1,649)	(743)
Taxation recovered/(paid)	179	(522)	189	153
	----------	----------	----------	----------
Net cash outflow from operating activities	(29,935)	(6,481)	(29,209)	(5,900)
	----------	----------	----------	----------
Financing activities
Equity dividends paid	(12,185)	(9,693)	(12,185)	(9,693)
Share issue proceeds	37,943	14,055	37,943	14,055
Movement in inter-company loan	-	-	(726)	(578)
	----------	----------	----------	----------
Net cash inflow from financing	25,758	4,362	25,032	3,784
	----------	----------	----------	----------
Decrease in cash and cash equivalents	(4,177)	(2,119)	(4,177)	(2,116)
Cash and cash equivalents at the start of the year	2,384	5,340	2,384	5,337
Exchange movements	613	(837)	613	(837)
	----------	----------	----------	----------
Cash and cash equivalents at the end of the year (including bank overdrafts of £3,628,000 (2009: £1,461,000))	(1,180)	2,384	(1,180)	2,384
	======	======	======	======

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2010

Notes:

1.	Accounting Policies
	Basis of preparation
	This consolidated financial information for the year ended 31 August 2010 has been prepared in accordance with International Financial Reporting Standards ('IFRS'). These comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'), together with interpretations of the International Accounting Standards and Standing Interpretations Committee approved by the International Accounting Standards Committee ('IASC') that remain in effect, to the extent that IFRS have been adopted. The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the revaluation of certain financial instruments. The principal accounting policies adopted are set out in the Annual Report. Where consistent with IFRS, the financial statements have also been prepared in accordance with the guidance set out in the Statement of Recommended Practice ('SORP') for Investment Companies issued by the Association of Investment Companies ('AIC') as revised in January 2009.
		2010	2009
2.	Investment income	£'000	£'000
	Overseas dividends	16,050	10,821
	Interest income	-	53
	Stock dividends	24	195
		---------	---------
		16,074	11,069
		======	======
	Analysis of investment income by geographical segment:
		2010	2009
		£'000	£'000
	Australia	1,508	1,575
	China	2,145	1,634
	Hong Kong	2,512	1,732
	Indonesia	453	189
	Malaysia	-	173
	Philippines	583	414
	Singapore	1,663	1,784
	South Korea	1,522	653
	Taiwan	4,259	2,263
	Thailand	1,429	652
		---------	---------
		16,074	11,069
		======	======
	All of the above income is from equity investments.
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		2010		2009
3.	Other income	£'000		£'000
	Bank and other interest	24		47
	Option premium income	1,284		1,853
		-------		-------
		1,308		1,900
		======		======
4.	Earnings per ordinary share
	The earnings per ordinary share figure is based on the net gains for the year of £43,782,000 (2009: £7,732,000) and on 91,639,804 (2009: 78,973,771) being the weighted average number of ordinary shares in issue during the year. The earnings per ordinary share figure detailed above can be further analysed between revenue and capital, as below.
			2010	2009
			£'000	£'000
	Net revenue profit		14,067	10,868
	Net capital profit/(loss)		29,715	(3,136)
			-------	-------
	Net total profit		43,782	7,732
			======	======
	Weighted average number of ordinary shares in issue during the year		91,639,804	78,973,771
			2010	2009
	Revenue earnings per ordinary share		15.35p	13.76p
	Capital profit/(loss) per ordinary share		32.43p	(3.97)p
			-------	-------
	Total earnings per ordinary share		47.78p	9.79p
			======	======
	The company has no securities in issue that could dilute the return per ordinary share. Therefore the basic and diluted earnings per ordinary share are the same. - MORE -

	-11 - HENDERSON FAR EAST INCOME LIMITED Annual Financial Report for the year ended 31 August 2010
5.	Dividends
				2010		2009
		Record date	Pay date	£'000		£'000
	Fourth interim dividend 3.00p for the year ended 2008	7 November 2008	28 November 2008	-		2,329
	First interim dividend 3.00p for the year ended 2009	6 February 2009	27 February 2009	-		2,329
	Second interim dividend 3.00p for the year ended 2009	8 May 2009	29 May 2009	-		2,385
	Third interim dividend 3.20p for the year ended 2009	7 August 2009	28 August 2009	-		2,650
	Fourth interim dividend 3.20p for the year ended 2009	6 November 2009	30 November 2009	2,721		-
	First interim dividend 3.20p for the year ended 2010	5 February 2010	26 February 2010	2,963		-
	Second interim dividend 3.20p for the year ended 2010	7 May 2010	28 May 2010	3,035		-
	Third interim dividend 3.60p for the year ended 2010	6 August 2010	31 August 2010	3,466		-
				-------		-------
				12,185		9,693
				======		======
	The fourth interim dividend for the year ended 31 August 2010 has not been included as a liability in these financial statements as it was announced and paid after the year end. The table below sets out the total dividends paid and to be paid in respect of the financial year. The revenue available for distribution by way of dividend for the year is £14,067,000 (2009: £10,868,000).
				2010
				£'000
	First interim dividend for 2010 - 3.20p			2,963
	Second interim dividend for 2010 - 3.20p			3,035
	Third interim dividend for 2010 - 3.60p			3,466
	Fourth interim dividend for 2010 - 3.60p (payable 30 November 2010 based on 98,055,564 shares in issue at 3 November 2010)			3,530
				--------
				12,994
				======
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	-12 - HENDERSON FAR EAST INCOME LIMITED Annual Financial Report for the year ended 31 August 2010
6.	Net asset value per share
	The basic net asset value per ordinary share and the net asset value attributable to ordinary shareholders at the year end calculated in accordance with the Articles of Association were as follows:
		Net asset value per share 2010 pence	Net asset value attributable 2010 £'000	Net asset value per share 2009 pence	Net asset value attributable 2009 £'000
	Ordinary shares	295.00	284,916	258.52	215,496
		======	======	======	======
	The basic net asset value per ordinary share is based on 96,580,564 (2009: 83,357,621) ordinary shares, being the number of ordinary shares in issue.
7.	Stated share capital		Authorised	Issued and fully paid	£'000
	At 31 August 2009
	Ordinary shares of no par value		Unlimited	83,357,621	14,323
	Issued in year			13,222,943	37,823
				-------------	--------------
	At 31 August 2010			96,580,564	52,146
				=========	=========
	During the year the Company issued 13,222,943 (2009: 5,735,000) shares for proceeds of £37,823,000 (2009: £14,323,000) net of costs. Since the year end and up to 11 November 2010 a further 1,475,000 shares have been issued for proceeds of £4,813,000.
8.	Going concern statement
	The Directors believe it is appropriate to continue to adopt the going concern basis in preparing the financial statements as the assets of the Company consist mainly of securities which are readily realisable and, accordingly, the Company has adequate financial resources to continue in operational existence for the foreseeable future. In reviewing the position as at the date of this statement, the Board has considered the guidance issued by the Financial Reporting Council in October 2009.
9.	2010 Financial information
	The figures and financial information for the year ended 31 August 2010 are compiled from an extract of the latest financial statements and do not constitute statutory accounts. These financial statements included the report of the auditors which was unqualified.
10.	2009 Financial information
	The figures and financial information for the year ended 31 August 2009 are compiled from an extract of the latest published accounts and do not constitute the statutory accounts for that period.
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	-13- HENDERSON FAR EAST INCOME LIMITED Annual Financial Report for the year ended 31 August 2010
11.	Annual Report
	The Annual Report and Financial Statements will be posted to shareholders on 18 November 2010 and copies will be available on the Company's website (www.hendersonfareastincome.com) or in hard copy format from the Company's registered office, Liberté House, 19-23 La Motte Street, St Helier, Jersey, JE2 4SY. The Annual General Meeting will be held at the registered office on Friday 17 December 2010 at 12 noon. The Notice of the Annual General Meeting will be sent to shareholders with the Annual Report.
	For further information please contact:
	Mike Kerley
	Portfolio Manager, Henderson Far East Income Limited
	Telephone: [phone]
	James de Sausmarez
	Head of Investment Trusts, Henderson Global Investors
	Telephone: [phone]
	Sarah Gibbons-Cook
	Investor Relations and PR Manager, Henderson Global Investors
	Telephone: [phone]
	Jeremy Hamon
	BNP Paribas Securities Services Fund Administration, Company Secretary
	Telephone: [phone]
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

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