Half Yearly Report

RNS Number : 7384S

Utilico Emerging Markets Limited

24 November 2011

 



Date:                24 November 2011

Contact:           Charles Jillings                                              

                        Utilico Emerging Markets Limited                    

                        01372 271 486                                               

Alastair Moreton

Westhouse Securities Limited

0207 601 6100

Utilico Emerging Markets Limited

Unaudited Statement of Results

for the six months to 30 September 2011

Highlights of results 

·    The MSCI Emerging Markets Index (GBP adjusted) fell 17.7% and UEM's NAV per ordinary share fell 12.8% over the six months, 

·    Average annual compound total return of 10.6% since inception

·    Revenue income of £8.8m and EPS of 3.05p

·    Interim dividend maintained at 3.75p

CHAIRMAN'S STATEMENT

The world markets corrected sharply in the latter part of the six months to 30 September 2011. The MSCI Emerging Markets Index (GBP adjusted) fell by 17.7% over the six months and the MSCI Emerging Markets Utilities Index (GBP adjusted) fell by 22.3%. Utilico Emerging Markets Limited ("UEM") was not immune from this sharp retreat and its net asset value ("NAV") per ordinary share fell by 12.8%. While better than the wider markets, this was still a disappointment.

During the six months we announced our intention to migrate from AIM to the main market of the London Stock Exchange. This was achieved on 14 October 2011. This is a further milestone in the development of UEM as a substantial main market participant.

UEM's total return for the six months was down 11.9%, being 12.8% on its NAV, offset by a final dividend for the year to 31 March 2011 of 1.45p. Since inception UEM's NAV per ordinary share has gained 55.4%. Adding back dividends of 23.80p over the last six and a half years results in an average annual compound total return per ordinary share of 10.6%.

The decrease in NAV was driven by losses across the board as equity prices were marked down in nearly all UEM's positions. To put this in context, the Brazilian market retreated 24.6%, the Hong Kong market fell back 25.2% and the Malaysian market lost 5.2% over the six months.

The revenue earnings per share ("EPS") has reduced to 3.05p versus 4.09p last half year. This is due to two factors. First, other expenses increased by £451,000 to £930,000 mainly as a result of the costs of the migration to the main market of £345,000 which were expensed in the six months to 30 September 2011. Had these not been included, the EPS would have been 3.21p. Second, the investment and other income was £1.5m lower as a result of reduced dividends from smaller positions and investee companies' reductions or, in some cases, cancellation of dividends.

The board has declared a maintained interim dividend of 3.75p of which 0.70p is paid from revenue reserves brought forward.

The total expense ratio ("TER") increased to 1.0% in the six months, up from 0.9% in the prior year. This includes the cost of the migration to the main market. However, excluding these costs the adjusted TER for the six months reduces to 0.8%.

As at 30 September 2011, net debt had reduced to £9.6m reflecting prudence by the Investment Manager and the Board relating to the issues faced by the wider markets. Since the period end bank debt has been reduced to nil.

The ordinary share price declined by 13.2% and as a result the discount widened to 10.4% over the six months which is clearly disappointing. In April and May 2011 the Company bought back 3,068,441 ordinary shares, representing 1.4% of the issued ordinary shares, at an average price of 160.3p. Discounts had tightened especially after the announcement of the move to the main market. However, in the more recent market turmoil discounts have once again widened.

Outlook

The investment environment looks challenging and is likely to remain so across all asset classes, especially in the case in the European Union. Without a deliverable solution to the sovereign debt issues facing Europe and the resultant stresses in the European banking sector the equity markets will remain volatile.

However, the developing markets are delivering strong economic growth despite the turmoil in the wider markets. Predictably, this growth continues to feed through to increased growth in infrastructure and expanded activity in the utility sectors in most emerging markets. UEM's portfolio is well placed to benefit from this increased economic activity. While equity markets may well retreat we continue to believe in the long term outlook for the infrastructure and utility sectors and that our portfolio will benefit from this expanded activity.

Alexander Zagoreos
Chairman
24 November 2011

INVESTMENT MANAGER'S REPORT

The six months to 30 September 2011 has seen a sharp correction in emerging markets.  By the end of September 2011 both the Brazilian Bovespa Index and the Hong Kong Hang Seng Index had fallen by 25.1% and 27.9% respectively from their highs during the period, placing them firmly in correction territory.  This has continued into the second half. Further, currencies have weakened as central banks either have, or are expected to, reverse their tightening policies which are no longer needed in the face of weakening economies. The net result is the MSCI Emerging Market Index (GBP adjusted) being down 17.7% over the six months and 23.6% below its peak of 740.25.

UEM has not been immune to this process and has seen its NAV gains progressively erode as the market seeks liquidity. Over the six months to 30 September 2011 the share prices of seven out of UEM's ten largest holdings ended lower. Against this challenging environment, UEM's NAV held up well registering a decline of 12.8%. Adding back dividends paid, the decline reduces to 11.9%.

PORTFOLIO

UEM's gross assets declined by 13.2% from £393.4m to £341.6m, reflecting, in the main, losses on investments.

The composition of the top ten has seen some movements in the six months. In particular Puncak Niaga Holdings Berhad fell from 8th position to 15th and Sichuan Expressway Co. Ltd fell from 10th position to 20th. They have been replaced by Infrastructure India plc and Tractebel Energia S.A.

International Container Terminal Services Inc. ("ICT")

ICT's share price rose 12.2% over the six months to 30 September 2011 increasing the holding from £32.8m to £37.5m. ICT continues to deliver operational gains and in the period to 30 June 2011, ICT reported port volumes up by 23.6% against the prior period. Since year-end we have realised 4.8% of our holding in ICT.

Malaysia Airport Holdings Berhad ("MAHB")

MAHB continues to make good progress both expanding the airport and improving its returns. This resulted in stronger share price performance which peaked at MYR6.65. We took the opportunity to reduce our shareholding by 10.8% at an average price of MYR6.59 realising £4.3m for UEM. The shares ended the half-year at MYR5.29, down 13.0%. UEM's investment ended the half-year at £30.7m, down from £40.0m. We remain strong supporters of MAHB. The new runway and terminal which are under construction should enable MAHB to leverage its operational asset base and significantly enhance returns to shareholders. Results for the first half year to 30 June 2011, reported revenues up 23.6% underpinned by growth of 12.6% in passenger volumes.

Ocean Wilsons Holdings Limited ("Ocean Wilsons")

Ocean Wilsons had a strong six months with its share price up 11.5%. During the six months to 30 September 2011 the share price rose to £14.50 and we took the opportunity to place 32.4% of our holding at an average price of £14.30. This realised £11.7m for UEM. As a result our investment reduced from £36.1m to £29.9m over the six months. Interim results from Wilson Sons, the 58.25% owned Brazilian port business and the largest part of Ocean Wilsons operating revenue, announced revenues up 29.0% to US$156.6m as a result of increased volumes across all business lines.

Eastern Water Resources PCL ("Eastern Water")

Eastern Water's share price retreated 7.6%, despite results for the half year to June 2011 reporting revenues up 5.2%. Water volumes were marginally improved but impacted by heavy rainfall during the period; net earnings for the six months were THB492.0m up 2.7%.

Companhia de Saneamento de Minas Gerais S.A. ("Copasa")

Copasa's share price fell by 4.4% over the six months to 30 September 2011. Revenues for the half year to June 2011, showed increases of 9.9% and net earnings were up by 10.7% to BR$227.0m. Billed water volumes were up 3.7% and look set to continue to rise. During the 2nd quarter of 2011, Copasa signed three new sewage concessions and renewed four water supply concessions.

Companhia de Concessoes Rodoviarias ("CCR")

CCR's share price was up by 3.0% during the six months to 30 September 2011. Results to the half year to June 2011 reported strong top line growth of 22.4%, driven by the traffic growth. CCR announced an interim dividend of BR$1.59, down 6.5% on the comparable period, representing a yield of 3.5%.

Santos Brasil Participacoes S.A. ("Santos")

Despite strong results Santos shares declined 10.0% over the six months. We took this opportunity to increase our holding in the ordinary shares of Santos by 25.4%. In the six months to June 2011 Santos reported revenues up 47.8% on the prior six month period to BR$603.9m and a staggering 236.0% growth on net earnings up to BR$83.0m driven by strong earnings growth across all divisions and only marginal growth in costs.

AES Tietê S.A. ("AES")

AES's share price corrected by 18.5%. This correction reflected concerns with the upcoming renewal of AES's concession. The Sao Paulo state government may fine power generator AES for the delay in increasing capacity by 15% (400 MW) as was agreed at privatisation. The obligation incurred was to build a new generation plant within state borders and to do so by 2007. Most likely, a new agreement will be reached moving the expansion date back. The Company reported weak first half results, due to contract seasonality with Eletropaulo which reduced sales. This should be offset in the second half of the year.

Infrastructure India plc. ("IIP")

IIP's share price declined by 16.9% in the six months to 30 September 2011. This is disappointing as IIP is positioned to be an exciting opportunity within the Indian market. UEM has struggled to find investments in India which are attractive on a risk adjusted basis. There has been a stream of opportunities to invest in greenfield businesses with valuations reflecting no discount for the execution risks. UEM has for the most part stayed away from these investments. UEM's cost of initial investment in IIP was at 27.0p per share. This was followed by further investments ranging between 46.0p and 68.0p, and included a placing of 62.0p at the time IIP was expanded through the injection by Guggenheim Global Infrastructure, a US Investment fund, of their Indian assets. In the six month period IIP took over Indian Energy, in which UEM was a substantial shareholder and loan note holder, and UEM elected for shares thus increasing our investment. IIP is a long-term investment and has investments in logistic parks, toll roads, hydro projects and wind farms. 

Tractebel Energia S.A. ("Tractebel")

Tractebel's share price declined by 13.1%, and despite this UEM's investment rose to 10th position due to the poor performances of Puncak Niaga and Sichuan Expressway. In the interim period to June 2011, gross revenues were up by 9.5% to BR$2,334.2m mainly due to higher average sales prices and higher margins. In 2Q11, the Company issued notice to begin the construction of five wind farms in the Brazilian Northeast adding a further 145.4MW of complementary renewable energy to its generation portfolio.

Puncak Niaga Holdings Berhad ("Puncak)

Puncak's share price declined by 52.0% in the six months, clearly a very poor outcome. We are disappointed with of the political positioning of the State of Selangor and ineffective action by the Federal government in regard to Puncak. Puncak is legally entitled to a price increase and this has not been granted. As a result Puncak's entire business model is at risk. We have made our concerns known at the highest level. As a result Puncak fell out of the top ten to 15th place representing 1.8% of UEM's gross assets.

Sichuan Expressway Co. Limited ("Sichuan")

Sichuan's share price corrected strongly in September 2011 and ended the six months down 37.5% at HKD3.15. The Chinese government announced it is going to review all toll road operations. The entire sector corrected significantly in a matter of days. As time has passed it has become clear the focus of attention is directed at illegal toll plazas, illegal or high toll rates and even illegal toll roads. Our investments look to be outside the concerns raised by the Chinese government. This is best illustrated by the fact that Sichuan was awarded a new toll road contract in October 2011. However, the market will take time to recover. In addition, the sector has seen a noticeable weakening in toll road usage since June as the Chinese economy slows as a result of the various tightening measures introduced.

Market Hedging

There has been no material hedging during the six months. The maintenance of any hedge positions has continued to be difficult. Subsequent to the period end, UEM has re-established a small net S&P 500 Index option position.

Bank Debt

Net bank debt has remained at around £10.0m over the six months. At 30 September 2011 the bank debt stood at £12.2m all drawn in US Dollars and cash was at £2.6m mainly in US Dollars. Since the half-year bank debt has been reduced to nil. The £25.0m bank facility remains available until 31 March 2012. UEM has been offered an alternative facility which is currently being negotiated.

Revenue returns

Revenue income was lower at £8.8m, a decrease of 14.8%, than in the comparable period to 30 September 2010. The revenue yield on average gross assets was 2.4% at 30 September 2011. This is due mainly to decreased dividends from Malaysia Airports as a result of realisations, lower dividends from Dalian Ports and no dividend from Puncak Niaga.

Management and administration fees remained broadly flat at £0.4m. Other expenses nearly doubled to £0.9m. This mainly arose due to costs of £0.35m incurred by UEM moving its listing from AIM to the London Stock Exchange main market. The increase in expenses has caused the TER to increase to 1.0%, up 0.2% since 31 March 2011. However, excluding the migration costs the underlying TER is 0.8%. Significantly, as a result of the decreased revenue and the migration costs the EPS decreased to 3.05p (2010: 4.09p), down 25.4% on the six month period to September 2010.

Capital Return

The portfolio losses on investments were £51.9m reversing the gains in the comparative period of £50.6m. This is a result of the correction in the markets in comparison to the recoveries seen in the six months to September 2010.

Gains and losses on derivatives comprised mainly of the gains on the market hedging position.

Management and administration fees decreased to £0.4m, largely as a result of there being no accrual of a performance fee, with the NAV having now fallen below its highwater mark.

Finance costs were in-line with the prior period due to the stable bank debt and taxation was a positive £0.2m as a result of a reduction in Brazilian capital gains tax accrual since the last year end at 31 March 2011 as values declined.

The loss for the six months on the Capital account was £52.3m, compared with a profit of £44.0m in the comparable period last year.

Buybacks

UEM has bought back 3.1m ordinary shares in the six month period at an average cost of 160.3p within a price range of 160.00p to 163.50p. We continue to believe that buybacks are an investment decision as evidence in the wider markets suggests it has a modest impact on the discount to NAV.

Outlook

We continue to be encouraged by the strong operational performances within the majority of our investments. This has resulted in rising earnings and in some cases lower valuation metrics as market values have not always mirrored the rising performance.

ICM Limited
24 November 2011

SUMMARY OF UNAUDITED RESULTS

	Half-year	Half-year	Annual	Half-year
	30 Sep 11	30 Sep 10	31 Mar 11	change %
Total return(1)	(11.9%)	17.0%	21.4%	n/a
Annual compound total return (since inception)	10.6%	14.3%	13.8%	n/a
Net asset value per ordinary share	152.83p	172.53p	175.28p	(12.8)
Ordinary share price	137.00p	160.25p	157.75p	(13.2)
Discount	(10.4%)	(7.1%)	(10.0%)	n/a
Earnings per ordinary share (basic)
- Capital	(24.21p)	21.19p	25.63p	n/a
- Revenue	3.05p	4.09p	5.61p	(25.4)(2)
- Total	(21.16p)	25.28p	31.24p	n/a
Dividend per ordinary share
- Interim	3.75p(3)	3.75p	3.75p	-
- Final	n/a	n/a	1.45p	n/a
- Total	n/a	n/a	5.20p	n/a
Equity holders' funds (£m)	329.4	378.1	383.2	(14.0)
Gross assets (£m)(4)	341.6	378.1	393.4	(13.2)
Cash/(overdraft) (£m)	2.6	1.8	(0.7)	n/a
Bank debt (£m)	(12.2)	-	(10.2)	n/a
Net cash/(debt) (£m)	(9.6)	1.8	(10.9)	(11.9)
Net debt gearing on gross assets	2.8%	n/a	2.8%	n/a
Management and administration fees (£m)(5)	2.0	1.8	3.1	(11.1)(2)
Total expense ratio (6)	1.0%	0.9%	0.8%	n/a

(1)   Total return is calculated based on NAV per share return plus dividends reinvested from the ex-dividend date

(2)   Percentage change based on comparable six month period to 30 September 2010

(3)   The dividend declared has not been included as a liability in these accounts

(4)   Gross assets less liabilities excluding loans

(5)   Excluding performance fee, including other expenses for both revenue and capital returns

(6)   Annualised management and administration fees over monthly average gross assets

DIRECTORS' STATEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk faced by the Group is the failure to maintain its objective of long-term total return and that the NAV does not rise over the longer term. The risks which might give rise to this can be categorised as investment and strategy, manager, gearing, operational and financial.

These risks and the way they are mitigated are described in more detail under the heading Internal Controls and Management of Risk in the Corporate Governance section of the Group's Annual Report for the year ended 31 March 2011. The Group's principal risks and uncertainties have not changed materially since the date of that report and are not expected to change materially for the remaining six months of the Group's financial year.

The Annual Report and Accounts is published on the Company's website, www.uem.bm.

DIRECTORS' STATEMENT OF RESPONSIBILITIES

The Directors confirm that to the best of their knowledge:

i) the condensed set of financial statements has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and gives a true and fair view of the assets, liabilities, financial position and return of the Group;

ii) the Chairman's Statement and Investment Manager's Report (constituting the Interim Report) includes a fair review of the important events that have occurred in the six months to 30 September 2011 and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

iii) the Interim Report includes a fair review of the related party transactions that have taken place in the six months to 30 September 2011 and that have materially affected the financial position or performance of the Group during the period, and any changes in the related party transactions described in the last Annual Report that could do so.

Approved by the Board on 24 November 2011

and signed on its behalf by

Alexander Zagoreos

Chairman

UNAUDITED CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME

Six months to  30 September 2011					Six months to  30 September 2010
		Revenue	Capital	Total	Revenue	Capital	Total
		return	return	Return	return	return	return
		£'000s	£'000s	£'000s	£'000s	£'000s	£'000s
Gains and losses on investments		-	(51,855)	(51,855)	-	50,637	50,637
Gains and losses on derivative instruments		-	617	617	-	(1,421)	(1,421)
Exchange gains and losses		-	(215)	(215)	-	(251)	(251)
Investment and other income		8,805	-	8,805	10,333	-	10,333
Total income		8,805	(51,453)	(42,648)	10,333	48,965	59,298
Management and administration fees		(401)	(420)	(821)	(395)	(4,461)	(4,856)
Other expenses		(930)	(12)	(942)	(479)	(19)	(498)
Profit/(loss) before finance costs and taxation		7,474	(51,885)	(44,411)	9,459	44,485	53,944
Finance costs		(304)	(710)	(1,014)	(304)	(710)	(1,014)
Profit/(loss) before taxation		7,170	(52,595)	(45,425)	9,155	43,775	52,930
Taxation		(580)	312	(268)	(682)	185	(497)
Profit/(loss) for the period		6,590	(52,283)	45,693	8,473	43,960	52,433
Earnings per ordinary share (basic) - pence		3.05	(24.21)	(21.16)	4.09	21.19	25.28
Earnings per ordinary share (diluted) - pence		n/a	n/a	n/a	3.95	20.49	24.44

The total column of this statement represents the Group's Condensed Income Statement and the Group's Condensed Statement of Comprehensive Income, 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 in the UK.

The Group does not have any income or expense that is not included in the profit for the period, and therefore the 'profit for the period' is also the 'total comprehensive income for the period', as defined in International Accounting Standard 1 (revised).

All items in the above statement derive from continuing operations.

All income is attributable to the equity holders of the Company. There are no minority interests.

UNAUDITED CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY

for the six months to 30 September 2011
	Ordinary	Share		Other non-	Retained earnings
	share	premium	Special	distributable	Capital	Revenue
	capital	account	reserve	reserve	reserves	reserve	Total
	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s
Balance at 31 March 2011	21,860	12,136	204,587	11,093	128,906	4,569	383,151
(Loss)/profit for the period	-	-	-	-	(52,283)	6,590	(45,693)
Ordinary dividend paid	-	-	-	-	-	(3,125)	(3,125)
Shares purchased by the Company	(307)	(4,626)	-	-	-	-	(4,933)
Balance at 30 September 2011	21,553	7,510	204,587	11,093	76,623	8,034	329,400

for the six months to 30 September 2010
	Ordinary	Share			S	Other non-	Retained earnings
	share	premium	Special	Warrant	share	distributable	Capital	Revenue
	capital	account	reserve	reserve	reserve	reserve	reserves	reserve	Total
	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s
Balance at 31 March 2010	20,331	-	206,394	8,089	8,729	994	72,378	2,967	319,882
Profit for the period	-	-	-	-	-	-	43,960	8,473	52,433
Ordinary dividend paid	-	-	-	-	-	-	-	(2,135)	(2,135)
Conversion of warrants and S shares	2,338	21,044	-	(5,144)	(4,955)	10,099	-	-	23,382
Shares and warrants purchased by the Company	(752)	(8,041)	(1,807)	(2,945)	(3,774)	-	1,893	-	(15,426)
Balance at 30 Sep 2010	21,917	13,003	204,587	-	-	11,093	118,231	9,305	378,136

for the year to 31 March 2011
	Ordinary	Share			S	Other non-	Retained earnings
	share	premium	Special	Warrant	share	distributable	Capital	Revenue
	capital	account	reserve	reserve	reserve	reserve	reserves	reserve	Total
	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s
Balance at 31 March 2010	20,331	-	206,394	8,089	8,729	994	72,378	2,967	319,882
Profit for the year	-	-	-	-	-	-	54,635	11,956	66,591
Ordinary dividends paid	-	-	-	-	-	-	-	(10,354)	(10,354)
Conversion of warrants and S shares	2,339	21,044	-	(5,144)	(4,955)	10,099	-	-	23,383
Shares and warrants purchased by the Company	(810)	(8,908)	(1,807)	(2,945)	(3,774)	-	1,893	-	(16,351)
Balance at 31 March 2011	21,860	12,136	204,587	-	-	11,093	128,906	4,569	383,151

UNAUDITED CONDENSED GROUP BALANCE SHEET

	30 September 2011	30 September 2010	31 March 2011
	£'000s	£'000s	£'000s
Non-current assets
Investments	337,705	379,579	403,026
Current assets
Other receivables	6,155	3,587	2,418
Derivative financial instruments	-	6,451	1,769
Cash and cash equivalents	4,189	1,789	211
	10,344	11,827	4,398
Current liabilities
Bank loans	(12,197)	-	(10,231)
Other payables	(4,142)	(7,037)	(8,612)
Derivative financial instruments	(746)	(4,829)	(3,153)
	(17,085)	(11,866)	(21,996)
Net current liabilities	(6,741)	(39)	(17,598)
Total assets less current liabilities	330,964	379,540	385,428
Non-current liabilities
Deferred tax	(1,564)	(1,404)	(2,277)
Net assets	329,400	378,136	383,151
Equity attributable to equity holders
Ordinary share capital	21,553	21,917	21,860
Share premium account	7,510	13,003	12,136
Special reserve	204,587	204,587	204,587
Other non-distributable reserve	11,093	11,093	11,093
Capital reserves	76,623	118,231	128,906
Revenue reserve	8,034	9,305	4,569
Total attributable to equity holders	329,400	378,136	383,151
Net asset value per ordinary share
Basic - pence	152.83	172.53	175.28

 UNAUDITED CONDENSED GROUP STATEMENT OF CASH FLOWS

	Six months to 30 September 2011	Six months to 30 September 2010	Year to 31 March 2011
	£'000s	£'000s	£'000s
Cash flows from operating activities	9,609	18,905	15,467
Cash flows from investing activities	-	-	-
Cash flows before financing activities	9,609	18,905	15,467
Financing activities
Ordinary dividends paid	(3,125)	(2,135)	(10,354)
Movements from loans	1,452	(24,620)	(14,576)
Cost of ordinary shares purchased	(4,933)	(10,600)	(11,525)
Proceeds from warrants converted	-	18,497	18,497
Proceeds from S shares converted	-	4,885	4,886
Cost of warrants purchased	-	(3,612)	(3,612)
Cost of S shares purchased	-	(1,215)	(1,214)
Cash flows from financing activities	(6,606)	(18,800)	(17,898)
Net movement in cash and cash equivalents	3,003	105	(2,431)
Cash and cash equivalents at the beginning of the period	(742)	1,974	1,974
Effect of movement in foreign exchange	297	(290)	(285)
Cash and cash equivalents at the end of the period	2,558	1,789	(742)

Comprised of:
Cash	4,189	1,789	211
Bank overdraft	(1,631)	-	(953)
Total	2,558	1,789	(742)

NOTES

The Directors have declared an interim dividend in respect of the six months to 30 September 2011 of 3.75p per ordinary share payable on 16 December 2011 to shareholders on the register at close of business on 2 December 2011. This interim dividend has not been accrued in the results for the six months to 30 September 2011.

The half-yearly report will be posted to shareholders in early December 2011. Copies may be obtained during normal business hours from Exchange House, Primrose Street, London EC2A 2NY.

By order of the Board

F&C Management Limited, Secretary

24 November 2011

 

END

 

 

IR LLFIELTLSFIL