Annual / Quarterly Financial Statement • Oct 1, 2019
Annual / Quarterly Financial Statement
Open in ViewerOpens in native device viewer
Dissemination of a RegulatoryAnnouncement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
This announcement constitutes regulated information.
New Star Investment Trust plc (the'Company'),whose objectiveis to achievelong-term capital growth,announces its consolidated results for the year ended 30th June2019.
| 30th June | 30th June | % | |
|---|---|---|---|
| 2019 | 2018 | Change | |
| PERFORMANCE | |||
| Net assets (£ '000) | 113,971 | 111,366 | 2.34 |
| Net asset value per Ordinary share | 160.47p | 156.80p | 2.34 |
| Mid-market price per Ordinary share | 111.00p | 113.00p | -1.77 |
| Discount of priceto net asset value | 30.83% | 27.9% | n/a |
| Total Return* | 2.98% | 6.5% | n/a |
| IA Mixed Investment 40% - 85% Shares (total return) | 3.66% | 4.9% | n/a |
| MSCI AC World Index(total return,sterling adjusted) | 10.30% | 9.5% | n/a |
| MSCI UK Index(total return) | 1.68% | 8.3% | n/a |
| 1st July 2018 to | 1st July 2017 to | |
|---|---|---|
| 30th June 2019 | 30th June2018 | |
| Revenuereturn per Ordinary share | 1.81p | 1.17p |
| Capital return per share | 2.86p | 8.51p |
| Return per Ordinary share | 4.67p | 9.68p |
| TOTAL RETURN* | 2.98% | 6.5% |
* Thetotal return figurefor the Group represents therevenueand capital return shown in theconsolidated statement of Comprehensiveincome plus dividends paid (the Alternative performancemeasure).
Your Company's net asset value (NAV) total return was 3.0% over the year to 30th June 2019. This took the year-end NAV per ordinary share to 160.47p. By comparison, theInvestment Association's Mixed Investment 40-85% Shares index gained 3.7%. Your Directors believethis benchmark is appropriate because your Company has, since inception, been invested in a broad range of asset classes. In a volatile year, global equity markets generated positive returns although European and Asian equities underperformed US equities as a result of escalating trade tensions, slowing economic growth and fears about the consequences of a "no deal" Brexit. The MSCI AC World Total Return and MSCI UK Total Return Indices gained 10.3% and 1.7% respectively while UK government bonds returned 5.2%. Further information is provided in theinvestment manager's report.
Therevenuereturn for the year was 1.81p per share(2018:1.17p). This represents a substantial increase. Your directors do not envisageincreases ofa similar magnitudein subsequent years. A performancefee of0.58p per share(2018: nil)was deducted from capital.
Your Company has a revenuesurplus in its retained revenuereserve,enabling it to pay a dividend. Your directors recommend the payment ofa final dividend in respect of the year of1.4p per share(2018:1.0p).
Global economic growth slowed during 2019, with manufacturing sufferingmorethan services as a result of trade disputes and rising tariffs. The US is seeking tomaintain its technological supremacy so theremay not bean early end to its trade dispute with China. This may havea significant effect on eurozoneand Asian exporters while Brexit uncertainties may continueto affect UK commercialand consumer confidence.
The decline in long-term bond yields relative to short-term bond yields shows that investors fear the onset of recession. Major central banks have sought to counter slowing economic growth through monetary easing but, after a decade of such measures, further easing may prove to be less of a stimulus than in the past. Your Company reduced its equity holdings over the year and increased its holdings in cash. Investments in dollars, gold equities and lower-riskmulti-asset funds provide diversification and potentially some protection ifequity markets weaken.
Your Company has no borrowings and ended its financial year with cash representing 18.1% of its net asset value. Your Company is likely to maintain a significant cash position.
The Company is a small registered Alternative Investment Fund Manager under the European Union directive. The Company's assets now exceed thethreshold of EUR100 million. As a result,should it wish to borrow it would requirea changein regulatory permissions.
During the year, your Company's shares continued to tradeat a significant discount to their NAV. The Board keeps this issue under review.
The Annual General Meetingwill be held on Thursday,14th November 2019 at 11am.
NET ASSET VALUE
Your Company's unaudited net asset value per shareat 31st August 2019 was 162.91p.
US monetary policy reached a watershed moment during your Company's financial year. Starting in December 2015, the Federal Reserve had tightened monetary policy through successiveinterest rateincreases and somereduction of its swollen balancesheet, culminating in December 2018, when the Fed funds target rateroseto 2.25-2.50%. Global equities fell 10.57% in sterling over the final quarter of2018, morethan erasing the previous quarter's gains becauseinvestors feared overly-restrictivemonetary policy might choke off economic growth. In a significant volte-face, however, the Fed chairman, Jerome Powell, retreated from earlier hawkish comments that interest rates were "a long way" from neutral, saying rates were "close to" neutral. Confidencereturned following the Fed's U-turn, with global equities gaining 16.68% in sterling in thesix months to 30th June2019 to end a volatile year up 10.30%. US equities outperformed, rising 14.54% in sterling, but European and Asian equities underperformed.
Safe-haven assets werein demand as economic prospects deteriorated. Global bonds rose9.80% in sterling while UK government bonds and sterling corporate bonds rose5.23% and 6.83% respectively. The yield on 10-year US treasury bonds fell from 2.85% to 2.20%, with investors looking forward to US interest ratecuts. Gold rose16.25% in sterling as the declinein bond yields reduced the opportunity cost of holding this nil-yielding commodity and investors sought safety from the potential debasement ofsomemajor currencies through monetary easing.
The Fed changed tack because of slowing economic growth and below-target inflation. US gross domestic product (GDP) rose 3.1% in 2018 but the rate slowed to 2.2% in the final quarter as the impact of fiscal stimulus and increased public sector spending faded. In August 2019, the Fed forecast growth of 2.1% for 2019. The narrowing difference between short-dated and long-dated US bond yields led some forecasters to be more pessimistic, fearing a recession might beapproaching.
In August, shortly after your Company's year end, the10-year US treasury bond yield fell below thetwo-year yield. This so-called "yield inversion" has preceded every US recession in the last 40 years although some months have typically elapsed between the inversion and the onset of recession. US leading indicators for manufacturing and non-manufacturing sectors weakened in the first eight months of 2019 and the manufacturing leading indicator dipped to a level that implied output might fall. Consumer spending, however, proved resilient as a result of low unemployment. Employment data tend, however, to be lagging indicators. In August, the Sino-US trade dispute escalated as both sides increased tariffs. US tariffs have gained bipartisan support and are likely to become an established feature of US trade policy, reducing the scope for an economic boost if the impasseis resolved.
UK GDP expanded 0.5% quarter-on-quarter in the first quarter of 2019. GDP did, however, fall 0.2% quarter-on-quarter in the second quarter, according to the first estimate, probably as a result ofactivity having been brought forward into the first quarter ahead of the first Brexit deadline of 29th March. UK household spending continued to grow steadily but leading indicators deteriorated and the potential disruption from a no-deal Brexit may tip the UK into recession. Brexit-risks overshadowed UK equities, rising only 1.68% over the year under review. UK smaller companies did worse, falling 5.36% because they tend to be more reliant on domestic earnings than larger companies, whose export and overseas businesses benefiJed from sterling weakness. In response to the increased likelihood of a no-deal Brexit, sterling fell 3.60% and 6.23% respectively against the dollar and yen.
Equities in Europe excluding UK rose only 8.18% in sterling over the year. Eurozone manufacturers suffered from worsening global economic prospects and the impact of trade disputes and tariffs. German GDP fell in the third quarter of 2018 and the second quarter of 2019 as the manufacturing sector contracted. In June, German industrial production fell 1.5% on the previous month, leaving it down 5.20% over 12 months as vehicle production was hit particularly hard.
Over thesummer of2019, investors expected the European Central Bank (ECB) to easemonetary policy later this year. Thescopefor interest ratecuts may be limited, however, because the ECB's deposit rate ended your Company's year at -0.40%. Banks have typically refrained from passing on the negative deposit rate to retail customers, reducing their profits. Further cuts may be no more effective in encouraging bank lending so the ECB may resort to more bond buying, the previous programme having ended in 2018. As a result of recent falls in bond yields, however, many Europe excluding UK sovereign bonds werealready trading on negative yields over thesummer and the ECB may encounter liquidity constraints.
During the year, equities in Asia excluding Japan and emerging markets returned 3.55% and 5.40% respectively in sterling, held back by trade disputes, with China, down 3.06% in sterling, particularly badly affected. Chinese economic growth slowed as weak export demand was only partially offset by increased infrastructurespending. Additional policy support may, however, beforthcoming if tradetalks stall. After the year-end, therenminbi fellagainst the dollar, prompting the US to designate China a currency manipulator. Renminbi-weakness generated fears of deflation in August 2015 and January 2016, leading to sharp falls in somerisky assets.
Within emerging markets, returns diverged widely. While Chinese equities fell, Indian stocks rose 11.97% in sterling. Theprime minister, Narendra Modi,won a second term whilethe16.15% oil pricefall in sterling terms benefiJed India as an oil-importing economy. Russian equities rose33.11% in sterling as investors' fears of further sanctions proved unfounded for now.
The total return of the Company was 2.98% for the year under review. By comparison, the Investment Association's Mixed Investment 40-85% Shares Index, which measures a peer group of funds with a multi-asset approach to investing and a typical investment in global equities in the 40- 85% range, rose3.66%.
The main reason for your Company's marginal underperformance relative to the IA Mixed Investment 40-85% Shares Index was its relative lack of exposure to Wall Street during a year in which US stocks outperformed. Your company's largest holding, Fundsmith Equity, did, however, have the majority of its assets in US stocks as did Polar Capital Technology. Both outperformed the returns from US stocks, rising 18.48% and 16.03% respectively. Fundsmith Equity holds a concentrated portfolio of large companies held for the longer term. Its focus is on resilient companies with high returns on capital employed and strong business models that are difficult for competitors to replicate. This means future profits and cash flows arerelatively easy to predict.
Companies with these characteristics, regarded as "bond proxies", have typically performed well since the credit crisis in an environment of steady growth and low inflation. Many consumer staples companies such as Philip Morris and Pepsico, which are among the top 10 holdings in Fundsmith's portfolio, meet these criteria. In July 2019, the portfolio's largest sector allocation was, however, technology, with Microsoft and Facebook among the top 10 holdings. Both stocks are also top-10 holdings in Polar Capital Technology. Your Company's Fundsmith Equity holding increased in August 2018 while profits weretaken in Polar Capital Global Technology in September 2018.
By contrast with Fundsmith Equity, Artemis Global Income, which has a value investment style, underperformed, falling 3.45% over the year. Its largest holdings werein financial stocks, which wererelatively weak becausethe flaJening yield curve damaged the profits of banks, which typically borrow at lower short-term rates and lend for longer periods at higher rates. Artemis Global Income does, however, have an above-average yield because of its value bias, contributing to your Company's ability to pay dividends. Value stocks have typically been out of favour since the credit crisis and the valuation gulf widened over the year. Value stocks may, however, outperform strongly should the macroeconomic outlook change in their favour while delivering an aJractiveincomein themeantime.
Aberforth Split Level Income, which invests in UK smaller companies and has a valueinvestment style, fell 18.42%, dragged down by fears ofa "bad Brexit", the greater sensitivity of smaller companies to the domestic UK economy and investors' disenchantment with value investing. UK smaller companies did, however, appear oversold over the summer of 2019 as a result of investors' Brexit concerns while sterling's weakness may increase their aJractions to overseas investors.
Man GLG UK Incomeand Schroder Incomefell 0.30% and 4.72% respectively as a result of their bias towards valuestocks although yields in excess of5% contributed significantly to your Company's ability to pay an increased dividend. Trojan Income outperformed, however, rising 4.18% partly because of its bias towards defensiveconsumer goods companies such as Unilever.
BlackRock Continental European Income was the best performer amongst the investments in Europe excluding UK equities, rising 7.60%. FP Crux European Special Situations, up 1.40%, remained amongst your Company's top 10 holdings although profit-taking through sales in August and October 2018 realisedmorethan half of theinvestment.Standard Life European Equity Incomereturned 1.39%.
Among the Asian and emerging markets holdings, the HSBC Russia Capped exchange-traded fund gained 32.29% as it benefiJed from Russian equity strength. Russian holdings also enhanced thereturns from JP Morgan EmergingMarkets Income, up 14.45%,while Liontrust Asia Incomealso outperformed, rising 4.62%. Stewart Investors Indian Subcontinent underperformed, however, up only 1.65% because of its cautious approach during a period of high localequity valuations.
Your company has diversified risk through investments in gold equities, dollar cash and lower-riskmulti-asset funds. Gold pricestrength fuelled the 20.54% gain from BlackRock Gold & General. Your company also benefited from dollar strength through Trojan and EF Brompton Global Conservative, which both had significant dollar holdings in their multi-asset portfolios. Trojan and EF Brompton Global Conservative gained 4.15% and 2.87% respectively.
During the year, your Company modestly increased investment in three private companies, which have the potential to add an uncorrelated source of return. The unquoted portfolio increased by more than £1 million after allowing for sales and purchases. The investment in Embark, your Company's largest unquoted investment, increased and the valuation has been wriJen up in responseto theterms ofa capital raising.
Global economic growth slowed over the summer of 2019, affected by US monetary tightening in previous years and the fading of the impact of President Trump's fiscal stimulus. Themanufacturing sector was sufferingmorethan services as trade woes exacerbated worsening global economic conditions. In the US, bipartisan support for tariffs aimed at Chineseexports mean there may be no easy resolution of trade disputes as the US seeks to maintain technological supremacy in key sectors such as information technology and communications. Theeurozone and some emerging markets weremoreseverely affected because of their dependence on exports whilethe UK appeared vulnerableto a no-deal Brexit.
The flaJening yield curve may imply a recession is approaching. The Federal Reserve and some other major central banks have been seeking to mitigatetheimpact of slowing growth through monetary easing. These policies may, however, proveless effectivethan previously after morethan a decade of such measures. Your Company reduced the allocation to global equities over the year and increased its investment in dollar cash. Investments in dollar cash, gold equities and low-risk multi-asset funds provide diversification and potentially some protection should equities fall. Investments in a small number of privatecompanies offer the potential for uncorrelated returns.
| Holding | Activity | Bid-market value | Percentage of netassets |
|---|---|---|---|
| £ '000 | |||
| Fundsmith Equity Fund | Investment Fund | 7,839 | 6.88 |
| Embark Group | Unquoted Investment | 5,942 | 5.21 |
| Polar Capital- Global Technology Fund | Investment Fund | 5,280 | 4.63 |
| FP Crux European SpecialSituations Fund | Investment Fund | 5,098 | 4.47 |
| Schroder Income Fund | Investment Fund | 4,795 | 4.21 |
| EF Brompton Global Conservative Fund | Investment Fund | 4,222 | 3.71 |
| Artemis Global Income Fund | Investment Fund | 3,856 | 3.38 |
| BlackRock Continental European Income Fund Investment Fund | 3,794 | 3.33 | |
| Aberforth Split Level Income Trust | Investment Company | 3,747 | 3.29 |
| Aquilus Inflection Fund | Investment Fund | 3,698 | 3.25 |
| BlackRock Gold & General Fund | Investment Fund | 3,470 | 3.04 |
|---|---|---|---|
| Lindsell Train Japanese Equity Fund | Investment Fund | 3,144 | 2.76 |
| EF Brompton Global Equity Fund | Investment Fund | 2,846 | 2.50 |
| EF Brompton Global Opportunities Fund | Investment Fund | 2,840 | 2.49 |
| Man GLG UK Income Fund | Investment Fund | 2,767 | 2.43 |
| Liontrust Asia Income Fund | Investment Fund | 2,763 | 2.42 |
| First StateIndian Subcontinent Fund | Investment Fund | 2,750 | 2.41 |
| EF Brompton Global Growth Fund | Investment Fund | 2,694 | 2.36 |
| MI Brompton UK Recovery Unit Trust | Investment Fund | 2,669 | 2.34 |
| Trojan Income Fund | Investment Fund | 2,379 | 2.09 |
| 76,593 | 67.20 | ||
| Balance not held in 20 investments above | 17,189 | 15.08 | |
| Total investments (excluding cash) | 93,782 | 82.28 | |
| Cash | 20,605 | 18.08 | |
| Other net current assets | (416) | (0.36) | |
| Net assets | 113,971 | 100.00 |
Theinvestment portfolio,excluding cash,can befurther analysed as follows:
| £ '000 | |
|---|---|
| Investment funds | 78,453 |
| Investment companies and exchangetraded funds | 7,133 |
| Unquoted investments | 7,386 |
| Other quoted investments | 810 |
| 93,782 |
| Holding | Activity | Bid-market value £ '000 |
Percentage of netassets |
|---|---|---|---|
| FP Crux European SpecialSituations Fund | Investment Fund | 11,237 | 10.09 |
| Polar Capital - Global Technology Fund | Investment Fund | 5,473 | 4.91 |
| Schroder Income Fund | Investment Fund | 5,242 | 4.71 |
| Fundsmith Equity Fund | Investment Fund | 5,191 | 4.66 |
| Aberforth Split Level Income Trust | Investment Company | 4,859 | 4.36 |
| Artemis Global Income Fund | Investment Fund | 4,120 | 3.70 |
| EF Brompton Global Conservative Fund | Investment Fund | 4,105 | 3.69 |
| BlackRock Continental European Income Fund Investment Fund | 3,699 | 3.32 | |
| Aquilus Inflection Fund | Investment Fund | 3,562 | 3.20 |
| Lindsell Train Japanese Equity Fund | Investment Fund | 3,312 | 2.97 |
| Embark Group | Unquoted Investment | 3,268 | 2.93 |
| Man GLG UK Income Fund | Investment Fund | 2,929 | 2.63 |
| BlackRock Gold & General Fund | Investment Fund | 2,904 | 2.61 |
| EF Brompton Global Opportunities Fund | Investment Fund | 2,785 | 2.50 |
| Liontrust Asia Income Fund | Investment Fund | 2,768 | 2.49 |
| MI Brompton UK Recovery Unit Trust | Investment Fund | 2,746 | 2.47 |
| Stewart Investors Indian Subcontinent Fund | Investment Fund | 2,706 | 2.43 |
| EF Brompton Global Equity Fund | Investment Fund | 2,687 | 2.41 |
| EF Brompton Global Growth Fund | Investment Fund | 2,630 | 2.36 |
| Trojan Income Fund | Investment Fund | 2,384 | 2.14 |
| 78,607 | 70.58 | ||
| Balance not held in 20 investments above | 17,694 | 15.89 | |
| Total investments (excluding cash) | 96,301 | 86.47 | |
| Cash | 15,027 | 13.49 | |
| Other net current assets | 38 | 0.04 | |
| Net assets | 111,366 | 100.00 |
Theinvestment portfolio,excluding cash,can befurther analysed as follows:
| £ '000 | |
|---|---|
| Investment funds | 80,548 |
| Investment companies and exchangetraded funds | 9,357 |
| Unquoted investments, including interest bearing loans of£250,000 | 5,375 |
| Other quoted investments | 1,021 |
| 96,301 |
TheStrategic Review is designed to provideinformation primarily about the Company's business and results for the year ended 30th June2019. The Strategic Review should be read in conjunction with the Chairman's Statement and the Investment Manager's Report above, which provide a review of the year's investment activities of the Company and the outlook for thefuture.
The Company is an investment company under section 833 of the Companies Act 2006. It is an Approved Company under the Investment Trust (Approved Company) (Tax) Regulations 2011 (the 'Regulations') and conducts its affairs in accordance with those Regulations so as to retain its status as an investment trust andmaintain exemption from liability to United Kingdom capital gains tax.
The Company is a small registered AlternativeInvestment FundManager under the European Union Markets in Financial Instruments Directive.
The Company's investment objectiveis to achievelong-term capital growth.
The Company's investment policy is to allocateassets to global investment opportunities through investment in equity, bond,commodity, realestate, currency and other markets. The Company's assets may havesignificant weightings to any oneasset class or market, including cash.
The Company will invest in pooled investment vehicles, exchange traded funds, futures, options, limited partnerships and direct investments in relevant markets. The Company may invest up to 15% of its net assets in direct investments in relevant markets.
The Company will not follow any index with reference to asset classes, countries, sectors or stocks. Aggregate asset class exposure to any one of the United States, the United Kingdom, Europeex UK, Asia exJapan, Japan or EmergingMarkets and to any individual industry sector will belimited to 50% of the Company's net assets,such values being assessed at thetime of investment and for funds by referenceto their published investment policy or,whereappropriate, the underlying investment exposure.
The Company may invest up to 20% of its net assets in unlisted securities (excluding unquoted pooled investment vehicles) such values being assessed at thetime of investment.
The Company will not invest morethan 15% of its net assets in any singleinvestment,such values being assessed at thetime of investment.
Derivative instruments and forward foreign exchange contracts may be used for the purposes of efficient portfolio management and currency hedging. Derivatives may also be used outside of efficient portfolio management to meet the Company's investment objective. The Company may take outright short positions in relation to up to 30% of its net assets, with a limit on short sales of individual stocks of up to 5% of its net assets, such values being assessed at thetime of investment.
The Company may borrow up to 30% of net assets for short-term funding or long-term investment purposes.
No more than 10%, in aggregate, of the value of the Company's total assets may be invested in other closed-ended investment funds except where such funds have themselves published investment policies to invest no more than 15% of their total assets in other listed closed-ended investment funds.
Information on the Company's portfolio ofassets with a view to spreading investment risk in accordancewith its investment policy above.
Net assets at 30th June 2019 amounted to £113,971,000 compared with £111,366,000 at 30th June 2018. In the year under review,the NAV per Ordinary shareincreased by 2.3% from 156.80p to 160.47p,after paying a dividend of1.0p per share.
The Group's gross revenueroseto £2,239,000 (2018:£1,776,000). Last year the Company increased its investment in incomefocused funds resulting in an increasein gross income during the year under review. After deducting expenses and taxation therevenue profit for the year was £1,284,000 (2018: £831,000).
Total expenses for the year amounted to £1,364,000 (2018:£940,000), as a result ofa performance fee becoming payable. In the year under review the investment management feeamounted to £688,000 (2018:£668,000). A performancefee of£410,000 was payablein respect of the year under review as the Company outperformed the cumulative hurdle rate. The performance fee has been allocated to the Capital account in accordance with the Company's accounting policy. At 30 June 2019 the Company's NAV was slightly above the hurdle rate NAV. Further details on the Company's expenses may befound in notes 3 and 4.
Dividends have not formed a central part of the Company's investment objective. Theincreased investment in incomefocused funds has enabled the Directors to declarean increased dividend. The Directors proposea final dividend of1.40p per Ordinary sharein respect of the year ended 30th June 2019 (2018:1.0p). Ifapproved at the Annual General Meeting, the dividend will be paid on 29th November 2019 to shareholders on theregister at the close of business on 8th November 2019 (ex-dividend 7th November 2019).
The primary source of the Company's funding is shareholder funds.
While the future performance of the Company is dependent, to a large degree, on the performance of international financial markets, which in turn aresubject to many external factors, the Board's intention is that the Company will continueto pursueits stated investment objectivein accordance with the strategy outlined above. Further comments on the short-term outlook for the Company are set out in the Chairman's Statement and the Investment Manager's report above.
Throughout the year the Group's investments included seven funds managed by theInvestment Manager (2018:seven). No investment management fees were payable directly by the Company in respect of theseinvestments.
In order to measure the success of the Company in meeting its objectives,and to evaluate the performance of the Investment Manager, the Directors review at each meeting: net asset value, incomeand expenditure,asset allocation and aJribution, share price of the Company and the discount. The Directors take into account a number of different indicators as the Company does not have a formal benchmark, and performance against these is
Performanceis discussed in the Chairman'sStatement and Investment Manager's Report.
The principal risks identified by the Board,and thesteps the Board takes tomitigatethem,areas follows:
Inappropriate long-term strategy, asset allocationand fund selection could lead to underperformance. The Board discusses investment performance at each of its meetings and the Directors receivereports detailing asset allocation, investment selection and performance.
The Company's future performanceis heavily dependent on the performance of different equity and currency markets. The Board cannot mitigatethe risks arising from adverse market movements. However, diversification within the portfolio will reduce the impact. Further information is given in portfolio risks below.
The twenty largest investments are listed above. Investment returns will beinfluenced by interest rates, inflation, investor sentiment, availability/cost of credit and general economic and market conditions in the UK and globally. A significant proportion of the portfolio is in investments denominated in foreign currencies andmovements in exchange rates could significantly affect their sterling value. The Investment Manager takes all thesefactors into account when making investment decisions but the Company does not normally hedge against foreign currency movements. The Board's policy is to hold a spread of investments in order to reduce theimpact of therisks arising from the abovefactors by investing in a spread ofasset classes and geographic regions.
The discount in the priceat which the Company's shares tradeto net asset value means that shareholders cannot realisethereal underlying value of their investment. Over the last few years the Company's share price has been at a significant discount to the Company's net asset value. The Directors review regularly the level of discount, however given the investor base of the Company, the Board is very restricted in its ability to influencethe discount to net asset value.
The quality of the team employed by the Investment Manager is an important factor in delivering good performance and the loss of key staff could adversely affect returns. A representative of theInvestment Manager aJends each Board meeting and the Board is informed ifany major changes to theinvestment team employed by theInvestment Manager are proposed.
A breach of The Investment Trust (Approved Company) (Tax) Regulations 2011 (the 'Regulations')could lead to capital gains realised within the portfolio becoming subject to UK capital gains tax. A breach of the UKLA Listing Rules could result in suspension of the Company's shares, whilea breach of company law could lead to criminal proceedings, financialand/or reputational damage. The Board employs Brompton Asset Management LLP as Investment Manager, andMaitland Administration Services Limited asSecretary and Administrator, to help manage the Company's legal and regulatory obligations.
Disruption to, or failure of, the Investment Manager's or Administrator's accounting, dealing or payment systems, or the Custodian's records, could prevent theaccurate reporting and monitoring of the Company's financial position. The Company is also exposed to the operational risk that one or more of its suppliers may not providetherequired level ofservice.
The Directors confirm that they have carried out an assessment of the risks facing the Company, including those that would threaten its business model, future performance,solvency and liquidity.
The assets of the Company consist mainly of securities that are readily realisable or cash and it has no significant liabilities. Investment income exceeds annual expenditureand current liquid net assets cover current annual expenses for many years. Accordingly, the Company is of the opinion that it has adequate financial resources to continue in operational existence for the long term which is considered to be in excess of five years. Five years is considered a reasonable period for investors when making their investment decisions. In reaching this view the Directors reviewed the anticipated level of annual expenditure against the cash and liquid assets within the portfolio. The Directors have also considered the risks the Company faces.
The Company has no employees, with day-to-day management and administration of the Company being delegated to theInvestment Manager and the Administrator. The Company's portfolio is managed in accordance with the investment objective and policy; environmental, social and community maJers are considered to the extent that they potentially impact on the Company's investment returns. Additionally, as the Company has no premises, properties or equipment, it has no carbon emissions to report on.
The Company has sought, wherever possible, and been provided with assurance from each of its main suppliers, that no slaves, forced labour, child labour, or labour employed at rates of pay below statutory minimums for the country of their operations, are being employed in the provision of services to the Company.
The Board of Directors comprises three male directors. The Board recognises the benefits of diversity, however, the Board's primary consideration when appointing new directors is their knowledge, experienceand ability to make a positive contribution to the Board's decision making regardless of gender.
| 30th June 2019 | 30th June2018 | ||||||
|---|---|---|---|---|---|---|---|
| Revenue | Capital | Revenue | Capital | ||||
| Return | Return | Total | Return | Return | Total | ||
| Notes | £ '000 | £ '000 | £ '000 | £ '000 | £ '000 | £ | |
| '000 | |||||||
| INVESTMENT INCOME | 2 | 1,890 | - | 1,890 | 1,654 | - | 1,654 |
| Other operating income | 2 | 349 | - | 349 | 122 | - | 122 |
| 2,239 | - | 2,239 | 1,776 | - | 1,776 | ||
| GAINS AND LOSSES ON INVESTMENTS | |||||||
| Gains on investments at fair valuethrough profit or | |||||||
| loss | 9 | - | 1,992 | 1,992 | - | 6,218 | 6,218 |
| Other exchange gains /(losses) | - | 443 | 443 | - | (176) | (176) | |
| Trail rebates | - | 5 | 5 | - | 5 | 5 | |
| 2,239 | 2,440 | 4,679 | 1,776 | 6,047 | 7,823 | ||
| EXPENSES | |||||||
| Management and performancefees | 3 | (688) | (410) | (1,098) | (668) | - | (668) |
| Other expenses | 4 | (266) | - | (266) | (272) | - | (272) |
| (954) | (410) | (1,364) | (940) | - | (940) | ||
| PROFIT BEFORE TAX | 1,285 | 2,031 | 3,315 | 836 | 6,047 | 6,883 | |
| Tax | 5 | - | - | - | (5) | - | (5) |
| PROFIT FOR THE YEAR | 1,285 | 2,031 | 3,315 | 831 | 6,047 | 6,878 | |
| EARNINGS PER SHARE | |||||||
| Ordinary shares (pence) | 7 | 1.81p | 2.86p | 4.67p | 1.17p | 8.51p 9.68p |
The total column of this statement represents the Group's profit and loss account, prepared in accordance with IFRS, as adopted by the European Union. The supplementary Revenue Return and Capital Return columns are both prepared under guidance published by the Association of Investment Companies. All revenueand capital items in theabovestatement derivefrom continuing operations.
The Company did not haveany income or expensethat was not included in 'Profit for the year'. Accordingly, the'Profit for the year' is also the'Total comprehensiveincomefor the year',as defined in IAS1 (revised)and no separateStatement of ComprehensiveIncome has been presented.
No operations wereacquired or discontinued during the year.
All incomeis aJributableto theequity holders of the parent company. Thereare nominority interests.
| Note | Share | Share premium | Special reserve | Retained earnings | ||
|---|---|---|---|---|---|---|
| capital | £ '000 | £ '000 | £ '000 | Total | ||
| £ '000 | £ '000 | |||||
| AT 30TH JUNE 2018 | 710 | 21,573 | 56,908 | 32,175 111,366 | ||
| Total comprehensiveincomefor the year | - | - | - | 3,315 | 3,315 | |
| Dividend paid | 8 | - | - | - | (710) | (710) |
| AT 30TH JUNE 2019 | 710 | 21,573 | 56,908 | 34,780 113,971 |
Included within Retained earnings were£1,687,000 of Company reserves availablefor distribution.
| Note | Share | Share premium | Special reserve | Retained earnings | ||
|---|---|---|---|---|---|---|
| capital | £ '000 | £ '000 | £ '000 | Total | ||
| £ '000 | £ '000 | |||||
| AT 30TH JUNE 2017 | 710 | 21,573 | 56,908 | 25,865 105,056 | ||
| Total comprehensiveincomefor the year | - | - | - | 6,878 | 6,878 | |
| Dividend paid | 8 | - | - | - | (568) | (568) |
| AT 30TH JUNE 2018 | 710 | 21,573 | 56,908 | 32,175 111,366 |
Included within Retained earnings were£1,112,000 of Company reserves availablefor distribution.
| Notes 30th June 2019 |
30th June 2018 |
||
|---|---|---|---|
| £ '000 | £ '000 | ||
| NON-CURRENT ASSETS | |||
| Investments at fair valuethrough profit or loss | 9 | 93,782 | 96,301 |
| CURRENT ASSETS | |||
| Other receivables | 11 | 220 | 272 |
| Cash and cash equivalents | 12 | 20,605 | 15,027 |
| 20,825 | 15,299 | ||
|---|---|---|---|
| TOTAL ASSETS | 114,607 | 111,600 | |
| CURRENT LIABILITIES Other payables |
13 | (636) | (234) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 113,971 | 111,366 | |
| NET ASSETS | 113,971 | 111,366 | |
| EQUITY ATTRIBUTABLE TO EQUITY HOLDERS | |||
| Called-up sharecapital | 14 | 710 | 710 |
| Share premium | 15 | 21,573 | 21,573 |
| Special reserve | 15 | 56,908 | 56,908 |
| Retained earnings | 15 | 34,780 | 32,175 |
| TOTAL EQUITY | 113,971 | 111,366 | |
| NET ASSET VALUE PER ORDINARY SHARE | 16 | 160.47p | 156.80p |
| Year | Year ended | ||
|---|---|---|---|
| ended | 30th June | ||
| 30th June | 2018 | ||
| 2019 | Group | ||
| Notes | Group | £ '000 | |
| NET CASH INFLOW FROM OPERATING ACTIVITIES | £ '000 | ||
| INVESTING ACTIVITIES | 1,334 | 673 | |
| Purchase of investments | (4,340) | (16,016) | |
| Sale of investments | 8,851 | 17,663 | |
| NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES | |||
| 4,511 | 1,647 | ||
| FINANCING | |||
| Equity dividends paid | 8 | (710) | (568) |
| Amounts owed to subsidiary undertakings | - | - | |
| NET CASH (OUTFLOW) AFTER FINANCING | |||
| (710) | (568) | ||
| INCREASE IN CASH | 5,135 | 1,752 | |
| RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN CASH & CASH EQUIVALENTS | |||
| Increasein cash resulting from cash flows | 5,135 | 1,752 | |
| Exchangemovements | 443 | (176) | |
| Movement in net funds | 5,578 | 1,576 | |
| Net funds at start of the year | 15,027 | 13,451 | |
| CASH & CASH EQUIVALENTS AT END OF YEAR | 17 | 20,605 | 15,027 |
| RECONCILIATION OF PROFIT BEFORE FINANCE COSTS AND TAXATION TO NET CASH FLOW FROM OPERATING ACTIVITIES |
|||
| Profit before financecosts and taxation* | 2 | 3,315 | 6,883 |
| Gains on investments | (1,992) | (6,218) | |
| Exchange differences | (443) | 176 | |
| Capital trail rebates | (5) | (5) | |
| Net revenue gains before financecosts and taxation | |||
| 875 | 836 | ||
| Decrease/(increase) in debtors | 43 | (187) | |
| Increasein creditors | 402 | 24 | |
| Taxation | 9 | (5) | |
| Capital trail rebates | 5 | 5 | |
| NET CASH INFLOW FROM OPERATING ACTIVITIES | 1,334 | 673 |
*Includes dividends received in cash of£1,599,000(£1,164,000),accumulation income of£278,000(2018:£381,000)and interest received of£408,000(2018:£42,000).
The financial statements have been prepared in accordancewith International Financial Reporting Standards ('IFRS'). Thesecomprisestandards and interpretations approved by the International Accounting Standards Board ('IASB'), together with interpretations of the International Accounting Standards and Standing Interpretations CommiJee ('IASC') that remain in effect, and to the extent that they have been adopted by the European Union.
These financial statements are presented in pounds sterling, the Group's functional currency,being the currency of the primary economic
These financial statements are presented in pounds sterling, the Group's functional currency,being the currency of the primary economic environment in which the Group operates, rounded to the nearest thousand.
(a) Basis of preparation: The financial statements have been prepared on a going concern basis. The principal accounting policies adopted are set out below.
Where presentational guidance set out in the Statement of Recommended Practice'Financial Statements of Investment Trust Companies and Venture Capital Trusts' ('SORP') issued by the Association of Investment Companies ('AIC') in November 2014 and updated in February 2018 with consequential amendments is consistent with the requirements of IFRS, the Directors havesought to prepare the financial statements on a basis compliant with therecommendations of theSORP.
(b) Basisof consolidation: Theconsolidated financial statements includetheaccounts of the Company and its subsidiary made up to 30th June2019. No statement ofcomprehensiveincomeis presented for the parent company as permiJed by Section 408 of the Companies Act 2006.
The parent company is an investment entity as defined by IFRS 10 and assets are held at their fair value. The consolidated accounts include subsidiaries which arean integral part of the Group and not investeecompanies.
Subsidiaries are consolidated from the date of their acquisition, being the date on which the Company obtains control, and continue to be consolidated until the datethat such control ceases. The financial statements of thesubsidiary used in the preparation of theconsolidated financial statements are based on consistent accounting policies. All intra-group balances and transactions, including unrealised profits arising therefrom, areeliminated. Subsidiaries are valued at fair value,which is considered to betheir NAV in theaccounts of the Company.
(c) Presentation of Statement of Comprehensive Income: In order to beJer reflect the activities of an investment trust company and in accordance with guidance issued by the AIC, supplementary information which analyses theconsolidated statement of comprehensiveincome between items of a revenueand capital nature has been presented alongsidetheconsolidated statement ofcomprehensiveincome.
In accordance with the Company's Articles of Association, net capital returns may not be distributed by way ofa dividend. Additionally, the net revenue profit is the measure the Directors believeis appropriate in assessing the Group's compliance with certain requirements set out in the Investment Trust (Approved Company) (Tax) Regulations 2011.
All investments are classified as held at fair value through profit or loss on initial recognition and are measured at subsequent reporting dates at fair value, which is either the bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted. Investments in units of unit trusts or shares in OEICs are valued at the bid price for dual priced funds, or single price for non-dual priced funds, released by the relevant investment manager. Unquoted investments are valued by the Directors at the balance sheet date based on recognised valuation methodologies, in accordance with International Private Equity and Venture Capital ('IPEVC') Valuation Guidelines such as dealing prices or third party valuations whereavailable, net asset values and other information as appropriate.
(j) Capital reserve: Thefollowing areaccounted for in this reserve:
foreign exchange gains and losses on capital transactions, including those on seJlement, together with therelated taxation effect;
Thecapital reserveis not availablefor the payment of dividends.
(k) Revenue reserve: This reserveincludes net revenuerecognised in therevenuecolumn of theStatement of ComprehensiveIncome.
- gains and losses on therealisation of investments together with therelated taxation effect;
(l) Special reserve: Thespecial reservecan be used to financetheredemption and/or purchase ofshares in issue.
(m) Cash andcash equivalents: Cash and cash equivalents comprise current deposits and balances with banks. Cash and cash equivalents may be held for the purpose ofeither asset allocation or managing liquidity.
(n)Dividendspayable: Dividends arerecognised from the date on which they areirrevocably commiJed to payment.
Thefollowing amendments to standards effectivethis year, being relevant and applicableto the Company, have been adopted,although they have no impact on the financial statements:
| Year ended 30th June 2019 |
Year ended 30th June 2018 |
|
|---|---|---|
| £'000 | £'000 | |
| INCOME FROM INVESTMENTS | ||
| UK net dividend income | 1,691 | 1,481 |
| Unfranked investment income | 199 | 173 |
| 1,890 | 1,654 | |
| OTHER OPERATING INCOME | ||
| Bank interest receivable | 336 | 111 |
| Loan interest income | 13 | 11 |
| 349 | 122 | |
| TOTAL INCOME COMPRISES | ||
| Dividends | 1,890 | 1,654 |
| Other income | 349 | 122 |
| 2,239 | 1,776 |
Theabove dividend and interest income has been included in the profit before financecosts and taxation included in thecash flow statements.
| Year ended 30th June2019 |
Year ended 30th June 2018 |
|||||
|---|---|---|---|---|---|---|
| Revenue | Capital | Total | Revenue | Capital | Total | |
| £ '000 | £ '000 | £ '000 | £ '000 | £ '000 | £ '000 | |
| Investment management fee | 688 | - | 688 | 668 | - | 668 |
| Performancefee | - | 410 | 410 | - | - | - |
| 688 | 410 | 1,098 | 668 | - | 668 |
At 30th June2019 therewereamounts accrued of£177,000 (2018:£173,000) for investment management fees and £410,000 (2018:£nil) for performance fees.
| Yearended | Year ended | |
|---|---|---|
| 30th June | 30th June | |
| 2019 | 2018 | |
| £ '000 | £ '000 | |
| Directors' remuneration | 50 | 48 |
| Administrativeand secretarial fee | 95 | 94 |
| Auditors' remuneration | ||
| - Audit | 32 | 31 |
| - Interim review | 8 | 8 |
| Taxation complianceservices | 7 | - |
| Other | 74 | 91 |
| 266 | 272 | |
| Allocated to: | ||
| - Revenue | 266 | 272 |
| - Capital | - | - |
(a) Analysis of tax charge for the year:
| Yearended 30th June 2019 |
Year ended | ||||||
|---|---|---|---|---|---|---|---|
| 30th June2018 | |||||||
| Revenue Return | Capital Return | Revenue Return | Capital Return | ||||
| £ '000 | £ '000 | Total | £ '000 | £ '000 | Total | ||
| £ '000 | £ '000 | ||||||
| Overseas tax | 3 | - | 3 | 17 | - | 17 | |
| Recoverableincometax | (3) | - | (3) | (12) | - | (12) | |
| Total current taxfor the year | - | - | - | 5 | - | 5 | |
| Deferred tax | - | - | - | - | - | - | |
| Total taxfor the year (note5b) | - | - | - | 5 | - | 5 |
Thechargefor the year of£nil (2018:£5,000)can bereconciled to the profit per theconsolidated statement ofcomprehensiveincomeas follows:
| Yearended | Year ended | |
|---|---|---|
| 30th June | 30th June | |
| 2019 | 2018 | |
| £ '000 | £ '000 | |
| Total profit beforetax | 3,315 | 6,883 |
| Theoretical taxat the UK corporation taxrate of19.00% (2018:19.00%) | 630 | 1,307 |
| Effects of: | ||
| Non-taxable UK dividend income | (321) | (281) |
| Gains and losses on investments that are not taxable | (463) | (1,148) |
| Excess expenses not utilised | 154 | 138 |
| Overseas dividends which are not taxable | - | (16) |
| Overseas tax | 3 | 17 |
| Recoverableincometax | (3) | (12) |
| Total taxfor the year | - | 5 |
Due to the Company's tax status as an investment trust and the intention to continue meeting the conditions required to maintain approval of such status in theforeseeablefuture, the Company has not provided tax on any capital gains arising on therevaluation or disposal of investments.
Thereis no deferred tax(2018:£nil) in thecapitalaccount of the Company. Thereis no deferred taxchargein therevenueaccount (2018:£nil).
At the year-end there is an unrecognised deferred tax asset of £520,000 (2018: £478,000) based on the enacted tax rates of 17% for financial years beginning 1 April2020,as a result ofexcess expenses.
The Company's total return for the year was £3,315,000 (2018:£6,878,000).
Total return per Ordinary share is based on the Group total return on ordinary activities after taxation of£3,315,000 (2018:£6,878,000) and on 71,023,695 (2018:71,023,695)Ordinary shares, being theweighted average number ofOrdinary shares in issue during the year.
Revenue return per Ordinary share is based on the Group revenue profit on ordinary activities after taxation of£1,285,000 (2018: £831,000) and on 71,023,695 (2018:71,023,695)Ordinary shares, being theweighted average number ofOrdinary shares in issue during the year.
Capital return per Ordinary share is based on net capital gains for the year of£2,031,000 (2018:£6,047,000)and on 71,023,695 (2018: 71,023,695) Ordinary shares, being theweighted average number ofOrdinary shares in issue during the year.
Amounts recognised as distributions in the year:
| Yearended | Year ended | |
|---|---|---|
| 30th June | 30th June | |
| 2019 | 2018 | |
| £ '000 | £ '000 | |
| Dividends paid during the year | 710 | 568 |
| Dividends payablein respect of the year ended: | ||
| 30th June2019:1.4p (2018:1.0p) per share | 994 | 710 |
It is proposed that a dividend of1.4p per sharewill be paid in respect of thecurrent financial year.
| 30th June | 30th June | |
|---|---|---|
| 2019 | 2018 | |
| £ '000 | £ '000 | |
| GROUP AND COMPANY | 93,782 | 96,301 |
PORTFOLIO - GROUP AND COMPANY
| Quoted* | Unquoted | Total | |
|---|---|---|---|
| £ '000 | £ '000 | £ '000 | |
| Opening book cost | 61,574 | 7,582 | 69,156 |
| Opening investment holding gains/(losses) | 29,351 | (2,206) | 27,145 |
| Opening valuation | 90,925 | 5,376 | 96,301 |
| Movement in period | |||
| Purchases at cost | 3,224 | 1,116 | 4,340 |
| Sales | |||
| - Proceeds | (8,601) | (250) | (8,851) |
| - Realised gains on sales | 4,175 | - | 4,175 |
| Movement in investment holding gains for the year | (3,327) | 1,144 | (2,183) |
| Closing valuation | 86,396 | 7,386 | 93,782 |
| Closing book cost | 60,372 | 8,448 | 68,820 |
| Closing investment holding gains/(losses) | 26,024 | (1,062) | 24,962 |
| Closing valuation | 86,396 | 7,386 | 93,782 |
*Quoted investments include unit trustandOEIC funds and one monthly priced fund.
| Yearended | Year ended | |
|---|---|---|
| 30th June | 30th June | |
| 2019 | 2018 | |
| £ '000 | £ '000 | |
| ANALYSIS OF CAPITAL GAINS AND LOSSES | ||
| Realised gains on sales of investments | 4,175 | 7,457 |
| (Decrease)/Increasein investment holding gains | (2,183) | (1,239) |
| Net gains on investments aJributableto ordinary shareholders | 1,992 | 6,218 |
Transaction costs
The purchaseand sale proceeds figures aboveincludetransaction costs on purchases of£3,260 (2018:£8,870)and on sales of£638 (2018:£626).
The Company owns thewhole of theissued sharecapital (£1) of JIT Securities Limited,a company registered in England and Wales.
The financial position of thesubsidiary is summarised as follows:
| Yearended 30th June 2019 £ '000 |
Year ended 30th June 2018 £ '000 |
|
|---|---|---|
| Net assets brought forward Profit for year |
506 - |
504 2 |
| Net assets carried forward | 506 | 506 |
| 30th June | 30th June | |
|---|---|---|
| 2019 | 2018 | |
| Group | Group | |
| £ '000 | £ '000 | |
| Prepayments and accrued income | 214 | 257 |
| Taxation | 6 | 15 |
| Amounts owed by subsidiary undertakings | - | - |
| 220 | 272 |
| 30th June | 30th June | |
|---|---|---|
| 2019 | 2018 | |
| Group | Group | |
| £ '000 | £ '000 | |
| Cash at bank and on deposit | 20,605 | 15,027 |
| 30th June | 30th June | |
|---|---|---|
| 2019 | 2018 | |
| Group | Group | |
| £ '000 | £ '000 | |
| Accruals | 636 | 234 |
| Amounts owed to subsidiary undertakings | - | - |
| 636 | 234 |
| 30th June | 30th June | |
|---|---|---|
| 2019 | 2018 | |
| £ '000 | £ '000 | |
| Authorised 305,000,000 (2018:305,000,000)Ordinary shares of£0.01 each |
3,050 | 3,050 |
| Issued and fully paid | ||
| 71,023,695 (2018:71,023,695)Ordinary shares of£0.01 each | 710 | 710 |
| Share Premium |
Special Reserve |
Retained earnings |
|
|---|---|---|---|
| account £ '000 |
£ '000 | £ '000 | |
| GROUP | |||
| At 30th June2018 | 21,573 | 56,908 | 32,175 |
| Decreasein investment holding gains | - | - | (2,183) |
| Net gains on realisation of investments | - | - | 4,175 |
| Gains on foreign currency | - | - | 443 |
| Performancefee | - | - | (410) |
| Trail rebates | - | - | 5 |
| Retained revenue profit for year | - | - | 1,285 |
| Dividend paid | (710) | ||
| At 30th June2019 | 21,573 | 56,908 | 34,780 |
Thecomponents ofretained earnings areset out below:
| 30th June 2019 £ '000 |
30th June 2018 £ '000 |
|
|---|---|---|
| GROUP | ||
| Capital reserve- realised | 7,977 | 3,764 |
| Capital reserve- revaluation | 24,962 | 27,145 |
| Revenuereserve | 1,841 | 1,266 |
| 34,780 | 32,175 | |
| COMPANY | ||
| Capital reserve- realised | 7,625 | 3,412 |
| Capital reserve- revaluation | 25,468 | 27,651 |
| Revenuereserve | 1,687 | 1,112 |
| 34,780 | 32,175 |
The net asset value per Ordinary share is calculated on net assets of £113,971,000 (2018: £111,366,000) and 71,023,695 (2018: 71,023,695) Ordinary shares in issueat the year end.
| At 1st July 2018 £ '000 |
Cash flow | Exchangemovement | At30th June 2019 £ '000 |
|
|---|---|---|---|---|
| GROUP | ||||
| Cash at bank and on deposit | 15,027 | 5,135 | 443 | 20,605 |
2019 Financial information
The figures and financial information for 2019 are unaudited and do not constitute the statutory accounts for the year. The preliminary statement has been agreed with the Company's auditors and the Company is not aware ofany likely modification to theauditor's report required to beincluded with theannual report and accounts for the year ended 30th June2019.
The figures and financial information for 2018 are extracted from the published Annual Report and Accounts for the year ended 30th June2018 and
do not constitutethestatutory accounts for that year. The Annual Report and Accounts (available on the Company's websitewww.nsitplc.com) has been delivered to the Registrar of Companies and includes the Report and Independent Auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.
The accounts for the year ended 30th June 2019 will be sent to shareholders in October 2019 and will be available on the Company's website or in hard copy format at the Company's registered office,1 Knightsbridge Green, London SW1X 7QA.
The Annual General Meeting of the Company will be held on 14th November 2019 at 11.00am at 1 Knightsbridge Green, London SW1X 7QA.
27th September 2019
ISIN: GB0002631041 Category Code: ACS TIDM: NSI LEICode: 213800RT2OZF83G5N590 OAM Categories:1.1.Annual financial and audit reports Sequence No.: 21671 EQS News ID: 881849
End ofAnnouncementEQS News Service
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.