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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Lowland Investment Company Plc | LSE:LWI | London | Ordinary Share | GB00BNXGHS27 | ORD 2.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 120.00 | 119.00 | 120.00 | 27,224 | 10:01:27 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 57.32M | 52.79M | 0.1954 | 6.14 | 324.22M |
From Apr 2019 to Apr 2024
TIDMLWI
RNS Number : 4385Z
Lowland Investment Co PLC
11 December 2014
LOWLAND INVESTMENT COMPANY PLC
Annual Report for the year ended 30 September 2014
This announcement contains regulated information
Hot Features
Premium
Change since
30 September 30 September
Performance Highlights 2014 2013
------------------------------------------- ------------- --------------
Net Asset Value Total Return per share(1) 1,345.6p +5.7%
Net Revenue Return per share 39.4p +7.4%
Share price 1,355.0p +4.9%
Dividend for the year 37.0p +8.8%
FTSE All-Share Index Total Return 5,417.9 +6.1%
30 September 30 September
2014 2013
------------- --------------
Dividend Yield (2) 2.6% 2.4%
Gearing 13.3% 13.9%
Premium(3) 0.7% 1.4%
Ongoing charge
- excluding the performance fee 0.56% 0.57%
- including the performance fee 0.85% 0.87%
(1) Net asset value total return (including dividends reinvested).
(2) Based on the share price at the year end.
(3) Calculated using year end audited NAVs including current year revenue.
Sources: Morningstar for the AIC, Henderson, Datastream.
MANAGEMENT REPORT
Commenting on the results Chairman, Peter Troughton, said:
Performance
During the year the Net Asset Value ("NAV") on a total return basis rose 5.7%, while the FTSE All-Share Index Total Return rose 6.1%. The share price total return was 4.9%, with the shares trading at a small premium to NAV similar to the last year end. The shares in medium and smaller-sized companies underperformed after several years of strong performance. Similarly the industrial holdings which have added considerable value in recent years were weaker as concerns about the strength of the global economy surfaced.
Overall the operating performance of the companies held have been satisfactory, and they have delivered good dividend increases. Our underlying confidence in the inherent strengths of these companies persuaded us to retain a reasonable level of gearing. Borrowing was 13.3% at the year end.
Total Return Performance Comparison
3 years 5 years 10 years
To 30 September 2014 % % %
------------------------------ ---------- -------- ---------
Net Asset Value(1) 81.8 140.5 206.7
Share price(1) 95.0 162.7 220.1
AIC UK Equity Income Sector
NAV(2) 64.2 91.9 148.1
FTSE All-Share Index(3) 47.9 59.1 120.2
Source:
(1) Morningstar for the AIC. Using cum income fair value net asset value for three and five years and capital net asset value plus income reinvested for 10 years.
(2) Morningstar for the AIC. The performance of the AIC UK Equity Income Sector (size weighted average).
(3) Morningstar for the AIC (gross income reinvested).
LOWLAND INVESTMENT COMPANY PLC
Annual Report for the year ended 30 September 2014
Dividends
The total dividend for the year, subject to shareholder approval will be 37p, which compares with 34p last year: an increase of 8.8%. The earnings per share for the year are 39.4p per share, compared to 36.7p per share last year. This means GBP644,000 will be transferred to the revenue reserve. The revenue reserve exists to smooth the long term dividend growth. The dividend growth over the last ten years has been increased on average at more than 7.5% p.a., which means it has slightly more than doubled in the period.
Ongoing Charges and Fees
A performance fee of GBP1.073m (wholly charged to capital) was paid in respect of the year to 30 September 2014. This was the result of the NAV's growth of 82.3% over the last three years compared with the FTSE All-Share rise of 47.9%. How the performance fee is calculated is shown in the Annual Report. This fee, and the basic management fee of 0.5% of net assets, is capped at a total of 0.75% of net chargeable assets. The cap has reduced the performance fee by GBP19.2m, since the performance fee and cap were introduced in 1 October 2010. Total ongoing charges, the management fee and other non-interest expenses as a percentage of shareholders' funds were 0.56% (2013: 0.57%) excluding the performance fee and 0.85% (2013: 0.87%) including the performance fee.
Investment Review
This year, our bias to smaller companies and industrials has detracted from performance, after five years of contributing considerably to our results. During the year we examined the attribution of performance over the long term and this confirmed that it has been the smaller company holdings that have added most value. However, they have often been more volatile in their return profile. It has always been important to blend large, medium and small companies to provide diversification to reduce the volatility of returns.
The Lowland Board believe that the Fund Manager's main focus has to be on the individual stock rather than working to a tightly prescribed weighting in different sectors or size of company. For instance the Fund Manager has increased exposure to AIM stocks and they now account for 12.8% of the portfolio. The AIM Index fell in the year under review by 10.1%, but it has been individual stocks, quoted on AIM, such as Velocys and Scapa that have been among the most important contributors to the portfolio during the year. This flexible approach allows the Fund Manager broad scope to find the best value across the equity market.
Share Issuance
The Board will only issue shares if there is unfulfilled strong demand; during the year we issued 325,000 new shares at an average premium to NAV of 4.4%. No shares were bought back.
.
Board
On 14 July 2014 Duncan Budge was appointed to the Board. He brings to the Board valuable experience from his extensive career in the investment trust sector gained whilst at RIT Capital Partners plc.
Regulatory & Alternative Investment Fund Managers Directive ("AIFMD")
In accordance with the AIFMD, the Company has appointed Henderson Investment Funds Limited to act as its Alternative Investment Fund Manager. HSBC Bank plc has been appointed as the Company's Custodian and Depositary. Further details are contained in the Annual Report. The work associated with the implementation of the AIFMD was completed in due time with the support of Henderson. This work, of course, has been necessary, but it has taken up a considerable amount of time during Board meetings over the past year.
LOWLAND INVESTMENT COMPANY PLC
Annual Report for the year ended 30 September 2014
Annual General Meeting
The Annual General Meeting will be held at the offices of Henderson on 20 January 2015 at 12.30 pm. Full details of the business to be conducted at the meeting are set out in the Notice of Meeting which will be sent to shareholders with the Annual Report. As usual our Fund Manager, James Henderson, will be making a presentation and all shareholders are most welcome to attend.
Outlook
Dividend growth has lagged capital growth over the last five years and therefore the dividend yield has fallen. The Board believes that strong dividend growth over time is an important objective. The Fund Manager believes this is achievable without compromising capital growth. The Board takes the positive view that the potential total return from equities over the medium term is attractive.
Principal Risks and Uncertainties
The Board, with the assistance of the Manager, 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 these risks as far as possible. The Board's policy on risk management has not changed from last year. These key risks fall broadly under the following categories:
-- Investment and Strategy
An inappropriate investment strategy or poor execution, for example, in terms of asset allocation or level of gearing, may result in underperformance against the Company's benchmark index and the companies in its 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. Henderson operates in accordance with investment limits and restrictions and 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 Henderson confirms adherence to them every month. Henderson 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 Fund 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 note 14.1 in the Annual Report.
-- Accounting, legal and regulatory risk
In order to qualify as an investment trust, the Company must comply with Section 1158 of the Corporation Tax Act 2010. A breach of Section 1158 could result in the Company losing investment trust status and, as a consequence, realised gains in the Company's portfolio would be subject to Corporation Tax. Compliance with the requirements of Section 1158 are monitored by Henderson and the results are reported at each Board meeting. The Company must comply with the provisions of the Companies Act and, since its shares are listed on the London Stock Exchange, the UKLA's Listing and Disclosure and Transparency Rules ("UKLA Rules"). A breach of the Companies Act could result in the Company and/or the directors being fined or the subject of criminal proceedings. A breach of the UKLA Rules could result in the suspension of the Company's shares; which in turn would breach Section 1158. The Board relies on its Company Secretary and advisers to ensure adherence to the Companies Act and the UKLA Rules.
LOWLAND INVESTMENT COMPANY PLC
Annual Report for the year ended 30 September 2014
-- Operational
Disruption to, or the failure of, Henderson's accounting, dealing or payment systems or the Custodian's records could prevent the accurate reporting or monitoring of the Company's financial position. Henderson contracts some of the operational functions (principally those relating to trade processing, investment administration and accounting), to BNP Paribas Securities Services. Details of how the Board monitors the services provided by Henderson and its other suppliers, and the key elements designed to provide effective internal control, are explained further in the internal controls section in the Annual Report.
-- Financial
The financial risks faced by the Company include market price risk, interest rate risk, liquidity risk, currency risk and credit and counterparty risk. Details of these risks and how they are managed
are disclosed in note 14 in the Annual Report.
Statement of Directors' Responsibilities under DTR 4.1.12
Each of the Directors, confirms that, to the best of his knowledge:
-- the Company's financial statements, which have been prepared in accordance with UK Accounting Standards on a going concern basis, give a true and fair view of the assets, liabilities, financial position and profit of the Company; and
-- the Strategic Report and financial statements include a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.
Signed for and on behalf of the Board
Peter Troughton
Chairman
10 December 2014
LOWLAND INVESTMENT COMPANY PLC
Annual Report for the year ended 30 September 2014
Audited Income Statement
Year ended 30 September Year ended 30 September
2014 2013
Revenue Capital Revenue Capital
return return Total return return Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ --------- --------- --------- --------- --------- ---------
Gains on investments held
at fair value through
profit or loss - 10,172 10,172 - 78,491 78,491
Income from investments 13,495 - 13,495 12,342 - 12,342
Other interest receivable
and similar income 173 - 173 115 - 115
--------- --------- --------- --------- --------- ---------
Gross revenue and capital
gains 13,668 10,172 23,840 12,457 78,491 90,948
Management fee (1,668) - (1,668) (1,362) - (1,362)
Performance fee - (1,073) (1,073) - (938) (938)
Other administrative expenses (513) - (513) (472) - (472)
--------- --------- --------- --------- --------- ---------
Net return on ordinary
activities before finance
charges and taxation 11,487 9,099 20,586 10,623 77,553 88,176
Finance charges (845) - (845) (875) - (875)
--------- --------- --------- --------- --------- ---------
Net return on ordinary
activities before taxation 10,642 9,099 19,741 9,748 77,553 87,301
Taxation on net return
on ordinary activities (49) - (49) (38) - (38)
--------- --------- --------- --------- --------- ---------
Net return on ordinary
activities after taxation 10,593 9,099 19,692 9,710 77,553 87,263
===== ===== ===== ===== ===== =====
Return per ordinary share
-
basic and diluted (note
4) 39.4p 33.9p 73.3p 36.7p 293.4p 330.1p
===== ===== ===== ===== ===== =====
The total columns of this statement represent the Profit and Loss Account of the Company. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations. The Company had no recognised gains or losses other than those disclosed in the Income Statement. There is no material difference between the net return on ordinary activities before taxation and the net return for the financial years stated above and their historical cost equivalents.
LOWLAND INVESTMENT COMPANY PLC
Annual Report for the year ended 30 September 2014
Reconciliation of Movements in Shareholders' Funds
Called Share Capital Other
up share premium redemption capital Revenue
Year ended capital account reserve reserves reserve Total
30 September 2014 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- ----------- ----------- ------------ ------------- ----------- -------------
At 1 October 2013 6,642 55,514 1,007 275,464 8,575 347,202
Net return on ordinary
activities after taxation - - - 9,099 10,593 19,692
Share issue proceeds 81 4,409 - - - 4,490
Third interim dividend
(8.5p) for the year
ended
30 September 2013
paid
31 October 2013 - - - - (2,268) (2,268)
Final dividend (9.0p)
for the year ended
30 September 2013
paid 31 January 2014 - - - - (2,420) (2,420)
First interim dividend
(9.0p) for the year
ended
30 September 2014
paid
30 April 2014 - - - - (2,420) (2,420)
Second interim dividend
(9.0p) for the year
ended
30 September 2014
paid
31 July 2014 - - - - (2,420) (2,420)
--------- ---------- ---------- ------------ ---------- ------------
At 30 September 2014 6,723 59,923 1,007 284,563 9,640 361,856
===== ===== ===== ====== ===== ======
Called Share Capital Other
up share premium redemption capital Revenue
Year ended capital account reserve reserves reserve Total
30 September 2013 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- ----------- ----------- ------------ ------------- ----------- -------------
At 1 October 2012 6,604 53,561 1,007 197,911 7,318 266,401
Net return on ordinary
activities after taxation - - - 77,553 9,710 87,263
Share issue proceeds 38 1,953 - - - 1,991
Second interim dividend
(7.5p) for the year
ended
30 September 2012
paid
31 October 2012 - - - - (1,981) (1,981)
Final dividend (8.0p)
for the year ended
30 September 2012
paid 31 January 2013 - - - - (2,113) (2,113)
First interim dividend
(8.0p) for the year
ended
30 September 2013
paid
30 April 2013 - - - - (2,113) (2,113)
Second interim dividend
(8.5p) for the year
ended 30 September
2013 paid 31 July
2013 - - - - (2,246) (2,246)
---------- ---------- ---------- ----------- ---------- ------------
At 30 September 2013 6,642 55,514 1,007 275,464 8,575 347,202
===== ===== ===== ====== ===== ======
LOWLAND INVESTMENT COMPANY PLC
Annual Report for the year ended 30 September 2014
Audited Balance Sheet
at 30 September
2014 2013
GBP'000 GBP'000
----------------------------------------------- ------------ ------------
Investments held at fair value through profit
or loss
Listed at market value in the United Kingdom 334,223 335,913
Quoted at market value on AIM 52,380 36,523
Listed at market value overseas 22,604 22,140
Unquoted 846 846
----------- -----------
410,053 395,422
----------- -----------
Current assets
Debtors 1,839 1,725
Cash at bank 1,756 1,310
----------- -----------
3,595 3,035
Creditors: amounts falling due within one
year (51,792) (51,255)
----------- -----------
Net current liabilities (48,197) (48,220)
----------- -----------
Net assets 361,856 347,202
======= =======
Capital and reserves
Called up share capital 6,723 6,642
Share premium account 59,923 55,514
Capital redemption reserve 1,007 1,007
Other capital reserves 284,563 275,464
Revenue reserve 9,640 8,575
----------- -----------
Total Shareholders' funds 361,856 347,202
======= =======
Net asset value per ordinary share - basic
and diluted (note 7) 1,345.6p 1,306.9p
======= =======
The Company does not have any dilutive securities; therefore the basic and diluted returns per share are the same.
LOWLAND INVESTMENT COMPANY PLC
Annual Report for the year ended 30 September 2014
Audited Cash Flow Statement
for the year ended 30 September
2014 2014 2013 2013
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------------------- ------------ ----------- ------------ -----------
Net cash inflow from operating activities 10,368 10,199
Servicing of finance
Interest paid (821) (941)
---------- ----------
Net cash outflow from servicing of finance (821) (941)
Taxation
Tax recovered 23 26
---------- ----------
Net tax recovered 23 26
Financial investment
Purchases of investments (50,392) (53,646)
Sales of investments 46,154 38,463
----------- -----------
Net cash outflow from financial investment (4,238) (15,183)
Equity dividends paid (9,528) (8,453)
---------- ----------
Net cash outflow before financing activities (4,196) (14,352)
Financing
Proceeds from issue of ordinary shares 4,490 1,991
Net loans drawn down 163 11,485
---------- ----------
4,653 13,476
---------- ----------
Increase/(decrease) in cash 457 (876)
====== ======
Reconciliation of net cash flow to movement 2014 2013
in net debt for the year ended 30 September GBP'000 GBP'000
---------------------------------------------- ------------ ----------- ------------ -----------
Increase/(decrease) in cash as above 457 (876)
Net cash inflow from movement in loans (163) (11,485)
Exchange movements (11) 9
---------- ---------
Movement in net debt 283 (12,352)
Net debt at 1 October (48,434) (36,082)
---------- ----------
Net debt at 30 September (48,151) (48,434)
======= =======
LOWLAND INVESTMENT COMPANY PLC
Annual Report for the year ended 30 September 2014
Notes to the Financial Statements:
1. Accounting policies
The financial statements have been prepared on a going concern
basis and under the historical cost basis of accounting, modified
to include the revaluation of investments at fair value. The
financial statements have been prepared in accordance with the
Companies Act 2006 and United Kingdom Generally Accepted Accounting
Practice and with the Statement of Recommended Practice ('the
SORP') for investment trusts issued by the Association of Investment
Companies ('the AIC') in January 2009. The Company's operations
are of a continuing nature. The Company's accounting policies
are consistent with the prior year.
2014 2013
2. Income from investments GBP'000 GBP'000
------ ---------------------------- ---------- ----------
UK dividends:
Listed investments 10,633 9,707
Unlisted 40 35
--------- --------
UK dividends 10,673 9,742
--------- --------
Non UK dividends:
Overseas dividend income 2,618 2,288
Property income dividends 204 200
Interest income - 112
--------- ---------
Non UK dividends 2,822 2,600
--------- ---------
13,495 12,342
===== =====
2014 2013
3. Other interest receivable and similar income GBP'000 GBP'000
------ ------------------------------------------------ ---------- ----------
Stock lending commission 80 81
Income from underwriting 93 34
--------- ---------
173 115
===== =====
At 30 September 2014 the total value of securities on loan by the Company for stock lending purposes was GBP4,920,000 (2013: GBP29,012,000). The maximum aggregate value of securities on loan at any time during the year ended 30 September 2014 was GBP42,756,000 (2013: GBP54,723,000). The Company's agent holds collateral comprising FTSE 100 stocks and a French government bond with a collateral value of GBP5,984,000 (2013: GBP31,142,000) amounting to a minimum of 122% (2013: minimum 107%) of the market value of any securities on loan. Stock lending commission has been shown net of brokerage fees of GBP34,000 (2013: GBP35,000).
LOWLAND INVESTMENT COMPANY PLC
Annual Report for the year ended 30 September 2014
Notes to the Financial Statements (continued):
4. Return per ordinary share - basic and diluted
The return per ordinary share is based on the net return attributable
to the ordinary shares of GBP19,692,000 (2013: GBP87,263,000) and
on 26,875,852 ordinary shares (2013: 26,443,043) being the weighted
average number of ordinary shares in issue during the year. The
return per ordinary share can be further analysed between revenue
and capital, as below.
2014 2013
GBP'000 GBP'000
---- ---------------------------------------------- ------------- ------------
Net revenue return 10,593 9,710
Net capital return 9,099 77,553
--------- ----------
Net total return 19,692 87,263
===== =====
Weighted average number of ordinary shares
in issue during the year 26,875,852 26,433,043
Revenue return per ordinary share 39.4p 36.7p
Capital return per ordinary share 33.9p 293.4p
----------- -----------
Total return per ordinary share 73.3p 330.1p
====== ======
The Company does not have any dilutive securities, therefore the
basic and diluted returns per share are the same.
5. Dividends paid and payable on the ordinary shares
2014 2013
Dividends on ordinary shares Record Date Payment Date GBP'000 GBP'000
----------------------------------- --------------- ---------------- ---------- ----------
Second interim dividend (7.5p)
for the year ended 30 September 12 October 31 October
2012 2012 2012 - 1,981
Final dividend (8.0p) for
the year ended 30 September 4 January 31 January
2012 2013 2013 - 2,113
First interim dividend (8.0p)
for the year ended 30 September
2013 5 April 2013 30 April 2013 - 2,113
Second interim dividend (8.5p)
for the year ended 30 September
2013 5 July 2013 31 July 2013 - 2,246
Third interim dividend (8.5p)
for the year ended 30 September 11 October 31 October
2013 2013 2013 2,268 -
Final dividend (9.0p) for
the year ended 30 September 10 January 31 January
2013 2014 2014 2,420 -
First interim dividend (9.0p)
for the year ended 30 September
2014 4 April 2014 30 April 2014 2,420 -
Second interim dividend (9.0p)
for the year ended 30 September
2014 4 July 2014 31 July 2014 2,420 -
--------- ---------
9,528 8,453
===== =====
LOWLAND INVESTMENT COMPANY PLC
Annual Report for the year ended 30 September 2014
Notes to the Financial Statements (continued):
The third interim dividend and the final dividend for the year ended
30 September 2014 have not been included as a liability in these financial
statements. The total dividends payable in respect of the financial
year, which form the basis of the retention test under Section 1158
of the Corporation Tax Act 2010, are set out below.
2014
GBP'000
---------------------------------------------------------------- ------------------
Revenue available for distribution by way of dividend
for the year 10,593
First interim dividend (9.0p) for the year ended
30 September 2014 (2,420)
Second interim dividend (9.0p) for the year ended
30 September 2014 (2,420)
Third interim dividend (9.0p) for the year ended
30 September 2014 (2,420)
Final dividend (10.0p) for the year ended 30 September
2014 (based on 26,892,427 ordinary shares in issue
at 10 December 2014) (2,689)
----------
Revenue Surplus 664
=====
For section 1158 purposes the Company's undistributed revenue represents
4.8% of the income from investments.
6. Called up share capital
Number of Nominal value
shares entitled Total number of shares
to dividend of shares GBP'000
--------------------------------- ----------------- ------------- --------------
At 30 September 2013 26,567,427 26,567,427 6,642
New shares allotted in the year 325,000 325,000 81
-------------------------------------- ----------------- ------------- --------------
At 30 September 2014 26,892,427 26,892,427 6,723
-------------------------------------- ----------------- ------------- --------------
During the year, the Company issued 325,000 ordinary shares for total
proceeds of GBP4,490,000 (2013: GBP1,991,000).
7. Net asset value per ordinary share
The net asset value per ordinary share is based on the net assets
attributable to the ordinary shares of GBP361,856,000 (2013: GBP347,202,000)
and on 26,892,427 (2013: 26,567,427) shares in issue on 30 September
2014.
The movements during the year of the assets attributable to the
ordinary shares were as follows:
2014 2013
GBP'000 GBP'000
-------------------------------------------------------- ----------- -----------
Total net assets at 1 October 347,202 266,401
Total net return on ordinary activities after taxation 19,692 87,263
Share issue proceeds 4,490 1,991
Net dividends paid in the year: Ordinary shares (9,528) (8,453)
---------- ----------
Net assets attributable to the ordinary shares
at 30 September 361,856 347,202
====== ======
8. Going Concern Statement
The Directors believe that 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, it has adequate financial
resources to continue in operational existence for the foreseeable
future. In reviewing the position as at the date of the Annual
Report, the Board has considered the 'Going Concern and Liquidity
Risk: Guidance for Directors of UK Companies 2009', published by
the Financial Reporting Council.
LOWLAND INVESTMENT COMPANY PLC
Annual Report for the year ended 30 September 2014
Notes to the Financial Statements (continued):
9. Related Party Transactions
The Company's current related parties are its Directors and Henderson.
There have been no material transactions between the Company and
its Directors during the year and the only amounts paid to them
were in respect of Directors' remuneration for which there were
no outstanding amounts payable at the year end. In relation to
the provision of services provided by Henderson, other than the
fees payable by the Company in the ordinary course of business
and the provision of marketing services, there have been no material
transactions with Henderson, affecting the financial position of
the Company during the year under review.
10. 2014 Annual Report
The figures and financial information for the year ended 30 September
2014 are extracted from the Company's annual financial statements
for that period and do not constitute statutory accounts. The Company's
annual financial statements for the year to 30 September 2014 have
been audited but have not yet been delivered to the Registrar of
Companies. The Auditors' Report on the 2014 annual financial statements
was unqualified, did not include a reference to any matter to which
the Auditors drew attention without qualifying the report, and
did not contain any statements under section 498 of the Companies
Act 2006.
11. 2013 Financial Information
The figures and financial information for the year ended 30 September
2013 are compiled from an extract of the published accounts for
that year and do not constitute statutory accounts. Those accounts
have been delivered to the Registrar of Companies and included
the report of the auditors which was unqualified and did not contain
a statement under sections 498(2) or 498(3) of the Companies Act
2006.
12. Dividend
The final dividend, if approved by the shareholders at the Annual
General Meeting, of 10.0p per ordinary share will be paid on 30
January 2015 to shareholders on the register of members at the
close of business on 9 January 2015. This will take the total dividends
for the year to 37.0p (2013: 34.0p). The Company's shares will
be traded ex-dividend on 8 January 2015.
13. Annual Report
The Annual Report will be posted to shareholders in December 2014
and will be available on the Company's website (www.lowlandinvestment.com)
or in hard copy format from the Company's Registered Office, 201
Bishopsgate, London, EC2M 3AE.
14. Annual General Meeting
The Annual General Meeting will be held on Tuesday, 20 January
2015 at 12.30 pm at 201 Bishopsgate, London, EC2M 3AE.
LOWLAND INVESTMENT COMPANY PLC
Annual Report for the year ended 30 September 2014
Twenty Largest Holdings as at 30 September 2014
Appreciation
Valuation / Valuation
Rank Rank 2013 Purchases Sales (depreciation) 2014
(2014) (2013) Company GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------------------- ------------ ------------------ --------- ---------------- ---------------
1 (3) Royal Dutch Shell 12,273 1,153 - 1,805 15,231
2 (1) Senior 15,278 - (748) (47) 14,483
3 (11) Velocys 6,975 - - 3,488 10,463
4 (12) BP 6,930 3,026 - 20 9,976
5 (5) Hiscox 8,657 1,669 - (1,439) 8,887
6 (4) Phoenix 8,678 - - (198) 8,480
7 (18) Aviva 5,952 - - 1,900 7,852
8 (8) GlaxoSmithKline 8,566 - - (795) 7,771
9 * Rio Tinto 1,512 6,906 - (839) 7,579
10 (17) Hill & Smith 6,187 - - 1,198 7,385
11 (10) GKN 7,832 - - (522) 7,310
12 (13) Amlin 6,594 - - 468 7,062
13 * HSBC 4,184 3,256 - (396) 7,044
14 (15) Provident Financial 6,233 - (1,051) 1,760 6,942
International
Personal
15 (6) Finance 8,633 - - (1,730) 6,903
16 * Scapa 4,600 - - 2,237 6,837
17 * Glencore - 5,981 - 25 6,006
18 (7) FBD 8,602 - (3,004) 110 5,708
19 (19) Weir 5,825 - (660) 465 5,630
20 * Elementis 5,273 - - 348 5,621
----------- ------------ ----------- ------------ ------------
138,784 21,991 (5,463) 7,858 163,170
====== ====== ====== ====== ======
At 30 September 2014 these investments totalled GBP163,170,000 or 39.8% of the portfolio.
* Not in the top 20 largest investments last year.
For further information please contact: James H Henderson James de Sausmarez Fund Manager Head of Investment Trusts Lowland Investment Company plc Henderson Global Investors Limited Telephone: 020 7818 4370 Telephone: 020 7818 3349 Sarah Gibbons-Cook Investor Relations and PR Manager Henderson Global Investors Limited Telephone: 020 7818 3198
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.
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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