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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| F&C UK High | LSE:FHI | London | Ordinary Share | GB00B1N4G299 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 95.00 | 93.00 | 97.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
TIDMFHI TIDMFHIU TIDMFHIB
RNS Number : 9548Y
F&C UK High Income Trust PLC
11 December 2017
To: RNS From: F&C UK High Income Trust plc Date: 11 December 2017 LEI: 213800B7D5D7RVZZPV45
Interim Results
The Board of F&C UK High Income Trust plc announces the unaudited interim results of the Company for the six month period to 30 September 2017.
Highlights
-- Expected distribution yield of 4.7 per cent on Ordinary shares and B shares at 30 September 2017, based on expected dividends for the year ended 31 March 2018. This compares with the yield on the FTSE All-Share Capped 5% Index of 3.6 per cent.
-- Distributions paid quarterly. Interim distributions in respect of the period increased by 3.4 per cent compared to the prior year.
-- Net asset value total return per share for the six months was 2.3 per cent, compared to the FTSE All-Share Capped 5% Index total return of 3.3 per cent.
Chairman's Statement
Investment background
Twelve months ago we were addressing the repercussions of the shock decision to exit the European Union and the sharp fall in UK equity markets. Whilst at the time this might have felt like the nadir, we have witnessed an extraordinary set of events in UK Politics with David Cameron stepping down and a general election being called by Theresa May. What was supposed to be a landslide win, with Labour in turmoil and repeated threats to the leadership, could not have been further from the truth. On the night, Labour gained a significant share and left the Conservative Government with no majority. This has not helped the Prime Minister in her dealings with Brussels on Brexit. While the recent agreement that talks can now progress towards a trade deal is encouraging there is clearly a long way to go before markets will have certainty on the UK's future relationship with the EU.
The impact on 'UK PLC' is difficult to gauge as uncertainty is not helpful when companies are looking at medium-term investment decisions. At the coal-face, the Manager is seeing a broad range of views; from companies ceasing all UK investment to others who see this as an opportunity to invest and grow their global sales reach. Our Manager believes that you very much have to deal with this at a company level and it is not a case of broad-brush negativity, which makes this a perfect stock-picking environment.
Initial investor sentiment around Brexit was to pick-up quality domestic plays that looked oversold. This was followed by a rotation into overseas earners as investors sought growth and the security of mainly dollar earnings whilst also benefitting from any further weakening in Sterling. This remains broadly the stance today although there are clearly some potentially cheap if structurally challenged domestic sectors which are dividing investor opinion.
Investment portfolio
At the Company's Annual General Meeting in June 2017, shareholders approved the proposed changes to the Company's investment policy, which included the removal of the Higher Yield Portfolio ('corporate bonds'). There had been a continued reduction in assets allocated to this portfolio and the remaining holdings have now either been sold or will mature imminently. As at 30 September 2017, 96.5 per cent. of total assets were invested of which 96.1% were held in equities. The remaining 3.5 per cent. of total assets was held as cash and cash equivalents.
Whilst the Higher Yield Portfolio has been sold there has been scope for the Manager to refocus the equity portfolio which has now been reduced from around fifty to forty names. In making this shift we have also moved down the market cap spectrum which was more a function of the opportunities the Manager found in the market than a direct drive to smaller companies. These changes have also been made in tandem with tilting the portfolio more towards growth versus income as the Manager felt the balance had become too skewed. I would, however, like to point out that this is only at the margin. The Board remains firmly focused on the dividend with a view to growing this over the coming years.
Investment Performance
The net asset value total return for the Ordinary shares and B shares was 2.3 per cent. over the six months to 30 September 2017 compared to the 3.3 per cent. total return for the benchmark FTSE All-Share Capped 5% Index.
Since the Company's launch in March 2007, the net asset value total return for the Ordinary shares and B shares has been 98.3 per cent. which exceeds the 90.3 per cent. total return from the benchmark index.
Earnings, Dividends and Capital Distributions
Movements in the Sterling exchange rate, most notably against the US dollar, have an important influence on the Company's revenue as over a fifth of the Company's equity income comes from UK-listed companies that declare dividends in US dollars. While growth in underlying dividends has continued, income at the half year has also been buoyed by the continued weakness of Sterling against the US dollar and the receipt of a number of special dividends. Special dividends added GBP258,000 to the revenue account during the period compared with GBP76,000 during the same period in the prior year.
The Company's dividend for the year ending 31 March 2018 is estimated, barring unforeseen circumstances, to be 4.88p per share which represents an increase of 3.4 per cent compared to the prior year (2017: 4.72p per share). The first three quarterly dividends will be paid in equal instalments of 1.21p per share and a fourth quarterly dividend of approximately 1.25p is expected to be paid to Ordinary shareholders. B Shareholders will receive capital repayments of the same amount per share at the same time as dividends are received by Ordinary shareholders.
The expected annual distribution level represents a yield for Ordinary shareholders, B shareholders and unit holders of 4.7 per cent. based on share prices as at 30 September 2017. This yield compares favourably with the yield on the FTSE All-Share Capped 5% Index of 3.6 per cent. at that date.
Dividends to Ordinary shareholders and capital repayments to B shareholders are paid quarterly in August, November, February and May each year.
After providing for the second quarter dividend, the Company had revenue reserves of GBP5.6m (approximately 6.41p per Ordinary share) at 30 September 2017.
Discount and buy backs
The Company's Ordinary share price and B share price stood at a discount of 6.9 per cent. and 6.0 per cent respectively at 30 September 2017. Over the six month period, the price of the Company's Ordinary shares and B shares traded at an average discount to net asset value per share of 6.2 per cent. and 5.8 per cent respectively.
During the six month period, the Company bought back 500,000 Ordinary shares at a discount of 7.6 per cent to be held in treasury.
Borrowing
The Company refinanced its borrowings at the end of September and reduced the fixed level of debt from GBP18 million at 3.15 per cent per annum to GBP7.5 million at a lower rate of annual interest of 2.58 per cent, fixed for five years. In addition the Company also entered into a five year unsecured multicurrency revolving credit facility for GBP7.5 million.
The Directors currently intend that the maximum aggregate borrowings of the Company will be limited to approximately 20 per cent of the Company's gross assets immediately following drawdown. At the time of writing, borrowings total 5.4 per cent.
Board Changes
As explained in my Annual Report, Mr Kenneth Shand retired as a Director of the Company following the conclusion of the Annual General Meeting on 29 June 2017. Following his retirement, James Williams has become Senior Independent Director and chairman of the Remuneration Committee.
Following the AGM, the Board was pleased to announce the appointment of Mr Andrew Watkins as a non-executive Director of the Company, which took immediate effect. Andrew has worked in the financial services industry for over 40 years and was Head of Client Relations for Investment Trusts at Invesco Perpetual from 2004 until his recent retirement. We believe that his experience of investment trusts and his extensive knowledge of the industry will contribute significantly to the Board.
Outlook
A year ago post the Brexit Referendum, it would have been difficult to see what would drive markets higher, leading many to have a bearish stance on the UK market. Twelve months on and the UK market is, for now, ignoring the backdrop and has yet again delivered a double digit total return which is at odds with the rhetoric about the state of the economy.
Whilst the market has probably performed better than most would have expected, the Manager has been very clear that there are risks being ignored in the pursuit of returns including a disregard for leverage. We have therefore placed an increased focus on balance sheets and cash flows bringing additional defensive qualities to the portfolio should we enter a downturn.
Whilst we are not in the business of making forecasts, in a fragile market which is in no mood for even minor disappointments we feel our focused equity strategy should leave us well placed to deliver whatever the market conditions.
Iain McLaren
Chairman
8 December 2017
Condensed Unaudited Consolidated Statement of Comprehensive Income
For the six month period to 30 September 2017
Hot Features
Premium
Six months to 30 September
2017
Notes Revenue Capital Total
GBP'000 GBP'000 GBP'000
Gains on investments held
at fair value - 482 482
Exchange differences - (16) (16)
Investment income 2 3,364 - 3,364
Investment management fee
3 (148) (345) (493)
Other expenses (172) - (172)
--------- --------- ---------
Profit before finance costs
and taxation 3,044 121 3,165
Net finance costs
Interest on bank loan (88) (206) (294)
Total finance costs (88) (206) (294)
--------- --------- ---------
Profit/(loss) before tax 2,956 (85) 2,871
Tax on ordinary activities - - -
--------- --------- ---------
Profit/(loss) for the period 2,956 (85) 2,871
--------- --------- ---------
Total comprehensive income
for the period 2,956 (85) 2,871
--------- --------- ---------
Earnings per share 4 2.50p (0.07)p 2.43p
All of the profit and comprehensive income for the period is attributable to the owners of the Company.
All items in the above statement derive from continuing operations.
Condensed Unaudited Consolidated Statement of Comprehensive Income
For the six month period to 30 September 2016
Six months to 30 September
2016
Notes Revenue Capital Total
GBP'000 GBP'000 GBP'000
Gains on investments held
at fair value - 13,674 13,674
Exchange differences - (377) (377)
Investment income 2 2,911 - 2,911
Investment management fee
3 (140) (328) (468)
Other expenses (170) - (170)
--------- --------- ---------
Profit before finance costs
and taxation 2,601 12,969 15,570
Net finance costs
Interest on bank loan (89) (208) (297)
Total finance costs (89) (208) (297)
--------- --------- ---------
Profit before tax 2,512 12,761 15,273
Tax on ordinary activities - - -
--------- --------- ---------
Profit for the period 2,512 12,761 15,273
--------- --------- ---------
Total comprehensive income
for the period 2,512 12,761 15,273
--------- --------- ---------
Earnings per share 4 2.09p 10.59p 12.68p
Condensed Consolidated Statement of Comprehensive Income
For the year to 31 March 2017
Year to 31 March 2017*
Notes Revenue Capital Total
GBP'000 GBP'000 GBP'000
Gains on investments held
at fair value - 20,184 20,184
Exchange differences - (545) (545)
Investment income 2 5,447 - 5,447
Investment management fee
3 (287) (670) (957)
Other expenses (397) - (397)
-------- -------- --------
Profit before finance costs
and taxation 4,763 18,969 23,732
Net finance costs
Interest on bank loan (178) (415) (593)
Total finance costs (178) (415) (593)
-------- -------- --------
Profit before tax 4,585 18,554 23,139
Tax on ordinary activities - - -
-------- -------- --------
Profit for the period 4,585 18,554 23,139
-------- -------- --------
Total comprehensive income
for the period 4,585 18,554 23,139
-------- -------- --------
Earnings per share 4 3.82p 15.48p 19.30p
*These figures are audited
Condensed Unaudited Consolidated Balance Sheet
As at As at As at
30 Sept 30 Sept 31 March
2017 2016 2017*
Notes GBP'000 GBP'000 GBP'000
Non-current assets
Investments held at fair value
through profit or loss 8 133,751 136,460 136,041
--------- ---------
133,751 136,460 136,041
--------- --------- ----------
Current assets
Receivables 649 640 979
Cash and cash equivalents 4,556 9,289 12,982
--------- --------- ----------
5,205 9,929 13,961
--------- --------- ----------
Total assets 138,956 146,389 150,002
--------- --------- ----------
Current liabilities
Bank loan - (18,000) (18,000)
Payables (323) (310) (353)
--------- ---------
(323) (18,310) (18,353)
--------- --------- ----------
Non-current liabilities
Bank loan (7,500) - -
--------- ---------
(7,500) - -
--------- ---------
Total liabilities (7,823) (18,310) (18,353)
--------- --------- ----------
Net assets 131,133 128,079 131,649
========= ========= ==========
Capital and reserves
Share capital 10 134 134 134
Share premium 153 153 153
Capital redemption reserve 5 5 5
Buy back reserve 82,190 84,204 82,711
Special capital reserve 18,839 20,319 19,589
Capital reserves 23,188 17,480 23,273
Revenue reserve 6,624 5,784 5,784
--------- --------- ----------
Shareholders' funds 131,133 128,079 131,649
========= ========= ==========
Net asset value per Ordinary/A
share 11 111.22p 106.82p 111.19p
Net asset value per B share
11 111.22p 106.82p 111.19p
*These figures are audited
Condensed Unaudited Consolidated Statement of Changes in Equity
Notes Six months Six months
to to Year to
30 Sept 30 Sept 31 March
2017 2016 2017*
GBP'000 GBP'000 GBP'000
Opening equity shareholders'
funds 131,649 116,528 116,528
Net profit for the
period 2,871 15,273 23,139
Shares bought back
for treasury 10 (521) (888) (2,381)
Dividends paid on
Ordinary/A shares 7 (2,116) (2,095) (4,168)
Capital repayments
paid on B shares 7 (750) (739) (1,469)
Closing equity shareholders'
funds 131,133 128,079 131,649
----------- ----------- ----------
*These figures are audited
Condensed Unaudited Consolidated Cash Flow Statement
Six months Six months
to to Year to
30 Sept 30 Sept 31 March
2017 2016 2017*
GBP'000 GBP'000 GBP'000
Net cash flow from operating
activities 5,767 7,107 15,576
Net cash flow from financing
activities (14,181) (4,694) (9,286)
----------- ----------- ----------
Net (decrease)/increase
in cash and cash equivalents (8,414) 2,413 6,290
Currency losses (10) (388) (572)
Net cash and cash equivalents
at beginning of period 12,982 7,264 7,264
----------- ----------- ----------
Net cash and cash equivalents
at end of period 4,558 9,289 12,982
----------- ----------- ----------
*These figures are audited
Notes to the Condensed Accounts (unaudited)
1. The condensed unaudited consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and the accounting policies set out in the statutory accounts of the Group for the year ended 31 March 2017. The condensed consolidated financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2017, which were prepared under full IFRS requirements to the extent that they have been adopted by the European Union.
2. Income for the period is derived from:
30 Sept 30 Sept 31 March
2017 2016 2017
GBP'000 GBP'000 GBP'000
Equity investments 3,296 2,581 5,000
Fixed interest investments 60 319 426
Deposit interest 8 10 21
Underwriting commission - 1 -
and other income
3,364 2,911 5,447
======== ======== =========
3. The Company's investment manager is F&C Investment Business Limited. F&C Investment Business Limited receives an investment management fee of 0.75 per cent per annum of the net asset value of the Company payable quarterly in arrears.
4. The earnings per share are based on the net profit for the period and on 118,325,177 shares (period to 30 September 2016 - 120,454,847; year to 31 March 2017 - 119,906,901), being the weighted average number of shares in issue during the period.
5. Earnings for the six months to 30 September 2017 should not be taken as a guide to the results of the full year.
6. The Board has considered the requirements of IFRS 8 'Operating Segments'. The Board is of the view that the Group is engaged in a single segment of business, of investing in equity and higher yielding securities, and that therefore the Group has only a single operating segment. The Board of Directors, as a whole, has been identified as constituting the chief operating decision maker of the Group. The key measure of performance used by the Board to assess the Group's performance is the total return on the Group's net asset value measuring debt at fair value. The reconciliation between the measure of profit or loss used by the Board and that contained in the financial statements is as follows:
30 September 30 September 31 March
2017 2016 2017
Pence Pence Pence
per per per
GBP'000 share GBP'000 share GBP'000 share
----------------------- ---------- --------- ---------- ---------- ---------- ---------
Shareholders'
funds per financial
statements 131,133 111.22 128,079 106.82 131,649 111.19
Closing fair
value adjustment
on fixed-rate
term loan - - (171) (0.14) (78) (0.07)
----------------------- ---------- --------- ---------- ---------- ---------- ---------
Shareholders'
funds with debt
at fair value 131,133 111.22 127,908 106.68 131,571 111.12
----------------------- ---------- --------- ---------- ---------- ---------- ---------
Profit for the
period per financial
statements 2,871 2.43 15,273 12.68 23,139 19.30
Movement in
fair value on
fixed-rate term
loan 78 0.07 (15) (0.01) 78 0.07
----------------------- ---------- --------- ---------- ---------- ---------- ---------
Profit/(loss)
for the period
with debt at
fair value 2,949 2.50 15,258 (12.67) 23,217 19.37
----------------------- ---------- --------- ---------- ---------- ---------- ---------
7. Dividends and Capital Repayments
Six months Six months Year
to to to
30 Sept 30 Sept 31 March
2017 2016 2017
GBP'000 GBP'000 GBP'000
In respect of the previous
period:
Fourth interim dividend
paid at 1.21p (2016:
1.18p) per A share 1,058 1,055 1,055
Fourth capital repayment
paid at 1.21p (2016:
1.18p) per B share 375 371 371
In respect of the period
under review:
First interim dividend
paid at 1.21p (2016:
1.17p per A share) per
Ordinary share 1,058 1,040 1,040
First capital repayment
paid at 1.21p (2016:
1.17p) per B share 375 368 368
Second interim dividend
paid at 1.17p per A share - - 1,038
Second capital repayment
paid at 1.17p per B share - - 365
Third interim dividend
paid at 1.21p per A share - - 1,035
Third capital repayment
paid at 1.21p per B share - - 365
----------- ----------- ----------
2,866 2,834 5,637
=========== =========== ==========
A second interim dividend for the year to 31 March 2018, of 1.21p per Ordinary share, was paid on 3 November 2017 to Ordinary shareholders on the register on 6 October 2017. A second quarter capital repayment of 1.21p per B share was paid on 3 November 2017 to B shareholders on the register on 6 October 2017. Although these payments relate to the period ended 30 September 2017, under IFRS they will be accounted for in the six months to 31 March 2018, being the period during which they are paid.
At the Annual General Meeting held on 29 June 2017 Shareholders approved the proposal to change the name of the Company's A shares to Ordinary shares.
8. Investments held at fair value through profit or loss
Group
(Level 1)
GBP'000
----------------------------------- -----------
Opening book cost 103,009
Opening fair value adjustment 33,032
----------------------------------- -----------
Opening valuation 136,041
Movement in the period:
Purchases at cost 37,506
Sales - proceeds (40,278)
- gains on sales 4,220
Decrease in fair value adjustment (3,738)
----------------------------------- -----------
Closing valuation at 30 September
2017 133,751
----------------------------------- -----------
Closing book cost at 30 September
2017 104,457
Closing fair value adjustment
at 30 September 2017 29,294
----------------------------------- -----------
Closing valuation at 30 September
2017 133,751
----------------------------------- -----------
Accounting standards recognise a hierarchy of fair value measurements for financial instruments which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The classification of financial instruments depends on the lowest significant applicable input, as follows:
-- Level 1 - quoted (unadjusted) prices in active markets for identical assets or liabilities.
-- Level 2 - other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly. The Group held no such instruments during the period under review.
-- Level 3 - techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data. The Group held no such instruments during the period under review.
There were no transfers between levels of the fair value hierarchy during the six months ended 30 September 2017.
9. On 28 September 2017 the Company repaid its existing GBP18 million secured term loan with JPMorgan Chase Bank. On the same date the Company drew down a GBP7.5 million unsecured term loan from Scotiabank Europe plc. The new facility has a five year term to 28 September 2022 and has a fixed interest rate of 2.58 per cent per annum. The Company also entered into a five year unsecured multicurrency revolving credit facility with Scotiabank (Ireland) Designated Activity Company, for GBP7.5 million. GBPnil was drawn down at 30 September 2017.
The fair value of the GBP7.5 million term loan is not materially different from the value reflected in the Balance Sheet. The fair value of the GBP18 million term loan, on a marked-to-market basis, was GBP18,171,000 at 30 September 2016 (31 March 2017 - GBP18,078,000).
10. The Company bought back 500,000 Ordinary shares to hold in treasury during the period (period to 30 September 2016 - 750,000 A shares; year to 31 March 2017 - 2,000,000 A shares) and nil B shares during the period (period to 30 September 2016 - 200,000 B shares; year to 31 March 2017 - 450,000 B shares). The Company did not resell any Ordinary shares or B shares from treasury (period to 30 September 2016 - nil A or B shares; year to 31 March 2017 - nil A or B shares).
At 30 September 2017 the Company held 15,139,000 Ordinary shares and 1,100,000 B shares in treasury (30 September 2016 - 13,389,000 A shares and 850,000 B shares; 31 March 2017 - 14,639,000 A shares and 1,100,000 B shares).
The Company did not issue any new shares during the period (period to 30 September 2016 - nil; year to 31 March 2017 - nil).
11. The net asset value per share is based on shareholders' funds at the period end and on 86,928,144 Ordinary shares and 30,976,703 B shares, being the number of shares in issue at the period end (30 September 2016 - 88,678,144 A shares and 31,226,703 B shares; 31 March 2017 - 87,428,144 A shares and 30,976,703 B shares).
12. Other than the GBP18 million bank term loan, as disclosed in note 9, the fair values of the Group's financial assets and liabilities are not materially different from their carrying values in the financial statements.
The Group's financial risk management objectives and policies are consistent with those disclosed in the Group's consolidated financial statements for the year ended 31 March 2017.
13. In assessing the going concern basis of accounting the Directors have had regard to the guidance issued by the Financial Reporting Council and have undertaken a rigorous review of the Company's ability to continue as a going concern.
The Company's objective and policy, which is subject to regular Board monitoring processes, is designed to ensure that the Company is invested mainly in liquid, listed securities. The Company retains title to all assets held by its custodian and has agreements relating to its borrowing facilities with which it has complied. Cash is held only with banks approved and regularly reviewed by the Manager.
As part of the going concern review, the Directors noted that borrowing facilities of a GBP7.5 million fixed term loan and a GBP7.5 million revolving credit facility are committed to the Company until 28 September 2022.
The Directors believe, in the light of the controls and review processes noted above and bearing in mind the nature of the Company's business and assets, that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of the accounts. Accordingly, they continue to adopt the going concern basis in preparing the accounts.
14. The Group results consolidate those of Investors Securities Company Limited, a wholly owned subsidiary which deals in securities. This company is dormant.
15. The Company's auditor, Deloitte LLP, has not audited or reviewed the Interim Report to 30 September 2017 pursuant to the Auditing Practices Board guidance on 'Review of Interim Financial Information'. These are not full statutory accounts in terms of Section 434 of the Companies Act 2006 and are unaudited. Statutory accounts for the year ended 31 March 2017, which received an unqualified audit report and which did not contain a statement under Section 498 of the Companies Act 2006, have been lodged with the Registrar of Companies. No full statutory accounts in respect of any period after 31 March 2017 have been reported on by the Company's auditor or delivered to the Registrar of Companies.
The Interim Report will be posted to shareholders during December and will be available on the website: www.fandcukhit.co.uk
Statement of Principal Risks and Uncertainties
Most of the Company's principal risks are market related and comparable to those of other investment trusts investing primarily in listed securities. These risks, and the way in which they are managed, are described under the heading 'Principal Risks and Viability Statement' within the Strategic Report in the Group's Annual Report for the year ended 31 March 2017. The Company's principal risks and uncertainties have not changed materially since the date of that report and are not expected to change materially for the remainder of the Group's financial year. The most important types of risk associated with financial instruments are credit risk, market price risk, liquidity risk, interest rate risk and foreign currency risk. Other risks faced by the Company include investment and strategic, regulatory, operational and custody risks.
Statement of Directors' Responsibilities in Respect of the Interim Report
We confirm that to the best of our knowledge:
-- the condensed set of consolidated financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;
-- the Chairman's Statement (constituting the Interim Management Report) together with the Statement of Principal Risks and Uncertainties include a fair review of the information required by the Disclosure and Transparency Rules ('DTR') 4.2.7R, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of consolidated financial statements; and
-- the Chairman's Statement together with the condensed set of consolidated financial statements include a fair review of the information required by DTR 4.2.8R, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Company during that period, and any changes in the related party transactions described in the last Annual Report that could do so.
On behalf of the Board
Iain McLaren
Director
8 December 2017
For further information, please contact:
Phil Webster, Fund Manager 0207 628 8000 Ian Ridge, Company Secretary 0207 628 8000
This information is provided by RNS
The company news service from the London Stock Exchange
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