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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mid-wynd International Investment Trust Plc | LSE:MWY | London | Ordinary Share | GB00B6VTTK07 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 767.00 | 758.00 | 765.00 | 12,897 | 10:51:51 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Unit Inv Tr, Closed-end Mgmt | 25.35M | 24.05M | 0.4510 | 17.01 | 408.92M |
From Apr 2019 to Apr 2024
TIDMMWY
RNS Number : 9629X
Mid Wynd Inter Inv Trust PLC
27 February 2017
Mid Wynd International Investment Trust PLC (the 'Company')
Half-Yearly Financial Report (unaudited) for the six months ended 31 December 2016
This announcement contains regulated information
Chairman's statement
Board changes
In my first report to shareholders as Chairman following Richard Burns' retirement at the end of the Annual General Meeting held on 7 November 2016, I would like to thank him on behalf of the Board for his outstanding service to the Company. He was an advisor to the Company before its flotation in 1981, served as a Director thereafter, acted as Fund Manager and became Chairman in 2011. Over the years, his guidance, insight and wisdom made an invaluable contribution. We shall miss him and wish him well for the future.
At the time of Richard's retirement, the Board appointed David Kidd as a non-executive independent Director of the Company. He has considerable experience in investment management and as a director of investment trusts. We look forward to working with him.
Performance
Over the six months to 31 December 2016 the Company's net asset value, on a capital return basis, increased by 11.7% to 412.89 pence per share and its share price increased by 18.9% to 418.50 pence per share. This compares with the capital return of 14.3% from the MSCI All Country World Index. The shares outperformed the net asset value and index during the period, reflecting the re-rating of the shares and the reversal of the discount to net asset value that existed at the end of June, following the EU referendum result. The shares ended the period at a premium of 1.4% to the net asset value. This compares to a discount of 4.8% as at 30 June 2016.
The net asset value total return for the period, which is based on the combination of capital appreciation and dividends (assuming dividends are re-invested), was 12.5%, compared to the total return of 15.3% produced by the MSCI All Country World Index. While the net asset value underperformed the index for the period, the Company's longer term returns remain strong with the net asset value outperforming the index by 9.2 percentage points (net asset value total return of 56.1% versus 46.9% from the index) since Artemis' appointment as Investment Manager on
1 May 2014.
Revenue account and dividend
For the six months ended 31 December 2016 the Company had a revenue return of 1.66 pence per share. An interim dividend of 1.70 pence per share, 3% higher than last year's equivalent (2016: 1.65 pence), will be paid on 7 April 2017 to shareholders on the register on 10 March 2017, with an ex-dividend date of 9 March 2017.
The Company's Registrar offers a Dividend Reinvestment Plan; the final date for shareholders to elect to participate for this dividend is 17 March 2017.
Share capital
With the reversal of the discount to net asset value during July 2016, demand for the Company's shares resulted in 1,030,000 new shares being issued in the period. These shares were issued at a premium to the prevailing net asset value, resulting in a small accretion of value to the net asset value for existing shareholders, and generated GBP4.1 million of new capital for the Company.
In addition, 260,116 new shares were issued to Drumeldrie Investments Limited, in exchange for GBP1.0 million on 30 September 2016. This represents the final issue of shares to Drumeldrie. In aggregate, across all four tranches, this transaction resulted in the issue of 1,158,122 shares, in exchange for total proceeds of GBP4.1 million.
Since the end of the period, a further 350,000 new shares have been issued, at a premium to net asset value, to meet continuing demand for the Company's shares in the market, raising a further GBP1.5 million.
Outlook
Following a long period of sluggish growth, the global economy is accelerating again. With this faster growth we can expect rising inflation and higher interest rates. Indeed, we are already seeing some evidence of this. As the Investment Manager looks for companies with strong market positions and balance sheets, operating in sectors with attractive, long term growth prospects, it is hoped the portfolio will benefit over the long term from this economic growth and provide shareholders with some protection against inflation. At the same time, these attributes are expected to provide a degree of capital protection for shareholders in the event of any market turbulence.
Keep up-to-date...
Shareholders can keep up to date with developments between formal reports by visiting midwynd.co.uk, where you will find information on the Company and a factsheet that is updated each month. In addition, the Board is always keen to hear from shareholders. Should you wish, you can
e-mail me at midwyndchairman@artemisfunds.com.
Malcolm Scott
Chairman
27 February 2017
Investment Manager's review
Review of period
The second half of 2016 saw a sharp change in market conditions. Although the end of very low interest rates and bond yields has been in prospect for some years, it took the surprise election of Donald Trump to trigger a sharp rise in US bond yields. In equity markets, the fall in bond prices pulled down valuations of utilities and property, whilst boosting the banks. Over the summer we shifted the portfolio to benefit from this change. US bank shares seemed modestly valued compared with their asset values and their profitability was improving. We also took further profits in a number of companies where growth prospects were modest and whose valuations had become stretched.
Performance
The Company performed well despite the unexpected political developments but lagged the index following its strong run higher after Mr Trump's victory. Our holdings in Asia have been particularly subdued in the last couple of months, but we believe they offer very good value for 2017. Overall, the Company's net asset value total return was 12.5% during the period, compared with the 15.3% gain in the MSCI All Country World Index.
Five largest stock contributors
Hot Features
Premium
Contribution
Company Theme (%)
------------------ ----------------- ------------
Charles Schwab Online Services 1.0
Time Warner Media Content 0.9
Emerging Market
LVMH Consumer 0.8
J.P. Morgan Chase Bank Regulation 0.7
Retiree Spending
Prudential Power 0.6
Five largest stock detractors
Contribution
Company Theme (%)
---------------------- ----------------- ------------
DeNA Media Content (0.5)
Publicis Media Content (0.2)
China Mobile Media Content (0.2)
Avangrid Low Carbon World (0.2)
Emerging Market
Essilor International Consumer (0.1)
Artemis' investment process
The aim of our thematic approach to portfolio construction is to identify areas of commercial growth around the world and invest in companies that trade on attractive valuations and give the Company exposure to this growth. We select high quality companies, with proven profitability and high levels of cash generation, preferring businesses with strong balance sheets and those that have established strong barriers to entry. Such companies sometimes lag equity markets when they recover, but they protect capital well when economic conditions become more testing. Our strict valuation discipline also helps us to identify opportunities within our themes across regions, and this inevitably leads to additional portfolio turnover. Over time, we have found this investment approach provides a solid framework to deliver consistent returns to investors.
Current investment themes
Online Services (18.1% of investments) - Most of our higher growth investments continued to perform well, with Amazon.com, Alphabet, Tencent Holdings and Priceline Group all meeting the market's expectations. We sold Facebook during the period as we became sceptical about whether its campaigns are proving sufficiently effective to keep attracting more advertising revenue.
Media Content (13.0% of investments) - Investors have become concerned that viewers are spending more and more time online. While this may be true of the young (and of the inhabitants of Wall Street), many consumers still watch numerous hours of regular television and quality programming increasingly attracts a global audience. We have added to this out-of-favour theme and were rewarded when Time Warner, one of our largest holdings, was bid for by AT&T. Our investments in programme makers such as Time Warner, Walt Disney and ITV give the Company exposure to the growing demand for entertainment worldwide, whether paid for by advertising or by subscription.
Emerging Market Consumer (12.4% of investments) and Frontier Investments (0.2% of investments) - Emerging markets bounced back during the period, helped by recovering commodity prices. Our exposure to China performed well as underlying growth continued to be strong and the much-rumoured debt calamity failed to occur. We have reduced our exposure to this theme as emerging countries and their currencies seldom do well when US interest rates rise.
Bank Regulation (11.5% of investments) - We have invested in a range of US financial companies over the last six months. We expect they will benefit from rising US interest rates and they were trading on modest valuations. Banks generally have very stable franchises based on customer relationships, but earnings that can vary with economic conditions. We believe that the larger US banks have paid the bulk of their fines, reduced their risks, have more substantial capital backing and better compliance. Finally, their prospects are improving as interest rates rise. The situation in Europe is also improving, albeit from a darker place, with the main Italian banks finally refinancing. Whilst prospects for improving returns from European banks still seem less compelling, their improved stability is helpful for the financial sector globally. The recent announcement by President Trump that the Dodd Frank legislation will be simplified suggests that US banks will gain a competitive advantage while European banks continue to resolve outstanding issues from 2008.
Healthcare Costs (11.1% of investments) - We continued to trim our exposure to healthcare as President Trump seems keen to attack costs in the system. Wall Street had been more concerned about the prospect of a Clinton presidency on this score, but Mr Trump's recent rhetoric seems no better. It is interesting to see that new drug approvals in the US have been dropping in number. Our investments are in companies able to offer high quality care at affordable prices and, despite budgetary pressures, these businesses seem to be growing nicely.
Retiree Spending Power (10.7% of investments) - Some investments in this theme were seen as highly valued and this was a headwind for returns from this theme during the period. The prospects for Nike seem better for the year ahead, however, and we have added to this holding.
Tourism (8.4% of investments) - Our tourism theme has been quiet during the period, despite tourist numbers rising steadily in Asia. The falling yen should benefit the Company's holding in Japan Airport Terminal and see Chinese tourists return in numbers in 2017.
High Quality Assets (6.4% of investments) - This part of the portfolio contains companies which trade at modest valuations compared with their underlying assets. Over recent months we have reduced the Company's holdings in property companies as they tend to struggle when interest rates rise - and we have added holdings in Japan such as Mitsubishi Heavy Industries which owns stakes in many of the world's best mines. Its investments in coal are especially profitable with demand from China growing as it tries to improve the quality of its domestic steel production.
Energy in a Gas Glut (4.6% of investments) - This theme saw the most change following Mr Trump's election. The US is a signatory to the Paris global climate change agreements and the country was promoting the development of renewable energy. These initiatives now seem likely to be reversed, so we have sold the Company's US utility holdings. Over the summer we invested in some leading oil fracking companies, which had reduced costs sufficiently to cope with oil prices at lower levels. The recent production cuts agreed to by Opec have, however, driven oil prices to a level where US fracking may recover, eventually leading to oil price weakness - so we have started taking profits.
Scientific Equipment (3.6% of investments) - We took profits in Eurofins Scientific and PerkinElmer during the period as reduced spending on drug research could slow this sector's growth in the medium term. We have invested in Shimadzu in Japan which offers similar exposure but on a more modest valuation.
Thematic attribution
Contribution
Theme (%)
------------------------- ------------
Online Services 3.8
Emerging Market Consumer 1.8
Bank Regulation 1.8
Retiree Spending Power 1.5
Healthcare Costs 1.2
Media Content 1.0
Scientific Equipment 0.9
Tourism 0.7
Energy in a Gas Glut 0.5
High Quality Assets 0.1
Frontier Investments (0.1)
Regional attribution
Contribution
Region (%)
--------------- ------------
North America 9.7
Emerging 1.0
UK 1.0
Europe 0.8
Japan 0.8
Developed Asia (0.1)
Outlook
We are finally seeing the end of artificially low interest rates. Very low rates were introduced following the financial crisis so that bank failures did not provoke a wider crisis. Very low rates tend to result in rising asset prices, but also penalise savers. Some advocates of lower rates hoped that they would encourage higher rates of growth and job creation, but the example of quantitative easing in Japan suggested these hopes were misplaced. This has proven to be the case in Europe, where economic growth remains subdued.
The US has seen steady growth and world trade also now seems to be growing more healthily. This seems a curious moment to introduce growth-oriented policies in the US, especially tax cuts, but equity markets will, no doubt, enjoy them. Perhaps Mr Trump won the US election through being the 'least bad' candidate, rather than through coherent policies, but some of his growth-oriented rhetoric is now being echoed by mainstream politicians in Europe looking to head off the rise of populist parties. A move away from austerity towards growth policies seems the likely background for 2017; the exception will presumably be Japan which will persist with low rates until deflation has clearly been eliminated. The UK is in a strange period. The Bank of England is determined to keep rates low, despite inflation rising steadily due to the fall in sterling.
Equity markets tend to enjoy growth policies and the cash earnings of more economically sensitive sectors of the market are likely to rise. These cyclical sectors, out of favour for most of the last six years, may overshadow less economically sensitive sectors which had led the bull run - such as consumer staples and property companies. Some of the latter are currently regarded as 'quality' stocks which should never be sold. Such convictions may prove similar to the cult of holding technology shares in the late 1990s. Conversely, bank shares, which some investors say they will never own, may now be rather safer, if duller, investments than they were in the mid-2000s. The market always has, and always will, have its phases and cycles. We feel we are now at the start of a very different phase from the one we enjoyed earlier this decade.
Markets will, no doubt, continue to be volatile and political developments unpredictable. The Company's portfolio, however, consists of high quality companies trading on modest valuations and operating in growing areas of the world economy. We believe that, over the medium term, these investments will continue to produce healthy growth in shareholders' wealth in real terms.
Simon Edelsten, Alex Illingworth & Rosanna Burcheri
Fund managers
Responsibility statement of the Directors in respect of the Half-Yearly Financial Report
The Directors confirm that to the best of their knowledge, in respect of the Half-Yearly Financial Report for the six months ended 31 December 2016:
-- the condensed set of financial statements has been prepared in accordance with Financial Reporting Standard ('FRS') 104: 'Interim Financial Reporting';
-- having considered the expected cash flows and operational costs of the Company for the 18 months from the period end, the Directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the going concern basis of accounting continues to be used in the preparation of the Half-Yearly Financial Report;
-- the Chairman's statement to shareholders and Investment Manager's review includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of the important events that have occurred during the first six months of the financial year and their impact on the financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, 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 entity during that period, and any changes in the related party transactions described in the last annual report that could do so.
The Half-Yearly Financial Report for the six months ended 31 December 2016 was approved by the Board and the above responsibility statement has been signed on its behalf by:
Malcolm Scott
Chairman
27 February 2017
Condensed statement of comprehensive income
For the six months For the six months For the year
ended ended ended
31 December 2016 31 December 2015 30 June 2016
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------- ------- -------- -------- ------- ------- ------- ------- -------- --------
Gains on
sales of
investments - 13,862 13,862 - 4,298 4,298 - 13,918 13,918
Currency
losses - (372) (372) - (293) (293) - (570) (570)
Income 759 - 759 760 - 760 2,107 - 2,107
Investment
management
fee (76) (228) (304) (53) (160) (213) (113) (340) (453)
Other expenses (94) (10) (104) (103) (10) (113) (200) (20) (220)
----------------- ------- -------- -------- ------- ------- ------- ------- -------- --------
Return before
finance
costs and
taxation 589 13,252 13,841 604 3,835 4,439 1,794 12,988 14,782
----------------- ------- -------- -------- ------- ------- ------- ------- -------- --------
Finance
costs of
borrowings (15) (45) (60) (9) (27) (36) (20) (60) (80)
Return on
ordinary
activities
before taxation 574 13,207 13,781 595 3,808 4,403 1,774 12,928 14,702
----------------- ------- -------- -------- ------- ------- ------- ------- -------- --------
Taxation
on ordinary
activities (78) - (78) (79) - (79) (214) - (214)
----------------- ------- -------- -------- ------- ------- ------- ------- -------- --------
Return on
ordinary
activities
after taxation 496 13,207 13,703 516 3,808 4,324 1,560 12,928 14,488
----------------- ------- -------- -------- ------- ------- ------- ------- -------- --------
Return per
share 1.66p 44.13p 45.79p 2.01p 14.83p 16.84p 5.78p 47.94p 53.72p
----------------- ------- -------- -------- ------- ------- ------- ------- -------- --------
The total column of this statement is the profit and loss account of the Company.
All revenue and capital items in this statement derive from continuing operations. No operations were acquired or discontinued during the period.
The return for the period disclosed above represents the Company's total comprehensive income.
Condensed statement of financial position
As at As at As at
31 December 31 December
2016 2015 30 June 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
--------------------------------- ------------ ------------ -------------
Non current assets
Investments 128,886 89,930 108,969
--------------------------------- ------------ ------------ -------------
Current assets
Debtors 168 193 1,669
Cash and cash equivalents 5,800 6,811 4,427
--------------------------------- ------------ ------------ -------------
5,968 7,004 6,096
--------------------------------- ------------ ------------ -------------
Creditors
Amounts falling due
within one year (9,327) (5,459) (7,439)
--------------------------------- ------------ ------------ -------------
Net current (liabilities)/assets (3,359) 1,545 (1,343)
--------------------------------- ------------ ------------ -------------
Total net assets 125,527 91,475 107,626
--------------------------------- ------------ ------------ -------------
Capital and reserves
Share capital 1,520 1,359 1,456
Capital redemption
reserve 16 16 16
Share premium 20,087 8,739 15,205
Capital reserve 102,167 79,840 88,851
Revenue reserve 1,737 1,521 2,098
--------------------------------- ------------ ------------ -------------
Shareholders' funds 125,527 91,475 107,626
--------------------------------- ------------ ------------ -------------
Net asset value per
share 412.89p 336.61p 369.70p
--------------------------------- ------------ ------------ -------------
Condensed statement of changes in equity
For the six months ended 31 December 2016 (unaudited)
Capital
Share redemption Share Capital Revenue Shareholders'
capital reserve premium reserve(1,2) reserve(2) funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------ -------- ----------- -------- ------------- ----------- -------------
Shareholders' funds at
1 July 2016 1,456 16 15,205 88,851 2,098 107,626
Return on ordinary activities after
taxation - - - 13,207 496 13,703
Transfer of prior year expenses related to
issue of the prospectus - - (109) 109 - -
Expenses related to issue of the
prospectus - - (2) - - (2)
Expense related to listing of shares - - (21) - - (21)
Issue of new shares 64 - 5,014 - - 5,078
Dividend paid - - - - (857) (857)
------------------------------------------ -------- ----------- -------- ------------- ----------- -------------
Shareholders' funds at 31 December 2016 1,520 16 20,087 102,167 1,737 125,527
------------------------------------------ -------- ----------- -------- ------------- ----------- -------------
For the six months ended 31 December 2015 (unaudited)
Capital
Share redemption Share Capital Revenue Shareholders'
capital reserve premium reserve(1,2) reserve(2) funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------ -------- ----------- -------- ------------- ----------- -------------
Shareholders' funds at
1 July 2015 1,343 16 6,650 71,146 1,686 80,841
Return on ordinary activities after
taxation - - - 3,808 516 4,324
Issue of new shares 16 - 1,010 - - 1,026
Issue of shares from treasury - - 1,079 4,886 - 5,965
Dividend paid - - - - (681) (681)
------------------------------------------ -------- ----------- -------- ------------- ----------- -------------
Shareholders' funds at 31 December 2015 1,359 16 8,739 79,840 1,521 91,475
------------------------------------------ -------- ----------- -------- ------------- ----------- -------------
For the year ended 30 June 2016 (audited)
Capital
Share redemption Share Capital Revenue Shareholders'
capital reserve premium reserve(1,2) reserve(2) funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------ -------- ----------- -------- ------------- ----------- -------------
Shareholders' funds at
1 July 2015 1,343 16 6,650 71,146 1,686 80,841
Return on ordinary activities after
taxation - - - 12,928 1,560 14,488
Issue of new shares 113 - 7,476 - - 7,589 Expenses related to issue of the prospectus - - - (109) - (109) Issue of shares from treasury - - 1,079 4,886 - 5,965 Dividends paid - - - - (1,148) (1,148) ------------------------------------------ -------- ----------- -------- ------------- ----------- ------------- Shareholders' funds at 30 June 2016 1,456 16 15,205 88,851 2,098 107,626 ------------------------------------------ -------- ----------- -------- ------------- ----------- -------------
(1) Capital reserve as at 31 December 2016 includes unrealised gains of GBP15,799,000 (31 December 2015: GBP6,400,000; 30 June 2016: GBP14,627,000).
(2) These reserves form the distributable reserves of the Company.
Condensed statement of cash flows
For the six For the six
months ended months ended For the year ended
31 December 2016 31 December 2015 30 June 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------------------------------------ ----------------- ----------------- ------------------
Cash used in operations 556 308 916
Interest received 12 5 15
Interest paid (60) (36) (80)
------------------------------------------------------------ ----------------- ----------------- ------------------
Net cash generated from operating activities 508 277 851
------------------------------------------------------------ ----------------- ----------------- ------------------
Cash flow from investing activities
Purchase of investments (96,707) (48,806) (130,162)
Sale of investments 90,066 43,553 115,732
Realised currency gains 270 - 244
------------------------------------------------------------ ----------------- ----------------- ------------------
Net cash used in investing activities (6,371) (5,253) (14,186)
------------------------------------------------------------ ----------------- ----------------- ------------------
Cash flow from financing activities
Issue of new shares 5,078 1,026 7,589
Drawdown of credit facility 3,205 - -
Issue of shares from treasury - 5,965 5,965
Expenses related to issue of the prospectus (5) - (106)
Expense related to listing of shares (21) - -
Dividends paid (857) (681) (1,148)
------------------------------------------------------------ ----------------- ----------------- ------------------
Net cash generated from financing activities 7,400 6,310 12,300
------------------------------------------------------------ ----------------- ----------------- ------------------
Net increase/(decrease) in cash and cash equivalents 1,537 1,334 (1,035)
------------------------------------------------------------ ----------------- ----------------- ------------------
Cash and cash equivalents at start of the period 4,427 5,460 5,460
Increase/(decrease) in cash in the period 1,537 1,334 (1,035)
Unrealised currency (losses)/gains on cash and cash
equivalents (164) 17 2
------------------------------------------------------------ ----------------- ----------------- ------------------
Cash and cash equivalents at end of the period 5,800 6,811 4,427
------------------------------------------------------------ ----------------- ----------------- ------------------
Notes to the Half-Yearly Financial Report
1 Accounting policies
The condensed financial statements for the six months to 31 December 2016 comprise the statements set out above together with the related notes below. The financial statements have been prepared in accordance with the Company's accounting policies as set out in the Annual Financial Report for the year ended 30 June 2016 and are presented in accordance with the Companies Act 2006 (the 'Act'), FRS 104 and the requirements of the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' ('SORP') issued by the Association of Investment Companies (the 'AIC') in November 2014.
The financial information contained within this Half-Yearly Financial Report does not constitute statutory accounts as defined in sections 434 to 436 of the Act. The financial information for the year ended 30 June 2016 has been extracted from the statutory accounts which have been filed with the Registrar of Companies. The Auditor's report on those accounts was not qualified and did not contain statements under sections 498(2) or (3) of the Act.
2 Return per share
Return per share has been calculated based on the weighted average number of ordinary shares in issue for the six months ended 31 December 2016 being 29,929,531 (six months ended 31 December 2015: 25,675,244; year ended 30 June 2016: 26,969,898).
3 Dividend
An interim dividend for the six months ended 31 December 2016 of 1.70 pence per ordinary share (31 December 2015: 1.65 pence) has been declared. This dividend will be paid on 7 April 2017 to those shareholders on the register at close of business on
10 March 2017.
4 Borrowing facilities
The Company has entered into a three-year US$16 million revolving credit facility with Scotiabank, of which US$11.3 million (GBP9.1 million) was drawn down at 31 December 2016 (31 December 2015: US$7.3 million (GBP4.9 million); 30 June 2016: US$7.3 million (GBP5.4 million)). This is recognised in amounts falling due within one year in the condensed statement of financial position. Interest is charged at variable rates equivalent to 0.9% over the US Dollar London interbank market rate. The interest rate as at 31 December 2016 was 1.644% (31 December 2015: 1.3021%; 30 June 2016: 1.3508%).
5 Fair value hierarchy
All investments are designated at fair value through profit or loss on initial recognition in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The following table provides an analysis of these investments based on the fair value hierarchy as described below which reflects the reliability and significance of the information used to measure their fair value.
The disclosure is split into the following categories:
Level 1 - Investments with unadjusted quoted prices in an active market;
Level 2 - Investments whose fair value is based on inputs other than quoted prices that are either directly or indirectly observable;
Level 3 - Investments whose fair value is based on inputs that are unobservable (i.e. for which market data is unavailable).
31 December 31 December 30 June
2016 2015 2016
GBP'000 GBP'000 GBP'000
--------------------------- ----------- ----------- --------
Level 1 128,886 89,858 108,864
Level 3 - 72 105
--------------------------- ----------- ----------- --------
Total value of investments 128,886 89,930 108,969
--------------------------- ----------- ----------- --------
6 Share capital
As at 31 December 2016 there were 30,401,952 ordinary shares in issue (31 December 2015: 27,175,460; 30 June 2016: 29,111,836).
In the six months ended 31 December 2016 1,290,116 ordinary shares were allotted with total proceeds of GBP5,078,000 (six months ended 31 December 2015: 311,360 ordinary shares were allotted with total proceeds of GBP1,026,000; year ended 30 June 2016: 2,248,006 ordinary shares were allotted with total proceeds of GBP7,589,000).
In the six months ended 31 December 2016 no ordinary shares were issued from treasury (six months ended 31 December 2015: 1,825,321 ordinary shares were issued with total proceeds of GBP5,965,000; year ended 30 June 2016: 1,825,321 ordinary shares were issued with total proceeds of GBP5,965,000).
In the six months ended 31 December 2016 no ordinary shares were bought back (six months ended
31 December 2015: nil; year ended 30 June 2016: nil).
7 Related party transactions
There were no related party transactions during the period.
8 Transactions with the Investment Manager
The investment management fee payable to Artemis Fund Managers Limited for the six months ended 31 December 2016 was GBP304,000 (six months ended 31 December 2015: GBP213,000; year ended 30 June 2016: GBP453,000) of which GBP155,000 was outstanding at the period end (31 December 2015: GBP111,000; 30 June 2016: GBP124,000).
9 Principal risks and uncertainties
Pursuant to DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, the principal risks faced by the Company include general market risk, regulatory, operational, financial and gearing risks.
These risks, which have not materially changed since the Annual Financial Report for the year ended 30 June 2016, and the way in which they are managed, are described in more detail in the Annual Financial Report which is available at midwynd.co.uk.
Copies of the Half-Yearly Financial Report will be posted to shareholders shortly and may also be obtained from the Company's website at midwynd.co.uk.
For further information, please contact:
Artemis Fund Managers Limited
Company Secretary
Telephone number: 0131 225 7300
27 February 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
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