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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bankers Investment Trust Plc | LSE:BNKR | London | Ordinary Share | GB00BN4NDR39 | ORD 2.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.40 | -1.26% | 109.60 | 109.60 | 110.00 | 110.00 | 109.80 | 110.00 | 1,477,807 | 16:35:04 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Unit Inv Tr, Closed-end Mgmt | 68.02M | 64.56M | 0.0492 | 22.36 | 1.44B |
From Apr 2019 to Apr 2024
TIDMBNKR
RNS Number : 0737M
Bankers Investment Trust PLC
18 January 2021
LEGAL ENTITY IDENTIFIER: 213800B9YWXL3X1VMZ69
THE BANKERS INVESTMENT TRUST PLC
Annual Financial Report for the year ended 31 October 2020
This announcement contains regulated information
Hot Features
Premium
Performance Highlights (1) 31 October 2020 31 October 2019
------------------------------------ ------------------ ------------------
Net Asset Value per ordinary share
- With debt at par 976.3p 948.7p
- With debt at market value 973.9p 945.7p
Share price at year end (2) 980.0p 927.5p
Dividend per share for year (3) 21.54p 20.90p
31 October 2020 31 October 2019
------------------ ------------------
Dividend growth 3.1% 6.0%
Ongoing charge for year 0.50% 0.52%
Premium/(discount) at year end (4) 0.4% (2.2%)
Net (cash)/gearing at year end (5) (1.1%) (3.0%)
Long term growth record to 31 1 year 3 years 5 years 10 years
October 2020 % % % %
------------------------------- ------- -------- -------- ---------
Capital return (6)
Net asset value 3.0 11.3 55.8 118.5
Share price 5.7 15.0 58.5 158.0
FTSE World Index (7) 2.1 13.6 34.2 59.2
------------------------------- ------- -------- -------- ---------
Total return (8)
Net asset value 5.3 18.9 74.7 179.2
Share price 8.1 23.0 78.1 233.3
FTSE World Index (7) 4.3 22.1 55.3 119.2
Dividend 3.1 15.8 36.3 78.0
Retail Price Index 1.3 6.9 13.4 30.3
Consumer Price Index 0.7 4.6 8.7 21.2
------------------------------- ------- -------- -------- ---------
(1) A glossary of terms and alternative performance measures can be found in the Annual Report
(2) Share price is the mid-market closing price
(3) This represents the four ordinary dividends recommended or paid for the year (see the Annual Report for more details)
(4) Based on the mid-market closing price with debt at par
(5) Net (cash)/gearing is calculated in accordance with the gearing definition in the alternative performance measures in the Annual Report
(6) Capital return excludes all dividends
(7) For the 3, 5 and 10 years this is a composite of the FTSE World Index and the FTSE All-Share Index
(8) Total return assumes dividends reinvested
Sources: Morningstar for the AIC, Janus Henderson, Refinitv Datastream.
CHAIR'S STATEMENT
-- Net asset value total return increase of 5.3% (2019: 12.1%). -- Share price total return increase of 8.1% (2019: 13.6%). -- Average premium to net asset value of 0.3% (2019: average discount of 1.5%). -- Dividend increase of 3.1% to 21.54p per share (2019: 6.0%). -- Forecast increase in current financial year dividend of approximately 0.5%.
Performance
Our last financial year was like no other. After a promising start, our net asset value ('NAV') and share price rose to (then) all-time highs in February. Less than four weeks later the Covid-19 pandemic caused one of the quickest global economic and financial market collapses of all time, as countries around the world went into lockdown and many feared the scale of the human and economic cost of the pandemic. Governments and central banks responded swiftly with the greatest monetary and fiscal stimulus since World War 2, whilst many companies sought to hoard cash via slashing dividends and buybacks and cutting costs and to shore up their balance sheets through equity and debt issues. Global stock markets bounced back in the following months, driven principally by technology and other stocks benefitting from changes of business and consumer behaviour brought about by lockdowns, including the move to working from home and the hastening shift to online retailing. By late summer, our NAV and share price had recovered the ground lost earlier in the year. Then, in the last week of our financial year, global stock markets suffered their biggest weekly decline since March after shares fell again in response to concerns about the economic impact of new lockdowns around the world.
Against this difficult market backdrop, I am pleased to report, for the year ended 31 October 2020, the Company achieved positive returns for shareholders. The Company's net asset value per share increased by 3.0% (2019: 9.6%) in capital terms over the year. With dividends reinvested, the NAV total return per share was 5.3% (2019: 12.1%), outperforming the FTSE World Index total return of 4.3% (2019: 11.7%). Our share price total return was higher, at 8.1% (2019: 13.6%), due to the narrowing of the discount to NAV at which our shares traded. At 31 October 2020, our shares traded at a premium of 0.4% (2019: discount of 2.2%), having averaged a premium of 0.3% (2019: average discount of 1.5%) over the year.
Four of our regional portfolios delivered positive returns and all outperformed their respective local benchmarks over the financial year apart from the Pacific (ex Japan and China) portfolio, the performance of which was severely hampered by its value and income investment style. This style has served us well in the past and we are confident it will continue to do so in the future. Details of the performance of the Company, our regional portfolios and global markets during the year are included in the Fund Manager's and Regional Portfolio Manager Reports in the Annual Report.
Revenue and dividends
As anticipated in my interim statement, our revenue account was particularly hard hit by the effects of Covid-19 as many companies sought to retain cash to deal with the effects of the pandemic. Our earnings per share fell by 22% to 16.83p (2019: 21.61p). However, our structure as an investment trust has enabled us to build up a significant revenue reserve over many years from which we can draw to pay dividends on rainy days.
The Board, therefore, recommends a final quarterly dividend of 5.42p per share, to be paid on 26 February 2021 to shareholders on the register of members at the close of business on 29 January 2021. If approved by shareholders at the forthcoming AGM, this will result in total dividends per share for the year of 21.54p (2019: 20.90p), an increase of 3.1%, which is in line with our forecast for the year and compares very favourably with the 1.3% rise in the Retail Price Index (and 0.7% rise in the Consumer Price Index). This will be the Company's 54(th) successive year of annual dividend growth, maintaining the Company's status as one of the leading AIC "dividend heroes".
After taking into account the recommended final 2020 dividend payment, if approved, approximately GBP6.4 million, equivalent to 4.91p per share, will be transferred from our revenue reserve. Adjusted for that transfer, our revenue reserve at the year end amounts to approximately GBP24.3 million, or 18.71p per share.
We recognise the importance of delivering a reliable and growing income for many of our shareholders. The outlook for the level of dividend payments received by the Company is improving and we expect many companies to rebuild pay-outs from their reduced levels. However, it will take more than one year for our earnings per share to recover fully and exceed the dividend. Until that time, we intend to grow the dividend at a modest rate, in part using our revenue reserves. This approach will enable us to continue holding shares in companies that have temporarily suspended or reduced their dividends where the shares still offer good growth potential.
The revenue reserve gives the Board confidence to forecast dividend growth of approximately 0.5% for the current financial year.
Borrowings
The Company's GBP20 million short-term borrowing facility with SMBC Bank International plc (formerly called Sumitomo Mitsui Banking Corporation Europe Ltd) expires in February and we are in the process of renewing it for a further year. The Company continually reviews opportunities to deploy gearing and the short-term facility gives our Manager additional flexibility to invest and create returns for shareholders. The facility remained undrawn throughout the year, and currently remains undrawn. However, we anticipate utilising this facility in the current year.
Share issues and buy-backs
During the year, the Company sold 1,338,509 shares out of treasury and issued 5,212,491 new shares to meet market demand, raising gross proceeds of GBP57.0 million. Since the year end, a further 975,000 new shares have been issued, raising gross proceeds of GBP10.7 million. No shares were bought back during the year or since the year end.
Board appointment
As mentioned in the Interim Report, Richard West joined the Board on 1 April 2020 and brings additional investment knowledge to the Board. Richard has already proved to be an excellent addition to the Board.
Investment objective
Our dividend objective is to achieve dividend growth greater than UK inflation over the long term. Historically, we have measured inflation using the Retail Price Index ('RPI'). The Consumer Price Index ('CPI') is a measure of consumer price inflation produced to international standards and has been increasingly adopted by the Government and economists when calculating the UK's inflation rate. RPI, which predates CPI, is believed at times to overestimate inflation and at other times to underestimate it and is now widely discredited. Having reviewed both measures, the Board concluded that, with effect from the current financial year, CPI is a more appropriate measure of UK inflation for the purpose of our dividend objective and we have amended our investment objective accordingly (see Annual Report). This amendment should have no impact on our dividend policy or how the Company's portfolio is managed.
Responsible investment
The Board believes that effective stewardship and integration of environmental, social and governance ('ESG') factors into the Company's investment process are important elements in delivering our investment objective. In recognition of the growing interest of investors, both institutional and retail, in such matters, we have included a new section in this year's Annual Report which details our approach to ESG (see Annual Report).
Annual General Meeting ('AGM')
At the time of writing, due to the ongoing restrictions on gatherings due to the Covid-19 pandemic, it will not be possible for shareholders to attend the AGM on 24 February 2021 in person. Voting on the resolutions to be proposed will be conducted on a poll, and shareholders are encouraged to submit their Forms of Proxy. If you have any questions on the Annual Report or the Company's performance over the year, please email ITSecretariat@janushenderson.com in advance of the meeting. All questions received will be considered and responses will be available on the Company's website. A presentation from Alex Crooke, our Fund Manager, will be available to watch on the Company's website ( www.bankersinvestmenttrust.com ) from 17 February 2021.
We very much hope that we will be able to hold next year's AGM in person.
Non-routine business at the AGM
In addition to the routine business to be conducted at this year's AGM, resolutions will be put to shareholders to approve sub-dividing each existing ordinary share of 25p into 10 ordinary shares of 2.5p each and the adoption of new Articles of Association. The principal differences between the existing and proposed Articles are that the proposed Articles will: permit general meetings to be held wholly or partly by electronic means; reduce the quorum requirement for general meetings from three to two or more persons present in person or by proxy; and change the votes conferred on a poll from one vote for every GBP1 nominal of ordinary shares held to one vote for every ordinary share held. The rationale for, and details of, the proposed share split and new Articles, which your Directors believe are in the best interests of shareholders as a whole, can be found in the circular convening this year's AGM. A copy of the AGM circular accompanies the Annual Report and can also be found on the Company's website ( www.bankersinvestmenttrust.com ).
Outlook
Since our year end, Joe Biden's success in the US presidential election, positive news flow regarding Covid-19 vaccines and approvals of a new US stimulus deal and a UK - EU trade deal have all acted as catalysts for another global stock market rally. Our NAV total return in the current financial year to 14 January 2021 was 13.6%, which compares with a total return of 14.3% by our benchmark.
The rollout of Covid-19 vaccines will significantly improve the outlook for the global economy in the year ahead. However, until an effective vaccination programme is implemented globally, economies will remain vulnerable to further national or localised lockdowns as the struggle to contain the spread of the virus continues, which means that economic recovery is likely to be bumpy and a return to the "new normal" will take time. In the meantime, we expect both monetary and fiscal policy to remain extremely accommodative which, in conjunction with continuing low interest rates, should be supportive for equity markets. There will almost certainly be some profound long-term consequences of Covid-19 for businesses, economies and geopolitics, but these will only become clearer over time.
Away from Covid-19, Joe Biden will be sworn in as US President on 20 January 2021 and, unlike his predecessor, is expected to adopt a constructive and considered approach to diplomatic matters. Consequently, with the likely exception of China, trade tensions should ease, resulting in lower market volatility. With the Democrats having secured control of the Senate in the Georgia run-off elections earlier this month, President-elect Biden will have the chance to take more political control, including increasing taxes and regulatory oversight. However, this should be balanced by a further Covid-19 relief package, which is expected to be an early priority for the new administration.
The UK stock market, dogged by Brexit uncertainty and held back by its low exposure to technology and other high-growth stocks, has been shunned by both domestic and international investors for some time. With Brexit uncertainty now much reduced following the eleventh-hour agreement of a UK - EU trade deal and the UK stock market's bias towards cheap cyclical stocks, investors should begin to be tempted back.
Overall, we are optimistic about the returns for global equities over the coming year.
Sue Inglis
Chair
18 January 2021
FUND MANAGER'S REPORT
Performance
The year started promisingly as stock markets rose, anticipating both an improving outlook for corporate profits and continued low interest rates supported by central bank bond purchases. An interim US - China trade deal in December 2019 indicated a return to more favourable trade between the world's two superpowers. Meanwhile, hopefully, a Brexit trade deal between the UK and Europe would follow later in the year.
Then the world changed. News reports started breaking of an unknown virus being transmitted amongst the population in Wuhan, China. There have been previous, localised outbreaks of new viruses but never has one spread quite so quickly around the world. Through February we started to realise that the impact of the Covid-19 virus would be global and that we needed to act, even though we did not at this point anticipate that by mid-March most of the developed world would have locked down their populations and that the second quarter would see the largest contraction in economic activity in living memory for many countries.
Given the uncertainty and having raised investment within the portfolio between our year end and the new year, we started to sell holdings in travel-related stocks, such as airports and transport, to rebuild cash. We also reduced financials whose share prices often amplify market movements. From mid-February to mid-March stock markets fell sharply, rocked by the worsening news about the outbreak and fears that the mortality rate could be as high as 10%. Further sales were made in March but, as investors reduced risk in their portfolios, the market sell-off in both the bond and equity markets became indiscriminate. Some obvious beneficiaries of lockdown, remote working and online retailing also fell. We started to find that the share prices of companies we liked became far more affordable and through late March into April we became net investors, building up holdings such as Apple, ASML and Worldline.
The sharp rebound in equity markets from late March into June took many by surprise but it can be explained by the speed of monetary and fiscal support combined with high levels of investor liquidity going into the year. As markets rose in 2019 investors, including ourselves, raised cash in anticipation of a pullback in share prices. When the market did collapse on Covid-19 worries, investors were quick to increase exposures to technology companies that had been driving the adoption of online working and shopping. At the same time central banks increased liquidity to support banks and bond markets on a scale that dwarfed the efforts during the 2008/09 banking crisis. The asset purchases by central banks, combined with government support schemes, have bolstered asset prices and avoided fire sale liquidations. Latterly, stock markets were further supported by encouraging news from vaccine trials, leading to hopes of full reopening of economies in 2021.
As in most years during the last decade the US market was a standout performer, but the leadership was narrow, driven by the technology sector and in particular the very largest companies in the index: Microsoft, Apple, Facebook, Amazon and Alphabet. Chinese equities also performed well, driven by the same technology theme and a quicker recovery in activity following the spring lockdown. The events of 2020 have clearly accelerated the already well-established trends of changing working patterns and consumption. However, the continued decline in interest rates is also having a fundamental impact. A bizarre effect of negative interest rates in Europe means that the value of future profits is worth more to investors than current or next year's profits. Investors are being incentivised to take on more risk and this has been inflating the value of businesses years away from profitability. The effect was observable in the US market during the year, where the share price performance of loss making businesses on average outperformed the price performance of those businesses that produced a profit. Many commentators have predicted an unsustainable bubble in prices of technology shares although, while animal spirits are undoubtedly at play, there is not the blind optimism that fuelled the last tech boom in the 90s. Many of the largest technology companies are highly profitable and probably only government
intervention to break up these companies will derail their domination of certain segments of the economy.
For Bankers, the regional portfolios generally performed very well during the year, reflecting good stock picking. The US, Japan and China portfolios all outperformed their local indices by more than 10%. The Europe (ex UK) portfolio also performed credibly, outperforming by 7.7%. The UK market performed badly, falling nearly 20% over the year due to its higher concentration of banks and oils and having fewer technology companies. The long shadow of Brexit continued to weigh on the UK market and Covid-19 restrictions hurt the service industries in the UK particularly hard. The UK portfolio outperformed marginally, giving up the better performance we built up in the summer, as it became apparent that hopes of a Brexit deal were receding. The Pacific (ex Japan and China) portfolio was the only region to underperform, ending the year significantly behind the benchmark. There was disappointing stock selection, for example the position in Treasury Wine Estates. However, the major reason was our not owning the high growth Chinese technology companies listed in Hong Kong. Our investment style in this portfolio is both value and income driven which has served us well for many years but lagged the market this year.
The investment team has adapted quickly to working remotely during the periods of lockdown. We have access to all our trading and investment systems at home, whilst our contact with company managements has continued to be excellent via online conferencing. I am pleased that May Ling Wee has settled in well managing the China portfolio following Charlie Awdry's departure. She has delivered an excellent first year, outperforming the Chinese CSI 300 Index by 19.6%. This portfolio remains very solidly focused on targeting companies that benefit from increasing consumer spending and the growing number of middle-income earners.
Environmental, social and governance factors
All the teams managing the portfolio integrate environmental, social and governance ('ESG') factors into their stock selection processes. These factors are carefully evaluated during the building of the investment case for each new holding and are monitored throughout the year for each position we hold. Our current view is not to exclude investing in certain companies but to engage with the management of those we invest in and to challenge them to make improvements in all ESG factors. We monitor improvements and engage both directly and through investor initiatives. There are further details of our approach to ESG in the Annual Report, together with new analysis showing that Bankers' portfolio has less exposure than the FTSE World Index to companies with high ESG risk factors and that the carbon intensity of the portfolio is also lower than the Index.
Income
This has been the most challenging year in my career in terms of dividends. The UK market saw a near 40% reduction in overall income. The banking sector in Europe was forced by regulators to cancel dividends, some of which had already gone ex-dividend. The portfolio was partially protected by a low exposure to sectors that cut dividends the most, such as oil and retail banks, but we have still seen our investment income fall by 15% year-on-year. Over recent years we have increased investment into the US market which has delivered better overall performance than the UK or Europe but generates lower income than either. The lack of leverage in the portfolio has further hindered income generation. However, we have several levers to pull in coming years to improve the income from the portfolio and have identified a path to return to a covered dividend. There are already good signs, as some of our investments have announced the resumption of payments this year.
Asset allocation
The gearing has fluctuated during the year as we have reduced risk and then added to holdings after the market started to recover in March. When the market stalled in the summer, we once again started to make selected sales of shares that were exceeding our price targets. At the year end there was a net cash position of 1.1% within the Company compared to a net cash position of 3.0% at the start of the year. The proceeds of share issuance were invested promptly with most regions receiving net new money apart from China, where we felt tightening US trade tariffs would impact share prices. Regionally we have favoured Europe and Asia for new investment, given these regions have lagged the US and should recover sharply when economies open this year. Valuations are modest and the profit outlook is favourable.
Outlook
As governments tighten new lockdown conditions and we enter the winter months, it is understandably difficult to feel optimistic about the future. It is therefore important to remember that stock markets are discounting mechanisms, with prices reflecting investors' best view of future outcomes. There is much to be optimistic about this year, from the roll-out of vaccines to the expansion of the money supply. At the last hour a Brexit trade deal was agreed with Europe which should soften the transition for many UK and European based businesses. Cash deposits of both consumers and corporates are at very high levels while borrowing via credit cards has fallen, all implying there is scope to see a significant increase in consumer and corporate spending when economies are released from Covid-19 restrictions. The conditions are set for a rare period of synchronous global economic expansion towards the end of this year when sufficient numbers of the global population have been vaccinated. There remain some challenges around the lifting of the support schemes and an inevitable rise in unemployment thereafter. The change of administration in the US will herald a different stance on many issues but trade relations with China are likely to remain strained if US domestic politics take precedence over improving international relations.
Clearly the share price recovery since March has discounted some of the expected economic recovery. However, many sectors have been left behind and we expect them to lead the recovery this year. There will be much debate around future inflation trends but, in all probability, the high level of monetary expansion from central banks combined with fiscal stimulus should benefit cyclical and financial companies at the expense of defensive and growth companies. As always, it will never be that simple. Some growth companies will continue to do well, and some cyclicals will not. The improving outlook will require us to start to invest the cash within the Company and we will evaluate new investments carefully with the aim of delivering the optimal mix of capital and income return.
A lex Crooke
Fund Manager
18 January 2021
LARGEST INVESTMENTS at 31 October 2020
Valuation Sales Appreciation/ Valuation
Ranking Ranking 2019 Purchases proceeds (depreciation) 2020
2020 2019 Company Country GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- ----------------- --------- ----------------------------- ------------------------------ --------------------------- --------------- -----------------------
1 1 Microsoft US 26,290 - (2,264) 10,424 34,450
Estée
2 2 Lauder US 25,056 - (2,368) 4,187 26,875
3 23 Apple US 10,599 4,898 - 10,292 25,789
4 8 Alphabet US 18,280 - - 5,237 23,517
5 # Amazon US 9,008 8,000 (4,784) 10,776 23,000
6 5 Visa US 19,145 3,498 (963) 769 22,449
7 4 American Tower US 19,922 - (823) 1,082 20,181
8 6 MasterCard US 19,008 - - 844 19,852
9 20 Intuit US 11,903 3,390 - 2,976 18,269
10 # Facebook US - 17,439 (3,416) 4,217 18,240
Intercontinental
11 13 Exchange US 13,520 4,556 - 46 18,122
12 14 Adobe Systems US 13,175 - (3,647) 8,275 17,803
13 # CME US - 22,125 - (4,368) 17,757
Taiwan
Semiconductor
14 22 Manufacturing Taiwan 10,809 - - 6,769 17,578
15 # Moody's US - 13,727 - 2,348 16,075
Roper
16 24 Technologies US 9,765 4,853 - 416 15,034
17 # Sherwin-Williams US - 14,313 - 406 14,719
18 # Netflix US 9,632 - (1,799) 6,328 14,161
19 15 Union Pacific US 12,956 - - 929 13,885
20 # PayPal US 7,729 - - 6,107 13,836
21 18 ICON US 12,719 - (2,648) 3,065 13,136
The Cooper
22 19 Companies US 12,028 1,975 (2,354) 1,386 13,035
23 3 American Express US 22,757 - (5,734) (4,198) 12,825
24 10 GlaxoSmithKline UK 16,891 - - (4,554) 12,337
Reckitt
25 25 Benckiser UK 9,688 1,023 - 1,532 12,243
----------- ----------- ----------- ----------- -----------
310,880 99,797 (30,800) 75,291 455,168
====== ====== ====== ====== ======
All securities are equity investments
# Not in the top 25 last year
Convertibles and all classes of equity in any one company are treated as one investment
CHANGES IN INVESTMENTS at 31 October
Valuation Purchases Sales proceeds Appreciation/ Valuation
2019 GBP'000 GBP'000 (depreciation) 2020
GBP'000 GBP'000 GBP'000
-----------------------
UK 288,393 51,284 (36,100) (61,716) 241,861
Europe (ex
UK) 154,547 142,574 (101,590) 5,121 200,652
North America 372,716 102,050 (95,390) 68,281 447,657
Japan 135,398 35,899 (29,048) 12,269 154,518
Pacific (ex
Japan, China) 114,969 40,483 (32,247) (10,866) 112,339
China 62,496 34,990 (38,644) 30,677 89,519
-------------- ----------- ------------ ------------ --------------
1,128,519 407,280 (333,019) 43,766 1,246,546
======== ====== ======= ======= ========
MANAGING OUR RISKS
The Board, with the assistance of Janus Henderson, has carried out a robust assessment of the principal risks and uncertainties including emerging risks facing the Company that would threaten its business model, future performance, solvency, or liquidity and reputation. This included consideration of the market uncertainty arising from the United Kingdom's decision to leave the European Union ('Brexit') before the trade agreement with the EU was agreed and the ongoing impact of the Covid-19 pandemic.
The Board regularly consider the principal risks facing the Company and have drawn up a register of these of risks. The Board 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 practicable. The Board monitors the Manager, its other service providers and the internal and external environments in which the Company operates to identify new and emerging risks. Any new or emerging risks that are identified and that are considered to be of significance are included in the Company's risk register together with any mitigating actions required.
The Board has considered the impact of the Covid-19 pandemic on the Company. Originally identified as an emerging risk, the pandemic developed significantly and quickly, triggering sharp falls in global stock markets and resulting in uncertainty about the ongoing impact on markets and companies, and around future dividend income. The risks associated with the pandemic were therefore moved from emerging into one of the principal risks facing the Company.
The Board pro-actively monitors all of these factors and has a strong focus on continuing to educate itself about any relevant issues. Details of how the Board monitors the services provided by Janus Henderson and its other suppliers, and the key elements designed to provide effective internal control, are explained further in the internal controls section of the Corporate Governance Statement in the Annual Report. Further details of the Company's exposure to market risk (including market price risk, currency risk and interest rate risk), liquidity risk and credit and counterparty risk and how they are managed are contained in note 16 in the Annual Report.
Other than the risks associated with the Covid-19 pandemic, the Board's policy on risk management has not materially changed during the course of the reporting period and up to the date of this report.
The principal risks which have been identified and the steps taken by the Board to mitigate these are as follows:
Risk Mitigation -------------------------------------------- ---------------------------------------------- Investment activity and performance risks The Board monitors investment performance An inappropriate investment strategy at each Board meeting and regularly (for example, in terms of asset reviews the extent of the Company's allocation or the level of gearing) borrowings. may result in underperformance against the Company's benchmark index and the companies in its peer group. -------------------------------------------- ---------------------------------------------- Portfolio and market risks Although the Company invests almost The Fund Manager seeks to maintain entirely in securities that are a diversified portfolio to mitigate listed on recognised markets, share against this risk. The Board regularly prices may move rapidly. The companies reviews the portfolio, investment activity in which investments are made may and performance. operate unsuccessfully, or fail entirely. Macro matters (such as trade wars, the conclusion of the UK's negotiations to leave the European Union and the global economic outlook) are expected to lead to continued volatility in the markets. This is likely to impact share prices of investments in the portfolio, to the extent not already factored into current prices. A fall in the market value of the Company's portfolio would have an adverse effect on shareholders' funds. -------------------------------------------- ---------------------------------------------- Tax, legal and regulatory risks A breach of section 1158/9 of the Janus Henderson has been contracted Corporation Tax Act 2010 could lead to provide investment, company secretarial, to the loss of investment trust administration and accounting services status, resulting in capital gains through qualified professionals. The realised within the portfolio being Board receives internal control reports subject to corporation tax. A breach produced by Janus Henderson on a quarterly of the FCA's Rules could result basis, which confirm tax, legal and in suspension of the Company's shares, regulatory compliance both in the UK while a breach of the Companies and New Zealand. Act could lead to criminal proceedings. All breaches could result in financial or reputational damage. The Company must also ensure compliance with the Listing Rules of the New Zealand Stock Exchange.
-------------------------------------------- ----------------------------------------------
Financial risks
By its nature as an investment trust, The Company has a diversified portfolio
the Company's business activities which comprises mainly investments
are exposed to market risk (including in large and medium-sized companies
market price risk, currency risk and mitigates the Company's exposure
and interest rate risk), liquidity to liquidity risk. The Company minimises
risk and credit and counterparty the risk of a counterparty failing
risk. to deliver securities or cash by dealing
through organisations that have undergone
rigorous due diligence by Janus Henderson.
Further information on the mitigation
of financial risks is included in note
16 in the Annual Report.
-------------------------------------------- ----------------------------------------------
Operational and cyber risks
Disruption to, or failure of, Janus The Board monitors the services provided
Henderson's accounting, dealing by Janus Henderson, the Depositary
or payment systems or the Depositary's and its other service providers and
records could prevent the accurate receives reports on the key elements
reporting and monitoring of the in place to provide effective internal
Company's financial position. The control.
Company is also exposed to the operational
and cyber risks that one or more
of its service providers may not
provide the required level of service.
-------------------------------------------- ----------------------------------------------
Global pandemic
The consequences of Covid-19 and The Fund Manager maintains close oversight
the political and economic volatility of the
could be far-reaching and increase Company's portfolio and monitors the
all of the risks faced by the Company dividend flows from investee companies.
in both the investment and operational
side of the business. The Board monitors the effects of Covid-19
on the operations of the Company and
its service providers to ensure that
they continue to be appropriate, effective
and properly resourced.
---------------------------------------- ---------------------------------------------
THE COMPANY'S VIABILITY
The UK Corporate Governance Code requires the Board to assess the future prospects for the Company, and to report on the assessment within the Annual Report.
The Board considered that certain characteristics of the Company's business model and strategy were relevant to this assessment:
-- The Company's investment objective, strategy and policy, which are subject to regular Board monitoring, mean that the Company is invested normally in readily realisable, listed securities and that the level of borrowings is restricted.
-- The Company is a closed-end investment company and therefore does not suffer from the liquidity issues arising from unexpected redemptions. Without pressure to sell, the Fund Manager has been able to rebalance tactically the portfolio to take advantage of recovering markets.
Also relevant were a number of aspects of the Company's operational arrangements:
-- The Company retains title to all assets held by the Custodian under the terms of formal agreements with the Custodian and Depositary.
-- Long-term borrowing is in place, being the GBP15 million 8% debenture stock 2023 and GBP50 million 3.68% loan notes 2035 which are also subject to formal agreements, including financial covenants with which the Company complied in full during the year. The value of long-term borrowing is relatively small in comparison to the value of net assets being 5.6%.
-- Short-term borrowing of GBP20 million with SMBC Bank International plc (formerly called Sumitomo Mitsui Banking Corporation Europe Limited). The facility was not drawn down at the year end and expires in February 2021 . I t is intended to renew this facility for a further year.
-- Revenue and expenditure forecasts are reviewed by the Directors at each Board meeting. -- Ongoing charge is amongst the lowest of actively managed equities funds. -- Cash is held with approved banks.
In addition, the Directors carried out a robust assessment of the principal risks and uncertainties which could threaten the Company's business model, including future performance, liquidity and solvency. These risks, including Brexit and the Covid-19 pandemic, their mitigations and processes for monitoring them are set out in the Annual Report.
The principal risks identified as relevant to the viability assessment were those relating to investment portfolio performance and its effect on the net asset value, share price and dividends, and threats to security over the Company's assets. The Board took into account the liquidity of the Company's portfolio, the existence of the long-term fixed rate borrowings, the effects of any significant future falls in investment values and income receipts on the ability to repay and re-negotiate borrowings, growing dividend payments, the desire to retain investors and the potential need for share buy-backs. The Directors assess viability over three year rolling periods, taking account of foreseeable severe but plausible scenarios. The Directors believe that a rolling three year period best balances the Company's long-term objective, its financial flexibility and scope with the difficulty in forecasting economic conditions affecting the Company and its shareholders.
Based on their assessment, and in the context of the Company's business model, strategy and operational arrangements set out above, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the three year period to October 2023. In coming to this conclusion, the Board has considered the current Covid-19 pandemic. The Board does not believe that it will have a long-term impact on the viability of the Company and its ability to continue in operation, notwithstanding the short-term uncertainty it has caused in the markets.
RELATED PARTY TRANSACTIONS
The Company's transactions with related parties in the year were with its Directors and Janus Henderson. There were no material transactions between the Company and its Directors during the year other than the amounts paid to them in respect of Directors' remuneration for which there were no outstanding amounts payable at the year end. In relation to the provision of services by the Manager, other than fees payable by the Company in the ordinary course of business and the provision of marketing services, there were no transactions with the Manager affecting the financial position of the Company during the year. More details on transactions with the Manager, including amounts outstanding at the year end, are given in the Annual Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES UNDER DISCLOSURE GUIDANCE AND TRANSPARECY RULE 4.1.12
Each of the Directors, who are listed in the Annual Report, confirms that, to the best of his or her knowledge:
-- the Company's financial statements, which have been prepared in accordance with IFRSs as adopted by the EU, give
a true and fair view of the assets, liabilities, financial position and profit of the Company; and
-- the Strategic Report in the Annual 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.
On behalf of the Board
Sue Inglis
Chair
18 January 2021
STATEMENT OF COMPREHENSIVE INCOME
Year ended 31 October Year ended 31 October
2020 2019
Revenue Capital Total Revenue Capital Total
return return return return return return
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- ---------- ----------- ---------- ---------- ------------ ----------
Gains on investments
held at fair value
through profit or
loss - 44,013 44,013 - 105,376 105,376
Investment income 2 26,561 - 26,561 31,483 - 31,483
Other operating income 3 200 - 200 269 - 269
--------- --------- --------- --------- ---------- ---------
Total income 26,761 44,013 70,774 31,752 105,376 137,128
--------- --------- --------- --------- ---------- ---------
Expenses
Management fees 4 (1,549) (3,615) (5,164) (1,437) (3,352) (4,789)
Other expenses (1,086) - (1,086) (1,009) - (1,009)
--------- --------- --------- --------- ----------- ---------
Profit before finance
costs and taxation 24,126 40,398 64,524 29,306 102,024 131,330
Finance costs (914) (2,134) (3,048) (911) (2,126) (3,037)
--------- ---------- --------- --------- ---------- ---------
Profit before taxation 23,212 38,264 61,476 28,395 99,898 128,293
--------- ---------- --------- --------- ---------- ---------
Taxation 5 (1,840) - (1,840) (1,898) (3) (1,901)
--------- ---------- --------- --------- --------- ---------
Profit for the year
and total comprehensive
income 21,372 38,264 59,636 26,497 99,895 126,392
====== ====== ====== ===== ====== ======
Earnings per ordinary
share - basic and
diluted 6 16.83p 30.13p 46.96p 21.61p 81.48p 103.09p
The total columns of this statement represent the Statement of Comprehensive Income, prepared in accordance with IFRSs as adopted by the European Union. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.
STATEMENT OF CHANGES IN EQUITY
Year ended 31 October 2020
Called-up Share Capital Other
share capital premium redemption capital Revenue
GBP'000 account reserve reserves reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- ---------------- ----------- ------------ -------------- ----------- --------------
Total equity at 1 November
2019 30,986 78,541 12,489 997,213 43,980 1,163,209
Total comprehensive income:
Profit for the year - - - 38,264 21,372 59,636
Transactions with owners,
recorded directly to
equity:
Sale of 1,338,509 shares
from treasury (note 7) - - - 8,205 - 8,205
Issue of 5,212,491 new
shares (note 7) 1,303 55,714 - - - 57,017
Share issue costs - (130) - - - (130)
Ordinary dividends paid
(note 9) - - - - (26,966) (26,966)
---------- ---------- ----------- ------------- ---------- -------------
Total equity at 31 October
2020 32,289 134,125 12,489 1,043,682 38,386 1,260,971
====== ====== ====== ======= ====== =======
Year ended 31 October 2019
Called-up Share Capital Other capital
share premium redemption reserves Revenue
capital account reserve GBP'000 reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- ----------- ----------- ------------ -------------- ----------- --------------
Total equity at 1 November
2018 30,986 78,541 12,489 897,318 42,249 1,061,583
Total comprehensive income:
Profit for the year - - - 99,895 26,497 126,392
Ordinary dividends paid
(note 9) - - - - (24,766) (24,766)
---------- ---------- ---------- ---------- ---------- -------------
Total equity at 31 October
2019 30,986 78,541 12,489 997,213 43,980 1,163,209
====== ====== ====== ====== ====== =======
STATEMENT OF FINANCIAL POSITION
At 31 October At 31 October
2020 2019
GBP'000 GBP'000
-------------------------------------------- --------------- ---------------
Non-current assets
Investments held at fair value through
profit or loss 1,246,546 1,128,519
-------------- --------------
Current assets
Investments held at fair value through
profit or loss 24,770 44,993
Other receivables 3,267 4,134
Cash and cash equivalents 54,221 54,944
-------------- --------------
82,258 104,071
-------------- --------------
Total assets 1,328,804 1,232,590
-------------- --------------
Current liabilities
Other payables (3,001) (4,558)
------------ ------------
(3,001) (4,558)
------------- -------------
Total assets less current liabilities 1,325,803 1,228,032
-------------- --------------
Non-current liabilities
Debenture stock (15,000) (15,000)
Unsecured loan notes (49,832) (49,823)
-------------- --------------
(64,832) (64,823)
-------------- --------------
Net assets 1,260,971 1,163,209
======== ========
Equity attributable to equity shareholders
Share capital (note 7) 32,289 30,986
Share premium account 134,125 78,541
Capital redemption reserve 12,489 12,489
Retained earnings:
Other capital reserves 1,043,682 997,213
Revenue reserve 38,386 43,980
------------- -------------
Total equity 1,260,971 1,163,209
======= =======
Net asset value per ordinary share
(note 8) 976.3p 948.7p
======= =======
The principal risks and viability statement, and the financial statements in the Annual Report were approved by the Board of Directors on 18 January 2021.
CASH FLOW STATEMENT
Year ended Year ended
31 October 31 October
Reconciliation of profit before taxation to 2020 2019
net cash flow from operating activities GBP'000 GBP'000
----------------------------------------------------- --------------- ---------------
Operating activities
Profit before taxation 61,476 128,293
Add back interest payable ('finance costs') 3,048 3,037
Less: gains on investments held at fair value
through profit or loss (44,013) (105,376)
Increase in accrued income (62) (42)
Decrease/(increase) in other receivables 38 (46)
Increase in other payables 1,309 253
Purchases of investments (407,280) (281,334)
Sales of investments 333,019 345,724
Purchases of current asset investments (57,674) (66,609)
Sales of current asset investments 77,897 39,621
Decrease in securities sold for future settlement 980 854
(Decrease)/increase in securities purchased
for future settlement (2,866) 935
-------------- --------------
Net cash (outflow)/inflow from operating activities
before interest and taxation(1) (34,128) 65,310
-------------- --------------
Interest paid (3,039) (3,037)
Taxation on investment income (1,929) (2,138)
-------------- --------------
Net cash (outflow)/inflow from operating activities (39,096) 60,135
-------------- --------------
Financing activities
Equity dividends paid (net of refund of unclaimed
distributions) (26,966) (24,766)
Share issue proceeds 65,092 -
------------- -------------
Net cash inflow/(outflow) from financing activities 38,126 (24,766)
------------- -------------
(Decrease)/increase in cash (970) 35,369
Cash and cash equivalents at the start of the
year 54,944 20,075
Exchange movements 247 (500)
----------- -----------
Cash and cash equivalents at the end of the
year 54,221 54,944
======= =======
(1) In accordance with IAS 7.31 cash inflow from dividends was GBP26,394,000 (2019: GBP31,164,000) and cash inflows from interest was GBP131,000 (2019: GBP158,000).
NOTES:
1. Accounting policies
The Bankers Investment Trust PLC is a company incorporated and domiciled
in the United Kingdom under the Companies Act 2006. The financial
statements of the Company for the year ended 31 October 2020 have
been prepared in accordance with International Financial Reporting
Standards ('IFRSs') as adopted by the European Union and with those
parts of the Companies Act 2006 applicable to companies reporting
under IFRS. These comprise standards and interpretations approved
by the International Accounting Standards Board ('IASB'), together
with interpretations of the International Accounting Standards and
Standing Interpretations Committee approved by the IFRS Interpretations
Committee ('IFRS IC') that remain in effect, to the extent that
IFRS have been adopted by the European Union.
The nancial statements have been prepared on a going concern basis
and on the historical cost basis, except for the revaluation of
certain nancial instruments held at fair value through pro t or
loss. The principal accounting policies adopted are set out in the
Annual Report. These policies have been applied consistently throughout
the year. Where presentational guidance set out in the Statement
of Recommended Practice ('the SORP') for investment companies issued
by the Association of Investment Companies ('the AIC') in October
2019 is consistent with the requirements of IFRS, the Directors
have sought to prepare the nancial statements on a basis consistent
with the recommendations of the SORP.
Going Concern
In reviewing viability (see Annual Report) and going concern, the
Directors have considered among other things the impact of Covid-19,
cash flow forecasts, a review of covenant compliance including the
headroom above the most restrictive covenants, and an assessment
of the liquidity of the portfolio. The assets of the Company consist
mainly of securities that are listed and readily realisable. Thus,
after making due enquiry, the Directors believe that the Company
has adequate nancial resources to meet its financial obligations,
including the repayment of any borrowings, and to continue in operational
existence for at least twelve months from the date of approval of
the nancial statements. Accordingly, the Directors continue to adopt
the going concern basis in preparing the financial statements.
2020 2019
2. Investment income GBP'000 GBP'000
---- ----------------------------------------------- ------------ ------------
UK dividend income - listed 9,332 11,751
UK dividend income - special dividends 73 430
Overseas dividend income - listed 16,893 18,692
Overseas dividend income - special dividends 115 460
Property income distributions 148 150
----------- -----------
26,561 31,483
====== ======
Analysis of investment income by geographical
region:
UK 9,840 12,876
Europe (ex UK) 4,722 4,956
North America 2,901 3,151
Japan 3,211 3,112
China 1,829 1,734
Pacific (ex Japan, China) 4,058 5,070
Emerging Markets - 584
----------- -----------
26,561 31,483
====== ======
2020 2019
3. Other operating income GBP'000 GBP'000
------ ----------------------------------------------------- ---------------- ---------------------------
Bank interest 108 181
Underwriting income 7 3
Stock lending revenue 71 72
Other income 14 13
----- -----
200 269
=== ===
At 31 October 2020 the total value of securities on loan by the
Company for stock lending purposes was GBP56,367,000 (2019: GBP65,895,000).
The maximum aggregate value of securities on loan at any one time
during the year ended 31 October 2020 was GBP119,390,000 (2019:
GBP104,529,000). The Company's agent (BNP Paribas Securities Services)
held collateral at 31 October 2020 with a value of GBP61,262,000
(2019: GBP69,457,000) in respect of securities on loan. The value
of securities held on loan, comprising Corporate and Government
Bonds with a minimum market value of 105% (2019: 105%) of the market
value of any securities on loan, is reviewed on a daily basis.
2020 2019
Revenue Capital Total Revenue Capital Total
return return return return return return
4. Management fees GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------ -------------------- --------- --------- --------- ---------------- ---------- ---------------
Investment management 1,549 3,615 5,164 1,437 3,352 4,789
------- ------- ------- ------- ------- -------
1,549 3,615 5,164 1,437 3,352 4,789
==== ==== ==== ==== ===== ====
A summary of the terms of the management agreement is given in the
Business Model in the Annual Report.
2020 2019
Revenue Capital Total Revenue Capital Total
return return return return return return
5 Taxation GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
.
------ -------------------- --------- --------- --------- ---------------- ---------- ---------------
a) Analysis of the
charge
for the year
Overseas tax suffered 2,233 - 2,233 2,291 3 2,294
Overseas tax reclaimable (393) - (393) (393) - (393)
------- ------- ------- ------- ------- -------
Total tax charge for
the year 1,840 - 1,840 1,898 3 1,901
==== ==== ==== ==== ==== ====
b) Factors affecting the tax charge for the year
The differences are explained below:
2020 2019
Revenue Capital Total Revenue Capital Total
return return return return return return
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- --------- ------------ ------------ --------- -------------- ------------
Profit before taxation 23,212 38,264 61,476 28,395 99,898 128,293
--------- ------------ ------------ --------- -------------- ------------
Corporation tax for
the year at 19.00% (2019:
19.00%) 4,410 7,270 11,680 5,395 18,981 24,376
Non-taxable UK dividends (1,767) - (1,767) (2,281) - (2,281)
Overseas income and
non- taxable scrip dividends (3,069) - (3,069) (3,414) - (3,414)
Overseas withholding
tax suffered 1,840 - 1,840 1,898 3 1,901
Excess management expenses
and loan relationships 376 979 1,355 259 956 1,215
Interest capping restriction 50 113 163 41 85 126
Capital gains not subject
to tax - (8,362) (8,362) - (20,022) (20,022)
-------- ----------- ----------- -------- ----------- -----------
1,840 - 1,840 1,898 3 1,901
===== ====== ===== ===== ====== =====
c) Provision for deferred taxation
No provision for deferred taxation has been made in the current year
or in the prior year.
The Company has not provided for deferred tax on capital gains or
losses arising on the revaluation or disposal of investments as it
is exempt from tax on these items because of its status as an investment
trust, which it intends to maintain for the foreseeable future.
d) Factors that may affect future tax charges
The Company has not recognised a deferred tax asset totalling GBP11,920,000
(2019: GBP9,432,000) based on a corporation tax rate of 19.0% (2019:
prospective rate of 17.0%). The deferred tax asset arises as a result
of having unutilised management expenses and unutilised non-trade loan
relationship deficits. These expenses will only be utilised, to any
material extent, if the Company has profits chargeable to corporation
tax in the future because changes are made either to the tax treatment
of the capital gains made by investment trusts or to the Company's investment
profile which require them to be used.
6. Earnings per ordinary share
The total earnings per ordinary share is based on the net profit
attributable to the ordinary shares of GBP59,636,000 (2019: GBP126,392,000)
and on 126,995,993 ordinary shares (2019: 122,606,783), being the
weighted average number of shares in issue during the year.
The total earnings can be further analysed as follows:
2020 2019
GBP'000 GBP'000
---- ---------------------------------------- ------------------- -------------------
Revenue profit 21,372 26,497
Capital profit 38,264 99,895
---------------- ----------------
Profit for the year 59,636 126,392
---------------- ----------------
Weighted average number of ordinary
shares 126,995,993 122,606,783
----------------- -----------------
Revenue earnings per ordinary share 16.83p 21.61p
Capital earnings per ordinary share 30.13p 81.48p
------------- -------------
Earnings per ordinary share 46.96p 103.09p
======= =======
The Company does not have any dilutive securities, therefore basic and diluted earnings are the same.
Nominal
7. Number of Number of value
shares held shares entitled Total number of shares
Called up share capital in treasury to dividend of shares GBP'000
--------------------------- ------------------ ------------------ ------------------ ------------
Ordinary shares of
25p each
At 1 November 2019 1,338,509 122,606,783 123,945,292 30,986
Sale of treasury shares (1,338,509) 1,338,509 - -
Issue of new ordinary
shares - 5,212,491 5,212,491 1,303
---------------- ----------------- ----------------- -----------
At 31 October 2020 - 129,157,783 129,157,783 32,289
========= ========== =========== ======
Total Nominal
Number of Number of number value
shares held shares entitled of shares of shares
in treasury to dividend GBP'000
--------------------------- ------------------ ------------------ ------------------ ------------
Ordinary shares of
25p each
At 1 November 2018 1,338,509 122,606,783 123,945,292 30,986
----------------- ----------------- ----------------- -----------
At 31 October 2019 1,338,509 122,606,783 123,945,292 30,986
========== ========== ========== ======
During the year, 1,338,509 shares were sold out of treasury and
5,212,491 new shares were issued for a total consideration of GBP69,092,000.
In the year ended 31 October 2019, no ordinary shares were issued
or purchased.
Since the year end, the Company has issued 975,000 new shares for
a total consideration of GBP10,670,000.
8. Net asset value per ordinary share
The net asset value per ordinary share is based on net assets attributable
to ordinary shares of GBP1,260,971,000 (2019: GBP1,163,209,000)
and on 129,157,783 ordinary shares in issue at 31 October 2020 (2019:
122,606,783). The Company has no securities in issue that could
dilute the net asset value per ordinary share.
The movements during the year in net assets attributable to the
ordinary shares were as follows:
2020 2019
GBP'000 GBP'000
-------------- --------------
Net assets attributable to ordinary shares at
start of year 1,163,209 1,061,583
Total net profit on ordinary activities after
taxation 59,636 126,392
Issue of shares 65,092 -
Dividends paid (26,966) (24,766)
------------- -------------
Net assets attributable to ordinary shares at
end of year 1,260,971 1,163,209
======== ========
9. Dividend
A final dividend of 5.42p per share (2019: 5.35p), if approved by
shareholders at the Annual General Meeting, will be paid on 26 February
2021 to shareholders on the register on 29 January 2021. The shares
go ex-dividend on 28 January 2021. This final dividend, together
with the three interim dividends already paid brings the total dividend
for the year to 21.54p, (2019: 20.90p) per share.
10. 2020 Financial Information
The figures and financial information for the year ended 31 October
2020 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 31 October 2020 have
been audited but have not yet been delivered to the Registrar of
Companies. The Auditor's report on the 2020 annual financial statements
was unqualified, did not include a reference to any matter to which
the Auditor drew attention without qualifying the report, and did
not contain any statements under Section 498 of the Companies Act
2006.
11. 2019 Financial Information
The figures and financial information for the year ended 31 October
2019 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 Auditor which was unqualified and did not contain
a statement under Sections 498(2) or 498(3) of the Companies Act
2006.
12. Annual Report
Copies of the Annual Report will be posted to shareholders by the
end of January 2021 and will be available on the Company's website
( www.bankersinvestmenttrust.com ) or in hard copy format from the
Registered Office, 201 Bishopsgate, London EC2M 3AE.
13. Annual General Meeting
The Annual General Meeting will be held on Wednesday, 24 February
2021. Due to the ongoing restrictions on gatherings, shareholders
will be unable to attend the Annual General Meeting on 24 February
2021 in person and it will be held as a 'closed meeting'. Voting
on the resolutions to be proposed will be conducted on a poll, and
shareholders will be able to submit their Forms of Proxy electronically
as well as by post. A presentation from the Fund Manager will be
available to watch on the Company's website from 17 February 2021.
The Notice of Meeting will be sent to shareholders with the Annual
Report.
14. General information
Company Status
The Company is a UK domiciled investment trust company.
London Stock Exchange Daily Official List (SEDOL): 0076700 / ISIN
number is GB0000767003
London Stock Exchange (TIDM) Code: BNKR
Global Intermediary Identification Number (GIIN): L5YVFP.99999.SL.826
Legal Entity Identifier (LEI): 213800B9YWXL3X1VMZ69
Registered Office
UK: 201 Bishopsgate, London EC2M 3AE.
Company Registration Number
UK: 00026351
NZ: 645360
Directors
The Directors of the Company are Susan Inglis (Chair), Julian Chillingworth
(Senior Independent Director), Isobel Sharp (Audit Committee Chair),
Richard Huntingford and Richard West.
Corporate Secretary
H enderson Secretarial Services Limited, represented by Wendy King,
FCG.
Website
Details of the Company's share price and net asset value, together
with general information about the Company, monthly factsheets and
data, copies of announcements, reports and details of general meetings
can be found at www.bankersinvestmenttrust.com .
For further information contact:
Alex Crooke Sue Inglis Fund Manager Chair The Bankers Investment Trust PLC The Bankers Investment Trust PLC Telephone: 020 7818 4447 Telephone: 020 7818 4233 James de Sausmarez Laura Thomas Director and Head of Investment Investment Trust PR Manager Trusts Janus Henderson Investors Janus Henderson Investors Telephone: 020 7818 2636 Telephone: 020 7818 3349
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.
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