We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Henderson Far East Income Limited | LSE:HFEL | London | Ordinary Share | JE00B1GXH751 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.00 | -0.45% | 223.50 | 223.50 | 224.00 | 223.50 | 223.00 | 223.00 | 188,917 | 15:01:54 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 48.52M | 39.33M | 0.2351 | 9.51 | 375.56M |
TIDMHFEL
RNS Number : 6482Q
Henderson Far East Income Limited
29 October 2021
Hot Features
Premium
LEGAL ENTITY IDENTIFIER: 2138008DIQRE00380596
HERSON FAR EAST INCOME LIMITED
Financial results for the year ended 31 August 2021
This announcement contains regulated information
Investment Objective
The Company seeks to provide shareholders with a growing total annual
dividend per share, as well as capital appreciation, from a diversified
portfolio of investments from the Asia Pacific region.
Highlights
* Total dividend of 23.40p (2020: 23.00p) for the year,
up 1.7% on the prior year
* Dividend yield at 31 August 2021 of 7.8% (2020: 7.4%)
Total return performance to 31 August 2021 (including dividends reinvested)
1 year 3 years 5 years 10 years
% % % %
--------------------------------------------- ------- -------- -------- ---------
NAV(1) 7.2 2.8 22.9 93.0
Share price(2) 4.3 3.5 20.7 87.3
Sector average(3) 18.7 24.7 56.1 150.0
FTSE All-World Asia Pacific ex Japan
Index(4) 17.3 28.7 63.0 142.7
MSCI AC Asia Pacific ex Japan High Dividend
Yield Index(4) 16.7 10.2 33.8 100.2
--------------------------------------------- ------- -------- -------- ---------
Financial highlights At 31 August 2021 At 31 August 2020
-------------------------------------- ------------------ --------------------
Shareholders' funds
Net assets (GBP'000) 452,644 425,927
NAV per ordinary share 299.58p 301.02p
Share price 301.50p 311.00p
-------------------------------------- ------------------ --------------------
Year ended Year ended
31 August 2021 31 August 2020
Profit/(loss) for year
Net revenue profit (GBP'000)
Net capital loss (GBP'000) 33,773 32,587
(4,096) (81,406)
------------ ------------
Net total profit/(loss) 29,677 (48,819)
======= =======
Total earnings/(loss) per ordinary
share
Revenue 23.22p 23.71p
Capital (2.82p) (59.23p)
-------------
Total earnings/(losses) per ordinary
share 20.40p (35.52p)
=======
Ongoing charge (5) 1.09% 1.08%
-------------------------------------- ------------------ --------------------
1. Net asset value total return including dividends reinvested
2. Share price total return including dividends reinvested and using mid-market prices
3. AIC sector is the Asia Pacific Income sector
4. Total return performance is sterling adjusted (including dividends reinvested)
5. Calculated using the methodology prescribed by the Association of Investment Companies
Sources: Morningstar Direct, Janus Henderson, Refinitiv Datastream
Chairman's Statement
Introduction
The success of Covid-19 vaccine roll outs in most advanced economies
has heralded a semblance of normality and the prospect of improving
commercial activity. The view for emerging and developing economies
is not so clear with many regions, even those where infection rates
are currently very low, facing resurgent infections and rising Covid-19
death tolls.
For the Asia Pacific region, this has produced a marked difference
in performance between south and north Asia. The Fund Managers' report
provides an interesting insight into their thinking in this respect,
as well as their approach to China, and what this means for the positioning
of the portfolio in the near term.
Dividends
The Company has paid a total dividend of 23.40p in the year ended 31
August 2021, continuing our track record of increasing dividends each
year for the past 15 years.
We declared a 4(th) interim dividend for the year ended 31 August 2021
on 19 October 2021 of 5.90p per ordinary share.
Performance
Capital performance over the year was poor with yield, as an investment
style, continuing to struggle in the current 'growth at any price'
frenzy. NAV total return was 7.2%, lagging the FTSE All-World Asia
Pacific ex Japan and the MSCI AC Asia Pacific ex Japan High Dividend
Yield indices at 17.3% and 16.7% respectively. The Fund Managers elaborate
more fully on this in their report.
However, the yield from the dividend reached 7.8%, notably outstripping
the yield of the Company's competitors in the AIC sector as well as
the 12-month inflation rate(1) of 3.2% at 31 August 2021.
Company objectives and performance
During the year the Board undertook a review of our investment strategy
and process to discover if we were meeting shareholder expectations
and living up to our mandate. Our name, Henderson Far East Income Limited,
defines who we are and what we want to achieve for our shareholders
- an income producing fund. We believe that low interest rates, an
ageing population requiring income in retirement and the impact of
the recent increase in dividend tax in the UK, together support our
strategy of placing income as the top priority.
This has been our strategy for the past 14 years. We have increased
the dividend progressively from 8.25p in 2007 to 23.40p today. Our
investment process has allowed us to grow the dividend and build the
revenue reserve enabling us to draw on this to maintain the dividend
increase in less favourable market conditions. Following payment of
the 4th interim dividend for the year ended 31 August 2021, the revenue
reserve will stand at approximately a half years' worth of dividends.
Our investment process has been tried and tested in times of acute
financial stress - the global financial meltdown in 2009 and more recently
in the Covid-19 crisis. Our quarterly dividends continued to increase
despite chaos elsewhere. Our final dividend for the year amounting
to 23.40p per ordinary share.
In recent years, however, while this policy has provided a high dividend
yield, currently 7% plus, when combined with the capital performance
has resulted in an overall outcome that has lagged our competitors
whose yields are substantially lower. Our current process locks us
into the value sector of the market that is not popular at present
as most investors have preferred growth to income. The debate about
value versus growth has been going on for a very long time. Sometimes
value is preferred, sometimes growth. Rotation between these two styles
will continue. When value returns to favour, our capital performance
should improve. Our Fund Managers will do all they can to improve our
capital performance, but the Board has directed them not to lose sight
of our dividend growth preference.
So far, income investors have embraced this policy. Demand for new
shares has been elevated. In the last two years we have issued 20.4m
new shares and the share price has been consistently above our NAV.
This outcome has given the Board confidence that the policy is meeting
investor needs, but we will continue to monitor the situation as these
do change over time and it is always the Board's intention to respond
to our shareholder preferences.
Succession planning
Last year we paused the implementation of our succession planning as
companies and countries navigated their way through the Covid-19 pandemic.
I am now pleased to report to you that the Board recommenced the recruitment
process for my successor during the course of 2021. The process was
led by the Nominations Committee, chaired by David Mashiter, and resulted,
subject to no objection from the Jersey Financial Services Commission,
in the appointment of Ronald Gould as a non-executive director and
Chairman designate on 28 October 2021.
Ronald has a long career in investment management and banking, coupled
with extensive work in the UK and Asia. I believe that I will be leaving
the reins of your Company in very good hands when I retire after a
period of handover.
Management fees
I am pleased to report that we have negotiated a change in the management
fee. With effect from 1 September 2021, the start of the current financial
year, we have moved to a flat rate of 0.75% of net assets per annum.
This replaces the tiered structure formally in place of 0.9% of net
assets up to GBP400m and 0.75% of net assets thereafter.
Annual General Meeting
The Company's 15th Annual General Meeting is due to be held on Thursday,
20 January 2022 and, Covid-19 restrictions permitting, we look forward
to being able to report to our shareholders in person. The meeting
will be held at the offices of our investment manager, Janus Henderson
Investors, at 201 Bishopsgate, London, EC2M 3AE with proceedings commencing
at 11.00 am. As is our usual practice, voting will take place on a
show of hands for those physically present at the meeting.
A copy of the Company's Notice of Meeting has been included with this
annual report. For any shareholders unable to attend, we will be offering
you the opportunity to join using the video conferencing software,
Zoom. Due to technological restrictions, we are unable to offer voting
to those attending via Zoom and therefore encourage all shareholders,
particularly those who will not be present in person, to submit their
votes by proxy ahead of the deadline to ensure their vote is taken
into account.
Outlook
The world can be a puzzling place and a challenge for investors at
the best of times. Events over the last few years have been particularly
trying, with increased volatility, and uncertainty sometimes leading
investors to push the panic button.
What then is the outlook for the Asia Pacific region?
The post-industrial world will be driven by innovation, technology
and entrepreneurship. Success in this new paradigm requires three preconditions.
Firstly, a successful economy must have entrepreneurial drive and best
in class technology. Secondly, it must have a population ready and
willing to take up new ideas and products and, finally, it must have
a strong domestic consumer base.
China is well positioned on all three counts. While some of its technology
may have initially been acquired by dubious means, over the past twenty
years it has been mostly homegrown. The speed of technology take up
is high as visitors to China soon discover. China's consumer base is
already enormous and still growing with the urbanisation process continuing.
A recent report from Morgan Stanley forecasts that Chinese consumption
will double to US$12.7 trillion per annum by 2030 which is the same
as the US today.
There are risks to this apparent nirvana. The decoupling of the global
technology supply chain (in particular with the US centred around Huawei)
will negatively impact China's development at least in the short run.
Property prices are unaffordable for many and developers are over leveraged;
some face the prospect of financial failure. With the fertility rate
at 1.3, China is facing an ageing population and a rising dependency
ratio. This poses risks to economic growth and the government's often
stated objective of achieving European standards of living by 2049.
Some fear that wealth disparity might lead to social instability. This
is reinforced by the astronomical cost of rearing children when measured
against middle class income levels.
These problems have been well flagged to investors. The Chinese government
has decided now is the time to introduce a more interventionist stance
to tackle these problems. This has alarmed investors. However, the
private sector will survive and continue to be the main engine of growth,
but businesses will have to factor in government policy and work towards
its aims rather than against them. This can provide significant opportunities
as well as risk because of the clarity of the policy direction and
the capacity of the Chinese state to implement its strategies.
China will continue to face pushback from the West particularly from
the US due to concerns over its increasing assertiveness, rapidly rising
military spending, disregard for the special status of Hong Kong and
the stated intention of reunification with Taiwan. Thus, the geopolitical
environment will remain tense for the foreseeable future.
From an investor's perspective, the outlook for China and the Asia
Pacific remains attractive. The Henderson Far East Income Limited Asia
Pacific Dividend Index 2021, which we published in June this year,
highlighted the outlook for the two key investment components - profits
and dividends - by noting that:
'Since 2010 pre-tax earnings (in Asia Pacific ex Japan) have risen
80% compared to just 2% for the rest of the world driving a significant
increase in the region's share of the global profit pie.'
On dividends the report had this to say:
'Looking at income, dividend growth in the region has also been significantly
faster than the global average, up 139% over the last 10 years compared
to 109% for the rest of the world.'
China, South Korea and Taiwan have weathered the Covid-19 crisis well
whilst south and south east Asia have suffered. But even there the
outlook for growth is encouraging. Vietnam, Indonesia, Thailand and
the Philippines are benefiting from supply chain adjustments as companies
relocate to avoid western sanctions on China.
The strong dividend growth coming from Asia Pacific is well supported
by the fundamentals of robust profit growth, cash flow and low net
debt. Currently dividend cover is 2.4x compared with 1.6x in the rest
of the world.
Asia is where the growth is and will continue to be. As an example
of the disparity in growth rates, in 2010 the UK produced 5% of global
pre-tax profits while China produced 9%. By 2020 the contribution from
the UK declined to just 1% while China contributed 20%.
It is understandable that anxiety about the impact of climate change
is widespread and growing. The results of fossil fuel emissions are
clear for all to see. What is not clear is the path to the target of
'net zero by 2050', which we are told is necessary in order to limit
temperature gains to 1.5 degrees centigrade or near to it. Hopefully,
the next UN Climate Change Conference, COP26, to be held in Glasgow
in November 2021 will find practical ways forward.
The need for global cooperation on climate change is clear. The US,
EU, China and India will have to work together by sharing information
and technology and developing solutions that work for all. Different
countries are in different stages of development with different energy
mixes. China and India combined account for 65% of global thermal coal
use while the Asia Pacific region, as a whole, accounts for approximately
80%. The idea that abundant clean energy is available to all at the
flick of a switch is unfortunately a fantasy. While a great deal of
progress has been made in reducing the cost of alternatives, particularly
solar and wind, the roll out takes time. As we can already see from
signs in China and India, without sufficient energy the global economy
will stall. Economic growth is critical to climate change solutions.
It is growth that will supply the trillions of dollars needed to install
the necessary infrastructure and undertake experiments with all the
other energy alternatives. The right balance needs to be found so it
is difficult to understand why some banks, insurance companies and
investor groups are using their power to limit coal production. This
has just resulted in pushing up the coal price to a new high, increasing
costs for all businesses in countries where coal is a large part of
the energy mix and lowering economic growth. There is a similar story
with oil and gas. We need properly thought-out solutions, when it is
clear that the energy created by fossil fuels is vital to short term
stability and will play a significant part in creating the wealth to
fund the climate change solution. And we need better leadership on
this issue from these institutions.
I believe we have every reason to expect that Asia Pacific will continue
to provide ample opportunities for income generating investment allowing
us to fulfil our mandate and justify a place in any diversified portfolio.
John Russell
Chairman
28 October 2021
1 Consumer Price Index at 31 August 2021
Fund mANAGERS' REPORT
Region
In last year's report we commented on the incredible period we had
just endured. We would have hoped that one year on things would be
clearer, but sadly this year the same considerations still apply. The
pandemic is now not something that can be defeated, but something that
we have to live with while the stop/start nature of a return to normal
is causing uncertainty and increased volatility.
Despite the uncertainty, asset prices continue to push higher. The
S&P 500 was up almost 30% in US dollar terms over the twelve months
to the end of August 2021 while property prices in the US, UK, Australia
and elsewhere remain very well sustained. Record low interest rates
and accommodating government and central bank policies have kept liquidity
abundant and while equity and property markets do not have much valuation
support at current levels, they have more appeal than cash and bonds.
Equities have also been supported by strong earnings growth forecasts
from a low base in 2020. With earnings forecast to grow by 30% it becomes
much easier to justify high earnings multiples, although clearly this
will be a much more difficult task in 2022.
By comparison, Asia Pacific markets have struggled to keep pace. The
region's success in dealing with the initial phase of the pandemic
has been its biggest headwind in the recovery phase. With regional
GDP proving much more resilient than elsewhere, the monetary and fiscal
response has been more muted than western counterparts, while a disappointing
vaccination rollout program and a 'zero tolerance to Covid-19' strategy
has ironically put the region behind western economies in the race
to normality. This has been particularly true for South Asia where,
in some cases, less than 20% of the population has been vaccinated.
Thailand, Indonesia, the Philippines and Vietnam fall into the same
category and this has been reflected in economic and market performance.
On the whole, the best performing markets were in North Asia with Korea
and Taiwan both benefiting from the strong work-from-home demand for
electronic products. The exception in South Asia was India where, despite
some pressure from a Covid-19 escalation earlier in the year, the market
rose by over 50% in sterling terms as the pandemic was brought swiftly
under control and vaccination levels accelerated. Despite the weakness
of the Chinese internet companies, the technology sector still outperformed
the regional average driven by hardware and semiconductors while the
strength of iron ore and copper helped the materials sector post gains
of over 40%. Consumer discretionary was the only sector to post negative
returns as ongoing regional lockdowns dampened activity.
China
The major headwind for the region has been the poor performance of
China, which was the only major market to fall in sterling terms over
the period. After a solid 2020 when GDP growth and earnings rose while
most of the rest of the world fell, the Chinese economy was the first
to enter a tightening phase in the first quarter of 2021, which unsettled
investors who had been used to a one-way street of supportive monetary
and fiscal policy. The market was not helped by the regulatory clampdown
on the internet sector which started with the cancellation of the Ant
Group initial public offering in November 2020, but subsequently expanded
to other areas as regulators challenged monopolistic practices and
data protection. From their peak in the middle of February 2021 to
the end of August 2021, Alibaba and Tencent, the two largest stocks
in the MSCI China index, fell by 38% and 36% respectively, accounting
for the majority of the index decline.
Alongside the clampdown on the internet sector, there has been a greater
focus on the alleviation of wealth inequality. Under the banner of
'common prosperity', measures have been put in place to reduce the
cost of living for low and middle-income households while encouraging
greater social responsibility from corporates and the more well off.
In particular, the focus has been on the key living costs associated
with health care, education and property, so it is no surprise that
stocks exposed to these areas have performed poorly as profit models
are re-assessed.
These policies introduced to rein in the power of the internet companies,
the protection of data and the attempts to tackle the problems of inequality,
are admirable and will serve China well in the future if successful.
However, the handling and timing of these announcements leave something
to be desired and have caused uncertainty to the point where some investors
are classing the country as un-investible. We don't share this view
and realise now, more than ever, the importance of investing alongside
government objectives rather than against them.
Performance
Although it is always pleasing to report on a positive NAV total return,
we think it is fair to say that the capital performance of your Company
has been disappointing compared to regional indices and peers. The
NAV total return was 7.2% over the period compared to 17.3% for the
FTSE All-World Asia Pacific ex Japan Index and 16.7% for the MSCI AC
Asia Pacific ex Japan High Dividend Yield Index.
Our process focuses on a portfolio combining high and sustainable yield
alongside companies with dividend growth which will be the high yielders
of the future. The capital upside for this strategy comes from identifying
undervalued yield stocks and companies that will surprise the market
with dividends above expectations. Over the last eighteen months, yield
as a style has been out of favour while dividend growth in Asia has
been ignored with investors choosing to focus on structural themes.
The underperformance of the strategy compared to regional indices reflects
these style differences.
The returns relative to the high yield index are harder to explain,
but reflect the portfolio's greater focus on yield. Some of the best
performers in the high yield index were the Singaporean and Australian
banks which cut their dividends during the pandemic. At current levels,
the Company has a dividend yield of 7.8% and could not incorporate
these lower yielding companies into the portfolio without impacting
the Company's revenue generation. It is fair to say that the focus
on yield has held back capital appreciation over the last twelve months,
but we continue to believe that this is a process and strategy that
can deliver attractive total returns when economic conditions allow.
With record low interest rates likely to remain in place for some time
and ageing populations requiring a dependable income stream, we believe
that the performance of yield stocks will improve in the months and
years ahead. This process has proved successful in the past and we
believe it will be again in the future.
At the stock level there were positive contributions from technology
component companies Samsung Electronics, Taiwan Semiconductor and Yageo,
which all rose over 40% during the period while software company Chinasoft,
rose 62%. There was success with Australian investment bank, Macquarie
and Korean telecom company, SK Telecom, which both gained more than
20% while our position in closed end investment company Vietnam Opportunities
Fund rose over 40%, reflecting Vietnam's successful navigation through
the pandemic. On the negative side, our positions in Chinese materials,
consumer staples, property and construction detracted from performance.
China Resources Cement fell 35%, China Railway Construction 24%, China
Overseas Land 21% and Hengan International 18%.
ESG
Environmental, social and governance ('ESG') concerns are a core part
of our investment approach, but we believe in a pragmatic stance that
looks to engage rather than avoid. We believe that the transition from
where we are to where we want to be is the most important part of this
process and consider it unhelpful to impose developed market ideologies
on countries that are at a different stage of development. What this
means in practice is that we don't exclude any sector, with the exception
of munitions, from our investment universe, but look to invest in the
best, cleanest and socially aware companies in their respective sectors
and work with them to set and achieve targets for improvement. Our
belief is that the best companies will take market share away from
the worst over time, improving the environment and working conditions
for all. As a responsible investor, it is our duty to help this transition
rather than to divest and hand that responsibility to someone else.
We regularly engage with the companies we invest in to ensure that
the targets set are viable and that there is a clear and coherent strategy
on how to achieve them.
Revenue
Although the Company's capital performance has been disappointing the
income generation has been resilient. Dividend income from the invested
portfolio increased 5.4% compared to the prior year and total income
by 4.1%. The income from option writing declined 9% due to lower volatility
compared to 2020. On a per share basis total revenue was down 2.1%
as a result of 9.6m new shares being issued over the period - a 6.8%
increase on the issued share capital at the start of the financial
year.
For the first time since the Company launched in 2007 the dividend
distributed has not been covered by the revenue generated. The shortfall
has resulted in a small drawdown of the reserves which will stand at
just under a half years' worth of dividends following payment of the
4(th) interim dividend for the year.
Although we aim to cover the dividend over the longer term there may
be periods where reserves are utilised to ensure that revenue generation is smoothed through a cycle. The growth in income in 2021 compared to last year is testament to the strong underlying growth of dividends in Asia Pacific although on a per share basis this was diluted by share issuance. There was also a negative impact on revenue from the 2.5% increase in sterling compared to Asian currencies over the period while some significant dividends were received just after the period end which will bolster next year's figures. Strategy We continue to focus on attractively valued companies with a sustainable yield and those able to grow their dividends over time. Although many markets are close to all time highs, the extreme discrepancy between highly valued thematic plays and cheap real economy sectors leave plenty of opportunities for the value orientated investor. The portfolio characteristics of 12x forward price to earnings with 15% earnings growth forecast and forward dividend yield of 5.5%, make it difficult to be negative on the stocks we own in the portfolio. The perfect stock for our process combines growth, value and income, and we are predominantly finding these characteristics in two sectors. Firstly financials, primarily banks, which are benefiting from rising interest rates, lower provisioning and a more generous dividend policy, especially in Korea, Taiwan and Hong Kong. The second sector is materials and energy. The lack of supply and new demand from electric vehicles, electronics and alternative energy will continue to support the price of industrial metals such as copper well beyond the normal economic cycle. It is a similar story for energy and, in particular, natural gas pricing which is seen by many as the transition fuel from the highly polluting fossil fuels like coal and oil, to the future based on solar, hydro and wind. We own BHP Group Limited, Rio Tinto Limited, OZ Minerals and Woodside Petroleum, which play to these themes. Outside of these core areas, we continue to prefer the enablers of trends rather than the front-line players. In the tech space we like software and semiconductors, while we also like logistics in the property sector as a play on the increase in e-commerce. At the country level, we have become more defensive on China as we see some weakness in economic numbers into 2022 as the Evergrande debt issue is unwound and power cuts impact manufacturing and economic activity. Although we expect a more accommodative policy stance going forward, the pressure on power generation and raw material pricing makes the traditional model of increased investment spending more troublesome than in previous cycles. We are focusing on software, financial services, consumption and building materials. Outlook Although we are positive on the medium to long term outlook for the Asia Pacific region, we are a little nervous on the outlook for equity markets in general for 2022. The earnings momentum, which has been so strong off a low base in 2021, will be difficult to improve upon in 2022 while inflationary pressures, from rising input prices, and the potential for economic support measures to be withdrawn, doesn't bode well for equity markets trading at relatively rich multiples. Although Asian valuations are more attractive, a reduction in global liquidity has not historically been supportive for the region, although regional economies are in far better shape than their western peers with many more levers to pull to offset any potential downturn. The case is the same for dividends where strong balance sheets, high cash flow generation and low payout ratios make the dividend story for the region one of the most compelling. We expect that yield stocks will perform relatively well in this environment of higher volatility and we remain focused on adding the most attractive stocks that fit our process as and when opportunities arise. Mike Kerley and Sat Duhra Fund Managers 28 October 2021
Investment portfolio as at 31 August 2021
Rank Rank Company Country Sector Valuation % of
2021 2020 of incorporation 2021 portfolio
GBP'000
------ ------ ------------------------------------ ------------------ ------------------- ---------- -----------
1 4 BHP Group Limited Australia Basic Materials 20,414 4.42
2 - ASE Technology Taiwan Technology 17,438 3.77
Macquarie Korea Infrastructure
3 7 Fund South Korea Financials 16,289 3.53
4 6 Rio Tinto Limited Australia Basic Materials 16,072 3.48
Taiwan Semiconductor
5 1 Manufacturing(1) Taiwan Technology 14,593 3.16
VinaCapital Vietnam Opportunity
6 25 Fund Vietnam Financials 14,478 3.13
7 19 SK Telekom(1) South Korea Telecommunications 13,515 2.92
8 2 Samsung Electronics(2) South Korea Technology 13,477 2.92
9 - Hindustan Petroleum India Energy 13,163 2.85
10 11 Macquarie Group Australia Financials 12,263 2.65
------ ------ ------------------------------------ ------------------ ------------------- ---------- -----------
Top ten investments 151,702 32.83
11 - OZ Minerals Australia Basic Materials 12,207 2.64
12 31 CTBC Financials Holdings Taiwan Financials 12,046 2.61
13 9 AIA Group Hong Kong Financials 11,935 2.58
14 - LG Corp South Korea Industrials 11,820 2.56
15 3 Taiwan Cement Taiwan Industrials 11,669 2.53
16 - Chinasoft China Technology 11,667 2.52
17 16 Sun Hung Kai Properties Hong Kong Real Estate 11,581 2.51
18 - KB Financial South Korea Financials 11,554 2.50
19 8 HKT Trust & HKT Hong Kong Telecommunications 11,480 2.48
Australia & New Zealand
20 - Banking Corp Australia Financials 11,432 2.47
------ ------ ------------------------------------ ------------------ ------------------- ---------- -----------
Top twenty investments 269,093 58.23
21 27 Telekom Indonesia Persero Indonesia Telecommunications 11,407 2.47
22 21 Yageo Taiwan Technology 11,303 2.45
23 - Swire Pacific Hong Kong Industrials 10,234 2.21
Consumer
24 - China Yongda Automobiles China Discretionary 10,204 2.21
25 18 Ascendas REIT Singapore Real Estate 10,180 2.20
26 36 Dexus Australia Real Estate 10,119 2.19
27 23 Quanta Computers Taiwan Technology 9,593 2.08
28 5 CITIC Securities China Financials 9,459 2.05
29 17 China Construction Bank China Financials 9,434 2.04
30 - BOC Hong Kong Hong Kong Financials 9,423 2.04
------ ------ ------------------------------------ ------------------ ------------------- ---------- -----------
Top thirty investments 370,449 80.17
31 - Yuanta Financial Taiwan Financials 9,275 2.01
Digital Telecommunications
32 22 Infrastructure Fund Thailand Telecommunications 9,215 1.99
Consumer
33 - Topsports China Discretionary 9,101 1.97
34 10 Spark New Zealand New Zealand Telecommunications 9,049 1.96
35 - Stockland Australia Real Estate 8,853 1.92
Consumer
36 - NetEase China Discretionary 8,826 1.91
37 - Singapore Telecommunications Singapore Telecommunications 8,806 1.91
38 - China Shenhua Energy China Basic Materials 8,523 1.81
39 - Mapletree Logistics Singapore Real Estate 8,299 1.80
40 - Woodside Petroleum Australia Energy 7,734 1.67
------ ------ ------------------------------------ ------------------ ------------------- ---------- -----------
Top forty investments 458,130 99.15
41 - Venustech China Technology 4,395 0.95
42 40 China Forestry Holdings China Basic Materials - -
Chinasoft International
43 - Call 13.5 (expiry 16/9/21) China Technology (139) (0.03)
NetEase Put 131 (expiry Consumer
44 - 25/11/21) China Discretionary (301) (0.07)
Total investments 462,085 100.00
1 American Depositary Receipts
2 Preferred Shares
Sector exposure at 31 August 2021
(% of portfolio excluding cash)
2021 2020
% %
------------------------ ------ ------
Financials 27.6 21.3
Technology 17.8 16.9
Telecommunications 13.7 17.1
Basic Materials 12.5 8.3
Real Estate 10.6 14.3
Industrials 7.3 7.6
Consumer Discretionary 6.0 3.7
Energy 4.5 1.4
Utilities - 4.0
Consumer Staples - 5.4
------ ------
100.0 100.0
Geographic exposure at 31 August
2021
(% of portfolio excluding cash)
2021 2020
% %
------------------ -------- --------
Australia 21.4 16.8
China 15.4 25.5
Hong Kong 11.8 11.0
India 2.9 0.0
Indonesia 2.5 2.3
New Zealand 2.0 2.8
Singapore 5.9 5.4
South Korea 14.4 10.0
Taiwan 18.6 18.2
Thailand 2.0 5.6
Vietnam 3.1 2.4
-------- --------
100.0 100.0
MANAGING RISKS
Investing, by its nature, carries inherent risk. A matrix of these
risks, and the steps taken to mitigate them, is maintained and kept
under regular review by the Board. This includes having in place a
schedule of investment limits and restrictions, appropriate to the
Company's investment objective and policy.
The Board, with the assistance of the Manager, regularly carries out
an assessment of the principal and emerging risks and uncertainties
facing the Company which could threaten the business model and future
performance, solvency and liquidity of the portfolio. The assessment
includes consideration of the possibility of severe market disruption,
which, for the second consecutive year, focused on the changing impact
of the Covid-19 pandemic on global markets. The principal risks which
have been identified and the steps we have taken to mitigate these
are set out in the table below. We do not consider these risks to have
changed during the period.
* Investment and strategy
An inappropriate investment strategy, for example, in terms of asset
allocation or level of gearing, may result in underperformance against
the companies in the peer group, and in the Company's shares trading
on a wider discount. Investments in Asian markets may be impacted by
political, market and financial events resulting in changes to the
market value of the Company's portfolio.
We manage these risks by ensuring a diversification of investments
and a regular review of the extent of borrowings. The Manager operates
in accordance with investment limits and restrictions determined by
the Board, which include limits on the extent to which borrowings may
be employed. We review compliance with limits and monitor performance
at each Board meeting.
* Accounting, legal and regulatory
The Company is regulated by the Jersey Financial Services Commission
and is required to comply with the Companies (Jersey) Law 1991, the
Financial Conduct Authority's Listing Rules, Transparency Guidance
and Disclosure Rules and Prospectus Rules and the Listing Rules of
the New Zealand Stock Exchange. To retain investment trust status,
the Company must comply with the provisions of s.1158 of the Corporation
Tax Act 2010. A breach of company law could result in the Company being
subject to criminal proceedings or financial and reputational damage.
A breach of the listing rules could result in the suspension of the
Company's shares. A breach of s.1158 could result in capital gains
realised within the portfolio being subject to corporation tax.
The Manager provides investment, company secretarial, administration
and accounting services through qualified professionals. The Board
receives quarterly internal control reports from the Manager which
demonstrate compliance with legal and regulatory requirements and assess
the effectiveness of the internal control environment in operation
at the Manager and our key third-party service providers at least annually.
We have once again sought assurances from the Manager of their ability
to continue to function effectively as staff continue to work from
home.
* Operational
Disruption to, or the failure of, the Manager or the administrator's
accounting, dealing, or payment systems or the custodian's records
could prevent the accurate reporting or monitoring of the Company's
financial position.
The Company may be exposed to cyber risk vulnerabilities through one
or more of its service providers.
The administrator, BNP Paribas Securities Services S.C.A., Jersey Branch,
sub-contracts some of the operational functions (principally relating
to trade processing, investment administration and accounting) to BNP
Paribas Securities Services.
The Board engages reputable third-party service providers and formally
evaluates their performance, and terms of appointment, at least annually.
The Audit Committee assesses the effectiveness of internal controls
in place at the Company's key third-party services providers through
review of their ISAE 3402 reports, quarterly internal control reports
from the Manager and monthly reporting on compliance with the investment
limits and restrictions established by the Board.
* Financial
The financial risks faced by the Company include market (comprising
market price, currency risk and interest rate risk), liquidity risk
and credit risk.
We determine the investment parameters and monitor compliance with
these at each meeting. We review the portfolio liquidity at each meeting
and periodically consider the appropriateness of hedging the portfolio
against currency risk. The Board reviews the portfolio valuation at
each meeting.
Investment transactions are carried out by a large number of approved
brokers whose credit standard is periodically reviewed and limits are
set on the amount that may be due from any one broker, cash is only
held with the depositary/custodian or reputable banks.
We review the broad structure of the Company's capital including the
need to buy back or allot ordinary shares and the extent to which revenue
in excess of that which is required to be distributed, should be retained.
Further detail on how we mitigate these risks are set out in note 13
in the annual report.
VIABILITY STATEMENT
In keeping with provisions of the Code of Corporate Governance issued
by the Association of Investment Companies (the 'AIC Code'), the hawse
have assessed the prospects of the Company over a period longer than
the 12 months required by the going concern provision.
We consider the Company's viability over a five-year period as it believes
this is a reasonable timeframe reflecting the longer-term investment
horizon for the portfolio, but which acknowledges the inherent shorter
term uncertainties in equity markets. As part of the assessment, we
have considered the Company's financial position, as well as its ability
to liquidate the portfolio and meet expenses as they fall due. The
following aspects formed part of our assessment:
* the Company's purpose and approach which means we
remain a medium to long term investor;
* consideration of the principal risks and
uncertainties facing the Company and determination
that no materially adverse issues had been
identified;
* the nature of the portfolio which remained diverse
comprising a wide range of stocks which were traded
on major international exchanges meaning that, in
normal market conditions, three quarters of the
portfolio could be liquidated in ten days;
* the closed end nature of the Company which does not
need to account for redemptions;
* the level of the Company's revenue reserves and
banking facility; and
* the expenses incurred by the Company, which are
predictable and modest in comparison with the assets
and the fact that there are no capital commitments
currently foreseen which would alter that position.
Based on the results of the viability assessment, we have a reasonable
expectation that the Company will be able to continue its operations
and meet its expenses and liabilities as they fall due for our assessment
period of five years. We will revisit this assessment annually and
provide shareholders with an update on our view.
RELATED PARTY TRANSACTIONS
The Company's current related parties are its directors and the Manager.
There have been no material transactions between the Company and the
directors during the year, with the only amounts paid to them being
in respect of expenses and 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 have
been no material transactions with the Manager affecting the financial
position of the Company during the year under review. More details
on transactions with the Manager, including amounts outstanding at
the year end, are given in note 19 in the annual report.
Directors' responsibility STATEMENTS
Each of the directors confirms that, to the best of his or her knowledge:
* the Company's financial statements, which have been
prepared in accordance with IFRS as adopted by the
European Union on a going concern basis, give a true
and fair view of the assets, liabilities, financial
position and profit of the Company; and
* 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.
For and on behalf of the Board
John Russell
Chairman
28 October 2021
Statement of Comprehensive Income
Year ended 31 August Year ended 31 August 2020
2021
Revenue Capital Total Revenue Capital Total
return return return return return return
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- --------- ---------- ----------- --------- ---------- -----------
Investment income (note 3) 37,236 - 37,236 35,344 - 35,344
Other income (note 4) 3,103 - 3,103 3,410 - 3,410
Losses on investments held
at fair value through profit
or loss - (1,791) (1,791) - (78,516) (78,516)
Net foreign exchange loss
excluding foreign exchange
losses on investments - (216) (216) - (836) (836)
--------- ---------- ----------- --------- ---------- -----------
Total income 40,339 (2,007) 38,332 38,754 (79,352) (40,598)
Expenses
Management fees (2,022) (2,023) (4,045) (1,942) (1,942) (3,884)
Other expenses (469) (469) (938) (494) (494) (988)
--------- ---------- ---------- --------- ---------- ----------
Profit/(loss) before finance
costs and taxation 37,848 (4,499) 33,349 36,318 (81,788) (45,470)
Finance costs (87) (87) (174) (101) (100) (201)
--------- -------- --------- --------- -------- ---------
Profit/(loss) before taxation 37,761 (4,586) 33,175 36,217 (81,888) (45,671)
Taxation (3,988) 490 (3,498) (3,630) 482 (3,148)
--------- --------- ---------- --------- --------- ----------
Profit/(loss) for the year
and total comprehensive income 33,773 (4,096) 29,677 32,587 (81,406) (48,819)
====== ====== ====== ====== ====== ======
Earnings/(losses) per ordinary
share - basic and diluted
(note 5) 23.22p (2.82p) 20.40p 23.71p (59.23p) (35.52p)
====== ====== ====== ====== ====== ======
The total column of this statement represents the Statement of Comprehensive
Income, prepared in accordance with IFRS 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 August 2021
Stated
share Distributable Capital Revenue
capital reserve reserves reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- ----------- ---------------- ----------- ----------- -----------
Total equity at 31 August
2020 204,875 180,471 14,653 25,928 425,927
Total comprehensive income:
(Loss)/profit for the year - - (4,096) 33,773 29,677
Transactions with owners,
recorded directly to equity:
Dividends paid - - - (34,040) (34,040)
Shares issued 31,188 - - - 31,188
Share issue costs (108) - - - (108)
---------- ---------- ---------- ---------- ----------
Total equity at 31 August
2021 235,955 180,471 10,557 25,661 452,644
====== ====== ====== ====== ======
Year ended 31 August 2020
Stated
share Distributable Capital Revenue
capital reserve reserves reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- ----------- ---------------- ----------- ----------- -----------
Total equity at 31 August
2019 167,599 180,471 96,059 24,992 469,121
Total comprehensive income:
(Loss)/profit for the year - - (81,406) 32,587 (48,819)
Transactions with owners,
recorded directly to equity:
Dividends paid - - - (31,651) (31,651)
Shares issued 37,458 - - - 37,458
Share issue costs (182) - - - (182)
---------- ---------- ---------- ---------- ----------
Total equity at 31 August
2020 204,875 180,471 14,653 25,928 425,927
====== ====== ====== ====== ======
The total column of this statement represents the Statement of Changes
in Equity, prepared in accordance with IFRS as adopted by the European
Union.
The Statement of Changes in Equity is presented in a columnar basis
to include separate disclosure of share capital and the various reserves
under guidance published by the Association of Investment Companies.
BALANCE SHEET
31 August 31 August
2021 2020
GBP'000 GBP'000
----------------------------------------------- ----------- -----------
Non current assets
Investments held at fair value through profit
or loss 462,525 423,694
Current assets
Other receivables 5,351 14,384
Cash and cash equivalents 13,693 3,879
---------- ----------
19,044 18,263
---------- ----------
Total assets 481,569 441,957
---------- ----------
Current liabilities
Investments held at fair value through profit
or loss - written options (440) (1,090)
Deferred taxation (78) (64)
Other payables (2,953) (7,407)
Bank loans (25,454) (7,469)
---------- ----------
(28,925) (16,030)
---------- ----------
Net assets 452,644 425,927
====== ======
Equity attributable to equity shareholders
Stated share capital 235,955 204,875
Distributable reserve 180,471 180,471
Retained earnings:
Capital reserves 10,557 14,653
Revenue reserves 25,661 25,928
---------- ----------
Total equity 452,644 425,927
====== ======
Net asset value per ordinary share 299.58p 301.02p
====== ======
STATEMENT OF CASH FLOWS
Year ended Year ended
31 August 31 August
2021 2020
GBP'000 GBP'000
------------------------------------------------------ ----------- -----------
Operating activities
Profit/(loss) before taxation 33,175 (45,671)
Add back finance costs payable 174 201
Losses on investments held at fair value through
profit or loss 1,791 78,516
Net foreign exchange loss excluding foreign exchange
losses on investments 216 836
Sales of investments 478,991 524,714
Purchases of investments (520,263) (549,180)
Increase/(decrease) in prepayments and accrued
income (1,555) 795
Decrease/(increase) in amounts due from brokers 10,797 (10,318)
(Decrease)/increase in amounts due to brokers (5,231) 5,231
Increase in other payables 943 41
Stock dividends included in investment income - (180)
---------- ----------
Net cash (outflow)/inflow from operating activities
before interest and taxation (962) 4,985
Interest paid (175) (200)
(Decrease)/increase in corporation tax payable (210) 166
Withholding tax on investment income (3,648) (3,170)
---------- ----------
Net cash (outflow)/inflow from operating activities
after interest and taxation (4,995) 1,781
---------- ----------
Financing activities
Net loan repayment 17,265 (8,886)
Equity dividends paid (34,040) (31,651)
Share issue proceeds 31,188 37,458
Share issue costs (108) (182)
---------- ----------
Net cash inflow/(outflow) from financing 14,305 (3,261)
---------- ----------
Increase/(decrease) in cash and cash equivalents 9,310 (1,480)
Cash and cash equivalents at the start of the year 3,879 6,360
Exchange movements 504 (1,001)
---------- ----------
Cash and cash equivalents at the end of the year 13,693 3,879
====== ======
NOTES TO THE FINANCIAL STATEMENTS
1. General information
The entity is a closed end company, registered as a no par value company
under the Companies (Jersey) Law 1991, with its shares listed on the
London and New Zealand stock exchanges.
The company was incorporated on 6 November 2006.
2. Accounting policies
The Company's financial statements for the year ended 31 August 2021
have been prepared in accordance with International Financial Reporting
Standards as adopted by the European Union ('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 International Accounting Standards Committee ('IASC') that remain
in effect, to the extent that IFRS have been adopted by the European
Union.
The financial statements have been prepared on a going concern basis
and on the historical cost basis, except for the revaluation of financial
assets and liabilities designated as held at fair value through profit
and loss.
The financial statements are presented in sterling and all values are
rounded to the nearest thousand pounds (GBP'000) except where otherwise
indicated.
3. Investment income
2021 2020
GBP'000 GBP'000
------------------------------------------------------ ------------- ------------
Overseas investment income 37,236 35,164
Stock dividends - 180
---------- ----------
37,236 35,344
====== ======
Analysis of investment income by geography:
------------------------------------------------------ ------------- ------------
Australia 6,294 7,513
China 12,437 12,761
Hong Kong 2,582 2,373
India 1,121 617
Indonesia 905 765
New Zealand 637 746
Singapore 868 1,421
South Korea 4,814 2,826
Taiwan 5,996 4,459
Thailand 1,311 1,620
Vietnam 271 243
---------- ----------
37,236 35,344
====== ======
All of the above income is derived from equity related investments.
4. Other income
2021 2020
GBP'000 GBP'000
------------------------- --------- ---------
Bank and other interest 1 14
Option premium income 3,102 3,396
-------- --------
3,103 3,410
===== =====
5. Earnings per ordinary share
The earnings per ordinary share figure is based on the net profit for
the year of GBP29,677,000 (2020: loss GBP48,819,000) and on the weighted
average number of ordinary shares in issue during the year of 145,462,386
(2020: 137,436,515).
The earnings per ordinary share figure can be further analysed between
revenue and capital, as below:
2021 2020
GBP'000 GBP'000
------------------------------------------------------------------ ---------------------- ------------------------
Net revenue profit 33,773 32,587
(4,096) (81,406)
Net capital loss ---------- ----------
Net total profit/(loss) 29,677 (48,819)
====== ======
Weighted average number of ordinary shares in
issue during the year 145,462,386 137,436,515
2021 2020
Pence Pence
------------------------------------------------------------------ ---------------------- ------------------------
Revenue earnings per ordinary share 23.22 23.71
(2.82) (59.23)
Capital loss per ordinary share --------- ---------
Total earnings/(losses) per ordinary share 20.40 (35.52)
===== =====
The Company has no securities in issue that could dilute the return
per ordinary share. Therefore the basic and diluted earnings per ordinary
share are the same.
6. Dividends
2021 2020
Dividend Record date Pay date GBP'000 GBP'000
----------------------------------- ----------------- -------------------- ----------------- -----------------
Fourth interim dividend 5.70p 1 November 29 November
for the year ended 2019 2019 2019 - 7,627
First interim dividend 5.70p 31 January 28 February
for the year ended 2020 2020 2020 - 7,822
Second interim dividend 5.70p
for the year ended 2020 1 May 2020 29 May 2020 - 7,995
Third interim dividend 5.80p
for the year ended 2020 31 July 2020 28 August 2020 - 8,207
Fourth interim dividend 5.80p 30 October 27 November 8,237 -
for the year ended 2020 2020 2020
First interim dividend 5.80p 29 January 26 February 8,343 -
for the year ended 2021 2021 2021
Second interim dividend 5.80p 30 April 2021 28 May 2021 8,563 -
for the year ended 2021
Third interim dividend 5.90p 30 July 2021 27 August 2021 8,897 -
for the year ended 2021 --------- ----------
34,040 31,651
====== ======
The fourth interim dividend for the year ended 31 August 2021 has not
been included as a liability in these financial statements as it was
announced and paid after the year end. The table which follows sets
out the total dividends paid and to be paid in respect of the financial
year and the previous year. The revenue available for distribution
by way of dividend for the year is GBP33,773,000 (2020: GBP32,587,000).
The total dividends payable in respect of the financial year which
form the basis of section 1158 of the Corporation Tax Act 2010 are
set out below:
2021 2020
GBP'000 GBP'000
------------------------------------------------------------------------------------- --------------- ------------
Revenue available for distribution by way of dividend
for the year 33,773 32,587
First interim dividend of 5.80p (2020: 5.70p) paid 26
February 2021 (28 February 2020) (8,343) (7,822)
Second interim dividend 5.80p (2020: 5.70p) paid 28 May
2021 (29 May 2020) (8,563) (7,995)
Third interim dividend 5.90p (2020: 5.80p) paid 27 August
2021 (28 August 2020) (8,897) (8,207)
Fourth interim dividend for the year ended 31 August
2021 of 5.90p (2020: 5.80p) (based on 151,093,564 shares
in issue at 28 October 2021 and payable on 26 November (8,915) (8,237)
2021) (2020: 142,023,564) -------- --------
Undistributed revenue for s.1158 purposes (945) 326
===== =====
7. Net asset value per share
The basic net asset value per ordinary share and the net asset value
attributable to ordinary shareholders at the year end calculated in
accordance with the Articles of Association were as follows:
2021 2020
Net asset Net asset
value per Net asset value per Net asset value
share value attributable share attributable
pence GBP'000 pence GBP'000
----------------- ----------- --------------------- ----------- ----------------------------
Ordinary shares 299.58p 452,644 301.02p 425,927
======= ====== ====== ======
The basic net asset value per ordinary share is based on 151,093,564
(2020: 141,493,564) ordinary shares, being the number of ordinary shares
in issue.
The movements during the year in net assets attributable to the ordinary
shares were as follows:
2021 2020
GBP'000 GBP'000
------------------------------------------------------------------ ------------- -------------
Net assets attributable to ordinary shares at beginning
of year 425,927 469,121
Total net profit/(loss) after taxation 29,677 (48,819)
Dividends paid (34,040) (31,651)
31,080 37,276
Issue of ordinary shares net of issue costs ----------- -----------
Net assets attributable to ordinary shares at 31 August 452,644 425,927
======= =======
8. Stated share capital
2021 2020
Issued Issued and
Authorised and fully GBP'000 fully paid GBP'000
paid
------------------------- -------------- ----------------- ----------- ----------------- -----------
Opening balance at 1
September
Ordinary shares of no
par value Unlimited 141,493,564 204,875 130,678,564 167,599
Issued during the year 9,600,000 31,188 10,815,000 37,458
Share issue costs - (108) - (182)
---------------- ----------- ----------------- -----------
Closing balance at 31 151,093,564 235,955 141,493,564 204,875
August ========= ====== ========== =======
The holders of ordinary shares are entitled to all the capital growth
in the Company and all the income from the Company that is resolved
by the directors to be distributed. Each shareholder present at a general
meeting has one vote on a show of hands and on a poll every member
present in person or by proxy has one vote for each share held.
During the year, the Company issued 9,600,000 (2020: 10,815,000) shares
for the proceeds of GBP31,080,000 (2020: GBP37,276,000) net of costs.
9. Subsequent events
On 19 October 2021, the Company announced an interim dividend of 5.90p
per ordinary share in respect of the year ended 31 August 2021 to shareholders
on the register (the record date) at 29 October 2021. The shares will
be quoted ex-dividend on 28 October 2021.
10. Going concern statement
The assets of the Company consist almost entirely of securities that
are listed and regularly traded and, accordingly, the directors believe
that the Company has adequate financial resources to continue in operational
existence for at least twelve months from the date of approval of the
financial statements. The directors have considered the impact of Covid-19,
including cash flow forecasting, a review of covenant compliance including
the headroom above the most restrictive covenants and an assessment
of the liquidity of the portfolio. They have concluded that they are
able to meet their financial obligations, including the repayments
of the bank loan, as they fall due for at least twelve months from
the date of this report. Despite the net current liability position
at 31 August 2021, having assessed the above factors, the principal
risks and other matters discussed in connection with the viability
statement, the Board has decided that it is appropriate for the financial
statements to be prepared on a going concern basis.
11. Appointment of director
Ronald Gould has been appointed as a non-executive director and the
Chairman designate with effect from 28 October 2021. In accordance
with paragraphs 9.6.13 (1) to (6) of the Listing Rules, there are no
additional details to be disclosed in relation to his appointment.
12. Financial information for 2021
The figures and financial information for the year ended 31 August
2021 are compiled from an extract of the latest financial statements
and do not constitute statutory accounts. These financial statements
included the report of the auditors which was unqualified.
13. Financial information for 2020
The figures and financial information for the year ended 31 August
2020 are compiled from an extract of the published accounts and do
not constitute the statutory accounts for that year.
14. Annual Report 2021
The annual report and financial statements will be posted to shareholders
in November 2021 and copies will be available on the Company's website
at: www.hendersonfareastincome.com.
15. Asia Pacific Dividend Index 2021
The latest edition of the Company's Asia Pacific Dividend Index was
published in June 2021. The Index tracks the trend in dividends paid
by companies listed across this fast-growing part of the world. To
access a copy, visit the Documents section of the Company's website
at: www.hendersonfareastincome.com.
16. Annual General Meeting
The 15th Annual General Meeting will be held at the offices of Janus
Henderson Investors at 201 Bishopsgate, London EC2M 3AE at 11.00 am
on Thursday, 20 January 2022. The Notice of the Meeting will be sent
to shareholders with the Annual Report 2021.
17. General Information
Company Status
The Company is a Jersey domiciled closed end investment company, number
95064, which was incorporated in 2006 and is listed on the London and
New Zealand stock exchanges. The Company became UK tax resident with
effect from 1 September 2018.
SEDOL/ISIN: Ordinary Shares: B1GXH751/JE00B1GXH751
London Stock Exchange (TIDM) code: HFEL
New Zealand Stock Exchange code: HFL
Global Intermediary Identification Number (GIIN): NTTIYP.99999.SL.832
Legal Entity Identifier (LEI): 213800801QRE00380596
Directors and Secretary
The directors of the Company are John Russell (Chairman), Nicholas
George (Chairman of the Audit Committee), Julia Chapman, Timothy Clissold,
Ronald Gould and David Mashiter. The Corporate Secretary is Henderson
Secretarial Services Limited. The registered office is IFC1, The Esplanade,
St Helier, Jersey, JF1 4BP. The Company's principal place of business
is 201 Bishopsgate, London, EC2M 3AE.
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.hendersonfareastincome.com
For further information please contact:
Mike Kerley Sat Duhra
Fund Manager Fund Manager
Henderson Far East Income Limited Henderson Far East Income Limited
Telephone: 020 7818 5053 Telephone: +658 388 3175
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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
FR FELFAAEFSELS
(END) Dow Jones Newswires
October 29, 2021 02:00 ET (06:00 GMT)
1 Year Henderson Far East Income Chart |
1 Month Henderson Far East Income Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
