We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jpmorgan Uk Smaller Companies Investment Trust Plc | LSE:JMI | London | Ordinary Share | GB00BF7L8P11 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 279.00 | 278.00 | 281.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trust,ex Ed,religious,charty | -9.18M | -12.86M | -0.0936 | -29.81 | 383.43M |
TIDMJMI
RNS Number : 6272H
JPMorgan Smaller Cos IT PLC
25 March 2020
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN SMALLER COMPANIES INVESTMENT TRUST PLC
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHSED
31ST JANUARY 2020
Legal Entity Identifier: 549300PXALXKUMU9JM18
Information disclosed in accordance with DTR 4.2.2
CHAIRMAN'S STATEMENT
Performance and discount
In his outgoing statement my predecessor sagely observed that, despite challenging circumstances and market volatility, patient and selective investment in good companies should be rewarded over time. Therefore, I am pleased to report that your company has performed strongly over the six months period ended 31st January 2020. Whilst unfolding events have overtaken this good news, the Company's total return on net assets of +24.1% (with net dividends reinvested) significantly outperformed the benchmark, the Numis Small Cap plus AIM (ex Investment Companies) Index, which delivered +8.9% (in sterling terms). In addition, the total return to shareholders was +31.9% as the net asset return was enhanced by a narrowing of the discount over the period.
This outperformance relative to the benchmark index is explained in the Investment Managers' Report which provides a detailed commentary on the portfolio positioning and their current outlook for investing in the UK.
Loan Facility and Gearing
The Company has a highly flexible borrowing facility of GBP25 million in place with Scotiabank which expired on 4th October 2019 and was then renewed with Scotiabank for a further year. Under the terms of the agreement, the Company has the option to increase the facility commitment amount to GBP35.0 million in two increments of GBP5.0 million subject to certain conditions. In January 2020, the Board increased the amount drawn down on the facility to GBP30.0 million, therefore taking advantage of the accordion facility in place. Given the increase in the net asset value of the company, this gave the managers sufficient additional funding to continue to adjust the gearing tactically within the guidelines.
During a period of low interest rates, the use of gearing is an attractive way of amplifying the effect of rising markets, but inevitably increases the risk of loss if markets fall and volatility. The Company has maintained a fairly constant level of gearing, with the Board giving the Investment Managers flexibility to adjust the gearing tactically within guidelines. During the reporting period, the Company's gearing ranged from 6.1% to 10.2%, ending the half year at 9.8% geared. As at 24th March 2020 the Company's gearing had been reduced to 4.1%, with total borrowings of GBP30.0 million.
Share buybacks
During the six months to 31st January 2020 the Company repurchased 514,217 shares into Treasury for possible re-issue. These shares were acquired at an average discount of 15.2% enhancing net asset value per share by 0.254 pence. Our objective remains to reduce the volatility of the discount and our action during this period demonstrates the Board's aim to act in the best interests of shareholders by making purchases should supply and demand for shares become unbalanced.
Board succession
As noted in the previous Annual Report, I took over as Chairman of the Company following the retirement of Michael Quicke at the Annual General Meeting ('AGM') in November 2019.
Looking ahead, the Board's next priority is to appoint a successor to the Audit Committee Chairman, Andrew Robson, who will retire from the Board at the AGM in 2020. The Board has commenced the search for a suitable candidate.
Outlook
Since the end of the reporting period, markets have been substantially affected by the economic uncertainty caused by the spread of COVID-19. This has been exacerbated by a slump in the price of oil and the unprecedented measures taken to combat the virus. The progression of the pandemic and its economic fallout is highly uncertain and markets dislike uncertainty. Consequently, share prices have been under severe pressure globally and, a result, your company's net asset value has fallen by 37.9% to 199.6p as at 24th March 2020. The discount has also widened markedly. Globally, governments are taking extraordinary measures to try and limit the effect of the virus and the UK government and Bank of England have coordinated a series of significant initiatives. Whilst we await the progression and eventual economic outcome of these events, your managers' focus is, as ever, on assessing the quality and prospects for your investments. Current events not only present heightened risk but also opportunity and, given time, we hope to capitalise on these.
Andrew Impey
Chairman
25th March 2020
INVESTMENT MANAGERS' REPORT
Performance and Market Background
2019 proved to be quite a year! While the global backdrop was one of continuing Middle Eastern agitation, ongoing (although slowly de-escalating) trade wars between China and the USA, and slowing global growth notably in Europe, caused by those trade wars, the main story for the UK stockmarket was all political. The first half of the financial year saw a new Prime Minister in situ, followed by the 31st October Brexit cliff-hanger, stalemate in Parliament, and then the December 2019 election. The outcome of the Election with its decisive victory and significant majority for the Conservatives, and the disappearance of the risk associated with a Corbyn-led Labour government, provided a level of certainty to UK politics that had been lacking for several years.
Against this backdrop, the UK small and mid cap indices performed very strongly. The Numis Smaller Companies plus AIM (ex Investment Companies) Index was up 8.9% over the six months. Your Company outperformed this significantly and produced a total return on net asset value of 24.1%. The decisive Conservative victory in the Election ended the political impasse and removed a significant degree of uncertainty over Brexit. This led to a sharp narrowing of the discount, leading to a share price total return of 31.9%
Portfolio
The strong outperformance of your Company over the first half of the financial year was broad-based. Many of our long-held positions produced very strong returns, among them Games Workshop, Judges Scientific and Avon Rubber. Other notable contributors included Dunelm, which we bought at the start of 2019, and Team 17, purchased at IPO in 2018. The only notable detractor from performance was not owning Frasers (the re-named Sports Direct).
We made a number of changes to the portfolio in the period. We exited two bid stocks, EI Group and Eland, some mining companies such as Ferrexpo and Hochschild, and sold Marstons, Fevertree and Vitec. The money was re-invested into a range of new businesses, both domestic and international, including CVS (a veterinary company), Bank of Georgia and an IPO, Pebble Group (a supplier of promotional merchandise). As we drew closer to the UK Election, and the outcome became more clear, we also added to a number of our more domestically focussed holdings. Post the Election, we increased this tilt further, and at the end of January we had positioned the portfolio to have a 10% overweight exposure to the UK relative to our index. The last time we had any notable overweight exposure to the UK versus International companies was prior to the Referendum in 2016.
Outlook
Post the Election and Parliamentary approval of a withdrawal agreement from the EU, we believe the political outlook for the UK is clearer than it has been for several years. We now have a pro growth, pro investment Government in place and have already seen Government spending accelerating at its fastest pace in 15 years. The recent Budget confirmed this. Low interest rates, low inflation and very low unemployment all add to the more positive picture.
There are two caveats. First, this positive view is dependent on the outcome of the EU withdrawal negotiations this year, and also the progress of trade talks with the USA, Japan and other countries. Second, and clearly dominant, is the threat to the global economy from the coronavirus, COVID-19. If this pandemic is contained in a timely manner then, given the extraordinary measures of support we have seen from the Government, we would expect a very strong bounce back in markets, and the UK, and in particular the harder hit smaller companies, should participate. If, however, the rest of the world does not recover from the COVID-19 impact at the rate that China appears to have, then all markets, including the UK, will continue to struggle.
As discussed above, we repositioned the portfolio to benefit from the more positive outlook in the UK and at the end of the half year on 31st January 2020, we were 9.8% geared. As the impact of COVID-19 began to take effect, we have reduced our gearing level, in order to provide ourselves with firepower when we believe it is time to add to our holdings. Current valuations were supportive prior to the recent very sharp decline in stockmarkets, but clearly it is difficult if not impossible to foresee where earnings levels will turn out for this year. When the current situation, and companies' earnings, normalise, we believe valuation levels will look very attractive, but the timing is highly uncertain. Overall your Company holds a portfolio of high quality and strong cash-generating companies, many of which we expect to come out of the current situation with stronger market positions. As we have said before, our focus is on owning long term winners, and while there may of course be exceptions, we think that this testing time will prove this to be the case.
Georgina Brittain
Katen Patel
Investment Managers
25th March 2020
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its half year report:
Principal Risks and Uncertainties
During 2020, the emergence of the virus COVID-19 (coronavirus) has created significant uncertainty for markets, and therefore risk to the value of investments and volatility. Other than this, the principal risks and uncertainties faced by the Company have not changed significantly and fall into the following broad categories: corporate strategy; investment and performance; discount; smaller company investment; political (including Brexit) and economic; investment management team; market; accounting, legal and regulatory; corporate governance and shareholder relations; operational and counterparty failure; cybercrime; and financial. Information on each of these areas is given in the Business Review within the Annual Report and Financial Statements for the year ended 31st July 2019.
Related Parties Transactions
During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company during the period.
Going Concern
The Directors believe, having considered the Company's investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio (including its liquidity) and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and more specifically, that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in such operational existence for at least twelve months from the date of the approval of this half year financial report. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with FRS 104 'Interim Financial Reporting' and gives a true and fair view of the state of affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as at 31st January 2019, as required by the UK Listing Authority Disclosure and Transparency Rules 4.2.4R; and
(ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules.
In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently; -- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business;
and the Directors confirm that they have done so.
For and on behalf of the Board
Andrew Impey
Chairman
25th March 2020
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31ST JANUARY 2020
(Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st January 2020 31st January 2019 31st July 2019 Revenue Capital Total Revenue Capital Total Revenue Capital Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ----------------------- -------- -------- -------- -------- --------- --------- -------- ---------- --------- Gains/(losses) on investments held at fair value through profit or loss - 46,515 46,515 - (37,967) (37,967) - (15,909) (15,909) Net foreign currency gains/(losses) - 10 10 - 5 5 - (4) (4) Income from investments 3,281 - 3,281 3,043 - 3,043 6,376 - 6,376 Interest receivable and similar income 21 - 21 39 - 39 71 - 71 ----------------------- -------- -------- -------- -------- --------- --------- -------- ---------- --------- Gross return/(loss) 3,302 46,525 49,827 3,082 (37,962) (34,880) 6,447 (15,913) (9,466) Management fee (265) (618) (883) (272) (633) (905) (534) (1,245) (1,779) Other administrative expenses (210) - (210) (225) - (225) (441) - (441) ----------------------- -------- -------- -------- -------- --------- --------- -------- ---------- --------- Net return/(loss) before finance costs and taxation 2,827 45,907 48,734 2,585 (38,595) (36,010) 5,472 (17,158) (11,686) Finance costs (32) (74) (106) (57) (133) (190) (166) (387) (553) ----------------------- -------- -------- -------- -------- --------- --------- -------- ---------- --------- Net return/(loss) before taxation 2,795 45,833 48,628 2,528 (38,728) (36,200) 5,306 (17,545) (12,239) Taxation (19) - (19) (40) - (40) (268) - (268) ----------------------- -------- -------- -------- -------- --------- --------- -------- ---------- --------- Net return/(loss) after taxation 2,776 45,833 48,609 2,488 (38,728) (36,240) 5,038 (17,545) (12,507) ----------------------- -------- -------- -------- -------- --------- --------- -------- ---------- --------- Return/(loss) per share (note 3) 3.55p 58.65p 62.20p 3.12p (48.63)p (45.51)p 6.33p (22.05)p (15.72)p
All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.
The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies.
The net return after taxation represents the profit for the period and also the total comprehensive income.
STATEMENT OF CHANGES IN EQUITY
for the six months ended 31st january 2020
Called Capital up share Share redemption Capital Revenue capital premium reserve reserves reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------------------------------- -------- -------- ----------- --------- --------- --------- Six months ended 31st January 2020 (Unaudited) At 31st July 2019 3,981 25,895 2,903 167,440 7,521 207,740 Repurchase of shares into Treasury - - - (1,142) - (1,142) Net return on ordinary activities - - - 45,833 2,776 48,609 Dividend paid in the period (note 4) - - - - (4,293) (4,293) ------------------------------------- -------- -------- ----------- --------- --------- --------- At 31st January 2020 3,981 25,895 2,903 212,131 6,004 250,914 ------------------------------------- -------- -------- ----------- --------- --------- --------- Six months ended 31st January 2019 (Unaudited) At 31st July 2018 3,985 25,895 2,899 187,547 6,782 227,108 Repurchase and cancellation of the Company's own shares (4) - 4 (190) - (190) Net (loss)/return on ordinary activities - - - (38,728) 2,488 (36,240) Dividend paid in the period (note 4) - - - - (4,299) (4,299) ------------------------------------- -------- -------- ----------- --------- --------- --------- At 31st January 2019 3,981 25,895 2,903 148,629 4,971 186,379 ------------------------------------- -------- -------- ----------- --------- --------- --------- Year ended 31st July 2019 (Audited) At 31st July 2018 3,985 25,895 2,899 187,547 6,782 227,108 Repurchase and cancellation of the Company's own shares (4) - 4 (190) - (190) Repurchase of shares into Treasury - - - (2,354) - (2,354) Costs relating to sub-division of shares - - - (18) - (18) Net (loss)/return - - - (17,545) 5,038 (12,507) Dividend paid in the year (note 4) - - - - (4,299) (4,299)
------------------------------------- -------- -------- ----------- --------- --------- --------- At 31st July 2019 3,981 25,895 2,903 167,440 7,521 207,740 ------------------------------------- -------- -------- ----------- --------- --------- ---------
STATEMENT OF FINANCIAL POSITION
at 31st january 2020
(Unaudited) (Unaudited) (Audited) 31st January 31st January 31st July 2020 2019 2019 GBP'000 GBP'000 GBP'000 ----------------------------------------------- ------------- ------------- ---------- Fixed assets Investments held at fair value through profit or loss 275,392 197,392 225,773 ----------------------------------------------- ------------- ------------- ---------- Current assets Debtors 1,014 1,689 2,489 Cash and cash equivalents 5,775 11,552 5,589 ----------------------------------------------- ------------- ------------- ---------- 6,789 13,241 8,078 Current liabilities Creditors: amounts falling due within one year (31,267) (24,254) (26,111) ----------------------------------------------- ------------- ------------- ---------- Net current liabilities (24,478) (11,013) (18,033) ----------------------------------------------- ------------- ------------- ---------- Total assets less current liabilities 250,914 186,379 207,740 ----------------------------------------------- ------------- ------------- ---------- Net assets 250,914 186,379 207,740 ----------------------------------------------- ------------- ------------- ---------- Capital and reserves Called up share capital 3,981 3,981 3,981 Share premium 25,895 25,895 25,895 Capital redemption reserve 2,903 2,903 2,903 Capital reserves 212,131 148,629 167,440 Revenue reserve 6,004 4,971 7,521 ----------------------------------------------- ------------- ------------- ---------- Total shareholders' funds 250,914 186,379 207,740 ----------------------------------------------- ------------- ------------- ---------- Net asset value per share (note 5) 321.5p 234.1p 264.4p
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31ST JANUARY 2020
(Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 31st January 31st January 31st July 2020 2019 2019 GBP'000 GBP'000 GBP'000 ---------------------------------------------- ------------- ------------- ----------- Net cash outflow from operations before dividends and interest (1,138) (1,164) (2,264) Dividends received 3,048 3,008 6,079 Interest received 38 51 119 Interest paid (166) (186) (355) ---------------------------------------------- ------------- ------------- ----------- Net cash inflow from operating activities 1,782 1,709 3,579 ---------------------------------------------- ------------- ------------- ----------- Purchases of investments (53,339) (45,975) (104,183) Sales of investments 51,243 59,490 110,307 ---------------------------------------------- ------------- ------------- ----------- Net cash (outflow)/inflow from investing activities (2,096) 13,515 6,124 ---------------------------------------------- ------------- ------------- ----------- Dividend paid (4,293) (4,299) (4,299) Repurchase and cancellation of the Company's own shares - (190) (190) Repurchase of shares into Treasury (1,171) - (2,325) Costs relating to sub-division of shares - - (18) Fees in relation to aborted CULS issue (33) - (99) Repayment of bank loans (4,000) (3,000) (6,000) Drawdown of bank loan 10,000 - 5,000 Loan renewal fees (3) - - ---------------------------------------------- ------------- ------------- ----------- Net cash inflow/(outflow) from financing activities 500 (7,489) (7,931) ---------------------------------------------- ------------- ------------- ----------- Increase in cash and cash equivalents 186 7,735 1,772 ---------------------------------------------- ------------- ------------- ----------- Cash and cash equivalents at start of period 5,589 3,817 3,817 Cash and cash equivalents at end of period 5,775 11,552 5,589 ---------------------------------------------- ------------- ------------- ----------- Increase in cash and cash equivalents 186 7,735 1,772 ---------------------------------------------- ------------- ------------- ----------- Cash and cash equivalents consist of: Cash and short term deposits 253 286 722 Cash held in JPMorgan Sterling Liquidity Fund 5,522 11,266 4,867 ---------------------------------------------- ------------- ------------- ----------- Total 5,775 11,552 5,589 ---------------------------------------------- ------------- ------------- -----------
RECONCILIATION OF NET DEBT
As at Other As at 31st July non-cash 31st January 2019 Cash flows charges 2020 GBP'000 GBP'000 GBP'000 GBP'000 --------------------------- ----------- ----------- ---------- -------------- Cash and cash equivalents Cash 722 (480) 11 253 Cash equivalents 4,867 655 - 5,522 --------------------------- ----------- ----------- ---------- -------------- 5,589 175 11 5,775 Borrowings Debt due within one year (24,000) (6,000) - (30,000) --------------------------- ----------- ----------- ---------- -------------- (24,000) (6,000) - (30,000) --------------------------- ----------- ----------- ---------- -------------- Total (18,411) (5,825) 11 (24,225) --------------------------- ----------- ----------- ---------- --------------
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 31ST JANUARY 2020
1. Financial statements
The information contained within the financial statements in this half year report has not been audited or reviewed by the Company's auditors.
The figures and financial information for the year ended 31st July 2019 are extracted from the latest published financial statements of the Company and do not constitute statutory accounts for that year. Those financial statements have been delivered to the Registrar of Companies and including the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.
2. Accounting policies
The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' of the United Kingdom Generally Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the revised 'SORP') issued by the Association of Investment Companies in October 2019.
FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting Council ('FRC') in March 2015 has been applied in preparing this condensed set of financial statements for the six months ended 31st January 2020.
All of the Company's operations are of a continuing nature.
The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 31st July 2019.
3. Return/(loss) per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st January 31st January 31st July 2020 2019 2019 GBP'000 GBP'000 GBP'000 --------------------------------- ----------------- ----------------- ------------ Return per share is based on the following: Revenue return 2,776 2,488 5,038 Capital return/(loss) 45,833 (38,728) (17,545) --------------------------------- ----------------- ----------------- ------------ Total return/(loss) 48,609 (36,240) (12,507) --------------------------------- ----------------- ----------------- ------------ Weighted average number of shares in issue 78,152,078 79,635,219 79,561,385 Revenue return per share 3.55p 3.12p 6.33p Capital return/(loss) per share 58.65p (48.63)p (22.05)p --------------------------------- ----------------- ----------------- ------------ Total return/(loss) per share 62.20p (45.51)p (15.72)p --------------------------------- ----------------- ----------------- ------------ 4. Dividend paid (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st January 31st January 31st July 2020 2019 2019 GBP'000 GBP'000 GBP'000 ----------------------------- ----------------- ----------------- ----------- 2019 final dividend of 5.5p (2018: 5.4p(1) ) 4,293 4,299 4,299 ----------------------------- ----------------- ----------------- -----------
(1) The dividend rate has been restated following the sub-division of each existing ordinary share of 25p into 5p each on 30th November 2018.
All dividends paid in the period have been funded from the revenue reserve.
No interim dividend has been declared in respect of the six months ended 31st January 2020 (2019: nil).
5. Net asset value per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st January 31st January 31st July 2020 2019 2019 --------------------------- ----------------- ----------------- ------------ Net assets (GBP'000) 250,914 186,379 207,740 Number of shares in issue 78,051,669 79,611,410 78,565,886 --------------------------- ----------------- ----------------- ------------ Net asset value per share 321.5p 234.1p 264.4p --------------------------- ----------------- ----------------- ------------
25th March 2020
For further information, please contact:
Lucy Dina
For and on behalf of
JPMorgan Funds Limited
020 7742 4000
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.
JPMORGAN FUNDS LIMITED
ENDS
A copy of the half year will be submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM
The half year will also shortly be available on the Company's website at www.jpmsmallercompanies.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.
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.
END
IR BRGDXIDDDGGU
(END) Dow Jones Newswires
March 25, 2020 13:31 ET (17:31 GMT)
1 Year Jpmorgan Uk Smaller Comp... Chart |
1 Month Jpmorgan Uk Smaller Comp... 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