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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Sanditon Investment Trust Plc | LSE:SIT | London | Ordinary Share | GB00BMPHJ807 | ORD �0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 90.00 | 88.00 | 92.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMSIT
SANDITON INVESTMENT TRUST PLC
Annual Results for the year ended to 30 June 2018
Financial Highlights
As at As at
30 June 2018 30 June 2017
Total shareholders' funds (GBP GBP45,981 GBP50,242
000)
NAV per ordinary share (cum 91.96p 100.48p
income)
Share price 82.00p 97.40p
Discount to net asset value -10.8% -3.1%
per share
Dividends per ordinary share 0.50p 0.90p
Ongoing charges 1.29% 1.21%
Performance Highlights
Total Return Performance Year ended Year ended
30 June 2018 30 June 2017
NAV per ordinary share -7.6% -3.6%
(including dividend)
Share price -15.8% -8.5%
Hurdle rate (RPIX + 2%) +5.4% +5.8%
FTSE All-Share Index (Total +9.0% +18.1%
Return)
RPIX +3.4% +3.8%
Commenting on the results, the Chairman, Rupert Barclay said:
Performance
This has not been a successful financial year for your Company. Most of the
damage was done in the first half of the financial year when your Company lost
7% and whilst it looked like we were recovering some lost ground up until April
as the market succumbed to profit taking, the sharp equity rally throughout the
second quarter of 2018 brought that recovery to a halt. Your Company's net
asset value (NAV) lost a further 0.55% in the last six months to finish the
year down 8.5%, (7.6% including the dividend of 0.9p paid in December 2017).
Your Company's share price fared slightly worse closing the financial year at
82p, to leave the shares trading at a 10.8% discount to NAV. Although
performance has been disappointing, the Company does continue to meet its
objective of being an asset diversifier, with a correlation of less than 0.1x
to the FTSE All-Share Index since launch.
The investment manager's bearishness has, for some time, been reflected in a
portfolio with low or negative net market exposure and with a portfolio biased
towards defensive over cyclical assets and value over growth stocks. The
manager has finished the period with the most extreme net short position your
Company has run with. If the manager is right that tightening monetary
conditions in the US and slowing Chinese growth will put pressure on the
earnings backdrop for corporates, we hope that his patience is rewarded with
improved returns.
The portfolio's bias to value companies has ensured there is surplus income to
distribute despite the portfolio running with a net short position for the
majority of the year. The Board is pleased to recommend a dividend of 0.50p per
share to be paid to shareholders on the register at the ex-dividend date of
November 22nd.
Stake in Sanditon Asset Management
At the end of June 2018 Sanditon Asset Management (SAM) had assets under
management (AUM) of GBP579 million, a decrease of just under 1% since the end of
2017, but 1% higher than the end of March 2018 (SAM's financial year end). I
highlighted last time that the Board would review the valuation methodology we
use to value your Company's stake in SAM knowing that SAM's profits for the
year to March 2019 were going to be affected by increased MiFID II costs.
In the event, we have decided to stick with our valuation formula of a simple
average of 1% of AUM and 5x after tax profits, as we deem it to be a fairly
conservative valuation approach. This resulted in a diminution in value of
nearly 6% in the carrying value of SIT's 20% stake in SAM to GBP1.46m (giving an
overall value for SAM of GBP7.31m) and impacted SIT's NAV by a modest 0.1% after
offsetting the annual dividend received from SAM of GBP40,000.
On current forecasts, as a result of lower average AUM and increased MiFID II
costs, the next valuation is likely to lead to a further diminution in value,
unless SAM's AUM picks up either because of market performance or an
improvement in investor flows. SAM's cash position at its financial year end
(31 March 2018) of GBP4.55m gives solid backing to the valuation in SIT's books.
Charges and fees
Our total ongoing charges at 30 June 2018 were 1.3% per annum. No performance
fees have been paid or accrued.
Share buy back
The Board, having considered the merits of instituting a share buy back,
continue to believe that it would not be in the interests of all shareholders.
Therefore we will not be seeking permission to buy back shares at the AGM.
Shareholders are reminded that your Company has a continuation vote in December
2020.
Outlook
Your portfolio has proved itself to be inversely correlated with the UK equity
market in the last 18 months and given its current bearish positioning, it
should continue to be. Increasing trade tensions, a strong US dollar pressuring
emerging markets and a slowing Chinese economy which has helped push the
Chinese market into bear market territory, let alone the uncertainties
surrounding Brexit, certainly give grounds for caution.
Principal risks associated with the Company (also see note 18 on pages 38 to 44
of the Annual Report).
Investment and strategy risk
The Board regularly reviews the investment mandate and long-term investment
strategy in relation to the market and economic conditions. The Board also
regularly monitors the Company's investment performance against the objective
to deliver at least 2% return above inflation, and monitors its compliance with
the investment guidelines.
Accounting, legal and regulatory risk
In order to qualify as an investment trust, the Company must comply with the
provisions contained in Section 1158 of the Corporation Taxes Act 2010. A
breach of Section 1158 in an accounting period could lead to the Company being
subject to corporation tax on gains realised in that accounting period. Section
1158 qualification criteria are monitored by the Investment Manager and any
adverse results reported to the Board at its regular meetings. The Company must
also comply with the Companies Act and the UKLA Listing Rules. The Board relies
on the services of the administrator, Northern Trust Global Services PLC and
its professional advisers to ensure compliance with the Companies Act and the
UKLA Listing Rules.
Loss of investment team or Investment Manager (SAM)
A sudden departure of the lead Investment manager or several members of the
investment management team or a change in Investment Manager could result in a
deterioration in investment performance. The Investment Manager reports to the
Board on developments at SAM including succession and business continuity
plans.
Discount
A disproportionate widening of the discount relative to the Company's peers
could result in loss of value for shareholders.
The Board undertakes a regular review of the level of premium/discount and
consideration is given to ways in which share price performance may be
enhanced, including the effectiveness of marketing.
Operational risk
Like most other investment trust companies, the Company has no employees and
therefore relies upon the services provided by third parties and is dependent
on the control systems of the Investment Manager, the Custodian, the
Administrator and the Company's other service providers. The security, for
example, of the Company's assets, dealing procedures, accounting records and
maintenance of regulatory and legal requirements, depend on the effective
operation of these systems. The Custodian and the Administrator produce reports
on their internal controls which are reviewed by their auditors and give
assurance regarding the effective operation of controls. These reports are
reviewed by the Board. Details of material contracts entered into by the
Company can be found on pages 15 and 16 of the Annual Report.
Financial risk
The financial risks faced by the Company are disclosed in note 18 on pages 38
to 44 of the Annual Report.
The Board considers these risks to have remained unchanged throughout the year
under review.
Statement under the Disclosure & Transparency Rules 4.1.12
The Directors each confirm to the best of their knowledge that:
a) the financial statements, prepared in accordance with applicable accounting
standards, give a true and fair view of the assets, liabilities, financial
position and profit or loss of the Company; and
b) the Strategic Report contained in the Annual Report includes 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.
The 2016 UK Corporate Governance Code also requires Directors to ensure that
the Annual Report and financial statements are fair, balanced and
understandable. In order to reach a conclusion on this matter, the Board has
requested that the Audit Committee advise on whether it considers that the
Annual Report and financial statements fulfil these requirements. The process
by which the Committee has reached these conclusions are set out in the Audit
Committee's report on pages 19 and 20 of the Annual Report. As a result, the
Board has concluded that the Annual Report and financial statements for the
year ended 30 June 2018, taken as a whole, are fair, balanced and
understandable, and provide the information necessary for shareholders to
assess the Company's performance, business model and strategy.
For and on behalf of the Board
Rupert Barclay
Chairman
21 September 2018
Portfolio as at 30 June 2018
Country Breakdown Long Short Net Gross
(% of NAV)*
France 0.0 -2.7 -2.7 2.7
Germany 0.0 -2.9 -2.9 2.9
Italy 0.0 -4.6 -4.6 4.6
Netherlands 5.5 0.0 5.5 5.5
United Kingdom 31.8 -55.4 -23.6 87.2
______ ______ ______ ______
Total 37.3 -65.6 -28.3 102.9
====== ====== ====== ======
Business Cycle Long Short Net Gross
Groupings (% of
NAV)*
Commodity 1.1 0.0 1.1 1.1
Cyclical
Consumer Cyclical 6.2 -2.9 3.3 9.1
Industrial 1.5 -13.1 -11.6 14.6
Cyclical
Growth 0.0 -23.6 -23.6 23.6
Financial 6.1 0.0 6.1 6.1
Growth Defensive 9.9 -6.1 3.8 16.0
Value Defensive 12.5 0.0 12.5 12.5
FTSE 100 Future 0.0 -19.9 -19.9 19.9
______ ______ ______ ______
Total 37.3 -65.6 -28.3 102.9
====== ====== ====== ======
Long Positions (% of NAV)** %
TM Sanditon UK Select Fund 10.1
RELX 5.4
ITV 5.1
Babcock International 4.4
Diageo 4.4
Vodafone 3.7
Sanditon Asset Management 3.2
Aviva 2.7
HSBC 2.6
J Sainsbury 1.7
Melrose Industries 1.5
Capita 1.4
BT 1.2
Greene King 1.1
Ophir Energy 1.0
Man Group 0.8
Total ________
50.3***
========
Total number of positions (long and short)** 33
* Excluding holdings in Sanditon Asset Management and TM Sanditon UK Select
Fund
** Including holdings in Sanditon Asset Management and TM Sanditon UK Select
Fund
*** The long positions are presented based on the notional value of CFD
holdings and the actual value of equity holdings
Income Statement
for the year ended 30 June 2018
Year ended Year ended Year ended Year Year Year
30 June 30 June 30 June ended ended ended
2018 2018 2018 30 June 30 June 30 June
2017 2017 2017
Revenue Capital Total Revenue Capital Total
Notes GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Losses on - (3,895) (3,895) - (2,116) (2,116)
investments
held at
fair value
through
profit or
loss
Income 2 682 - 682 874 - 874
Management 3 (88) (263) (351) (96) (291) (387)
fee
Other 4 (253) - (253) (235) - (235)
expenses
Return on 341 (4,158) (3,817) 543 (2,407) (1,864)
ordinary
activities
before
taxation
Taxation on (24) 30 6 (45) 40 (5)
ordinary
activities
Return for ______ ______ ______ ______ ______ ______
the year 317 (4,128) (3,811) 498 (2,367) (1,869)
====== ====== ====== ====== ====== ======
Return per 8 0.63 (8.26) (7.63) 0.99 (4.73) (3.74)
Ordinary
Share
(pence):
The total column of this statement is the profit and loss account of the
Company. All the revenue and capital items in the above statement derive from
continuing operations.
The supplementary revenue and capital columns are both prepared under guidance
from the Association of Investment Companies.
There is no other comprehensive income and therefore the return for the year is
also the total comprehensive income for the year.
Statement of Financial Position
as at 30 June 2018
30 June 30 June
2018 2017
Notes GBP000 GBP000
Fixed assets
Investments held at 10,314 15,899
fair value through
profit or loss
Current assets
Debtors 189 165
Amounts due in 1,239 1,907
respect of contracts
for difference
Collateral paid in 10,006 9,633
respect of contracts
for difference
UK Treasury Bills 21,122 18,988
Cash at bank 9,247 8,981
Total current assets 41,803 39,674
Current liabilities
Creditors (2,102) (114)
Amounts payable in (4,034) (5,217)
respect of contracts
for difference
Total current (6,136) (5,331)
liabilities
Net current assets 35,667 34,343
Total assets less 45,981 50,242
current liabilities
Net assets 45,981 50,242
Capital and reserves
Share capital 6 500 500
Share premium 48,872 48,872
Capital reserve (3,823) 305
Revenue reserve 432 565
Total shareholders' ______ ______
funds 45,981 50,242
====== ======
Net asset value per 91.96 100.48
share - Ordinary
Share (pence)
Statement of Changes in Equity
for the year ended 30 June 2018
Share
Share Premium Capital Revenue
Capital Account Reserve Reserve Total
For the year Notes GBP000 GBP000 GBP000 GBP000 GBP000
ended 30
June 2018
Balance at 1 500 48,872 305 565 50,242
July 2017
Return for - - (4,128) 317 (3,811)
the year
Dividends 5 - - - (450) (450)
paid
Balance at ______ ______ ______ ______ ______
30 June 2018 500 48,872 (3,823) 432 45,981
====== ====== ====== ====== ======
Share
Share Premium Capital Revenue
Capital Account Reserve Reserve Total
For the year GBP000 GBP000 GBP000 GBP000 GBP000
ended 30
June 2017
Balance at 1 500 48,872 2,672 617 52,661
July 2016
Return for - - (2,367) 498 (1,869)
the year
Dividends - - - (550) (550)
paid
Balance at ______ ______ ______ ______ ______
30 June 2017 500 48,872 305 565 50,242
====== ====== ====== ====== ======
Cash Flow Statement
for the year ended 30 June 2018
Year ended Year ended
30 June to 30 June
2018 2017
GBP000 GBP000
Return on ordinary activities (3,817) (1,864)
before taxation*
Capital return before finance 4,158 2,407
costs and taxation
Increase in debtors (24) (66)
Increase/(decrease) in other 1,988 (33)
creditors
Investment management fee (263) (291)
capitalised
Net movement in collateral (373) 673
pledged to broker
Losses on futures and CFDs (3,130) (3,867)
realised during the period
Decrease in amounts due in 668 559
respect of CFDs
(Decrease)/increase in (1,183) 1,509
amounts payable in respect of
CFDs
Overseas tax recovered/(paid) 6 (5)
Net cash outflow from ______ ______
operating activities (1,970) (978)
====== ======
Cashflow from investing
activities
Purchases of investments (1,734) (5,941)
Sales of investments 6,554 4,048
Net cashflow provided by/ 4,820 (1,893)
(used in) investing
activities
Net cash inflow/(outflow) ______ ______
before financing activities 4,820 (1,893)
====== ======
Cashflow from financing
activities
Equity dividends paid (450) (550)
Net cash outflow from (450) (550)
financing activities
Increase/(decrease) in cash ______ ______
and cash equivalents 2,400 (3,421)
====== ======
Cash and cash equivalents at 27,969 31,390
the start of the year
Cash and cash equivalents at 30,369 27,969
the end of the year
Comprised of:
UK Treasury Bills 21,122 18,988
Cash at bank 9,247 8,981
Cash and cash equivalents at ______ ______
the end of the year 30,369 27,969
====== ======
*Cash inflow from dividends was GBP617,000 (2017: GBP772,000) and cash inflow from
interest was GBP68,000 (2017: GBP60,000).
Notes to the Financial Statements
for the year ended 30 June 2018
1. ACCOUNTING POLICIES
A summary of the principal accounting policies is set out below:
(a) Basis of accounting
The financial statements have been prepared under the historical cost
convention as modified to include the revaluation of investments and in
accordance with applicable UK Accounting Standards and with the Statement of
Recommended Practice "Financial Statements of Investment Trust Companies and
Venture Capital Trusts" issued by the Association of Investment Companies
(issued November 2014 and updated in February 2018).
The financial statements have been prepared in accordance with FRS 102 ("the
Financial Reporting Standard applicable in the UK and Republic of Ireland"
issued by the Financial Reporting Council).
They have also been prepared on the assumption that approval as an investment
trust will continue to be granted. The Directors consider that the Company has
adequate resources to enable it to continue in operational existence for the
foreseeable future. Accordingly, the Directors believe that it is appropriate
to adopt the going concern basis in preparing the Company's financial
statements.
2. INCOME
Year ended Year ended
30 June 2018 30 June 2017
GBP000 GBP000
Income from investments
UK franked dividends 183 328
UK treasury bills interest 50 46
Income from contracts for 411 458
difference
Other income 38 42
_____ _____
682 874
===== =====
3. INVESTMENT MANAGEMENT FEE
Year ended Year ended
30 June 2018 30 June 2017
GBP000 GBP000
Basic fee:
25% charged to revenue 88 96
75% charged to capital 263 291
____ ____
351 387
==== ====
Performance fee charged 100%
to capital:
Performance fee accrual - -
____ ____
- -
==== ====
The Company's investment manager is Sanditon Asset Management Limited (the
"Manager"). The Manager shall be entitled to receive from the Company in
respect of its services provided under the Management Agreement, a management
fee accrued daily and payable monthly in arrears calculated at the rate of
one-twelfth of 0.75 per cent per calendar month of the Company's Net Asset
Value. In accordance with the Directors' policy on the allocation of expenses
between income and capital, in each financial period 75 per cent of the
management fee payable is expected to be charged to capital and the remaining
25 per cent to revenue.
The Manager is also entitled to a performance fee which equals 15 per cent of
the amount by which the Reference Amount at the end of a Performance Period
exceeds the higher of (a) the Hurdle (the "Hurdle" means the Initial Gross
Proceeds adjusted for the total amount of any dividends paid or payable)
increased by RPIX plus 2 per cent per annum, compounded annually (on a pro-rata
basis where applicable) and (b) the High Watermark (the "High Watermark" means,
as at the end of the relevant Performance Period, the highest of (i) the
Reference Amount of the previous Performance Period, (ii) the Reference Amount
of the most recent Performance Period in respect of which a performance fee was
paid; and (iii) the Initial Gross Proceeds; and in each case adjusted for any
repurchases by the Company of Ordinary Shares or any dividends paid or payable
during the relevant Performance Period be multiplied by the time weighted
average of the total number of Shares in issue during that Performance Period).
The first "Performance Period" is the period from 27 June 2014 (the date of
Admission to the London Stock Exchange) to the end of the Company's third
accounting period and each subsequent Performance Period begins immediately
after the previous Performance Period and ends at the end of the Company's
third accounting period thereafter; provided that where the Management
Agreement is terminated the date of such termination shall be the end of the
then current Performance Period.
The Company may invest in other funds operated by the Manager and where it does
the management fee is credited back to the Company by the Manager and any gain
on the funds is excluded from the performance fee calculation. At 30 June 2018
GBP35,000 (2017: GBP42,000) was included within Other Income (note 2).
4. OTHER EXPENSES
Year ended Year ended
30 June 2018 30 June 2017
GBP000 GBP000
Secretarial services and fund 55 56
administration fees
Other administration expenses 24 21
Registrar's fees 14 11
Printing and postage 5 4
Custody fees 12 17
Subscription and listing fees 17 17
Auditor's remuneration 22 22
Directors' fees 94 77
Irrecoverable VAT 10 10
____ ____
253 235
==== ====
5. DIVID
The dividend relating to the year ended 30 June 2018 which is the basis on
which the requirements of Section 1159 of the Corporation Tax Act 2010 are
considered is detailed below:
Year ended Year ended Year ended Year ended
30 June 2018 30 June 2018 30 June 2017 30 June 2017
Pence Per Pence Per
Ordinary Share GBP000 Ordinary Share GBP000
Annual dividend - - - 0.90p 450
payable on 18
December 2017*
Annual dividend - 0.50p 250 - -
payable on 19
December 2018**
*Not included as a liability in the year ended 30 June 2017 accounts.
**Not included as a liability in the year ended 30 June 2018 accounts.
The annual dividend will be paid on 19 December 2018 to members on the register
at the close of business on 23 November 2018. The shares will be marked
ex-dividend on 22 November 2018.
6. SHARE CAPITAL
Year ended Year ended Year ended Year ended
30 June 2018 30 June 2018 30 June 2017 30 June 2017
Number of Shares GBP000 Number of Shares GBP000
Allotted, issued
& fully paid:
Opening balance 50,000,000 500 50,000,000 500
Ordinary Shares
of GBP0.01
__________ ____ __________ ____
50,000,000 500 50,000,000 500
========== ==== ========== ====
7. FINANCIAL COMMITMENTS
At 30 June 2018 there were no commitments in respect of unpaid calls and
underwritings (2017: none).
8. RETURN PER SHARE - BASIC
Total return per Ordinary Share is based on the return for the year after
taxation of GBP(3,811,000) (year to 30 June 2017: GBP(1,869,000)).
These calculations are based on the 50,000,000 Ordinary Shares in issue during
the year to 30 June 2018 (year to 30 June 2017: 50,000,000 Ordinary Shares).
The return per Ordinary Share can be further analysed between revenue and
capital as below:
Year ended Year ended Year ended Year ended
30 June 2018 30 June 2018 30 June 2017 30 June 2017
Pence Pence
per share GBP000 per share GBP000
Net revenue 0.63p 317 0.99p 498
return
Net capital (8.26)p (4,128) (4.73)p (2,367)
return
Net total return (7.63)p (3,811) (3.74)p (1,869)
9.?RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH THE INVESTMENT MANAGER
Details of the investment management fee charged by Sanditon Asset Management
Limited is set out in note 3. At 30 June 2018 GBP11,060 (2017: GBP11,549) of this
fee remained outstanding after taking into account the GBP17,216 (2017: GBP19,002)
to be credited to the Company from Sanditon Asset Management Limited in
relation to the management fee on the Company's investment in TM Sanditon UK
Select Fund.
Fees paid to the Directors are disclosed in note 4 above. No fees were
outstanding to be paid to the Directors at the year end.
The Company has an investment in TM Sanditon UK Select Fund of GBP4,646,565 at 30
June 2018 (GBP4,999,500 at 30 June 2017).
The Company has a 20% holding in the Investment Manager, Sanditon Asset
Management Limited.
10. FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The financial assets and liabilities are either carried in the balance sheet at
their fair value, or the balance sheet amount is a reasonable approximation of
fair value (due from brokers, dividends receivable, accrued income, due to
brokers, accruals and cash and cash equivalents).
The valuation techniques used by the Company are explained in the accounting
policies note 1 (b) on page 30 of the Annual Report.
The table below sets out fair value measurements using fair value hierarchy.
Level 1 Level 2 Level 3 Total
Financial assets GBP000 GBP000 GBP000 GBP000
at fair value
through profit or
loss at 30 June
2018
Assets:
Equity 4,207 - 1,461 5,668
investments
TM Sanditon UK - 4,646 - 4,646
Select Fund
Contracts for - 1,239 - 1,239
difference - fair
value gains
Liabilities:
Contracts for - (4,034) - (4,034)
difference - fair
value losses
Total ______ ______ ______ ______
4,207 1,851 1,461 7,519
====== ====== ====== ======
Level 1 Level 2 Level 3 Total
Financial assets GBP000 GBP000 GBP000 GBP000
at fair value
through profit or
loss at 30 June
2017
Assets:
Equity 9,351 - 1,549 10,900
investments
TM Sanditon UK - 4,999 - 4,999
Select Fund
Contracts for - 1,907 - 1,907
difference - fair
value gains
Liabilities:
Contracts for - (5,217) - (5,217)
difference - fair
value losses
Total ______ ______ ______ ______
9,351 1,689 1,549 12,589
====== ====== ====== ======
Categorisation within the hierarchy has been determined on the basis of the
lowest level input that is significant to the fair value measurement of the
relevant asset as follows:
Level 1 - valued using quoted prices in active markets for identical assets.
Level 2 - valued by reference to valuation techniques using observable inputs
including quoted prices.
Level 3 - valued by reference to valuation techniques using inputs that are not
based on observable market data.
Level 3 fair values are determined by the Directors using valuation
methodologies in accordance with the IPEVC Guidelines and as detailed in note 1
(b) of the Annual Report. Significant inputs include investment cost, the value
of the most recent capital raising, the adjusted net asset value of funds and
the Pricing Committee's valuations. In accordance with IPEVC Guidelines, new
investments are carried at cost, the price of the most recent investment being
a good indication of fair value. Thereafter, fair value is the amount deemed to
be the price that would be received upon sale of an asset or paid to transfer a
liability in an orderly transaction between market participants at the
measurement date. At 30 June 2018 and at 30 June 2017, the Company's Level 3
investments relates to the investment in Sanditon Asset Management Limited. The
Board have agreed the valuation methodology for the Company's holding in SAM
which it believes to be straightforward, conservative and fair. The Board has
decided to use a simple average of 1% of SAM's year end assets under management
("AUM") and 5x after tax profits (adjusted to exclude any performance fees
earned and any associated staff bonuses paid - SAM pay out a maximum of 50% of
performance fees earned to staff). This resulted in the Directors approving a
reduction in your Company's holding in SAM from GBP1,549,000 to GBP1,461,151.
A reconciliation of fair value measurements in Level 3 is set out below.
Level 3 financial assets at fair value
through profit or loss
As at
30 June 2018
Investments
GBP000
Opening fair value 1,549
Decrease in fair value of investment in (88)
Sanditon Asset Management Limited
Closing fair value ______
1,461
======
Level 3 financial assets at fair value
through profit or loss
As at
30 June 2017
Investments
GBP000
Opening fair value 1,353
Increase in fair value of investment in 196
Sanditon Asset Management Limited
Closing fair value ______
1,549
======
11. PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information contained in this announcement does not constitute
statutory accounts as defined in the Companies Act 2006. The 2018 annual report
and financial statements will be filed with the Registrar of Companies shortly.
The report of the Auditor for the year ended 30 June 2018 contains no
qualification or statement under section 498(2) or (3) of the Companies Act
2006. This announcement was approved by the Board of Directors on 21 September
2018.
12. ANNUAL RESULTS
Copies of the annual report will be sent to members shortly and will be
available from Northern Trust Global Services PLC, 50 Bank Street, Canary
Wharf, London E14 5NT.
13. ANNUAL GENERAL MEETING
The Annual General Meeting of the Company will be held at the offices of
Northern Trust, 50 Bank Street, Canary Wharf, London E14 5NT on Thursday 6
December 2018, at 12:00 p.m.
END
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