TIDMADU
Annual Financial Report Announcement
Advance UK Trust plc
Year ended 31 August 2009
CHAIRMAN'S STATEMENT
At 31 August 2009 our net asset value was 156.6 pence per share and
our shares traded at a price of 137.0 pence, equivalent to a 12.5%
discount to net asset value.
The revenue return per ordinary share was 2.3 pence and the Directors
recommend a maintained dividend of 2.4 pence per share.
As we reported at the interim stage, we recovered just over GBP1m from
HMRC in respect of VAT paid on management fees since 2001 and simple
interest thereon. We believe we should be entitled to VAT paid in
earlier years and to compound interest and therefore have, for a
modest fixed payment, joined with PricewaterhouseCoopers in a class
action against HMRC that will attempt to recover a further sum.
We are reporting a 12.4% fall in the net asset value over the year,
marginally behind the 12.1% fall in the FTSE All-Share Index. While
we are not happy to record any decline in the asset value, this
represents a remarkable recovery in our fortunes over the second half
of the year and I am pleased to tell you that the asset value has
since moved higher outpacing the index.
Over the year the Manager has worked on a number of corporate actions
alongside some of our major institutional shareholders. This has
always been a core part of our strategy, it means we punch well above
our weight and we add value for our investors far beyond just the
delivery of increases in our share price. Advance UK is happy to take
the lead in tackling wide discounts and corporate governance disputes
on behalf of shareholders. A glut of new issues in previous years and
volatile markets are creating plenty of new investment opportunities
for Advance UK.
Your Board felt that our share repurchases were hampering the
Manager's ability to make potentially rewarding investments and
therefore, after buying back 533,000 shares in September 2008, we
suspended our share repurchase programme. Inevitably our discount
widened as a result but, as improved performance has come through,
our discount has narrowed and we expect that process to continue.
The Annual General Meeting will be held on Wednesday 16 December 2009
at 12:00 noon on the third floor of 145-157 St. John Street, London
EC1V 4RU. One item of business is our triennial continuation vote.
The Board is strongly of the opinion that market conditions are
ideally suited to our remit and, with the underlying discount of the
companies in our portfolio against their market values standing at
23%, there are good reasons to anticipate positive future
performance. The directors therefore recommend that shareholders vote
in favour of the continuation as they propose to do in respect of
their own holdings.
The Board is conscious of the impact the share repurchase programme
has had on the liquidity of our shares and recognises the importance
of increasing the size of the Company. In line with this objective,
subject to the passing of the continuation resolution, the
directors will put forward, early in the New Year, proposals for a
bonus issue of subscription shares.
Philip Rowen
10 November 2009
Shareholders may contact the Chairman directly on
ADUChairman@pro-asset.com
MANAGER'S REPORT
We write this report a few weeks after the end of the relevant
accounting period. When we wrote last year's Annual Report the
economic and market turmoil associated with the credit crunch had yet
to peak. Lehman's collapse jolted the market in the first month of
our accounting year and that was reflected in our report but it was
probably the Madoff scandal, which broke around the time of our AGM,
that finally caused capitulation in the closed-end fund market. By
the end of December panicking sellers were selling shares at
unrealistic prices.
The Advance UK Board had concluded in September 2008 that our share
repurchases were damaging our ability to manage the portfolio and
suspended our buy-back programme. We were in the fortunate position
therefore to have some cash to take advantage of the distressed
selling. This was augmented by us utilising GBP1million of our banking
facility to produce a moderate element of gearing which at the end of
this period was invested in Mid 250 iShares. Since the year end these
have been sold at a profit and the borrowing repaid. Though our
relative performance had not yet started to improve at the half year,
we were very confident about the latent value in the portfolio and
this was already manifesting itself by the time we wrote the interim
report. The second half of our accounting year was the best period
the fund has ever had with plenty of corporate activity to keep us
busy and a substantial rebound in our asset value.
Given the dramatic backdrop, the actual performance numbers for the
year are surprisingly unexciting. The net asset value fell by 12.4%
while the FTSE All-Share Index fell by 12.1%. The FTSE 350 investment
companies index was 15.6% lower. The contribution from discount moves
was a significant negative in the first half but for the year as a
whole this added c1% to our performance. VAT recovery added about
another 1%. Asset value moves were negative overall with stocks with
high leverage and/or illiquid assets amongst the biggest fallers. The
most significant positive and negative contributors to performance
were:
Positive contributions to performance:
Spazio +1.4%
Marwyn +1.0%
Dexion Absolute +0.9%
Directors' Dealing (Eaglet) +0.8%
Summit Germany +0.7%
Negative contributions to performance:
Ingenious Media Active Capital -3.2%
Henderson Private Equity -2.2%
Equity Partnership Capital shares -1.5%
T2 Income Fund -1.3%
Princess Private Equity -1.1%
Four of the top performing companies were either new purchases or
existing holdings we had increased significantly when things seemed
to be falling apart in December. Of the major negative contributors,
we have reduced or sold out of some positions and have high hopes of
recovering some or all of our money in others - they are all covered
below.
Global 6%
UK Growth 14%
UK Income 2%
UK Smaller 8%
Europe 9%
North America 3%
Japan 6%
Life Sciences 3%
Technology 3%
Property 4%
Private Equity 16%
Hedge Funds 11%
Emerging Markets 4%
Other 5%
Cash 6%
Total 100%
The major changes to the split of the portfolio over the year are
shown below:
Global 0%
UK Growth -5%
UK Income -1%
UK Smaller -1%
Europe -5%
North America 1%
Japan 3%
Life Sciences 3%
Technology -1%
Property 1%
Private Equity -9%
Hedge Funds 11%
Emerging Markets 4%
Other -6%
Cash 5%
Private Equity:
This remains the largest segment on the pie chart but it is much
reduced over the past year. Private Equity funds have been attracting
negative headlines as leveraged buy-out funds struggle with the lack
of available credit and many funds of funds, that had made legal
commitments to invest in new issues, found they did not have the
resources to make good those commitments. Henderson (formerly New
Star) Private Equity and Princess Private Equity were the only two
holdings in our portfolio exposed to the leveraged buyout market.
Henderson Private Equity has stated that it does not have an over
commitment problem. However it is one of the smallest quoted
investors in this area and, at the end of our accounting year, it was
on one of the widest discounts. We have told them they should seek a
merger partner. We quite liked Princess until, for reasons that were
never explained to us, its independent directors resigned en masse
and the former investment manager became Chairman. We sold our
shares; as cheap as they may be, we do not think the stock has high
enough corporate governance standards to merit a listing in London.
The vast bulk of our private equity investments are in venture and
development capital funds. Ingenious Media Active Capital had to
write down its asset value quite aggressively during the year but is
still sitting on a substantial cash pile. We had hoped to persuade
them to return this to shareholders but the investment manager has
been building his stake and this reduces the attraction of the stock.
Ingenious' share price dived unaccountably at our year end but this
has bounced since and we have substantially reduced our position.
Eurovestech's portfolio had a good year and we are optimistic that
this will be better reflected in its share price in the future.
UK Growth
The star here was Marwyn. Its valuation reached ridiculous levels in
January and we bought a large block of shares on an 85% discount.
They succeeded in selling their largest investment and they have
restructured the company to help re-rate their shares. We have taken
some profits but believe there is still substantial upside in this
stock. We tried to get the Board of Strategic Equity to address its
discount and liquidity problems but they dug their heels in and hid
behind the large stake owned by the investment manager. They even
succeeded in forcing through a deal that compromised the continuation
vote they have pencilled in for 2010. We want to sort out this
situation for the benefit of their independent shareholders but we
are worried their portfolio has bounced too far and, since our year
end, have reduced our exposure for the time being. Equity Partnership
is a split capital company. We bought capital shares at a big
discount some time ago. The asset value has been disappointing,
hardly participating in the summer rally. The company is being
managed now with a view to repaying the zeros and income shares in
2011.
Hedge Funds
The funds of hedge funds did not feature in the portfolio last year
but disappointing NAV performance, Madoff and other scandals,
breakdowns in currency hedging and the realisation that their
portfolios could be quite illiquid caused discounts to widen. We
talked to all the major shareholders and many of the managers. We
believe that funds that set out to deliver absolute returns cannot
ignore discount volatility and many disillusioned shareholders will,
if they can, switch to investing in open-ended funds. Quite a few
funds made it into our portfolio. Over the year we traded in, out and
back into Dexion Absolute. We bought into Gottex Market Neutral and
sold just before its continuation vote - the manager bought enough
shares to force through the continuation vote and allowed the price
to collapse afterwards - which we regarded as questionable. We bought
Bramdean Alternatives and helped replace the Board, which we felt was
overly supportive of the investment manager. The new Board is taking
its time but we hope it will soon announce plans to narrow Bramdean's
discount and provide an exit for those who want it.
UK Smaller
We worked with the independent shareholders of Directors' Dealing
Trust, which used to be called Eaglet, to improve the terms of
proposals for a cash exit from the company. They held one tender last
year and more are planned. Framlington Innovative did not have a
great year as it lagged rising markets over the summer. This is a
reflection of the fund manager's natural cautiousness and a similar
story played out for a number of well respected fund managers. If, as
we suspect, it turns out that markets have rallied too fast, the
stock should prove relatively resilient.
Europe
SR Europe was the best performing European trust over the year.
Henderson Eurotrust also did well and we sold out of our position at
a narrow discount. The euro's appreciation relative to sterling has
benefited our net asset value.
Japan
The Japanese smaller company trusts did well over the year; Melchior,
in particular, which had a terrible 2008, achieved a good asset value
return and narrowed its discount. We are now more comfortable with
its size but can still see some merit in mergers between the various
Japanese small cap. funds. Japan remains unloved by investors and we
have taken advantage of this, adding to our weighting over the year.
Property
Develica's net asset value declined again. We were particularly
disappointed when their Board handed the investment manager 10% of
the company in exchange for a modest fee reduction. It has ensured
its survival for now by renegotiating its banking facilities but the
shares are little more than a warrant on German property prices.
Speymill Deutsche has fared better and its shares have been one of
the stars of the summer but it needs to reduce vacancies in its
portfolio if it is to thrive and reinstate its dividend, we have sold
our shares since the year end. We made decent profits on two new
holdings Spazio, a fund of Italian property, and Summit Germany, when
both companies were at the receiving end of a bid. We more than
doubled our money on Spazio and made c70% on our holding in Summit
Germany though both, in our opinion, were sold at prices well below
true value. In the case of Spazio we were able to buy shares in the
bidder, Terra Catalyst, at a discount and hope to make more money
from this investment.
Emerging Markets
Our one emerging market holding at the year end was Vision
Opportunity China, a fund investing in Chinese companies whose shares
trade on US exchanges. This is proving to be an early winner in the
new accounting year. A number of other funds are being considered for
the portfolio. As with any investment, we will factor in the risk
from adverse moves in asset values as well as the potential upside
from discount narrowing.
Others
T2 Income Fund holds a portfolio of mostly senior secured loans
financed by a Collateralised Loan Obligation ("CLO"). Caught up by
the collapse of credit last autumn, the asset value dived as holders
of loans sold at distressed prices and the company was forced to
suspend its dividend. Our net asset value was impacted as a result.
Now though we think this fund may prove a winner. In March we added
to our holding at just 3 pence per share. We worked with other
shareholders to change the Chairman, replace the broker and improve
understanding of the fund. Recently money has been raised to
safeguard the future of the Company. Dividend payments have resumed
and, by the end of the period, the shares were 27.5 pence - still a
very large discount to asset value.
The future
Central banks have pumped enormous amounts of liquidity into their
sagging economies but with mixed results. Many emerging markets are
showing signs of life but in the developed world the recovery is
patchy at best. Markets have bounced a long way off the lows of March
and we would not be surprised if they paused for breath here.
We have been selling into recent strength and redeploying the
proceeds into new holdings on wide discounts. There is no shortage of
investment opportunities. We also have a number of investments where
the battle to convince them to release value for shareholders has
already been won and where we can reasonably expect to receive cash
for our holding in excess of current market values. This gives us
some confidence that our recent run of strong performance can
continue.
Progressive European Markets Limited
10 November 2009
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE ANNUAL
REPORT AND THE FINANCIAL STATEMENTS
The directors are responsible for preparing the Annual Report and the
financial statements in accordance with applicable law and
regulations.
Company law requires the directors to prepare financial statements
for each financial year. Under that law they have elected to prepare
the financial statements in accordance with UK Accounting Standards
and applicable law (UK Generally Accepted Accounting Practice).
Under company law the directors must not approve the financial
statements unless they are satisfied that they give a true and fair
view of the state of affairs of the company and of the profit or loss
of the company for that period. In preparing these financial
statements, the directors are required to:
* select suitable accounting policies and then apply them
consistently;
* make judgments and 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.
The directors are responsible for keeping adequate accounting records
that are sufficient to show and explain the company's transactions
and disclose with reasonable accuracy at any time the financial
position of the company and enable them to ensure that the financial
statements comply with the Companies Act 2006. They have general
responsibility for taking such steps as are reasonably open to them
to safeguard the assets of the company and to prevent and detect
fraud and other irregularities.
Under applicable law and regulations, the directors are also
responsible for preparing a Directors' Report, Directors'
Remuneration Report and Corporate Governance Statement that complies
with that law and those regulations.
The directors are responsible for the maintenance and integrity of
the corporate and financial information included on the company's
website. Legislation in the UK governing the preparation and
dissemination of financial statements may differ from legislation in
other jurisdictions.
The Directors confirm that to the best of our knowledge:
* The financial statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair
view of the assets, liabilities, financial position and profit or
loss of the Company; and
* The Directors' Report includes a fair review of the development
and performance of the business and the position of the issuer
together with a description of the principal risks and
uncertainties that it faces.
PRINCIPAL RISKS AND UNCERTAINTIES
The board considers that the principal risks faced by the shareholder
of the Company fall into two categories:
External Risks
Shareholders always face a risk of poor performance from stock
markets. This may derive from poor performance in the UK and/or world
economies, from poor corporate profits and dividends, or from
market-specific factors such as the unwinding of excessive positions
in particular sectors or in the market generally. However, the Board
is focussed primarily on long-term performance and considers that
short-term volatility is not a factor that should unduly influence
the Company's management of risk.
Internal Risks
Poor allocation of the Company's assets to both markets and investee
funds by the Manager, poor governance, compliance or administration,
including the loss of investment trust status could potentially
result in shareholders not making acceptable returns on their
investment in the Company.
INCOME STATEMENT
For the year ended 31 August 2009
2009 2008
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains/(losses)
on
investments
(Losses) on
disposal of
investments by - (2,486) (2,486) - (3,734) (3,734)
reference
to revalued
book costs
Transfer from
capital - (1,169) (1,169) - 4,620 4,620
reserve -
investments
held
Total
(losses)/gains - (3,655) (3,655) - 886 886
on
disposal of
investments
Revaluation of
investments - (4,119) (4,119) - (12,505) (12,505)
Transfer to
capital - 1,169 1,169 - (4,620) (4,620)
reserve -
disposal of
investments
Total losses on - (2,950) (2,950) - (17,125) (17,125)
investments
held
Income 953 - 953 1,231 - 1,231
Investment (183) (367) (550) (287) (574) (861)
management
fees
VAT recovered
on
investment 202 691 893 - - -
management
fees
Other expenses (320) - (320) (315) - (315)
Return before 652 (6,281) (5,629) 629 (16,813) (16,184)
finance
costs and tax
Finance costs (4) (8) (12) (4) (9) (13)
Return before 648 (6,289) (5,641) 625 (16,822) (16,197)
tax
Taxation - - - - - -
Return on 648 (6,289) (5,641) 625 (16,822) (16,197)
ordinary
activities
after taxation
Return per 2.30p (22.31)p (20.01)p 2.10p (56.57)p (54.47)p
ordinary share
The total column of this statement is the profit and loss account of
the Company.
All revenue and capital items in the above statement derive from
continuing operations.
No operations were acquired or discontinued during the year.
A Statement of Total Recognised Gains and Losses is not required as
all gains and losses of the Company have been reflected in the above
statement.
BALANCE SHEET
At 31 August 2009
2009 2008
GBP'000 GBP'000
FIXED ASSETS
Investments at market value 45,589 50,950
CURRENT ASSETS
Sales for future settlement 360 -
Other debtors 62 106
Cash at bank and in hand 186 1,475
608 1,581
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Purchases for future settlement 320 414
Accrued liabilities 103 123
Bank Overdraft 985 -
1,408 537
NET CURRENT (LIABILITIES)/ASSETS (800) 1,044
TOTAL NET ASSETS 44,789 51,994
CAPITAL AND RESERVES
Share capital 311 316
Share premium account 33,814 33,814
Capital redemption reserve 190 185
Capital reserve - disposal of investments 21,948 26,175
Capital reserve - investments held (12,498) (9,548)
Revenue reserve 1,024 1,052
EQUITY SHAREHOLDERS' FUNDS 44,789 51,994
Net assets per ordinary share 158.90p 181.04p
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
For the year ended 31 August 2009
Capital Capital
Share Capital Reserve Reserve
Share Premium Redemption -disposal -investments Revenue
Capital Account Reserve of held Reserve Total
GBP'000 GBP'000 GBP'000 investments GBP'000 GBP'000 GBP'000
GBP'000
Opening
shareholders' 316 33,814 185 26,175 (9,548) 1,052 51,994
funds
Shares (5) - 5 (888) - - (888)
Repurchased
during the
year
Profit for - - - (3,339) (2,950) 648 (5,641)
the
year
Dividend paid - - - - - (676) (676)
(Dec 2008)
Closing 311 33,814 190 21,948 (12,498) 1,024 44,789
shareholders'
funds
For the year ended 31 August 2008
Capital Capital
Share Capital Reserve Reserve
Share Premium Redemption -disposal -investments Revenue
Capital Account Reserve of held Reserve Total
GBP'000 GBP'000 GBP'000 investments GBP'000 GBP'000 GBP'000
GBP'000
Opening
shareholders'
funds 356 33,814 145 33,141 7,577 1,166 76,199
Shares
Repurchased
during the (40) - 40 (7,269) - - (7,269)
year
Profit for
the - - - 303 (17,125) 625 (16,197)
year
Dividend paid
(Dec 2007) - - - - - (739) (739)
Closing 316 33,814 185 26,175 (9,548) 1,052 51,994
shareholders'
funds
CASH FLOW STATEMENT
For the year ended 31 August 2009
2009 2008
GBP'000 GBP'000
OPERATING ACTIVITIES
Cash inflow from investment income and bank
interest and 995 1,213
interest on VAT reclaim
Cash outflow from management expenses (896) (1,610)
Cash inflow from VAT on management fees 893 -
Cash inflow from disposal of investments 23,718 28,708
Cash outflow from purchase of investments (25,008) (19,871)
Interest paid (13) (13)
NET CASH (OUTFLOW)/INFLOW FROM OPERATING (311) 8,427
ACTIVITIES
FINANCING
Share repurchases (1,287) (7,089)
Equity dividends paid (676) (739)
(DECREASE)/INCREASE IN CASH (2,274) 599
2009 2008
GBP'000 GBP'000
Opening balance 1,475 876
Cash (outflow)/inflow (2,274) 599
Bank overdraft 985 -
Balance at 31August 186 1,475
NOTES
1. ACCOUNTING POLICIES
The accounts have been prepared in accordance with applicable
accounting standards. The particular accounting policies adopted are
described below:
(a) Basis of Accounting
The accounts are prepared under the historical cost convention as
modified by the revaluation of investments and in accordance with
applicable accounting standards and the Statement of Recommended
Practice "Financial statements of investment trust companies"
("SORP") issued in December 2005 by the Association of Investment
Companies except where the SORP has been superseded by Accounting
Standards.
(b) Investments
Investments have been classified as "fair value through profit and
loss". Securities of companies quoted on regulated stock exchanges
have been valued by reference to their market bid quoted prices at
the close of the year. Unquoted securities are valued at directors'
best estimate of fair value.
Changes in fair value are included in the Income Statement as capital
items.
Transaction costs incurred on the acquisition and disposal of
investments are charged to the Income Statement as a capital item.
(c) Income from Investments
Investment income from ordinary shares is accounted for on the basis
of ex-dividend dates. Income from preference shares is accounted for
on an accruals basis. Unfranked dividend income is grossed up at the
appropriate rate of tax credit, but franked income is not grossed up,
since no element of withholding tax is involved.
Special Dividends are assessed on their individual merits and may be
credited to capital reserve if considered to be closely linked to
reconstructions of the investee company or other capital
transactions; with this exception all investment income is taken to
revenue account. Income from gilts and bank interest receivable is
accounted for on an accruals basis.
(d) Capital Reserves
The Company is precluded by its Articles from distributing as
dividend surpluses arising upon the realisation of investments.
Realised profits and losses on disposals of investments are dealt
with in the capital reserve designated for disposal of investments.
Changes in fair value are included in the Income Statement as capital
items. In accordance with Tech 01/08 guidance issued by the Institute
of Chartered Accountants of England and Wales, changes in fair value
of investments that can be readily convertible into cash are
classified as realised gains/losses and those that cannot be readily
convertible to cash are classified as unrealised gains/losses.
(e) Investment Management Fees and Finance Costs
Two thirds of investment management fees and of finance costs, net of
attributable tax, are charged to the realised capital reserve.
Performance-related fees, if any, are charged net of attributable tax
to the realised capital reserve.
(f) Foreign currencies
Income and expenditure in foreign currencies are translated into
Sterling at the rate of exchange ruling at the time of such
expenditure or income recognition. Assets and liabilities in foreign
currencies are translated into Sterling at market rates of exchange
ruling at the balance sheet date. Transaction gains and losses on
retranslating investments are recorded as capital items.
2. ADMINISTRATION EXPENSES
2009 2008
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment management
fees
- basic 183 367 550 287 574 861
- vat recovered (202) (691) (893) - - -
(19) (324) (343) 287 574 861
Administration fees 89 - 89 90 - 90
Custodian's fees 10 - 10 16 - 16
Directors' fees 87 - 87 86 - 86
Auditors' fees
- audit 29 - 29 24 - 24
- other services 8 - 8 12 - 12
Broker retainer fees 22 - 22 29 - 29
Miscellaneous expenses 75 - 75 58 - 58
320 - 320 315 - 315
Total administration 301 (324) (23) 602 574 1,176
expenses
The total of expenses (excluding VAT recovered) represented 1.94%
(2008: 2.26%) of the total net asset value at the end of the year.
As a result of the decision of the court in the legal test case on
VAT on management fees, an amount of GBP893,375 in respect of VAT
previously paid in the period from 1 March 2001 to 30 September 2007
was received from the Manager during the year ended 31 August 2009.
The element of the VAT repayment related to basic fees has been
credited one third to the revenue column and two thirds to the
capital column of the Income Statement. The element of the VAT
repayment related to performance fees has been credited entirely to
the capital column of the Income Statement. This is in accordance
with the Company's policy for the apportionment of management fees.
A further amount of interest on the VAT recovered of GBP108,403 was
also received during the year. This amount has been credited to the
revenue column of the Income Statement.
3. Return per ordinary share
Basic revenue return per share is based on the net revenue return on
ordinary activities after taxation of GBP648,266 (2008: GBP625,535)
attributable to the weighted average of 28,194,844 (2008: 29,737,149)
ordinary shares of 1p in issue.
Basic capital return per share is based on the net capital loss for
the financial year of GBP6,289,000 (2008: net loss of GBP16,822,000)
attributable to the weighted average of 28,194,844 (2008: 29,737,149)
ordinary shares of 1p in issue.
4. Net assets per ordinary share
The figure for net assets per ordinary share is based on GBP44,789,000
(2008: GBP51,994,000) divided by 28,186,660 (2008: 28,719,660) Ordinary
Shares in issue at the Balance Sheet date.
The net assets per ordinary share figure excluding current year
revenue was 156.60p at the year end (2008: 178.89p).
5. Dividend
The directors recommend a final dividend of 2.4p per share. If
approved by shareholders at the Annual General Meeting, the dividend
will be paid on 23 December 2009 to shareholders on the register at
27 November 2009. The ordinary shares will go ex-dividend on 25
November 2009.
6. Related party transactions
Fees payable to the investment manager and to the
administrator/company secretary are detailed in the note 2 above. The
relevant amounts outstanding as accruals comprised a monthly
management fee of GBP38,963 (2008: GBP64,293) and an administration fee
of GBP7,348 (2008: GBP7,508) all figures including VAT where applicable.
7. Financial information
The financial information for 2009 is derived from the statutory
accounts for 2009, which will be delivered to the registrar of
companies following the company's Annual General Meeting. The
statutory accounts for 2008 have been delivered to the registrar of
companies. The auditors have reported on the 2008 and 2009 accounts;
their reports were unqualified.
The Annual Report for the year ended 31 August 2009 was approved on
10 November 2009. It will be posted to shareholders and will be made
available on the Manager's website at www.pro-asset.com
This announcement contains regulated information under the Disclosure
Rules and Transparency Rules of the FSA.
8. Annual General Meeting
The AGM will be held on 16 December 2009 at 12 noon at 145-157 St.
John Street, London, EC1V 4RU.
10 November 2009
Secretary and registered office:
Cavendish Administration Limited
145-157 St John Street
London
EC1V 4RU
Tel: 020 7490 4355
END
=--END OF MESSAGE---
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Advance UK Tst. (LSE:ADU)
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De Juin 2023 à Juin 2024
