TIDMFIT
FRAMLINGTON INNOVATIVE GROWTH TRUST PLC
Interim results to 31 December 2009
CHAIRMAN'S STATEMENT
This statement covers the Company's results for the half year ended 31 December
2009.
Results
In the Annual Report last September our investment manager commented that
relative performance had suffered from not holding heavily indebted smaller
companies as the appetite from investors for risk increased; a number of which
had been demoted from the mid cap universe into our benchmark index, the FTSE
SmallCap (ex investment companies). The majority of these companies were also
well above our market capitalisation remit and were heavily geared and thus not
natural investment candidates for us. This effect continued into the first
three months of our current financial year. During the second quarter the Trust
moved into catch up mode as some of the froth created by the so called "dash
for trash" began to be blown away.
Despite the gyrations in share prices and changing attitudes to risk over the
period there were notable gains within our core portfolio, holdings in
Cranswick, Synergy Health, Hill and Smith, and Aveva being examples. The
healthy cash premium received from the take-over of Research Now was also a
major benefit. These gains more than offset the disappointment experienced at
Aero Inventory where accounting irregularities resulted in their bankers
withdrawing support.
Against this highly volatile backdrop the Trust's net asset value recorded an
increase of 18.5% (capital change only) during the six months. However this
performance lagged our benchmark index which increased by 23.1% over the period
due to the conditions experienced in the first quarter described above.
Review of the Trust's management arrangements
I announced on 20 January the completion of the Board's review of the Trust's
management arrangements. This followed on from the manager with day to day
responsibility for the Trust, Brian Watson, informing the Board that he
intended to retire. The full text of the announcement can be read on our
website www.figt.co.uk .
Brian retired from AXA Framlington and our Board on 24 February and George
Luckraft has assumed responsibility for the investment management on behalf of
AXA Framlington. I would like to take this opportunity to thank Brian most
warmly for his excellent long term record during his management of the Trust's
investment portfolio and his most valued contribution to the Board since the
Trust's inception in 1992; a period which has seen the net asset value per
share increase by over 315% (to 31 December 2009).
Triennial Performance Review
The Articles of Association require that the performance of the Company shall
be compared with its benchmark index on a triennial basis and if the Company
has not outperformed over the three year period the Board has to put a
continuation vote and additionally give any shareholders who wish to exit an
opportunity to receive cash for some or all of their holdings. The next
triennial review is at 30 June 2010 being the date of the current financial
year end.
If the performance target is met, and therefore no continuation vote is
triggered, it is the Board's intention to propose a partial tender offer in
July 2010 to shareholders who were on the register on 25 January this year.
At 25 February 2010, the Trust's net asset value per share (capital only)
stands at 326.53 pence, a decrease of 42.9% since 30 June 2007. This compares
with 40.1% decrease within the benchmark index. However, the Articles of
Association require that the net asset value per share for the purposes of this
comparison with benchmark shall exclude any uplifts from share buybacks that
have taken place during the three year period. Consequently, the
underperformance against benchmark for the purposes of triggering the
continuation vote or not is therefore approximately 8% at this time.
Outlook
2010 is likely to be a year when small cap performance is driven more by news
flow from individual companies rather than macro events. While fiscal policy
will obviously have an impact there is a general expectation that the public
sector will be squeezed. Exporters should be able to take advantage of
sterling's decline on a two year view and from some improvement in end markets.
Valuations are not stretched giving the potential for some upside and the pace
of takeover activity is likely to pick up in reaction to a more stable
background.
Managements are being very conservative as to guidance on trading and results
forecasts on the basis of lack of visibility and confidence. There is a good
chance that results announcements will exceed these modest expectations
especially from businesses which are soundly managed; a prime attribute we seek
in the companies in which we invest.
John Cornish
Chairman
26 February 2010
Performance statistics
31 Dec 2009 30 June 2009 31 Dec 2008 % change % change
6 months 12 months
Net assets* GBP82.0m GBP73.2m GBP65.3m 12.0 25.6
Net asset value per
ordinary share 334.59p 294.29p 259.06p 13.7 29.2
Mid market share 262.00p 235.00p 179.00p 11.5 46.4
price
Discount to net
asset value 21.7% 20.2% 30.9% - -
FTSE SmallCap (ex
investment 2327.9 1891.4 1524.5 23.1 52.7
companies) index
* During the 12 months ended 31 December 2009, 381,000 ordinary shares were
repurchased at a cost of GBP1,042,000, enhancing net asset value by approximately
0.3% (six months ended 30 June 2009: 340,500 shares for a cost of GBP714,000,
enhancing net asset value by approximately 0.3%).
Directors' responsibility statement
The Disclosure and Transparency Rules ("DTR") of the UK Listing Authority
require the Directors to confirm their responsibilities in relation to the
preparation and publication of the Interim Management Report and Financial
Statements.
The Directors confirm that, to the best of their knowledge,:
* the condensed set of financial statements for the six months ended 31
December 2009 has been prepared in accordance with applicable accounting
standards and with the Statement of Recommended Practice "Financial
Statements of Investment Trust Companies and Venture Capital Trusts" ("the
SORP") issued in January 2009, and in accordance with the pronouncements on
interim reporting issued by the Accounting Standards Board;
* the Interim Management Report includes a fair review of the information
required by DTR 4.2.7R in relation to the indication of important events
during the first six months, and of the principal risks and uncertainties
facing the Company during the second six months, of the year ending 30 June
2010; and
* the Interim Management Report includes adequate disclosure of the
information required by DTR 4.2.8R in relation to related party
transactions and any changes therein.
The half yearly financial report was approved by the Board on 26 February 2010
and the above responsibility statement was signed on its behalf by the
Chairman, John Cornish.
Income Statement
Six months to 31 December 2009 (unaudited)
Revenue Capital
Return Return Total
GBP000s GBP000s GBP000s
Realised losses on investments - (1,780) (1,780)
Unrealised gains on investments - 14,375 14,375
Income 1,415 - 1,415
Investment management fee (see note (183) (183) (366)
2)
Other expenses (215) - (215)
Net return before finance costs and 1,017 12,412 13,429
taxation
Interest payable and similar (127) (127) (254)
charges
Return on ordinary activities 890 12,285 13,175
before taxation
Taxation on ordinary activities - - -
Return attributable to equity 890 12,285 13,175
shareholders
Return per ordinary share (see note 3.59p 49.59p 53.18p
3)
Six months to 31 December 2008 (unaudited)
Revenue Capital
Return Return Total
GBP000s GBP000s GBP000s
Realised losses on investments - (1,159) (1,159)
Unrealised losses on investments - (44,717) (44,717)
Income 1,761 - 1,761
Investment management fee (see note (168) 786 618
2)
Write-back of VAT (see note 2) 1,259 2,390 3,649
Other expenses (149) - (149)
Net return/(loss) before finance
costs and taxation 2,703 (42,700) (39,997)
Interest payable and similar (127) (127) (254)
charges
Return/(loss) on ordinary
activities before taxation 2,576 (42,827) (40,251)
Taxation on ordinary activities - - -
Return/(loss) attributable to
equity shareholders 2,576 (42,827) (40,251)
Return/(loss) per ordinary share: 10.21p (169.76)p (159.55)p
Year to 30 June 2009
(audited)
Revenue Capital Total
Return Return
GBP000s GBP000 GBP000s
Realised losses on investments - (2,052) (2,052)
Unrealised losses on investments - (36,075) (36,075)
Income 3,458 - 3,458
Investment management fee (see note (313) 644 331
2)
Write-back of VAT (see note 2) 1,259 2,390 3,649
Other expenses (395) - (395)
Net return/(loss) before finance
costs and taxation 4,009 (35,093) (31,084)
Interest payable and similar (283) (283) (566)
charges
Return/(loss) on ordinary
activities before taxation 3,726 (35,376) (31,650)
Taxation on ordinary activities - - -
Return/(loss) attributable to
equity shareholders 3,726 (35,376) (31,650)
Return/(loss) per ordinary share: 14.81p (140.60)p (125.79)p
The total column of this statement represents the Company's Income Statement
prepared in accordance with UK GAAP. The revenue and capital columns are
supplementary to this and are published under guidance from the Association of
Investment Companies.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.
Reconciliation of movement in shareholders' funds
Share Share Special Capital Hedging Capital Capital Revenue Total
Capital Premium Reserve Redemption reserve Reserve Reserve Reserve
Account Reserve Unrealised Realised
GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
Six months to 31 December 2009
(unaudited)
Balance 30 June 6,222 - 37,409 6,724 (530) (27,643) 43,469 7,591 73,242
2009
Annual dividend - - - - - - - (1,554) (1,554)
paid during
period re 2009
Special dividend - - - - - - - (1,865) (1,865)
paid during
period re 2009
Movement in fair - - - - 43 - - - 43
value of
interest rate
swap
Return/(loss) - - - - - 14,375 (2,090) 890 13,175
attributable to
equity
shareholders in
the period
Shares (95) - (1,042) 95 - - - - (1,042)
repurchased by
the Company in
period
Balance at 31 6,127 - 36,367 6,819 (487) (13,268) 41,379 5,062 81,999
December 2009
Share Share Special Capital Hedging Capital Capital Revenue Total
Capital Premium Reserve Redemption reserve Reserve Reserve Reserve
Account Reserve Unrealised Realised
GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
Six months to 31 December 2008
(unaudited)
Balance 30 June 6,307 37,876 - 6,639 167 7,475 43,974 6,009 108,447
2008
Annual dividend - - - - - - - (1,514) (1,514)
paid during
period re 2008
Special dividend - - - - - - - (630) (630)
paid during
period re 2008
Movement in fair - - - - (694) - - - (694)
value of
interest rate
swap
(Loss)/return - - - - - (43,763) 936 2,576 (40,251)
attributable to
equity
shareholders in
the period
Balance at 31 6,307 37,876 - 6,639 (527) (36,288) 44,910 6,441 65,358
December 2008
Year ended 30 June 2009 (audited)
Balance at 30 6,307 37,876 - 6,639 167 7,475 43,974 6,009 108,447
June 2008
Annual dividend - - - - - - - (1,514) (1,514)
paid during
period re 2008
Special dividend - - - - - - - (630) (630)
paid during
period re 2008
Movement in fair - - - - - - - (697)
value of (697)
interest rate
swap
Cancellation of - (37,876) 37,876 - - - - - -
share premium
account
(Loss)/return - - - - - (35,118) (258) 3,726 (31,650)
attributable to
equity
shareholders in
year
Shares (85) - (467) 85 - - (247) - (714)
repurchased by
the company in
year
Balance at 30 6,222 - 37,409 6,724 (530) (27,643) 43,469 7,591 73,242
June 2009
Summarised Balance Sheet
At 31 Dec At 31 Dec At 30 June
2009 2008 2009
(unaudited) (unaudited) (audited)
GBP000s GBP000s GBP000s
Fixed asset investments held at fair
value through profit or loss 85,319 60,684 75,286
Current assets
Debtors 575 246 1,829
Cash 5,046 13,291 5,762
5,621 13,537 7,591
Creditors: amounts falling due within (941) (860) (1,635)
one year
Net current assets 4,680 12,677 5,956
Total assets less current liabilities 89,999 73,361 81,242
Creditors: amounts falling due after
more than one year (8,000) (8,003) (8,000)
Net assets 81,999 65,358 73,242
Capital and Reserves
Called up share capital 6,127 6,307 6,222
Share premium account - 37,876 -
Special reserve 36,367 - 37,409
Capital reserves 34,443 14,734 22,020
Revenue reserves 5,062 6,441 7,591
Equity shareholders' funds 81,999 65,358 73,242
Net asset value per share 334.59p 259.06p 294.29p
Cash Flow Statement
Six months Six months Year to
to 31 Dec to 31 Dec 30 June
2009 2008 2009
(unaudited) (unaudited) (audited)
GBP000s GBP000s GBP000s
Net cash inflow from operating 975 5,193 6,327
activities
Net cash outflow from servicing of (256) (254) (566)
financing
Net cash inflow/(outflow) from 3,235 (927) (8,774)
investment activities
Equity dividends paid (3,419) (2,144) (2,144)
Net cash outflow from financing (1,251) - (504)
(Decrease)/increase in cash (716) 1,868 (5,661)
Cash flow reconciliations
Operating profit to net cash inflow from
operating activities
Net return/(loss) before finance cost 13,429 (39,997) (31,084)
and taxation
Less capital (gain)/loss for the period (12,412) 42,700 35,093
Net revenue before finance cost and 1,017 2,703 4,009
taxation
Decrease in revenue debtors 112 344 224
Increase/(decrease) in creditors and 29 (1,030) (940)
accruals
Management fee and performance fee
(charged)/credited to capital (183) 786 644
Refund of VAT allocated to capital - 2,390 2,390
Net cash inflow from operating 975 5,193 6,327
activities
Net cashflow to net debt
(Decrease)/increase in cash (716) 1,868 (5,661)
(Debt)/net funds at the beginning of the (2,238) 3,423 3,423
period
(Debt)/net funds at the end of the (2,954) 5,291 (2,238)
period
Notes
1. Accounting policies
The financial information has been prepared on the basis of the accounting
policies set out in the Company's financial statements for the year ended 30
June 2009.
2. Investment management fee
Six months Six months Year to 30
to 31 Dec to 31 Dec June 2009
2009 2008
(unaudited) (unaudited) (audited)
GBP000s GBP000s GBP000s
Investment management fee charged to 183 168 313
revenue
Investment management fee charged to 183 168 313
capital
Movement in the provision for
performance-related fee charged to - (954) (957)
capital
Total fee charged /credited) to capital 183 (786) (644)
Total investment management fee 366 (618) (331)
VAT recovered allocated to revenue - 1,259 1,259
VAT recovered allocated to capital - 2,390 2,390
Total VAT recovered - 3,649 3,649
Based on the performance for the six months to 31 December 2009, the provision
for a performance related fee at 31 December 2009 was nil (2008: GBP3,000).
In November 2009, an amount of GBP3.6 million was received from AXA Framlington
Investment Management Limited, the investment manager, in respect of its claim
against HM Revenue and Customs ("HMRC") for the recovery of VAT paid between
1992 to 1996 and 2001 to 2008 on management fees charged to the Company. This
benefit, which had not been previously recognised as an asset by the Company,
added 14.46 pence per share to the net asset value. Interest of GBP0.67 million
on this amount was received from HMRC in February 2009. This amount had not
been accrued in the accounts at 31 December 2008 due to uncertainty at that
time over the amount receivable and the timing of receipt.
3. Return/(loss) per ordinary share
Six months Six months Year to 30
to 31 Dec to 31 Dec June 2009
2009 2008
(unaudited) (unaudited) (audited)
GBP000s GBP000s GBP000s
Revenue return 890 2,576 3,726
Capital return/(loss) 12,285 (42,827) (35,376)
Total 13,175 (40,251) (31,650)
Weighted average number of ordinary 24,773,941 25,228,501 25,160,459
shares in issue during the period
Revenue return per ordinary share 3.59p 10.21p 14.81p
Capital return /(loss) per ordinary 49.59p (169.76)p (140.60)p
share
Total return/(loss) per ordinary share 53.18p (159.55)p (125.79)p
4. Called up share capital
During the half year ended 31 December 2009, the Company bought back 381,000
shares for a total consideration of GBP1,042,000 (half year ended 31 December
2008: nil shares; year ended 30 June 2009: 340,500 for a total consideration of
GBP714,000). Shares bought back have all been cancelled. The number of ordinary
shares in issue at 31 December 2009 was 24,507,001.
5. Net asset value per share
The net asset value per share and the net assets attributable to the ordinary
shares at the period end calculated in accordance with the Company's Articles
of Association were as follows:
As at As at As at
31 Dec 2009 31 Dec 2008 30 June 2009
(unaudited) (unaudited) (audited)
Net assets attributable to ordinary GBP81,999,000 GBP65,358,000 GBP73,242,000
shareholders
Ordinary shares in issue 24,507,001 25,228,501 24,888,001
Net asset value per share 334.59p 259.06p 294.29p
6. Financial information
The Company's financial information for the six months to 31 December 2009 and
the comparative figures for the corresponding period in the previous financial
year are unaudited. The financial information for the year to 30 June 2009 is
extracted from the latest published accounts and does not constitute statutory
accounts for that year. Those accounts carry an unqualified report from the
auditors and have been filed with the Registrar of Companies.
The half-yearly financial report has not been audited or reviewed by auditors
pursuant to the Auditing Practices Board guidance on Review of Interim
Financial Information.
Half-year results announced in February.
Full-year results announced in September.
Annual report and accounts posted to shareholders in September.
Annual general meeting held in October.
The final dividend is paid in November.
7. 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.
8. Principal Risks and Uncertainties
In the opinion of the directors, the principal risks to the Company are as
follows. First, a significant and/or prolonged fall in the stock market would
have a serious effect on its performance and value. Gearing within the Company
could exacerbate this effect. The board is dependent on the Manager to manage
the portfolio to minimise the impact of such a fall in the market but monitors
the Manager's performance on a regular basis, including the level of gearing.
The second major risk is that the Manager's hitherto consistent record of
outperformance deteriorates for a sustained period, leading to inferior asset
growth for shareholders relative to other avenues for investment in the
Company's area of specialisation. The Board and the Manager discuss performance
at every Board meeting.
A further risk is that the rating on the Company's shares will fail to reflect
the good investment performance achieved, owing to poor sentiment towards
equities in general or smaller companies in particular or because of a
temporary mismatch between buying and selling interest in the Company's shares.
The Board regularly assesses the efforts of the Manager and the Company's
broker to communicate the Company's merits to existing and potential investors
as an important aspect of delivering shareholder value. The Board has also
actively used its buyback authority as a means of mitigating discount
volatility and using the opportunity to enhance NAV by purchasing shares at a
discount, for cancellation.
Finally, a breach of the requirements of section 842 of the Income and
Corporation Taxes Act 1988 could potentially result in the Company being liable
to corporation tax on capital gains on the sale of its investments. The Manager
reports to the board at each meeting on the Company's compliance with section
842.
Top Twenty Holdings as at 31 December 2009
Company Holding Bid Market Portfolio
Value Valuation
GBP %
1 Cranswick Ord 10p 600,000 4,596,000 5.39
2 Synergy Health Ord 0.625p 600,000 3,900,000 4.57
3 Braemar Shipping Services Ord 10p 850,000 3,612,500 4.23
4 UMECO Ord 25p 1,265,000 3,567,300 4.18
5 Hill & Smith Holdings Ord 25p 1,000,000 3,400,000 3.99
6 Advanced Medical Solutions Group Ord 10,000,000 3,150,000 3.69
5p
7 Air Partner Ord 5p 700,000 3,150,000 3.69
8 Craneware Ord 1p 950,000 3,135,000 3.67
9 Clarke (T.) Ord 10p 2,265,000 3,057,750 3.58
10 NCC Group Ord 1p 678,452 2,612,040 3.06
11 Aveva Group Ord 3 1/3p 250,000 2,507,500 2.94
12 SDL Ord 1p 600,000 2,460,000 2.88
13 Tarsus Group Ord 5p 2,258,333 2,371,250 2.78
14 Melrose Resources Ord 10p 800,000 2,180,000 2.56
15 St Modwen Properties Ord 10p 1,048,611 2,019,625 2.37
16 ROK Ord 2p 4,500,000 1,923,750 2.25
17 Headlam Group Ord 5p 628,986 1,888,530 2.21
18 Brammer Ord 20p 1,500,000 1,800,000 2.11
19 BSS Group Ord 5p 750,000 1,800,000 2.11
20 Phoenix IT Group Ord 1p 650,000 1,722,500 2.02
Total 54,853,745 64.28
Investor information
Structure of the Company
The Company has one class of share capital, ordinary shares of 25p each. The
Company had 24,507,001 ordinary shares in issue at 31 December 2009. At that
date, the Company had drawn down GBP8 million out of two facilities totalling GBP13
million available under credit facilities with The Royal Bank of Scotland which
remain in place until April 2010 (GBP5 million) and May 2011 (GBP8 million). It is
the Board's current intention to seek the renewal of the loan facilities
thereafter.
The life of the Company is indefinite. However, at three-yearly intervals,
shareholders have the right to determine its future if there has been a failure
to achieve performance targets. The next review will be for the three year
period to 30 June 2010.
Investment Objective
The objective of the Company is to produce long term capital growth through
investment in a portfolio of growth companies based in or predominantly trading
in the UK. These companies generally demonstrate a willingness and ability to
embrace new and evolving technologies and take advantage of social, political
and cultural trends in the economy. The shares of these companies will usually
be either listed on the London Stock Exchange or dealt in on AIM with a market
capitalisation at the time of purchase, in most cases, less than that of the
median company in the FTSE SmallCap (excluding Investment Companies) index.
Benchmark
The performance of the Company is measured by reference to the FTSE SmallCap
(excluding Investment Companies) Index (the "Index").
Investment Policy
The Company invests in companies with a market capitalisation at the time of
purchase, in most cases, less than that of the median company in the Index. As
at 31 December 2009, the Index covers companies with a market capitalisation of
between approximately GBP15 million and GBP320 million.
There are risks of investing in smaller companies which are mitigated by
investment in a diversified portfolio of companies covering a range of sectors
and by the Manager's careful stock selection. There are no restrictions on the
sectors in which the Company may invest. In normal circumstances, the portfolio
will usually comprise at least 50 stocks in a range of sectors.
The statutory maximum amount which may be invested in any one company is 15% of
the Company's investments but in normal circumstances, a holding in one company
would not represent more than 5% of the Company's investments, measured as at
the date of purchase of an investment.
The Company may not invest more than 10%, in aggregate, of the value of its
total assets in other listed closed-ended investment funds except in the case
of investment in closed-ended investment funds which themselves have published
investment policies to invest no more than 15% of their total assets in other
listed closed-ended investment funds, in which case the limit is 15%.
Investment Philosophy and Process
The underlying investment philosophy of the Manager is Growth at a Reasonable
Price (GARP). As a result, the portfolio will typically have a growth bias,
although the emphasis will vary over time. In seeking growth, the Manager
invests in companies expected to produce above average growth in earnings and
cash returns on invested capital. In order to assess a company's growth
prospects, the Manager evaluates the quality of its management and financial
position, the industry in which it operates and its competitive position.
However, buying companies with good growth prospects can only be profitable if
the current price does not already reflect those prospects. The Manager's
research efforts are directed towards fully understanding a company and its
markets, and use is made of a full matrix of valuation methods to ensure that
the Company does not overpay for growth.
As an active investor, the Manager believes effective stock selection is key to
successful investment management. The investment process, in support of this,
focuses primarily on bottom-up fundamental analysis, combining in-house
analysis, company meetings and external research.
Gearing
The Company's articles allow borrowings up to an amount equal to one half of
the aggregate of the amount paid up on the issued share capital for the time
and the amounts standing to the credit of the reserves of the Company. In
normal circumstances, the Board would expect the Company to be fairly fully
invested but it may, when the Board considers it appropriate, hold cash of up
to 25% or be geared up to 25% of total assets.
Market information
The Company's shares are listed on the London Stock Exchange. The market price,
price range, net asset value and discount/premium are shown daily in the
Financial Times under the Investment Companies section. The net asset value per
ordinary share is calculated daily together with the net asset value of the
Company and published via PR Newswire on the London Stock Exchange Company
Announcements Service.
Website
Further information on the Company may be found on its website, www.figt.co.uk
Share price discount
The market price of the Company's shares can stand at a discount or premium to
net asset value, according to the level of demand for the Company's shares at
any given time. Demand is influenced by many factors including performance,
prospects, objectives and public awareness. Market conditions affecting the
quoted smaller company sector also have a significant bearing. Shareholders
have authorised the Company to buy back its own shares and the Board will
continue to make use of this authority to purchase shares at a discount to net
asset value where it considers it is in the long term interest of Shareholders
to do so.
Shareholder enquiries
Capita Registrars are the Company's registrars and maintain the share register.
In the event of queries regarding their holdings of shares, lost certificates,
dividend payments, registered details, etc, shareholders should contact them on
0871 664 0300 (calls cost 10p per minute plus network extras; lines are open
8.30 am - 5.30 pm, Monday to Friday) or +44 8639 3399 (from overseas). Changes
of name or address must be notified to the registrars in writing. Any general
enquiries about the Company should be directed to the Company Secretary, at the
Company's registered office.
Beneficial owners of shares with "information rights"
Beneficial owners of shares who have been nominated by the registered holder of
those shares to receive information rights under section 146 of the Companies
Act 2006 should direct all communications to the registered holders of their
shares and not to the Company's registrars, Capita Registrars, or to the
Company itself.
Association of Investment Companies ("AIC")
The Company is a member of the AIC, which provides a range of literature
including fact sheets and a monthly statistical service that can be obtained
from the AIC at www.theaic.co.uk
How to invest
The Company's shares may be purchased though a stockbroker.
END
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