Perpetual Income and Growth Investment Trust plc
Half-Yearly Financial Report for the Six Months to 30 September 2009
Key Facts
Perpetual Income and Growth Investment Trust plc (`the Company') is an
investment trust company listed on The London Stock Exchange. The Company is
managed by Invesco Asset Management Limited.
Objective of the Company
The objective of the Company is to generate capital growth with a higher than
average income from investment mainly in the UK equity market. It is intended
that the Company will provide real dividend growth over the medium term.
Full details of the Company's investment policy and risk and investment limits
can be found on pages 14 and 15 of the Company's 2009 annual financial report.
Performance Statistics
The Benchmark index of the Company is the FTSE All-Share Index.
At At
30 31 March %
September
2009 2009 Change
Total return (all income reinvested):
Diluted net assets(1) +25.9
Benchmark(1) +35.7
Diluted net asset value per share:
- after charging first interim dividend (capital 216.8p 176.0p +23.2
NAV)
- as balance sheet 220.2p 182.0p +21.0
Shareholders' funds (£'000) 462,485 379,256 +21.9
Mid-market price:
- ordinary shares 203.2p 171.0p +18.8
- subscription shares 31.5p 27.5p +14.5
Discount per ordinary share 7.7% 6.0%
Capital return - Benchmark(1) +32.8
Actual gearing 117 117
Asset gearing 117 116
Note: (1) Source: Datastream and Fundamental Data.
Six months ended
30 30
September September
2009 2008
Revenue
Diluted revenue return per share 5.1p 5.0p +2.0
Dividends per share 3.4p 3.3p +3.0
INTERIM MANAGEMENT REPORT INCORPORATING CHAIRMAN'S STATEMENT
Chairman's Statement
Performance
During the six months to 30 September 2009, the total return for the period
(comprising the movement in the net asset value (`NAV') plus net income
reinvested) was 25.9% compared to the 35.7% return from the FTSE All-Share
Index. The mid-market price per share rose by 18.8% to 203.2p and the discount
to NAV per ordinary share widened from 6.0% to 7.7%.
Dividend
The Board has declared an interim dividend of 3.4p per share in respect of the
six months to 30 September 2009. This dividend is payable on 29 December 2009
to shareholders registered at the close of business on 11 December 2009. This
increase in dividend of 3% continues the Board's policy of sustained real
increases in dividend.
VAT Recovered on Management Fees
As reported in my Chairman's Statement in the 2009 annual financial report, the
Board has been in discussions with the Manager in relation to the recovery of
VAT and interest arising from the recovery of VAT previously paid by the
Company on management fees.
I am pleased to advise shareholders that as a result of these discussions the
Company, in the period being reported on, has received further VAT of £291,000
in this respect, being £140,000 relating to the period 2001 to 2007 and £
151,000 for the period 1990 to 1996. These amounts have been credited £101,000
to revenue and £190,000 to capital, in the same proportion as originally
charged to the income statement.
No further amounts of VAT are recoverable from the Manager. The Company is
however engaged with other investment trusts in a collective legal action to
seek to recover further amounts of VAT directly from HMRC.
Subscription Share Exercise and Issued Share Capital
During the period under review, 1,357,905 ordinary shares were issued at a
price of 184.50p per share on 9 July 2009 and 250,000 ordinary shares were
issued at a price of 188.625p per share on 15 July 2009.
Subscription shareholders had their fourth opportunity to exercise their right
to subscribe for one ordinary share of the Company at a price of 218.94p. The
subscription period ended on 31 August 2009. As a result, 38,492 ordinary
shares were allotted in mid-September 2009. Subscription shareholders will have
further opportunities to convert their holdings in each of the years 2010 to
2013.
As a result of the above transactions, the issued share capital of your Company
at the period end was 210,051,017 ordinary shares of 10p each and 17,682,432
subscription shares.
William Alexander
Chairman
30 November 2009
Investment Management Report
Market Review
A combination of better-than-expected corporate results, improving economic
data, low interest rates and government stimulus measures amounted to a helpful
backdrop for the UK equity market in the six months to 30 September 2009,
resulting in record double-digit gains for the FTSE All-Share Index. Reflecting
investors' renewed appetite for riskier assets, market performance was
dominated by share price appreciation of companies in cyclical sectors of the
market such as mining and financials. By contrast, defensive sectors
underperformed the wider UK equity market, with the result that the small-cap
FTSE SmallCap Index and the mid-sized FTSE 250 Index experienced better
share-price performance than that generated by the large-cap FTSE 100 Index. At
the stock level, the best performing companies in the FTSE 100 Index included
mining companies Kazakhmys and Vedanta Resources, and Rentokil Initial. By
contrast, the worst performing companies included Reed Elsevier, United
Utilities and Thomas Cook. Several milestones were recorded during the review
period, the FTSE 100 Index rallied through the 5000 level for the first time
since October 2008; the price of gold rose above US$1000 an ounce; and 15
September marked the first anniversary of the collapse of Lehman Brothers.
The Bank of England's Monetary Policy Committee (MPC) kept interest rates on
hold at 0.5% during the review period. However, the MPC continued to extend the
Quantitative Easing Asset-Purchase programme by a further £50 billion to £175
billion.
Economic data released during the review period supported the market's view
that the low point of the recession may have passed. For instance, the latest
data on house prices continued to point to a recovery in the housing market,
and second-quarter 2009 GDP in the UK was slightly better than expected.
Meanwhile, inflation, as measured by the Consumer Prices Index, fell to 1.6%
year-on-year during the period, which was higher than the most pessimistic
economic forecasts. It was not all good news on the economy, however, as the
latest labour-market data continued to show little sign of improvement. During
the period, the number of people unemployed rose to 2.47 million, which is a
14-year high.
Portfolio Strategy and Review
The Company's net asset value, including reinvested dividends, rose by 25.9%
during the six months to the end of September 2009, compared to a rise of 35.7%
from the FTSE All Share Index (total return).
The Company generated healthy absolute returns over the review period but on a
relative basis was not able to keep pace with the performance of the FTSE
All-Share Index. This was largely attributable to a bias towards defensive
sectors of the market, such as utilities, tobacco and pharmaceuticals, which
fell out of favour in an environment where investors continued to sell
defensives to buy cyclical companies.
Some of the Company's defensive holdings provided a meaningful contribution
despite the cyclical-led rally, for instance, holdings in British American
Tobacco, pharmaceutical companies AstraZeneca and GlaxoSmithKline, and the
power generator International Power. However, the most prominent positive
contributor to the Company's performance was telecommunications company BT.
Investors have reacted positively to the efforts being implemented by
management to address the problems at the Global Services division and there is
positive sentiment in the market concerning the pension-fund deficit, which now
appears to be quantifiable.
There were several significant transactions within the Company over the review
period. For instance, Royal Dutch Shell and British Airways were removed from
the portfolio following a period of strong performance as the Manager wanted to
take advantage of better opportunities for investment in other parts of the
market. This led to a number of new holdings being introduced into the Company.
For example, positions were initiated in Compass Group, Bunzl, VT Group and
KCOM.
A dip in Compass Group's share price during the review period presented an
attractive entry point to purchase the shares at a favourable valuation. The
decline in the share price was caused by some disappointment in the market with
regard to the latest results. The company remains a resilient business which is
benefiting from the global growth in outsourcing of catering services in both
the public and private sectors. Similarly, Bunzl was acquired after a decline
in its share price presented a good opportunity to invest in a high-quality
business at attractive levels.
The Manager believes that VT Group is implementing the necessary measures to
improve its structure. The company is towards the end of the process of
reshaping itself from a conglomerate business, which used to be dominated by
military shipbuilding, to a business focused on providing support services to
the Ministry of Defence. As a result of this transformation, the company should
be well-placed to benefit from further long-term government contracts. Similar
to VT Group, KCOM is also a company which exhibits a good restructuring story.
The company is reorganising its businesses to focus on two key areas - namely,
the management and maintenance of the telecoms network in the City of Hull and
the supply of telecommunications services to medium-sized companies in the UK.
As a result, KCOM is reducing its cost base and improving the quality of its
earnings by disposing of areas that are not a strategic fit in its business.
Outlook
The recent improvement in macroeconomic data, despite weak Q3 GDP figures, has
led some market participants to subscribe to the view that the UK economy is
emerging from recession. The Manager, however, is not convinced. There are
uncertainties over the strength and sustainability of the recovery that is
being anticipated by the market. Businesses and households are still in the
process of tempering their former exuberance and rebuilding their balance
sheets. While this process of deleveraging continues, which could take years to
run its course, the economy is likely to face substantial challenges, such as
rising unemployment and a subdued housing market, which will pose obstacles to
a solid and sustained recovery. Notwithstanding this sombre outlook for the UK
economy, the Manager believes that there are selected areas of opportunity in
the stockmarket that look interesting, particularly in an environment where
economic growth is lacklustre. These areas are typically found in defensive
sectors and display such characteristics as strong balance-sheets, visible
cash-generation, robust business models and, most importantly, growing dividend
streams.
The Manager is acutely aware that although the portfolio has generated positive
returns in the first half of the current year, the performance has lagged the
benchmark by a wide margin. Whilst the Manager is disappointed with this level
of relative performance, he believes that given the long-term nature of his
investment time-frame, and the substantial valuation anomalies which have
arisen in the recent market environment, it is definitely in the best interests
of the shareholders to retain the current investment strategy as described and
remain patient in the knowledge that "value will out". The Manager is confident
that this is the best method to deliver superior risk-adjusted investment
returns to shareholders over the long term.
Mark Barnett
Investment Manager
30 November 2009
Related Party
Invesco Asset Management Limited (`IAML'), a wholly owned subsidiary of Invesco
Limited, acts as Manager and Company Secretary to the Company. Details of
IAML's services and fee arrangements are given in the latest annual financial
report, which is available on the Company's website.
Principal Risks and Uncertainties
The principal risks and uncertainties that could affect the Company's business
can be divided into various areas:
• Investment Objective and Policy;
• Investment Process;
• Market Movements and Portfolio Performance;
• Ordinary Shares;
• Gearing; and
• Regulatory.
A detailed explanation of these principal risks and uncertainties can be found
on pages 18 to 20 of the 2009 annual financial report, which is available on
the Company's website.
In the view of the Board, these principal risks and uncertainties are equally
applicable to the remaining six months of the financial year as they were to
the six months under review.
DIRECTORS' RESPONSIBILITY STATEMENT
In respect of the preparation of the half-yearly financial report
The Directors are responsible for preparing the half-yearly financial report
using accounting policies consistent with applicable law and UK Accounting
Standards.
The Directors confirm that to the best of their knowledge:
- the condensed set of financial statements contained within the half-yearly
financial report have been prepared in accordance with the Accounting Standards
Board's Statement "Half-Yearly Financial Report";
- the interim management report includes a fair review of the information
required by DTR 4.2.7R and DTR 4.2.8R of the FSA's Disclosure and Transparency
Rules; and
- the interim management report includes a fair review of the information
required on related party transactions.
The half-yearly financial report has not been audited or reviewed by the
Company's auditors.
Signed on behalf of the Board of Directors.
William Alexander
Chairman
30 November 2009
Investment Portfolio Statement AT 30 SEPTEMBER 2009
UK ordinary shares unless stated otherwise
Market
Value % of
Company Sector £'000 Portfolio
Equity investments
Imperial Tobacco Tobacco 28,485 5.2
BG Oil & Gas Producers 28,072 5.2
AstraZeneca Pharmaceutical and 27,558 5.1
Biotechnology
Reynolds American
(US common stock) Tobacco 27,394 5.0
Vodafone Mobile Telecommunications 27,083 5.0
British American
Tobacco Tobacco 25,526 4.7
GlaxoSmithKline Pharmaceutical and 25,122 4.6
Biotechnology
Tesco Food and Drug Retailers 22,492 4.1
BT Fixed Line Communications 21,005 3.9
BP Oil & Gas Producers 17,075 3.2
Top ten holdings 249,812 46.0
Capita Support Services 17,068 3.1
National Grid Gas, Water and Multiutilities 17,005 3.1
International Power Electricity 14,572 2.7
Centrica Gas, Water and Multiutilities 14,414 2.7
Hiscox Insurance 13,687 2.5
BAE Systems Aerospace and Defence 13,421 2.5
Drax Electricity 12,405 2.3
Reckitt Benckiser Healthcare 12,394 2.3
Scottish & Southern
Energy Electricity 11,913 2.2
Provident Financial Financial 10,526 1.9
Top twenty holdings 387,217 71.3
Balfour Beatty Construction and Materials 9,370 1.7
Pennon Gas, Water and Multiutilities 9,165 1.7
Sage Technology Services 8,811 1.6
BTG Pharmaceutical and 8,716 1.6
Biotechnology
Compass Group Support Services 8,712 1.6
UK Coal Mining 8,389 1.5
Tate & Lyle Food Producers 7,999 1.5
Northumbrian Water Water 7,464 1.4
VT Group Support Services 7,073 1.3
Beazley Property 6,374 1.2
Top thirty holdings 469,290 86.4
Market
Value % of
Company Sector £'000 Portfolio
Rentokil Initial Support Services 6,096 1.1
Homeserve Support Services 6,047 1.1
Just Retirement Insurance 5,613 1.0
Impax Environmental Equity Investment Instruments
- ordinary 5,188
- warrants 204 1.0
Bunzl Support Services 5,147 0.9
KCOM Communications 4,545 0.8
Vectura Pharmaceutical and 4,542 0.8
Biotechnology
Altus Resource Oil & Gas Producers 3,806 0.7
Rolls Royce Aerospace and Defence 3,456 0.7
Trading Emissions Equity Investment Instruments 3,324 0.7
Top forty holdings 517,258 95.2
Climate Exchange Equity Investment Instruments 3,043 0.6
Puricore Personal Goods 2,897 0.5
Barclays Bank - Nuclear
Power Notes 28 Feb
2019 Electricity 2,685 0.5
Ecofin Water & Power Water
- ordinary 2,327
- rights 37 0.4
ITV Media 2,153 0.4
Lombard Medical Healthcare 2,060 0.4
Helphire Finance 1,966 0.4
Macau Property Property 1,909 0.4
DSG General Retailers 1,847 0.3
Renovo Pharmaceutical and 953 0.2
Biotechnology
Top fifty holdings 539,135 99.3
Landkom Food Producers 925 0.2
Fusion Finance 911 0.2
Imperial Innovations Finance 646 0.1
William Hill General Retailers 618 0.1
Xcounter AB Healthcare 130 -
XTL Biopharmaceutical (US Pharmaceutical and 89 -
ADR) Biotechnology
Napo Pharmaceutical (US Pharmaceutical and 61 -
common stock) Biotechnology
Mirada Technology Software 45 -
Total equity investments (58) 542,560 99.9
Fixed interest investments
Ecofin Water & Power
6% May 2016 Water 494 0.1
Total investments (59) 543,054 100.0
Condensed Income Statement
Six Months to Six Months to Year to
30 September 2009 30 September 2008 31 March
2009
Revenue Capital Total Revenue Capital Total Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on - 83,284 83,284 - (44,991) (44,991) (119,109)
investments at fair
value through profit or
loss
Foreign exchange losses - (25) (25) - (2,591) (2,591) (7,989)
Income
UK dividends 11,592 - 11,592 11,719 - 11,719 19,592
Overseas dividends 972 - 972 876 - 876 2,033
Unfranked investment 197 - 197 - - - 262
income
Other income 66 - 66 - - - 830
Gross return 12,827 83,259 96,086 12,595 (47,582) (34,987) (104,381)
Investment management (581) (1,354) (1,935) (500) (1,500) (2,000) (3,720)
fee - note 2
Performance fee - note - - - - (1,678) (1,678) (853)
2
VAT recoverable on 101 190 291 - - - 5,252
management fees - note
3
Other expenses (258) (2) (260) (232) (5) (237) (500)
Net return before 12,089 82,093 94,182 11,863 (50,765) (38,902) (104,202)
finance costs and
taxation
Finance costs - note 2 (384) (897) (1,281) (503) (1,508) (2,011) (3,834)
Return on ordinary 11,705 81,196 92,901 11,360 (52,273) (40,913) (108,036)
activities before
taxation
Tax on ordinary (146) - (146) (131) - (131) (306)
activities
Return on ordinary 11,559 81,196 92,755 11,229 (52,273) (41,044) (108,342)
activities after
taxation for the
financial period
Return per ordinary
share - note 4
Basic 5.5p 38.8p 44.3p 5.4p (25.2)p (19.8)p (52.2)p
Diluted 5.1p 35.8p 40.9p 5.0p (23.2)p (18.2)p (48.1)p
The total column of this statement represents the Company's income statement,
prepared in accordance with UK Accounting Standards. The supplementary revenue
and capital columns are presented for information purposes in accordance with
the Statement of Recommended Practise issued by the Association of Investment
Companies. All items in the above statement derive from continuing operations
and the Company has no other gains or losses. No operations were acquired or
discontinued in the period.
Condensed Balance Sheet
At At At
30 31 March 30
September September
2009 2009 2008
£'000 £'000 £'000
Fixed assets
Investments held at fair value through profit 543,054 440,850 526,818
or loss
Current assets
Amounts due from brokers 2,292 1,984 -
Recoverable VAT and interest - 6,024 -
Prepayments and accrued income 1,867 2,008 1,735
4,159 10,016 1,735
Creditors: amounts falling due within one year
Bank overdraft (49,367) (36,269) (37,818)
Amounts due to brokers (4,065) (3,408) (4,242)
Accruals and deferred income (1,575) (1,376) (1,458)
Accrual for performance fee - (853) -
Unrealised loss on forward currency contracts - - (2,514)
(55,007) (41,906) (46,032)
Net current liabilities (50,848) (31,890) (44,297)
Total assets less current liabilities 492,206 408,960 482,521
Creditors: amounts falling due after one year
Debenture 2014 (29,721) (29,704) (29,686)
Provision for performance fee - - (1,678)
Net assets 462,485 379,256 451,157
Capital and reserves
Share capital - note 6 21,005 20,840 20,728
Share premium 185,691 182,794 180,656
Capital reserve 233,803 152,607 229,303
Revenue reserve 21,986 23,015 20,470
Shareholders' funds 462,485 379,256 451,157
Net asset value per ordinary share - note 5
Basic 220.2p 182.0p 217.7p
Diluted 220.2p 182.0p 217.7p
Condensed Cash Flow Statement
Six months to Year to Six months to
30 September 31 March 2009 30 September
2009 2008
£'000 £'000 £'000
Net return before finance costs 94,182 (104,202) (38,902)
and taxation
(Gains)/losses on investments (83,284) 119,109 44,991
Foreign exchange losses 25 7,989 2,591
Scrip dividends (279) - -
Decrease/(increase) in debtors 6,165 (5,237) 1,060
(Decrease)/increase in creditors (601) 590 1,550
Tax on overseas income (146) (306) (131)
Net cash flow from operating 16,062 17,943 11,159
activities
Servicing of finance (1,317) (4,038) (2,287)
Capital expenditure and financial
investment
Purchase of investments (84,187) (188,630) (69,869)
Sale of investments 65,895 214,079 86,287
Equity dividends paid (12,588) (16,593) (9,740)
Net cash (outflow)/inflow before (16,135) 22,761 15,550
management of liquid resources and
financing
Financing 3,062 2,351 101
(Decrease)/increase in cash in the (13,073) 25,112 15,651
period
Exchange movements (25) (7,465) 447
Debenture stock non-cash movement (17) (36) (18)
Movement in net debt in the period (13,115) 17,611 16,080
Net debt at beginning of period (65,973) (83,584) (83,584)
Net debt at end of period (79,088) (65,973) (67,504)
Analysis of changes in net debt:
Brought forward:
Bank overdraft (36,269) (53,916) (53,916)
Debenture 2014 (29,704) (29,668) (29,668)
Net debt brought forward (65,973) (83,584) (83,584)
Movements in the period:
Cash (outflow)/inflow from bank (13,073) 25,112 15,651
Exchange movements (25) (7,465) 447
Debenture non-cash movement (17) (36) (18)
Net debt at end of period (79,088) (65,973) (67,504)
Condensed Reconciliation of movements in Shareholders' funds
Share Share Capital Revenue
Capital Premium Reserve Reserve Total
£'000 £'000 £'000 £'000 £'000
For the six months ended 30
September 2008
Shareholder's funds at 1 April 2008 20,723 180,560 281,576 18,981 501,840
Return on ordinary activities - - (52,273) 11,229 (41,044)
Second interim dividend for 2008 - - - (9,740) (9,740)
Subscription shares exercised 5 96 - - 101
At 30 September 2008 20,728 180,656 229,303 20,470 451,157
For the year ended 31 March 2009
Shareholder's funds at 1 April 2008 20,723 180,560 281,576 18,981 501,840
Return on ordinary activities - - (128,969) 20,627 (108,342)
Second interim dividend for 2008 and - - - (16,593) (16,593)
first interim for 2009
Ordinary shares issued 112 2,138 - - 2,250
Subscription shares exercised 5 96 - - 101
At 31 March 2009 20,840 182,794 152,607 23,015 379,256
For the six months ended 30
September 2009
Shareholder's funds at 1 April 2009 20,840 182,794 152,607 23,015 379,256
Return on ordinary activities - - 81,196 11,559 92,755
Second interim and special dividends - - - (12,588) (12,588)
for 2009
Ordinary shares issued 161 2,817 - - 2,978
Subscription shares exercised 4 80 - - 84
At 30 September 2009 21,005 185,691 233,803 21,986 462,485
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1. Basis of Preparation
The condensed financial statements of the Company have been prepared using the
same accounting policies as those adopted in the 2009 annual financial report,
which are consistent with applicable United Kingdom Accounting Standards and
with the Statement of Recommended Practice: `Financial Statements of Investment
Trust Companies and Venture Capital Trusts'.
2. Investment Management Fees and Finance Costs
Investment management fees and finance costs are allocated 70% to capital and
30% to revenue. A provision for a performance-related fee is recognised if the
Company's performance exceeds the FTSE All-Share Index. No fee has been
provided for the six months under review. This is allocated wholly to capital.
3. VAT Recoverable on Management Fees
As reported in the 2009 annual financial report, the Company recognised £
5,252,000 of VAT due from
HM Revenue and Customs for the period 2001-2007, together with interest of £
772,000.
As disclosed in the Chairman's Statement, a further £291,000 of VAT refunds has
been recognised and received in the period under review. This was credited £
101,000 to revenue and £190,000 to capital in the same proportion as originally
charged, and is the equivalent of 0.14p per share in total, and 0.05p to
revenue.
4. Return per Ordinary Share
Six months to Year to Six months to
30 September 31 March 30 September
2009 2009 2008
(Unaudited) (Audited) (Unaudited)
£'000 £'000 £'000
Returns after tax:
Revenue 11,559 20,627 11,229
Capital 81,196 (128,969) (52,273)
Total 92,755 (108,342) (41,044)
Weighted average number of
ordinary shares in issue
during the period:
- basic 209,138,685 207,591,806 207,068,259
- diluted 226,859,609 225,333,317 224,997,004
5. Basis of Net Asset Value per Ordinary Share
Six months Year to Six months
to to
30 September 31 March 30
September
2009 2009 2008
(Unaudited) (Audited) (Unaudited)
£'000 £'000 £'000
Shareholders' funds :
- basic 462,485 379,256 451,157
- diluted 462,485 379,256 451,157
Ordinary shares in issue at period
end:
- basic 210,051,017 208,404,620 207,276,080
- diluted 210,051,017 208,404,620 207,276,080
The exercise price of the subscription shares of 218.94p was greater than the
share price and therefore there is no dilution.
6. Movements in Share Capital
(a) Ordinary shares of 10p each
Six months Year to Six months
to to
30 September 31 March 30
September
2009 2009 2008
(Unaudited) (Audited) (Unaudited)
Number of ordinary shares:
Brought forward 208,404,620 207,229,981 207,229,981
Ordinary shares issued for cash 1,607,905 1,128,540 -
Subscription shares exercised 38,492 46,099 46,099
Carried forward 210,051,017 208,404,620 207,276,080
(b) Subscription Shares
The subscription shares carry the right to subscribe for one ordinary share at
a price of 218.94p on 31 August in each of the years 2010 to 2013. During the
period 38,492 subscription shares were exercised leaving 17,682,432
subscription shares remaining at the period end.
7. Dividend
The Directors have declared an interim dividend of 3.4p (2008: 3.3p) per
ordinary share in respect of the year ending 31 March 2010 payable on 29
December 2009 to shareholders registered on 11 December 2009.
8. Investment Trust Status
It is the intention of the Directors to conduct the affairs of the Company so
that it satisfies the conditions for approval as an investment trust company
set out in section 842 of the Income and Corporation Taxes Act 1988.
9. Status of Half-Yearly Financial Report
The financial information contained in this half-yearly report, which has not
been audited or reviewed by the independent auditors, does not constitute
statutory accounts as defined in section 434 of the Companies Act 2006. The
financial information for the half years ended 30 September 2009 and 30
September 2008 has not been audited. The figures and financial information for
the year ended 31 March 2009 are extracted and abridged from the latest
published accounts and do not constitute the statutory accounts for that year.
Those accounts have been delivered to the Registrar of Companies and included
the Report of the Independent Auditors, which was unqualified.
By order of the Board
Invesco Asset Management Limited
Company Secretary
30 November 2009
Directors, Advisers and Principal Service Providers
Directors
Bill Alexander, Chairman
Sir Martyn Arbib
Vivian Bazalgette
Antony Hardy
Robert Yerbury
Manager, Company Secretary and Registered Office
Invesco Asset Management Limited
30 Finsbury Square
London EC2A 1AG
020 7065 4000
Company Secretarial contact: Karina Bryant
Company Number
Registered in England and Wales: No. 3156676
Registrars
Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
West Yorkshire HD8 0LA
If you hold your shares directly rather than through an ISA or savings scheme,
and have any queries relating to your shareholding you should contact the
registrars on 0871 664 0300. Calls cost 10p per minute plus network extras.
Lines are open from 8.30a.m. to 5.30p.m. every working day.
Shareholders holding shares directly, can also access their holding details via
Capita's website www.capitaregistrars.com or www.capitashareportal.com
Capita provide an on-line and telephone share dealing service to existing
shareholders who are not seeking advice on buying or selling. This service is
available at www.capitadeal.com or by calling 0870 664 0364. Calls cost 10p per
minute plus network extras. Lines are open from 8.00a.m. to 4.30p.m. every
working day.
Invesco Perpetual Customer Services
Invesco Perpetual has a Customer Services Team available to assist you from
8.30 a.m. to 6.30 p.m. every working day on: 0800 085 8677 or visiting
www.invescoperpetual.co.uk/investmenttrusts
Invesco Asset Management Limited
30 Finsbury Square
London EC2A 1AG
020 7065 4000