ANGLO AND OVERSEAS plc
Half Yearly Report
31 January 2008
The Directors announce the unaudited half yearly report for the period from 1
August 2007 to 31 January 2008 as follows:-
HIGHLIGHTS
Interim dividend increased by 29% to 0.80p per share. The Directors would,
barring unforeseen circumstances, expect to be able to recommend a total
dividend increase per share for the current year of not less than 20%.
Proposal to amend investment policy to remove geographical constraints and
place increasing focus on income element of total return
Net asset value total return including dividends was -9.4% in a difficult
period for stock market investment
Financial summary
31 January 2008 31 July 2007 Change
Capital
Shareholders' funds �98,218,000 �115,705,000 (15.1)%
Net asset value ("NAV") per Ordinary 117.31p 130.99p (10.4)%
Share
Mid-market price per Ordinary Share 99.25p 118.25p (16.1)%
Discount to NAV (excluding income) 15.9% 9.1%
Interim Dividend per Ordinary Share 0.80p 0.62p 29.0%
Period Period Period
1 August 2007 to 29 July 2006 to 29 July 2006 to
31 January 2008 31 January 2007 31 July 2007
Total Return per Ordinary Share
*
Capital (13.60)p 13.46p 11.69p
Revenue 0.96p 0.64p 2.81p
Total (12.64p) 14.10p 14.50p
* Based on the weighted average number of shares in issue during the period.
INVESTMENT OBJECTIVE & POLICY
The Company's investment objective is to provide shareholders with above
average returns over the longer term through both capital appreciation and
income growth. The Company invests principally in securities of publicly quoted
companies worldwide, though it may invest up to 5 per cent of its gross assets
in unquoted securities. There are concentrated UK and international portfolios,
with each portfolio representing between 40 and 60 per cent of the Company's
total investments, and comprising 30 to 40 securities. The Company's
investments are managed without reference to the composition of any stockmarket
index.
Chairman's Statement
Results
As at the Company's half year end of 31 January 2008 the net asset value per
share was 117.3p, which compared with the net asset value per share at the
previous year end date of 31 July 2007 of 131.0p. This represents a reduction
of 10.4%. After including the final dividend of 1.58p for the period ended 31
July 2007, which was paid in November 2007, it resulted in a total return of
-9.4% for the six month period.
Shareholders should note that while the Company's portfolio is not managed by
reference to any stock market index, as the Directors have decided not to adopt
a formal benchmark in view of the long term nature of the Company's objective,
we always believe that it is helpful to include comparisons against stock
market indices. The total return (i.e. capital appreciation plus dividends)
from the FTSE All-Share Index over the same period was -7.5%, while the
corresponding total return from the FTSE All-World ex UK Index was -2.3%. The
total return from the average of these indices over the period was -5.0%.
As the investment manager has a focused portfolio of between 60 and 80
securities it is highly likely that there will be volatility against
conventional stock market indices. Despite the negative return seen in the past
six months, since the trust's launch in July 2005, the trust has provided
shareholders with a positive total return of 21.2%. Over the same period the
total return from the FTSE All-Share Index was 22.8%, while the total return
from the FTSE All-World ex UK Index was 19.2%. The total return from the
average of these indices over the period since launch in July 2005 was 21.0%.
Share price and discount
The Company's share price decreased from 118.25p at 31 July 2007 to 99.25p at
31 January 2008, a decrease of 16.1%. There was widening of the share price
discount to net asset value (excluding income) during the period from 9.1% at
31 July 2007 to 15.9% at 31 January 2008.
The Directors are aware that many shareholders measure the returns from their
investments from the movement in the share price rather than net asset value.
While it was not surprising that the share price discount to net asset value
widened in a period of stock market volatility and negative asset returns, it
is a statistic that the Directors constantly monitor.
Your Board continues to believe that it is important that the shares of your
Company trade in a relatively narrow range around net asset value. In order
that the discount did not widen to even higher levels during the period under
review the Board pursued an active buy back policy. In the six month period to
end January 2008 the Company repurchased 4,605,715 shares at a cost of �
5,112,000, with all the shares placed in treasury. In total the Company now
holds 6,000,000 shares in treasury, representing just under 7% of the Company's
total share capital in issue.
Revenue and dividend
In adopting a cautious investment stance, given the current uncertain economic
environment, there has been a build up in cash and short term deposits. This
has resulted in a rise in both dividend and deposit fund income. In addition
the Company benefited from no longer having to pay VAT on investment management
fees. The net revenue return per ordinary share increased during the period to
0.96p from the 0.64p generated in the prior year comparative period.
Given the increase in income generated I am pleased to be able to report that
the Company will pay an interim dividend of 0.80p per share on 7 May 2008 to
shareholders on the register as at 18 April 2008. The ex-dividend date will be
16 April 2008. This represents a 29.0% increase on the prior period interim
dividend of 0.62p. The total dividend for the prior full period to 31 July 2007
was 2.20p per share.
Investment policy
The Company was established with the investment objective of providing
shareholders with above average returns over the longer term through both
capital appreciation and income growth.
The Company's investment policy is to invest principally in securities of
publicly quoted companies worldwide in concentrated UK and international
portfolios, each representing between 40 and 60 per cent of the Company's total
investments and comprising between 30 and 40 securities.
Recent difficult stock market conditions and discount levels led your Board to
hold discussions with the Company's advisers, including its investment manager,
Edinburgh Partners Limited ("Edinburgh Partners"), as to whether the current
investment policy continues to be appropriate. During these discussions the
Board took into account the relationship of the income and capital elements of
total return and the importance, in the Board's understanding, that
shareholders place on dividend income. It is the Board's view that the ability
to increase and grow dividends within the Company's total return objective will
be welcomed by existing shareholders and make the Company's shares more
attractive to new investors. This should in turn assist in achieving the
Board's aim that the Company's shares should trade either at a small discount
or at a premium to their net asset value.
The Board has concluded that it would be in the interests of shareholders if
the income element of total return could be increased, which should in turn
permit an increase in the level of future dividends. The Board strongly
supports the investment philosophy and approach of Edinburgh Partners and is of
the view that the Company is more likely to be able to provide above average
returns in the longer term if the geographical constraints in the current
investment policy were removed. Your Board therefore intends to place
proposals before shareholders that the Company's investment policy be amended
by dropping the requirement for separate UK and international portfolios, which
will allow the Company's assets to be invested without restriction by reference
to geographic constraints.
The Directors would, barring unforeseen circumstances, expect to be able to
recommend a total dividend increase per share for the current year of not less
than 20%.
Investment overview
World equity markets are working through a period of turbulence as the impact
of imprudent bank lending to high risk lenders and the subsequent packaging and
leverage of these loans is gradually revealed to investors. It is clear that
this still has some way to run, as we are still in the early stages of credit
tightening and bad debts and defaults will inevitably rise from here. While
many of these loans originated in the US, the syndication of these loans across
the financial system worldwide will result in lower levels of both global bank
lending and economic growth.
It is unfortunate that this slowdown is also occurring at the same time that
many governments are constrained in their fiscal policy responses by high
levels of public expenditure and debt. While the US and UK have reduced
interest rates, further monetary stimulation is constrained by persistent
inflation, especially in commodities and food prices. The consumer is similarly
stretched after a long period of consumption with high levels of personal debt.
Clearly, these factors do not bode well for the outlook for corporate earnings
and company profit margins. So far investors remain drawn to "de-coupling"
arguments, which favour continued high levels of growth in emerging markets,
especially in China and India, while the rest of the world slows. We remain
sceptical of these arguments, as the sheer scale of the growth required to
offset the US slowdown and their dependence on exports, leads us to conclude
that the global economy remains firmly coupled.
Outlook
From an investment perspective, share prices in some companies in sectors such
as banks, housebuilders and retailers suggest that they are predicting a long
and deep recession, while others remain wedded to decoupling hopes. The dilemma
for investors is to try and peer through this negative sentiment and to try and
find value. It will require fortitude and patience to exploit the inevitable
opportunities that will occur. We anticipate that dividend income will
represent an increasingly important component of total return.
Given that the short term economic and stock market outlook remains uncertain,
the assets of the Company will continue to be invested for the long-term. Your
Company retains the flexibility to take advantage of any set-back, as at the
period end it held over �10m in cash and short term deposits, which represented
over 10% of shareholders' funds.
Robert Alcock
Chairman
26 March 2008
Interim Management Report and Responsibility Statement
Interim Management Report
This Half Yearly Report is the first published by the Company under the
Disclosure and Transparency Rules ("DTR") that are applicable to listed
companies with accounting periods commencing after 20 January 2007. The Company
is required to make a number of new disclosures, including those on this page.
The important events that have occurred during the period under review are set
out in the section so entitled in the Chairman's Statement. The key factors
influencing the financial statements are also set out in the Chairman's
Statement.
The principal risks and uncertainties for the remaining six months of the
financial year are reviewed in the Outlook section of the Chairman's Statement.
Edinburgh Partners Limited, as Investment Manager of the Company, is considered
to be a related party by virtue of its management contract with the Company.
During the period, services with a total value of �289,000 (31 January 2007: �
322,000; 31 July 2007: �650,000) were purchased by the Company from Edinburgh
Partners Limited. At 31 January 2008, the amount due to Edinburgh Partners
Limited, disclosed under creditors was �139,000 (31 January 2007: �166,000; 31
July 2007: �165,000). Where applicable amounts are inclusive of VAT.
Responsibility Statement
The Directors confirm that to the best of their knowledge:
- the condensed set of financial statements has been prepared in accordance
with the Statement on Half Yearly Financial Reports issued by the UK Accounting
Standards Board;
- the interim management report includes a fair review of the information
required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication
of important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements;
and a description of the principal risks and uncertainties for the remaining
six months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during that period; and any changes in the related
party transactions described in the last annual report that could do so.
This Half Yearly Report was approved by the Board of Directors on 26 March 2008
and the above responsibility statement was signed on its behalf by Robert
Alcock, Chairman.
Income Statement (unaudited)
for the period 1 August 2007 to 31 January 2008
Period 1 August 2007 Period 29 July 2006 Period 29 July 2006
to 31 January 2008 to 31 January 2007 to 31 July 2007
Revenue Capital Total Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
(Losses)/
gains on
investments - (11,763) (11,763) - 12,394 12,394 - 11,119 11,119
Exchange
gains/
(losses) on
capital
items - 69 69 - (269) (269) - (416) (416)
Income 1,221 - 1,221 1,007 - 1,007 3,452 - 3,452
Investment
management
fee (117) (118) (235) (135) (135) (270) (274) (273) (547)
Other
expenses (225) - (225) (257) (24) (281) (496) (42) (538)
Net return
before
taxation 879 (11,812) (10,933) 615 11,966 12,581 2,682 10,388 13,070
Taxation (49) - (49) (46) - (46) (191) - (191)
Net return
after
taxation 830 (11,812) (10,982) 569 11,966 12,535 2,491 10,388 12,879
pence pence pence pence pence pence pence pence pence
Return per
Ordinary
Share* 0.96p (13.60)p (12.64)p 0.64 13.46 14.10 2.81 11.69 14.50
The total column of this statement is the profit and loss account of the
Company. The capital and revenue return columns are prepared in accordance with
guidance issued by the Association of Investment Companies (AIC).
All revenue and capital items in the above statement derive from continuing
operations.
A separate Statement of Recognised Gains and Losses has not been prepared as
all such gains and losses are included in the Income Statement.
*The return per Ordinary Share for the period from 1 August 2007 to 31 January
2008 is based on the net revenue return after taxation of �830,000 (31 January
2007 : �569,000, 30 June 2007 : �2,491,000) and the net capital return after
taxation of �(11,812,000) (31 January 2007 : �11,966,000, 31 July 2007 : �
10,388,000) and on 86,838,031, (31 January 2007 88,935,113,
31 July 2007 88,841,774) Ordinary Shares, being the weighted average number of
Ordinary Shares in issue during the period (excluding treasury shares).
BALANCE SHEET (Unaudited)
as at 31 January 2008
31 January 31 January 31 July
2008 2007 2007
�'000 �'000 �'000
Fixed asset investments
Investments at fair value through profit or
loss 88,003 112,899 115,447
Current assets
Debtors 270 681 457
Cash at bank and short term deposits 10,199 3,515 99
10,469 4,196 556
Creditors - amounts falling due within one
year
Creditors 254 467 298
254 467 298
Net current assets 10,215 3,729 258
Net assets 98,218 116,628 115,705
Capital and reserves
Called-up share capital 8,972 8,972 8,972
Special reserve 80,652 80,652 80,652
Capital redemption reserve 50 50 50
Capital reserve
- realised 21,657 13,528 19,812
- unrealised (8,175) 13,344 5,482
Revenue reserve 1,794 987 2,357
Own shares held in treasury (6,732) (905) (1,620)
Total shareholders' funds 98,218 116,628 115,705
pence pence pence
Net asset value per Ordinary Share including Note 4 117.31 131.19 130.99
current period revenue
STATEMENT OF CASH FLOWS (Unaudited)
For the period 1 August 2007 to 31 January 2008
Period 1 August Period 29 July Period 29 July
2007 to 2006 to 2006 to
1 January 2008 31 January 2007 31 July 2007
�'000 �'000 �'000
Operating activities
Investment income received 1,350 1,058 3,138
Bank deposit interest received 1 14 16
Investment Management fees paid (262) (131) (408)
Administration fees paid (53) (51) (102)
Other cash payments (209) (189) (394)
Net cash inflow from operating
activities 827 701 2,250
Taxation - - (61)
Capital expenditure and financial
investment
Purchases of investments (17,396) (28,840) (56,070)
Sales of investments 32,916 28,681 52,373
Exchange gains/(losses) on
settlement 257 34 (334)
Net cash inflow/(outflow) from
capital
expenditure and financial
investment 15,777 (125) (4,031)
Net cash inflow/(outflow) before
financing
and equity dividends 16,604 576 (1,842)
Equity dividends paid (1,393) (1,173) (1,725)
Net cash inflow/(outflow) before
financing 15,211 (597) (3,567)
Financing
Own shares purchased and held in
treasury (5,111) (568) (1,283)
Net cash (outflow)/inflow from
financing (5,111) (568) (1,283)
Increase/(decrease) in cash Note 6
10,100 (1,165) (4,850)
Reconciliation of Movements in Shareholders' Funds (unaudited)
For the period 1 August 2007 to 31 January 2008
Period 1 August 2007 Period 29 July 2006 Period 29 July 2006
to 31 January 2008 to 31 January 2007 to 31 July 2007
�000 �000 �000
Opening shareholders' funds 115,705 105,834 105,834
Costs of own shares bought (5,112) (568) (1,283)
into treasury
Net return after taxation (10,982) 12,535 12,879
Dividends paid (1,393) (1,173) (1,725)
Closing shareholders' funds 98,218 116,628 115,705
Notes
1. Financial information
The financial information contained in this report does not constitute full
statutory accounts as defined in section 240 of the Companies Act 1985. The
financial information for the period ended 31 January 2008 and 31 January 2007
have not been audited or reviewed by the Company's Auditor pursuant to the
Auditing Practices Board guidance on such reviews.
The information for the period ended 31 July 2007 has been extracted from the
latest published audited financial statements, which have been filed with the
Registrar of Companies. The report of the Auditors on those financial
statements contained no qualification or statement under sections 237 (2) or
(3) of the Companies Act 1985.
The financial statements are prepared on the basis of the accounting policies
set out in note 1 of the annual financial statements for the period ended 31
July 2007.
2. Tax charge on ordinary activities
The tax charge for the period ended 31 January 2008 is �49,000 (31 January
2007: �46,000; 31 July 2007: �191,000). The tax charge comprised irrecoverable
withholding tax suffered for the period ended 31 January 2008 of �49,000 (31
January 2007: �46,000; 31 July 2007 �191,000) and corporation tax for the
period ended 31 January 2008 of �nil (31 January 2007: �nil; 31 July 2007: �
nil). No corporation tax was charged during the period ended 31 January 2008
(31 January 2007: �nil; 31 July 2007: �nil) as there was an estimated effective
corporation tax rate for the period ended 31 July 2008 of 0% (31 January 2007:
0%; 31 July 2007 0%). This resulted from there being no corporation tax charge
anticipated as irrecoverable withholding tax is expected to exceed any
potential corporation tax payable. Investment gains are exempt from Capital
Gains Tax owing to the Company's status as an Investment Trust.
3. Status of Company
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.
4. Net asset value per Ordinary Share
The net asset value per Ordinary Share is based on total net assets at 31
January 2008 of �98,218,000 (31 January 2007: �116,628,000, 31 July 2007: �
115,705,000) and on 83,724,381 Ordinary Shares (31 January 2007: 88,900,207, 31
July 2007: 88,330,096) being the issued share capital (excluding treasury
shares) at those dates. Net asset values include current period revenue.
5. Dividends
The Directors have declared an interim dividend in respect of the current
financial year of 0.80p (2007: 0.62p) per Ordinary Share, to be paid on 7 May
2008 to shareholders on the register as at 18 April 2008. The ex-dividend date
will be 16 April 2008.
Under FRS 21: 'Events after the Balance Sheet Date', dividends are recognised
within the period in which they are paid. Therefore the interim dividend of
0.80p has not been accounted for within these half yearly financial statements.
6. Reconciliation of net cash flow to movement in net cash
Period 1 Period 29 Period 29
August July July
2007 to 2006 to 2006 to
31 January 31 January 31 July
2008 2007 2007
�'000 �'000 �'000
Increase/(decrease) in cash in 10,100 (1,165) (4,850)
period
Unrealised foreign exchange loss - (269) -
Change in net cash 10,100 (1,434) (4,850)
Net cash at 31 July 2007 99 4,949 4,949
Net cash at 31 January 2008 10,199 3,515 99
7. Reconciliation of net return before finance costs and taxation to net cash
inflow from operating activities
Period 1 Period 29 Period 29
August July July
2007 to 2006 to 2006 to
31 January 31 January 31 July
2008 2007 2007
�'000 �'000 �'000
Net return before finance cash and (10,933) 12,581 13,070
taxation
Net losses/(gains) on investments 11,694 (12,125) (10,703)
Decrease/(increase) in creditors (72) 178 190
Decrease/(increase) in debtors
and accrued income 169 113 (56)
Tax deducted from investment (49) (46) (191)
income
Tax recoverable 18 - (60)
Net cash inflow from operating 827 701 2,250
activities
20 LARGEST INVESTMENTS: United Kingdom
as at 31 January 2008
Company Industrial Classification Valuation
�'000
Mothercare Consumer Services 2,379
Rexam General Industrials 2,345
Vodafone Mobile Telecommunications 2,273
GlaxoSmithKline Pharmaceuticals & Biotechnology 2,216
Morrison (WM.) Supermarkets Food & Drug Retailers 1,721
Compass Travel & Leisure 1,659
Royal Bank of Scotland Banks 1,633
Cadbury Schweppes Food Producers 1,492
SIG Industrials 1,428
Hyder Consulting Industrials 1,403
Lloyds TSB Banks 1,400
BT Fixed Line Telecommunications 1,321
HBOS Banks 1,320
Aviva Financials 1,280
Yell Consumer Services 1,245
Balfour Beatty Construction & Materials 1,226
Sage Technology 1,191
Scottish & Southern Energy Utilities 1,161
Reed Elsevier Consumer Services 1,152
Macfarlane Industrials 1,148
Total - top 20 United Kingdom investments (31.6% of net assets) 30,993
20 LARGEST INVESTMENTS: International
as at 31 January 2008
Company Industrial Classification Country Valuation
�'000
KPN Fixed Line Telecommunications Netherlands 2,289
E.ON General Industrials Germany 2,017
Roche Health Care Switzerland 1,725
Deutsche Post Industrial Transportation Germany 1,645
Novartis Pharmaceuticals & Biotechnology Switzerland 1,592
Ahold Food & Drug Retailers Netherlands 1,586
Symantec Software & Computer Services United States 1,513
Sanofi-Aventis Health Care France 1,497
ENI Oil & Gas Italy 1,440
Portugal Telecom Fixed Line Telecommunications Portugal 1,411
TeliaSonera Telecommunications Sweden 1,356
ConocoPhillips Oil & Gas United States 1,330
General Electric Industrials United States 1,315
Johnson & Johnson Health Care United States 1,302
Gazprom Oil & Gas Russia 1,255
Intesa Sanpaola Financials Italy 1,217
Credit Agricole Banks France 1,200
Telefonica Fixed Line Telecommunications Spain 1,163
Bank of America Banks United States 1,157
Dell Technology & Hardware Equipment United States 1,148
Total - top 20 International investments (29.7% of net assets) 29,158
Distribution of investments
as at 31 January 2008 (% of net assets)
Sector distribution
as at 31 January 2008
%
Consumer Goods 5.5
Consumer Services 14.8
Financials 18.7
Healthcare 10.7
Industrials 13.4
Oil & Gas 4.2
Technology 7.0
Telecommunications 11.0
Utilities 4.3
Cash and other net assets 10.4
Net assets 100.0
Geographical distribution
as at 31 January 2008
%
Equities:
United Kingdom 44.9
Europe 27.5
USA 14.1
Japan 1.9
Asia 1.2
Total Equities 89.6
Cash and other net assets 10.4
Net assets 100.0
SHAREHOLDER INFORMATION
Investing in the Company
The Company's Ordinary Shares are traded on the London Stock Exchange. You can
buy or sell shares through your stockbroker, bank or other professional
investment adviser. Shares in the Company may also be bought and held in an ISA
or Share Plan through the Edinburgh Partners Investment Trust Savings Scheme.
Further information is available on the Company's website:
www.angloandoverseasplc.com or on the Edinburgh Partners' website:
www.edinburghpartners.com or by telephone on
0845 850 0181.
Share price
The Company's Ordinary Shares are listed on the London Stock Exchange. The
mid-market price is quoted daily in the Financial Times under 'Investment
Companies' and under 'Investment Trusts' in the Daily Telegraph. Previous day
closing price, net asset value and other portfolio information is published on
the Company's website: www.angloandoverseasplc.com or on the Edinburgh
Partners' website: www.edinburghpartners.com.
NAV
The Company's unaudited Ordinary Share net asset value is released daily to the
London Stock Exchange and published on the Company's website:
www.angloandoverseasplc.com.
Share register enquiries
The register for the Ordinary Shares is maintained by Computershare Investor
Services PLC. In the event of queries regarding your holding, please contact
the Registrar on 0870 889 3190 or email web.queries@computershare.co.uk.
Changes of name and/or address must be notified in writing to the Registrar at
the address shown on the inside back cover.
Key dates
Company's year end July
Annual results announced September
AGM and final dividend November
Company's half year end January
Interim results announced March
Interim dividend May
In accordance with the recently introduced Disclosure and Transparency Rules,
the Company will be releasing Interim Management Statements ("IMS") for the
quarters ending 30 April 2008 and 31 October 2008. These will be released to
the stock exchange and may be viewed at the Company's website.
Sources of further information
Other useful information on investment trusts, such as prices, net asset values
and company announcements, can be found on the websites of the London Stock
Exchange www.londonstockexchange.com and the AIC www.theaic.co.uk.
Risk factors
This document is not a recommendation, offer or invitation to buy, sell or hold
shares of the Company. If you wish to deal in shares of the Company, you may
wish to contact an authorised professional investment adviser.
An investment in the Company should be regarded as long term and is only
suitable for investors who are capable of evaluating the risks and merits of
such investment and who have sufficient resources to bear any loss which might
result from such investment.
The market value of, and the income derived from, the Ordinary Shares can
fluctuate. The Company's share price may go down as well as up. Past
performance is not a guide to future performance. There is no guarantee that
the market price of the Ordinary Shares will fully reflect their underlying net
asset value. Fluctuations in exchange rates will affect the value of overseas
investments (and any income received) held by the Company. Investors may not
get back the full value of their investment. There can be no guarantee that the
investment objectives of the Company will be met. The levels of, and reliefs
from, taxation may change.
This Half Yearly Report contains "forward looking statements" with respect to
the Company's plans and its current goals and expectations relating to its
future financial condition, performance and results. By their nature, all
forward looking statements involve risk and uncertainty because they relate to
future events that are beyond the Company's control. As a result, the Company's
actual future financial condition, performance and results may differ
materially from the plans, goals and expectations set forth in the Company's
forward looking statements. The Company undertakes no obligation to update the
forward looking statements contained within this Half Yearly Report or any
other forward looking statements it makes.
The Company is a public company. It is registered in England and its shares are
listed on the London Stock Exchange. The Company is not regulated or authorised
by the Financial Services Authority.
Employees of Edinburgh Partners Limited may (subject to applicable laws and
regulations) hold shares in the Company and may buy, sell or offer to deal in
the Company's shares from time to time.
DIRECTORS, MANAGER AND ADVISERS
Directors (all non-executive) Robert Alcock (Chairman)
Christopher Duffett
John Pearmund
John Sussens
Giles Weaver
Secretary and Registered Office Kenneth J Greig
Beaufort House
51 New North Road
Exeter EX4 4EP
Investment Manager Edinburgh Partners Limited
12 Charlotte Square
Edinburgh EH2 4DJ
Registrar and Transfer Office Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZY
Stockbroker JPMorgan Cazenove Limited
20 Moorgate
London EC2R 6DA
Auditors KPMG Audit PLC
1 Canada Square
Canary Wharf
London E14 5AG
Solicitor Norton Rose
3 More London Riverside
London SE1 2AQ
Bankers and Custodian The Bank of New York Mellon
One Canada Square
Canary Wharf
London E14 5AL
Registered in England No. 5451176
An investment company as defined under Section 266 of the
Companies Act 1985
The Company is a member of the Association of Investment Companies ("AIC")
Enquiries:
Graham Campbell 0131 270 3800.
Kenneth Greig 0131 270 3800.
Edinburgh Partners Ltd
12 Charlotte Square
Edinburgh EH2 4DJ
26 March 2008
END
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