TIDMAOT
ANGLO AND OVERSEAS plc
Half Yearly Report
31 January 2009
The Directors announce the unaudited Half Yearly Report for the period from 1
August 2008 to 31 January 2009 as follows:-
Copies of the Half Yearly Report can be obtained from the following websites:
www.angloandoverseasplc.com and www.edinburghpartners.com.
HIGHLIGHTS
Net asset value total return including dividends was -16.1%. While the
Company's portfolio is not managed with reference to any stock market index, in
difficult market conditions the Company performed better than its informal
benchmark (the average of the FTSE All-Share Index and the FTSE All-World ex UK
Index) which returned -19.4%.
Interim dividend increased by 2.5% to 0.82p per share. The Directors intend to
adopt a policy which, at least, maintains the level of dividends to
shareholders during the current phase of the economic cycle.
Financial summary
31 January 31 July 2008 Change
2009
Capital
Shareholders' funds GBP67,821,000 GBP84,076,000 (19.3)%
Net asset value ("NAV") per 86.17p 105.04p (18.0)%
Ordinary Share
Mid-market price per Ordinary 79.00p 90.00p (12.2)%
Share
Discount to NAV 8.3% 14.3%
Interim dividend per Ordinary 0.82p 0.80p 2.5 %
Share
Period Period Year
1 August 2008 1 August 2007 1 August 2007
to to to
31 January 200 31 January 2008 31 July 2008
9
Total return per Ordinary
Share*
Capital (18.04)p (13.60)p (28.20)p
Revenue 1.07 p 0.96 p 3.41 p
Total (16.97)p (12.64p) (24.79)p
* Based on the weighted average number of shares in issue during the period,
excluding own shares held in treasury.
INVESTMENT OBJECTIVE & POLICY
Investment Objective
The Company's investment objective is to provide shareholders with above
average returns over the longer term through both capital appreciation and
income growth.
Investment Policy
Asset allocation
The Company's investment policy is to invest in a focused portfolio comprising
principally securities of publicly quoted companies worldwide which the
Investment Manager considers to be undervalued on the basis of their earnings
potential. The Company may also invest up to 5 per cent of its gross assets in
unquoted securities and up to 10 per cent of its gross assets in other listed
investment companies or funds, including investment trusts. The Company's
portfolio will be constructed without reference to either the composition of
any stock market index or any geographic, industrial or sectoral asset
allocation limits.
Where the Investment Manager believes market or economic conditions make equity
investment unattractive or while seeking appropriate investment opportunities
for the portfolio or to maintain liquidity, the Company may invest in bonds and
other debt instruments, cash, cash equivalents or short-term deposits. The
proportion of the Company's assets which may be invested in this way will vary
according to the Investment Manager's view of market or economic conditions and
the availability of suitable equity investment opportunities. In the unlikely
event of very extreme conditions, 100 per cent of the portfolio could be so
invested, although the use of such investments is not expected normally to
exceed 30 per cent of gross assets. In addition, the Company may purchase
derivatives for the purposes of efficient portfolio management (i.e. for the
purpose of reducing, transferring or eliminating investment risk in its
investments, including protection against currency risk).
Risk diversification
In order to spread risk, the portfolio will normally consist of between 40 and
70 equity investments in publicly quoted companies. No single investment will
represent more than 15 per cent of the Company's gross assets at the time of
its acquisition.
Gearing
The Company's policy on gearing is not to have fixed or structural gearing, but
the Company may from time to time, when deemed appropriate, borrow for
investment purposes in various currencies to suit investment conditions. This
gearing will not exceed 20 per cent of shareholders' funds at the time of
borrowing. This is intended to enhance the Company's ability to take advantage
of future investment opportunities identified by the Investment Manager,
subject always to the Board's overall control in relation to borrowings.
CHAIRMAN'S STATEMENT
Results
At the Company's half year end of 31 January 2009, the net asset value per
share was 86.17p. Compared with the net asset value per share at the previous
year end date of 31 July 2008 of 105.04p, this represents a reduction of 18.0%.
After including the final dividend of 2.04p, which was paid in November 2008,
the total net asset value return per share was -16.1% for the six month period.
The Company's portfolio is not managed with reference to any stock market
index, as your Directors have decided not to adopt a formal benchmark.
Nonetheless, we continue to believe it is useful to highlight the performance
of your Company against market indices for comparative purposes. In difficult
market conditions the Company performed better than the average of the informal
benchmarks described below.
The total return from the FTSE All-Share Index over the half year to 31 January
2009 was -23.0%, while the corresponding total return from the FTSE All-World
ex UK Index was -15.7%. The total return from the average of these two indices
over the period under review was -19.4%.
Share Price and Discount
The Company's share price decreased from 90.00p at 31 July 2008 to 79.00p at 31
January 2009, a decrease of 12.2%. Over the period there has been a narrowing
of the share price discount to net asset value from 14.3% to 8.3%.
Your Board continues to believe that the shares of your Company should trade in
a relatively narrow range around the net asset value. We recognise that there
are many short-term influences over the level of discount, particularly in
periods of high market volatility and limited liquidity. The Board continues to
actively manage the discount and is pleased to note the reduction in the
discount over the six month period. Shares will only be purchased when supply
exceeds demand and where the Directors consider it to be in the best interests
of shareholders, particularly in the enhancement to net asset value per share
of continuing shareholders. During the period the Company purchased for
cancellation 1,335,500 shares at a cost of GBP1,164,000.
Revenue and Dividend
The net revenue return per share in the six month period to 31 January 2009 was
1.07p, an increase of 11.5% on the 0.96p return in the prior year period.
I am pleased to report that the Board has decided to pay an interim dividend of
0.82p per share on 13 May 2009 to shareholders on the register as at 14 April
2009. The ex-dividend date will be 8 April 2009. This represents an increase of
2.5% on the prior period interim dividend of 0.80p. Your Board has taken
account of the importance of income to shareholders in deciding on the dividend
amount.
After increasing the dividend in recent periods, the Board recognises that
there is considerable pressure on investee companies to pay down debt and
conserve cash, which may lead to lower dividend income. The Directors do not
want to place unnecessary constraints on investment management decisions by
adopting a policy to protect the income of the Company, as this may be at the
expense of long-term shareholder value. However, recognising in particular that
yields on other assets are reducing, the Directors intend to at least maintain
the level of dividends to shareholders during the current phase of the economic
cycle.
Economic Overview
Most of the major world economies are now in recession. Governments have
responded by cutting interest rates to record low levels and are aiming to pump
cash into the economy to kick-start economic growth. Given that the excesses of
profligate borrowing from governments, corporations and households have built
up over many years, it is unlikely that we will have a quick recovery, or
indeed recover to previous growth rates for a considerable period of time. More
likely, this will be a slow and long process that is being exacerbated by
blockages in the banking system.
Banks are being recapitalised both by issuing equity and through rebuilding
profitability by high returns on traditional lending activities. Nevertheless
there remains a lack of available liquidity, resulting in companies conserving
cash by cutting investment and costs to pay down debt. The consequent downward
spiral has hit almost all asset classes, including equities, which have fallen
sharply. Against other major asset classes, such as cash and government bonds,
equities appear attractive for the long-term investor.
Portfolio
The Investment Manager has continued the strategy, set out in the Outlook
statement in the 2008 Annual Report, of reinvesting the proceeds from the
disposal of some holdings in utilities, telecommunication and healthcare, into
more economically sensitive investments. In the six months to 31 January 2009
this resulted in reductions in positions in GlaxoSmithKline, Johnson & Johnson,
Novartis, Roche and KPN. While we remain cautious on the timing and strength of
the economic recovery, it is our expectation that opportunities will arise to
continue the shift towards more cyclical investments that offer better
long-term value. We are probably no more than a quarter of the way through this
process.
While remaining cautious on earnings recovery in some of the more economically
sensitive companies, valuations have been sufficiently attractive to initiate
investments in companies such as Arriva and CRH. In addition, valuations in
technology companies have fallen to attractive levels in many cases. While the
short-term outlook looks challenging, businesses such as Baidu.com, China
Mobile and Nokia are financially resilient enough to weather the storm and
remain well placed to take advantage of longer-term growth opportunities. From
a low base in the portfolio, we are increasingly finding value in emerging
markets.
While we continue to believe that equities remain the most attractive
investment for long-term investment, we took advantage of the relative weakness
in corporate bonds by investing around 3% of the portfolio in this asset class.
The yield spread over Government bonds looked far too wide. We favoured
investment grade bonds, trading below par, with a relatively short duration of
less than five years.
Outlook
The point of maximum discomfort is traditionally associated with the point of
maximum opportunity. Trying to spot the bottom of any market is fraught with
difficulty: peaks and troughs are usually only apparent sometime after the
event. The current environment is likely to provide many opportunities for the
long-term investor. It is therefore likely that the portfolio will remain
relatively fully invested.
John Pearmund
Chairman
30 March 2009
INTERIM MANAGEMENT REPORT AND RESPONSIBILITY STATEMENT
Interim Management Report
The important events that have occurred during the period under review are set
out in the Chairman's Statement. The key factors influencing the financial
statements are also set out in the Chairman's Statement.
The principal uncertainties for the remaining six months of the financial year
are reviewed in the Outlook section of the Chairman's Statement.
The principal risks facing the Company are substantially unchanged since the
date of the Annual Report for the year ended 31 July 2008 and continue to be as
set out in that report.
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 GBP229,000 (31 January 2008: GBP
289,000; 31 July 2008: GBP539,000) were purchased by the Company from Edinburgh
Partners Limited. At 31 January 2009, the amount due to Edinburgh Partners
Limited, disclosed under creditors, was GBP111,000 (31 January 2008: GBP139,000; 31
July 2008: GBP123,000).
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; and
- 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 Company 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 30 March 2009
and the above responsibility statement was signed on its behalf by John
Pearmund, Chairman.
INCOME STATEMENT (UNAUDITED)
for the period 1 August 2008 to 31 January 2009
Period 1 August 2008 to Period 1 August 2007 to
31 January 2009 31 January 2008
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Losses on - (14,269) (14,269) - (11,763) (11,763)
investments
Exchange - 7 7 - 69 69
gains on
capital
items
Income 1,294 - 1,294 1,221 - 1,221
Investment (86) (86) (172) (117) (118) (235)
management
fee
Other (213) - (213) (225) - (225)
expenses
Net return 995 (14,348) (13,353) 879 (11,812) (10,933)
before
interest and
taxation
Interest (3) - (3) - - -
paid
Net return 992 (14,348) (13,356) 879 (11,812) (10,933)
before
taxation
Taxation (141) 24 (117) (49) - (49)
Net return 851 (14,324) (13,473) 830 (11,812) (10,982)
after
taxation
pence pence pence pence pence pence
Return per 1.07 (18.04) (16.97) 0.96 (13.60) (12.64)
Ordinary
Share*
Year 1 August 2007 to
31 July 2008
Revenue Capital Total
GBP'000 GBP'000 GBP'000
Losses on - (24,260) (24,260)
investments
Exchange - 476 476
gains on
capital
items
Income 3,918 - 3,918
Investment (216) (216) (432)
management
fee
Other (467) - (467)
expenses
Net return 3,235 (24,000) (20,765)
before
interest and
taxation
Interest (5) - (5)
paid
Net return 3,230 (24,000) (20,770)
before
taxation
Taxation (338) 63 (275)
Net return 2,892 (23,937) (21,045)
after
taxation
pence pence pence
Return per 3.41 (28.20) (24.79)
Ordinary
Share*
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 2008 to 31 January
2009 is based on the net revenue return after taxation of GBP851,000 (31 January
2008: GBP830,000; 31 July 2008: GBP2,892,000) and the net capital return after
taxation of GBP(14,324,000) (31 January 2008: GBP(11,812,000); 31 July 2008: GBP
(23,937,000) and on 79,391,309 (31 January 2008: 86,838,031; 31 July 2008:
84,870,031) 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 2009
31 January 31 January 31 July
2009 2008 2008
Restated* Restated*
GBP'000 GBP'000 GBP'000
Fixed asset investments
Investments at fair value 67,320 88,003 82,987
through profit or loss
Current assets
Debtors 787 270 474
Cash at bank and short-term 729 10,199 2,352
deposits
1,516 10,469 2,826
Creditors - amounts falling
due within one year
Creditors 1,015 254 1,737
1,015 254 1,737
Net current assets 501 10,215 1,089
Net assets 67,821 98,218 84,076
Capital and reserves
Called-up share capital 8,745 8,972 8,894
Special reserve 69,344 73,920 70,508
Capital redemption reserve 277 50 128
Capital reserve (12,967) 13,482 1,357
Revenue reserve 2,422 1,794 3,189
Totalequityshareholders' funds 67,821 98,218 84,076
pence pence pence
Net asset value per
Ordinary Share Note 4 86.17 117.31 105.04
* Previously the cost of own shares held in treasury was shown as a separate
reserve. In accordance with the AIC Statement of Recommended Practice issued in
January 2009, the cost of own shares held in treasury is now reflected as a
deduction from the special reserve.
STATEMENT OF CASH FLOWS (UNAUDITED)
for the period 1 August 2008 to 31 January 2009
Period 1 Period 1 Year 1 August
August August
2008to 2007 to 2007 to
31 January 200 31 January 31 July 2008
9 2008
GBP'000 GBP'000 GBP'000
Operating activities
Investment income received 1,302 1,350 3,619
Bank deposit interest - 1 9
received
Investment management fees (186) (262) (475)
paid
Administration and (55) (53) (106)
secretarial fees paid
Other cash payments (157) (209) (393)
Net cash inflow from 904 827 2,654
operating activities
Servicing of finance
Interest paid (3) - (5)
Capital expenditure and
financial investment
Purchases of investments (19,463) (17,396) (41,136)
Sales of investments 19,936 32,916 50,591
Exchange gains on settlement 8 257 489
Net cash inflow from capital 481 15,777 9,944
expenditure and financial
investment
Net cash inflowbefore 1,382 16,604 12,593
financing and equity
dividends
Equity dividends paid (1,618) (1,393) (2,060)
Net cash (outflow)/inflow (236) 15,211 10,533
before financing
Financing
Own shares purchased for (1,387) - (375)
cancellation
Own shares purchased and held - (5,111) (7,905)
in treasury
Net cash outflow from (1,387) (5,111) (8,280)
financing
(Decrease)/increase in cash (1,623) 10,100 2,253
Note 6
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (UNAUDITED)
for the period 1 August 2008 to 31 January 2009
Period 1 August Period 1 August Year 1 August
2008 to 2007 to 2007 to
31 January 2009 31 January 2008 31 July 2008
GBP'000 GBP'000 GBP'000
Opening equity 84,076 115,705 115,705
shareholders' funds
Costs of own shares bought - (5,112) (7,905)
into treasury
Cost of own shares bought (1,164) - (619)
for cancellation
Net return after taxation (13,473) (10,982) (21,045)
Dividends paid (1,618) (1,393) (2,060)
Closingequityshareholders' 67,821 98,218 84,076
funds
NOTES
1. Financial information
The financial information contained in this report does not constitute full
statutory accounts as defined in Section 434 of the Companies Act 2006. The
financial information for the periods ended 31 January 2009 and 31 January 2008
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 year ended 31 July 2008 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 year ended 31 July
2008 except that the Directors have chosen to early adopt the AIC Statement of
Recommended Practice issued in January 2009 regarding the Financial Statements
of Investment Trust Companies and Venture Capital Trusts. The changes are
mainly presentational and have no effect on the net assets of the Company.
2.Tax charge on ordinary activities
The tax charge for the period ended 31 January 2009 is GBP117,000 (31 January
2008: GBP49,000; 31 July 2008: GBP275,000). The tax charge comprised irrecoverable
overseas withholding tax suffered for the period ended 31 January 2009 of GBP
117,000 (31 January 2008: GBP49,000; 31 July 2008: GBP275,000) and corporation tax
for the period ended 31 January 2009 of GBPnil (31 January 2008: GBPnil; 31 July
2008: GBPnil). 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 continues to satisfy the conditions for approval as an investment trust
company as 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 net assets at 31 January
2009 of GBP67,821,000 (31 January 2008: GBP98,218,000; 31 July 2008: GBP84,076,000)
and on 78,709,881 Ordinary Shares (31 January 2008: 83,724,381; 31 July 2008:
80,045,381), being the issued share capital (excluding own shares held in
treasury) 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 0.82p (2008: 0.80p) per Ordinary Share, to be paid on 13 May
2009 to shareholders on the register as at 14 April 2009. The ex-dividend date
will be 8 April 2009.
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
0.82p 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 1 Year 1
August August August
2008to 2007 to 2007 to
31 January 31 January 31 July
2009 2008 2008
GBP'000 GBP'000 GBP'000
(Decrease)/increase in cash (1,623) 10,100 2,253
in period
Change in net cash (1,623) 10,100 2,253
Net cash at 31 July 2008 2,352 99 99
Net cash at 31 January 2009 729 10,199 2,352
7. Reconciliation of net return before finance costs and taxation to net cash i
nflow from operating activities
Period 1 Period 1 Year 1
August August August
2008to 2007 to 2007 to
31 January 31 January 31 July
2009 2008 2008
GBP'000 GBP'000 GBP'000
Net return before finance (13,353) (10,933) (20,765)
costs and taxation
Net losses on investments 14,262 11,694 23,784
Decrease in creditors (25) (72) (73)
Decrease in debtors and 114 169 22
accrued income
Tax deducted from investment (72) (49) (275)
income
(Increase)/decrease in tax (22) 18 (39)
recoverable
Net cash inflow from 904 827 2,654
operating activities
PORTFOLIO OF INVESTMENTS
as at 31 January 2009
20 Largest Investments
Company Sector Country Valuation % of
GBP'000 Net Assets
BP Oil & Gas United Kingdom 2,472 3.6
ENI Oil & Gas Italy 2,394 3.5
Sanofi-Aventis Healthcare France 1,958 2.9
Banque Cantonale Financials Switzerland 1,947 2.9
Vaudoise
Vodafone Telecommunications United Kingdom 1,945 2.9
Provident Financials United Kingdom 1,943 2.9
Financial
Rexam Industrials United Kingdom 1,747 2.6
Deutsche Telekom Telecommunications Germany 1,709 2.5
Anheuser-Busch Consumer Goods Belgium 1,603 2.4
InBev
Centrica Utilities United Kingdom 1,596 2.4
GlaxoSmithKline Healthcare United Kingdom 1,524 2.2
E.ON Utilities Germany 1,477 2.2
Lloyds Banking Financials United Kingdom 1,419 2.1
National Grid Utilities United Kingdom 1,296 1.9
Novartis Healthcare Switzerland 1,291 1.9
Mothercare Consumer Services United Kingdom 1,280 1.9
Portugal Telecom Telecommunications Portugal 1,222 1.8
China Mobile Telecommunications Hong Kong 1,179 1.7
Sun Hung Kai Financials - Real Hong Kong 1,179 1.7
Property Estate
McBride Consumer Goods United Kingdom 1,165 1.7
Total-20 largest investments 32,346 47.7
Other Investments
Company Sector Country Valuation % of
GBP'000 Net Assets
KPN Telecommunications Netherlands 1,160 1.7
Morrison (WM) Consumer Services United Kingdom 1,151 1.7
Supermarkets
Baidu.com Technology China 1,135 1.7
UBS Financials Switzerland 1,123 1.7
Balfour Beatty Industrials United Kingdom 1,077 1.6
CRH Industrials Ireland 1,057 1.6
Home Depot Consumer Services United States 1,030 1.5
SK Telecom Telecommunications Korea, 1,018 1.5
Republic of
Nokia Technology Finland 995 1.5
Telefonica Telecommunications Spain 990 1.5
Reed Elsevier Consumer Services United Kingdom 988 1.5
Pfizer Healthcare United States 980 1.4
Sage Group Technology United Kingdom 978 1.4
Unilever Consumer Goods Netherlands 975 1.4
Teliasonera Telecommunications Sweden 945 1.4
William Hill Consumer Services United Kingdom 944 1.4
Ericsson Technology Sweden 943 1.4
Gazprom Oil & Gas Russia 941 1.4
Scottish & Utilities United Kingdom 908 1.3
Southern Energy
Intel Technology United States 895 1.3
Roche Healthcare Switzerland 877 1.3
Aviva Financials United Kingdom 852 1.3
General Dynamics Industrials United States 851 1.2
Arriva Consumer Services United Kingdom 801 1.2
Cisco Systems Technology United States 799 1.2
Home Depot 5.25% Corporate Bonds United States 778 1.1
16/12/2013
Lenovo Technology Hong Kong 768 1.1
LDK Solar Energy China 764 1.1
Intesa Sanpaolo Financials Italy 746 1.1
First Group Corporate Bonds United Kingdom 711 1.0
6.875% 15/04/2013
BT Telecommunications United Kingdom 682 1.0
T Is Bankasi Financials Turkey 672 1.0
MacFarlane Industrials United Kingdom 659 1.0
National Grid Corporate Bonds United Kingdom 659 1.0
4.125% 21/03/2013
Close Brothers Financials United Kingdom 649 1.0
General Electric Industrials United States 622 0.9
Siemens Industrials Germany 584 0.9
C&C Consumer Goods Ireland 545 0.8
Brammer Industrials United Kingdom 459 0.7
Hyder Consulting Industrials United Kingdom 433 0.6
Collins Stewart Financials United Kingdom 321 0.5
Bank of America Financials United States 305 0.4
SIG Industrials United Kingdom 204 0.3
Total-63 investments 67,320 99.3
Cash and other net assets 501 0.7
Net assets 67,821 100.0
distribution of investments
as at 31 January 2009 (% of net assets)
Sector distribution
as at 31 January 2009
%
Financials 16.6
Telecommunications 16.0
Industrials 11.4
Healthcare 9.7
Technology 9.6
Consumer Services 9.2
Oil & Gas 8.5
Utilities 7.8
Consumer Goods 6.3
Corporate Bonds 3.1
Energy 1.1
Cash and other net assets 0.7
Net assets 100.0
Geographical distribution
as at 31 January 2009
%
UK 42.7
Europe 38.8
USA 9.0
Asia Pacific 8.8
Cash and other net assets 0.7
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 and 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 and 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 and on the Edinburgh Partners' website:
www.edinburghpartners.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 below.
Key dates
Company's year end July
Annual results announced October
AGM and final dividend November
Company's half year end January
Interim results announced March
Interim dividend May
In accordance with the Disclosure and Transparency Rules, the Company will be
releasing Interim Management Statements ("IMS") for the quarters ending 30
April 2009 and 31 October 2009. These will be released to the London 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 Association of Investment
Companies ("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 objective 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 John Pearmund (Chairman)
non-executive)
Christopher Duffett
John Sussens
Giles Weaver
Secretary and Registered Kenneth J Greig
Office
Beaufort House
51 New North Road
Exeter EX4 4EP
Investment Manager Edinburgh Partners Limited
12 Charlotte Square
Edinburgh EH2 4DJ
Registrar and Transfer Computershare Investor Services PLC
Office
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 LLP
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 833of the Companies Act 2006
The Company is a member of the Association of Investment Companies
Enquiries:
Graham Campbell 0131 270 3800
Kenneth Greig 0131 270 3800
Edinburgh Partners Ltd
12 Charlotte Square
Edinburgh EH2 4DJ
30 March 2009
END
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