TIDMATY
RNS Number : 6855E
Athelney Trust PLC
02 March 2020
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
NON- STATUTORY ACCOUNTS
The financial information set out below does not constitute
the Company's statutory accounts for the years ended 31 December
2019 and 2018 but is derived from those accounts. Statutory
accounts for 2018 have been delivered to the Registrar of Companies,
and those for 2019 will be delivered in due course. The auditors
have reported on those accounts; their report was (i) unqualified,
(ii) did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying
their report and (iii) did not contain a statement under Section
498 (2) or (3) of the Companies Act 2006. The text of the Auditor's
report can be found in the Company's full Annual Report and
Accounts on the Company website: www.athelneytrust.co.uk
Athelney Trust plc, the investor in small companies and junior
markets announces its final results for the 12 months ended
31 December 2019.
Chairman's Statement and Business Review
Overview
I am very pleased to be able to report such a substantial change
in the fortunes of the Athelney Trust plc (the 'Company' or the
'Trust'), environmentally, structurally and with respect to
performance, over the past 12 months. Given the uncertainties in
all these areas at this time last year, I am delighted to report
very good results for the Company in the year ended 31 December
2019. The key points are as follows:
-- At 31 December 2019, audited NAV was 266.9p per share (2018: 225 .9p), an increase of 18.2%
-- The Trust's investment performance over 12 months as measured
by Net Asset Value (NAV) total return, which is the change in NAV
plus the dividend paid, was plus 22.2% (2018: minus 17.6%). Long
term performance represented by the Trust's average 10 year total
shareholder return of 127% beat the FTSE 100 (107%) and lagged the
FTSE 250 (211%).
-- The 12-month revenue return per ordinary share was 9.1p (2018: 9.9p), a decrease of 8%
-- Issues leading to Board/major shareholder disruption are now
fully resolved. However, the disruption led to approximately
GBP88,000 non-recurring costs over the financial years 2018 and
2019. Conditions leading to these non-recurring costs ended when
Robin Boyle sold his shareholding in November 2019. In November we
welcomed a new major shareholder, BIP Worldwide Flexible Fund to
the register. We expect the more normal cost run-rate for the
Company, re-established since the AGM last April, to continue in
future
-- Your Board recommend a final dividend of 9.3p per share
(2018: 9.1p) an increase of 2.2%. UK Inflation for the year of 2019
was 1.4% (Office for National Statistics)
-- This is the 18th successive year of progressive dividend and
importantly returns the Trust to a Top 5 position in the dividend
yield league table for Investment Companies as well as keeps us in
the Next Generation of Dividend Heroes list maintained by the AIC
(Athelney was 3rd on the list in March 2019)
Board and Governance
The Board places significant importance on corporate governance
and compliance with the AIC and UK Corporate Governance Codes. Full
details are set out in the Corporate Governance section on pages 17
to 23.
An Independent Board
There were a number of movements including five directors who
came off the Board, another five who came on and two reshuffles in
the first third of 2019. Details of the various Board changes are
on page 24. The directors in place at the time of signing these
accounts are:
-- Myself, Frank Ashton - Non-Executive Chairman
-- Simon Moore - Non-Executive Director, Chair of Audit Committee
-- David Lawman - Non-Executive Director
-- Dr Manny Pohl - Managing Director, Fund Manager
We currently have four directors who together make up an
independent Board under the AIC Code of Governance 2019. I have no
current or prior connection with any major shareholder of the
Company and maintain I am an independent Chairman. The Board is
also agreed that Simon Moore and David Lawman are independent at 31
December 2019. I returned to a Non-Executive role and fee from
Executive Chairman in July 2019 when it was clear the conditions
requiring this unusual position had ceased, as reported at the
time.
Capital Gains
During the year the Company realised capital profits before
expenses arising on the sale of investments in the sum of
GBP262,480 (2018: GBP98,840).
Portfolio Review
Holdings of Abcam, Boohoo, Churchill China, Close Brothers,
Fevertree Drinks, Gamma Communications, Homeserve, JD Sports,
Liontrust Asset Management, LXI REIT, Smart Metering Services and
National Grid were all purchased for the first time.
Additional holdings of AEW UK, Custodian REIT, Hill & Smith,
Lok'n Store, Londonmetric, Paypoint, Randall & Quillter,
Regional REIT, Rightmove, S&U, Treatt, Tritax BigBox and XP
Power were also acquired.
Air Partner, Braemar Shipping, Capital & Regional, Charles
Taylor Consulting, Chesnara, Cineworld, Crest Nicholson, Epwin,
F&C UK, Fisher (James), Gattaca, Goodwin, Greene King, Hansard
Global, Harworth Group, Heath (Samuel) & Sons, Hostelworld,
Huntsworth, Ibstock, John Menzies, Jupiter Fund Management, KCOM,
Kin & Carta, Latham (James), M&C Saatchi, McColls Retail,
Ocean Wilsons, Palace Finance, Park Group, Photo-me, PRS REIT,
Quarto Group, Reach, Real Estate Investors, Record, River &
Mercantile, Schroder European, Schroder REIT, Town Centre
Securities, TPICAP, Wynnstay Group and XL Media were sold .
Corporate Activity
The holding of Greencore was subject to a Tender Offer during
the year at a capital profit of 60% whilst Dairycrest, Murgitroyd
and Safecharge were taken over at a capital profit of 32%, 52% and
74% respectively.
Dividend
The Board is very pleased to recommend an increased annual
dividend of 9.3p per ordinary share (2018: 9.1p). This represents
an increase of 2.2% over the previous year. Subject to shareholder
approval at the Annual General Meeting on 8 April 2020, the
dividend will be paid on 16 April 2020 to shareholders on the
register on 20 March 2020.
The Board is also reflecting the needs of some shareholders for
more frequent income contributions and therefore is assessing the
net benefits to all shareholders of distributing dividends twice
each year.
Review
I am very pleased that we are now free from a number of elements
of uncertainty for shareholders and potential investors that
together delayed the time when fund growth might occur. We are now
in a period of greater structural and economic stability,
because:
-- Robin Boyle a major shareholder this time last year, sold all
his shares ahead of the planned timetable, effectively removing the
conditions that might lead to substantial extra costs being
incurred by the Company. Significant efforts were made by myself,
other directors and the Company Secretary John Girdlestone, to
reach this peaceful, natural outcome in the interests of all
shareholders
-- Total transaction costs for 2019 temporarily increased as Dr
Manny Pohl, the incoming fund manager rotated the portfolio he
inherited (as detailed in the Fund Manager's report). The portfolio
is now correctly positioned and so transaction costs should be back
to lower, more normal levels for 2020.
-- Parties who bought the Boyle shares are fully supportive of
the Board and its plan - allowing full focus on portfolio and
Company performance in readiness for growth
-- There was a very smooth transition to Debbie Warburton as
sole Company Secretary, when John Girdlestone retired - I thank
them both and wish John well
-- The sizeable majority of the new Johnson UK government
removes much of the very significant uncertainty for UK businesses
arising from the Brexit 'political impasse'. It is hoped this
should now complete without a hard exit by 31 December 2020, the
planned end of the standstill transition period, when a new trade
deal should come into effect; and
-- China and US signed a trade deal on 15 January 2020, bringing
the tit-for-tat trade war that started in 2018 to an end described
as "win-win" by China. This reduces uncertainty for the global
economy - however considerable uncertainty remains on how new UK
trade deals will play out in future months as Brexit takes
effect.
This greater stability has meant David Lawman who was due to
retire from the Board at this AGM, has decided not to stand for
re-election. I thank David for his help in a four-person board to
transition to the current state; in future we will revert to the
more usual three-person board until fund size or conditions require
a change.
Along with all colleagues on the Board, I am delighted to
welcome the BIP Worldwide Flexible Fund to our shareholder
register. This publicly offered collective investment scheme is
managed by an experienced independent team of investment and
administrative professionals domiciled in South Africa with its
units quoted on the Johannesburg Stock Exchange. It is a passive
long-term investor and it has informed us that it has every
intention of remaining on the register for many years to come.
Th e Board is very happy with Dr Manny Pohl's performance as
Fund Manager in 2019 which saw greater focus on a smaller number of
shareholder value-creating holdings. This resulted from portfolio
repositioning within the UK Smaller Company sector in the first
half of the year. The excellent year-end performance was
effectively realised within eight months post AGM when the current
Board and Fund Manager were confirmed. We expect this strong
performance to continue in 2020 probably supported by an influx of
investors to UK stocks, making Athelney an even more attractive
investment opportunity.
We are also pleased to report that, as planned, overall
directors' remuneration was 1% less than in 2018, despite there
being one more director in 2019. The Board continues to be focused
on efficient management and appropriate levels of cost in line with
the size of the fund.
Outlook
The world and UK markets had a sparkling year in 2019 (FTSE 100
Index rose 12%) and I am very pleased to report that along with
this improvement, and with the active work of Dr Manny Pohl the
Fund Manager, the Company's NAV improved from 225.9p per share at
31 December 2018 to 266.9p per share (plus 18.1%) at 31 December
2019. A further improvement to 270.9p (unaudited) took place to 31
January 2020, an increase of 1.5%.
We have realised greater stability and general performance for
shareholders building from the April AGM, achieving good interim
results and then hearing of Robin Boyle's disposal of his holding
in November; we are much more confident that, free from
distractions our future performance will lead to better conditions
for us to grow the fund by attracting new investors.
Externally, uncertainties have reduced for a UK small-cap fund,
particularly around Brexit. Much remains to play out during the
next 12-18 months on new trade deals between UK/Europe and UK/US.
These can impact sterling, the UK economy, general investor
sentiment and so the fortunes of companies in our sector.
Time will tell, as it will for the overall impact of the
coronavirus (COVID-19) which remains hard to assess. I emphasise in
the meantime that we invest for the long term and strongly believe
our UK Smaller Companies focus allied to the Fund Manager's leading
stock evaluation process will return very good to excellent
performance in the future. Many have commented that such stocks are
underweighted - we expect we will now see further investments in
this sector if uncertainty continues to recede.
Some developments in 2019 give us an opportunity to remind
current and potential investors of some advantages of Athelney
Trust, a closed-ended fund. For example, the suspension of the
open-ended Woodford-managed funds illustrates that for their
investors there can suddenly be no choice, no liquidity at any
price simply because the fund manager deems it so. Illiquid stocks
create risk for an open-ended fund investor - the Bank of England's
December 2019 Financial Stability Report says so as does the
experience of many thousands of investors in the two Woodford
funds.
For closed-ended funds like Athelney, there is always an option
(albeit sometimes at a loss) for shareholders to exit (because the
shares are traded every business day on the Stock Exchange) as
compared to open ended funds where such an exit may cause balance
sheet stress arising from the forced sale of illiquid underlying
assets to fund the exit. Therefore, investing in such illiquid
stocks is at lower, more diversified risk through closed-ended than
open-ended funds.
In addition, investment trusts such as Athelney provide some
ability to smooth the highest peaks and lowest troughs of the
market because we are allowed to hold back up to 15% of investment
income in good years to offset lower income in leaner years.
The net benefit for investment trust investors is a greater
probability of more consistent annual income from such closed-ended
funds' dividends.
The dividend cover for last year was 2.24 though current year
revenues may not cover this year's dividend payment. Maintaining
dividend cover is helped by being a closed-ended fund and therefore
able to return a proportion of revenues to reserves - a structural
advantage compared to unit trust funds.
We continue to poll and listen to our shareholders. We
understand from our research and conversations with leading
shareholders that a number of the previous Board's 2018 AGM
resolutions were voted against because of dissatisfaction with the
continuing proposed involvement of Robin Boyle and possible Fund
Management by Gresham House. Those possibilities ended at the AGM
and the current Board has a very good working relationship with
Fund Manager Dr Manny Pohl.
We are also aware that some shareholders along with the Board
would like to see the fund grow and we continually assess both the
best timing and route for this to happen. We believe shareholders
will be pleased by the greater stability and better performance in
the second half of 2019 and we look forward to the benefits of the
new conditions and environment in 2020, continuing to deliver and
cement better performance. We expect the second half of 2020 to be
the time at which various economic questions (e.g. UK Trade Deals)
allow us to be more certain of next steps to growth.
I believe we are already seeing the fruits of greater focus on
value creation within a smaller portfolio reflecting the full
conviction of Dr Manny Pohl (rather than the transition portfolio
from Robin Boyle's Fund Management legacy, of early 2019). The
Board will continue to manage and optimise costs as we have now
returned to a more normal operating environment. Shareholder
support for continuation with this period of performance
improvement will be sought at the AGM.
We look forward to a very good relationship with existing and
future shareholders, and with the right management team in place,
are confident in the prospects for Athelney Trust PLC.
The 2019 AGM will be held at 3.30pm on Wednesday 8 April, at the
offices of Company solicitors Druces LLP, Salisbury House, London
Wall, London, EC2M 5PS. I encourage as many shareholders as
possible to attend and take the opportunity to meet the Board as
well as to hear a short presentation from Dr Pohl, the Fund
Manager.
Frank Ashton
Non-Executive Chairman
2 March 2020
Fund Manager's Review of 2019
As I reflect on what was quite a challenging year, I am very
proud of what I have achieved in managing the Athelney investment
portfolio and in overseeing the ECP Asset Management business (ECP)
in what was a particularly turbulent year for geopolitics. This
year ECP has increased funds under management to circa GBP1 billion
and added additional support and back-office staff to ensure that I
and ECP can deliver on the promises made to clients and to the
shareholders of the four associated Listed Investment Companies
(LICs). As a custodian of other people's money, we all owe it to
those who have invested alongside us to allocate their capital to
opportunities that we believe in because of the work that has
been.
Alongside my work in Athelney, I continue to lead the evolution
of ECP as a business, firming up its corporate values and its
vision with a fresh new look that sets the scene for the next phase
of its growth in Australia and eventually here in the UK. We have
set ourselves the goal to 'Redefine Active Investing' through
ensuring we continue to take a forensic approach to our analysis,
valuing investment potential not just asset value and historical
performance.
The Global Scene
Over the past year, volatility, uncertainty, complexity, and
ambiguity (VUCA) were at an all-time high. Geopolitical woes,
market volatility, trade complexity, and ambiguity of world
leadership has seen the world divided across many issues. For some
time, confidence and trust in institutions have been a major
concern with hostility regarding inequalities coming to the fore.
However, the Edelman barometer has indicated that over the past
year there has seen some improvement in societal trust with the
public focusing more time on relationships they can control and
finding unity in one core message: an urgent desire for change.
As the world order continues to be challenged, China comes out
from behind its Special Economic Zones to establish and challenge
the "five eyes" nations of the West (Australia, USA, Britain,
Canada, and New Zealand) by infiltrating and asserting ownership
right across the South Pacific. Chairman Xi is now entrenched as
the party's leader for life, with China reverting to the governance
structure of the emperors who ruled for so many thousands of years
and which, until the Industrial Revolution in Britain, gave the
Chinese people at large a much higher living standard than the
West.
President Trump has continued his colourful presidency, with
many of his policies following economic nationalism, having an
enormous impact across the world. When we consider the desire for
change and an economic system that has brought vast inequity in
many parts of the world, moderate political leaders we have seen
through time have not brought the radical change needed. As Michael
Moore correctly predicted Trump's win in 2016, he appears to be
correct in that Trump has been the "human Molotov cocktail" that
has driven substantial change (for better or worse).
Global Economics
After robust growth over the past few years, the International
Monetary Fund (IMF) forecasts global economic growth to be 3.5% in
2020. Global central banks, including our own, appear perplexed by
stubbornly low inflation with many being increasingly frustrated
with a lack of political action to stimulate flagging
economies.
Interestingly, as the global scene continues to evolve, we are
seeing early signs of a shift toward policymakers being more
acutely aware of environmental, social, and economic factors.
The 'Wellbeing Economy Alliance' is seeing some early-adopting
countries shifting toward frameworks that move beyond GDP as a sole
marker for economic success, which can only be a positive political
development. In much the same way Environmental, Social and
Governance (ESG) factors have become integral in investment
markets, and wellbeing indexes are a shift in the right direction
for policymakers to recognise what is important to the broader
public.
Paul Schmelzin, a senior executive of the Bank of England, has
studied interest rates going back to 1321 from which he concluded
that current declining world interest rates are consistent with the
historic trend and we may not see high rates for a while other than
for periodic spikes. Furthermore, with world inflation remaining
very low, rates are unlikely to increase in the foreseeable future.
Should this be correct, then the BOE is unlikely to raise rates any
time soon and P/E ratios will remain higher for longer than we
otherwise might expect.
The Markets, Our Portfolio
Turning to the stock market, one could be forgiven for thinking
that the world was not burning but rather booming. After financial
markets slammed on the brakes in 2018, resulting in a decline of
12.5% in the FTSE 100 Index, this index rebounded in 2019 to be up
by 12.1% for the year with most investment managers producing
healthy returns in this positive environment. I am proud to say
that our relative performance was exceptional as I managed to
produce a total portfolio return of 28.5% over the year. While the
majority of the stocks in the portfolio contributed to the
outperformance of the portfolio over the market, a handful of names
performed exceptionally well, including Games Workshop (LSE: GAW),
Liontrust Asset Management (LSE: LIO) and Lok 'n Store (LSE: LOK).
The biggest detractors from returns over the year included Costain
(LSE: COST), M&C Saatchi (LSE: SAA) and Samuel Heath & Sons
(LSE: HSM). At an aggregate level, all of the alpha was generated
through stock selection, as opposed to sector selection and this is
consistent with a bottom-up, benchmark unaware, high conviction
manager.
Games Workshop (LSE: GAW)
Games Workshop Group PLC designs, manufactures, distributes and
markets a hobby based upon collecting, modelling, painting and
tabletop gaming with model soldiers. Its key brands are the high
fantasy Warhammer and dark future Warhammer 40,000 game systems.
Games Workshop has exploited its valuable intellectual property
across a variety of settings, refreshing its miniature toy lines on
a regular basis and expanding the Warhammer universe out to
encompass video games, books and new campaigns. Its competitive
advantage is driven by the fact that it is operating in a market of
one with the games voraciously supported by a legion of fans
worldwide, who will go to great lengths (and expense) to produce
their own accompaniments to add to the series' lore and
backstory.
Liontrust Asset Management (LSE: LIO)
Liontrust Asset Management plc provides portfolio management
services in UK, European, Asian and Emerging Markets equities. It
markets its long-only, long/short and absolute return products
through unit trusts, individual savings accounts (ISAs), offshore
funds, pooled pension funds and segregated institutional accounts
to professional investors, predominantly in the UK and Continental
Europe. Assets under management (AUM) jumped to GBP19.1bn for the
period ended 31 December 2019 from GBP14.6bn at the start of the
quarter with the asset manager enjoying net inflows of GBP836m in
the quarter. The acquisition of Neptune added GBP2.7bn to AUM and
allows Liontrust to diversify across global equities and emerging
markets and offers an opportunity to expand their client base.
Lok'n Store (LSE: LOK)
Lok'nStore Group plc opened its first self-storage centre in
Horsham, Sussex in February 1995 and has grown consistently over
the last 20 years, currently operating 26 self-storage centres and
two serviced document stores in Southern England offering
self-storage and serviced document storage and management services
to both household and business customers. Each centre is
prominently located mainly in the affluent South-East of England in
large towns and cities.
Sleep Well rather than Eat Well
As the investment process aims to find high-quality businesses
that are owned for the very long-term, portfolio turnover remains
low. Through time the portfolio will comprise investments that have
been held for over ten years, however, this does not mean that I am
not always looking for new investments. As mentioned in our monthly
reports, the focus this year has been to restructure the portfolio
I inherited to align it with the investment philosophy and this
process is largely complete with the stocks I acquired and those
divested listed earlier in this report. In summary, the portfolio I
inherited in September 2018 comprised eighty-three (83) stocks, to
which we added fifteen (15) and sold fifty-one (51) to end up with
the current portfolio of forty-seven (47) stocks. I have retained
and consolidated our holdings into those quality companies in the
portfolio which are unlikely to be disintermediated by
technological change and able to maintain or increase their
dividend, as well as adding companies which have an acceptable
level of predictable growth in medium-term economic performance. To
this end I have sold our holdings in companies where there has been
a change to the industry structure, the business model, the senior
management team or the product/service offering, the occurrence of
which will result in my view in a deterioration in future
profitability and hence dividends.
Investment management is more than merely generating alpha in
excess of a benchmark. While that is a core part of our mandate,
other very important qualitative issues are central to what I do.
For example, I recognise that capital allocation is a vehicle
through which to drive change. We have the opportunity to demand
specific standards of corporate governance, decide whether specific
social and ethical issues are acceptable and, if they are not, we
can vote with our feet.
For me, the integrity and credibility of any management team is
a founding principle to the investment process. I need to trust
that management has the best interests for all stakeholders, and
have faith that they will make sound strategic decisions and have
substantial experience and capabilities in their chosen field. As
custodians of our clients' capital, I must ensure that I am doing
whatever I can to preserve capital and grow it over time. I
allocate capital to investments which I believe are sustainable in
the long-term, and finding trustworthy, values-based management
that aligns with my core values and beliefs will ensure
above-average economic portfolio returns. In cases where I feel I
can add something to the conversation, I engage with the
company.
Looking Forward
We are now in the Year of the Rat. A quick google tells me that
the Year of the Rat is interesting as it marks the completion of a
previous long cycle and the beginning of a new one. The rat is
apparently characterised as being resourceful and diligent and we
certainly aspire to apply these characteristics within the work
that we do, and hope that they will flow through to the results we
seek to achieve for our clients. As trust remains a central theme
across the world, I for one hope this shift towards trustworthiness
continues. Through time, I have emphasised the importance of
management in the investment process, and I applaud further
developments in the trustworthiness of our leaders and the
management of companies. Sustainability of investment performance
or the improvement of the wellbeing of broader society hinges upon
ethical, transparent, and honest leadership.
Our investment philosophy is based on the belief that the
economics of business drives long-term investment returns. The
short-term financial metrics of portfolio companies, including
organic sales growth, earnings and dividend growth, should provide
the impetus for improvement in valuations or at least be supportive
of the current valuations in the future. Our investee companies
have strong business models with capable and experienced management
teams which we expect will continue to deliver above-average
returns. While I do feel that the overall markets are relatively
fully valued and do not see a significant improvement in the P/E
ratings of the companies from current levels, our earnings,
dividend estimates and forecasts for the stocks in the portfolio
remain promising.
However, the latest coronavirus (COVID-19) threatens to be a
disruptor to companies, supply chains and the world economy for at
least the first half of 2020. The overall impact of the virus is
hard to assess at the moment.
Update
The unaudited NAV on 31 January 2020 was 270.9p per share - up
1.59% from 31 December 2019, the seventh monthly increase in a row
and beating the FTSE (-3.40%), Small Cap Index (-0.92%) as well as
AIM All-share Index (-0.95%). The share price on the same day was
235p (trading at a discount of 13.3%). Further updates can be found
at www.athelneytrust.co.uk
Dr Manny Pohl AM
Fund Manager
2 March 2020
Other Statutory Information
As explained within the Report of the Directors on pages 24 to
27, the Company carries on business as an investment trust.
Investment trusts are collective closed-ended public limited
companies.
Board
The Board of Directors is responsible for the overall
stewardship of the Company, including investment and dividend
policies, corporate and gearing strategy, corporate governance
procedures and risk management. Biographical details of the four
male Directors, can be found on page 2.
S172 Statement
The directors of the Company act in a way that they consider to
be;
-- in good faith,
-- likely to promote the success of the Company and;
-- to the benefit of its members as a whole
The Board considers that all the Directors have regard for the
long term objectives of the company, meet at regular intervals
throughout the year to discuss these objectives, and ensure that
they remain on track. The Directors conduct the majority of their
Board Meetings via conference calls to reduce travelling, and all
printed material produced is using FSC paper which ultimately
reduces the impact on the community and the environment. This year
the Board has spent time speaking to members of the company and
gathering feedback. The Directors aim to maintain a reputation for
conducting business at a high standard and maintaining that
standard for future years.
One of the directors is the Company's only employee (2018: one
employee).
Investment Objective
The investment objective of the Trust is to provide shareholders
with prospects of long-term capital growth with the risks inherent
in small cap investment minimised through a spread of holdings in
quality small cap companies that operate in various industries and
sectors. The Fund Manager also considers that it is important to
maintain a progressive dividend record.
Investment Policy
The assets of the Trust are allocated predominantly to companies
with either a full listing on the London Stock Exchange or a
trading facility on AIM or NEX. The assets of the Trust have been
allocated in two main ways: first, to the shares of those companies
which have grown steadily over the years in terms of profits and
dividends but, despite this progress, the market rating is
favourable when compared to future earnings and dividends; second,
to those companies whose shares are standing at a favourable level
compared with the value of land, buildings or cash in the balance
sheet .
Investment Strategy
The investment strategy employed by the Fund Manager in meeting
the investment objective focuses on active stock selection. The
selection of individual holdings is based on analysis of, amongst
other things, market positioning, competitive advantage, financial
strength and cash flows. The weighting of individual investments
reflects the Fund Manager's conviction in those holdings and his
views on asset allocation, including between UK and overseas
equities, corporate bonds, cash and gearing.
Investment of Assets
At each Board meeting, the Board considers compliance with the
Company's investment policy and other investment restrictions
during the reporting period. An analysis of the portfolio on 31
December 2019 can be found on page 12 of the annual report.
Responsible Ownership
The Fund Manager takes a particular interest in corporate
governance and social responsibility investment policy. As stated
within the Corporate Governance Statement on pages 17 to 23, the
Fund Manager's current policy is available on the Trust's website
www.athelneytrust.co.uk. The Board supports the Fund Manager on his
voting policy and his stance towards environmental, social and
governance issues.
Review of Performance and Outlook
Reviews of the Company's returns during the financial year, the
position of the Company at the year end, and the outlook for the
coming year are contained in the Chairman's Statement on pages 3 to
7 and the Fund Manager's review on pages 8 to 11 which form part of
the Strategic Report.
Principal Risks and Uncertainties and Risk Management
As stated within the Corporate Governance Statement on pages 17
to 23, the Board applies the principles detailed in the internal
control guidance issued by the Financial Reporting Council, and has
established a continuing process designed to meet the particular
needs of the Company in managing the risks and uncertainties to
which it is exposed.
The principal risks and uncertainties faced by the Company are
described below and in note 12 which provides detailed explanations
of the risks associated with the Company's financial
instruments.
-- Market - the Company's fixed assets consist almost entirely
of listed securities and it is therefore exposed to movements in
the prices of individual securities and the market generally.
-- Investment and strategic - incorrect investment strategy,
asset allocation, stock selection and the use of gearing could all
lead to poor returns for shareholders.
-- Regulatory - Relevant legislation and regulations which apply
to the Company include the Companies Act 2006, the Corporation Tax
Act 2010 ("CTA") and the Listing Rules of the Financial Conduct
Authority ("FCA"). The Company has noted the recommendations of the
UK Corporate Governance Code and its statement of compliance
appears on pages 17 to 23. A breach of the CTA could result in the
Company losing its status as an investment company and becoming
subject to capital gains tax, whilst a breach of the Listing Rules
might result in censure by the FCA. At each Board meeting the
status of the Company is considered and discussed, so as to ensure
that all regulations are being adhered to by the Company and its
service providers.
-- Operational - failure of the accounting systems or disruption
to its business, or that of other third party service providers,
could lead to an inability to provide accurate reporting and
monitoring, leading to a loss of shareholders' confidence.
-- Financial - inadequate controls by the Fund Manager or other
third party service providers could lead to misappropriation of
assets. Inappropriate accounting policies or failure to comply with
accounting standards could lead to misreporting or breaches of
regulations.
-- Liquidity - the Company may have difficulty in meeting
obligations associated with financial liabilities.
-- Trading - ATY is a small trust and its shares can be
illiquid, which means that investors may have difficulty in dealing
in larger amounts of shares.
On the 3 January 2018 MiFID ll and KID came into force with the
introduction of the Key Information Document (KID). The Company has
complied with the legislation and the deadlines to ensure that
shares in the Company were still able to be traded. A copy of the
Company's KID can be found on the website www.athelneytrust.co.uk
.
The Board is not aware of any breaches of laws or regulations
during the period under review and up to the date of this
report.
The Board seeks to mitigate and manage these risks through
continual review, policy setting and enforcement of contractual
obligations. It also regularly monitors the investment environment
and the management of the Company's investment portfolio.
Investment risk is spread through holding a wide range of
securities in different industrial sectors.
Statement Regarding Annual Report and Financial Statements
Following a detailed review of the Annual Report and Financial
Statements by the Audit Committee, the Directors consider that
taken as a whole it is fair, balanced and understandable and
provides the information necessary for shareholders to assess the
Company's performance, business model and strategy.
Environment Emissions
The Company does not have any physical assets, property, or
operations of its own and as such does not generate any greenhouse
gas or other emissions.
Social, Community and Human Rights Issues
The Company has one employee (2018: one employee) and, as far as
the Board is aware, no issues exist in respect of social, community
or human rights issues.
Alternative Investment Fund Manager's Directive ("AIFMD")
The Company is registered as its own AIFM with the FCA under the
AIFMD and confirms that all required returns have been completed
and filed.
BY ORDER OF THE BOARD
D. Warburton
Secretary
Waterside Court
Falmouth Road
Penryn
Cornwall
TR10 8AW
2 March 2020
Income Statement
For the Year Ended For the Year Ended
31 December 2019 31 December 2018
Note Revenue Capital Total Revenue Capital Total
GBP GBP GBP GBP GBP GBP
Gains/(losses)
om investments
held at fair value 8 - 1,086,854 1,086,854 - (1,135,313) (1,135,313)
Income from investments 2 232,262 - 232,262 251,990 - 251,990
Investment management
expenses 3 (3,812) (34,682) (38,494) (5,412) (51,068) (56,480)
Other expenses 3 (32,807) (166,384) (199,191) (33,480) (106,537) (140,017)
--------- ---------- ---------- --------- ------------ ------------
Net return on ordinary
activities before
taxation 195,643 885,788 1,081,431 213,098 (1,292,918) (1,079,820)
Taxation 5 - - - - - -
--------- ---------- ---------- --------- ------------ ------------
Net return on ordinary
activities after
taxation 6 195,643 885,788 1,081,431 213,098 (1,292,918) (1,079,820)
========= ========== ========== ========= ============ ============
Net return per
ordinary share 6 9.1p 41.0p 50.1p 9.9p (59.9)p (50.0)p
Dividend per ordinary
share paid during
the year 7 9.1p 8.9p
The total column of this statement is the profit and loss
account for the Company.
All revenue and capital items in the above statement derive from
continuing operations.
No operations were acquired or discontinued during the above
financial years.
A statement of movements of reserves is given overleaf.
A Statement of Comprehensive Income is not required as all gains
and losses of the Company have been reflected in the above
Statement.
The notes on pages 43 to 51 form part of these financial
statements.
Statement of Changes in Equity for the Year Ended
31 December 2019
Called-up Capital Capital Total
Share Share reserve reserve Revenue Shareholders'
Capital Premium realised unrealised reserve Funds
GBP GBP GBP GBP GBP GBP
Balance brought
forward at 1 January
2018 539,470 881,087 1,913,853 2,391,839 419,275 6,145,524
Net profits on
realisation
of investments - - 98,840 - - 98,840
Decrease in unrealised
appreciation - - - (1,234,153) - (1,234,153)
Expenses allocated
to
Capital - - (157,605) - - (157,605)
Profit for the
year - - - - 213,098 213,098
Dividend paid
in year - - - - (192,051) (192,051)
Shareholders'
Funds at 31 December
2018 539,470 881,087 1,855,088 1,157,686 440,322 4,873,653
========== ======== ========== ============ ========== ==============
Balance brought
forward at 1 January
2019 539,470 881,087 1,855,088 1,157,686 440,322 4,873,653
Net profits on
realisation
of investments - - 262,480 - - 262,480
Increase in unrealised
Appreciation - - - 824,374 - 824,374
Expenses allocated
to
Capital - - (201,066) - - (201,066)
Profit for the
year - - - - 195,643 195,643
Dividend paid
in year - - - - (196,367) (196,367)
Shareholders'
Funds at 31 December
2019 539,470 881,087 1,916,502 1,982,060 439,598 5,758,717
======== ======== ========== ========== ========== ==========
The notes on pages 43 to 51 form part of these financial
statements.
Statement of the Financial Position as at
31 December 2019
Company Number: 02933559
Note 2019 2018
GBP GBP
Fixed assets
Investments held at fair
value through profit and
loss 8 5,466,191 4,648,238
---------- --------------
Current assets
Debtors 9 223,733 213,435
Cash at bank and in hand 90,902 35,520
314,635 248,955
Creditors: amounts falling
due within one year 10 (22,109) (23,540)
---------- --------------
Net current assets 292,526 225,415
---------- --------------
Total assets less current liabilities 5,758,717 4,873,653
Net assets 5,758,717 4,873,653
========== ==============
Capital and reserves
Called up share capital 11 539,470 539,470
Share premium account 881,087 881,087
Other reserves (non distributable)
Capital reserve - realised 1,916,502 1,855,088
Capital reserve - unrealised 1,982,060 1,157,686
Revenue reserve (distributable) 439,598 440,322
Shareholders' funds - all
equity 5,758,717 4,873,653
========== ==============
Net Asset Value per share 13 266.9p 225.9p
Approved and authorised for issue by the Board of Directors on 2
March 2020.
Dr Manny Pohl
Director
The notes on pages 43 to 51 form part of these financial
statements.
Statement of Cash flows for the Year Ended
31 December 2019
2019 2018
GBP GBP
Cash flows from operating
activities
Net revenue return 195,643 213,098
Adjustment for:
Expenses charged to capital (201,066) (157,605)
(Decrease)/increase in creditors (1,431) 299
(Increase) in debtors (10,298) (56,638)
Cash (used)/from operations (17,152) (846)
------------ ----------
Cash flows from investing
activities
Purchase of investments (2,074,201) (581,051)
Proceeds from sales of investments 2,343,102 764,179
------------ ----------
Net cash used in investing
activities 268,901 183,128
------------ ----------
Equity dividends paid (196,367) (192,051)
Net increase/(decrease) in
cash 55,382 (9,769)
Cash at the beginning of the
year 35,520 45,289
------------ ----------
Cash at the end of the year 90,902 35,520
============ ==========
As the company do not have any loans, overdrafts or hire
purchase arrangements, net debt is equal to cash and therefore no
reconciliation of net debt has been disclosed.
The notes on pages 43 to 51 form part of these financial
statements.
Notes to the Financial Statements
For the Year Ended 31 December 2019
1. Accounting Policies
1.1 Statement of Compliance and Basis of Preparation of Financial Statements
The financial statements are prepared in accordance with
applicable United Kingdom accounting standards, including Financial
Reporting Standard 102 ("FRS 102"), the Companies Act 2006 and with
the AIC Statement of Recommended Practice ("SORP") issued in
October 2019, regarding the Financial Statements of Investment
Trust Companies and Venture Capital Trusts. All the Company's
activities are continuing.
1.2 Income
Income from investments including taxes deducted at source is
recognised when the right to the return is established (normally
the ex-dividend date). UK dividend income is reported net of tax
credits in accordance with FRS 102 "Income Tax". Interest is dealt
with on an accruals basis.
1.3 Investment Management Expenses
All four Directors are involved in investment management, 10% of
their salaries or fees have been charged to revenue and the other
90% to capital. All other investment management expenses have been
charged to capital. The Board propose continuing this basis for
future years.
1.4 Other Expenses
Expenses (including VAT) and interest payable are dealt with on
an accruals basis and charged through the Revenue and Capital
Accounts in an allocation that the Board consider to be a fair
distribution of the costs incurred.
1.5 Investments
Listed investments comprise those listed on the Official List of
the London Stock Exchange. Unlisted investments are traded on AIM.
Profits or losses on sales of investments are taken to realised
capital reserve. Any unrealised appreciation or depreciation is
taken to unrealised capital reserve.
Investments have been classified as "fair value through profit
and loss" upon initial recognition.
Subsequent to initial recognition, investments are measured at
fair value with changes in fair value recognised in the Income
Statement.
Securities of companies quoted on a recognised stock exchange
are valued by reference to their quoted bid prices at the close of
the year, similarly, AIM-traded investments are valued using the
closing bid price on 31 December.
1.6 Taxation
The tax effect of different items of income and expenses is
allocated between capital and revenue on the same basis as the
particular item to which it relates, using the Company's effective
rate of tax for the year.
1.7 Judgements and estimates
The Directors confirm that no judgements or significant
estimates have been made in the process of applying the Company's
accounting policies.
1. Accounting Policies (continued)
1.8 Deferred Taxation
Deferred tax is recognised in respect of all timing differences
that have originated but not reversed by the balance sheet date.
Deferred tax liabilities are recognised for all taxable timing
differences but deferred tax assets are only recognised if it is
considered more likely than not that there will be suitable profits
from which the future reversal of the underlying timing differences
can be deducted. Deferred tax assets and liabilities are calculated
at the tax rates expected to be effective at the time the timing
differences are expected to reverse. Deferred tax assets and
liabilities are not discounted.
1.9 Capital Reserves
Capital Reserve - Realised
Gains and losses on realisation of fixed asset investments are
dealt with in this reserve.
Capital Reserve - Unrealised
Increases and decreases in the valuations of fixed asset
investments are dealt with in this reserve. Unrealised capital
reserves cannot be distributed by way of dividends or similar.
1.10 Dividends
In accordance with FRS 102 "Events after the end of the
Reporting Period", dividends are included in the financial
statements in the year in which they go ex-div.
1.11 Share Issue Expenses
The costs associated with issuing shares are written off against
any premium arising on the issue of Share Capital.
1.12 Financial Instruments
Short term debtors and creditors are held at cost.
2. Income
Income from investments
2019 2018
GBP GBP
UK dividend income 173,047 183,833
Foreign dividend income 25,542 30,496
UK Property REITs 33,173 37,653
Bank interest - 8
Bank compensation 500 -
Total income 232,262 251,990
======== ========
UK dividend income
2019 2018
GBP GBP
UK Main Market listed investments 124,674 145,370
UK AIM-traded shares 48,373 38,463
173,047 183,833
======== ========
3. Return on Ordinary Activities before Taxation
2019 2018
GBP GBP
The following amounts (inclusive of
VAT) are included
within investment management and other
expenses:
Directors' remuneration:
- Services as a director 26,250 21,000
- Otherwise in connection with management 45,122 51,163
Auditors' remuneration:
- Audit Services - Statutory audit 13,250 10,930
Miscellaneous expenses:
- Other wages and salaries 153 2,400
- Management services 32,472 32,472
- PR and communications 12,351 2,958
- Stock exchange subscription 6,748 8,760
- Sundry investment management and
other expenses 27,633 24,255
* Legal fees 73,706 42,559
-------- --------
237,685 196,497
======== ========
On 1 April 2016 the Company entered into a contract with GW
& Co to provide management services at an annual cost of
GBP24,600 plus VAT. An increase of 10% was agreed in July 2017
making the annual fee GBP27,060 plus VAT.
4. Employees and Directors' Remuneration
2019 2018
GBP GBP
Costs in respect of Directors:
Non-executive directors' fees 26,250 21,000
Wages and salaries 45,122 51,163
Social security costs 153 2,400
71,525 74,563
======= =======
Average number of employees:
Chairman - -
Investment 1 1
Administration - -
1 1
5. Taxation
(i) On the basis of these financial statements no provision has
been made for corporation tax (2018: Nil).
(ii) Factors affecting the tax charge for the year.
The tax charge for the period is lower than (2018: lower than)
the average small company rate of corporation tax in the UK of 19
per cent. The differences are explained below:
2019 2018
GBP GBP
Total return on ordinary activities
before tax 1,081,431 (1,079,820)
---------- ----------------------
Total return on ordinary activities
multiplied by the average small company
rate of corporation tax 19% (2018:
19%) 205,472 (205,166)
Effects of:
UK dividend income not
taxable (32,879) (34,945)
Revaluation of shares
not taxable (156,631) 233,746
Capital gains not taxable (49,871) (18,037)
Unrelieved management
expenses 33,909 24,402
Current tax charge for
the year - -
========== ======================
The Company has unrelieved excess revenue management expenses of
GBP356,765 at 31 December 2019 (2018: GBP214,415) and GBP102,597
(2018: GBP102,597) of capital losses for Corporation Tax purposes
and which are available to be carried forward to future years. It
is unlikely that the Company will generate sufficient taxable
profits in the future to utilise these expenses and therefore no
deferred tax asset has been recognised.
For the year ended 31 December 2018, the Company received
approval from HM Revenue and Customs under Section 1158 of the
Corporation Tax Act 2010, therefore the Company was not liable to
Corporation Tax on any realised investment gains for 2018. The
Directors intend to continue to meet the conditions required to
obtain approval and therefore no deferred tax has been provided on
any capital gains or losses arising on the revaluation or disposal
of investments.
6. Return per Ordinary Share
The calculation of earnings per share has been performed in accordance
with FRS 102.
2019 2018
GBP GBP GBP GBP GBP GBP
Revenue Capital Total Revenue Capital Total
Attributable return
on
ordinary activities
after taxation 195,643 885,788 1,081,431 213,098 (1,292,918) (1,079,820)
Weighted average
number of shares 2,157,881 2,157,881
Return per ordinary
share 9.1p 41.0p 50.1p 9.9p (59.9)p (50.0)p
7. Dividend
2019 2018
GBP GBP
Final dividend in respect of 2018
of 9.1p (2018: a final dividend
of 8.9p was paid in respect of
2017) per share 196,367 192,051
======== ========
Set out below is the total dividend payable in respect of the
financial year, which is the basis on which the requirements of
Section 1158 of the Corporation Tax Act 2010 are considered.
It is recommended that a final dividend of 9.3p (2018: 9.1p) per
ordinary share be paid out of revenue profits amounting to a total
of GBP196,367. For the year 2018, a final dividend of 9.1p was paid
on 18 April 2019 amounting to a total of GBP196,367.
2019 2018
GBP GBP
Revenue available for distribution 195,643 213,098
Final dividend in respect of
financial year ended
31 December 2019 (200,683) (196,367)
Undistributed Revenue Reserve (5,040) 16,731
========== ==========
8. Investments
2019 2018
GBP GBP
Movements in year
Valuation at beginning
of year 4,648,238 5,966,679
Purchases at cost 2,074,201 581,051
Sales - proceeds (2,343,102) (764,179)
- realised gains on
sales 262,480 98,840
Increase/(decrease) in unrealised
appreciation 824,374 (1,234,153)
Valuation at end
of year 5,466,191 4,648,238
============ ============
Book cost at end
of year 3,484,130 3,490,551
Unrealised appreciation at the end
of the year 1,982,061 1,157,687
5,466,191 4,648,238
============ ============
UK Main Market listed
investments 4,258,921 3,530,985
UK AIM-traded shares 1,207,270 1,117,253
5,466,191 4,648,238
========== ==========
8. Investments (continued)
Gains on investments
2019 2018
GBP GBP
Realised gains on
sales 262,480 98,840
(Decrease)/Increase in unrealised
appreciation 824,374 (1,135,313)
1,086,854 835,709
============== ============
The purchase costs and sales proceeds above include transaction
costs of GBP15,533 (2018: GBP4,290) and GBP8,810 (2018: GBP3,308)
respectively.
9. Debtors
2019 2018
GBP GBP
Investment transaction
debtors 213,862 201,627
Other debtors 9,871 11,808
223,733 213,435
======== ========
10. Creditors: amounts falling due within one year
2019 2018
GBP GBP
Social security and
other taxes 1,148 524
Other creditors 2,956 2,961
Accruals and deferred
income 18,005 20,055
22,109 23,540
======= =======
11. Called Up Share Capital
2019 2018
GBP GBP
Authorised
10,000,000 Ordinary Shares of 25p 2,500,000 2,500,000
========== ==========
Allotted, called up and fully paid
2,157,881 Ordinary Shares of 25p 539,470 539,470
========== ==========
12. Financial Instruments
The Company's financial instruments comprise equity investments,
cash balances and debtors and creditors that arise directly from
its operations, for example, in respect of sales and purchases
awaiting settlement.
The major risks associated with the Company are market, credit
and liquidity risk. The Company has established a framework for
managing these risks. The Directors have guidelines for the
management of investments and financial instruments.
Market Risk
Market price risk arises mainly from uncertainty about future
prices of financial investments used in the Company's business. It
represents the potential loss the Company might suffer through
holding market positions by way of price movements other than
movements in exchange rates and interest rates.
The Company's investment portfolio is exposed to market price
fluctuations which are monitored by the Fund Manager who gives
timely reports of relevant information to the Directors.
Adherence to the investment objectives and the internal controls
on investments set by the Company mitigates the risk of excessive
exposure to any one particular type of security or issuer.
The Company's exposure to other changes in market prices at 31
December on its investments is as follows:
A 20% decrease in the market value of investments at 31 December
2019 would have decreased net assets attributable to shareholders
by 51 pence per share (2018: 43 pence per share). An increase of
the same percentage would have an equal but opposite effect on net
assets available to shareholders.
2019 2018
GBP GBP
Fair value through profit or loss investments 5,466,191 4,648,238
Market risk also arises from changes in interest rates and
exchange risk. All of the Company's assets are in sterling and
accordingly the Company has limited currency exposure. The majority
of the Company's financial assets are non-interest bearing, as a
result the Company's financial assets are not subject to
significant risk due to fluctuations in the prevailing levels of
market interest rates.
The carrying amounts of financial assets best represent the
maximum credit risk exposure at the balance sheet date. Bankruptcy
or insolvency of the custodian may cause the Company's rights with
respect to securities held with the custodian to be delayed.
Liquidity Risk
Liquidity Risk is the risk that the Company may have difficulty
in meeting obligations associated with financial liabilities. The
Company is able to reposition its investment portfolio when
required so as to accommodate liquidity needs. However it may be
difficult to realise its investment portfolio in adverse market
conditions.
Maturity Analysis of Financial Liabilities
The Company's financial liabilities consist of creditors as
disclosed in note 10. All items are due within one year.
12. Financial Instruments (continued)
Capital management policies and procedures
The Company's capital management objectives are:
-- to ensure the Company's ability to continue as a going concern;
-- to provide an adequate return to shareholders;
-- to support the Company's stability and growth;
-- to provide capital for the purpose of further investments.
The Company actively and regularly reviews and manages its
capital structure to ensure an optimal capital structure, taking
into consideration the future capital requirements of the Company
and capital efficiency, projected operating cash flows and
projected strategic investment opportunities. The management
regards capital as total equity and reserves, for capital
management purposes.
Fair values of financial assets and financial liabilities
Fixed asset investments (see note 8) are valued at market bid
price where available which equates to their fair values. The fair
values of all other assets and liabilities are represented by their
carrying values in the balance sheet.
Financial instruments by category
The financial instruments of the Company fall into the following
categories
31 December 2019 Assets at
fair value
At Amortised through profit
Cost or loss Total
GBP GBP GBP
Assets as per the
balance
sheet
Investments - 5,466,191 5,466,191
Debtors 223,733 - 223,733
Cash at bank 90,902 - 90,902
------------------------- ---------------------------- ----------------------
Total 314,635 5,466,191 5,780,826
========================= ============================ ======================
Liabilities as per
the balance
sheet
Creditors 22,109 - 22,109
------------------------- ---------------------------- ----------------------
Total 22,109 - 22,109
========================= ============================ ======================
31 December 2018 Assets at fair
At Amortised value through
Cost profit or loss Total
GBP GBP GBP
Assets as per the
balance
sheet
Investments - 4,648,238 4,648,238
Debtors 213,435 - 213,435
Cash at bank 35,520 - 35,520
------------------------- ---------------------------- ------------------------
Total 248,955 4,648,238 4,897,193
========================= ============================ ========================
Liabilities as per
the balance
sheet
Creditors 23,540 - 23,540
------------------------- ---------------------------- ------------------------
Total 23,540 - 23,540
========================= ============================ ========================
12. Financial Instruments (continued)
Fair value hierarchy
In accordance with FRS 102, the Company must disclose the fair
value hierarchy of financial instruments.
The fair value hierarchy consists of the following three
classifications:
Classification A - Quoted prices in active markets for identical
assets or liabilities.
Quoted in an active market in this context means quoted prices
are readily and regularly available and those prices represent
actual and regularly occurring market transactions on an arm's
length basis.
Classification B - The price of a recent transaction for an
identical asset, where quoted prices are unavailable.
The price of a recent transaction for an identical asset
provides evidence of fair value as long as there has not been a
significant change in economic circumstances or a significant lapse
of time since the transaction took place. If it can be demonstrated
that the last transaction price is not a good estimate of fair
value (e.g. because it reflects the amount that an entity would
receive or pay in a forced transaction, involuntary liquidation or
distress sale), that price is adjusted.
Classification C - Inputs for the asset or liability that are
based on observable market data and unobservable market data, to
estimate what the transaction price would have been on the
measurement data in an arm's length exchange motivated by normal
business considerations.
The Company only holds classification A investments (2018:
classification A investments only).
13. Net Asset Value per Share
The net asset value per share is based on net assets of
GBP5,758,717 (2018: GBP4,873,653) divided by 2,157,881 (2018:
2,157,881) ordinary shares in issue at the year end.
2019 2018
Net asset value per
share 266.9p 225.9p
======= =======
14. Dividends paid to Directors
During the year the following dividends were paid to the
Directors of the Company as a result of their total
shareholding:
Manny Pohl GBP45,955
(1)
Simon Moore GBP6,143
David Lawman GBP227
Notes:
1. Manny Pohl's relationship with Global Masters Fund Limited is
described in Note 1 to the table of Directors' interests on page
31. During the year a dividend of GBP45,864 was paid to Global
Masters Fund Limited and GBP91 to Manny Pohl for shares held in his
own name.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR KKBBKDBKDFNK
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