TIDMENG
RNS Number : 8796B
Electric & General Inv Tst PLC
25 February 2011
ELECTRIC & GENERAL INVESTMENT TRUST PLC (the "Company")
Half Yearly Financial Report Announcement for the half year
ended 31 December 2010
This announcement contains regulated information.
Financial Highlights
(Unaudited) (Unaudited) (Audited)
Half year
Half year ended ended Year ended
31 December 31 December 30 June
2010 2009 2010
Per ordinary share Pence Pence Pence
Net asset value ("NAV")
- as per the Financial
Statements, including
income for the period 473.98 437.35 398.12
Share price 450.00 372.25 330.75
Revenue return per share 2.67 2.92 9.49
Total return per share 82.26 98.65 61.52
Dividend 2.10 2.10 8.50
MSCI World Index (Sterling
excluding income) 817.60 723.55 696.02
Investment Objective
The Company's investment objective is to maximise total return
while pursuing a progressive dividend policy, where achievable,
within the over-riding objective of capital growth.
Chairman's Statement
Stock markets rose strongly in the second half of 2010, ending a
challenging year on an upbeat note. The capital only NAV of the
Company appreciated by 20.62 per cent in the period under review,
while the MSCI World Index was up by 17.47 per cent.
Performance over the year as a whole, although positive, was
affected by a series of concerns which repeatedly plagued the
markets. These included fears of a double-dip recession in the US,
anxiety over the ability of China to sustain its rapid rate of
growth and concern over sovereign indebtedness in peripheral
Europe.
Throughout the year the authorities across the globe wrestled
with these concerns. A range of official support measures, both
fiscal and monetary, including quantitative easing, have supported
the recovery from the financial crisis.
Although economic data was mixed in 2010, towards the end of the
year, there was mounting evidence that economic growth was
accelerating in both the US and Europe, with Germany growing
particularly strongly. China also appeared to have judged its
measures to cool the economy well.
For most commentators the sovereign debt problem in Europe is
the most important negative in the global economy. The Investment
Manager is more positive about the European economy than the
consensus, it feels that observers underestimate the commitment of
the European authorities to prevent the crisis spreading and that
financial support will continue to be available from the stronger
members and from the European Union ("EU") and European Central
Bank ("ECB"), as well as from other multi-lateral organisations
such as the International Monetary Fund ("IMF").
Both Greece and Ireland have made good progress in tackling
unsustainable deficits. Thankfully, both economies are relatively
small and can therefore be helped reasonably easily. The Investment
Manager does not believe that Spain has a problem of a similar
magnitude. Even in the disaster scenario of Greece deciding to
leave the Euro and Ireland defaulting, the Investment Manager
believes that the Euro will hold. It is the symbol of European
power and influence and will not be allowed to fail. Bond pricing
for the troubled countries already discounts what the Investment
Manager would see as the worst case scenario, which means that the
potential for further damage to confidence is limited.
Although the European debt crisis dominated the headlines during
the last three months of 2010, equities around the world -
including Europe - made good progress. This suggests that the
situation is now fairly well discounted in investors' minds and
that the cheap valuation of blue chips, together with some growing
fears about increasing inflation, are encouraging a switch from
bonds to equities by
investors. Indeed bond yields rose very substantially during the
fourth quarter.
During the period, the Company added to a number of holdings
including Lagardere, The St Joe Company and Pfizer.
Lagardere, the French media and publishing group, has long
traded at a substantial discount to its sum of the parts valuation.
Recently the management has started to run the company with greater
emphasis on raising the share price and several disposals have been
made at good prices. The St Joe Company has a debt free balance
sheet and owns a large area of development land in Florida,
including substantial waterfront acreage. In the autumn the company
was the victim of a campaign by a prominent American investor who
was short in the shares. The Investment Manager took advantage of
the resultant dip in the price to top up the Company's holding. The
Pfizer purchase was funded with some of the proceeds from the sale
of Bayer. The former is very cheap whereas the latter is valued at
the top of the range for pharmaceutical companies.
The Company's telecom exposure was also increased: a new
investment was made in Deutsche Telekom - the dominant telecom
provider in Germany which also has an important mobile business in
the United States; and following a positive meeting the Investment
Manager held with the management, the holding in Belgacom,
Belgium's public telephone company was increased. Singapore
Telecom
was switched into IDEA Cellular to gain more direct access to
the Indian mobile market; and a new investment was made in Samsung
Electronics, which has significant exposure to mobile data and
smartphone growth.
During the first half of the year, when pessimism surrounding
emerging market growth caused share prices in the resource sector
to decline the Company bought shares in Equinox Minerals and
Xstrata. These purchases were completed in the second half.
Rights were taken up in Q-Cells - the large solar cell
manufacturer - and Sky Deutschland.
Most recently a new investment was made in Alumina. It owns 40
per cent of AWAC, a large alumina producer, and will benefit from
an anticipated de-coupling of the alumina price from the price of
aluminium.
During the period, the sales of Nintendo, Oracle and PICC
Property and Casualty, the Chinese
insurer, were completed and the holding in Santos, the Australia
oil and gas exploration company, was reduced. The Company has been
selling Williams-Sonoma, the American upmarket homewares group,
after a very strong recovery, and has trimmed WPP, the advertising
group, following good price performance. The tender offer for
Deutsche Postbank from Deutsche Bank was accepted although the
Investment Manager believes that a higher price is justified.
Deutsche Bank now controls a very large percentage of Deutsche
Postbank.
The portfolio is now fairly fully invested and is positioned for
a continuation of better global growth and some improvement of
confidence in the developed world. The world economy will continue
to face significant challenges, both from the continued funding
needs of the United States, Japan and the nations of Europe, and a
continued rebalancing of consumption and investment between the
developed and emerging economies. The Investment Manager feels that
the recent evidence of a pick-up in developed market growth and
continued policy coordination will help the world to navigate
through these tricky waters. Despite the recent recovery in share
prices, companies are still modestly valued. As an asset class,
equities may enjoy something of a renaissance, particularly if
sentiment shifts from deflation and decline to inflation and
growth.
Dividend
The Directors have declared an interim dividend of 2.10p per
ordinary share payable on 1 April 2011 to ordinary shareholders on
the Register of Members at the close of business on 11 March
2011.
Update on Reconstruction Proposals
The Board of the Company announced on 26 November 2010 that it
intends to put forward proposals to offer shareholders the choice
of rolling over their investment without triggering a charge to
capital gains tax into an open ended fund, to be managed by Taube
Hodson Stonex ("THS"), or realising all or part of their investment
for cash.
The Board announced further details in an announcement on 16
February 2011 on the likely timing and outline content of these
proposals.
The Board has determined, following a review of all options
including possible closed ended alternatives, to put forward, in
due course, innovative proposals which it believes will be
attractive to shareholders.
The Board proposes to create a new independent open ended
investment company or OEIC (the "New Fund") which will be
independently administered by Yealand Administration. The New Fund
will have the following beneficial attributes:
-- It will retain "Electric & General" within the title of
the New Fund.
-- It will adopt all aspects of a typical corporate structure as
if it were a closed ended investment
Company. Thus the New Fund will have voting shares, will hold
AGMs and will have an
independent board whose election is approved by shareholders and
who are tasked with overseeing the running of the New Fund,
including the appointment and/or dismissal of an investment
manager. It is proposed that the initial members of the board
comprise Gerry Aherne, John Pocock and Jonathan Ruffer. The New
Fund's corporate governance arrangements will seek to replicate
those of a closed ended investment company so far as possible.
-- It will continue the Company's investment strategy and
approach. It is therefore proposed that the
investment manager will continue to be THS who will manage the
assets of the New Fund in the
same way as they currently manage the assets of the Company.
Since their appointment as
investment manager in 2004, THS has outperformed the MSCI World
Index, the Company's
benchmark, on a total return basis by more than 20%. It is
expected that the yield on the New Fund
will be broadly similar to that of the Company currently. THS
has reassured the Board that there will
be no impairment to the manner in which the investment portfolio
is managed as a consequence of
the change of corporate structure, save that a marginally
greater amount of cash is likely to be held
recognising the open ended nature of the structure.
-- It will enable shareholders who wish to continue with their
investment to do so in a more cost effective form. The Board
expects the New Fund's total expense ratio will be lower than the
present
total expense ratio of the Company. THS has agreed a reduced
investment management fee of 0.3
per cent. of net assets (the existing performance fee
arrangement will continue to apply, as will the
current cap of 1.0 per cent. on the aggregate of management fee
and performance fee). The
resulting total expense ratio will be determined by the amount
of money rolled over. However, it is
expected that irrespective of the resulting size of the New Fund
it will be at least 7 basis points
better than that of the Company (on a pound for pound fund
comparison basis).
-- It will remove any discount risk - all shares are issued and
redeemed at net asset value.
The Board believes the benefits of these proposals are:
-- Shareholders have freedom of choice as to whether to continue
with their investment or to realise their investment.
-- If shareholders elect to roll over without triggering a
charge to capital gains tax into the New Fund they will be electing
for continuity of investment approach and strategy, but in a more
cost effective form and with the removal of any discount risk.
Shareholders will continue to benefit from the aspects of corporate
governance that the existing structure facilitates.
Full details of these proposals will be published in due course.
As a consequence of the regulatory process to establish the New
Fund, including securing FSA approval, detailed proposals are
expected to be circulated by 30 June 2011. The precise timing will
depend on this regulatory process which cannot at this stage be
predicted with any degree of certainty.
Lindsay Bury
Chairman
25 February 2011
Income Statement
for the half year ended 31 December 2010
(Unaudited)
Half year ended 31 December 2010
Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000
Gains on investments - 52,818 52,818
Income 2 2,368 - 2,368
Currency (losses)/gains - (45) (45)
Investment management
fee (145) (435) (580)
VAT recoverable
on administration
fees 10 54 - 54
Performance fee - (68) (68)
Administrative expenses (289) - (289)
------------ ------------ ------------
Net return on ordinary
activities before
interest payable
and taxation 1,988 52,270 54,258
Finance costs (94) (282) (376)
------------ ------------ ------------
Net return on ordinary
activities before
taxation 1,894 51,988 53,882
Taxation 3 (149) - (149)
------------ ------------ ------------
Return on ordinary
activities after
taxation 1,745 51,988 53,733
======= ======= =======
Return per ordinary
share (pence) 4 2.67 79.59 82.26
======= ======= =======
(Unaudited) (Audited)
Half year ended 31 December
2009 Year ended 30 June 2010
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains on
investments - 63,344 63,344 - 35,334 35,334
Income 2,591 - 2,591 7,867 - 7,867
Currency
(losses)/gains - 15 15 - 122 122
Investment
management
fee (133) (400) (533) (277) (831) (1,108)
VAT recoverable
on investment
management
fees - - - - - -
Performance fee - (147) (147) - (75) (75)
Administrative
expenses (284) - (284) (557) - (557)
---------- ---------- ---------- ---------- ---------- ----------
Net return on
ordinary
activities
before
interest
payable and
taxation 2,174 62,812 64,986 7,033 34,550 41,583
Finance costs (94) (282) (376) (188) (564) (752)
---------- ---------- ---------- ---------- ---------- ----------
Net return on
ordinary
activities
before
taxation 2,080 62,530 64,610 6,845 33,986 40,831
Taxation (171) - (171) (647) - (647)
---------- ---------- ---------- ---------- ---------- ----------
Return on
ordinary
activities
after
taxation 1,909 62,530 64,439 6,198 33,986 40,184
======= ======= ======= ======= ======= =======
Return per
ordinary share
(pence) 2.92 95.73 98.65 9.49 52.03 61.52
======= ======= ======= ======= ======= =======
The total column of this statement represents the profit and
loss account of the Company.
All revenue and capital items in the above statement derive from
continuing operations.
No operations were acquired or discontinued in the period.
The Company has no recognised gains or losses other than those
recognised in the Income Statement above.
The accompanying notes are an integral part of the Financial
Statements.
Balance Sheet
as at 31 December 2010
(Unaudited) (Unaudited) (Audited)
31 December 31 December 30 June
2010 2009 2010
Notes GBP'000 GBP'000 GBP'000
Investments
Investments at fair
value through profit
or loss 311,032 289,828 262,060
------------- ------------- -------------
Current assets
Debtors 1,470 1,813 2,730
Cash and short term
deposits 4,779 3,024 4,089
------------- ------------- -------------
6,249 4,837 6,819
Creditors: amounts
falling due within
one year
Debentures (7,000) - -
Bank overdraft - - (195)
Other creditors (686) (1,987) (1,633)
------------- ------------- -------------
Net current
(liabilities)/assets (1,437) 2,850 4,991
------------- ------------- -------------
Total assets less
current liabilities 309,595 292,678 267,051
------------- ------------- -------------
Creditors: amounts
falling due after
more than one year
Debentures - (7,000) (7,000)
Provision for
liabilities and
charges - (9) (9)
------------- ------------- -------------
Net assets 309,595 285,669 260,042
======= ======= =======
Share capital and
reserves
Called-up share
capital 3,266 3,266 3,266
Share premium account 19,937 19,937 19,937
Capital redemption
reserve 1,441 1,441 1,441
Capital reserve 6 270,177 246,733 218,189
Revenue reserve 14,774 14,292 17,209
------------- ------------- -------------
Equity shareholders'
funds 309,595 285,669 260,042
======= ======= =======
Net asset value per
ordinary share
(pence) 8 473.98 437.35 398.12
======= ======= =======
The accompanying notes are an integral part of the Financial
Statements.
Reconciliation of movements in shareholders' funds
For the half year ended 31 December 2010 (Unaudited)
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at
30 June
2010 3,266 19,937 1,441 218,189 17,209 260,042
Return on
ordinary
activities
after
taxation - - - 51,988 1,745 53,733
Dividends
paid 5 - - - - (4,180) (4,180)
---------- ---------- ---------- ---------- ---------- ----------
Balance at
31
December
2010 3,266 19,937 1,441 270,177 14,774 309,595
====== ====== ====== ====== ====== ======
For the half year ended 31 December 2009 (Unaudited)
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance
at
30 June
2009 3,266 19,937 1,441 184,203 17,608 226,455
Return on
ordinary
activities
after
taxation - - - 62,530 1,909 64,439
Dividends
paid 5 - - - - (5,225) (5,225)
---------- ---------- ---------- ---------- ---------- ----------
Balance at
31
December
2009 3,266 19,937 1,441 246,733 14,292 285,669
====== ====== ====== ====== ====== ======
For the year ended 30 June 2010 (Audited)
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance
at
30 June
2009 3,266 19,937 1,441 184,203 17,608 226,455
Return on
ordinary
activities
after
taxation - - - 33,986 6,198 40,184
Dividends
paid 5 - - - - (6,597) (6,597)
---------- ---------- ---------- ---------- ---------- ----------
Balance
at
30 June
2010 3,266 19,937 1,441 218,189 17,209 260,042
====== ====== ====== ====== ====== ======
The accompanying notes are an integral part of the Financial
Statements.
Cash Flow Statement
for the half year ended 31 December 2010
(Unaudited) (Unaudited) (Audited)
Half year Half year Year
ended ended ended
31 December 31 December 30 June
2010 2009 2010
Notes GBP'000 GBP'000 GBP'000
Return on ordinary
activities before
taxation 54,258 64,986 41,583
Adjustments for:
Gains on investments (52,818) (63,344) (35,334)
Exchange gains/(losses) 45 (15) (122)
Decrease in accrued income 391 600 179
Decrease in other debtors 18 390 391
Tax on overseas investment
income (215) (102) (686)
Increase/(decrease) in
creditors 94 143 (53)
----------- ----------- -----------
Net cash inflow from
operating activities 1,773 2,658 5,958
Net cash outflow from
servicing of finance (376) (376) (752)
----------- ----------- -----------
Taxation
UK Corporation tax paid - (1,256) (1,253)
Financial investment
Purchases of investments (19,123) (69,909) (124,483)
Sales of investments 23,568 72,943 125,408
Net (loss)/gain from
forward foreign currency
exchange contracts (732) (257) 1,060
----------- ----------- -----------
Net cash inflow from
financial investment 3,713 2,777 1,985
----------- ----------- -----------
Equity dividends paid 5 (4,180) (5,225) (6,597)
----------- ----------- -----------
Increase/(decrease) in
cash 930 (1,422) (659)
====== ====== ======
Reconciliation of net cash
flow to movements in net
funds
Increase/(decrease) in
cash as above 930 (1,422) (659)
Exchange movements (45) 15 122
----------- ----------- -----------
Movement in net funds in
the period 885 (1,407) (537)
Net funds at start of
period (3,106) (2,569) (2,569)
----------- ----------- -----------
Net debt at end of period (2,221) (3,976) (3,106)
====== ====== ======
Represented by:
Cash 4,779 3,024 4,089
Bank overdraft - - (195)
Debt due within one year (7,000) - -
Debt due after more than
one year - (7,000) (7,000)
----------- ----------- -----------
(2,221) (3,976) (3,106)
====== ====== ======
The accompanying notes are an integral part of the Financial
Statements.
Notes to the Half Yearly Financial Statements (Unaudited)
for the half year ended 31 December 2010
1. Accounting Policies
The Financial Statements have been prepared in accordance with
applicable UK Accounting Standards, with pronouncements on half
yearly reporting issued by the Accounting Standards Board and with
the Statement of Recommended Practice ("SORP") 'Financial
Statements of Investment Trust Companies and Venture Capital
Trusts' issued in January 2009. They have also been prepared on the
assumption that approval as an investment trust will continue to be
granted. As detailed in the Chairman's Statement, due to the
uncertainty of the timing and the outcome of any potential
reconstruction, the Financial Statements have been prepared on a
going concern basis.
The Financial Statements and the NAV per share figures have been
prepared in accordance with UK Generally Accepted Accounting
Practice ("UK GAAP").
The Half Yearly Report and Financial Statements have been
prepared using the same accounting policies as the preceding Annual
Financial Statements.
2. Income
(Unaudited) (Unaudited) (Audited)
Half year Half year Year
ended ended ended
31 December 31 December 30 June
2010 2009 2010
GBP'000 GBP'000 GBP'000
Income from investments
UK listed - franked 739 856 1,918
UK listed - unfranked 64 67 167
Overseas dividend income 1,560 1,616 5,719
Fixed interest income 1 16 18
---------- ---------- ----------
2,364 2,555 7,822
Other interest receivable
and similar income
Bank interest 4 23 32
Underwriting commission - 13 13
---------- ---------- ----------
Total income 2,368 2,591 7,867
====== ====== ======
3. Taxation
The taxation expense reflected in the Income Statement is
irrecoverable withholding tax on overseas dividend income.
4. Return per ordinary share
(Unaudited) (Unaudited) (Audited)
Half year Half year Year
ended ended ended
31 December 31 December 30 June
2010 2009 2010
Pence Pence Pence
Revenue return per ordinary
share 2.67 2.92 9.49
Capital return per ordinary
share 79.59 95.73 52.03
------------ ------------ ------------
Total return per ordinary
share 82.26 98.65 61.52
======= ======= =======
The figures above are based
on the following:
GBP000 GBP000 GBP000
Revenue return 1,745 1,909 6,198
Capital return 51,988 62,530 33,986
------------ ------------ ------------
Total return 53,733 64,439 40,184
======= ======= =======
Weighted average number of
ordinary shares in issue 65,318,174 65,318,174 65,318,174
5. Dividends
(Unaudited) (Unaudited) (Audited)
Half year Half year Year
ended ended ended
31 December 31 December 30 June
2010 2009 2010
GBP'000 GBP'000 GBP'000
Final dividend for 2010:
6.40p
(2009: 6.06p) 4,180 3,958 3,958
Special dividend for
2010: 1.94p - 1,267 1,267
Interim dividend for
2010: 2.10p - - 1,372
------------ ------------ ------------
4,180 5,225 6,597
======= ======= =======
The Company has declared an interim dividend in respect of the
year ending 30 June 2011 of 2.10p (2010: 2.10p) per ordinary share
which will be paid on 1 April 2011 to ordinary shareholders on the
Register of Members at the close of business on 11 March 2011.
6. Analysis of capital reserve
The capital reserve reflected in the Balance Sheet at 31
December 2010 includes gains of GBP31,193,000 (31 December 2009:
gains of GBP13,870,000; 30 June 2010: losses of GBP20,828,000)
which relate to the revaluation of investments held at the
reporting date.
7. Transaction costs
During the half year ended 31 December 2010, expenses were
incurred in acquiring or disposing of investments classified as
fair value through profit or loss. These have been expensed through
capital and are included within gains on investments in the Income
Statement.
The total costs were as follows:
(Unaudited) (Unaudited) (Audited)
Half year Half year Year
ended ended ended
31 December 31 December 30 June
2010 2009 2010
GBP'000 GBP'000 GBP'000
Purchases 29 123 229
Sales 37 64 132
---------- ---------- ---------
66 187 361
====== ====== ======
8. Net asset value per ordinary share
(Unaudited) (Unaudited) (Audited)
As at As at As at
31 December 31 December 30 June
2010 2009 2010
The net assets
attributable to the
ordinary shares were as
follows:
Net assets attributable GBP309,595,000 GBP285,669,000 GBP260,042,000
Number of ordinary shares 65,318,174 65,318,174 65,318,174
---------- ---------- ----------
Net asset value per share 473.98 437.35 398.12
(pence) ====== ====== ======
9. Financial information
The financial information in this Report does not comprise
statutory accounts within the meaning of Section 434-436 of the
Companies Act 2006. The financial information for the year ended 30
June 2010 has been extracted from published accounts that have been
delivered to the Registrar of Companies and on which the Report of
the Auditors was unqualified under Section 498 (2) (3) or (4) of
the Companies Act 2006. The Half Yearly Report and Financial
Statements have been prepared using the same accounting policies as
the preceding Annual Financial Statements.
10. Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company, and
the way in which they are managed, have not changed materially
since the publication of the Annual Financial Report for the year
ended 30 June 2010 and can be found in detail in this publication.
The Annual Financial Report is available on the Company's website,
www.electricandgeneral.com, or alternatively, a copy can be
requested from the Company Secretary.
11. Related Party Transactions
There have been no related party transactions during the half
year ended 31 December 2010 that have materially affected the
financial position or the performance of the Company.
12. Contingent assets
On 5 November 2007, the European Court of Justice ruled that
management fees on investment trusts should be exempt from VAT. HM
Revenue & Customs ("HMRC") has accepted the ruling and has made
refunds of VAT borne by investment companies. The Company has not
been charged VAT on its investment management fees from October
2007 and administration fees from October 2008.
During the year ended 30 June 2009, the Company received refunds
totalling GBP1,538,000 (excluding simple interest) for VAT charged
on investment management fees for the periods 1990 to 1996 and 2000
to 2004 and simple interest of GBP417,000. The VAT refund was
allocated between the revenue accounts and the capital account in
line with the accounting policy for the periods in which the VAT
was charged and the interest was wholly allocated to the revenue
account.
In January 2010, the Company submitted a protective claim
against HMRC for VAT paid on investment management fees between
1996 and 2000, and compound interest on such VAT for the period
between 1990 and 2007. The amount of any possible reclaim is at
present uncertain and the Company has taken no account in the
Financial Statements of any such repayment.
In August 2010, the Company received a refund of GBP54,000 from
BNP Paribas Securities Services for VAT charged on administration
fees from September 2004 to October 2008. This refund has been
wholly allocated to the revenue account.
Following changes introduced in the 2009 Finance Act, most
dividends from overseas companies are exempt from UK Corporation
Tax. There is currently a case in the Supreme Court to decide
whether pre 1 July 2009 dividends from European Union/European
Economic Area resident companies to UK resident companies should be
exempt from UK Corporation Tax. The Company is in the process of
submitting protective claims for the years ending 30 June 2008 and
30 June 2009 to HMRC. The Company has taken no account of any
amounts receivable in these Financial Statements as the outcome of
the case, the amounts of Corporation Tax recoverable and any
interest receivable are all uncertain.
Responsibility Statement of the Directors
in respect of the Half Yearly Report and Financial Statements
for the half year ended 31 December 2010
The Directors confirm that, to the best of their knowledge:
-- the Financial Statements contained within the Half Yearly
Report and Financial Statements have been prepared in accordance
with the Accounting Standards Board's Statement 'Half Yearly
Financial Reports'; and
-- the Chairman's Statement includes a fair review of the
information required by 4.2.7R and 4.2.8R of the FSA's Disclosure
and Transparency Rules.
The Half Yearly Report and Financial Statements for the half
year ended 31 December 2010 were approved by the Board and the
above Responsibility Statement has been signed on its behalf by
Lindsay Bury, Chairman.
The Half Yearly Report and Financial Statements for the half
year ended 31 December 2010 will be posted to shareholders in March
2011 and thereafter copies will be available upon request at the
Company's Registered Office: 55 Moorgate, London EC2R 6PA. The Half
Yearly Report and Financial Statements will also shortly be
available on the Company's website, www.electricandgeneral.com.
and submitted to the National Storage Mechanism for inspection
at www.hemscott.com/nsm.do.
For further information contact
Rhona Gregg
BNP Paribas Secretarial Services Limited
Company Secretary
Tel: 0141 225 3009
25 February 2011
This information is provided by RNS
The company news service from the London Stock Exchange
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