TIDMFPEO TIDMFPER
RNS Number : 6573A
F&C Private Equity Trust PLC
03 April 2012
To: Stock Exchange For immediate release:
3 April 2012
F&C Private Equity Trust plc
Preliminary Announcement for the Year to 31 December 2011
F&C Private Equity Trust plc today announces its unaudited
financial results for the year ended 31 December 2011.
Financial Highlights
-- NAV total return for the year of 8.5 per cent for the Ordinary Shares
-- NAV total return for the year of 8.4 per cent for the Restricted Voting Shares
-- Proposed dividend on the Ordinary Shares of 0.8p per share
-- Adoption of a new dividend policy
Chairman's Statement
Your Company made further substantial progress during the year
under review. Its net assets as at 31 December 2011 were GBP182.7
million. The Ordinary Pool had net assets of GBP178.3 million,
giving a diluted net asset value ('NAV') per share of 243.54p and a
NAV total return for the year of 8.5 per cent. The net assets of
the Restricted Voting Pool were GBP4.5 million, giving a NAV per
share of 6.68p. Taking into account the special dividend of 1.3p
per Restricted Voting Share paid on 7 January 2011, this gives a
NAV total return for the year of 8.4 per cent. As previously
announced, a further special dividend of 1.6p per Restricted Voting
Share was paid on 27 January 2012. A final dividend of 0.8p per
Ordinary Share is recommended for payment on 8 June 2012 to those
shareholders on the register on 18 May 2012.
The Company experienced another strong year of realisations,
with total distributions from its portfolio of GBP36.1 million,
comfortably in excess of the combined total of drawdowns and
co-investments of GBP30.1 million. The Company's outstanding
undrawn commitments, after making several new commitments during
the year, were GBP73.2 million as at 31 December 2011, representing
an all time low as a proportion of its net assets. Outstanding
undrawn commitments were GBP89.3 million a year ago having fallen
from over GBP150 million at their peak in 2008. The outlook for
future realisations is positive, with many of our investment
partners working on advanced plans for selling companies during the
current year.
Since the year end, the Company has announced the arrangement of
a new four year GBP50 million unsecured committed revolving credit
facility with The Royal Bank of Scotland plc. This replaces the
previous GBP40 million facility which was due to expire, and should
provide more than adequate banking facilities for the Company for
the foreseeable future. At the year end, the Ordinary Pool had net
debt of GBP6.5 million and, taking into account the liability for
the Zero Dividend Preference Shares, gearing was 18.8%.
The recent modernisation of the investment trust tax rules and
the imminent amendments to the Companies Act increase the
flexibility for investment trusts to make distributions of realised
capital profits. As at 31 December 2011 the Company's capital
reserve had in excess of GBP120 million of accumulated realised
capital profits. Accordingly, taking into account the strength of
the Company's portfolio and reflecting our confidence in the
future, the Board is proposing to adopt a new distribution policy
which will provide ordinary shareholders with greater and
predictable dividend payments which will be funded from a
combination of the Company's revenue and realised capital profits.
Under the new policy, the Company will aim to return 4 per cent of
its NAV per annum to ordinary shareholders, paid through two
semi-annual dividends following the announcement of the Company's
annual and interim results. This represents a dividend yield of 6.6
per cent based on the Ordinary Share price of 150.5p as at 30 March
2012.
In addition, the Board proposes to introduce a new performance
fee arrangement for the Manager. This will take effect from the
beginning of this year and will, subject to the annual NAV return
achieving a net IRR of 8 per cent, pay 7.5 per cent of the total
gains to the Manager. The performance fee, which will be subject to
a high water mark and a cap, will be payable annually but will
depend on achieving the hurdle rate IRR over the previous three
year period (for the first two years, interim measures using one
and two year periods will apply). The new performance fee, if
approved by shareholders, will replace the existing performance
fee.
The Board believes that these measures should improve the
attractiveness of the shares to a wider range of investors and
provide an appropriate market based incentive for the Company's
Manager going forward. The necessary resolutions, which include
amending the Company's Articles of Association to remove the
prohibition on distributing realised capital profits as dividends
and approving the new performance fee, will be included as special
business at the Annual General Meeting on 23 May. A separate
circular containing full details of the proposals will be sent to
shareholders with the Annual Report and Accounts. All shareholders
are welcome to attend the Annual General Meeting, which will be
followed by a presentation by the Manager.
The Company's portfolio has performed well in recent years
despite a challenging economic background, illustrating the
benefits of this distinctive mode of investment, the diverse spread
of investments and the strengths of our investment partners. We
have every reason to be confident that this progress will
continue.
Mark Tennant
Chairman
Manager's Review
The Company's portfolio made further substantial progress during
2011, with an improvement in value based on improved trading and
successful exits across the breadth of the portfolio. The external
environment changed adversely from late summer onwards as the
problems of the Eurozone sovereign debt crisis came to the fore.
The impact on the private equity sector derives mainly from the
effects, actual and potential, on the banking sector and on
business confidence more generally. Specifically, a disorderly
default by Greece and potentially other Eurozone countries would be
severe for the banking sector and, in particular, damaging for the
balance sheets of a number of major Eurozone-based banks. The
resulting precautionary measures have resulted in a contraction in
the amount of debt available for private equity backed buy-outs.
The impact has not been uniform with, for example, Southern Europe
and France affected severely, the UK and Germany moderately and the
Nordic Region mildly, if at all. The volume of buy-outs in Europe
decreased by 50 per cent between the first and fourth quarters of
2011. The pattern of activity in the Company's portfolio was
different, with the middle quarters strong for new investments and
the shoulder quarters much quieter. Since the beginning of 2012,
there has been an improvement in sentiment and investment activity
is healthy. The Company has a well balanced portfolio and, based
upon our discussions with our investment partners, we expect that
several holdings will be realised over the course of 2012.
New Investments
The Company had outstanding undrawn commitments of GBP73.2
million at the end of 2011. Of this, GBP14.2 million is to funds
where the investment period has ended and we would expect very
little of this to be drawn. Of the GBP59.0 million of commitments
remaining within their investment periods, we would expect that a
significant amount will not be drawn before these periods expire.
It is now commonplace for private equity funds to request
extensions to their investment periods to enable the orderly
deployment of committed but uninvested capital, however this is not
a universal practice and depends on the situation of each fund and,
in particular, the attitude of investors. In order to keep the
spread by vintage, geography and manager, and to build the
foundations of the future growth in asset value for the Company, it
is necessary, not only for commitments to be largely invested, but
also for us to back new private equity funds on a selective basis.
In addition, we will look to add to the portfolio of co-investments
which has been a good contributor to returns over many years.
During the year, the Company made four commitments to private
equity funds and one co-investment. In each case the fund manager
was well known to us and had already shown a good record of
delivery.
In France, we committed to two funds. EUR4 million was committed
to Chequers Capital XVI, the third fund managed by this leading mid
market investor that F&C has backed since 2002. EUR3 million
was committed to Ciclad 5, a very well established investor in the
French small and lower mid market sector. Our relationship with
Ciclad goes back almost twenty years and this is the fourth of
their funds in which we have invested. In the UK, we have similarly
recommitted to longstanding successful investment partners. In the
small buy-out sector, we committed GBP2 million to the consumer
brands specialist Piper Private Equity for their fifth fund. In
venture capital, where we have decided to maintain a small exposure
to only the strongest groups, we committed GBP2 million to Glasgow
based SEP for their fourth fund. We made a new co-investment in May
when EUR2 million (GBP1.75 million) was invested alongside leading
Nordic investor FSN in HusCompagniet, the market leading
standardised single-family residential housebuilder in Denmark. We
have a stake of 2.7 per cent and the company is trading well in a
recovering market.
Drawdowns
Our existing commitments to funds means that the portfolio is
being constantly rejuvenated with new investments which will
hopefully contribute to NAV growth in a few years' time. During the
year, drawdowns from funds amounted to GBP28.9 million.
The portfolio remains exceedingly diverse in sectoral and
geographic exposure. Some of the larger new investments illustrate
this range. In the UK, the largest individual investment was made
by TDR Capital II in Lowell Group (GBP1.5 million), the UK market
leader in the purchase of 'bought debt'. Hutton Collins III
invested in noodle restaurant chain Wagamama (GBP0.9 million), RJD
Partners II invested in B2B communications and IT services provider
Intrinsic Technology (GBP0.9 million) and August Equity II invested
in a consolidator in the veterinary services sector Advanced Vet
Care (GBP1.0 million).
In Germany, DBAG V invested in packaging machinery company
Romaco (GBP0.7 million) and in airconditioning and heating systems
for coaches company Spheros (GBP1.2 million). In the Nordic region,
our investment partners have been active. Procuritas IV invested in
private schooling company Sonans (GBP0.7 million Norway) and
outdoor perimeter protection products and systems company Gunnebo
(GBP0.7 million, Sweden). Herkules invested in railway
infrastructure maintenance company Norsk Jernbanedrift (GBP0.1
million, Norway) and shopfitter New Store (GBP0.2 million, Norway).
In Southern Europe, N+I invested in can maker Mivisa (GBP0.8
million, Spain) and also in a combined antenna and electronic
components companies Rymsa and Teltronic (GBP0.9 million, Spain).
Stirling Square Capital Partners Fund II invested in helicopter
operator Omni (GBP0.8 million, Portugal) which services the
international offshore energy market with an emphasis on
Brazil.
Realisations
The flow of distributions from investments, mainly reflecting
realisations, was strong during the year, totalling GBP36.1
million, 60 per cent more than during 2010.
The realisations were widely distributed across the portfolio by
geography and type of deal.
There has been a notable improvement in the venture capital
component of the portfolio and our principal investment partner in
this sector, SEP, achieved three significant exits during the year;
Gigle, a fabless semiconductor (GBP0.6 million, 2.2x cost+),
Biovex, anticancer drugs (GBP0.4 million, 2.5x cost) and Zeus,
software (GBP0.8 million, 7.8x cost, 41 per cent IRR).
Significantly, all these exits were to trade buyers and further
potential consideration may follow.
In the US, we have benefited from two significant sales by Blue
Point Capital; PSSI, a provider of outsourced cleaning services to
the food processing industry (GBP2.2 million, 6.0x cost, 54 per
cent IRR) and drying and restoration company Legend Brands (GBP0.5
million, 2.5x cost, 22 per cent IRR).
The mezzanine funds have secured some good exits. These include
three major ones by Mezzanine Management Fund IV; catering company
WSH (GBP0.8 million, 2.2x cost, 27 per cent IRR), New York on
course betting business, Yonkers (GBP1.0 million, 1.6x, 21 per cent
IRR) and crane operator, TNT Crane & Rigging (GBP1.1 million,
2.9x, 39 per cent IRR). Growth Capital Partners achieved two exits;
gas distribution company A Gas (GBP1.3 million, 2.3x cost, 24 per
cent IRR) and confectionary business Tangerine (GBP1.1 million,
3.8x cost, 31 per cent IRR). These were both sold to private equity
buyers, Lloyds Development Capital and Blackstone respectively.
Hutton Collins sold French satellite services company Vizada, after
just over one year, to trade buyer EADS (GBP1.2 million, 1.3x cost,
25 per cent IRR).
In the Europe focused buy-out funds there were also a number of
good exits. The most significant was the sale by Stirling Square
Capital Partners of Italian aerospace components manufacturer
Microtecnica to Goodrich Corporation of the US, which yielded
GBP5.6 million. This was an exceptionally successful investment
where profits tripled during the ownership of Stirling Square.
In the UK focused funds, there were also some strong exits.
August Equity sold CAM software company Planit Holdings (GBP1.6
million, 2.3x cost, 34 per cent IRR) and Inflexion sold staffing
business Red Commerce (GBP1.4 million, 4.4x cost, 34 per cent IRR).
RJD Partners sold local authority focused vehicle leasing company
Senturion (operating as Translinc) to listed facilities services
group May Gurney (GBP1.0 million, 2.7x cost, 28 per cent IRR). This
company was also held within the portfolio as a co-investment and
the sale yielded GBP2.8 million.
Lastly, one of the longstanding fund holdings, Hicks Muse Tate
& Furst Fund IV, exited sports programming and production
company Pan American Sports through a sale to Fox. Most of the
GBP1.5 million proceeds (0.6x cost) accrued to the Restricted
Voting Shares and facilitated the 1.6p special dividend paid on 27
January 2012.
Valuation Changes
Over the course of the year the principal influence on
valuations was the trading performance of the underlying portfolios
and the number and scale of exits. The largest individual uplift
was for August Equity Partners I which was up by GBP2.1 million,
reflecting the Planit Holdings sale noted above and continuing
strong trading for supported living provider Lifeways. The direct
holding in Lifeways similarly benefited and has been increased by
GBP1.2 million. Other significant uplifts included Nordic fund
Procuritas IV (+GBP1.9 million) whose portfolio is generally making
strong progress, Stirling Square Capital Partners II (+GBP1.4
million) where the sale of Microtecnica and good trading in
security company Axitea (formerly Sicurglobal) were the main
influences, and Blue Point Capital Fund II (+GBP1.7 million). The
co-investment component has made a notable contribution with the
recovering trading of anti theft security company, 3SI, allowing an
uplift of GBP1.9 million. Similar improvements at metal lockers and
pallet racking company, Whittan, led to an uplift of GBP1.2
million. The successful sale of Senturion added GBP2.0 million to
the portfolio valuation.
There were a small number of notable downgrades over the year.
The Penta fund was down by GBP1.2 million, as some of its
economically sensitive holdings have suffered. Hutton Collins Funds
I and II were down by a cumulative GBP1.4 million and the
struggling venture capital fund Alta Berkeley VI was reduced by
GBP0.7 million. International Mezzanine Investment NV, a very
mature fund, looks likely to sell its remaining holdings imminently
but expectations have been revised down leading to a GBP0.7 million
downgrade, mainly incurred by the Restricted Voting Pool.
Financing
As referred to in the Chairman's Statement, since the year end
the Company has successfully arranged a new unsecured committed
revolving credit facility with its existing lenders, The Royal Bank
of Scotland plc. The new GBP50 million facility replaces the
previous GBP40 million facility and is for four years, expiring in
February 2016. The Company experienced very healthy cash inflows of
over GBP36 million during the year, comfortably in excess of
drawdowns and co-investments of GBP30.1 million. At 31 December
2011 the Ordinary Pool had net debt of GBP6.5 million compared with
GBP9.5 million a year earlier. Currently, net debt is GBP5.5
million, leaving the Company with GBP44.5 million of undrawn
borrowing facilities to bridge any mismatch between drawdowns and
distributions. The new distribution policy reflects our confidence
in the Company's ability to generate cash which is more than
sufficient to meet drawdowns, repay in due course the Zero Dividend
Preference Shares and, importantly, to fund an ongoing programme of
selective new investments.
Outlook
The funds and co-investments in the portfolio have fared well
through the recession. The Company's longstanding focus on the mid
market of private equity internationally, but particularly on
Europe, has meant that activity levels have remained healthy
throughout a severe contraction in the banking sector's ability to
lend and therefore to facilitate private equity buy-outs. Our
investment partners have had to concentrate on improving the
financial performance and the longer term value of the companies in
which they invest with little or no help from external market
conditions. The opportunity and ability to add this value to
companies is the distinguishing feature of private equity. This,
and the close alignment of interest between management and owners
of private equity backed companies, provides enduring reasons for
investing in private equity. The last few years have seen
challenging market conditions for private equity investors but the
freedom of action that this mode of investment accords has allowed
them to deliver excellent returns. The momentum of recovery in
business confidence received a jolt last summer from the Eurozone
worries and there remains a real possibility of future setbacks.
However, there is good evidence that an upward trajectory has been
maintained and we remain confident this company's NAV will make
further strong progress in the year ahead.
Hamish Mair
Investment Manager
F&C Investment Business Limited
F&C Private Equity Trust plc
Consolidated Statement of Comprehensive Income for the
year ended 31 December 2011
Unaudited
Revenue Capital Total
GBP'000 GBP'000 GBP'000
-------------------------------------------- --------- --------- ---------
Income
Gains on investments held at fair value - 17,923 17,923
Exchange gains - 911 911
Investment income 2,176 - 2,176
Other income 37 - 37
-------------------------------------------- --------- --------- ---------
Total income 2,213 18,834 21,047
-------------------------------------------- --------- --------- ---------
Expenditure
Investment management fee (467) (1,403) (1,870)
Other expenses (694) - (694)
-------------------------------------------- --------- --------- ---------
Total expenditure (1,161) (1,403) (2,564)
-------------------------------------------- --------- --------- ---------
Profit before finance costs and taxation 1,052 17,431 18,483
Finance costs (208) (3,672) (3,880)
-------------------------------------------- --------- --------- ---------
Profit before taxation 844 13,759 14,603
Taxation (223) 216 (7)
Profit for year/total comprehensive income 621 13,975 14,596
Return per Ordinary Share - Basic 0.80p 18.75p 19.55p
-------------------------------------------- --------- --------- ---------
Return per Ordinary Share - Fully diluted 0.78p 18.26p 19.04p
Return per Restricted Voting Share - Basic 0.06p 0.63p 0.69p
-------------------------------------------- --------- --------- ---------
F&C Private Equity Trust plc
Consolidated Statement of Comprehensive Income for the
year ended 31 December 2010
Audited
Revenue Capital Total
GBP'000 GBP'000 GBP'000
-------------------------------------------- --------- --------- ---------
Income
Gains on investments held at fair value - 19,894 19,894
Exchange gains - 44 44
Investment income 2,170 - 2,170
Other income 41 - 41
-------------------------------------------- --------- --------- ---------
Total income 2,211 19,938 22,149
-------------------------------------------- --------- --------- ---------
Expenditure
Investment management fee (420) (1,262) (1,682)
Other expenses (693) - (693)
-------------------------------------------- --------- --------- ---------
Total expenditure (1,113) (1,262) (2,375)
-------------------------------------------- --------- --------- ---------
Profit before finance costs and taxation 1,098 18,676 19,774
Finance costs (160) (3,263) (3,423)
-------------------------------------------- --------- --------- ---------
Profit before taxation 938 15,413 16,351
Taxation (239) 268 29
Profit for year/total comprehensive income 699 15,681 16,380
Return per Ordinary Share - Basic & Fully
diluted 0.96p 21.02p 21.98p
Return per Restricted Voting Share - Basic 0.00p 0.73p 0.73p
-------------------------------------------- --------- --------- ---------
F&C Private Equity Trust plc
Consolidated Balance Sheet
As at 31 As at 31
December December
2011 2010
(Unaudited) (Audited)
GBP'000 GBP'000
------------------------------------------ ------------- -----------
Non-current assets
Investments at fair value through profit
or loss 223,388 210,914
223,388 210,914
Current assets
Other receivables 23 19
Cash and short-term deposits 4,044 2,681
------------------------------------------ ------------- -----------
4,067 2,700
Current liabilities
Other payables (9,886) (12,130)
Net current liabilities (5,819) (9,430)
------------------------------------------ ------------- -----------
Total assets less current liabilities 217,569 201,484
------------------------------------------ ------------- -----------
Non-current liabilities
Zero dividend preference shares (34,822) (31,774)
------------------------------------------ ------------- -----------
Net assets 182,747 169,710
------------------------------------------ ------------- -----------
Equity
Called-up ordinary share capital 1,394 1,394
Special distributable capital reserve 15,679 15,679
Special distributable revenue reserve 35,814 36,686
Capital redemption reserve 664 664
Capital reserve 128,470 114,495
Revenue reserve 726 792
-----------
Shareholders' funds 182,747 169,710
------------------------------------------ ------------- -----------
Net asset value per Ordinary Share -
Basic 246.62p 228.02p
Net asset value per Ordinary Share -
Fully diluted 243.54p 228.02p
------------------------------------------ ------------- -----------
Net asset value per Restricted Voting
Share - Basic 6.68p 7.29p
------------------------------------------ ------------- -----------
F&C Private Equity Trust plc
Consolidated Statement of Changes in Equity
Share Special Special Capital Capital Revenue Total
Capital Distributable Distributable Redemption Reserve Reserve
Capital Revenue Reserve
Reserve Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- ----------- --------------- --------------- ------------- ----------- ----------- ---------
For the year ended 31 December 2011 (unaudited)
Net assets at 1
January
2011 1,394 15,679 36,686 664 114,495 792 169,710
Profit for the
year/total
comprehensive
income - - - - 13,975 621 14,596
Dividends paid - - (872) - - (687) (1,559)
------------------- ----------- --------------- --------------- ------------- ----------- ----------- ---------
Net assets at 31
December
2011 1,394 15,679 35,814 664 128,470 726 182,747
------------------- ----------- --------------- --------------- ------------- ----------- ----------- ---------
For the year ended 31 December 2010 (audited)
Net assets at 1
January
2010 1,394 15,679 37,357 664 98,814 671 154,579
Profit for the
year/total
comprehensive
income - - - - 15,681 699 16,380
Dividends paid - - (671) - - (578) (1,249)
------------------- ----------- --------------- --------------- ------------- ----------- ----------- ---------
Net assets at 31
December
2010 1,394 15,679 36,686 664 114,495 792 169,710
------------------- ----------- --------------- --------------- ------------- ----------- ----------- ---------
F&C Private Equity Trust plc
Consolidated Cash Flow Statement
Year ended Year ended
31 December 31 December
2011 2010
(Unaudited) (Audited)
GBP000 GBP000
------------------------------------------- ------------- -------------
Operating activities
Profit before taxation 14,603 16,351
Gains on disposals of investments (5,732) (7,373)
Decrease in holding losses (12,191) (12,521)
Exchange differences (911) 912
Finance costs 3,880 3,423
Corporation tax refunded - 137
(Increase)/decrease in other receivables (4) 1
(Decrease)/increase in other payables (424) 488
------------------------------------------- ------------- -------------
Net cash (outflow)/inflow from operating
activities (779) 1,418
------------------------------------------- ------------- -------------
Investing activities
Purchases of investments (30,677) (43,593)
Sales of investments 36,126 22,628
------------------------------------------- ------------- -------------
Net cash inflow/(outflow) from investing
activities 5,449 (20,965)
------------------------------------------- ------------- -------------
Financing activities
Repayment of bank loans (8,373) -
Draw down of bank loans 7,385 11,000
Interest paid (847) (559)
Issue costs paid on 2009 ZDP Share issue - (517)
Equity dividends paid (1,559) (1,249)
------------------------------------------- ------------- -------------
Net cash (outflow)/inflow from financing
activities (3,394) 8,675
------------------------------------------- ------------- -------------
Net increase/(decrease) in cash and
cash equivalents 1,276 (10,872)
Currency gains 87 44
------------------------------------------- ------------- -------------
Net increase/(decrease) in cash and
cash equivalents 1,363 (10,828)
------------------------------------------- ------------- -------------
Opening cash and cash equivalents 2,681 13,509
------------------------------------------- ------------- -------------
Closing cash and cash equivalents 4,044 2,681
------------------------------------------- ------------- -------------
Notes (unaudited)
1. The unaudited financial results, which were approved by the
Board on 2 April 2012, have been prepared in accordance with the
Companies Act 2006 and International Financial Reporting Standards
('IFRS') as adopted by the European Union. Where presentation
guidance set out in the Statement of Recommended Practice
"Financial Statements of Investment Trust Companies and Venture
Capital Trusts" ('SORP') issued by the Association of Investment
Companies in January 2009 is consistent with the requirements of
IFRS, the Directors have sought to prepare the financial statements
on a basis compliant with the recommendations of the SORP.
The accounting policies adopted are consistent with those of the
previous financial year, except that the following new standards
have been adopted in the current year:
In May 2010, the IASB issued improvements to IFRS for 2010 which
became effective for periods commencing on or after 1 January 2011.
These covered 11 amendments to six standards, none of which
materially affected the Group.
2. Returns per Ordinary Share are based on the following
weighted average number of shares in issue during the year:
Basic: 72,282,273 (2010: 72,282,273)
Diluted: 74,241,429 (2010: 72,282,273)
Returns per Restricted Voting Share are based on the weighted
average number of shares in issue during the year of 67,084,807
(2010: 67,084,807).
Basic net asset value per Ordinary Share is based on 72,282,273
(2010: 72,282,273) shares in issue at the year end. Diluted net
asset value per Ordinary Share is based on 74,241,429 (2010:
72,282,273) shares in issue at the year end.
Net asset value per Restricted Voting Share is based on
67,084,807 (2010: 67,084,807) shares in issue at the year end.
3. The Board has proposed a final dividend of 0.80p per Ordinary
Share, payable on 8 June 2012 to those shareholders on the register
on 18 May 2012.
4. This results announcement is based on the Group's unaudited
financial statements for the year ended 31 December 2011 which have
been prepared in accordance with International Financial Reporting
Standards as adopted by the EU ('IFRS').
5. This announcement is not the Group's statutory accounts. The
full audited accounts for the year ended 31 December 2010, which
were unqualified, have been lodged with the Registrar of Companies.
The statutory accounts for the year to 31 December 2011 (on which
the audit report has not been signed) will be delivered to the
Registrar of Companies following the Company's Annual General
Meeting which will be held at the offices of F&C Asset
Management plc, Exchange House, Primrose Street, London, EC2A 2NY
on 23 May 2012 at 12 noon.
6. The Annual Report and Accounts for the year will be sent to
shareholders and will be available for inspection at the Company's
registered office, 80 George Street, Edinburgh EH2 3BU and the
Company's website www.fcpet.co.uk
For more information, please contact:
Hamish Mair (Investment Manager) 0131 718 1184
Gordon Hay Smith (Company Secretary) 0131 718 1018
hamish.mair@fandc.com / gordon.haysmith@fandc.com
This information is provided by RNS
The company news service from the London Stock Exchange
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