TIDMIIT
RNS Number : 4895Y
Independent Investment Trust PLC
14 January 2022
RNS Announcement: Preliminary Results
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The Independent Investment Trust PLC
------------------------------------
The following is the unaudited preliminary statement of annual
results for the year to 30 November 2021 which was approved by the
board on 13 January 2022.
Chairman's Statement
--------------------
Over the year to 30 November 2021, our company produced a net
asset value (NAV) total return of 14.4%. Over the same period,
theoretical investments in the FTSE All-Share Index and the FTSE
World Index would have produced total returns of 17.4% and 22.3%
respectively. This disappointing result is the product of very poor
performance in the last ten weeks of our year, over which period we
underperformed the FTSE All-Share Index by more than 7%. It is too
early to offer a confident assessment of how much of this
underperformance is attributable to fundamental developments at our
holdings, but our current impression is that a change in market
sentiment was an important element behind it.
The resulting decline in the popularity of our shares saw the
discount move up from 7.7% at 30 November 2020 to 12.0% at 30
November 2021, producing a share price total return of 9.3%.
In general, the year 2021 was one of strong recovery for the
world economy, although the Covid-19 pandemic continued to cast a
long shadow over areas such as the travel industry. The speed of
the recovery exposed capacity constraints in the shipping industry,
which led to spectacular inflation in freight rates and a general
disruption of supply lines. With further pressure from energy
prices, and expansive monetary policy, inflation has been, and
continues to be, much stronger than many had expected. Central
banks would normally have been expected to react to these
developments by tightening policy to a greater extent than they
have, but fears over the robustness of the recovery in the face of
regular mutations of the virus have stayed their hands. Investors
have applauded this policy stance and markets have performed
strongly.
The one major change in the industrial distribution of the
portfolio was the emergence of the Business Services sector as our
second biggest on the back of purchases of Bytes Technology and Big
Technologies (both through initial public offerings) and strong
share price performances from all three of our holdings. Our cash
balances at 30 November 2021 amounted to 12.5%, down from 19.2% at
30 November 2020. Further comments on the portfolio can be found in
the Managing Director's Report below.
Our performance over the last four years has not been good, but
earlier triumphs mean that our long term record still bears
comparison: for the period from inception in October 2000 to 30
November 2021, we produced an NAV total return of 861%, equivalent
to a rate of roughly 11.4% per annum, of which 2.9% per annum can
be offset by RPI inflation. By comparison, the notional return
available from the FTSE All-Share Index over the period amounted to
183%, or 5.1% per annum.
Revenue earnings per share for the year were 9.61p (6.09p in
2020). With the reversion to our traditional practice of holding
our AGM in March, we are proposing a final dividend of 5p, giving a
regular dividend of 8p (8p in 2020). We are also declaring a
special dividend of 1p to give a total dividend for the year of 9p
(8p in 2020). Both will be paid on 8 April with an ex-dividend date
of 10 March.
Our ongoing charges ratio fell from 0.27% to 0.24%. This
maintains our position as one of the lowest cost - if not the
lowest cost - actively managed investment trusts.
We have again been active in buying in our own shares: over the
year we bought in rather over 1.3m shares at an average discount of
11.7%. We intend to continue the practice whenever we consider it
to be in the interests of continuing shareholders.
Despite the disappointing performance of the portfolio, we
remain pleased with the quality of its constituents. Most of them
are trading well and those that are not are in a strong financial
condition. Our chief concerns are not with our businesses but with
the level of stockmarkets generally and with the risk that central
banks may be misjudging the possibility of more durable inflation
than they are currently anticipating.
We are currently planning to hold the AGM in the offices of
Baillie Gifford at Calton Square at 4.30pm on 24 March 2022. It
will help our planning if we know how many shareholders are likely
to attend, and I shall be grateful if you will mark the proxy form
accordingly and return it to the Company's registrars. I look
forward to seeing as many of you as possible there. In the event
that government regulations disrupt this plan, any changes will be
posted on the Company's website
independentinvestmenttrust.co.uk.
Douglas McDougall
13 January 2022
Past performance is not a guide to future performance.
For a definition of terms see Glossary of Terms and Alternative
Performance Measures at the end of this announcement.
Total return information is sourced from Baillie Gifford
/Refinitiv and relevant underlying index providers. See disclaimer
at the end of this announcement.
Managing Director's Report
--------------------------
Our performance over the year has been covered in the Chairman's
Statement.
It has been a good year for our technology holdings. Worth
GBP69.8m at 30 November 2020, they had grown in value to GBP70.3m
by 30 November 2021 after net sales of GBP15.6m. The two biggest
contributors were Herald, which benefited from an excellent
underlying portfolio performance, and Seeing Machines, which has
been enjoying a sharp increase in interest in its technology after
the hiatus caused by the pandemic. Alfa Financial Software and Zoo
Digital both staged strong recoveries from depressed valuations on
the back of favourable trading news with Zoo being sold on grounds
of valuation. FDM's business has shown encouraging signs of
recovery, but a sense that much of this had already been discounted
led us to reduce the holding. Gamma Communications continued to
deliver strong results, but its share price fell disappointingly in
the second half of our year. Blue Prism was bid for towards the end
of our year. The level of the bid was disappointing, but we had
already realized big profits on the holding over the years. The
digital services business Made Tech, bought at its initial public
offering (IPO), made a disappointing start as concerns emerged over
wage inflation in the technology industry.
Two new purchases (both at IPO) and strong all round share price
performances led to Business Services becoming our second largest
sector. Midwich is enjoying a strong recovery in its business,
which was reflected in its share price performance. The relative
lack of liquidity in the market for its shares prompted us to take
advantage of this and realize some profits. The share price of
Bytes Technology, one of the UK's leading software distributors,
all but doubled between the time of our purchase and 30 November
2021 on the back of better trading than was generally expected. Big
Technologies has developed electronic tags which are currently
being deployed to monitor criminals, but which also have potential
applications in healthcare. Their tags are significantly more
reliable than most other tags on the market, which has led to very
strong new business flows. Overall, the value of our Business
Services holdings grew from GBP12.1m on 30 November 2020 to
GBP53.8m at 30 November 2021 after net purchases of GBP19.7m.
It was a brutal year for our Travel and Leisure holdings:
despite net purchases of GBP13.7m, the value of our stake had only
increased from GBP47.6m at 30 November 2020 to GBP51.8m at 30
November 2021. Our holiday companies, Jet2 and On The Beach were
particularly badly hit as hopes of a lifting of travel restrictions
were continually deferred. We believe both will perform well once
restrictions are finally lifted, not least because so many
competitors have had to retrench. Our computer gaming companies
also had a difficult time after their strong showing in 2020. In
the case of Team 17 and tinyBuild, trading news was in line with
expectations, but Frontier Developments suffered disappointments
with some of its new launches. The one bright spot was the café bar
operator, Loungers, which traded strongly whenever it was allowed
to open.
After a dismal performance last year, our housebuilding holdings
showed something of a return to form in the year under review: a
stake worth GBP28.6m at 30 November 2020 had grown in value to
GBP33.6m by 30 November 2021 after net purchases of GBP0.4m. As the
year started many were expecting a subdued housing market in 2021,
arguing that the ending of stamp duty relief and the tightening of
Help to Buy restrictions would take the wind out of a market widely
thought to have over-reached itself in the exuberance of its post
covid recovery. In the event, long term structural demand combined
with good levels of affordability to produce one of the strongest
housing markets in recent years, at least in terms of pricing.
Supply remained a problem with many housebuilders suffering
planning delays, but all our holdings are on track to produce good
results for the year. Their share prices were strong throughout the
first half of the year, but then succumbed to fears of rising
interest rates. As has often been the case in the past, we find
ourselves struggling to envisage the scale of setback to their
prospects that now appears discounted in their valuations.
Our renewed enthusiasm for the retail sector has turned out to
be at best premature: a stake worth GBP6.2m at 30 November 2020
grew in value to GBP19.3m by 30 November 2021, but that was only
after net purchases of GBP19.7m. Motorpoint, the only retail
holding at the start of the period, delivered a strong fundamental
performance and a satisfactory share price performance as it
embarked upon its transition towards becoming a retailer with equal
strengths online and offline. Our three new purchases, the online
retailers Victorian Plumbing, Moonpig and Seraphine, all delivered
disappointing share price performances. In the case of Victorian
Plumbing sales disappointed after the end of lockdown; in the case
of Seraphine, a specialist in maternity wear, a temporary supply
chain glitch disrupted its first half sales and profits, but
appears not to have had any lasting ill effects; and in the case of
Moonpig, sales and profits above management's predictions (albeit
below the levels of the preceding year) were not enough to prevent
the share price from falling.
In the healthcare area, good share price performances led us to
sell out of Oxford Biomedica at a good profit and to reduce our
holding in Medica, which has been a disappointing investment. We
also bought a small holding in Synairgen, which is carrying out
phase 3 trials on a product which might have a big role to play in
treating serious covid cases. In tobacco, we sold out of Imperial
Brands at a good profit, but made only a modest return in our
holding in British American.
Elsewhere in the portfolio, the strong performance of Ashtead
after we bought it back merely illustrated the scale of our mistake
in selling it early in the pandemic. Telecom Plus performed
disappointingly for much of the year, but came to life when many of
its most troublesome competitors found themselves in financial
difficulties. We made a further reduction in our Fever-Tree holding
purely on grounds of valuation and we sold out of Derwent London at
a small profit. Finally, while our longstanding holding in Polar
Capital Global Insurance had a satisfactory year, our big holding
in Direct Line performed poorly as investors switched their
attention to more exciting stories.
Max Ward
13 January 2022
Past performance is not a guide to future performance.
List of Investments as at 30 November 2021 (unaudited)
2020 Gains/ 2021
Value Net transactions (losses) Value
Sector Name GBP'000 GBP'000 GBP'000 GBP'000 %
---------------------- ------------------------ --------- ----------------- ---------- --------- -------
Housing Bellway 11,320 - 1,152 12,472 3.8
Persimmon 6,906 374 931 8,211 2.5
Redrow 10,380 - 2,576 12,956 4.0
28,606 374 4,659 33,639 10.3
--------- ----------------- ---------- --------- -------
Industrials Ashtead Group - 3,800 5,266 9,066 2.8
Retailing Moonpig Group - 5,280 (366) 4,914 1.5
Motorpoint 6,200 (1,870) 620 4,950 1.5
Seraphine Group - 4,498 (2,119) 2,379 0.7
Victorian Plumbing - 11,790 (4,770) 7,020 2.2
Alibaba Group - (6) 6 - -
6,200 19,692 (6,629) 19,263 5.9
--------- ----------------- ---------- --------- -------
Consumer Services Telecom Plus 8,580 (343) (74) 8,163 2.5
Travel and
Leisure Frontier Developments 9,158 (2,726) (1,519) 4,913 1.5
Jet2 - 11,978 (2,220) 9,758 3.0
Loungers 3,737 - 979 4,716 1.5
On the Beach Group 11,580 (3,841) (3,080) 4,659 1.4
Team 17 Group 23,100 (1,654) (3,526) 17,920 5.5
tinyBuild - 9,993 (193) 9,800 3.0
47,575 13,750 (9,559) 51,766 15.9
--------- ----------------- ---------- --------- -------
Business Services Big Technologies - 10,250 3,280 13,530 4.1
Bytes Technology Group - 14,207 13,443 27,650 8.5
Midwich 12,100 (4,760) 5,260 12,600 3.9
12,100 19,697 21,983 53,780 16.5
--------- ----------------- ---------- --------- -------
Tobacco Imperial Brands 9,527 (10,718) 1,191 - -
British American Tobacco 10,556 - (438) 10,118 3.1
20,083 (10,718) 753 10,118 3.1
Technology
and Alfa Financial Software 3,255 - 1,645 4,900 1.5
Telecommunications Blue Prism 7,135 (6,026) 255 1,364 0.4
FDM Group 15,360 (5,387) 1,247 11,220 3.4
Gamma Communications 11,235 - 651 11,886 3.7
Herald Investment Trust 24,700 (4,748) 6,228 26,180 8.0
Made Tech Group - 5,671 (919) 4,752 1.5
Seeing Machines 6,784 (2,998) 6,239 10,025 3.1
Zoo Digital Group 1,300 (2,160) 860 - -
69,769 (15,648) 16,206 70,327 21.6
--------- ----------------- ---------- --------- -------
Beverages Fever-Tree Drinks 9,240 (4,544) 484 5,180 1.6
--------- ----------------- ---------- --------- -------
Direct Line Insurance
Insurance Group 14,785 - (1,265) 13,520 4.1
--------- ----------------- ---------- --------- -------
Property Derwent London 6,080 (6,842) 762 - -
--------- ----------------- ---------- --------- -------
Healthcare Medica Group 4,920 (3,111) 1,391 3,200 1.0
Oxford Biomedica 6,027 (7,637) 1,610 - -
Synairgen - 923 291 1,214 0.4
--------- ----------------- ---------- --------- -------
10,947 (9,825) 3,292 4,414 1.4
--------- ----------------- ---------- --------- -------
Polar Capital Global
Insurance Fund -
Financials Ireland 5,325 - 614 5,939 1.8
--------- ----------------- ---------- --------- -------
Total Investments 239,290 9,393 36,492 285,175 87.5
Net Liquid
Assets 56,970 (16,044) - 40,926 12.5
------------------------------------------------ --------- ----------------- ---------- --------- -------
Shareholders'
Funds 296,260 (6,651) 36,492 326,101 100.0
------------------------------------------------ --------- ----------------- ---------- --------- -------
All holdings are in equities domiciled in the UK unless
otherwise stated.
Income statement
----------------
For the year ended For the year ended
30 November 2021 (unaudited) 30 November 2020 (audited)
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------------------------- ---------- ---------- --------- --------- --------- ---------
Gains/(losses) on investments - 36,492 36,492 - (10,371) (10,371)
Currency (losses)/gains - (20) (20) - 22 22
Income (note 2) 5,917 - 5,917 4,070 - 4,070
Administrative expenses (798) - (798) (743) - (743)
-------------------------------------------------- ---------- ---------- --------- --------- --------- ---------
Net return on ordinary activities before taxation 5,119 36,472 41,591 3,327 (10,349) (7,022)
Tax on ordinary activities - - - (5) - (5)
-------------------------------------------------- ---------- ---------- --------- --------- --------- ---------
Net return on ordinary activities after taxation 5,119 36,472 41,591 3,322 (10,349) (7,027)
-------------------------------------------------- ---------- ---------- --------- --------- --------- ---------
Net return per ordinary share (note 3) 9.61p 68.46p 78.07p 6.09p (18.98p) (12.89p)
-------------------------------------------------- ---------- ---------- --------- --------- --------- ---------
Note:
Dividends per share paid and payable in respect
of the year (note 4) 9.00p 8.00p
-------------------------------------------------- ---------- ---------- --------- --------- --------- ---------
The total column of this statement is the profit and loss
account of the Company. The supplementary revenue and capital
columns are prepared under guidance published by the Association of
Investment Companies.
All revenue and capital items in this statement derive from
continuing operations.
A Statement of Comprehensive Income is not required as the
Company does not have any other comprehensive income and the net
return on ordinary activities after taxation is both the profit and
comprehensive income for the year.
Balance sheet
-------------
At 30 November 2021 (unaudited) At 30 November 2020 (audited)
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------------------------- ---------------- --------------- --------------- --------------
Fixed assets
Investments held at fair value through profit or
loss 285,175 239,290
Current assets
Debtors 135 921
Cash and cash equivalents 40,878 56,237
-------------------------------------------------- ---------------- --------------- --------------- --------------
41,013 57,158
-------------------------------------------------- ---------------- --------------- --------------- --------------
Creditors
Amounts falling due within one year (87) (188)
-------------------------------------------------- ---------------- --------------- --------------- --------------
Net current assets 40,926 56,970
-------------------------------------------------- ---------------- --------------- --------------- --------------
Total net assets 326,101 296,260
-------------------------------------------------- ---------------- --------------- --------------- --------------
Capital and reserves
Share capital 13,193 13,539
Share premium account 15,242 15,242
Special distributable reserve 2,503 9,985
Capital redemption reserve 3,339 2,993
Capital reserve 284,894 248,422
Revenue reserve 6,930 6,079
-------------------------------------------------- ---------------- --------------- --------------- --------------
Shareholders' funds 326,101 296,260
-------------------------------------------------- ---------------- --------------- --------------- --------------
Net asset value per ordinary share (note 5) 617.9p 547.1p
-------------------------------------------------- ---------------- --------------- --------------- --------------
Statement of changes in equity
------------------------------
For the year ended 30 November 2021 (unaudited)
Special Capital
Share premium distributable redemption Capital Revenue Shareholders'
Share capital account reserve reserve reserve* reserve funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- -------------- ------------- ------------- ------------- --------- -------------- --------------
Shareholders'
funds at 1
December 2020 13,539 15,242 9,985 2,993 248,422 6,079 296,260
Net return on
ordinary
activities
after
taxation - - - - 36,472 5,119 41,591
Shares bought
back for
cancellation
(note 5) (346) - (7,482) 346 - - (7,482)
Dividends paid
during the
year
(note 4) - - - - - (4,268) (4,268)
-------------- -------------- ------------- ------------- ------------- --------- -------------- --------------
Shareholders'
funds at 30
November 2021 13,193 15,242 2,503 3,339 284,894 6,930 326,101
-------------- -------------- ------------- ------------- ------------- --------- -------------- --------------
For the year ended 30 November 2020 (audited)
Special Capital
Share premium distributable redemption Capital Revenue Shareholders'
Share capital account reserve reserve reserve* reserve funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ------------- -------------- ------------- ------------- --------- -------------- --------------
Shareholders'
funds at 1
December 2019 13,679 15,242 12,465 2,853 258,771 9,859 312,869
Net return on
ordinary
activities
after
taxation - - - - (10,349) 3,322 (7,027)
Shares bought
back for
cancellation
(note 5) (140) - (2,480) 140 - - (2,480)
Dividends paid
during the
year
(note 4) - - - - - (7,102) (7,102)
-------------- ------------- -------------- ------------- ------------- --------- -------------- --------------
Shareholders'
funds at 30
November 2020 13,539 15,242 9,985 2,993 248,422 6,079 296,260
-------------- ------------- -------------- ------------- ------------- --------- -------------- --------------
* The Capital Reserve balance at 30 November 2021 included an
investment holding gain of GBP95,883,000 (2020 - gain of
GBP95,283,000).
Notes to Financial Statements (unaudited)
------------------------------------------
1. The unaudited financial statements for the year to 30 November 2021 have been prepared in
accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic
of Ireland' on the basis of the accounting policies set out in the Annual Report and Financial
Statements are unchanged from the prior year and have been applied consistently. All of the
Company's operations are of a continuing nature and the financial statements are expected
to be prepared on a going concern basis. The Company has elected not to present a Statement
of Cash Flows for the current year as a Statement of Changes in Equity has been provided and
substantially all of the Company's investments are highly liquid and are carried at market
value.
---------------------------------------------------------------------------------------------------------
2. Income Year to Year to
30 November 2021 30 November 2020
GBP'000 GBP'000
---------------------------------------------- ----------------- ----------------- -------------------
Income from investments
UK dividends 5,820 3,880
Overseas dividends 78 122
----------------- ----------------- -------------------
5,898 4,002
----------------- ----------------- -------------------
Other income
Deposit interest 2 51
Other income 17 17
----------------- -------------------
19 68
----------------- -------------------
Total income 5,917 4,070
----------------- -------------------
Total income comprises:
Dividends from financial assets designated through
profit or loss 5,898 4,002
Deposit interest 2 51
Other income 17 17
----------------- -------------------
5,917 4,070
----------------- -------------------
3. Net return per ordinary Year to Year to
share 30 November 2021 30 November 2020
Revenue Capital Total Revenue Capital Total
--------------------------- ----------------- ----------------- ------- -------- -------- ---------
Net return on ordinary
activities after taxation
(GBP'000) 5,119 36,472 41,591 3,322 (10,349) (7,027)
Weighted average number of
ordinary shares in issue
during the year 53,274,238 54,527,195
Net return per ordinary share 9.61p 68.46p 78.07p 6.09p (18.98p) (12.89p)
------------------------------- ----------------- ----------------- ------- -------- -------- ---------
Returns per ordinary share are based on the return for the financial year and on the weighted
average number of ordinary shares in issue during the year as shown above.
There are no dilutive or potentially dilutive shares in issue.
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Notes to Financial Statements (unaudited) (Ctd)
------------------------------------------------
4. Ordinary dividends Year to Year to
30 November 2021 30 November 2020
Pence GBP'000 Pence GBP'000
----------------------------------------------------------------------- -------- --------- -------- ---------
Amounts recognized as distributions in the year
Previous year's final dividend paid 9 April 2021 (2020 - 6 April 2020) 5.00 2,674 5.00 2,734
Previous year's special dividend (2020 - 6 April 2020) - - 5.00 2,734
Interim dividend paid 20 August 2021 (2020 - 21 August 2020) 3.00 1,594 3.00 1,634
--------------------------------------------------------------------------- -------- --------- -------- ---------
8.00 4,268 13.00 7,102
--------------------------------------------------------------------------- -------- --------- -------- ---------
Set out below are the total dividends paid and proposed 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. The revenue available for distribution by way of dividend for the year is
GBP5,119,000 (2020 - GBP3,322,000).
Year to Year to
30 November 2021 30 November 2020
Pence GBP'000 Pence GBP'000
----------------------------------------------------------------------- -------- --------- -------- ---------
Amounts paid and payable in respect of the year
Interim dividend paid 20 August 2021 (2020 - 21 August 2020) 3.00 1,594 3.00 1,634
Final/second interim dividend paid 8 April 2022 (9 April 2021) 5.00 2,638 5.00 2,708
Special dividend 1.00 528 - -
--------------------------------------------------------------------------- -------- --------- -------- ---------
9.00 4,760 8.00 4,342
--------------------------------------------------------------------------- -------- --------- -------- ---------
5. Net asset value per ordinary At 30 November 2021 At 30 November 2021 At 30 November 2020 At 30 November 2020
share Pence GBP'000 Pence GBP'000
----------------------------- ------------------- ------------------- ------------------- -------------------
Ordinary shares 617.9 326,101 547.1 296,260
The net asset value per share is based on net assets as shown above and on 52,773,681 shares
(2020 - 54,155,657), being the number of shares in issue at the year end.
There are no dilutive or potentially dilutive shares in issue.
---------------------------------------------------------------------------------------------------------------------
6. Transaction costs incurred on the purchase and sale of the investments are added to the purchase
cost or deducted from the sale proceeds, as appropriate. During the year, transaction costs
on purchases amounted to GBP208,000 (2020 - GBP569,000) and transaction costs on sales amounted
to GBP183,000 (2020 - GBP224,000) respectively.
Notes to Financial Statements (unaudited) (Ctd)
7. The financial information set out above does not constitute the Company's statutory accounts
for the year ended 30 November 2021. The financial information for 2020 is derived from the
financial statements for 2020 which have been delivered to the Registrar of Companies. The
auditors have reported on the 2020 accounts; their report was unqualified, did not include
a reference to any matters to which the auditors drew attention by way of emphasis without
qualifying the report and did not contain a statement under sections 498 (2) or 498(3) of
the Companies Act 2006. The statutory accounts for 2021 will be finalised on the basis of
the financial information presented in this preliminary announcement and will be delivered
to the Registrar of Companies following the Company's Annual General Meeting. The Auditors
have advised the Company that they do not expect their report on the 2021 statutory accounts
to include any modification or emphasis of matter statements.
8. The Report and Accounts will be available on the Company's website independentinvestmenttrust.co.uk
on or around 18 February 2022.
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
None of the views expressed in this document should be construed
as advice to buy or sell a particular investment.
Glossary of Terms and Alternative Performance Measures (APM)
Total Assets
The total value of all assets held less all liabilities (other
than liabilities in the form of borrowings).
Net Asset Value
Net Asset Value (NAV) is the value of all assets held less all
liabilities (including liabilities in the form of borrowings). The
NAV per share is calculated by dividing this amount by the number
of ordinary shares in issue.
(Discount)/Premium (APM)
As stockmarkets and share prices vary, an investment trust's
share price is rarely the same as its NAV. When the share price is
lower than the NAV per share it is said to be trading at a
discount. The size of the discount is calculated by subtracting the
share price from the NAV per share and is usually expressed as a
percentage of the NAV per share. If the share price is higher than
the NAV per share, this situation is called a premium.
As at 30 November 2021 2020
-------------------------- -------------- ------- ------
Net asset value per share (a) 617.9p 547.1p
Share price (b) 544.0p 505.0p
(Discount) ((b)-(a))/(a) (12.0%) (7.7%)
-------------------------- -------------- ------- ------
Net Liquid Assets
Net liquid assets comprise current assets less current
liabilities (excluding borrowings).
Total Return (APM)
The total return is the return to shareholders after reinvesting
the net dividend on the date that the share price goes
ex-dividend.
Glossary of Terms and Alternative Performance Measures (APM)
(Ctd)
Net Asset Value
2021 2020
--------------------------------------------------------------------------- ---- ------- -------
Opening NAV per share at 1 December 2020 (2019) (a) 547.1p 571.8p
Closing NAV per share at 30 November (b) 617.9p 547.1p
Total dividend adjustment factor* (c) 1.01321 1.02242
Adjusted closing NAV per share (d = b x c) (d) 626.1p 559.3p
Total return on net asset value (d - a) ÷ a expressed as a percentage 14.4% (2.2%)
--------------------------------------------------------------------------------- ------- -------
* The dividend adjustment factor is calculated on the assumption
that the dividends paid out by the Company are reinvested into
shares of the Company at the cum income NAV at the ex-dividend
date.
Share Price
2021 2020
----------------------------------------------------------------------- ---- ------- -------
Opening share price at 1 December 2020 (2019) (a) 505.0p 518.0p
Closing share price at 30 November (b) 544.0p 505.0p
Total dividend adjustment factor* (c) 1.01506 1.02409
Adjusted closing share price (d = b x c) (d) 552.2p 517.2p
Total return on share price (d - a) ÷ a expressed as a percentage 9.3% (0.2%)
----------------------------------------------------------------------------- ------- -------
* The dividend adjustment factor is calculated on the assumption
that the dividends paid out by the Company are reinvested into
shares of the Company at the last traded price quoted at the
ex-dividend date.
Ongoing Charges (APM)
The total administrative expenses incurred by the Company as a
percentage of the average shareholders' funds, calculated on a
daily basis.
2021 2020
GBP'000 GBP'000
--------------------------------------------------------- -------- --------
Total administrative expenses (a) 798 743
Average net asset value (b) 329,989 277,403
Ongoing charges (a) ÷ (b) expressed as a percentage 0.24% 0.27%
--------------------------------------------------------- -------- --------
Available cash (APM)
Cash and cash equivalents as adjusted for investment and share
buy-back transactions awaiting settlement.
Compound Annual Return
The compound annual return converts the return over a period of
longer than one year to a constant annual rate of return applied to
the compounded value at the start of each year.
Third Party Data Provider Disclaimer
No third party data provider ('Provider') makes any warranty,
express or implied, as to the accuracy, completeness or timeliness
of the data contained herewith nor as to the results to be obtained
by recipients of the data. No Provider shall in any way be liable
to any recipient of the data for any inaccuracies, errors or
omissions in the index data included in this document, regardless
of cause, or for any damages (whether direct or indirect) resulting
therefrom. No Provider has any obligation to update, modify or
amend the data or to otherwise notify a recipient thereof in the
event that any matter stated herein changes or subsequently becomes
inaccurate. Without limiting the foregoing, no Provider shall have
any liability whatsoever to you, whether in contract (including
under an indemnity), in tort (including negligence), under a
warranty, under statute or otherwise, in respect of any loss or
damage suffered by you as a result of or in connection with any
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FR BKQBBCBKKBDD
(END) Dow Jones Newswires
January 14, 2022 04:29 ET (09:29 GMT)
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