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Final Results

Released 16:39 20-Sep-2017

Final Results

SANDITON INVESTMENT TRUST PLC

Annual Results for the year ended 30 June 2017

Financial Highlights

As at As at
30 June 2017 30 June 2016
Total shareholders’ funds (£000) £50,242 £52,661
NAV per ordinary share (cum income) 100.48p 105.32p
Share price 97.40p 106.40p
(Discount)/premium to net asset value per share (3.1)% 1.0%
Dividends per ordinary share 0.90p 1.10p
Ongoing charges 1.21% 1.27%

Performance Highlights

Year ended Year ended
Total Return Performance 30 June 2017 30 June 2016
NAV per ordinary share (including dividend) -3.6% +2.7%
Share price -8.5% -0.1%
Hurdle rate (RPIX + 2%) +5.8% +3.7%
FTSE All-Share Index (Total Return) +18.1% +2.2%
RPIX +3.8% +1.7%

Commenting on the results, the Chairman, Rupert Barclay said:

Performance

It has been a disappointing year for the performance of your Company with the Net Asset Value (NAV) falling to 100.5p, down 4.6% from last year’s 105.3p. Combined with the dividend paid in December of 1.1p, this resulted in a loss of 3.6% for the financial year. Your Company’s share price finished the year at 97.4p, leaving the shares trading at a 3.1% discount to NAV.

The Company’s bearish positioning, both in terms of being net short and its investment skew biased to value, has clearly been unhelpful against a UK market up 18% over the year. After two small positive years, the negative return for this financial year has left the Company trailing its objective of producing a return of 2% above the retail prices index excluding mortgage interest payments (RPIX). June’s 2017 RPIX showed the delayed effects of sterling’s Brexit induced weakness rising by 3.8%, leaving the Company’s NAV total return of -3.6% well behind the 5.8% minimum benchmark return. Given the Company’s negative return over the year, it is not entirely surprising that the Company is meeting its other objective which is to achieve low correlation to the FTSE All Share Index. The Company’s correlation since launch has dropped to a meagre 0.06x. This should give shareholders some confidence that should equity markets suffer the setback the manager is expecting, your Company should be insulated from those falls.

Stake in Sanditon Asset Management

Sanditon Asset Management (SAM) finished its financial year (31/03/17) with assets under management (AUM) of £651m, an increase of 9% on the year, and adjusted after tax profits of £1.790m, up 18%. Under the formula agreed by the Directors last year (the simple average of 1% of AUM and 5x after tax profits adjusted to exclude any performance fees earned), this has resulted in an uplift of the valuation from £1,353,000 to £1,549,000.

Whilst the holding in SAM is now over 3% of your Company’s investment portfolio, the Directors do not believe the pace of SAM’s development warrants restating the valuation more regularly than annually at this stage but will keep this under review. After a more encouraging 2016 for investment performance of SAM’s funds, SAM’s value bias has not had a good 2017 and there has been some attrition in SAM’s assets under management post year end. Whilst we hope that an improvement in performance will lead to renewed growth in assets, we are encouraged in the meantime that SAM is controlling its cost base effectively.

Charges and fees

Our total ongoing charges at 30 June 2017 were 1.2% per annum. Performance fees are only accrued if the lower of NAV or the share price exceeds the hurdle rate of RPIX +2.2%. No performance fees were accrued as at 30 June 2017.

Share buy back

The shares traded at a modest premium for most of the year until June 2017 when they moved to a discount. The Board will monitor the level of discount over the next financial year, but has decided not to ask shareholders for permission to buy back shares this year. I would remind shareholders that a continuation vote will be held in 2020, but in the meantime the Board will continue to review whether to seek permission to buy back shares annually.

Dividends

The yield of your Company’s long book continues to trade at a significant premium to the yield of the short book. Despite being net short for most of the financial year, the portfolio has generated an income surplus of 0.99p per share and the Board is pleased to recommend an annual dividend of 0.90p per share. This is an 18.2% decrease on last year. The £160,000 dividend received from your Company’s holding in SAM represented about 18% of total income. Last year’s income account was boosted by several large special dividends which were not repeated this financial year and interest income from UK Treasury Bills halved as a result of the fall in UK interest rates.

Providing an income is not an objective for your Company and there remains no assurance that your Company will always generate surplus income to allow a dividend to be paid.

Outlook

Since the start of Sanditon Investment Trust, the manager has argued that Quantitative Easing programmes have heavily distorted asset markets. Now that monetary policy is being tightened in the world’s largest economy, both through more persistent interest rate increases and plans to reduce the size of the Fed’s balance sheet, we will see whether equity markets can take monetary tightening in their stride. Your manager believes there will be an equal and opposite effect on equity markets as QE programmes are stopped and reversed. Whilst the manager has been indisputably early in being bearish and has missed out on the strength in the equity market post Brexit, the Board understands the need for patience and remains confident that your Company will perform better in more difficult market conditions. Finally, I would like to remind you as Shareholders that you are welcome to contact me at any time with any questions about your Company.

Principal risks associated with the Company (also see note 18 on pages 38 to 44 of the Annual Report).

Investment and strategy risk

The Board regularly reviews the investment mandate and long-term investment strategy in relation to the market and economic conditions. The Board also regularly monitors the Company’s investment performance against the objective to deliver at least 2% return above inflation, and monitors its compliance with the investment guidelines.

Accounting, legal and regulatory risk

In order to qualify as an investment trust, the Company must comply with the provisions contained in Section 1158 of the Corporation Taxes Act 2010. A breach of Section 1158 in an accounting period could lead to the Company being subject to corporation tax on gains realised in that accounting period. Section 1158 qualification criteria are monitored by the Investment Manager and any adverse results reported to the Board at its regular meetings. The Company must also comply with the Companies Act and the UKLA Listing Rules. The Board relies on the services of the administrator, Northern Trust Global Services Limited and its professional advisers to ensure compliance with the Companies Act and the UKLA Listing Rules.

Loss of investment team or Investment Manager (SAM)

A sudden departure of the lead Investment manager or several members of the investment management team or a change in Investment Manager could result in a deterioration in investment performance.

Discount

A disproportionate widening of the discount relative to the Company’s peers could result in loss of value for shareholders.

Operational risk

Like most other investment trust companies, the Company has no employees and therefore relies upon the services provided by third parties and is dependent on the control systems of the Investment Manager, the Custodian, the Administrator and the Company’s other service providers. The security, for example, of the Company’s assets, dealing procedures, accounting records and maintenance of regulatory and legal requirements, depend on the effective operation of these systems. The Custodian and the Administrator produce reports on their internal controls which are reviewed by their auditors and give assurance regarding the effective operation of controls. These reports are reviewed by the Board. Details of material contracts entered into by the Company can be found on pages 15 and 16 of the Annual Report.

Financial risk

The financial risks faced by the Company are disclosed in note 18 on pages 38 to 44 of the Annual Report.

The Board considers these risks to have remained unchanged throughout the year under review.

Statement under the Disclosure & Transparency Rules 4.1.12

The Directors each confirm to the best of their knowledge that:

a) the financial statements, prepared in accordance with applicable accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

b) the Strategic Report contained in the Annual Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

The 2016 UK Corporate Governance Code also requires Directors to ensure that the Annual Report and financial statements are fair, balanced and understandable. In order to reach a conclusion on this matter, the Board has requested that the Audit Committee advise on whether it considers that the Annual Report and financial statements fulfil these requirements. The process by which the Committee has reached these conclusions are set out in the Audit Committee’s report on pages 19 and 20 of the Annual Report. As a result, the Board has concluded that the Annual Report and financial statements for the year ended 30 June 2017, taken as a whole, are fair, balanced and understandable, and provide the information necessary for shareholders to assess the Company’s performance, business model and strategy.

For and on behalf of the Board

Rupert Barclay

Chairman

20 September 2017

Portfolio as at 30 June 2017

Country Breakdown (% of NAV)* Long Short Net Gross
Denmark 1.5 0.0 1.5 1.5
France 0.0 -6.6 -6.6 6.6
Germany 0.0 -2.9 -2.9 2.9
Italy 0.0 -3.5 -3.5 3.5
Netherlands 5.3 0.0 5.3 5.3
United Kingdom 40.2 -49.0 -8.8 89.2

Total
______
47.0
======
______
-62.0
======
______
-15.0
======
______
109.0
======

   

Business Cycle Groupings (% of NAV)* Long Short Net Gross
Commodity Cyclical 5.6 0.0 5.6 5.6
Consumer Cyclical 6.0 -2.1 3.9 8.1
Industrial Cyclical 7.4 -14.4 -7.0 21.8
Growth 1.8 -22.0 -20.2 23.8
Financial 5.1 0.0 5.1 5.1
Growth Defensive 8.7 -4.6 4.1 13.3
Value Defensive 12.4 -0.9 11.5 13.3
FTSE 100 Future 0.0 -18.0 -18.0 18.0

Total
______
47.0
======
______
-62.0
======
______
-15.0
======
______
109.0
======

   

Top 20 Long Positions (% of NAV)** %
TM Sanditon UK Select Fund 10.0
Babcock International 6.4
RELX 5.3
Melrose Industries 4.1
Diageo 3.4
Sanditon Asset Management 3.1
HSBC 2.8
BHP Billiton 2.6
ITV 2.5
J Sainsbury 2.3
Man Group 2.2
Laird 2.0
BT Group 2.0
Glaxosmithkline 1.8
AP Moller-Maersk ‘B’ 1.5
Ophir Energy 1.5
Mothercare 1.5
GKN 1.3
Greene King 1.1
Dixons Carphone 0.9
Total ________
58.3***
========

   

Total number of positions (long and short) 42

*   Excluding holdings in Sanditon Asset Management and TM Sanditon UK Select Fund

**  Including holdings in Sanditon Asset Management and TM Sanditon UK Select Fund

*** The top 20 long positions are presented based on the notional value of CFD holdings and the actual value of equity holdings

Income Statement

for the year ended 30 June 2017

Year ended Year ended Year ended Year ended Year ended Year ended
30 June 2017 30 June 2017 30 June 2017 30 June 2016 30 June 2016 30 June 2016
Revenue Capital Total Revenue Capital Total
Notes £000 £000 £000 £000 £000 £000
(Losses)/gains on investments held at fair value through profit or loss (2,116) (2,116) 1,038 1,038
Income 2 874 874 993 993
Management fee 3 (96) (291) (387) (96) (287) (383)
Other expenses 4 (235) (235) (268) (268)
Return on ordinary activities
before taxation 543 (2,407) (1,864) 629 751 1,380
Taxation on ordinary activities (45) 40 (5) (32) 30 (2)
Return for the year ______
498
======
______
 (2,367)
======
______
 (1,869)
======
______
597
======
______
781
======
______
1,378
======
Return per Ordinary Share (pence): 8 0.99 (4.73) (3.74) 1.19 1.57 2.76

The total column of this statement is the profit and loss account of the Company. All the revenue and capital items in the above statement derive from continuing operations.

The supplementary revenue and capital columns are both prepared under guidance from the Association of Investment Companies.

There is no other comprehensive income and therefore the return for the year is also the total comprehensive income for the year.

Statement of Financial Position

as at 30 June 2017

30 June 30 June
2017 2016
£000 £000
Fixed assets
Investments held at fair value through profit or loss 15,899 12,255
Current assets
Debtors 165 99
Amounts due in respect of contracts for difference 1,907 2,466
Collateral paid in respect of contracts for difference 9,633 10,306
UK Treasury Bills 18,988 22,969
Cash and short term deposits 8,981 8,421
Total current assets 39,674 44,261
Current liabilities
Creditors (114) (147)
Amounts payable in respect of contracts for difference (5,217) (3,708)
Total current liabilities (5,331) (3,855)
Net current assets 34,343 40,406
Total assets less current liabilities 50,242 52,661
Net assets ______
50,242
======
______
52,661
======
Capital and reserves
Share capital 500 500
Share premium 48,872 48,872
Capital reserve 305 2,672
Revenue reserve 565 617
Total shareholders’ funds ______
50,242
======
______
52,661
======
Net asset value per share – Ordinary Share (pence) 100.48 105.32

Statement of Changes in Equity

for the year ended 30 June 2017

Share
Share Premium Capital Revenue
Capital Account Reserve Reserve Total
For the year ended 30 June 2017 £000 £000 £000 £000 £000
Balance at 1 July 2016 500 48,872 2,672 617 52,661
Return for the year (2,367) 498 (1,869)
Dividends paid (550) (550)
Balance at 30 June 2017 ______
500
======
______
48,872
======
______
305
======
______
565
======
______
50,242
======

   

Share
Share Premium Capital Revenue
Capital Account Reserve Reserve Total
For the year ended 30 June 2016 £000 £000 £000 £000 £000
Balance at 1 July 2015 500 48,872 1,891 245 51,508
Return for the year 781 597 1,378
Dividends paid (225) (225)
Balance at 30 June 2016 ______
500
======
______
48,872
======
______
2,672
======
______
617
======
______
52,661
======

Cash Flow Statement

for the year ended 30 June 2017

Year ended Year ended
30 June 30 June
2017 2016
£000 £000
Return on ordinary activities before taxation* (1,864) 1,380
Capital return before finance costs and taxation 2,407 (751)
Increase in debtors (66) (74)
(Decrease)/increase in other creditors (33) 14
Investment management fee capitalised (291) (287)
Net movement in collateral pledged to broker 673 1,538
(Losses)/gains on futures and CFDs realised during the period (3,867) 667
Decrease/(increase) in amounts due in respect of CFDs 559 (1,309)
Increase/(decrease) in amounts payable in respect of CFDs 1,509 (387)
Tax paid (5) (2)
Net cash (outflow)/inflow from operating activities ______
(978)
======
______
789
======
Cashflow from investing activities
Purchases of investments (5,941) (7,190)
Sales of investments 4,048 8,078
Net cashflow (used in)/provided by investing activity (1,893) 888
Net cash (outflow)/inflow before financing activities ______
(1,893)
======
______
888
======
Cashflow from financing activities
Equity dividends paid (550) (225)
Net cash outflow from financing activities (550) (225)
(Decrease)/increase in cash and cash equivalents ______
(3,421)
======
______
1,452
======
Cash and cash equivalents at the start of the year 31,390 29,938
Cash and cash equivalents at the end of the year 27,969 31,390
Comprised of:
UK Treasury Bills 18,988 22,969
Cash and cash equivalents 8,981 8,421
Cash and cash equivalents ______
27,969
======
______
31,390
======

   

*Cash inflow from dividends was £772,000 (2016: £783,000) and cash inflow from interest was £60,000 (2016: £130,000).

Notes to the Financial Statements

for the year ended 30 June 2017

1. ACCOUNTING POLICIES

A summary of the principal accounting policies is set out below:

(a) Basis of accounting

The financial statements have been prepared under the historical cost convention as modified to include the revaluation of investments and in accordance with applicable UK Accounting Standards and with the Statement of Recommended Practice “Financial Statements of Investment Trust Companies and Venture Capital Trusts” issued by the Association of Investment Companies (issued November 2014 and updated in January 2017).

The financial statements have been prepared in accordance with FRS 102 (“the Financial Reporting Standard applicable in the UK and Republic of Ireland” issued by the Financial Reporting Council).

They have also been prepared on the assumption that approval as an investment trust will continue to be granted. The Directors consider that the Company has adequate resources to enable it to continue in operational existence for the foreseeable future. Accordingly, the Directors believe that it is appropriate to adopt the going concern basis in preparing the Company’s financial statements.

2. INCOME

Year ended Year ended
30 June 2017 30 June 2016
£000 £000
Income from investments
UK franked dividends 328 413*
UK treasury bills interest 46 96
Overseas dividends 68*
Income from contracts for difference 458 376*
Other income 42 40
_____
874
=====
_____
993
=====

3. INVESTMENT MANAGEMENT FEE

Year ended Year ended
30 June 2017 30 June 2016
£000 £000
Basic fee:
25% charged to revenue 96 96
75% charged to capital 291 287
____
387
====
____
383
====
Performance fee charged 100% to capital:
Performance fee accrual
____

====
____

====

The Company’s investment manager is Sanditon Asset Management Limited (the “Manager”). The Manager shall be entitled to receive from the Company in respect of its services provided under the Management Agreement, a management fee accrued daily and payable monthly in arrears calculated at the rate of one-twelfth of 0.75 per cent per calendar month of the Company’s Net Asset Value. In accordance with the Directors’ policy on the allocation of expenses between income and capital, in each financial period 75 per cent of the management fee payable is expected to be charged to capital and the remaining 25 per cent to revenue.

The Manager is also entitled to a performance fee which equals 15 per cent of the amount by which the Reference Amount at the end of a Performance Period exceeds the higher of (a) the Hurdle (the “Hurdle” means the Initial Gross Proceeds adjusted for the total amount of any dividends paid or payable) increased by RPIX plus 2 per cent per annum, compounded annually (on a pro-rata basis where applicable) and (b) the High Watermark (the “High Watermark” means, as at the end of the relevant Performance Period, the highest of (i) the Reference Amount of the previous Performance Period, (ii) the Reference Amount of the most recent Performance Period in respect of which a performance fee was paid; and (iii) the Initial Gross Proceeds; and in each case adjusted for any repurchases by the Company of Ordinary Shares or any dividends paid or payable during the relevant Performance Period be multiplied by the time weighted average of the total number of Shares in issue during that Performance Period).

The first “Performance Period” is the period from 27 June 2014 (the date of Admission to the London Stock Exchange) to the end of the Company’s third accounting period and each subsequent Performance Period begins immediately after the previous Performance Period and ends at the end of the Company’s third accounting period thereafter; provided that where the Management Agreement is terminated the date of such termination shall be the end of the then current Performance Period.

The Company may invest in other funds operated by the Manager and where it does the management fee is credited back to the Company by the Manager and any gain on the funds is excluded from the performance fee calculation. At 30 June 2017 £42,000 (2016: £40,000) was included within Other Income (note 2).

4. OTHER EXPENSES

Year ended Year ended
30 June 2017 30 June 2016
£000 £000
Secretarial services and fund administration fees 56 55
Other administration expenses 21 26
Registrar’s fees 11 13
Printing and postage 4 6
Custody fees 17 49
Subscription and listing fees 17 17
Auditor’s remuneration 22 23
Directors’ fees 77 69
Irrecoverable VAT 10 10
____
235
====
____
268
====

5. DIVIDEND

The dividend relating to the year ended 30 June 2017 which is the basis on which the requirements of Section 1159 of the Corporation Tax Act 2010 are considered is detailed below:

Year ended 30 June 2017 Year ended 30 June 2017 Year ended 30 June 2016 Year ended 30 June 2016
Pence Per Pence Per
Ordinary Share £000 Ordinary Share £000
Annual dividend – payable on 19 December 2016* 1.10p 550
Annual dividend – payable on 18 December 2017** 0.90p 450 - -

   

*Not included as a liability in the year ended 30 June 2016 accounts.
**Not included as a liability in the year ended 30 June 2017 accounts.

The annual dividend will be paid on 18 December 2017 to members on the register at the close of business on 17 November 2017. The shares will be marked ex-dividend on 16 November 2017.

6. SHARE CAPITAL

Year ended 30 June 2017 Year ended 30 June 2017 Year ended 30 June 2016 Year ended 30 June 2016
Number of Shares £000 Number of Shares £000
Allotted, issued & fully paid:
Opening balance Ordinary Shares of £0.01 50,000,000 500 50,000,000 500
__________
50,000,000
==========
____
500
====
__________
50,000,000
==========
____
500
====

7. FINANCIAL COMMITMENTS

At 30 June 2017 there were no commitments in respect of unpaid calls and underwritings (2016: none).

8. RETURN PER SHARE – BASIC

Total return per Ordinary Share is based on the return for the year after taxation of £(1,869,000) (year to 30 June 2016: £1,378,000).

These calculations are based on the 50,000,000 Ordinary Shares in issue during the year to 30 June 2017 (year to 30 June 2016: 50,000,000 Ordinary Shares).

The return per Ordinary Share can be further analysed between revenue and capital as below:

Year ended 30 June 2017 Year ended 30 June 2017 Year ended 30 June 2016 Year ended 30 June 2016
Pence Pence
per share £000 per share £000
Net revenue return 0.99p 498 1.19p 597
Net capital return (4.73)p (2,367) 1.57p 781
Net total return (3.74)p (1,869) 2.76p 1,378

9.?RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH THE INVESTMENT MANAGER

Details of the investment management fee charged by Sanditon Asset Management Limited is set out in note 3. At 30 June 2017 £11,549 (2016: £12,138) of this fee remained outstanding after taking into account the £19,002 (2016: £19,564) to be credited to the Company from Sanditon Asset Management Limited in relation to the management fee on the Company’s investment in TM Sanditon UK Select Fund .

Fees paid to the Directors are disclosed in note 4 above. No fees were outstanding to be paid to the Directors at the year end.

The Company has an investment in TM Sanditon UK Select Fund of £4,999,500 at 30 June 2017 (£5,227,200 at 30 June 2016).

The Company has a 20% holding in the Investment Manager, Sanditon Asset Management Limited.

10. FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES

The financial assets and liabilities are either carried in the balance sheet at their fair value, or the balance sheet amount is a reasonable approximation of fair value (due from brokers, dividends receivable, accrued income, due to brokers, accruals and cash and cash equivalents).

The valuation techniques used by the Company are explained in the accounting policies note 1 (b) on page 30 of the Annual Report.

The table below sets out fair value measurements using fair value hierarchy.

Financial assets at fair value through profit or loss Level 1 Level 2 Level 3 Total
at 30 June 2017 £000 £000 £000 £000
Assets:
Equity investments 14,350 1,549 15,899
Contracts for difference – fair value gains 1,907 1,907
Liabilities:
Contracts for difference – fair value losses (5,217) (5,217)
Total ______
14,350
======
______
(3,310)
======
______
1,549
======
______
12,589
======

   

Financial assets at fair value through profit or loss Level 1 Level 2 Level 3 Total
at 30 June 2016 £000 £000 £000 £000
Assets:
Equity investments 10,902 1,353 12,255
Contracts for difference – fair value gains 2,466 2,466
Liabilities:
Contracts for difference – fair value losses (3,708) (3,708)
Total ______
10,902
======
______
 (1,242)
======
______
1,353
======
______
11,013
======

Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset as follows:

Level 1 – valued using quoted prices in active markets for identical assets.

Level 2 – valued by reference to valuation techniques using observable inputs including quoted prices.

Level 3 – valued by reference to valuation techniques using inputs that are not based on observable market data.

In preparing these financial statements the Company has early adopted “Amendments to FRS 102: fair value hierarchy disclosure (March 2016)” published by the FRC.

Level 3 fair values are determined by the Directors using valuation methodologies in accordance with the IPEVC Guidelines and as detailed in note 1(b) of the annual report. Significant inputs include investment cost, the value of the most recent capital raising, the adjusted net asset value of funds and the Pricing Committee’s valuations. In accordance with IPEVC Guidelines, new investments are carried at cost, the price of the most recent investment being a good indication of fair value. Thereafter, fair value is the amount deemed to be the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. At 30 June 2017 and at 30 June 2016, the Company’s Level 3 investments relates to the investment in Sanditon Asset Management Limited. The Board have agreed the valuation methodology for the Company’s holding in SAM which it believes to be straightforward, conservative and fair. The Board has decided to use a simple average of 1% of SAM’s year end assets under management (“AUM”) and 5x after tax profits (adjusted to exclude any performance fees earned and any associated staff bonuses paid – SAM pay out a maximum of 50% of performance fees earned to staff). This resulted in the Directors approving an uplift in your Company’s holding in SAM from £1,353,000 to £1,549,000.

A reconciliation of fair value measurements in Level 3 is set out below.

Level 3 financial assets at fair value through profit or loss

As at
30 June 2017
Investments
£000
Opening fair value 1,353
Increase in fair value of investment in Sanditon Asset Management Limited 196
Closing fair value 1,549

Level 3 financial assets at fair value through profit or loss

As at
30 June 2016
Investments
£000
Opening fair value 200
Increase in fair value of investment in Sanditon Asset Management Limited 1,153
Closing fair value 1,353

11. PUBLICATION OF NON-STATUTORY ACCOUNTS

The financial information contained in this announcement does not constitute statutory accounts as defined in the Companies Act 2006.  The 2017 annual report and financial statements will be filed with the Registrar of Companies shortly.

The report of the Auditor for the year ended 30 June 2017 contains no qualification or statement under section 498(2) or (3) of the Companies Act 2006. This announcement was approved by the Board of Directors on 20 September 2017.

12. ANNUAL RESULTS

Copies of the annual report will be sent to members shortly and will be available from the registered office, c/o Northern Trust Global Services Limited, 50 Bank Street, Canary Wharf, London E14 5NT.

13. ANNUAL GENERAL MEETING

The Annual General Meeting of the Company will be held at the offices of Northern Trust, 50 Bank Street, Canary Wharf, London E14 5NT on Thursday 7 December 2017, at 11:00 am.


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Final Results - RNS