TIDMCSUZ
RNS Number : 9595C
Close UK Index Growth Fund 2012
23 November 2009
?
CLOSE ASSETS FUNDS LIMITED (THE "COMPANY")
GENERAL TEXT AMENDMENT
The following amendments have been made to the 'Half Yearly Financial Report'
announcement released on 19 November 2009 at 12.35 under RNS No 7791C:
The values in the second column of note 12 b of the notes to the financial
statements were incorrectly cited as being 0.00% as shown below:
+--------------------+--------------------+--+-----------+--+--------------+
| Rating | Date of sign * | | 30 Sep | | 31 Mar 2009 |
| | | | 2009 | | |
+--------------------+--------------------+--+-----------+--+--------------+
| | | | | | |
+--------------------+--------------------+--+-----------+--+--------------+
| Aaa | 0.00% | | 0.00% | | 0.00% |
+--------------------+--------------------+--+-----------+--+--------------+
| Aa | 0.00% | | 34.31% | | 34.64% |
+--------------------+--------------------+--+-----------+--+--------------+
| A | 0.00% | | 65.69% | | 65.36% |
+--------------------+--------------------+--+-----------+--+--------------+
Note 12b has been updated to read:
+--------------------+--------------------+--+-----------+--+--------------+
| Rating | 19 November 2009* | | 30 Sep | | 31 Mar 2009 |
| | | | 2009 | | |
+--------------------+--------------------+--+-----------+--+--------------+
| | | | | | |
+--------------------+--------------------+--+-----------+--+--------------+
| Aaa | 0.00% | | 0.00% | | 0.00% |
+--------------------+--------------------+--+-----------+--+--------------+
| Aa | 34.31% | | 34.31% | | 34.64% |
+--------------------+--------------------+--+-----------+--+--------------+
| A | 65.69% | | 65.69% | | 65.36% |
+--------------------+--------------------+--+-----------+--+--------------+
All other details remain unchanged.
The full amended text is shown below.
Close Assets Funds Limited
Half-Yearly Financial Report
for the period ended 30 September 2009 (Unaudited)
Close Assets Funds Limited (the "Company")
ABOUT THE COMPANY
Close Assets Funds Limited is a Guernsey incorporated, closed ended, umbrella
investment company. As at 14 November 2008, being the latest practicable date
prior to the publication of this report, its issued share capital comprises two
Management Shares issued for administrative reasons, 35,625,000 Zero Dividend
Shares ("Shares") of the Close UK Index Growth Fund 2012 and 39,375,000 Nominal
Shares. The Company has an unlimited life but the Shares are due to be redeemed
in December 2012.
Investment Objective and Policy - Close UK Index Growth Fund 2012
The investment objective of the Close UK Index Growth Fund 2012 ("Fund 2012") is
to provide Shareholders with a geared capped exposure to the performance of the
FTSE 100 Index (the "Index").
If Shareholders hold their Shares to December 2012 (the "Redemption Date"), and
the End Value of the Index is higher than the Start Value, the Shares are
designed to pay to Shareholders, on the Redemption Date, the Final Capital
Entitlement, which represents a return equal to four times the percentage
increase in the Index capped at 64 per cent of the Issue Price.
The Final Capital Entitlement will comprise:
a Capital Amount of GBP1.4864 per Share; and
a Growth Amount per Share equal to four times any increase in the End Value of
the Index relative to its Start Value of 6,160.30, such percentage being applied
to the Issue Price of GBP1.4864 per Share, subject to the maximum increase of 64
per cent of the Issue Price.
If Shareholders hold their Shares until the Redemption Date and the End Value is
lower than the Start Value, the Shares are designed to repay the Issue Price of
GBP1.4864 per Share on the Redemption Date provided that the value of the Index
had not fallen below 3,080.15, being 50 per cent of the Start Value at close of
business on any Index Business Day between the Start Date of 22 November 2006
and the End Date of 22 November 2012 (both dates inclusive).
Close Assets Funds Limited (the "Company")
ABOUT THE COMPANY (continued)
If Shareholders hold their Shares until the Redemption Date and if the value of
the Index has fallen below 3,080.15, being 50 per cent of the Start Value, at
close of business on any Index Business Day between the Start Date and the End
Date (an "Index Barrier Breach") and the End Value is not at least equal to the
Start Value, investors will be repaid on the Redemption Date the Issue Price as
reduced by the same percentage by which the End Value is less than the Start
Value.
In accordance with the Company's investment policy for Fund 2012, the net
proceeds derived by the issue of Zero Dividend Shares and the sale of a Put
option have been invested in a portfolio of debt securities containing embedded
derivatives related to the Index at prices relative to the value of the Index on
22 November 2006 of 6,160.30. At the time of writing all issuers of the debt
securities carry an investment grade credit rating.
Capital at Risk Products (CARPs)
The Company has been advised that the Company is a CARP as defined by the
Financial Services Authority (FSA). Investors should refer to the FSA factsheet,
which is available at
www.moneymadeclear.fsa.gov.uk/products/investments/types/pooled/structured_prod
cts.html
The return of capital invested at the end of the investment period is not
guaranteed and therefore the investor may get back less than was originally
invested. Investors should not enter into the transaction unless they are
prepared to lose some or all of the money they have invested.
They should satisfy themselves that the Shares are suitable for them in the
light of their circumstances and financial position, and if in any doubt they
should seek professional advice. Investors may only achieve the rate of return
advertised over a set period and the return may depend on specific conditions
being met.
Close UK Index Growth Fund 2012 (the "Fund")
MANAGER'S REPORT
for the period ended 30 September 2009
Investment Performance
At launch, the net proceeds derived from the issue of Zero Dividend Shares of
the Fund were invested in a portfolio of debt securities and options at a price
based on the level of the FTSE 100 Index at the close of business on 22 November
2006, namely 6160.3.
On 30 September 2009 the FTSE 100 Index closed at 5133.90, a fall of 16.7% since
launch and a rise of 30.8% over the reporting period.Over the same periods, the
total market value of the Fund fell by 22.1% and rose by 26.9% respectively. As
at the reporting date the Zero Dividend Shares of the Fund were trading at a
5.5% discount to net asset value.
As the Fund's investment portfolio is based upon the FTSE 100 Index, it is
possible to show the potential capital entitlements available to holders of Zero
Dividend Shares based on the level of the FTSE 100 Index on 22 November 2012.
These figures are for illustrative purposes only and do not represent forecasts
or take into account any unforeseen circumstances.
+----------------------+----------------------+---------------------+
|Final FTSE 100 Index | Net Asset Value if | Net Asset Value if |
| Level| |FTSE 100 Index never | FTSE 100 Index has |
| | closes below | closed below |
| | 3080.15** | 3080.15** |
+----------------------+----------------------+---------------------+
| 4000 | 148.64 | 96.51 |
+----------------------+----------------------+---------------------+
| 4250 | 148.64 | 102.54 |
+----------------------+----------------------+---------------------+
| 4500 | 148.64 | 108.57 |
+----------------------+----------------------+---------------------+
| 4750 | 148.64 | 114.61 |
+----------------------+----------------------+---------------------+
| 5000 | 148.64 | 120.64 |
+----------------------+----------------------+---------------------+
| 5133.90* | 148.64 | 123.87 |
+----------------------+----------------------+---------------------+
| 5250 | 148.64 | 126.67 |
+----------------------+----------------------+---------------------+
| 5500 | 148.64 | 132.7 |
+----------------------+----------------------+---------------------+
| 5750 | 148.64 | 138.73 |
+----------------------+----------------------+---------------------+
| 6000 | 148.64 | 144.77 |
+----------------------+----------------------+---------------------+
| 6250 | 157.29 | 157.29 |
+----------------------+----------------------+---------------------+
| 6500 | 181.42 | 181.42 |
+----------------------+----------------------+---------------------+
| 6750 | 205.55 | 205.55 |
+----------------------+----------------------+---------------------+
| 7000 | 229.68 | 229.68 |
+----------------------+----------------------+---------------------+
| 7250 or over | 243.76 | 243.76 |
+----------------------+----------------------+---------------------+
| As at 22 November 2012
* FTSE 100 Index level at the end of the reporting
period
** On any day from 22 November 2006 to 22 November 2012
Close UK Index Growth Fund 2012 (the "Fund")
MANAGER'S REPORT
for the period ended 30 September 2009 (continued)
Market Review
The FTSE 100 Index rose 30.8% over the reporting period, buoyed by optimism
regarding a global recovery, despite some investors feeling the rally was not
supported by fundamentals.
Over the first couple of months of the period equity markets recouped some of
their previous losses, amid signs of "green shoots" in the global economy while
G20 ministers attending the summit in London pledged stricter regulation and
more than $1 trillion to cushion the economic fallout. However the rise in
equity markets petered out in May when Chrysler, one of the big three US car
manufacturers, entered bankruptcy protection and a number of US banks failed
stress tests determining whether they would need more capital to weather the
economic downturn. At the beginning of June GM, the world's largest car
manufacturer, also went into bankruptcy following a steep fall in sales,
particularly as the company was slow to move away from gas-guzzling SUVs to the
more fuel-efficient vehicles that consumers now seem to prefer.
Close UK Index Growth Fund 2012 (the "Fund")
MANAGER'S REPORT
for the period ended 30 September 2009 (continued)
From mid July global equity markets rallied, buoyed by optimism about the
potential for global recovery. UK markets embarked on another significant rally
boosted by some UK corporate earnings news which surprised on the upside. This
continued in August and September, with the FTSE 100 rising above the
psychologically important 5000 index points level, reaching a high of 5172.89 in
mid-September despite central banks' warnings that the crisis was not yet over.
Throughout the period the Bank of England ("BoE") maintained the UK bank base
rate at 0.5%, a historic low in the BoE's history. The quantitative easing which
the BoE had begun in March was raised from its original GBP75 billion, by a
further GBP50 billion announced in May, and by another GBP50 billion announced
in August.
Over the period the biggest boost to the Index was provided by some of the
financial stocks and commodity stocks as they recovered from their sharp falls
in 2008 and early 2009. These included HSBC (+81%) and Barclays Bank (+150%)
both of which avoided having to obtain financial support from the UK government,
and commodity companies BP (+17%) and Xstrata (+98%). The largest drag on the
Index was Reed Elsevier, a publisher and information provider, the shares of
which plummeted as it posted a sharp fall in first-half net profit and announced
a share placing after failing to sell its trade-magazines unit.
Market Outlook
There appears to be little consensus over the global economic outlook for the
coming months. Some investors have taken heart from a steady improvement in
business survey indicators across the globe. Along with the recovery in equities
and house prices, these investors seem to believe that the worst of the credit
crisis might be behind them and foresee continued equity market growth.
Other investors, however, remain concerned about the size of the public deficit,
banks' ability to adjust their balance sheet, and the threat of deflation,
leading them to question the future of the current recovery. With rising
unemployment which seems unlikely to abate quickly, there are worries that the
markets could be experiencing a false dawn and that the economic recovery will
prove to be slower than markets are currently pricing, leading to a correction
in equity markets from their current levels.
Close UK Index Growth Fund 2012 (the "Fund")
MANAGER'S REPORT
for the period ended 30 September 2009 (continued)
Whilst it seems implausible that either of these scenarios will fully
materialise, the actions of governments and central banks, along with consumer
sentiment, will determine which of them is more likely.
Close Investments Limited
19 November 2009
Close UK Index Growth Fund 2012 (the "Fund")
INTERIM MANAGEMENT REPORT
for the period ended 30 September 2009
Detailed in the Manager's Report on pages 3 to 6 and below is a description of
important events that have occurred during the first six months of the financial
year, their impact on the performance of the Company as shown in the financial
statements and a description of the principal risks and uncertainties for the
remaining six months of the financial year.
Given the recent collapse of various financial institutions around the world and
government bail-outs it is worth commenting on the assets held by the Company.
Your attention is drawn to the Schedule of Investments on page 28 of this
Half-Yearly Financial Report which shows the assets held by the Company and note
12 (b) of this Half-Yearly Financial Report which refers to the credit risk of
the issuers of these assets as at the period end.
The Company currently holds six Debt Securities, the issuers of which, as at the
date of this report, all have investment grade credit ratings ranging from Aa3
to A1 by Moody's Investor Services and where rated by Standard and Poor's rating
agency from A+ to BBB+. The Board monitors credit risk and will consider further
action if the credit rating of an issuer falls below A3 or A- as ranked by
Moody's and S&P respectively.
In the event of a default by an issuer of a Debt Security purchased by the
Company, the Company would rank as an unsecured creditor in respect of sums due
from the issuer of such Debt Security. In such event, the Company may (in
respect of that Debt Security) receive a lesser amount (if any) and at a
different time than the proceeds anticipated at the maturity of the Debt
Security. Any losses would be borne by the Company and returns to Shareholders
would be significantly adversely affected.
As part of its investment portfolio, the Company holds a debt security issued by
Irish Life & Permanent ("IL&P") with a nominal value of GBP8.8m and a fair
value, as at the reporting date, of GBP8,855,845. This represented 19.84 per
cent. of the value of the Company's net assets as at the reporting date.
Close UK Index Growth Fund 2012 (the "Fund")
INTERIM MANAGEMENT REPORT
for the period ended 30 September 2009 (continued)
On 25 June 2009, Standard and Poor's Ratings Services announced that it lowered
its long-term counterparty credit rating on IL&P one notch from A- to BBB+ with
a stable outlook. Standard and Poor's said the downgrade was due to IL&P's heavy
reliance on wholesale funding, weakening asset quality, and Standard and Poor's
broader view that the group's banking operations in their current format appear
to have limited strategic options. On 7 July 2009 Moody's downgraded certain
Irish banks, including IL&P, as a result of its recent lowering of the Irish
Government rating which has guaranteed all IL&P's senior debt up to 30 September
2010. IL&P's long-term bank deposit and senior debt ratings were cut one notch
to A2 from A1 with a negative outlook. As a result of Standard and Poor's
downgrade, the Board considered both the sale and the retention of the IL&P debt
security, acting in the best interests of the Company and its shareholders.
The Board reviewed IL&P's financial results, including its liquidity and capital
adequacy position, as well as recent research updates from the ratings agencies.
They also considered the likelihood of Irish government support being provided
beyond 30 September 2010 should IL&P ever need it and, given the Irish
government's contingent liabilities, the Irish economic outlook.
The Board also considered how the Final Capital Entitlement of the Shares might
be affected by any sale of the IL&P debt security and noted that there could be
a significant cost involved, resulting in an irreversible reduction in the
possible returns to the Company's shareholders.
On the basis of the prevailing facts, the Board therefore concluded that it
would not be in the best interests of the Company and shareholders to sell the
IL&P debt security, but will continue to monitor the situation.
Close UK Index Growth Fund 2012 (the "Fund")
INTERIM MANAGEMENT REPORT
for the period ended 30 September 2009 (continued)
Similarly, given the recent movements in the FTSE 100 Index it is worth drawing
your attention to the possibility of an Index Barrier Breach. The FTSE 100 Index
closed at 5342.13 on 18 November 2009, a fall of 13.28% from its Start Value of
6160.30. If the value of the Index were to fall below 3080.15, being 50% of the
Start Value and 42.34% away from the current Index level, at close of business
on any Index Business Day between the Start Date and the End Date, an Index
Barrier Breach will have occurred. In these circumstances, the amount which the
Company will be required to pay following the Index Barrier Breach will reduce
its assets by an amount which reflects the decline, if any, in the Index between
the Start Date and the End Date.
There were no material related party transactions which took place in the first
six months of the financial year.
This half-yearly financial report has not been audited or reviewed by auditors
pursuant to the Auditing Practices Board guidance on Review of Interim Financial
Information.
Responsibility Statement
The Board of directors jointly and severally confirm that, to the best of their
knowledge:
(a) The financial statements, prepared in accordance with International
Financial Reporting Standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company; and
(b) This Interim Management Report includes or incorporates by reference:
a. An indication of important events that have occurred during the first
six months of the financial year, and
their impact on the
financial statements;
b. a description of the principal risks and uncertainties for the
remaining six months of the financial year;
c. confirmation that there were no related party transactions in the
first six months of the current financial year
that have
materially affected the financial position or the performance of the Company
during that period; and
d. changes in the related parties transactions described in the last
annual report that could have a material
effect on the financial
position or performance of the Company in the first six months of the current
financial
year.
Richard de la Rue John Hunter
DirectorDirector
Close Assets Funds Limited (the "Company")
STATEMENT OF OPERATIONS
for the period ended 30 September 2009
+---------------------------------------+-------+-------------+--+-------------+
| | | TOTAL | | TOTAL |
+---------------------------------------+-------+-------------+--+-------------+
| | | 1 Apr to | | 1 Apr to |
+---------------------------------------+-------+-------------+--+-------------+
| | | 30 Sept | | 30 Sept |
| | | 2009 | | 2008 |
+---------------------------------------+-------+-------------+--+-------------+
| |Notes | GBP | | GBP |
+---------------------------------------+-------+-------------+--+-------------+
| | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| Net movement in unrealised | 5 | 5,997,581 | | (6,498,096) |
| appreciation / (depreciation) on | | | | |
| investments | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| Net movement in unrealised | | 9,619,602 | | (3,097,612) |
| depreciation / (appreciation) on Put | | | | |
| Option | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| Operating expenses | 2 | (158,894) | | (158,897) |
+---------------------------------------+-------+-------------+--+-------------+
| | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| Net gain / (loss) for the period | | 15,458,289 | | (9,754,605) |
| attributable to shareholders | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| | | Pence | | Pence |
+---------------------------------------+-------+-------------+--+-------------+
| Earnings per Share for the period - | 4 | 43.39 | | (27.38) |
| Basic and Diluted | | | | |
+---------------------------------------+-------+-------------+--+-------------+
In arriving at the results for the financial period, all amounts above relate to
continuing operations.
There are no recognised gains or losses for the period other than those
disclosed above.
+---------------------------------------+------+-------------+--+-------------+
| Reconciliation of earnings per Share for investment purposes to earnings |
| per Share per |
+-----------------------------------------------------------------------------+
| the financial statements: | | | | |
+---------------------------------------+------+-------------+--+-------------+
+---------------------------------------+------+-------------+--+-------------+
| | | Pence | | Pence |
+---------------------------------------+------+-------------+--+-------------+
| Earnings per Share for investment | | 43.46 | | (27.31) |
| purposes | | | | |
+---------------------------------------+------+-------------+--+-------------+
| Adjustment for amortisation of debt | | (0.07) | | (0.07) |
| issue costs | | | | |
+---------------------------------------+------+-------------+--+-------------+
| Earnings per Share per the financial | | 43.39 | | (27.38) |
| statements | | | | |
+---------------------------------------+------+-------------+--+-------------+
In accordance with International Financial Reporting Standards, expenses should
be attributable to the period to which they relate.
The earnings per Share for investment purposes represents the earnings per Share
attributable to shareholders in accordance with the Prospectus, which recognises
all expenses of the Company up to and including the date that the Final Capital
Entitlement becomes payable.
Close Assets Funds Limited (the "Company")
NET ASSET STATEMENT
as at 30 September 2009
+---------------------------------------+-------+-------------+--+-------------+
| | | TOTAL | | TOTAL |
+---------------------------------------+-------+-------------+--+-------------+
| | | 30 Sept | | 31 Mar 2009 |
| | | 2009 | | |
+---------------------------------------+-------+-------------+--+-------------+
| |Notes | GBP | | GBP |
+---------------------------------------+-------+-------------+--+-------------+
| | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| NON CURRENT ASSETS | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| Unquoted financial assets designated | 5 | 53,428,064 | | 47,430,483 |
| as fair value through profit or loss | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| CURRENT ASSETS | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| Receivables | 6 | 170,049 | | 194,875 |
+---------------------------------------+-------+-------------+--+-------------+
| Cash and cash equivalents | | 1,070,918 | | 1,227,006 |
+---------------------------------------+-------+-------------+--+-------------+
| | | 1,240,967 | | 1,421,881 |
+---------------------------------------+-------+-------------+--+-------------+
| | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| CURRENT LIABILITIES | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| Payables - due within one year | 7 | 233,079 | | 255,099 |
+---------------------------------------+-------+-------------+--+-------------+
| | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| NET CURRENT ASSETS | | 1,007,888 | | 1,166,782 |
+---------------------------------------+-------+-------------+--+-------------+
| | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| TOTAL ASSETS LESS CURRENT LIABILITIES | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| (excluding net assets attributable to | | 54,435,952 | | 48,597,265 |
| shareholders) | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| Payables - due after one year | 8 | 9,790,582 | | 19,410,184 |
| (excluding net assets attributable to | | | | |
| shareholders) | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| NET ASSETS ATTRIBUTABLE TO | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| SHAREHOLDERS | | 44,645,370 | | 29,187,081 |
+---------------------------------------+-------+-------------+--+-------------+
| | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| ZERO DIVIDEND SHARES IN ISSUE | | 35,625,000 | | 35,625,000 |
+---------------------------------------+-------+-------------+--+-------------+
| | | | | |
+---------------------------------------+-------+-------------+--+-------------+
| | | Pence | | Pence |
+---------------------------------------+-------+-------------+--+-------------+
| NAV PER ZERO DIVIDEND SHARE | | 125.32 | | 81.93 |
+---------------------------------------+-------+-------------+--+-------------+
+--------------------------------------------------------------------------+
| Reconciliation of NAV per Share for investment purposes to NAV per Share |
| per the |
+--------------------------------------------------------------------------+
| financial statements: |
+--------------------------------------------------------------------------+
+---------------------------------------+------+-------------+--+-------------+
| | | Pence | | Pence |
+---------------------------------------+------+-------------+--+-------------+
| NAV per Zero Dividend Share for | | | | |
| investment | | | | |
+---------------------------------------+------+-------------+--+-------------+
| purposes | | 124.87 | | 81.41 |
+---------------------------------------+------+-------------+--+-------------+
| Adjustment for debt issue costs | | 0.45 | | 0.52 |
+---------------------------------------+------+-------------+--+-------------+
| NAV per Zero Dividend Share per the | | | | |
| financial | | | | |
+---------------------------------------+------+-------------+--+-------------+
| Statements | | 125.32 | | 81.93 |
+---------------------------------------+------+-------------+--+-------------+
In accordance with International Financial Reporting Standards, expenses should
be attributed to the period to which they relate.
The NAV per Share for investment purposes represents the NAV per Share
attributable to shareholders in accordance with the Prospectus, which recognises
all expenses of the Company up to and including the date that the Final Capital
Entitlement becomes payable.
Close Assets Funds Limited (the "Company")
NET ASSET STATEMENT
as at 30 September 2009 (continued)
The financial statements were approved by the Board of directors on 19 November
2009 and are signed on its behalf by:
Richard de la Rue John Hunter
Director Director
Close Assets Funds Limited (the "Company")
STATEMENT OF CASH FLOWS
for the period ended 30 September 2009
+---------------------------------------+------+-------------+--+-------------+
| | | TOTAL | | TOTAL |
+---------------------------------------+------+-------------+--+-------------+
| | | 1 Apr to | | 1 Apr to |
+---------------------------------------+------+-------------+--+-------------+
| | | 30 Sept | | 30 Sept |
| | | 2009 | | 2008 |
+---------------------------------------+------+-------------+--+-------------+
| | | GBP | | GBP |
+---------------------------------------+------+-------------+--+-------------+
| OPERATING ACTIVITIES | | | | |
+---------------------------------------+------+-------------+--+-------------+
| Net gain / (loss) for the period | | 15,458,289 | | (9,754,605) |
| attributable to shareholders | | | | |
+---------------------------------------+------+-------------+--+-------------+
| Less: Unrealised (appreciation) / | | | | |
| depreciation on | | | | |
+---------------------------------------+------+-------------+--+-------------+
| investments | | (5,997,581) | | 6,498,096 |
+---------------------------------------+------+-------------+--+-------------+
| Less: Unrealised (depreciation) / | | (9,619,602) | | 3,097,612 |
| appreciation on value of Put Option | | | | |
+---------------------------------------+------+-------------+--+-------------+
| Less: Interest received | | (577) | | (35,613) |
+---------------------------------------+------+-------------+--+-------------+
| Add: Amortisation of debt issue costs | | 25,109 | | 25,109 |
+---------------------------------------+------+-------------+--+-------------+
| Less: (Decrease) / Increase in | | (22,020) | | 35,891 |
| accrued expenses | | | | |
+---------------------------------------+------+-------------+--+-------------+
| Less: (Increase) / decrease in | | | | |
| prepayments and | | | | |
+---------------------------------------+------+-------------+--+-------------+
| accrued income excluding debt issue | | (283) | | 8,133 |
| costs | | | | |
+---------------------------------------+------+-------------+--+-------------+
| | | | | |
+---------------------------------------+------+-------------+--+-------------+
| NET CASH OUTFLOW FROM OPERATING | | | | |
+---------------------------------------+------+-------------+--+-------------+
| ACTIVITIES | | (156,665) | | (125,377) |
+---------------------------------------+------+-------------+--+-------------+
| | | | | |
+---------------------------------------+------+-------------+--+-------------+
| INVESTING ACTIVITIES | | | | |
+---------------------------------------+------+-------------+--+-------------+
| Interest received | | 577 | | 35,613 |
+---------------------------------------+------+-------------+--+-------------+
| | | | | |
+---------------------------------------+------+-------------+--+-------------+
| NET CASH INFLOW FROM INVESTING | | | | |
+---------------------------------------+------+-------------+--+-------------+
| ACTIVITIES | | 577 | | 35,613 |
+---------------------------------------+------+-------------+--+-------------+
| | | | | |
+---------------------------------------+------+-------------+--+-------------+
| CASH AND CASH EQUIVALENTS AT | | | | |
+---------------------------------------+------+-------------+--+-------------+
| BEGINNING OF PERIOD | | 1,227,006 | | 1,445,354 |
+---------------------------------------+------+-------------+--+-------------+
| | | | | |
+---------------------------------------+------+-------------+--+-------------+
| Decrease in cash and cash equivalents | | (156,088) | | (89,764) |
+---------------------------------------+------+-------------+--+-------------+
| | | | | |
+---------------------------------------+------+-------------+--+-------------+
| CASH AND CASH EQUIVALENTS AT END OF | | | | |
+---------------------------------------+------+-------------+--+-------------+
| PERIOD | | 1,070,918 | | 1,355,590 |
+---------------------------------------+------+-------------+--+-------------+
Close Assets Funds Limited (the "Company")
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS
for the
period ended 30 September 2009
+---------------------------------------+------+-------------+--+-------------+
| | | TOTAL | | TOTAL |
+---------------------------------------+------+-------------+--+-------------+
| | | 30 Sept | | 30 Sept |
| | | 2009 | | 2008 |
+---------------------------------------+------+-------------+--+-------------+
| | | GBP | | GBP |
+---------------------------------------+------+-------------+--+-------------+
| | | | | |
+---------------------------------------+------+-------------+--+-------------+
| Opening balance | | 29,187,081 | | 46,843,447 |
+---------------------------------------+------+-------------+--+-------------+
| Net gain / (loss) for the period | | | | |
| attributable to Zero | | | | |
+---------------------------------------+------+-------------+--+-------------+
| Dividend shareholders | | 15,458,289 | | (9,754,605) |
+---------------------------------------+------+-------------+--+-------------+
| | | | | |
+---------------------------------------+------+-------------+--+-------------+
| Closing balance | | 44,645,370 | | 37,088,842 |
+---------------------------------------+------+-------------+--+-------------+
Changes in equity for the management fund are included within the balances, but
are not considered material.
Close Assets Funds Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS
as at 30 September 2009
1.ACCOUNTING POLICIES
The significant accounting policies adopted by the Company are as follows:
(a) Basis of Preparation and Going Concern
The financial statements have been prepared in conformity with International
Financial Reporting Standards which comprise standards and interpretations
approved by the International Accounting Standards Board and International
Financial Reporting Interpretations Committee and applicable Guernsey law. The
financial statements have been prepared on an historical cost basis except for
the measurement at fair value of financial instruments.
Amendments to IFRS 7 were issued by the International Accounting Standards Board
in March 2009, effective for annual periods beginning on or after 1 January
2009. The amendment to IFRS 7 requires fair value to be disclosed by the source
of inputs, using a three-level hierarchy:
Quoted prices (unadjusted) in active markets for identical assets or liabilities
(Level 1);
Inputs other than quoted prices included in Level 1 that are observable for the
asset or liability, either directly (as prices) or indirectly (derived from
prices) (Level 2);
Inputs for the asset or liability that are not based on observable market data
(unobservable inputs) (Level 3).
The following Standards or Interpretations that are expected to affect the
Company have been issued but not yet adopted by the Company as shown below.
Other Standards or Interpretations issued by the International Accounting
Standards Board and the International Financial Reporting Interpretations
Committee are not expected to affect the Company:
IFRS 2 (revised April 2009) Share-based Payment effective for annual periods
beginning on or after 1 January 2010.
IFRS 3 (revised 2008) Business Combinations effective for annual periods
beginning on or after 1 July 2009.
IAS 27 (revised 2008) Consolidated and Separate Financial Statements effective
for annual periods beginning on or after 1 July 2009.
IAS 28 (revised 2008) Investments in Associates effective for annual periods
beginning on or after 1 July 2009.
IAS 31 (revised 2008) Interests in Joint Ventures effective for annual periods
beginning on or after 1 July 2009.
IAS 39 (revised July 2008) Financial Instruments: Recognition and Measurement
for annual periods beginning on or after 1 July 2009.
The Directors have considered the above and are of the opinion that the above
Standards and Interpretations are not expected to have an impact on the
Company's financial statements except for the presentation of additional
disclosures and changes to the presentation of components of the financial
statements. These items will be applied in the first financial period for which
they are required.
Close Assets Funds Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS
as at 30 September 2009 (continued)
1.ACCOUNTING POLICIES (continued)
(b) Taxation
The Company has been granted exemption under the Income Tax (Exempt Bodies)
(Guernsey) Ordinance, 1989 from Guernsey Income Tax, and is charged an annual
fee of GBP600.
(c) Expenses
All expenses are accounted for on an accruals basis.
(d) Debt issue costs
The debt issue costs incurred amounted to GBP300,760. Because the Zero Dividend
Shares of Fund 2012 are redeemable on or around 22 November 2012, they are
required to be classified as debt instruments under IAS 32. Consequently, issue
costs are required to be amortised over the life of the instrument.
(e) Interest Income
Interest income is accounted for on an accruals basis.
(f) Cash and Cash equivalents
Cash at bank and short term deposits which are held to maturity are carried at
cost. Cash and cash equivalents are defined as call deposits, short term
deposits are highly liquid investments readily convertible to known amounts of
cash and subject to insignificant risk of changes in value. For the purposes of
the Statement of Cash Flow, cash and cash equivalents consist of cash and
deposits at bank.
(g) Investments
All investments and derivative financial instruments have been designated as
financial assets as at "fair value through profit or loss". Investments are
initially recognised on the date of purchase at cost, being the fair value of
the consideration given, excluding transaction costs associated with the
investment. After initial recognition, investments are measured at fair value,
with unrealised gains and losses on investments and impairment of investments
recognised in the Statement of Operations.
Fair value is the amount for which the financial instruments could be exchanged,
or a liability settled, between knowledgeable willing parties in an arms length
transaction. Fair value also reflects the credit quality of the issuers of the
financial instruments.
Close Assets Funds Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS
as at 30 September 2009 (continued)
1. ACCOUNTING POLICIES (continued)
(g) Investments (continued)
Valuations of the investments are based on valuations provided to the Company by
Future Value Consultants Limited. These valuations are intended to be an
indication of the fair value of those investments, including an issuer's credit
risk, designed to reflect the best estimation of the price at which they could
be sold, even though there is no guarantee that a willing buyer might be found
if the Company chose to sell the relevant investment.
The indicative fair values of the investments are based on an approximation of
the market level of the investments. As the investments are not traded in an
active market, the indicative fair value is determined by using valuation
techniques. Future Value Consultants Limited uses a variety of methods and makes
assumptions that are based on market conditions existing at the balance sheet
date.
Valuation techniques used may include the use of comparable recent arm's length
transactions (where available), discounted cash flow analysis, option pricing
models and other valuation techniques commonly used by market participants.
Models use observable data, to the extent practicable. However, areas such as
credit risk, volatilities and correlations require Future Value Consultants
Limited to make estimates. Changes in assumptions about these factors could
affect the reported fair value of financial instruments.
Different assumptions regarding these factors, combined with different valuation
techniques and models used, could lead to different valuations of the financial
instruments produced by different parties. As at the net asset statement date,
valuation data provided by J P Morgan Securities Limited was GBP3,033,283 higher
than that provided by Future Value Consultants Limited.
Being cognisant of current market conditions, the Company believes that the
valuations provided by Future Value Consultants Limited comply with the
definition of fair value as defined by International Financing Reporting
Standards and are more appropriate.
The investments will be derecognised on their redemption date. Gains and losses
on the sale of investments will be taken to the Statement of Operations.
Close Assets Funds Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS
as at 30 September 2009 (continued)
1. ACCOUNTING POLICIES (continued)
(h) Put Option
The Put option was initially recognised at the fair value of the consideration
received on the date of sale, and included within Payables falling due after
more than one year. After initial recognition, the Put option is measured at
fair value with unrealised gains and losses being recognised in the Statement of
Operations. The Put option will be derecognised at maturity on 22 November 2012.
(i) Trade Date Accounting
All "regular way" purchases and sales of financial assets are recognised on the
"trade date", i.e. the date that the entity commits to purchase or sell the
asset. Regular way purchases or sales are purchases or sales of financial assets
that require delivery of the asset within the time frame generally established
by regulations or convention in the market place.
(j) Segmental Reporting
The directors are of the opinion that the Company is engaged in a single segment
of business, being investment business in the United Kingdom.
2. OPERATING EXPENSES
+---------------------------------+------+-------------+--+---------------+
| | | TOTAL | | TOTAL |
+---------------------------------+------+-------------+--+---------------+
| | | 1 Apr to | | 1 Apr to |
+---------------------------------+------+-------------+--+---------------+
| | | 30 Sep 2009 | | 30 Sep 2008 |
+---------------------------------+------+-------------+--+---------------+
| | | GBP | | GBP |
+---------------------------------+------+-------------+--+---------------+
| | | | | |
+---------------------------------+------+-------------+--+---------------+
| Amortisation of debt issue | | 25,109 | | 25,109 |
| costs | | | | |
+---------------------------------+------+-------------+--+---------------+
| Investment management fees (1) | | 92,922 | | 92,668 |
+---------------------------------+------+-------------+--+---------------+
| Administration fees | | 12,283 | | 12,250 |
+---------------------------------+------+-------------+--+---------------+
| Directors' remuneration | | 10,500 | | 10,500 |
+---------------------------------+------+-------------+--+---------------+
| Registration fees | | 3,390 | | 3,125 |
+---------------------------------+------+-------------+--+---------------+
| Annual fees | | 12,782 | | 4,768 |
+---------------------------------+------+-------------+--+---------------+
| Directors' and Officers' | | 5,400 | | 5,400 |
| insurance | | | | |
+---------------------------------+------+-------------+--+---------------+
| Audit fees | | 4,000 | | 5,000 |
+---------------------------------+------+-------------+--+---------------+
| Printing and stationary | | 2,189 | | 3,384 |
+---------------------------------+------+-------------+--+---------------+
| Sundry costs | | 2,456 | | 1,507 |
+---------------------------------+------+-------------+--+---------------+
| Other operating expenses | | (11,560) | | 30,799 |
+---------------------------------+------+-------------+--+---------------+
| | | | | |
+---------------------------------+------+-------------+--+---------------+
| | | 159,471 | | 194,510 |
+---------------------------------+------+-------------+--+---------------+
| | | | | |
+---------------------------------+------+-------------+--+---------------+
| Less: Bank interest income | | (577) | | (35,613) |
+---------------------------------+------+-------------+--+---------------+
| | | | | |
+---------------------------------+------+-------------+--+---------------+
| | | 158,894 | | 158,897 |
+---------------------------------+------+-------------+--+---------------+
(1) The Manager is entitled to receive a fee from the Company at an annual rate
of 0.35% of the Initial Gross Proceeds of Fund 2012.
Close Assets Funds Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS
as at 30 September 2009 (continued)
3. DIRECTORS' REMUNERATION
The prospectus for Close UK Index Growth Fund 2012 provided that each director
would be paid a basic fee of GBP5,000 per annum and an additional fee of
GBP3,000 per annum for the Close US Index Growth Fund 2007. Following the
maturity of Close US Index Growth Fund 2007 the Board resolved that each
director be paid an annual fee of GBP7,000 per annum, such rate to be effective
1 April 2007. In order that there be no risk that the interests of shareholders
in Fund 2012 might be impacted by this increase in directors' fees, the Manager
undertook to increase the amount of its contingent rebate by GBP6,000 per annum
and by GBP36,000 in the last financial period preceding the Redemption Date.
4. EARNINGS PER SHARE
Earnings per Share is based on the net gain for the period attributable to
shareholders of GBP15,458,289 (2008: GBP9,754,605 loss) and on 35,625,000 (2008:
35,625,000) shares, being the weighted average number of Shares in issue during
the period. There are no dilutive instruments and therefore basic and diluted
earnings per Share are identical.
5. INVESTMENTS
+------------------------------------+----+-------------+--+--------------+
| UNQUOTED FINANCIAL ASSETS | | TOTAL | | TOTAL |
+------------------------------------+----+-------------+--+--------------+
| DESIGNATED AS AT FAIR VALUE | | 30 Sept | | 31 Mar 2009 |
| THROUGH | | 2009 | | |
+------------------------------------+----+-------------+--+--------------+
| PROFIT OR LOSS | | GBP | | GBP |
+------------------------------------+----+-------------+--+--------------+
| | | | | |
+------------------------------------+----+-------------+--+--------------+
| Opening portfolio cost | | 52,953,000 | | 52,953,000 |
+------------------------------------+----+-------------+--+--------------+
| | | | | |
+------------------------------------+----+-------------+--+--------------+
| Unrealised (depreciation) / | | | | |
| appreciation on | | | | |
+------------------------------------+----+-------------+--+--------------+
| valuation brought forward | | (5,522,517) | | 63,743 |
+------------------------------------+----+-------------+--+--------------+
| | | | | |
+------------------------------------+----+-------------+--+--------------+
| Unrealised appreciation / | | | | |
| (depreciation) on | | | | |
+------------------------------------+----+-------------+--+--------------+
| valuation for the period | | 5,997,581 | | (5,586,260) |
+------------------------------------+----+-------------+--+--------------+
| | | | | |
+------------------------------------+----+-------------+--+--------------+
| Unrealised appreciation / | | | | |
| (depreciation) on | | | | |
+------------------------------------+----+-------------+--+--------------+
| valuation carried forward | | 475,064 | | (5,522,517) |
+------------------------------------+----+-------------+--+--------------+
| | | | | |
+------------------------------------+----+-------------+--+--------------+
| Closing valuation | | 53,428,064 | | 47,430,483 |
+------------------------------------+----+-------------+--+--------------+
Valuations of investments are based on valuations provided by Future Value
Consultants Limited (the "Calculation Agent"). The provided valuations are
derived from proprietary models based upon well-recognised financial principles
and reasonable estimates about relevant future market conditions.
To comply with the definition of fair value as defined by International
Financial Reporting Standards, Future Value Consultants Limited was engaged to
provide valuations of the Company's investments, taking account of the current
counterparty credit risk of the issuers of the debt securities held by the
Company. Details of the quantitative effect of using different valuation
providers is given in note 1(g).
Close Assets Funds Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS
as at 30 September 2009 (continued)
5. INVESTMENTS (continued)
All debt securities held by the Company have been classified as Level 2 in
accordance with the fair value hierarchy. There have been no transfers between
Level 1 and Level 2 of the fair value hierarchy during the period under review.
The Debt Securities in the Close UK Index Growth Fund 2012's portfolio are
Sterling-denominated non-coupon and non-interest bearing medium term notes
linked to the FTSE 100 Index. They carry a maximum redemption amount of 164 per
cent of their principal amount which will be payable provided the FTSE 100 Index
rises by 16 per cent or more between 22 November 2006 and November 2012 (the
"Calculation Period"). For each percentage point rise in the FTSE 100 Index up
to a maximum of 16% over the Calculation Period the maximum redemption amount
will be increased by approximately four per cent, subject to a maximum increase
of 64%. In the event that the FTSE 100 Index falls over the Calculation Period,
the Debt Securities are designed to return 100% of their principal amount.
Valuation data provided by the Calculation Agent to the Company is provided for
informational purposes only and does not represent an offer to buy or sell the
debt securities by Future Value Consultants Limited or any other party. The
valuations provided are an indication of market levels and do not imply that
they can be sold at that valuation price. They are based on assumptions and
data Future Value Consultants Limited considers in its judgement reasonable, but
an alternative valuer might arrive at different valuations for the same
investments.
6. RECEIVABLES
+-------------------------------------+--+-------------+--+--------------+
| | | TOTAL | | TOTAL |
+-------------------------------------+--+-------------+--+--------------+
| | | 30 Sep 2009 | | 31 Mar 2009 |
+-------------------------------------+--+-------------+--+--------------+
| | | GBP | | GBP |
+-------------------------------------+--+-------------+--+--------------+
| | | | | |
+-------------------------------------+--+-------------+--+--------------+
| Prepaid expenditure | | 8,457 | | 8,175 |
+-------------------------------------+--+-------------+--+--------------+
| Prepaid debt issue costs | | 157,652 | | 182,761 |
+-------------------------------------+--+-------------+--+--------------+
| Sundry debtors | | 3,940 | | 3,939 |
+-------------------------------------+--+-------------+--+--------------+
| | | | | |
+-------------------------------------+--+-------------+--+--------------+
| | | 170,049 | | 194,875 |
+-------------------------------------+--+-------------+--+--------------+
7. PAYABLES (amounts falling due within one year)
+-------------------------------------+--+-------------+--+--------------+
| | | TOTAL | | TOTAL |
+-------------------------------------+--+-------------+--+--------------+
| | | 30 Sep 2009 | | 31 Mar 2009 |
+-------------------------------------+--+-------------+--+--------------+
| | | GBP | | GBP |
+-------------------------------------+--+-------------+--+--------------+
| | | | | |
+-------------------------------------+--+-------------+--+--------------+
| Accrued administration fees | | 2,014 | | 2,081 |
+-------------------------------------+--+-------------+--+--------------+
| Accrued registration fees | | 534 | | 507 |
+-------------------------------------+--+-------------+--+--------------+
| Accrued audit fees | | 4,000 | | 8,000 |
+-------------------------------------+--+-------------+--+--------------+
| Other accrued expenses (1) | | 226,531 | | 244,511 |
+-------------------------------------+--+-------------+--+--------------+
| | | | | |
+-------------------------------------+--+-------------+--+--------------+
| | | 233,079 | | 255,099 |
+-------------------------------------+--+-------------+--+--------------+
Close Assets Funds Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS
as at 30 September 2009 (continued)
7. PAYABLES (amounts falling due within one year) (continued)
(1) Consisting of the currently estimated surplus cash remaining in the bank
account established in respect of the ongoing, annual and redemption expenses of
each Fund after payment of all such budgeted expenses to date, which will be
payable to the Manager at the Redemption Date, as set out in the Prospectus of
each Fund, together with other accrued expenses of an immaterial amount.
8. PAYABLES (amounts falling due after one year)
+-------------------------------------+--+-------------+--+--------------+
| | | TOTAL | | TOTAL |
+-------------------------------------+--+-------------+--+--------------+
| | | 30 Sep 2009 | | 31 Mar 2009 |
+-------------------------------------+--+-------------+--+--------------+
| FINANCIAL LIABILITIES | | GBP | | GBP |
+-------------------------------------+--+-------------+--+--------------+
| | | | | |
+-------------------------------------+--+-------------+--+--------------+
| Fair value of the Put Option | | 9,790,582 | | 19,410,184 |
+-------------------------------------+--+-------------+--+--------------+
| | | | | |
+-------------------------------------+--+-------------+--+--------------+
| | | 9,790,582 | | 19,410,184 |
+-------------------------------------+--+-------------+--+--------------+
The performance of the Put option is linked to the performance of the FTSE 100
Index. At an Index value of 6,160.30 or above at the close of business on 22
November 2012, or if the Index has never closed below 3,080.15 during the
calculation period from 22 November 2006 to 22 November 2012 (the "Calculation
Period"), the Put Option will be worth GBPNil at maturity. If the Index has
closed below 3,080.15 over the Calculation Period and the Index is still below
6,160.30 at 22 November 2012, the Put Option will be worth a percentage of the
notional value, being GBP52,953,000, equivalent to the percentage fall in the
level of the FTSE 100 Index over the Calculation Period.
The Put Option is not exercisable until the maturity date of 22 November 2012.
The Put Option has been classified as Level 2 in accordance with the fair value
hierarchy. There have been no transfers between Level 1 and Level 2 of the fair
value hierarchy during the period under review.
The fair value of the Put option is based on the valuation provided by the
Calculation Agent. There is no active market regarding the Put option.
J.P. Morgan Chase Bank N.A., in its capacity as the Put Option counterparty, has
security over the financial assets held by the Company for payment of any monies
owed upon maturity or termination of the Put Option contract.
The original proceeds from the sale of the Put Option were GBP4,209,763.50.
Close Assets Funds Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS
as at 30 September 2009 (continued)
9. SHARE CAPITAL
+--------------------------------------------+--+-------------+--+----------+
| Authorised | | SHARES | | GBP |
+--------------------------------------------+--+-------------+--+----------+
| | | | | |
+--------------------------------------------+--+-------------+--+----------+
| Unclassified shares of 0.01p each | | 200,000,000 | | 20,000 |
+--------------------------------------------+--+-------------+--+----------+
| Management shares of GBP1 each | | 100 | | 100 |
+--------------------------------------------+--+-------------+--+----------+
| | | | | |
+--------------------------------------------+--+-------------+--+----------+
| | | | | 20,100 |
+--------------------------------------------+--+-------------+--+----------+
+--------------------+------------+--+------------+--+------------+--+------------+
| Issued | Management | | Nominal | | FUND | | |
+--------------------+------------+--+------------+--+------------+--+------------+
| | Shares | | Shares | | 2012 | | TOTAL |
+--------------------+------------+--+------------+--+------------+--+------------+
| Shares in issue | | | | | | | |
+--------------------+------------+--+------------+--+------------+--+------------+
| at 31 March 2009 | | | | | | | |
+--------------------+------------+--+------------+--+------------+--+------------+
| and 30 September | 2 | | 39,375,000 | | 35,625,000 | | 75,000,002 |
| 2009 | | | | | | | |
+--------------------+------------+--+------------+--+------------+--+------------+
+--------------------+------------+--+----------+--+------------+--+----------+
| Issued | Management | | Nominal | | FUND | | |
+--------------------+------------+--+----------+--+------------+--+----------+
| | Shares | | Shares | | 2012 | | TOTAL |
+--------------------+------------+--+----------+--+------------+--+----------+
| | GBP | | GBP | | GBP | | GBP |
+--------------------+------------+--+----------+--+------------+--+----------+
| Issued share | | | | | | | |
| capital as | | | | | | | |
+--------------------+------------+--+----------+--+------------+--+----------+
| at 31 March 2009 | | | | | | | |
+--------------------+------------+--+----------+--+------------+--+----------+
| and 30 September | 2 | | 3,937 | | 3,563 | | 7,502 |
| 2009 | | | | | | | |
+--------------------+------------+--+----------+--+------------+--+----------+
Zero Dividend Shares are redeemable on or around 22 November 2012. The Company
is closed-ended and therefore shareholders have no right to request the Company
to repurchase their Zero Dividend Shares or to redeem them prior to the
redemption date. If the Company is wound up prior to the redemption date,
shareholders will be entitled to the net asset value of the Zero Dividend Shares
on the winding up date. No dividends will be paid on the Zero Dividend Shares.
Nominal shares are issued for administrative purposes and carry no rights as to
dividends or voting.
Management shares are not redeemable, do not carry any right to dividends and in
a winding up rank only for a return of the nominal amount paid up thereon after
the return of capital on Zero Dividend Shares and Nominal Shares, together with
any balance remaining in the Management Fund.
10. SHARE PREMIUM
+------------------------------------------------+--+--+--+--------------+
| | | | | TOTAL |
+------------------------------------------------+--+--+--+--------------+
| | | | | GBP |
+------------------------------------------------+--+--+--+--------------+
| | | | | |
+------------------------------------------------+--+--+--+--------------+
| Share premium as at 31 March 2009 and 30 | | | | 52,949,438 |
| September 2009 | | | | |
+------------------------------------------------+--+--+--+--------------+
Close Assets Funds Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS
as at 30 September 2009 (continued)
11. FINANCIAL INSTRUMENTS
The Company's main financial instruments comprise:
(a)Cash and cash equivalents that arise directly from the Company's operations;
(b) Sterling-denominated debt securities whose performance is based on the
performance of the FTSE 100 Index; and
(c) The Company has also sold a Put Option, whose performance is based on the
performance of the FTSE 100 Index. Details of the Put Option contract are shown
in Note 8.
12. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The main risks arising from the Company's financial instruments are market price
risk, credit risk, liquidity risk and interest rate risk. The Board regularly
review and agrees policies for managing each of these risks and these are
summarised below:
(a) Market Price Risk
Market price risk arises mainly from uncertainty about future prices of
financial instruments held. It represents the potential loss the Company might
suffer through holding market positions in the face of price movements. The
Manager actively monitors market prices and reports to the Board as to the
appropriateness of the prices used for valuation purposes. A list of investments
held by the Company is shown in the Schedule of Investments (unaudited) on pages
28 and 29.
Details of the Company's Investment Objective and Policy is shown on page 1 and
2.
Price sensitivity
The following details the Company's sensitivity to a 10% increase and decrease
in the final market prices of its constituent financial assets and liabilities.
The final redemption value of the Shares is determined by reference to the
performance of the FTSE 100 Index over the calculation period (the "Calculation
Period") from 23 November 2006 (the "Start Date") to 22 November 2012 (the "End
Date"). If at the End Date the Index stands below 6,160.30 (the "Start Value")
but has not closed below 3,080.15 during the Calculation Period, the redemption
entitlement will be equal to 148.64 pence per Share.
During the period from the Start Date to 30 September 2009 the Index had not
closed below 3,080.15.On 30 September 2009, the Index closed at 5,133.90.
As the Index would need to decline by more than 40.00% from its level as at 30
September 2009 for the redemption entitlement due to be less than 148.64 pence
per Share and further as the Index would need to rise by more than 19.99% as at
the End Date for the redemption entitlement due to be more than 148.64 pence per
Share, as at 30 September 2009 the Company had no material sensitivity to either
a 10% increase or decrease in the level of the Index.
Close Assets Funds Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS
as at 30 September 2009 (continued)
12. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(b) Credit Risk
Credit risk is the risk that an issuer or counterparty will be unable or
unwilling to meet a commitment that it has entered into with the Company. At the
date of this report all issuers carried an investment grade credit rating. The
Board monitors credit risk and will consider further action if the credit rating
of an issuer falls below A- or A3 as ranked by Standard and Poor's and Moody's
respectively. Credit risks are controlled in the Company because the MTN's have
been purchased from several different issuers.
The following table details the aggregate investment grade of the debt
instruments in the portfolio, as a percentage of the value of the Company's
investments at 30 September 2009 (31 March 2009 for the comparative period) as
rated by Moody's Investor Services Inc ("Moody's"):
+--------------------+--------------------+--+-----------+--+--------------+
| Rating | 19 November 2009* | | 30 Sep | | 31 Mar 2009 |
| | | | 2009 | | |
+--------------------+--------------------+--+-----------+--+--------------+
| | | | | | |
+--------------------+--------------------+--+-----------+--+--------------+
| Aaa | 0.00% | | 0.00% | | 0.00% |
+--------------------+--------------------+--+-----------+--+--------------+
| Aa | 34.31% | | 34.31% | | 34.64% |
+--------------------+--------------------+--+-----------+--+--------------+
| A | 65.69% | | 65.69% | | 65.36% |
+--------------------+--------------------+--+-----------+--+--------------+
*Based on the value of the Company's investments at 30 September 2009.
The credit risk on cash transactions and transactions involving derivative
financial instruments is mitigated by transacting with counterparties that are
regulated entities subject to prudential supervision, or with high credit
ratings assigned by international credit rating agencies.
(c) Liquidity Risk
Liquidity risk is the risk that Company will encounter difficulty in realising
assets or otherwise raising funds to meet financial commitments. The Company's
main financial commitments are its ongoing operating expenses and any cash
settlement due to the Put Option Counterparty on the maturity of the Put Option,
scheduled to occur on 22 November 2012.
Upon the issue of the Shares in November 2006 the Company created a cash reserve
(the "Expense Provision") in the amount of 2.1% of the amount raised by the
issue of the Shares (the "Initial Gross Proceeds") plus GBP500,000, such amount
being estimated in the opinion of the directors upon the advice of the Manager
and the Administrator to be sufficient to meet the operating expenses reasonably
expected to be incurred over the life of the Shares.
At each quarterly Board meeting and at the end of each financial period the
directors review the Expense Provision against the expected future expenses
(other than the Manager's fee) of the Company. To the extent that the directors
consider that the Expense Provision is less than 150 per cent of the expected
future expenses of the Company (other than the Manager's fee), the directors
may, having first consulted
Close Assets Funds Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS
as at 30 September 2009 (continued)
12. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(c) Liquidity Risk (continued)
the Manager, at their discretion reduce the amount of investment management fees
payable to the Manager (subject to a maximum reduction of 50 per cent) in order
to re-establish the 150 per cent cover.
If at any time during the life of the Company, notwithstanding the arrangements
summarised above, the Expense Provision is exhausted then, subject to the
relevant excess expenses having been agreed by the Manager, the Manager will
make good such shortfall from its own resources, subject to a maximum in each of
the first five annual financial periods of 0.25 per cent of the Initial Gross
Proceeds and in the last financial period preceding the Redemption Date, of a
maximum amount of GBP100,000.
Should these expenses exceed this cap the return to Shareholders will be
adversely impacted. The directors do not anticipate that the expenses will
exceed the Expense Provision.
The Euro Medium Term Notes (the "Debt Securities") purchased by the Company
mature on 22 November 2012 (the "Maturity Date") and are due to be redeemed at
their notional face value plus four times the performance increase between 22
November 2006 and 22 November 2012 in the FTSE 100 Index, capped at an amount
equal to 64% of the notional face value, so that the aggregate maturity proceeds
are expected to be between GBP52,953,000 if the FTSE 100 Index closes on 22
November 2012 at or below its starting value on 22 November 2006 of 6,160.30 and
a maximum of GBP86,842,920 if the FTSE 100 closes at or above 6,160.30 on 22
November 2012, all subject to counterparty default.
Provided that none of the issuers of the Debt Securities default on their
obligation to pay the maturity proceeds on the Maturity Date, the minimum
maturity proceeds of GBP52,953,000 due are intended to satisfy the maximum
payment due to be made by the Company to the Put Option Counterparty on the
maturity of the Put Option of GBP52,953,000.
The directors and the Manager monitor the credit ratings of all issuers of the
Debt Securities. In the event of any downgrading in the long-term credit rating
of any issuer below A- or A3, as determined by Standard & Poor's and/or Moody's
Investor Services Inc. respectively, the Company may in its absolute discretion
seek to sell the relevant Debt Securities to third party purchasers and to
reinvest the proceeds in the purchase of Debt Securities of another issuer such
that the new Debt Securities will replicate as closely as possible the terms and
conditions of the original Debt Securities. If the purchase of such Debt
Securities is not possible, the Directors may reinvest such proceeds as they see
fit in investments which, in the opinion of the Directors, as nearly as is
practicable, replicate the investment characteristics of the Debt Securities
sold and so that the proceeds are invested, as nearly as is practicable in
accordance with the Company's stated investment objective.
Close Assets Funds Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS
as at 30 September 2009 (continued)
12. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(c) Liquidity Risk (continued)
No assurance can be given that the Company will be able to sell the Debt
Securities, for the reasons described above or on a winding-up of the Company,
at a favourable price or at all. Even if the Company is able to sell such Debt
Securities, the sale of the Debt Securities may result in a lower return than
would have been the case if the long-term credit rating of the issuer of the
relevant Debt Securities had not been downgraded and the original Debt
Securities had been retained and were redeemed on the maturity date.
As at the accounting reference date and the date of this report, all issuers of
the Debt Securities carried on investment grade credit rating.
(d) Interest Rate Risk
The Company holds cash on fixed deposit, the return on which is subject to
fluctuations in market interest rates. All fixed deposits mature within three
months.
The weighted average effective interest rate for cash and bank balances as at 30
September 2009 was 1.34% (Mar 2009: 4.02%).
None of the other assets or liabilities of the Company attract or incur
interest.
Interest rate sensitivity
Interest rate risk arises from the possibility that changes in interest rates
will affect future cash flows or the fair value of financial instruments. Except
for cash set aside to meet expenses, the Company's assets and liabilities are
expected to be held until the Redemption Date.
If interest rates had been 100 basis points higher and all other variables were
held constant, the Company's net assets attributable to shareholders as at 30
September 2009 would have been GBP5,355 greater (2009: GBP12,270) due to an
increase in the amount of interest receivable on the bank balances.
If interest rates had been 100 basis points lower and all other variables were
held constant, the Company's net assets attributable for the period ended 30
September 2009 would have been GBP5,355 lower (2009: GBP12,270) due to a
decrease in the amount of interest receivable on the bank balances.
The Company's sensitivity to interest rates is lower in 2009 than in March 2009
because of a decrease in the amount of cash held.
(e) Currency Risk
As both the Shares and the Debt Securities are Sterling denominated,
shareholders investing for Sterling returns will not be exposed to direct
currency risk. The value of the underlying securities comprising the FTSE 100
may be affected by changes in the economic, political or social environment in
Europe, as well as globally, including changes in exchange rates.
Close Assets Funds Limited (the "Company")
NOTES TO THE FINANCIAL STATEMENTS
as at 30 September 2009 (continued)
12. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(f) Capital management
The investment objective of the Company is to provide shareholders, on the
Redemption Date, with a payment per Zero Dividend Share which will comprise a
capital amount of 148.64p per Share and a growth amount per Share equal to four
times any percentage increase in the value of the Index (the "End Value") as at
22 November 2012 (the "End Date") relative to its value (the "Start Value") as
at 22 November 2006 (the "Start Date"), such amount being expressed in pence and
rounded down to the next half pence, subject to a maximum increase of 64 per
cent of the issue price of 148.64 pence per Share.
The Company has an unlimited life but the Zero Dividend Shares will be redeemed
on or around 22 November 2012. Until then the Company has a fixed capital.
(g) Collateral
Under the terms of a Pledge Agreement dated 7 December 2006 entered into between
the Company and the Put Option Counterparty, the Company has pledged the Debt
Securities, and all rights, title and interest therein, and any and all proceeds
resulting from the sale or repayment of the Debt Securities as security for the
Company's contingent liability under the Put Option sold to the Put Option
Counterparty, further details of which are shown at Note 8. The collateral is
held by a custodian in a segregated account in Euroclear. Where there is an
event of default in respect of the Company under the Put Option, the Put Option
Counterparty will be entitled to enforce its security over the Debt Securities.
13. ULTIMATE CONTROLLING PARTY
In the opinion of the directors, the Company has no ultimate controlling party.
Close Assets Funds Limited (the "Company")
Schedule of Investments
as at 30 September 2009
+--------------------------------------+--+-----------+--+------------+--+------------+
| CLOSE UK INDEX GROWTH FUND 2012 | | NOMINAL | | VALUATION | | TOTAL NET |
+--------------------------------------+--+-----------+--+------------+--+------------+
| DEBT SECURITIES PORTFOLIO | | HOLDINGS | | GBP | | ASSETS |
+--------------------------------------+--+-----------+--+------------+--+------------+
| | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| Abbey National Treasury Services Plc | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| EMTN 6 December 2012 | | 8,800,000 | | 9,146,049 | | 20.49% |
+--------------------------------------+--+-----------+--+------------+--+------------+
| | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| Britannia Building Society | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| EMTN 6 December 2012 | | 8,800,000 | | 8,414,518 | | 18.85% |
+--------------------------------------+--+-----------+--+------------+--+------------+
| | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| Caisse Centrale du Credit Immobilier | | | | | | |
| de France | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| EMTN 6 December 2012 | | 8,800,000 | | 9,065,843 | | 20.31% |
+--------------------------------------+--+-----------+--+------------+--+------------+
| | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| Irish Life & Permanent Plc | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| EMTN 6 December 2012 | | 8,800,000 | | 8,855,845 | | 19.84% |
+--------------------------------------+--+-----------+--+------------+--+------------+
| | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| Royal Bank of Scotland Plc | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| EMTN 6 December 2012 | | 8,953,000 | | 9,180,044 | | 20.56% |
+--------------------------------------+--+-----------+--+------------+--+------------+
| | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| SNS Bank NV | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| EMTN 6 December 2012 | | 8,800,000 | | 8,765,765 | | 19.63% |
+--------------------------------------+--+-----------+--+------------+--+------------+
| | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| | | | | 53,428,064 | | 119.67% |
+--------------------------------------+--+-----------+--+------------+--+------------+
The Company has also sold a Put Option, details of which are shown below:
+--------------------------------------+--+------------+--+-------------+
| | | NOMINAL | | VALUATION |
+--------------------------------------+--+------------+--+-------------+
| | | HOLDING | | GBP |
+--------------------------------------+--+------------+--+-------------+
| | | | | |
+--------------------------------------+--+------------+--+-------------+
| JP Morgan Chase Bank FTSE 100 Index | | | | |
+--------------------------------------+--+------------+--+-------------+
| Option maturing 22 November 2012 | | 52,953,000 | | (9,790,582) |
+--------------------------------------+--+------------+--+-------------+
Close Assets Funds Limited (the "Company")
Schedule of Investments
as at 31 March 2009
+--------------------------------------+--+-----------+--+------------+--+------------+
| CLOSE UK INDEX GROWTH FUND 2012 | | NOMINAL | | VALUATION | | TOTAL NET |
+--------------------------------------+--+-----------+--+------------+--+------------+
| DEBT SECURITIES PORTFOLIO | | HOLDINGS | | GBP | | ASSETS |
+--------------------------------------+--+-----------+--+------------+--+------------+
| | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| Abbey National Treasury Services Plc | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| EMTN 6 December 2012 | | 8,800,000 | | 8,273,989 | | 28.35% |
+--------------------------------------+--+-----------+--+------------+--+------------+
| | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| Britannia Building Society | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| EMTN 6 December 2012 | | 8,800,000 | | 7,483,099 | | 25.64% |
+--------------------------------------+--+-----------+--+------------+--+------------+
| | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| Caisse Centrale du Credit Immobilier | | | | | | |
| de France | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| EMTN 6 December 2012 | | 8,800,000 | | 8,094,913 | | 27.73% |
+--------------------------------------+--+-----------+--+------------+--+------------+
| | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| Irish Life & Permanent Plc | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| EMTN 6 December 2012 | | 8,800,000 | | 7,691,997 | | 26.35% |
+--------------------------------------+--+-----------+--+------------+--+------------+
| | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| Royal Bank of Scotland Plc | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| EMTN 6 December 2012 | | 8,953,000 | | 8,157,935 | | 27.95% |
+--------------------------------------+--+-----------+--+------------+--+------------+
| | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| SNS Bank NV | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| EMTN 6 December 2012 | | 8,800,000 | | 7,728,550 | | 26.48% |
+--------------------------------------+--+-----------+--+------------+--+------------+
| | | | | | | |
+--------------------------------------+--+-----------+--+------------+--+------------+
| | | | | 47,430,483 | | 162.50% |
+--------------------------------------+--+-----------+--+------------+--+------------+
The Company has also sold a Put option, details of which are shown below:
+--------------------------------------+--+------------+--+--------------+
| | | NOMINAL | | VALUATION |
+--------------------------------------+--+------------+--+--------------+
| | | HOLDING | | GBP |
+--------------------------------------+--+------------+--+--------------+
| | | | | |
+--------------------------------------+--+------------+--+--------------+
| JP Morgan Chase Bank FTSE 100 Index | | | | |
+--------------------------------------+--+------------+--+--------------+
| Option maturing 22 November 2012 | | 52,953,000 | | (19,410,184) |
+--------------------------------------+--+------------+--+--------------+
Close Assets Funds Limited (the "Company")
SHAREHOLDER INFORMATION
The Company's Zero Dividend shares are listed on the London Stock Exchange.
Mid-market closing prices are quoted daily in the Financial Times. Company
announcements and daily market closing prices of the Company's Zero Dividend
Shares are available on Reuters, Bloomberg and on-line on the web. The ISIN of
the Company's Shares is GG00B1GJ9885 and the London Stock Exchange mnemonic is
CSUZ.
Monthly factsheets are issued by the Manager and can be down-loaded from the
Manager's website www.closeam.com
The Annual Financial Report for the year ended 31 March 2010 is intended to be
made public and sent to Shareholders in June 2010 together with a Notice of
Meeting convening a General Meeting of shareholders.
SHARE DEALING
Shares may be dealt in directly through a stockbroker or professional adviser
acting on an investor's behalf. The buying and selling of shares may be settled
through CREST.
SHAREHOLDER ENQUIRIES
The Company's Registrar is Anson Registrars Limited in Guernsey and they can be
contacted on 01481 711301.
Close Assets Funds Limited (the "Company")
Registered in Guernsey No. 38853
DIRECTORS AND SERVICE PROVIDERS
+----------------------------------+-------------------------------------------+
| Directors | Richard de la Rue (Chairman) |
+----------------------------------+-------------------------------------------+
| | Jonathan Gumpel |
+----------------------------------+-------------------------------------------+
| | John Hunter |
+----------------------------------+-------------------------------------------+
| Manager | Close Investments Limited |
+----------------------------------+-------------------------------------------+
| | (Authorised and Regulated by the |
| | Financial |
+----------------------------------+-------------------------------------------+
| | Services Authority) |
+----------------------------------+-------------------------------------------+
| | 10 Exchange Square |
+----------------------------------+-------------------------------------------+
| | Primrose Street |
+----------------------------------+-------------------------------------------+
| | London |
+----------------------------------+-------------------------------------------+
| | England EC2A 2BY |
+----------------------------------+-------------------------------------------+
| Administrator and Secretary | Anson Fund Managers Limited |
+----------------------------------+-------------------------------------------+
| | PO Box 405 |
+----------------------------------+-------------------------------------------+
| | Anson Place |
+----------------------------------+-------------------------------------------+
| | Mill Court |
+----------------------------------+-------------------------------------------+
| | La Charroterie |
+----------------------------------+-------------------------------------------+
| | St Peter Port |
+----------------------------------+-------------------------------------------+
| | Guernsey GY1 3GF |
+----------------------------------+-------------------------------------------+
| Principal Bankers | Royal Bank of Scotland International |
| | Limited |
+----------------------------------+-------------------------------------------+
| | Guernsey Branch |
+----------------------------------+-------------------------------------------+
| | Royal Bank Place |
+----------------------------------+-------------------------------------------+
| | 1 Glategny Esplanade |
+----------------------------------+-------------------------------------------+
| | St Peter Port |
+----------------------------------+-------------------------------------------+
| | Guernsey GY1 4BQ |
+----------------------------------+-------------------------------------------+
| Auditor | Saffery Champness |
+----------------------------------+-------------------------------------------+
| | La Tonnelle House |
+----------------------------------+-------------------------------------------+
| | Les Banques |
+----------------------------------+-------------------------------------------+
| | St Sampson |
+----------------------------------+-------------------------------------------+
| | Guernsey GY1 3HS |
+----------------------------------+-------------------------------------------+
| Registrar, Transfer Agent | Anson Registrars Limited |
+----------------------------------+-------------------------------------------+
| and Paying Agent | PO Box 426 |
+----------------------------------+-------------------------------------------+
| | Anson Place |
+----------------------------------+-------------------------------------------+
| | Mill Court |
+----------------------------------+-------------------------------------------+
| | La Charrotterie |
+----------------------------------+-------------------------------------------+
| | St Peter Port |
+----------------------------------+-------------------------------------------+
| | Guernsey GY1 3WX |
+----------------------------------+-------------------------------------------+
| UK Transfer Agent | Anson Administration (UK) Limited |
+----------------------------------+-------------------------------------------+
| | 3500 Parkway |
+----------------------------------+-------------------------------------------+
| | Whiteley, Fareham |
+----------------------------------+-------------------------------------------+
| | Hampshire |
+----------------------------------+-------------------------------------------+
| | England PO15 7AL |
+----------------------------------+-------------------------------------------+
| Registered Office of the Company | Anson Place |
+----------------------------------+-------------------------------------------+
| | Mill Court |
+----------------------------------+-------------------------------------------+
| | La Charrotterie |
+----------------------------------+-------------------------------------------+
| | St Peter Port |
+----------------------------------+-------------------------------------------+
| | Guernsey GY1 1EJ |
+----------------------------------+-------------------------------------------+
| Corporate Broker | Matrix Corporate Capital LLP |
+----------------------------------+-------------------------------------------+
| | One Vine Street, London |
+----------------------------------+-------------------------------------------+
| | England, W1J 1EJ |
+----------------------------------+-------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR CKNKDFBDDBDB
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