Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Foreign&Col Invest (FRCL)

  Print      Mail a friend       Annual reports

Tuesday 08 May, 2012

Foreign&Col Invest

Interim Management Statement

RNS Number : 8564C
Foreign & Col Invest Trust PLC
08 May 2012
 



Foreign & Colonial Investment Trust PLC

Interim management statement

For the three month period to 31 March 2012

 

Investment Objective

 

To secure long-term growth in capital and income through a policy of investing primarily in an internationally diversified portfolio of publicly listed equities, as well as unlisted securities and private equity, with the use of gearing.

 

 

 

 

Performance summary

 

 

31 March 2012

 

31 December 2011

 

Movement

 

 

 

 

Net asset value per share, with debt at market value

 

353.19p

322.86p

+9.39%

Share price

315.90p

288.50p

+9.50%

 

 

 

 

Discount with debt at market value

10.56%

10.64%

N/A

 

 

 

 

Effective gearing, with debt at par

14.4%

15.8%

N/A

 

(Source F&C Management Limited)

 

 

 

 

 

 

 

 

Total returns for the three months ended

31 March 2012

 

 

 

Net asset value, with debt at market value

 

 

9.69%

 

 

 

Share price

 

9.50%

 

 

 

Composite benchmark index

 

8.09%

 

 

           

 



Dividend policy

The final dividend for 2011 of 4.10 pence per share, giving a total for the year ended 31 December 2011 of 7.10 pence, will be paid on 11 May 2012 to shareholders on the register on 13 April 2012. The Board expects to be able to increase the total dividend for 2012.

 

Board changes

Sir Michael Bunbury and Sir David Clementi will retire from the Board immediately after the Annual General Meeting today.

 

Review of the first quarter

The NAV total return (with debt at market value) for the three months ended 31 March 2012 was 9.69% and the share price total return was 9.50%. This compares with 8.09% for the Company's benchmark (40% FTSE-All share and 60% FTSE WI World ex UK indices).

 

In the quarter there were private equity drawdown payments of £11.5m and distributions received of £15.6m. The private equity portfolio was valued at £417.4m, compared with £428.1m at 31 December 2011. This was due to distributions and exchange rate movements.  Our undrawn commitments decreased to £133m at 31 March 2012 (31 December 2011: £142m).  We made no new commitments to private equity funds.

 

Effective gearing (with debt at par value) decreased in the three months since 31 December 2011 from 15.8% to 14.4%. At 31 March short term borrowings were £125m and ¥ 6,665m (equivalent to £50.7m). On 23 April a new fixed rate 7 year loan of $80m and ¥ 6,600m equivalent to £100m was drawn down. This resulted in effective gearing of 15.0% on 30 April.

 

During the period, 5,803,000 shares were bought back for cancellation at a cost of £18.1 m. In April a further £3.4m has been spent buying back 1,105,000 shares, resulting in a total of 1.2% of the share capital being bought back in the year to date. The number of shares in issue at 30 April 2012 was 583,429,016.

 

The net outflow from the F&C savings schemes during the period was £8.4m compared with a net outflow of £5.4m in the first three months of 2011. The number of shareholders is now over 109,000.

 

 

 

Ten Largest Holdings

31 March 2012

31 December 2011

Company

Percentage of Gross assets

1

(3)

Pantheon Europe Fund V

2.4

2

(1)

Vodafone

2.4

3

(2)

Pantheon Europe Fund III

2.3

4

(4)

HarbourVest V Direct Fund

2.0

5

(6)

GlaxoSmithKline

1.9

6

(5)

Dover Street VII

1.8

7

(7)

BP

1.8

8

(8)

British American Tobacco

1.7

9

(10)

HSBC

1.7

10

(9)

HarbourVest Buyout VII Fund

1.5

 



 

Distribution of portfolio

Market

31 March 2012

Percentage of total investments

31 December 2011

Percentage of total investments

UK

33.2

34.0

North America

24.3

23.2

Private Equity

17.7

19.2

Emerging Markets

10.8

10.1

Europe ex UK

9.6

9.2

Japan

4.4

4.3

 

Further information regarding the Company, including a list of the Company's holdings can be found at www.foreignandcolonial.com.

 

The Board is not aware of any significant events or transactions that have occurred between 31 March 2012 and the date of publication of this statement, which would have a material impact on the financial position of the Company.

 

This interim management statement has been prepared solely to provide information to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules.

 

By order of the Board

F&C Management Limited - Secretary

8 May 2012


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IMSGIGDUDXGBGDI