Half-yearly Report
Invesco Asia Trust plc
Half-Yearly Financial Report
For the Six Months to 31 October 2009
KEY FACTS
Invesco Asia Trust plc is an investment trust listed on the London Stock
Exchange.
Objective of the Company
The objective of Invesco Asia Trust plc is to provide long-term capital growth
by investing in a diversified portfolio of Asian and Australasian companies.
The Company aims to achieve growth in its net asset value in excess of the
Benchmark Index, the Morgan Stanley Capital International All Countries Asia
Pacific ex Japan Index, measured in sterling.
Investment Policy and Risk
Invesco Asia Trust plc invests primarily in the equity securities of companies
listed on the stockmarkets of China, Hong Kong, India, Malaysia, Singapore,
South Korea, Taiwan, Thailand and Australasia. It may also invest in unquoted
securities up to 10% of the value of the Company's gross assets and in warrants
and options when it is considered the most economical means of achieving
exposure to an asset.
The Company is actively managed and the Manager has broad discretion to invest
the Company's assets to achieve its investment objective. The Manager seeks to
ensure that the portfolio is appropriately diversified having regard to the
nature and type of securities (such as performance and liquidity) and the
geographic and sector composition of the portfolio.
Full details of the Company's investment limits can be found on pages 18 and 19
of the 2009 annual financial report.
Share Capital
At the period end the Company's issued share capital consisted of 93,837,425
ordinary shares of 10p each and 18,767,485 subscription shares of 1p each. The
subscription shares were issued in the period and further details are given in
the Chairman's Statement and note 5(b).
Performance Statistics
The Benchmark Index of the Company is the MSCI All Countries Asia Pacific ex
Japan Index (£).
At At
31 October 30 April %
2009 2009 Change
Capital Statistics
Net assets (£'000) 127,913 98,667 +29.6
Actual gearing 100 100
Asset gearing 99 100
Diluted net asset value:
- as balance sheet 134.4p 105.1p +27.9
- after charging final dividend 134.4p 103.6p +29.7
Benchmark index - capital return(1) 238.0 190.6 +24.9
Mid-market price:
- ordinary share 122.75p 94.5p +29.9
- subscription shares 18.00p n/a n/a
Discount per ordinary share(2) 8.7% 8.8%
Total Return Statistics(1)
Diluted net asset value +30.2
Benchmark index +27.2
(1) Source: Thomson Financial Datastream.
(2) The discount is the amount by which the mid-market price per ordinary share
of an investment is lower than the diluted net asset value per share.
INTERIM MANAGEMENT REPORT INCORPORATING THE CHAIRMAN'S STATEMENT
Chairman's Statement
Performance and prospects
The six months to the end of October 2009 contrasted sharply with the preceding
period, as economies and equity markets across Asia staged a strong rebound.
Asian authorities' success in halting the decline in economic growth and the
subsequent improvements in activity proved the catalysts for risk appetite to
return to financial markets. This was further supported by corporate earnings
that were more resilient than expected, as companies' efforts to cut costs
protected profits. The speed of the recovery was such that the focus of markets
had shifted significantly by the end of the period to the question of when
supportive policies might be withdrawn. With Asian economies demonstrating
their increasing importance to global economic growth, equity markets in the
region ended significantly higher. Over the period, the diluted net asset value
per ordinary share (total return) rose by 30.2%, compared to the benchmark
index, the MSCI All Countries Asia Pacific ex-Japan Index adjusted for
sterling, which added 27.2%. The Company's share price increased from 94.5p to
122.75p, while the discount to net asset value at which the shares trade fell
to 8.7%, from 8.8% at the beginning of the period.
Dividend
As in previous years, no interim dividend is being declared.
Subscription Shares
On 12 August 2009 a total of 18,767,485 Subscription Shares were allotted to
Shareholders on the register on 11 August 2009, on the basis of one
Subscription Share for every five Ordinary Shares held as at that date.
Outlook
Asian economies, led by China, are ending 2009 in much better shape than they
began the year. While the turnaround has been impressive, an element of
uncertainty remains. Much of this relates to ongoing recovery in developed
economies as external export demand is still a large component of Asian
economic activity, despite the increasing encouragement of domestic sources of
demand. The commitment to supporting economic expansion shown by governments
and central banks globally provides an argument in favour of cautious optimism
and Asia's stronger growth profile underlines the region's long-term investment
case.
Without the constraints of excessive leverage and financial sector
rehabilitation, which are likely to weigh on Western economies for some time,
the long-term outlook for Asia remains positive. The importance of rebalancing
Asian economies has been highlighted by the global recession and meaningful
progress towards this long-term objective is being made. In the meantime,
gradual recovery in the global economy and Asia's own internally-generated
growth suggest an encouraging outlook for the region.
David Hinde
Chairman
21 December 2009
Investment Management Report
Market and Economic Review
Improving economic data across Asia helped equity markets to post strong gains
during the period. Historically low interest rates and large-scale fiscal
stimuli also provided a supportive backdrop. Investor risk appetite was further
enhanced by generally stronger than expected corporate earnings. Despite an
element of profit taking and concerns about potential tightening towards the
end of the period under review, the majority of regional equity markets closed
significantly higher.
The improvement in Asian economic performance was most evident in China, which
maintained its strong rebound from the first quarter's trough. The Chinese
economy expanded by 8.9% year-on-year in the three months to the end of
October, as stimulus spending, ongoing recovery in exports and rising domestic
consumption combined to boost activity. Economic growth in Hong Kong, Korea and
Indonesia all beat expectations and helped equity markets to maintain their
positive momentum. Against the more stable economic background, the IMF revised
its forecasts for Asian economic growth upwards, predicting expansion of 2.8%
and 5.8% in 2009 and 2010 respectively, from previous expectations of 1.2% and
4.3% growth.
Political developments were also supportive of equity markets, with the
decisive re-election of the incumbent United Progressive Alliance in India
sparking a sharp rally in Indian stocks. Policies to improve cross-straits
economic co-operation were positive for equities in Taiwan, which rose on hopes
of greater investment from mainland China. Positive corporate earnings were
also key to the rise in stock prices as second quarter results were generally
ahead of market forecasts. `Heavyweight' names including Taiwan Semiconductor
and Samsung Electronics delivered robust performances, as reduced costs and
improving demand were the catalysts for rising profits. Chinese banks also
performed strongly, with China Construction Bank and Industrial and Commercial
Bank of China among those to beat expectations as exceptional loan growth
boosted earnings. Renewed strength in the Hong Kong real estate market saw
Cheung Kong announce an improvement in net income that comfortably exceeded
market forecasts.
Company performance
Over the period, the Company's performance was robust, gaining 30.2% (NAV
diluted, total return £), which was a stronger return than that of the
benchmark MSCI All Countries Asia Pacific ex-Japan Index, which added 27.2%
(total return, £). An overweight position in the insurance sector benefited
Company returns, with the holding in China Taiping Insurance among the best
performing stocks during the period. The overweight position and stock
selection in the commercial services sector also contributed positively to
performance. Downer EDI was particularly strong, gaining 90% during the period.
This followed news of improved earnings and a dividend increase, together with
a positive outlook statement based on opportunities for the group's
infrastructure and renewable energy businesses. Being underweight in the
commercial banks sector detracted from returns as the sector outperformed the
wider market. Overweight positions in semiconductors and tobacco also had a
negative impact, as relative returns disappointed during the period.
Outlook for Asian economies and markets
Asian economies have recovered quickly from the global recession, and although
progress is likely to be uneven in the coming months we anticipate that levels
of activity will continue to strengthen. The region appears well placed to
benefit from an improvement in global trade conditions. Export data is likely
to pick up as year-on-year comparisons become less demanding and re-stocking in
developed markets should add impetus to Asia's recovery.
Despite pockets of inflation in some areas, there appears little overall threat
from rising prices and, with the economic recovery still in its early stages,
we believe authorities will maintain their accommodative policy bias. We also
anticipate that domestic sources of demand will remain integral to both Asia's
recovery and its future growth as rising prosperity boosts demand. Asia's
banking system, with conservative loan to deposit ratios, also provides Asian
businesses with the ability to access capital, further supporting the growth
outlook.
Asian businesses have been quick to undertake aggressive cost cutting and this
has allowed them to limit declines in profits, even in an environment of weak
sales growth. As a result, the decline in earnings experienced so far in 2009
has been considerably less than was originally expected. With demand conditions
picking up, we believe that there is scope for significant improvement in
corporate earnings in 2010. While valuations are around their long-term
averages, we believe the positive earnings outlook is supportive of prices at
current levels and we continue to hold a positive view on the long-term
prospects for Asian equities.
Consumer demand is an important theme, as we believe that high levels of
savings and increasing prosperity, particularly in China and India, are likely
to result in high and sustainable levels of growth in the consumer sector. We
currently favour businesses that focus on staple goods, such as household
products, food and beverages, as we believe these areas offer reliable earnings
growth that is currently undervalued by the market. We are positive on the real
estate sector, particularly in Hong Kong, where demand is being supported by
low interest rates and an improving economy. Insurance is also an area where we
see attractive long-term potential. The Chinese insurance market is in the
early stages of development and as the process of urbanisation continues we
believe the sector can achieve attractive levels of growth. The Company remains
underweight in traditionally defensive sectors, such as utilities,
pharmaceuticals and telecommunications, as we believe that valuations are
generally high. Representation in globally-orientated cyclical sectors, such as
materials and energy, is also lower than that of the benchmark, as we believe
that they have already discounted an improved earnings outlook.
China remains our favoured geographical region as in our view it has the
strongest economic fundamentals. Economic data from China continues to underpin
expectations for further improvement in the final quarter of the year and into
2010, which should help to support sustainable levels of earnings growth. The
Company also has a sizeable position in Korea as we believe that quality Korean
exporters, taking advantage of a low Korean won relative to the Japanese yen,
can benefit from improving levels of demand. The Company is underweight in
Australia, where households are highly leveraged and the banking system has
high loan-to deposit ratios. While the economy has been relatively resilient,
we believe Australia has more significant long-term challenges than other
regional economies and, accordingly, we have a lower weighting than the
benchmark. The Company is also underweight in some of the most export-dependent
countries, such as Singapore and Thailand, as we consider that recovery may not
be as strong as elsewhere.
Stuart Parks
Manager
21 December 2009
RELATED PARTY
Invesco Asset Management Limited (`IAML'), a wholly-owned subsidiary of Invesco
Limited, acts as Manager, Company Secretary and Administrator to the Company.
Details of IAML's services and fee arrangements are given in the latest annual
financial report, which is available on the Company's website.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties that could affect the Company's business
can be divided into the following areas:
- Investment Objective;
- Investment Process;
- Market Movement and Portfolio Performance;
- Foreign Exchange Risks;
- The Ordinary Shares;
- Derivatives;
- Gearing; and
- Regulatory and Tax Related.
A detailed explanation of these principal risks and uncertainties can be found
on pages 21 to 23 of the latest published annual financial report which is
available on the Company's website.
In the view of the Board, these principal risks and uncertainties are equally
applicable to the remaining six months of the financial year as they were to
the six months under review.
Additional risks apply to the Subscription Shares which tend to involve a high
degree of gearing, such that a relatively small movement in the price of the
Ordinary Shares is likely to result in a disproportionately large movement in
the price of the Subscription Shares.
DIRECTORS' RESPONSIBILITY STATEMENT
in respect of the preparation of the half-yearly financial report
The Directors are responsible for preparing the half-yearly financial report
using accounting policies consistent with applicable law and UK Accounting
Standards.
The Directors confirm that to the best of their knowledge:
* the condensed set of financial statements contained within the half-yearly
financial report have been prepared in accordance with the Accounting
Standards Board's Statement `Half-Yearly Financial Reports';
* the interim management report includes a fair review of the information
required by 4.2.7R and 4.2.8R of the FSA's Disclosure and Transparency
Rules; and
* the interim management report includes a fair review of the information
required on related party transactions.
The half-yearly financial report has not been audited or reviewed by the
Company's auditors.
Signed on behalf of the Board of Directors.
David Hinde
Chairman
21 December 2009
Twenty-five largest holdings AT 31 October 2009
Ordinary shares unless otherwise stated
market
value % of
Company Principal Activity Country £'000 portfolio
Samsung Electronics Technology Hardware South Korea 6,586 5.2
Equipment
Jardine Matheson Capital Goods Hong Kong 5,155 4.1
Taiwan Semiconductor Semiconductors Taiwan 4,277 3.4
Manufacturing
China Taiping Insurance Hong Kong 4,027 3.2
InsuranceR
Wharf Diversified Financials Hong Kong 3,971 3.1
QBE Insurance Insurance Australia 3,590 2.8
Bank Of ChinaH Banking China 3,471 2.7
Industrial & Banking China 3,167 2.5
Commercial Bank of
ChinaH
Hutchison Whampoa Capital Goods Hong Kong 2,864 2.3
West China Cement Materials United 2,715 2.1
Kingdom
China MobileR Telecommunication Hong Kong 2,509 2.0
Services
United Phosphorus Materials India 2,472 2.0
Daegu Bank Banking South Korea 2,355 1.9
KT&G Food, Beverages & South Korea 2,278 1.8
Tobacco
Downer Commercial & Australia 2,277 1.8
Professional
Services
Shinsegae Food & Staples South Korea 2,257 1.8
Retailing
BHP Billiton Materials Australia 2,228 1.8
Standard Chartered Banking United 2,190 1.7
Kingdom
Cheung Kong Real Estate Hong Kong 2,059 1.6
Posco Materials South Korea 2,039 1.6
Ping An InsuranceH Insurance China 2,036 1.6
Infosys Technologies Software & Services India 2,018 1.6
Hengan International Household & Personal Hong Kong 2,010 1.6
Products
China Life Insurance Taiwan 1,922 1.5
Newcrest Mining Materials Australia 1,830 1.4
72,303 57.1
Other investments 54,384 42.9
Total investments 126,687 100.0
R: Red Chip Holdings
H: H-Shares
Condensed Income Statement
SIX MONTHS TO SIX MONTHS TO YEAR TO
30 APRIL
31 October 2009 31 October 2008 2009
Revenue Capital Total REVENUE CAPITAL TOTAL Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on - 29,890 29,890 - (41,508) (41,508) (19,748)
investments held
at
fair value through
profit or loss
Losses on foreign - (138) (138) - (122) (122) (98)
currency
revaluation
Income
Overseas 1,850 - 1,850 1,813 - 1,813 2,599
dividends
UK dividends 19 - 19 19 - 19 19
Scrip dividends 170 - 170 - - - 58
Deposit interest 3 - 3 28 - 28 35
Gross return 2,042 29,752 31,794 1,860 (41,630) (39,770) (17,135)
Investment (116) (349) (465) (84) (252) (336) (661)
management fee -
note 2
Other expenses (246) (6) (252) (222) (12) (234) (460)
Net return before
finance costs and
taxation 1,680 29,397 31,077 1,554 (41,894) (40,340) (18,256)
Interest payable (11) (32) (43) (6) (19) (25) (45)
and similar
charges -
note 2
Return on ordinary 1,669 29,365 31,034 1,548 (41,913) (40,365) (18,301)
activities before
taxation
Tax on ordinary (142) - (142) (408) 76 (332) (486)
activities
Net return on 1,527 29,365 30,892 1,140 (41,837) (40,697) (18,787)
ordinary
activities after
tax for the
period
Return per
ordinary share -
note 3
Basic 1.6p 31.3p 32.9p 1.2p (44.6)p (43.4)p (20.0)p
Diluted 1.5p 28.8p 30.3p n/a n/a n/a n/a
The total column of this statement represents the Company's profit and loss
account prepared in accordance with UK Accounting Standards. The supplementary
revenue and capital columns are presented for information purposes in
accordance with the Statement of Recommended Practice issued by the Association
of Investment Companies. All items in the above statement derive from
continuing operations and the Company has no other gains or losses, therefore
no statement of total recognised gains and losses is presented. No operations
were acquired or discontinued in the period.
Condensed Balance Sheet
Registered Number 03011768
at at at
31 October 30 April 31 October
2009 2009 2008
£'000 £'000 £'000
Fixed assets
Investments held at fair value 126,687 98,316 76,059
Current assets
Amounts due from brokers 564 147 149
Taxation 185 186 185
VAT recoverable 40 6 7
Prepayments and accrued income 91 312 44
Cash at bank 1,031 568 1,982
1,911 1,219 2,367
Creditors: amounts falling due
within one year
Amounts owed to brokers - (169) (1,024)
Taxation (318) (318) (385)
Accruals and deferred income (367) (308) (256)
(685) (795) (1,665)
Net current assets 1,226 424 702
Total assets less current liabilities 127,913 98,740 76,761
Provisions for liabilities
Deferred tax - (73) (4)
Total net assets 127,913 98,667 76,757
Capital and reserves
Share capital 9,571 9,383 9,383
Share premium 74,162 74,588 74,588
Capital redemption reserve 1,863 1,863 1,863
Special reserve 11,798 11,798 11,798
Capital reserve 27,590 (1,775) (23,362)
Revenue reserve 2,929 2,810 2,487
127,913 98,667 76,757
Net asset value per share - note 4
Basic 136.3p 105.1p 81.8p
Diluted 134.4p n/a n/a
Condensed Cash Flow Statement
six six
months months
TO Year TO TO
31 30 april 31
October october
2009 2009 2008
£'000 £'000 £'000
Net return before finance costs
and taxation 31,077 (18,256) (40,340)
Adjustment for (gains)/losses on
investments (29,890) 19,748 41,508
Translation differences 138 98 122
Tax on unfranked investment income (151) (166) (125)
Scrip dividends received as income (170) (58) -
Decrease in debtors 187 76 343
Increase/(decrease) in creditors 57 (37) (88)
Cash inflow from operating
activities 1,248 1,405 1,420
Servicing of finance
Interest paid on bank loans (41) (41) (22)
Taxation (63) (112) -
Dividends paid (1,408) (1,408) (1,408)
Capital expenditure and financial
investment
Purchase of investments (27,667) (46,758) (23,771)
Sale of investments 28,770 48,957 27,262
Net cash inflow before management
of liquid resources and financing 839 2,043 3,481
Management of liquid resources - 56 56
Financing
Bank debt - (2,500) (2,500)
Issue of subscription shares (238) - -
Increase/(decrease) in cash in
the period 601 (401) 1,037
Cash flow from movement in debt - 2,500 2,500
Cash movement from decrease
in liquid resources - (56) (56)
Translation difference (138) (98) (122)
Movement in net funds/(debt) in
the period 463 1,945 3,359
Net funds/(debt) at beginning of period 568 (1,377) (1,377)
Net funds at end of period 1,031 568 1,982
Analysis of changes in net
funds/(debt)
Brought forward:
Cash at bank 568 1,067 1,067
Cash placed on short-term deposit - 56 56
Debt due within one year - (2,500) (2,500)
Net funds/(debt) brought forward 568 (1,377) (1,377)
Movements in the period:
Cash inflow/(outflow) from bank 601 (401) 1,037
Exchange movement (138) (98) (122)
Cash recalled from short-term deposit - (56) (56)
Debt due within one year - 2,500 2,500
Net funds at end of period 1,031 568 1,982
Condensed Reconciliation of movements in Shareholders' Funds
Capital
Share Share Redemption Special Capital Revenue
Capital Premium Reserve Reserve Reserve Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
For the year ended 30
April 2009
At 1 May 2008 9,383 74,588 1,863 11,798 18,475 2,755 118,862
Net return from - - - - (20,250) 1,463 (18,787)
ordinary activities
Final dividend for - - - - - (1,408) (1,408)
2008
At 30 April 2009 9,383 74,588 1,863 11,798 (1,775) 2,810 98,667
For the six months
ended
31 October 2009
Net return from - - - - 29,365 1,527 30,892
ordinary activities
Capitalise share
premium for
payment in full of
subscription
shares 188 (188) - - - - -
Costs of subscription - (238) - - - - (238)
shares
Final dividend for - - - - - (1,408) (1,408)
2009
At 31 October 2009 9,571 74,162 1,863 11,798 27,590 2,929 127,913
For the six months
ended
31 October 2008
At 1 May 2008 9,383 74,588 1,863 11,798 18,475 2,755 118,862
Net return from - - - - (41,837) 1,140 (40,697)
ordinary activities
Final dividend for - - - - - (1,408) (1,408)
2008
At 31 October 2008 9,383 74,588 1,863 11,798 (23,362) 2,487 76,757
Notes to the Condensed Financial Statements
1. Accounting Policy
The condensed financial statements have been prepared using the same accounting
policies as those adopted in the 2009 annual financial report, which were
prepared under the historical cost convention and are consistent with
applicable UK Accounting Standards and with the Statement of Recommended
Practice `Financial Statements of Investment Trust Companies'.
2. Management Fee and Interest Payable
Investment management fees and interest payable on borrowings are charged 75%
to capital and 25% to revenue.
3. Basis of Returns
Six months Six months Year to
to to
31 October 31 October 30 April
2009 2008 2009
£ £ £
Basic returns after tax:
Revenue 1,527,000 1,140,000 1,463,000
Capital 29,365,000 (41,837,000) (20,250,000)
Total 30,892,000 (40,697,000) (18,787,000)
The basic return after tax is calculated using 93,837,425 shares in issue
during the periods in question.
The diluted return for the six months ended 31 October 2009 is calculated using
the basic returns shown above and 101,939,235 shares, being the weighted
average number of ordinary and subscription shares in issue for the period.
4. Basis of Net Asset Value (`NAV')
At At at
31 October 31 October 30 April
2009 2008 2009
Basic NAV:
Shareholders' funds £ £ £
127,913,000 76,757,000 98,667,000
Ordinary shares in issue at
the period end 93,837,425 93,837,425 93,837,425
The diluted NAV at 31 October 2009 is based on shareholders' funds (assuming
the exercise of subscription shares at 125p) of £151,373,000 and 112,604,910
shares in issue.
5. Share Capital
(a) Ordinary Shares of 10p each
Six months Six months Year to
to to
31 october 31 October 30 April
2009 2008 2009
Number of ordinary shares:
Brought forward 93,837,425 93,837,425 93,837,425
Shares bought back and
cancelled - - -
In issue at period end 93,837,425 93,837,425 93,837,425
No shares have been repurchased since the period end.
(b) Subscription Shares of 1p each
On 13 August 2009 the Company issued 18,767,485 subscription shares of 1p each
by way of a bonus issue to shareholders on the basis of one subscription share
for every five ordinary shares held. Each subscription share confers the right
to subscribe for one ordinary share on or around 31 August for each of the
years 2010 to 2012 at an exercise price of 125p. Further details of the
subscription shares are contained in the prospectus issued on 13 July 2009.
(c) Total Share Capital
The total share capital of the Company is £9,571,000 comprising £9,383,000 in
respect of ordinary shares and £188,000 in respect of subscription shares.
6. Dividends
The Company paid a final dividend of 1.5p per ordinary share for the year ended
30 April 2009 on 14 August 2009 to shareholders on the register on 17 July
2009. The Directors do not propose the payment of an interim dividend (2008:
nil).
7. Investment Trust Status
It is the intention of the Directors to conduct the affairs of the Company so
that it satisfies the conditions for approval as an investment trust company
set out in section 842 of the Income and Corporation Taxes Act 1988.
8. Status of Half-Yearly Financial Report
The financial information contained in this half-yearly report, which has not
been reviewed or audited by the independent auditors, does not constitute
statutory accounts within the meaning of section 434 of the Companies Act 2006.
The financial information for the half years ended 31 October 2009 and 31
October 2008 have not been audited. The figures and financial information for
the year ended 30 April 2009 are extracted and abridged from the latest
published accounts and do not constitute the statutory accounts for that year.
Those accounts have been delivered to the Registrar of Companies and include
the Report of the Independent Auditors, which was unqualified.
By order of the Board
Invesco Asset Management Limited
Company Secretary
21 December 2009
DIRECTORS, INVESTMENT MANAGER AND ADMINISTRATION
Directors
David Hinde (Chairman)
Robin Baillie
Carol Ferguson
Bryan Lenygon (Chairman of the Audit Committee and the Management Engagement
Committee)
Tom Maier
James Robinson
All Directors are members of the Audit Committee, the Management Engagement
Committee and the Remuneration Committee
Manager, Secretary and Registered Office
Invesco Asset Management Limited
30 Finsbury Square
London EC2A 1AG
020 7065 4000
Company Secretarial contacts: Kerstin Rucht and Kelly Nice
Company Number
Registered in England and Wales: No. 03011768
Registrars and Transfer Office
Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
West Yorkshire HD8 0LA
If you hold your shares directly rather than through an ISA or savings scheme,
and have any queries relating to your shareholding you should contact Capita
on: 0871 664 0300. Calls cost 10p per minute plus network extras.
Shareholders holding shares directly can also access their holding details via
Capita's website www.capitaregistrars.com or www.capitashareportal.com
Capita provide an on-line and telephone share dealing service to existing
shareholders who are not seeking advice on buying or selling. This service is
available at www.capitadeal.com or 0871 664 0364 (lines are open Monday to
Friday 8am - 4.30pm). Calls cost 10p per minute plus network extras.
Invesco Perpetual Customer Services
Invesco Perpetual has a Customer Services Team (available from 8.30am to 6.30pm
every working day) to help you. Please feel free to take advantage of this
expertise.
Tel: 0800 085 8677
www.invescoperpetual.co.uk/investmenttrusts
Invesco Asset Management Limited
30 Finsbury Square
London EC2A 1AG
020 7065 4000
Invesco Asset Management Limited is a wholly owned subsidiary of Invesco
Limited
and is authorised and regulated by the Financial Services Authority
Invesco Perpetual is a business name of Invesco Asset Management Limited
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