Preliminary Announcement of Results

NEWS RELEASE 25 November 2009 FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC Unaudited Preliminary Results for the six months ended 30 September 2009 Finsbury Worldwide Pharmaceutical Trust PLC today announces its interim results for the six months ended 30 September 2009. Performance Six months to One year to 30 September 31 March 2009 2009 Share price (total return)# +8.7% +21.3% Net asset value per share (total +8.3% +24.7% return)# Benchmark index (total return) +10.0% +14.9% 30 September 31 March Six months % Change 2009 2009 Shareholders' funds Â£309.3m Â£263.0m +17.6 Net asset value per share - 640.1p 600.5p +6.6 diluted (dilution for subscription shares/ warrants) Share price (basic) 592.5p 550.5p +7.6 Subscription share/warrant price Discount of share price to diluted 7.4% 8.3% - net asset value per share Benchmark Index * 8,913.2 8,101.0 +10.0 Gearing ** 5.1% 11.5% - Total expense ratio (excluding 1.0% 1.2% - performance fees) # Source - Morningstar. Net asset value diluted for subscription shares/ warrants and treasury shares. * Datastream World Pharmaceutical and Biotechnology Index, total return, sterling adjusted. **Calculated using the Association of Investment Companies' definition (prior charges as a percentage of net assets). Attached: * Chairman's Statement * Review of Investments * Income Statement * Reconciliation of Movements in Shareholders' Funds * Balance Sheet * Cash Flow Statement * Notes to the Financial Statements For further information please contact: Martin Smith, Finsbury Worldwide Pharmaceutical Trust PLC 020 3 008 4913 Mark Pope, Frostrow Capital LLP 020 3008 4913Chairman's Statement Performance The performance of global markets was particularly strong over the period with a return of approximately 25% in sterling terms. This was due, in part, to a rerating of financial and resources stocks. However, the pharmaceutical sector underperformed this recovery with the benchmark Datastream World Pharmaceutical & Biotechnology Index (total return, sterling adjusted) returning 10% over the corresponding period. This compares to the net asset value total return of 8.3% and a share price total return of 8.7%. This underperformance compared to global markets in the six month period followed a significant outperformance by the Company and the sector during the Company's previous financial year ended 31 March 2009 where the Company's diluted net asset value per share rose by 24.7% compared to a fall of approximately 22.2% in the MSCI World Index measured in sterling terms. I would therefore highlight that, overall, during the 18 month period to 30 September 2009 the performance of the Company and the sector has been both stronger and less volatile than that of the wider market. The Company continues to be significantly exposed to the exchange rate prevailing between the U.S. dollar and sterling. During the period the exchange rate moved from 1.4334 to 1.5994, a strengthening of sterling when compared to the U.S. dollar of 11.6%. This adversely affected the Company's results. It remains the policy of the Company not to hedge against currency exposure. The slight underperformance when compared to our benchmark index during the period can be attributed, in part, to our investment manager's strategy of weighting the portfolio towards the biotechnology sector rather than traditional `big pharma' companies. During this volatile period the performance of biotechnology companies lagged big pharma companies. Additional factors were the decline in mergers and acquisitions (M&A) activity during the period in contrast to late 2008 and early 2009, together with the continued political debate in the U.S. market surrounding healthcare reform. Further information on the investment performance and the outlook for the Company is given in the Review of Investments which follows this report. Warrant conversion and issue of subscription shares On 31 July all of the outstanding warrants were exercised and 10,745,610 new shares were issued by the Company raising Â£49.9m. On 4 September the Company allotted 9,730,960 subscription shares by way of a bonus issue to existing shareholders. Each share confers the right but not the obligation to subscribe for one ordinary share for each subscription share held on each of 31 October, 31 January, 30 April and 31 July between 31 October 2009 and 31 July 2014. The subscription price is fixed by reference to the net asset value per share prevailing at close of business on 3 September 2009 which was 607.44p per share plus a percentage premium to this amount as follows: i. If exercised between 31 October 2009 and 31 July 2010, a premium of 1 per cent (614 pence); ii. If exercised between 1 August 2010 and 31 July 2012, a premium of 5 per cent (638 pence); and iii. If exercised between 1 August 2012 and 31 July 2014, a premium of 15 per cent (699 pence). On 31 October 2009, 42,148 subscription shares were exercised at the exercise price of 614p per share raising Â£259,000. Discount management policy and Share buyback policy The Board continued to implement its policy of active discount management and to buy back shares for treasury when the share price discount to net asset value per share is greater than 6%. During the six months under review the Company repurchased 1,342,175 shares for cancellation and 2,837,697 shares for treasury at a total cost of Â£22.4m (including expenses). This equates to 10.1% of the issued share capital as at 31 March 2009. The Board considers that this figure was abnormally high principally as a consequence of the exercise of all of the remaining 10,745,610 of the Company's warrants on 31 July 2009. On 20 July, a total of 3,985,397 shares held in treasury were cancelled. The Board has confirmed that any shares held in treasury will be cancelled on or as soon as practicable following the Annual General Meeting each year. Revenue and Dividends The revenue return for the period was Â£1,175,000 (six months ended 30 September 2008: return of 614,000) and no interim dividend is declared (six months ended 30 September 2008: nil). VAT I am pleased to report that during the period the Company's previous Manager, Close Investments Limited (Close), submitted a claim to HM Revenue and Customs for the repayment of Â£255,000 which equates to 0.5p per share. This amount is in respect of VAT previously paid by the Company to Close and which is now reclaimable by the Company following the ruling by the European Court of Justice in October 2007. In view of the fact that the timing of the recovery of this amount remains uncertain no receivable amount has been recorded in the Company's financial statements as at 30 September 2009. Alternative Investment Fund Manager (`AIFM') Directive The AIFM Directive is draft legislation currently being considered in Europe which will regulate `alternative investment funds'. It potentially affects all investment companies, including this Company. The Board supports the initiatives being taken by the Association of Investment Companies to ensure that the Directive is tailored to accommodate the investment company structure. The Board will keep shareholders informed of developments concerning the Directive as they arise. Outlook Market conditions in 2009 have been a welcome contrast to those experienced overall in 2008 and our outlook for the sector remains positive. This is principally against a background of new product development and an expected recovery in M&A activity in the sector as large pharmaceutical companies take advantage of depressed valuations in the biotechnology sector of the healthcare market. In addition the appointment of a new U.S. Food and Drug Administration (FDA) commissioner is expected to improve the regulatory environment in the U.S. market. Our focus remains on the selection of stocks with strong prospects for capital enhancement and we continue to believe that the long term investor in our sector will be well rewarded. Martin Smith Chairman Review of Investments Performance The broad markets saw a tremendous rebound during the six month period ending 30 September 2009, coming off one of the worst global financial crises in decades. The MSCI World Index rose approximately 25% in sterling terms during this period. Defensive sectors, such as Healthcare, underperformed during this broader market recovery. Testimony to this muted rebound was the performance of the Datastream World Pharmaceutical & Biotechnology Index, up 10% during the comparable period. Over the six month period under review, currency movements had a notable effect on portfolio and individual company performance. The sterling/dollar rate of 31 March 2009 was 1.4334; it was 1.5994 at 30 September 2009. A move of +11.6%. Other currency rates (sterling/euro, sterling/yen) were relatively stable during the period. On a total return basis the Company was up 8.7% in share price terms and 8.3% in net asset value per share terms in the period. Our strategy of emphasising investments in the biotechnology sector to a greater extent than traditional "big pharma" companies contributed to the underperformance during this volatile period in market history. This is indicated by an analysis of the top and bottom contributors to performance. Global big pharmas such as Novartis and Roche are at the top, as are specialty pharma companies Shire and Shionogi. Conversely, major U.S. biotechs Genzyme, Gilead and Biogen-Idec comprise the majority of the bottom contributors. Bristol-Myers Squibb was the largest negative contributor overall, but this was primarily due to currency movements. The stock appreciated c.3% in USD terms in the period; however, this move was more than offset in USD depreciation versus sterling of 11.6%. Not to be missed was the contribution from our investments in Japanese generic manufacturers. The three major players - Sawai, Towa, and Nichi-iko - were all positive in the period and their cumulative contribution was significant. It is also worth noting the contribution of our debt and fixed income investments. Given the financial market dislocations caused by the financial crisis, we were able to identify several investment opportunities in distressed corporate and convertible bonds that have generated substantial gains for the Company. Specifically the convertible debt of Incyte and the bonds of Elan performed well during the period. Sector Developments A decline in mergers and acquisitions activity (M&A) in the sector was evident this past six months, in stark contrast to the period immediately before it. Recall that early 2009 marked the closing of the Genentech acquisition by Roche and the announcement of two mega-mergers in big pharma, specifically Pfizer/ Wyeth and Merck/Schering Plough. While we do not expect any more meaningful mergers in the near term, we do expect the pace of acquisitions to accelerate significantly, with the focus on biotechnology assets as the key targets for large cap acquirers. Also contributing to the headwinds for healthcare equities during this period has been the ongoing political debate of healthcare reform in the U.S., the largest pharmaceutical market globally. Uncertainty has reigned and has kept generalist funds out of healthcare for much of 2009. However, November and December will be a critical time in the potential passing of healthcare legislation. Moreover, based on discussions to date, investor concerns about a complete federal government takeover of the U.S. pharmaceutical market are consistently overblown. It is our view that the pharma/biotech sectors are not the primary target of President Obama's reform plans. In fact, the likelihood of a dramatic increase in insured patients (and thus consumption of pharmaceutical products) far outweighs any significant pricing pressure. We would consider the passage of a healthcare reform bill in the U.S. to be a "win" for pharma and could be an important catalyst for appreciation in pharma stocks globally. In the context of the global financial crisis, pharmaceutical and biotechnology companies have traded satisfactorily. There has been no meaningful disruption in the market place for these goods and services. However, President Obama, in his State-of-the-Union address (of 24 February 2009) proposed major changes in delivery of healthcare in the U.S. These proposed changes have created investor uncertainty which has contributed to the underperformance of the sector since February relative to global markets. The U.S. Food and Drug Administration (FDA), long considered a negative factor to the drug sector given the absence of a full time commissioner and an era of extreme caution in regards to drug safety, has eased considerably. Objective data supports this view. In the first nine months of 2009, the FDA has approved 24 novel drugs. This compares to just 14 in the same period of 2008 (a 70% increase year-over-year) and 11 in 2007. We expect this "kinder and gentler FDA" to continue. Notable approvals over the past six months include Onglyza for diabetes (from Bristol-Myers Squibb) and Simponi for rheumatoid arthritis (from Johnson & Johnson). Novartis had a particularly solid score card, with four separate new drug approvals: * Ixario - a vaccine for the prevention of Japanese Encephalitis * Affinitor - an oral compound for kidney cancer * Ilaris - an anti-body for auto-immune disease (CAPS) * Extavia - a follow-on biologic for multiple sclerosis Strategy Review We believe that current valuations in both biotech and particularly pharma, which are near historical lows, represent a rare investment opportunity. As global markets recover and the financial crisis abates, we expect depressed valuations in the healthcare sector to recover. Our expectation is of significant price/earnings multiple expansion at the larger biotechnology companies as investors properly discount the future earnings growth potential of these companies. For pharma, we expect multiple expansion to be triggered by continued M&A activity, clarity on health care reform in the U.S., and stable cash flow generation despite a growth curve below that of their biotech counterparts. As mentioned, we expect a meaningful uptick in acquisitions in the near term and our M&A theme remains unabated. With pharma research and development productivity still lagging and the pending flood of patent expirations looming, pharma is still hungry for acquisitions. Depressed valuations in small and mid-cap biotechnology stocks create an opportunity for pharmaceutical companies and we expect them to seize these opportunities. Our investment focus on the long term growth potential of generic pharmaceutical companies in Japan remains strong. The penetration of generic drugs in Japan is well below that of other developed pharmaceutical markets. While there are hurdles, growth is accelerating as cost pressures are forcing payors to look for alternative means to contain drug and healthcare spending in that country, the second largest pharmaceutical market globally. The newly elected government in Japan has created some uncertainty in terms of policy going forward, but we believe this will abate as the pressures facing those of the new administration are the same as the old. We expect both new and existing legislation will foster increased generic usage that could see the market size for Japanese generic drugs double in only three years. Additionally, our recent focus on opportunistic investments in debt and so-called "structured finance" investments, continues to identify attractive opportunities. We recently participated in a structured finance transaction that allowed us to invest in a new hepatitis C drug from Vertex Pharmaceuticals. We project a 20%+ annualised return from this investment, but perhaps more importantly this transaction also provides "downside protection": if the drug fails to achieve a successful commercial launch then Vertex will repay our investment at par value. It is this combination of upside potential and downside protection that often makes such structured finance investments compelling opportunities. The number of direct equity holdings in the portfolio has remained relatively concentrated at approximately 35. The approximate geographic distribution of the assets is 70% North America, 20% Europe and 10% Far East including Japan. Consistent with the Company's mandate, we are currently invested 65% in larger companies and 35% in smaller capitalisation companies. Our large capitalisation holdings are weighted slightly in favour of the biotechnology sector versus traditional "big pharma" companies and we have added to our medical device portfolio with increased exposure to companies such as Allergan, Abbott Laboratories and Johnson & Johnson. Our smaller capitalisation holdings focus on biotechnology companies but also include a selection of generic pharmaceuticals, diagnostics companies and specialty pharmaceutical investments. Contribution by Investment - Excluding Options Contribution Contribution per Share (p) * for the six months Â£'000 Top Five contributors Novartis 3,582 8.41 Shire 1,856 4.35 Par Pharmaceutical 1,752 4.11 Shionogi & Company 1,724 4.05 Roche 1,703 4.00 24.92 Bottom Five contributors Bristol-Myers Squibb (1,879) (4.41) Biogen Idec (1,718) (4.03) Gilead Sciences (1,564) (3.67) OSI Pharmaceuticals (1,536) (3.60) Genzyme (1,496) (3.51) (19.22) *based on the weighted average number of the Company's shares in issue during the six months ended 30 September 2009 (42,611,585) Source: Frostrow Capital LLP Samuel D Isaly OrbiMed Capital LLC Investment Manager Income Statement For the six months ended 30 September 2009 (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30 September 2009 30 September 2008 31 March 2009 Revenue Capital Total Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Gains on - 15,192 15,192 - 47,367 47,367 - 76,505 76,505 investments held at fair value through profit or loss Exchange gains - 5,516 5,516 - (3,090) (3,090) - (12,042) (12,042) /(losses) on currency balances Income from 1,886 - 1,886 1,208 - 1,208 4,018 - 4,018 investments held at fair value through profit or loss (note 2) Investment (60) (924) (984) (55) (1,052) (1,107) (116) (2,436) (2,552) management, management and performance fees (note 3) Other expenses (261) (219) (480) (289) - (289) (588) - (588) Net return 1,565 19,565 21,130 864 43,225 44,089 3,314 62,027 65,341 before finance charges and taxation Finance (6) (121) (127) (8) (150) (158) (29) (543) (572) charges Net return on 1,559 19,444 21,003 856 43,075 43,931 3,285 61,484 64,769 ordinary activities before taxation Taxation on (384) 168 (216) (242) 88 (154) (866) 360 (506) net return/ (loss) on ordinary activities Net return on 1,175 19,612 20,787 614 43,163 43,777 2,419 61,844 64,263 ordinary activities after taxation Return per 2.8p 46.0p 48.8p 1.4p 96.4p 97.8p 5.5p 141.4p 146.9p share - basic (note 4) Return per 2.8p 46.0p 48.6p 1.4p 95.2p 96.6p 5.5p 138.2p 143.6p share - diluted (note 4) The "Total" column of this statement is the Income Statement of the Company. The "Revenue" and "Capital" columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations. The Company has no recognised gains and losses other than those shown above and therefore no separate statement of total recognised gains and losses have been presented. No operations were acquired or discontinued during the period. Reconciliation of Movements in Shareholders' Funds For the six months ended 30 September 2009 (Unaudited) Called-up Share Warrant Capital Capital Revenue Total Â£ share premium reserve reserve redemption reserve '000 Six months ended capital Â£ account Â£'000 Â£'000 reserve Â£ Â£'000 '000 Â£'000 '000 30 September 2009 At 31 March 2009 11,105 117,706 7,417 118,709 3,678 4,402 263,017 Net return from - - - 19,612 - 1,175 20,787 ordinary activities after taxation Dividends paid in - - - - - (1,982) (1,982) respect of year ended 31 March 2009 Proceeds from 2,686 54,590 (7,417) - - - 49,859 warrant exercise Subscription 97 (97) - - - - - shares issued Shares purchased (1,332) - - (22,360) 1,332 - (22,360) including expenses At 30 September 12,556 172,199 - 115,961 5,010 3,595 309,321 2009 (Unaudited) Called-up Share Warrant Capital Capital Revenue Total Â£ share premium reserve reserve redemption reserve '000 Six months ended capital Â£ account Â£'000 Â£'000 reserve Â£ Â£'000 '000 Â£'000 '000 30 September 2008 At 31 March 2008 11,772 117,639 7,426 81,611 3,008 3,327 224,783 Net return from - - - 43,163 - 614 43,777 ordinary activities Dividends paid in - - - - - (1,344) (1,344) respect of year ended 31 March 2008 Proceeds from 3 58 - - - - 61 exercise of warrants Transfer from - 9 (9) - - - - warrant reserve following exercise of warrants Shares purchased (670) - - (12,582) 670 - (12,582) including expenses At 30 September 11,105 117,706 7,417 112,192 3,678 2,597 254,695 2008 (Audited) Called-up Share Warrant Capital Capital Revenue Total Â£ share premium reserve reserve redemption reserve '000 Year ended capital Â£ Â£'000 Â£'000 reserve Â£ Â£'000 '000 account '000 31 March 2009 Â£'000 At 31 March 2008 11,772 117,639 7,426 81,611 3,008 3,327 224,783 Net return from - - - 61,844 - 2,419 64,263 ordinary activities after taxation Dividends paid in - - - - - (1,344) (1,344) respect of year ended 31 March 2008 Proceeds from 3 58 - - - - 61 exercise of warrants Transfer from - 9 (9) - - - - warrant reserve following exercise of warrants Shares purchased (670) - - (24,746) 670 - (24,746) including expenses At 31 March 2009 11,105 117,706 7,417 118,709 3,678 4,402 263,017 Balance Sheet As at 30 September 2009 (Unaudited) (Unaudited) (Audited) 30 September 30 September 31 March 2009 2008 2009 Â£'000 Â£'000 Â£'000 Fixed assets Investments held at fair value through 331,117 284,207 294,928 profit or loss - 11,133 10,321 M & A Basket - OTC Swap 331,117 295,340 305,249 Current assets Debtors 793 441 1,307 Derivative (options) - financial 1,315 - - investments - 5,458 9,979 Cash at bank 2,108 5,899 11,286 Current liabilities Creditors: amounts falling due within (8,143) (45,796) (12,381) one year - (748) (954) Derivative (options) - financial investments (15,761) - (40,183) Bank overdraft (23,904) (46,544) (53,518) Net current liabilities (21,796) (40,645) (42,232) Total net assets 309,321 254,695 263,017 Capital and reserves Called up share capital 12,556 11,105 11,105 Share premium account 172,199 117,706 117,706 Warrant reserve - 7,417 7,417 Capital reserves 115,961 112,192 118,709 Capital redemption reserve 5,010 3,678 3,678 Revenue reserve 3,595 2,597 4,402 Total equity shareholders' funds 309,321 254,695 263,017 Net asset value per share - basic 645.4p 584.1p 635.9p (note 5) Net asset value per share - diluted 640.1p 560.3p 600.5p (note 5) Cash Flow Statement For the six months ended 30 September 2009 (Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 30 September 30 September 31 March 2009 2008 2009 Â£'000 Â£'000 Â£'000 Net cash inflow/(outflow) from 253 (210) (61) operating activities Servicing of finance Interest paid (127) (168) (582) Taxation 169 24 91 Taxation recovered Financial investment Purchases of investments and (151,327) (143,872) (251,520) derivatives Sales of investments and 135,054 132,902 257,286 derivatives Net cash (outflow)/inflow from (16,273) (10,970) 5,766 financial investment Equity dividends paid (1,982) (1,344) (1,344) Net cash (outflow)/inflow before (17,960) (12,668) 3,870 financing Financing Proceeds from exercise of warrants 49,859 61 61 Purchase of own shares (22,972) (13,236) (25,068) Drawdown/(repayment) of short term - 24,725 (14,813) loans Net cash inflow/ (outflow) from 26,887 11,550 (39,820) financing Increase/(decrease) in cash in the 8,927 (1,118) (35,950) period Reconciliation of net cash flow movements to net debt Increase/(decrease) in cash as 8,927 (1,118) (35,950) above (Increase)/decrease in debt - (24,726) 14,813 Change in net debt resulting from 8,927 (25,844) (21,137) cash flows Exchange movements 5,516 (3,090) (12,042) Movement in net debt in the period 14,443 (28,934) (33,179) Net (debt)/funds at beginning of (30,204) 2,975 2,975 period Net debt at period end (15,761) (25,959) (30,204) Notes to the Financial Statements 1. Accounting Policies The condensed financial statements have been prepared under the historical cost convention, modified to include the valuation of investments at fair value and in accordance with United Kingdom Generally Accepted Accounting Practice and with the Statement of Recommended Practice `Financial Statements of Investment Trust Companies' dated January 2009. All of the Company's operations are of a continuing nature. The same accounting policies used for the year ended 31 March 2009 have been applied. 2. Income (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30 September 30 September 31 March 2009 2008 2009 Â£'000 Â£'000 Â£'000 Investment income 1,517 1,149 3,925 Interest receivable 369 59 93 Total 1,886 1,208 4,018 3. Investment Management and Management Fees (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30 September 30 September 31 March 2009 2008 2009 Â£'000 Â£'000 Â£'000 Investment management and 1,208 1,107 2,328 management fees Performance fee accrual - - 224 Performance fee accrual as (224) - - at 31 March 2009 written back Total 984 1,107 2,552 Notes to the Financial Statements (continued) 4. Return/(Loss) per Share (Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended 30 ended 30 September 2009 September 2008 31 March 2009 Â£'000 Â£'000 Â£'000 The return per share is based on the following figures: Revenue return 1,175 614 2,419 Capital return 19,612 43,163 61,844 Total return 20,787 43,777 64,263 Weighted average number of 42,611,585 44,783,068 43,756,755 shares in issue for the period/ year - basic Revenue return per share 2.8p 1.4p 5.5p Capital return per share 46.0p 96.4p 141.4p Total return per share 48.8p 97.8p 146.9p Weighted average number of 41,413,882 45,332,435 44,764,156 shares in issue for the period - diluted Revenue return per share *2.8p 1.4p *5.4p Capital return per share *46.0p 95.2p *138.2p Total return per share - diluted *48.8p 96.6p *143.6p * dilution not applicable 5. Net Asset Value per Share and Issued Share Capital Net asset value per share is calculated on attributable assets at 30 September 2009 of Â£309,321,000 (30 September 2008: Â£254,695,000 and 31 March 2009: Â£ 263,017,000) and 47,927,769 being the number of shares in issue at 30 September 2009 (30 September 2008: 43,607,481 and 31 March 2009: 41,361,431). The diluted net asset value per share assumes all outstanding subscription shares are exercised at 614p per share resulting in assets attributable to equity shareholders of Â£369,069,000 and on the resultant number of shares of 57,658,729. The diluted net asset value per share as at 30 September 2008 assumed all outstanding warrants were exercised at 464p per share resulting in assets attributable to equity shareholders of Â£304,555,000 (March 2009: Â£ 312,877,000) and on the resultant number of shares of 54,353,091( March 2009: 52,107,041). Notes to the Financial Statements (continued) 6. Transaction Costs Purchase transaction costs for the six months ended 30 September 2009 were Â£ 237,000 (six months ended 30 September 2008: Â£161,000; year ended 31 March 2009: Â£492,000). Sales transaction costs for the six months ended 30 September 2009 were Â£ 214,000 (six months ended 30 September 2008: Â£168,000; year ended 31 March 2009: Â£367,000). 7. Subscription Shares During the period a total of 9,730,960 subscription shares were issued at a nominal value of one penny each, by way of a bonus issue on the basis of one subscription share for every Ordinary share held. The Company classes these subscription shares as equity shares. At the period end the Company's share capital included 9,730,960 subscription shares. 8. Contingent Asset On 31 October 2007 the Association of Investment Companies announced that HM Revenue and Customs had confirmed to the Investment Management Association that investment trust management fees should never have attracted Value Added Tax (VAT). As a result, during the period the Company's previous Manager, Close Investments Limited (Close), submitted a claim to HM Revenue and Customs for the repayment of Â£255,000, which equates to 0.5p per share. This amount is in respect of VAT previously paid by the Company to Close and which is now reclaimable by the Company. In view of the fact that the timing of the recovery of this amount remains uncertain, no receivable amount has been recorded in the Company's financial statements as at 30 September 2009. 9. Publication of Non Statutory Accounts The financial information contained in this preliminary announcement does not constitute statutory accounts as defined in sections 434-436 of the Companies Act 2006. The financial information for the half years ended 30 September 2009 and 30 September 2008 has not been audited or reviewed by the auditors. The information for the year ended 31 March 2009 has been extracted from the latest published audited financial statements. The audited financial statements for the year ended 31 March 2009 have been filed with the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report, and did not contain statements under section 237(2) or 237(3) of the Companies Act 1985. Finsbury Worldwide Pharmaceutical Trust PLC Interim Results for the six months ended 30 September 2009

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