Final Results

Aberdeen Asian Smaller Co's Inv Tst 18 October 2007 ABERDEEN ASIAN SMALLER COMPANIES INVESTMENT TRUST PLC PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS for the year ended 31 July 2007 Chairman's Statement Results and Dividend I am pleased to report another substantial rise in the value of your Company. During the year to 31 July 2007, the Company's net asset value produced a diluted total return of 34.7%. While currently there is no benchmark against which to measure our performance, the MSCI AC Asia ex Japan Index rose 39.2% in the comparable period. We are proposing a first and final dividend this year of 3.45p, together with a special dividend of 2.7p, maintaining the level of total dividends paid last year. If approved by shareholders at the Annual General Meeting of the Company, the dividends will be paid on 30 November 2007 to Ordinary shareholders on the register on 26 October 2007. I would like to draw shareholders' attention to the fact that this is the second year that we have paid a special dividend. Our ability to do so is entirely dependent on the receipt of special dividends from the companies in the portfolio, which has been a feature for the past two years. Overview As many shareholders will be aware, Hugh Young and his team at Aberdeen Asset Management in Singapore believe in investing in companies which operate in segments of the market where good growth prospects exist, have strong management, have well founded balance sheets and trade on realistic valuations. This is backed up with detailed research both before any investment decision is made and afterwards, by keeping in close contact with the company to ensure that expectations are being met. As you will see from the accompanying Manager's Review, the markets of South East Asia had a mixed time in the year under review with some markets performing well, while others like China have raced ahead placing valuations at challenging levels. The portfolio is spread across all countries of the region with the exception of China, where smaller companies are difficult to acquire and Taiwan and Australasia where valuations are still stretched. Your portfolio trades on an average p/e of 16x 2008 earnings, which, while not cheap, is not unduly demanding and offers some good upside when compared to some of the valuations seen in these markets. As your Company is invested in smaller companies, they are more orientated to domestic demand. With world markets possibly facing a period of slowing economic activity, this will provide a cushion if exports to the US market were put under pressure. The problems in the international banking sector have not, as yet, had any impact on the more domestic orientated banks which appear in the portfolio. Your Board firmly believes that this research-based investment philosophy will, in the medium term, produce good consistent returns as the companies in which the Company is invested continue to prosper. This has proved to be the case since the last period of turmoil in 1997 when the net asset value per Ordinary share fell to 56p rising, with one exception, for every year thereafter. Share Capital and Gearing During the year, your Company issued 250,000 new Ordinary shares in response to demand from the market. We also took the opportunity to purchase for cancellation 500,000 Warrants in order to reduce future dilution. The Company has continued to use gearing during the year and was approximately 1.2% geared at the year end (on a net basis) compared with 4.2% at the start of the year. The Board will continue to monitor the Company's gearing on a regular basis under advice from the Manager. Subsequent to the year end the Company has reduced the level of gearing further by repaying its revolving HKD52.4 million borrowing facility. This line will remain available for drawing down again in the future. Annual General Meeting The Annual General Meeting is scheduled to be held on 29 November 2007 at 12.00 noon. Included within the Ordinary business there is a resolution to elect Mr Chris Maude to the Board. Chris was appointed to the Board on 16 May 2007 and is a chartered accountant with extensive experience of both the Far East markets and the fund management industry and the Board strongly recommends that you support his formal election. In addition to the usual ordinary business, as special business the Board is seeking to renew its existing authority to issue new shares for cash without pre-emption rules applying and to renew its authority to buy back shares and either hold them in treasury for future resale (at asset value or above) or cancel them. The Directors are also proposing to amend the articles of association to take account of recent changes as a result of the implementation of the Companies Act 2006. These changes will enable the Company to make greater use of electronic mail and websites when communicating Company information, including distributing annual reports and accounts and sending out notices of meeting. Your Board is keen to encourage the use of electronic communications but the Company only currently intends to use electronic means where shareholders have positively elected in such manner. Investment Objective At the time of the launch of the Company the investment objective was limited to investing in companies which had a market capitalisation of less than US$250 million. Appreciation in the Far East markets led the Board to agree an increase in this ceiling to the current US$600 million in 2002. The Board has now resolved to amend this level so that with immediate effect the Company's investment objective is "to maximise total return to shareholders over the long term from a portfolio of smaller quoted companies (with a market capitalisation of up to approximately US$750 million at the time of investment) in the economies of Asia and Australasia, excluding Japan." Outlook Since the year end, there has been further volatility in world stock markets and the banking system is dealing with a liquidity crisis on a scale not seen for over a decade. In the light of this, it would be foolish to say that we view the future with anything other than caution. However, the quality of the portfolio with its domestic bias and reasonable level of valuation should provide strong defensive qualities in times of trouble and offer good opportunities when some of the uncertainties currently afflicting markets are resolved. Nigel Cayzer Chairman 18 October 2007 Manager's Review For a fifth successive year, Asian equity markets advanced. However, in February 2007, there was a correction triggered by concerns of overheating in China. But this was short lived with investor sentiment taking comfort from strong local economies, healthy corporate earnings and robust investment inflows. The rebound was not uniform with some markets performing better and buying generally being confined to property and cyclical stocks. Economic expansion across the region remained healthy led by strong growth in China and India. China's GDP grew by 11.5% year-on-year in the first half of 2007, while India's GDP accelerated to an 18-year high of 9.4%, on robust consumer demand and increased industrial output. Elsewhere, the property markets in Singapore and Hong Kong underpinned domestic growth. Monetary conditions continued to tighten in response to rising price pressures, with sustained high oil prices a contributing factor in the mainly oil-importing region. Concerns of overheating in China and India prompted both central banks to tighten monetary policy. Borrowing costs also rose in Australia and, from lower levels, in South Korea and Taiwan. However, Thailand and Indonesia bucked the trend, as inflation eased. Mainland Chinese equity markets stood out, with shares doubling over the period. That followed the end of a moratorium in new issues, the listing of several large state companies, and a surge in demand as savers, faced with nominal deposit rates, chased returns. But the markets remain largely closed to foreigners and only a limited pool of institutional investors on the mainland can invest abroad. Few appear to know what they are buying since China suffers poor transparency and disclosure, and pricing is often guesswork; listed companies themselves invest in the market. The bigger mainland companies still list in Hong Kong as 'H' shares. Two such, ICBC and Ping An, that straddle banking and insurance, respectively, sparked a retail buying frenzy. Meanwhile resources stocks and the so-called 'red chips', or mainland conglomerates, also boomed. Unfortunately this trend offered little for the small cap investor. Our exposure to the China story was exclusively in Hong Kong-listed stocks, which did well relative to Hong Kong's performance but were very much overshadowed by the mainland itself. With China pulling the region along, investors focused on several related ideas. In Korea and Taiwan the beneficiaries were deep cyclicals - namely shipping, steel and plastics. These are not businesses where we derive much comfort because of generally poor accountability and low regard for shareholders. Anyway, small companies are by nature under-represented (these are mainly large, capital intensive businesses). Taiwan additionally has a more versatile electronics and IT strength, but up close this has always appeared to us as very commoditised, with little brand and pricing power. That translated into our holding a couple of banks/insurers in Korea; but we had no exposure to Taiwan at all. The same goes for Australia where the economy continued growing, driven by commodities and housing-led spending. The stock market was progressively swept along by corporate activity, in line with the UK and US, with bids for Qantas the national air carrier and other household names such as Coles. Valuations appeared rich and growth, which has defied earlier predictions of a slowdown, appears to have less potential compared with Asia proper. Again with high valuations, it offered little opportunity for the small cap investor. India has been a core overweight for some time. The country has seen an enormous upsurge in economic activity and there is no hint yet that this is slowing. Share performance reflected that; apart from a brief sell-off in the second quarter, buying momentum was unabated. Though prices have become stretched, earnings growth has been supportive. To some extent we are witnessing a virtuous circle of increasing demand driving investment and spending. Capacity constraints have led to inevitable price rises, forcing the Reserve Bank of India to act. From an investment perspective, the variety of companies is exceptional. Even for small caps, we have been able to gain exposure to pharmaceutical, gas distribution, paint, banking and consumer stocks, which fared well. Once again, though, big cap industrial proxies were the star performers. It was noticeable that Malaysia, a market that has long lagged regional indices, returned to the limelight. The catalyst was the promise of reform, long overdue, of government-linked companies. This sparked interest in a variety of underperforming national champions - the airline, the power companies, certain banks, and so on - largely to the detriment of our steady-as-she-goes holdings in retail and food & beverages. By contrast in Thailand, the increasingly autocratic rule of prime minister Thaksin opened the way for a bloodless coup. But after being welcomed by Bangkok's power brokers, the military blundered over policy, causing investment and spending to plummet. Yet the stock market held up, partly on contrarian buying by foreign investors (locals have been net sellers). In recent months, the prospect of a year-end election has encouraged some bottom-fishing. The market certainly looks cheap in a regional context, and is one reason we have remained overweight. Although our stocks have had a quiet time, they are well-managed and there has been no compelling reason to sell down positions given our long-term focus. Our Singapore exposure, at around one-fifth of the portfolio, is significant. Over the period we added value in terms of the allocation but lost ground relative to the index with regard to stock selection, mainly as the period coincided with a very swift turnaround in property and construction, with prices for high end residential and office space climbing to new records. Investors piled into the handful of big developers in the land scarce island. Our coverage was slanted toward trading, retail and trading. Still, the salient point is that Singapore's reputation for quality stretches across the market cap spectrum and is reinforced by a regulatory and business culture that is second to none. In general our preference for visible, well-managed companies means we naturally gravitate to the consumer area as a theme, since companies here tend to have more straightforward business models. We think rising real wealth is also supportive of domestic spending, and that in time Asia's reliance on exports will diminish. We define the sector fairly broadly to include utility and energy stocks - a fact reflected in our total holdings, which number around 66 at present. We have no preconception as to where the best such stocks reside. For example, the larger population countries don't necessarily provide the best opportunities because much will depend on overall levels of economic growth, local competition and the regulatory environment, quite apart from the companies themselves. Altogether, the rapid gains seen across the region have not automatically shown our investment style to best effect. This should not come as a surprise given that fundamentals are usually the first casualty of liquidity-driven buying. If markets do start to consolidate, we expect buying to become more discriminating. In the meantime investors can look back on twelve months of firm progress. Portfolio review During the 12 months, we introduced five new stocks to the portfolio on positive growth prospects and attractive valuations: FJ Benjamin, a Singapore-based retailer with a portfolio of fashion brands that is benefiting from the recovery in consumer spending in the region; Millennium & Copthorne Hotels New Zealand, an undervalued hotel and property development group; Unilever Pakistan, a subsidiary of Unilever plc with a solid balance sheet; Castrol India, a lubricants company which offers a good dividend yield; and the Hong Kong Economic Times, a leading financial journal. Against this, we sold out of India's ICICI Bank, after a strong run in its share price. We also sold out of Korean dairy foods manufacturer Binggrae due to concerns over its operating environment. In terms of performance, our two holdings in the shipping sector, Hong Kong's Pacific Basin Shipping (+187%*) and Bangkok-based Regional Container Lines (+117%) led absolute contributions, as trade continued to boom, allowing operators to boost rates. Not far behind was Asian Terminals (+115%) in the Philippines. However, like the property sector, where Singapore's Wheelock was a stand-out (+107%), quality small company exposure is limited: besides, shipping is dominated by bulk carriers; property is similarly in the hands of large players - in Singapore, where the market has burst into life, they are mainly government-linked. Other companies that did well included: Bursa Malaysia (+108%), the listed exchange, which clearly benefited from a pick-up in trading volumes as foreign interest returned to that market; Jammu & Kashmir Bank (+95%), which has nimbly capitalised on the explosion of demand for credit in India; ICI India (+88%), the MNC-subsidiary; City E-Solutions, a Hong Kong-based maker of hotel management software (+83%), and Tisco Bank (+74%), which has successfully expanded out of its core stockbrokerage in Thailand. The disappointments were spread across the portfolio. With the exception of Sri Lanka, where, Distilleries apart, all holdings were down on renewed political unrest and a slowing economy, they were stock specific in nature. For example, Giordano (-18%), a retailer of clothing 'basics', has found the transition into fashion apparel difficult; BAT Indonesia (-23%) suffered from higher tobacco taxes (though its dividend yield remains attractive); and Courts Singapore (-9.2%) struggled in the face of stiff competition, especially on credit financing. A management buyout bid was subsequently rejected as too low. In the case of Malaysian Oxygen, the takeover of the majority parent company by Linde AG triggered a bid. As the largest minority shareholder we rejected its opening offer, but in concert with other parties we subsequently secured a 31% premium, which was a gratifying outcome. We expect more such activity, especially as multinationals move to consolidate similar such holdings in the region. But the prompt could equally come from governments. For example, Malaysia has pushed for a consolidation in the plantation sector; by contrast Taiwan continues to stall on banking sector reform. (*all figs1-yr total return GBP) Outlook In a few short weeks Asian equity markets have staged an unlikely rally, following a brief lurch downwards in August. The rebound has been built on two factors: a belief that the Federal Reserve has now embarked on a course of interest rate cuts; and the perception that Asia is able to weather any mild deterioration in the US economy. As events continue to unfold, it is too early to say exactly what risks these assumptions carry. The Federal Reserve, with its surprise 0.5% reduction on September 18, has signalled a willingness to act pre-emptively in the face of US housing market weakness and a logjam in sub-prime credit markets. Investors are betting that this will avert the threat of a more serious downturn. But the clear possibility is that housing-related consumption, which has powered the US economy for several years, will deteriorate anyway. In turn, US profits could come under renewed pressure. Arguably the trend of US growth has been on a downward path for eighteen months or so. So Asia has had time to adjust. In the two most important economies, China and India, growth is anyway rampant. True, some exporters have felt some squeeze on margins due to rising input costs and a lack of pricing power; industries like electronics are traditionally sensitive to the smallest changes in demand. A weak dollar would have negative consequences; yet Asia's governments haven't shown much flexibility in allowing local currencies to rise. With strong national balances and mounting foreign exchange surpluses, local currencies are fundamentally undervalued. As ever, it is what markets are pricing that matters most. Here we are minded to say that a correction may be both necessary and desirable. While earnings growth has been decent enough, the justification for valuations on the Chinese mainland and certain pockets elsewhere seems tenuous. Daily price gains of 3-4% are neither sensible nor sustainable. Smaller companies have not had much of this run; however, having under-performed in a hot market, they could have their chance again in a less feverish one. The portfolio would be well positioned in such a case. Aberdeen Asset Management Asia Limited 18 October 2007 Unaudited Income Statement Year ended 31 July 2007 Year ended 31 July 2006 Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Gains on investments - 32,355 32,355 - 6,968 6,968 Income 5,485 - 5,485 5,080 - 5,080 Exchange gains - 536 536 - 490 490 Investment management fees (1,243) - (1,243) (941) - (941) Administrative expenses (612) - (612) (584) - (584) ________ ________ ________ ________ ________ ________ Net return on ordinary activities before 3,630 32,891 36,521 3,555 7,458 11,013 interest payable and taxation Finance costs (448) - (448) (421) - (421) ________ ________ ________ ________ ________ ________ Return on ordinary activities before 3,182 32,891 36,073 3,134 7,458 10,592 taxation Taxation (919) - (919) (904) - (904) ________ ________ ________ ________ ________ ________ Return on ordinary activities after 2,263 32,891 35,154 2,230 7,458 9,688 taxation ________ ________ ________ ________ ________ ________ Return per share (pence): Basic 6.98 101.40 108.38 7.25 24.23 31.48 ________ ________ ________ ________ ________ ________ Diluted 6.34 92.13 98.47 6.57 21.96 28.53 ________ ________ ________ ________ ________ ________ The total column of this statement represents the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. A Statement of Total Recognised Gains and Losses has not been prepared as all gains and losses are recognised in the Income Statement. The accompanying notes are an integral part of the financial statements. Unaudited Balance Sheet As at As at 31 July 2007 31 July 2006 Â£'000 Â£'000 Fixed assets Investments at fair value through profit or loss 133,792 103,101 ___________ ___________ Current assets Debtors and prepayments 432 427 Cash and short term deposits 5,884 3,970 ___________ ___________ 6,316 4,397 Creditors: amounts falling due within one year ___________ ___________ Bank loans (7,338) (8,012) Other creditors (979) (763) ___________ ___________ (8,317) (8,775) ___________ ___________ Net current liabilities (2,001) (4,378) ___________ ___________ Total assets less current liabilities 131,791 98,723 Provisions for liabilities and charges (112) (54) ___________ ___________ Net assets 131,679 98,669 ___________ ___________ Capital and reserves Called-up share capital 8,145 8,047 Capital redemption reserve 2,062 2,062 Share premium account 11,087 10,259 Special reserve 14,990 14,990 Warrant reserve 1,576 1,785 Capital reserve - realised 37,021 27,211 Capital reserve - unrealised 53,533 31,334 Revenue reserve 3,265 2,981 ___________ ___________ Equity Shareholders' funds 131,679 98,669 ___________ ___________ Net asset value per share (pence): Basic 404.18 306.56 ___________ ___________ Diluted 364.77 276.45 ___________ ___________ Unaudited Reconciliation of Movements in Shareholders' Funds For the year ended 31 July 2007 Capital Share Capital Capital Share redemption premium Special Warrant reserve- reserve- Revenue capital reserve account reserve reserve realised unrealised reserve Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Balance at 31 July 2006 8,047 2,062 10,259 14,990 1,785 27,211 31,334 2,981 98,669 Issue of shares 62 - 720 - - - - - 782 Exercise of warrants 36 - 108 - (47) 47 - - 144 Buyback of warrants - - - - (162) (929) - - (1,091) Return on ordinary activities after - - - - - 10,692 22,199 2,263 35,154 taxation Dividends paid - - - - - - - (1,979) (1,979) _______ _______ _______ _______ _______ _______ _______ _______ ______ Balance at 31 July 2007 8,145 2,062 11,087 14,990 1,576 37,021 53,533 3,265 131,679 _______ _______ _______ _______ _______ _______ _______ _______ ______ For the year ended 31 July 2006 Capital Share Capital Capital Share redemption premium Special Warrant reserve- reserve- Revenue capital reserve account reserve reserve realised unrealised reserve Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Balance at 31 July 2005 7,214 2,062 4,194 14,990 2,275 17,581 33,016 1,750 83,082 Issue of shares 456 - 4,935 - - - - - 5,391 Exercise of warrants 377 - 1,130 - (490) 490 - - 1,507 Return on ordinary activities after - - - - - 9,140 (1,682) 2,230 9,688 taxation Dividends paid - - - - - - - (999) (999) _______ _______ _______ _______ _______ _______ _______ _______ ______ Balance at 31 July 2006 8,047 2,062 10,259 14,990 1,785 27,211 31,334 2,981 98,669 _______ _______ _______ _______ _______ _______ _______ _______ ______ Unaudited Cash Flow Statement Year ended Year ended 31 July 2007 31 July 2006 Â£'000 Â£'000 Â£'000 Â£'000 Net cash inflow from operating activities 3,377 3,451 Servicing of finance Bank and loan interest paid (332) (421) Taxation Net taxation paid (728) (592) Financial investment Purchases of investments (15,665) (19,909) Sales of investments 17,544 13,142 ________ ________ Net cash inflow/(outflow) from financial investment 1,879 (6,767) Equity dividends paid (1,979) (999) ________ ________ Net cash inflow/(outflow) before financing 2,217 (5,328) Financing Issue of shares 782 6,653 Exercise of warrants 144 1,507 Buyback of warrants (1,091) - ________ ________ Net cash (outflow)/inflow from financing activities (165) 8,160 ________ ________ Increase in cash and cash equivalents 2,052 2,832 ________ ________ Reconciliation of net cash flow to movements in net debt Increase in cash as above 2,052 2,832 Exchange movements 536 490 ________ ________ Movement in net debt in the year 2,588 3,322 Net debt at 1 August (4,042) (7,364) ________ ________ Net debt at 31 July (1,454) (4,042) ________ ________ Notes: 1. Accounting policies (a) Basis of preparation and going concern The financial statements have been prepared on the going concern basis in accordance with applicable UK Accounting Standards and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' (issued January 2003 and revised in December 2005). They have also been prepared on the assumption that approval as an investment trust will continue to be granted. The financial statements, and the net asset value per share figures, have been prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP). (b) Valuation of investments Listed investments have been designated upon initial recognition as fair value through profit or loss. Investments are recognised and de- recognised at trade date where a purchase or sale is under a contract whose terms require delivery within the time frame established by the market concerned, and are initially measured as cost. Subsequent to initial recognition, investments are valued at fair value. For listed investments, this is deemed to be bid market prices. Gains and losses arising from changes in fair value are included in net profit or loss for the period as a capital item in the Income Statement and are ultimately recognised in the capital reserve - unrealised. (c) Income Dividends receivable on equity shares are recognised on the ex-dividend date. Dividends receivable on equity shares where no ex-dividend date is quoted are recognised when the Company's right to receive payment is established. Fixed returns on debt securities are recognised on a time apportioned basis so as to reflect the effective yield on shares. Other returns on debt securities are recognised when the right to return is established. Where the Company has elected to receive its dividends in the form of additional shares rather than in cash, the amount of the cash dividend is recognised as income. Any excess in the value of the shares received over the amount of the cash dividend is recognised in capital reserves. Income is charged 100% through the revenue column of the Income Statement. (d) Expenses All expenses are accounted for on an accruals basis. Expenses, including management fees and finance costs, are charged 100% through the revenue column of the Income Statement with the exception of transaction costs incurred on the purchase and disposal of investments which are recognised as a capital expense in the Income Statement. (e) Taxation The charge for taxation is based on the revenue return for the year. Deferred tax The charge for taxation is based on the profit for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred taxation is provided using the liability method on all timing differences, calculated at the rate at which it is anticipated the timing differences will reverse. Deferred tax assets are recognised only when, on the basis of available evidence, it is more likely than not that there will be taxable profits in future against which the deferred tax asset can be offset. (f) Capital reserves Capital reserve - realised The following are accounted for in this reserve: - gains and losses on the realisation of investments; and - realised exchange differences of a capital nature. Capital reserve - unrealised The following are accounted for in this reserve: - increases and decreases in the valuation of investments held at the year-end; and - unrealised exchange differences of a capital nature. (g) Foreign currency Overseas monetary assets are converted into Sterling at the rate of exchange ruling at the balance sheet date. Transactions during the year involving foreign currencies are converted at the rate of exchange ruling at the transaction date. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included as an exchange gain or loss in the capital reserve or in the revenue account depending on whether the gain or loss is of a capital or revenue nature respectively. 2007 2006 2. Income Â£'000 Â£'000 Income from investments UK dividend income 73 105 Overseas dividends 5,194 4,880 Stock dividend 66 - _______ _______ 5,333 4,985 _______ _______ Other income Deposit interest 152 95 _______ _______ Total income 5,485 5,080 _______ _______ 3. Return per Ordinary share 2007 2006 Basic Revenue Capital Total Revenue Capital Total Return on ordinary activities 2,263 32,891 35,154 2,230 7,458 9,688 after taxation (Â£'000) Weighted average shares in 32,435,487 30,773,921 issue Basic return per Ordinary share 6.98 101.40 108.38 7.25 24.23 31.48 (p) Diluted Number of dilutive shares 3,264,294 3,264,294 3,264,294 3,183,540 3,183,540 3,183,540 Diluted shares in issue 35,699,781 33,957,461 Diluted return per Ordinary 6.34 92.13 98.47 6.57 21.96 28.53 share (p) The calculation of the diluted total, revenue and capital returns per Ordinary share are carried out in accordance with Financial Reporting Standard No. 22, "Earnings per Share". For the purposes of calculating diluted total, revenue and capital returns per Ordinary share, the number of Ordinary shares is the weighted average used in the basic calculation plus the number of Ordinary shares deemed to be issued for no consideration on exercise of all Warrants by reference to the average share price of the Ordinary shares during the year. The calculations indicate that the exercise of Warrants would result in an increase in the Weighted average number of Ordinary shares of 3,264,294 (2006 - 3,183,540) to 35,699,781 (2006 - 33,957,461) Ordinary shares. 4. The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 July 2007 or 2006. The financial information for 2006 is derived from the statutory accounts for 2006 which have been delivered to the Registrar of Companies. The auditors have reported on the 2006 accounts; their report was unqualified and did not contain a statement under Section 237(2) or (3) of the Companies Act 1985. The statutory accounts for 2007 will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and will be delivered to the Registrar of Companies in due course. 5. Copies of the Annual Report will be posted to Shareholders shortly and further copies may be obtained from the registered office, One Bow Churchyard, Cheapside, London EC4M 9HH. 6. Dividend The Directors have today declared a final dividend of 3.45p per Ordinary share and a special dividend of 2.7p per Ordinary share for the year ended 31 July 2007 (2006 - 3.45p final plus 2.7p special dividend). The dividends will, if approved by Shareholders at the Annual General Meeting, be payable on 30 November 2007 to Shareholders on the register on 26 October 2007 (Provisional Ex-Dividend 24 October 2007). 7. This preliminary announcement was approved by the Board of Directors on 18 October 2007. Aberdeen Asset Management PLC, Secretaries. 18 October 2007 This information is provided by RNS The company news service from the London Stock Exchange

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