Half Yearly Report

RNS Number : 1180K

Alpha Pyrenees Trust Limited

16 August 2012

 



16 August 2012

ALPHA PYRENEES TRUST LIMITED
("ALPHA PYRENEES TRUST" OR THE "TRUST" OR THE "COMPANY")

ALPHA PYRENEES TRUST POSTS RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2012:

42,435 SQUARE METRES OF NEW LEASES AND LEASE EXTENSIONS

DIVIDEND MAINTAINED AT 0.6p PER SHARE FOR THE QUARTER

NET ASSET VALUE 37.2p PER SHARE (ADJUSTED)

Alpha Pyrenees Trust Limited, the property company investing primarily in commercial real estate in France, today posts its results for the half year from 1 January to 30 June 2012.

The Trust announced adjusted earnings of £1.3 million (1.1p per share) for the period together with the declaration of a further dividend of 0.6p per share in respect of the second quarter. The Trust has now paid and declared dividends totalling 1.2p per share for the half year to 30 June 2012.

Highlights of the period to 30 June 2012 include:

·      New leases and lease extensions covering 42,435 square metres (16% of the Trust's portfolio by area) achieved since 1 January 2012

·      Weighted average lease length of 8.6 years to expiry and 4.7 years to next break

·      83% of rental income derives from Grade A tenants; 91% of the Trust's portfolio by value is in France

·      Lease rentals are subject to annual indexation; rental indexation in France remains above long term average

·      Current portfolio valuation yield of 8.2%

·      99% of borrowings are fixed at a weighted average interest rate of 5.26% per annum to maturity in February 2015

·      NAV (adjusted) of 37.2p per share as at 30 June 2012 (31 December 2011: 37.0p)

·      Adjusted earnings of £1.3 million for the six months to 30 June 2012 (adjusted earnings per share of 1.1p)

·      Dividend of 0.6p per share paid for the quarter to 31 March 2012 and a further dividend of 0.6p per share declared for the quarter to 30 June 2012

Dick Kingston, Chairman of Alpha Pyrenees Trust, commented:

"Management emphasis during the period has continued to focus on active asset management within the existing portfolio with particular emphasis on the extension of lease terms and the letting of vacant units to secure the Trust's income. The Board is pleased to note the important progress achieved on this front, most notably at the Evreux, Athis Mons and Aubergenville properties. During the period new leases or lease extensions were achieved on a total of 42,435 square metres representing around 16% of the portfolio by area. Despite the levelling off in growth in the French economy, vacancy levels in our principal occupational markets have been stable and leasing take-up has been sustained. The Trust has identified opportunities to add value at a number of the Trust's properties and with this in mind the Board believes that it is sensible to conserve available cash for investment in such opportunities.The Board has taken into consideration the current market conditions, progress on leasing and other initiatives that are being pursued and has maintained the dividend of 0.6p per share for the second quarter of 2012."

Paul Cable, Fund Manager, Alpha Real Capital LLP, commented:

"The Trust owns a diversified portfolio of properties focused primarily on the French property market which represents 91% of the total portfolio by value with 83% by value located in the Ile-de-France region which remains one of Europe's most economically important and stable markets. The properties are generally well let, well located and offer good value accommodation to the Trust's occupiers and 83% of the Trust's current rent roll is secured by leases to Grade A tenants. The Trust's leases are subject to annual index-linked rent reviews, with indexation positive in both French and Spanish markets and rental indexation in France remains above the long term average. The Investment Manager will continue to concentrate on active asset management and property management initiatives, including targetted investment within the existing portfolio, to secure the Trust's income and add value."

Contact:

Dick Kingston
Chairman, Alpha Pyrenees Trust Limited
01481 231100

Paul Cable
Fund Manager, Alpha Real Capital LLP
020 7268 0300

For more information on the Trust please visit www.alphapyreneestrust.com.

For more information on the Trust's Investment Manager please visit www.alpharealcapital.com.

FORWARD-LOOKING STATEMENTS

These results contain forward-looking statements which are inherently subject to risks and uncertainties because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.  Forward-looking statements are based on the Board's current view and information known to them at the date of this statement. The Board does not make any undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in these results should be construed as a profit forecast.

Trust summary and objective

Objective

Alpha Pyrenees Trust Limited ("the Trust" or "the Company" or "Alpha Pyrenees") primarily invests in higher-yielding properties in France, focusing on commercial property in the office, industrial, logistics and retail sectors let to tenants with strong covenants.

The Trust seeks to provide shareholders with a regular, secure dividend stream whilst also having the potential for capital growth in the long term from a combination of rent increases (leases are typically indexed to increase in line with inflation) and active asset management.

The Trust seeks to diversify risk by investing in a portfolio of properties spread across different property sectors with a variety of tenants.

Dividends

Dividends are paid quarterly.

Listing

The Trust is a closed-ended Guernsey registered investment company which has been declared under the relevant legislation to be an Authorised Closed-Ended Collective Investment Scheme. Its shares are listed on the Official List of the UK Listing Authority and traded on the London Stock Exchange.

Management

The Trust's Investment Manager is Alpha Real Capital LLP ("the Investment Manager"). Control of the Trust rests with the non-executive Guernsey-based Board of Directors.

ISA/SIPP status

The Trust's shares are eligible for Individual Savings Accounts (ISAs) and Self Invested Personal Pensions (SIPPs).

Website

www.alphapyreneestrust.com

Financial highlights

	Half year ending 30 June 2012	Year ending 31 December 2011	Half year ending 30 June 2011
Net asset value (adjusted) (£'000)*	43,718	43,481	33,740
Net asset value per ordinary share (adjusted)*	37.2p	37.0p	28.7p
Net asset value per ordinary share	20.5p	18.5p	15.0p
Earnings per share (adjusted - basic & diluted)**	1.1p	3.0p	1.8p
Earnings per share (basic & diluted)	4.8p	5.3p	(0.1)p
Dividend per share (paid)	2.4p	3.6p	2.7p

*
The net asset value and net asset value per ordinary share have been adjusted for the fair value mark-to-market revaluation of the interest component of the currency swap, the interest rate swap derivatives and deferred tax provisions; full analysis is given in note 10to the accounts.

**
The adjusted earnings per share includes adjustments for the effect of the fair value mark-to-market revaluation of the properties, currency swap and interest rate swap derivatives, deferred tax provisions, capital element of Investment Managers fee, rental guarantee income and foreign exchange gains and losses. A full analysis is given in note 9 to the accounts.

Chairman's Statement

During the period, the Investment Manager has continued to focus on active asset management within the existing portfolio with particular emphasis on the extension of lease terms and the letting of vacant units to secure the Trust's income. The Board is pleased to note the important progress achieved on this front, most notably at the Evreux, Athis Mons and Aubergenville properties. During the period new leases or lease extensions were achieved on a total of 42,435 square metres representing around 16% of the portfolio by area. Further detail on asset management progress appears in the Property Review section.

Despite the levelling off in growth in the French economy, vacancy levels in our principal occupational markets have been stable and leasing take-up has been sustained. The Trust has identified opportunities to add value at a number of the Trust's properties and with this in mind the Board believes that it is sensible to conserve available cash for investment in such opportunities.

Results and dividend

Results for the period show adjusted earnings of £1.3 million and adjusted earnings per share of 1.1p (note 9).

The economic climate, together with political uncertainty surrounding the elections in France during the first half of the year, has created an environment where corporate decision making has been delayed and the leasing environment continues to be characterised by generally longer periods to complete new leasing agreements. The Trust currently has vacant space with an estimated annual rental value of approximately £2.9 million (€3.6 million) and against this backdrop it is difficult to predict the timing and level of re-leasing that will be achieved. The Trust's earnings have also been constrained by the strategic decision to retain substantial cash reserves (£10.1 million), which earn a low rate of return at present, in order to maximise the Trust's future flexibility.

The Trust's policy is to broadly align the dividend with adjusted earnings and monitor the level of dividend each quarter, so as to maximise the Trust's ability to take advantage of value-adding opportunities including income-enhancing investment opportunities in the portfolio. With this in mind, the Board has taken into consideration the current market conditions, progress on leasing and other initiatives that are being pursued and has maintained the dividend for the second quarter to 30 June 2012.

The dividend of 0.6p per share for the second quarter will be payable to the shareholders on the register as of 14 September 2012 and will be paid on 8 October 2012. This brings the total dividend for the period to 30 June 2012 to 1.2p per share. No scrip alternative will be offered for this dividend.

Revaluation and Net Asset Value

Investment properties are included in the balance sheet at an independent valuation of £245.0 million (€304.3 million) providing an average valuation yield across the portfolio of 8.2% as at 30 June 2012. As announced in the Trust's interim management statement of 17 May 2012, the Trust has moved to semi-annual valuations and hence, the next revaluation will take place as at 31 December 2012. The Trust will continue to provide interim management statements for the first and third quarters each year.

The portfolio totals approximately 262,000 square metres (approximately 2.8 million square feet) and many of the tenants are well known companies belonging to large groups with strong covenants such as: Alcatel‑Lucent, Aldi, BNP Paribas, Credit Lyonnais, Dia, Etanco, Husqvarna, Klöckner Group, La Poste, MediaMarkt, McDonalds, Norauto, OCP, Plastic Omnium, and Vinci Group. Grade A tenants also include government or quasi-government bodies and together the rent from such tenants accounts for 83% of the Trust's rental income.

The weighted average lease length within the portfolio is currently 8.6 years to expiry and 4.7 years to the next break.

As at 30 June 2012, the adjusted net asset value per ordinary share is 37.2p (31 December 2011: 37.0p per share) (note 10). During the period the Trust made three dividend payments (see note 8).

Portfolio Summary 

Country	Property	Sqm		Description	Valuation £m	Valuation €m
France	Villarceaux-Nozay	78,800		Business park	106.6	132.4
France	Aubervilliers	8,750		Offices	17.1	21.2
France	Champs sur Marne	5,930		Offices	12.6	15.6
France	Goussainville	20,500		Warehouse and offices	12.2	15.1
France	Aubergenville	27,700		Logistics	9.4	11.7
France	Athis Mons	23,280		Logistics with offices	9.0	11.1
France	St Cyr L'Ecole	6,340		Offices	8.2	10.2
France	Gennevilliers	3,330		Offices with light industrial	7.7	9.5
France	Mulhouse	5,250		Offices	7.2	9.0
France	Roissy-en-France	7,800		Offices and warehouse	6.7	8.3
France	Nimes	3,100		Offices and retail	6.6	8.2
France	Evreux	14,130		Logistics with offices	6.4	8.0
France	Ivry-sur-Seine	7,420		Warehouse and offices	5.2	6.5
France	Fresnes	6,540		Warehouse and offices	4.6	5.7
France	Vitry-sur-Seine	5,180		Warehouse and offices	4.4	5.5
Spain	Córdoba	16,880		Retail park	13.5	16.8
Spain	Zaragoza	9,520		Warehouses	2.8	3.5
Spain	Écija	5,950		Shopping centre	2.4	3.0
Spain	Alcalá de Guadaíra	5,700		Shopping centre	2.4	3.0
Total		262,100			245.0	304.3

Finance

The Trust has total borrowings of £195.5 million (€242.8 million) as at 30 June 2012 under its facilities with Barclays Bank Plc.

The key features of the Trust's borrowings are:

·      No loan to value ("LTV") covenant test until February 2014 on any of the Trust's properties.

·      Long term maturities - the French (€221.1 million) and Spanish (€21.7 million) borrowings mature in February 2015.

·      99% of borrowings have interest rates that are fixed to maturity at a weighted average rate of 5.26% per annum.

·      Interest cover ratio ("ICR") covenant is set at 115% - the Trust's weighted average ICR over the six months to 30 June 2012 was 161%.

·      On the LTV test date in February 2014, the Trust's LTV should not exceed 87.5% on a country portfolio basis - as at 30 June 2012 the Trust has net leverage of 75.7% (taking into account cash of £10.1 million).

·      The French and Spanish borrowings are independent and are not cross-collateralised.

The Trust holds £10.1 million of cash and un-mortgaged property with a value of £6.6 million (€8.2 million) as at 30 June 2012.

The Group has used currency derivatives to hedge its planned net invested equity. A total of €163.1 million was hedged under derivatives entered into in 2006 and 2007 and priced at market rates at that time. The hedges expire in October 2013. Due to the significant fall in the value of the properties over the period since setting the hedges, the current balance sheet has a net Euro exposure when comparing the net invested equity to the hedges transacted. This position causes the net asset value of the Group to improve as the Euro weakens (and vice versa).

Board

The Board notes the retirement of Christopher Bennett effective 16 August 2012 and wishes to thank him for his considerable contribution to the Trust since its formation.

Market outlook

·      Overall leasing activity in the French and Spanish markets has been subdued over the period reflecting economic conditions but despite this backdrop the Trust has achieved lease extensions and new leases on 42,435 square metres (16% of its portfolio) since 1 January 2012.

·      Vacancy rates in our principal occupational markets have stabilised and take-up has been sustained. In the Paris region (Ile-de-France), where the majority of the Trust's portfolio is situated, office vacancy remains low at 6.5% and significant oversupply appears unlikely in the medium term.

·      The Trust's portfolio, with 83% of current income from Grade A tenants, is significantly insulated from weaker covenants.

·      In France, the annualised construction cost index showed growth for the ninth consecutive quarter running at 4.0% in the first quarter of 2012.  In Spain, CPI was running at an annualised rate of 1.9% at the end of June 2012.

·      Valuation yields have been stable and investment confidence in our principal market continues.

Summary

·      The Trust owns a diversified freehold portfolio of properties totalling £245.0 million (€304.3 million) with an average valuation yield of 8.2% at the June valuation.

·      The Trust's leases are subject to annual index-linked rent reviews, which are positive in both French and Spanish markets.

·      83% of the Trust's rental income derives from Grade A tenants with a strong capacity to pay.

·      The Trust's current average lease length is 8.6 years to expiry and 4.7 years to the next break.

·      99% of borrowings are fixed at a weighted average interest rate of 5.26% per annum to maturity in February 2015

·      There are no LTV covenant tests on any of the Trust's properties before February 2014.

·      The Trust's cash reserves of £10.1 million leave it well positioned to redeploy some of the low-returning cash in value added opportunities within the existing portfolio.

Dick Kingston
Chairman
15 August 2012

Statement of Directors' Responsibilities

The Directors confirm that this condensed set of financial statements has been prepared in accordance with IAS 34 as adopted by the European Union, and that the interim management report herein includes a fair review of the information required by the Disclosure and Transparency Rules 4.2.7 and 4.2.8.

The Directors of Alpha Pyrenees Trust Limited are listed below and have been Directors throughout the period with the exception of David Rowlinson who was appointed to the Board on 1 May 2012.

By order of the Board

Dick Kingston
Chairman
15 August 2012

Property review

Portfolio overview

The Trust owns a portfolio of fifteen properties in France and four properties in Spain totalling approximately 262,000 square metres (approximately 2.8 million square feet) of commercial real estate. The properties are generally well let, well located and offer good value accommodation to occupiers. Of the total property portfolio, 91% is invested in France and 9% in Spain in terms of capital value.

The valuation of the portfolio as at 30 June 2012 was approximately £245.0 million (€304.3 million) giving an average valuation yield of 8.2% with the French portfolio producing an average valuation yield of 8.2% and the Spanish portfolio 8.5% respectively. The portfolio as a whole showed a small valuation increase of 0.1% on a Euro like-for-like basis compared to 31 December 2011. This consisted of an increase of 0.3% in the French portfolio and a decline of 2.1% in the Spanish portfolio.  The average capital value of the portfolio is approximately £935 (€1,161) per square metre (equivalent to £87 per square foot) and the average rental value is approximately £83 (€103) per square metre per annum (equivalent to £7.7 per square foot). Of the overall portfolio, 83% by value is located within the Ile-de-France region around Paris. The portfolio has 68% exposure to the French office and business park sector of which 62% of the total portfolio is in the Ile-de-France region. The reinstatement cost of the portfolio buildings has been assessed at £221 million (€274 million) representing approximately 90% of current value.

The Trust's portfolio is diversified across business sectors with 68% in offices and business park property, 25% in warehouses and 7% in retail.

The portfolio benefits from strong credit tenants with 83% of its current rent roll secured by leases to Grade A tenants (large international/national companies or public sector). Examples of those categorised as Grade A are given in the Chairman's Statement.

The portfolio has an overall level of average occupancy of 87% measured by rental income as a percentage of potential total income, with vacancy representing 13%.

The weighted average lease length as at 30 June 2012 is 8.6 years to expiry and 4.7 years to next break and 59% of the portfolio income derives from leases with more than five years until the first break option.

Asset management review

The Investment Manager maintains close contact with the Trust's tenants to understand their needs and produce solutions which deliver value to both the tenants and investors. We constantly seek to improve the income from each of the Trust's assets and look for opportunities to create income through value-adding refurbishment, extension and reconfiguration.

Over the period we have continued to concentrate on active asset management and property management initiatives, including investment within the existing portfolio, to secure the Trust's income and we are pleased to report a number of important achievements since 1 January 2012 in the following areas:

·      extending the lease maturity profile of the property portfolio through lease extensions and

·      letting of vacant units.

Strong attention continues to be given to ensuring service charges are spent effectively, the annual level of property costs is closely monitored and additional sources of income are identified.

New leases and lease extensions covering approximately 42,435 square metres (16% of the Trust's portfolio by area) have been achieved since 1 January 2012. In addition to the new leases to Quadralog at Evreux and Jacquotte at Goussainville totalling 11,440 square metres that were detailed in the Annual Report, further new leases (25,425 square metres) and lease extensions (5,570 square metres) covering approximately 30,995 square metres have been completed.

FRANCE

Athis Mons - Furnotel has signed a new 6/9 year lease from August 2012 on two logistics units and all the office accommodation totalling 11,380 square metres. The Trust is investing in some upgrading works, particularly to the offices, and Furnotel is carrying out extensive works to create a bespoke workshop area as they will use the premises as their headquarters. Sofactory has signed a new 3/6/9 year lease from April 2012 on one logistics unit of 6,800 square metres. The remaining unit of 5,100 square metres is currently being actively marketed to third parties. The entire property was previously leased to Point P whose lease was due to end in November 2012. To accommodate the timing needs of the new tenants at the property and to minimize downtime between leases, an early termination of the lease was negotiated with Point P in return for an indemnity payment.

Aubergenville - Etanco has signed a new 9 year lease with a fixed period of three years from March 2012 and annual renewals thereafter on a logistics unit of 6,395 square metres that was vacated at the previous lease end date of January 2012.

Mulhouse - UFCV, an agency which helps coordinate holiday camps for French children, signed a new 3/6/9 year lease on approximately 300 square metres of offices from September 2012.

Goussainville - the electronics and electrical components supplier, Sofraled, signed a new 3/6/9 year lease on approximately 200 square metres of offices from August 2012. Existing tenant BCS also extended their lease by three years until November 2015 on a 600 square metre light industrial unit.

Vitry - two tenants, Go Sport and Univers Froid, extended their leases by three years until September and November 2015 on two light industrial units totalling 370 and 300 square metres respectively.

SPAIN

Cordoba - four tenants: El Meson de Buen Comer, Hogaria, McDonalds and Dia, together occupying approximately 2,900 square metres of retail space extended their leases by one year. A re-gearing was also signed with the tenant Vision Lab, who extended their lease on a 200 square metre retail unit to September 2014.

Alcala - a new 5 year lease was signed with Princelandia, a children's party events organizer, on a 250 square metre retail unit, from September 2012. Two other existing tenants, La Hacienda Mexicana and Yulia Hololobova, occupying a total of approximately 300 square metres of retail space, extended their leases to May and March 2013 respectively. A re-gearing was also signed with existing tenant Confecciones el Rubio on a 600 square metre retail unit, resulting in an extension of their lease by three years until September 2015.

Ecija - a new 1 year lease was signed with a fish restaurant, El Pescaito on an approximately 100 square metre retail unit from May 2012. Three other existing tenants: a hairdresser, a shoe shop and Burger King, occupying a total of approximately 300 square metres of retail space, extended their leases to December 2012 and January and August 2013 respectively.

Market overview

France

The French economy grew by 1.7% in 2011 but has showed signs of moderating in 2012 with gross domestic product levelling off in the first half of 2012. The economy is generally expected to remain subdued in coming quarters as a result of fiscal tightening in France and its key European trading partners and continued uncertainty about the resolution of the sovereign debt crisis affecting the wider eurozone. The unemployment rate for mainland France stands at 9.6% and linked to this and the wider economic context, household spending remains muted. Inflation has moderated slightly to 1.9% per annum in June 2012.

Despite lacklustre economic growth and the backdrop of economic concerns noted above, the commercial real estate investment market in France has seen sustained interest and activity with low bond yields reinforcing the attraction of real estate returns. In the first half of 2012, €5.7 billion was invested in commercial real estate in France representing an increase of 22% over the same period in 2011, which was the most active first half since 2008. Office investment remained the preferred sector and accounted for €4.3 billion representing an increase of 31% over the same period in 2011. However, it is anticipated that the overall investment levels for 2012 will be lower than those seen in 2011.

Of the Trust's total property portfolio, 91% is in France, 83% is in the Ile-de-France and 62% is in Ile-de-France office and business park space.

The economy of Ile-de-France

Paris and the surrounding region, better known as Ile-de-France, accounts for 19% of the French population but contributes 29% of French GDP. It is one of the main players in the global economy and is the largest European region by GDP. By population the Ile-de-France metropolis ranks twentieth globally, but ranked by GDP it is the fifth major metropolis in the world after the metropolitan areas of Tokyo, Greater New York, Los Angeles and Osaka.

In Europe, the only city that can compare to Paris is London and taking the wider metropolitan areas these two regions can be considered broadly similar in GDP terms. However it should be noted that the GDP of these two metropolitan areas far exceeds those of all other European cities, whether considering the Dutch Randstad, the conurbation Rhine-Ruhr and Rhine-Main, Brussels or Berlin.

With over 5.3 million jobs, Ile-de-France holds a prominent place in the national economy and many national and international companies have their headquarters in the region because of its high quality as a business location. The Ile-de-France has the world's third largest concentration of Fortune 500 head offices.

The Ile-de-France economy remains extremely diverse compared to other cities of its size with a large industrial base and one of the most important agricultural areas in France as well as being a pre-eminent global tourist destination.

Its economy is more diversified than London (with its emphasis on financial markets) or Los Angeles (film and entertainment) and Paris is not overly dependent on any one sector. Even categorizing Ile-de-France as predominantly a services-based economy, its industrial base which accounts for 16% of the region's GDP, remains very important as the region is a major European production centre, which has preserved its competitiveness by increasing its proportion of investment in research and development where it ranks as Europe's number one region for R&D expenditure and personnel. All of these activities are supported by an integrated freight and transport network.

The Paris region remains one of Europe's more stable office markets with office take-up in the Ile-de-France for the first half of 2012 reaching approximately 1.0 million square metres, 18% below the same period in 2011. The most active business sectors were the industrial and transport-logistics-distribution sectors together accounting for 50% of the take-up in the first half of 2012.

The average office rent in Ile-de-France was broadly stable over the first half of the year at €297 per square metre per annum. The office vacancy rate for the Paris region remains low at 6.5% and is expected to remain stable since there is relatively little in the way of speculative new development taking place at present.

In the logistics sector, national take up was 0.8 million square metres in the first half of 2012, 17% below the same period in 2011. The largest share of transaction volume took place in Ile-de-France with take-up of 0.32 million square metres representing 40% of national take-up.

Spain

The Spanish economy grew by 0.7% in 2011 but has now entered recession and gross domestic product shrank by 0.3% in the first quarter and 0.4% in the second quarter of 2012. GDP for 2012 is forecast to show a decline of 1.5% to 2.0%.

Spain is continuing the process of fiscal consolidation through the enactment of austerity measures and these are expected to suppress domestic demand. In addition, despite the government's efforts to reform the labour market, the unemployment rate has increased to over 24% in 2012. The near term outlook for the Spanish economy remains subdued.

Rental indexation

Rental indexation remains positive for both France and Spain. The INSEE Construction Cost Index, applicable to the Trust's leases in France, has shown annualised growth for the last nine published quarters and the annual indexation base as at Q1 2012 stood at 4.05% (6.85% Q4 2011). The Spanish Consumer Price Index, applicable to the Trust's leases in Spain, was running at an annualised rate of increase of 1.9% as at the end of June 2012.

Paul Cable
For and on behalf of the Investment Manager
15 August 2012

Independent review report

To Alpha Pyrenees Trust Limited

Introduction

We have been engaged by the Company to review the condensed set of financial statements in the half year report for the six months ended 30 June 2012 which comprises the consolidated statement of comprehensive income, consolidated balance sheet, consolidated cash flow statement, consolidated statement of changes in equity and related notes. We have read the other information contained in the half year financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Directors' responsibilities

The half year financial report is the responsibility of, and has been approved by, the Directors.  The Directors are responsible for preparing the half year financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority. 

As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union.  The condensed set of financial statements included in this half year financial report have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' as adopted by the European Union.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half year report based on our review.  This report, including the conclusion, has been prepared for, and only for, the Company for the purpose of the Disclosure and Transparency Rules of the Financial Services Authority and for no other purpose.  We do not, in producing this report, accept or assume responsibility for any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom.  A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.  A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.  Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half year financial report for the six months to 30 June 2012 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

Chartered Accountants

Place du Pré

Rue du Pré

St Peter Port

Guernsey

15 August 2012

Condensed consolidated statement of comprehensive income

		For the six months ended 30 June 2012 (unaudited)			For the six months ended 30 June 2011 (unaudited)
	Notes	Revenue £'000	Capital £'000	Total £'000	Revenue  £'000	Capital £'000	Total £'000
Income
Revenue	3	11,502	-	11,502	12,808	-	12,808
Property operating expenses		(2,760)	-	(2,760)	(2,871)	-	(2,871)
Net rental income		8,742	-	8,742	9,937	-	9,937
Expenses
Net change in losses on revaluation of investment properties	11	-	(598)	(598)	-	(924)	(924)
Investment  Manager's fee		(963)	(413)	(1,376)	(1,023)	(439)	(1,462)
Other administration costs		(688)	-	(688)	(603)	-	(603)
Operating profit/(loss)		7,091	(1,011)	6,080	8,311	(1,363)	6,948
Finance income	4	55	7,071	7,126	103	6,051	6,154
Finance costs	5	(5,870)	(1,390)	(7,260)	(6,335)	(6,670)	(13,005)
Profit/(loss) before taxation		1,276	4,670	5,946	2,079	(1,982)	97
Taxation	7	-	(340)	(340)	-	(185)	(185)
Profit/(loss) for the period		1,276	4,330	5,606	2,079	(2,167)	(88)
Other comprehensive income
Foreign exchange (losses)/gains on translation of foreign operations (translation reserve)		-	(462)	(462)	-	826	826
Other comprehensive (expense)/income for the period		-	(462)	(462)	-	826	826
Total comprehensive income/(expense) for the period		1,276	3,868	5,144	2,079	(1,341)	738
Earnings/(loss) per share  - basic & diluted	9			4.8p			(0.1)p
Adjusted earnings per share  - basic & diluted	9			1.1p			1.8p

All items in the above statement derive from continuing operations.

The accompanying notes are an integral part of this statement.

Condensed consolidated balance sheet

	Notes	30 June 2012 (unaudited) £'000	31 December 2011 (audited) £'000
Non-current assets
Investment properties	11	245,044	254,853
Current assets
Trade and other receivables	12	12,755	13,917
Cash and cash equivalents		10,142	12,773
		22,897	26,690
Total assets		267,941	281,543
Current liabilities
Trade and other payables	13	(4,085)	(4,330)
Bank borrowings	14	(1,494)	(1,633)
		(5,579)	(5,963)
Total assets less current liabilities		262,409	275,580
Non-current liabilities
Financial liabilities at fair value through profit or loss	15	(41,313)	(49,131)
Bank borrowings	14	(193,993)	(201,818)
Rent deposits		(2,598)	(2,834)
Deferred taxation	7	(340)	-
		(238,244)	(253,783)
Total liabilities		(243,823)	(259,746)
Net assets		24,118	21,797
Equity
Share capital	16	-	-
Special reserve		113,131	113,131
Translation reserve		21,875	22,337
Capital reserve		(112,514)	(116,844)
Revenue reserve		1,626	3,173
Total equity		24,118	21,797
Net asset value per share	10	20.5p	18.5p
Net asset value per share (adjusted)	10	37.2p	37.0p

The half-year financial statements were approved by the Board of Directors and authorised for issue on 15 August 2012.

David Jeffreys                                                                                                        Serena Tremlett

Director                                                                                                                   Director

The accompanying notes are an integral part of this statement.

Condensed consolidated cash flow statement

	For the six months ended 30 June 2012 (unaudited) £'000	For the six months ended 30 June 2011 (unaudited) £'000
Operating activities
Profit/(loss) for the period	5,606	(88)
Adjustments for :
Net change in losses on revaluation of investment properties	598	924
Deferred taxation	340	185
Finance income	(7,126)	(6,154)
Finance costs	7,260	13,005
Operating cash flows before movements in working capital	6,678	7,872
Movements in working capital:
Increase in operating trade and other receivables	(944)	(2,015)
Increase in operating trade and other payables	716	4,802
Cash generated from operations	6,450	10,659
Interest received	58	93
Currency swap interest paid	(263)	(453)
Bank loan interest paid and costs	(5,289)	(5,586)
Taxation	-	-
Cash flows from operating activities	956	4,713
Investing activities
Capital expenditure	(854)	(596)
Tenant incentive contribution	(1,188)	-
Cash flows from investing activities	(2,042)	(596)
Financing activities
Currency swap collateral received/(paid)	1,745	(1,023)
Repayment of borrowings	(203)	(191)
Dividends paid	(2,823)	(3,136)
Cash flows from financing activities	(1,281)	(4,350)
Decrease in cash and cash equivalents	(2,367)	(233)
Cash and cash equivalents at beginning of period	12,773	15,541
Exchange translation movement	(264)	486
Cash and cash equivalents at end of period	10,142	15,794

The accompanying notes are an integral part of this statement.

Condensed consolidated statement of changes in equity

For the six months ended 30 June 2012 (unaudited)	Share capital £'000	Share premium £'000	Special reserve £'000	Translation reserve £'000	Capital reserve £'000	Revenue reserve £'000	Total reserves £'000
At 1 January 2012	-	-	113,131	22,337	(116,844)	3,173	21,797
Total comprehensive income/(expense) for the period	-	-	-	(462)	4,330	1,276	5,144
Dividends	-	-	-	-	-	(2,823)	(2,823)
At 30 June 2012	-	-	113,131	21,875	(112,514)	1,626	24,118

For the six months ended 30 June 2011 (unaudited)	Share capital £'000	Share premium £'000	Special reserve £'000	Translation reserve £'000	Capital reserve £'000	Revenue reserve £'000	Total reserves £'000
At 1 January 2011	-	2,500	110,592	22,661	(119,588)	3,868	20,033
Total comprehensive income/(expense) for the period	-	-	-	826	(2,167)	2,079	738
Share premium transfer	-	(2,500)	2,500	-	-	-	-
Dividends	-	-	-	-	-	(3,175)	(3,175)
Scrip dividend	-	-	39	-	-	-	39
At 30 June 2011	-	-	113,131	23,487	(121,755)	2,772	17,635

The accompanying notes are an integral part of this statement.

Notes to the financial statements

1. General information

The Company is a limited liability, closed-ended investment company incorporated in Guernsey, which has been declared under the relevant legislation to be an Authorised Closed-Ended Collective Investment Scheme. The Group comprises the Company and its subsidiaries. The Group invests in commercial property in France and Spain with inflation-indexed rents that will provide an income return to investors as well as potential for capital growth. These financial statements are presented in pounds Sterling as this is the currency in which the funds are raised and in which the investors are seeking a return. The Company's functional currency is Sterling and the subsidiaries' currency is Euros. The presentational currency of the Group is Sterling. The period-end exchange rate used is £1:€1.242 (December 2011: £1:€1.193) and the average rate for the period used is £1:€1.215 (June 2011: £1:€1.152).

2. Significant accounting policies

The unaudited condensed financial information included in the half year report for the six months ended 30 June 2012, have been prepared in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority and International Accounting Standard (IAS) 34, 'Interim Financial Reporting' as adopted by the European Union. The half year report should be read in conjunction with the Group's Annual Report and financial statements for the year ended 31 December 2011, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

The same accounting policies and methods of computation are followed in these condensed financial statements as were applied in the preparation of the Group's financial statements for the year ended 31 December 2011, which are available on the Company's website (www.alphapyreneestrust.com).

The Directors considered all relevant new standards, amendments and interpretations to existing standards effective for the half year report for the six months ended 30 June 2012: their adoption has not led to any changes in the Groups accounting policies and they had no material impact on the financial statements of the Group.

The interim condensed financial statements are made up from 1 January 2012 to 30 June 2012, and have been prepared under the historical cost convention as modified by the revaluation of investment properties and the mark to market of derivative instruments.

The preparation of the interim condensed financial statements requires Directors to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the condensed interim financial statements. If in the future such estimates and assumptions, which are based on the Directors' best judgement at the date of the interim condensed financial statements, deviate from actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change.

3. Revenue

	1 January 2012 to 30 June 2012 £'000	1 January 2011 to 30 June 2011 £'000
Rental income	9,747	10,734
Service charge income	1,755	2,074
Total	11,502	12,808

4. Finance income

	1 January 2012 to 30 June 2012 £'000	1 January 2011 to 30 June 2011 £'000
Bank interest income	55	103
Foreign exchange gain	-	1,552
Net gains on financial liabilities at fair value through profit or loss (note 6)	7,071	4,499
Total	7,126	6,154

5. Finance costs

	1 January 2012 to 30 June 2012 £'000	1 January 2011 to 30 June 2011 £'000
Interest on bank borrowings	5,302	5,568
Loan fee amortisation	287	298
Foreign exchange loss	1,390	-
Net losses on financial liabilities at fair value through profit or loss (note 6)	263	7,123
Other charges	18	16
Total	7,260	13,005

6. Net gains and losses on financial assets and liabilities at fair value through profit or loss

	1 January 2012 to 30 June 2012 £'000	1 January 2011 to 30 June 2011 £'000
Net change in unrealised gains and losses on financial assets and liabilities held at fair value through profit or loss
Currency swaps	5,569	(6,670)
Interest rate swap	1,502	4,499
Net realised gains and losses on financial assets and liabilities held at fair value through profit or loss
Currency swaps - interest received	4,302	4,281
Currency swaps - interest paid	(4,565)	(4,734)
Net expense from currency swaps	(263)	(453)
Net (loss)/gain on financial assets and liabilities held at fair value through profit or loss	6,808	(2,624)
Disclosed as:
Finance costs (note 5)	(263)	(7,123)
Finance income (note 4)	7,071	4,499
Net (loss)/gain on financial assets and liabilities held at fair value through profit or loss	6,808	(2,624)

7. Taxation

The Company is exempt from Guernsey taxation on income derived outside Guernsey and bank interest earned in Guernsey. A fixed annual fee of £600 is payable to the States of Guernsey in respect of this exemption.  No charge to Guernsey taxation arises on capital gains.

Deferred taxation has been calculated in accordance with IFRS. The Group is currently liable to French income tax at 33.33% and Spanish income tax at 30% arising on the activities of the Group's operations in France and Spain.

8. Dividends

Dividend reference period	Shares	Dividend	Paid	Date
	'000	per share	£
Quarter ending 30 September 2011	117,627,056	0.9p	1,058,644	9 January 2012
Quarter ending 31 December 2011	117,627,056	0.9p	1,058,644	23 April 2012
Quarter ending 31 March 2012	117,627,056	0.6p	705,762	18 June 2012
Total			2,823,050

The Directors have resolved to pay a dividend of 0.6p per share for the second quarter taking the total dividend for the period to 30 June 2012 to 1.2p per share. This dividend has not been included as a liability in the half year report.

9. Earnings per share

The calculation of the basic and diluted earnings per share is based on the following data:

	1 January 2012 to 30 June 2012	1 January 2011 to 31 December 2011	1 January 2011 to 30 June 2011
Earnings after tax per income statement (£'000)	5,606	6,282	(88)
Basic and diluted earnings per share	4.8p	5.3p	(0.1)p
Earnings after tax per income statement (£'000)	5,606	6,282	(88)
Revaluation losses/(gains) in investment properties	598	(3,689)	924
Mark to market of currency swaps	(5,569)	(2,319)	6,670
Mark to market of interest rate swaps	(1,502)	1,634	(4,499)
Investment Manager's fee (capital)	413	872	439
Deferred taxation	340	-	185
Foreign exchange losses/(gains)	1,390	758	(1,552)
Adjusted earnings (£'000)	1,276	3,538	2,079
Adjusted earnings per share	1.1p	3.0p	1.8p
Weighted average number of ordinary shares (000's)	117,627	117,624	117,620

The adjusted earnings are presented to provide what the Company believes is a more appropriate assessment of the operational income accruing to the Group's activities. Hence, the Company adjusts basic earnings for income and costs which are not of a recurrent nature or which may be more of a capital nature.

10. Net asset value per share

	30 June 2012	31 December 2011
Net asset value  (£'000)	24,118	21,797
Net asset value per share	20.5p	18.5p
Net asset value (£'000)	24,118	21,797
Mark to market of currency hedge*	1,711	1,885
Mark to market of interest rate swaps	17,549	19,799
Deferred taxation	340	-
Adjusted net asset value	43,718	43,481
Net asset value per share (adjusted)	37.2p	37.0p
Number of ordinary shares (000's)	117,627	117,627

* The mark to market of the currency hedge necessarily includes both a movement in relation to currency fluctuation and a movement due to relative future interest rates. For the purpose of providing an adjusted net asset value the element of valuation in relation to the interest rates is included as an adjustment; the intention is to hold the instruments to maturity at which point this element will have unwound.

The adjusted net assets are presented to provide what the Company believes is a more relevant assessment of the Group's net asset position. The Company has determined that certain fair value and accounting requirements, as adjusted in the above table, may not be realisable in the longer term.

11. Investment properties

	30 June 2012 £'000	31 December 2011 £'000
Fair value of investment properties at 1 January	254,853	253,502
Subsequent capital expenditure after acquisition	854	1,282
Rent incentive movement	(5)	1,820
Fair value adjustment in the period/year	(598)	3,689
Effect of foreign exchange	(10,060)	(5,440)
Fair value of investment properties at 30 June/31 December	245,044	254,853

The fair value of the Group's investment properties at 31 December 2011 and 30 June 2012 have been arrived at on the basis of valuations carried out at that date by Knight Frank LLP, independent valuers not connected to the Group. The portfolio has been valued on a fair value basis as defined by the Royal Institution of Chartered Surveyors Approval and Valuations Standards ("RICS").

The approved RICS definition of fair value is the "the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date."

At 30 June 2012, the Group had un-provided contractual obligations for future repairs and maintenance of £nil (December 2011: £nil) and £1.0 million (December 2011: £0.3 million) of future capital requirements.

12. Trade and other receivables

	30 June 2012 £'000	31 December 2011 £'000
Trade receivables	2,089	1,779
Amounts receivable from Property Managing Agents	1,782	1,532
Bank interest receivable	2	5
Prepayments	800	274
Other debtors	8,082	10,327
Total	12,755	13,917

The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.

Included in other debtors is collateral of £7.3 million (€9.0 million) (December 2011: £9.4 million (€11.2 million)) held with Barclays Bank PLC in relation to the currency swap (note 15).

13. Trade and other payables

	30 June 2012 £'000	31 December 2011 £'000
Trade creditors	1,018	1,762
Deferred income	1,402	866
Investment Manager's fee payable	665	680
VAT payable	326	283
Accruals	674	739
Total	4,085	4,330

Trade creditors and accruals primarily comprise amounts outstanding for trade purchases and ongoing costs. The Group has financial risk management policies in place to ensure that all payables are paid within the credit time frame.

The Directors consider that the carrying amount of trade and other payables approximates to their fair value.

14. Bank borrowings

	30 June 2012 £'000	31 December 2011 £'000
Current liabilities: interest payable and bank borrowing	1,494	1,633
Non-current liabilities: bank borrowing	193,993	201,818
Total liabilities	195,487	203,451
The borrowings are repayable as follows:
Interest payable	1,447	1,511
On demand or within one year	47	122
In the second to fifth years inclusive	193,993	201,818
After five years	-	-
	195,487	203,451

Movement in the Group's bank borrowings is analysed as follows:

	1 January 2012 to 30 June 2012 £'000	1 January 2011 to 31 December 2011 £'000
Opening balance	201,940	205,854
Amortisation of finance costs	287	601
Repayment of loan	(203)	(173)
Exchange differences on translation of foreign currencies	(7,984)	(4,342)
Total	194,040	201,940

15. Financial assets and financial liabilities at fair value through profit or loss

	30 June 2012 £'000	31 December 2011 £'000
Non-current liabilities
Currency swap - a	(18,448)	(22,895)
Currency swap - b	(5,316)	(6,437)
Interest rate swaps	(17,549)	(19,799)
Total	(41,313)	(49,131)

Interest rate swap

The Company is required under the financing agreements with Barclays Bank PLC to fix the rate at which it borrows over the duration of each loan. The Company has agreed a fixed interest rate with Barclays Bank PLC at each loan draw-down.

The bank has undertaken a variable to fixed rate swap with a third party. The Company is not party to the swap agreement but via the financing agreement the Company has all the risks and rewards of the swap as, should the loan be repaid early, the Company would be required to pay the swap break costs or, alternatively accrue a swap benefit as a repayment reduction depending on the value of the underlying swap at that point in time.

The fair value of the interest rate swaps is determined by reference to an applicable valuation model.

Currency swap

The Group uses currency derivatives to hedge significant future foreign currency transactions and cash flows to safeguard the equity investments of shareholders against significant adverse movements between Sterling and Euros.

a) On 13 October 2006, Alpha Pyrenees Trust Finance Company Limited ("Alpha Finance"), a wholly owned subsidiary of the Company, entered into a currency swap with Barclays Bank PLC. Under the terms of this agreement, Alpha Finance will pay Barclays Bank PLC €130.1 million and Barclays Bank PLC will pay Alpha Finance £87.6 million on 16 October 2013. ln addition, there are quarterly periodic payments in February, May, August and October of each year starting on 16 February 2007 and ending 16 October 2013. On these dates Barclays Bank PLC will pay Alpha Finance an amount equal to 7 per cent per annum on £87.6 million and Alpha Finance will pay Barclays Bank PLC an amount equal to 6 per cent per annum on €130.1 million.

b) On 18 January 2007, Alpha Finance entered into a further currency swap with Barclays Bank Plc. Under the terms of this swap, Alpha Finance will pay Barclays Bank PLC €33.0 million and Barclays Bank PLC will pay Alpha Finance £21.6 million on 16 October 2013. In addition, there are quarterly periodic payments in February, May, August and November of each year starting on 16 February 2007 and ending on 16 October 2013. On these dates Barclays Bank PLC will pay Alpha Finance an amount equal to 7 per cent per annum on £21.6 million and Alpha Finance will pay Barclays Bank PLC an amount equal to 5.9725 per cent per annum on €33.0 million.

At 30 June 2012, a total amount of £7.3 million (€9.0 million) (December 2011: £9.4 million (€11.2 million)) is deposited as collateral with Barclays Bank PLC to support both the 13 October 2006 and 18 January 2007 swaps.

The fair value of the currency swap contracts is determined by reference to an applicable valuation model.

16. Share capital

The authorised share capital is unlimited. The Company has one class of shares which carry no right to fixed income. All ordinary shares have a nil par value. The number of shares in issue is 117.6 million.

There have been no share cancellations during the period.

17. Related party transactions

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. Alpha Real Capital LLP is the Investment Manager to the Company under the terms of the Investment Manager Agreement and is thus considered a related party of the Company.

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

The Investment Manager is entitled to receive a fee from the Group at an annual rate of 1% of the gross assets of the Group, payable quarterly in arrears.  The Investment Manager is also entitled to receive an annual performance fee calculated with reference to total shareholder return ("TSR"), whereby the fee is 20% of any excess over an annualised TSR of 12% and then a further 15% of any excess over 20%; the performance fee is subject to a three year high watermark with a minimum threshold of 100 pence. Details of the investment management fees for the current accounting period are shown on the face of the statement of comprehensive income and any balances outstanding are disclosed separately in note 13.

The Directors of the Company received total fees as follows:

	Six months ending 30 June 2012 £	Year ending 31 December 2011 £
Dick Kingston	15,000	30,000
Christopher Bennett****	10,000	20,000
David Jeffreys	11,500	23,000
Phillip Rose	10,000	20,000
David Rowlinson***	3,333	-
Serena Tremlett	10,000	20,000
Total	59,833	113,000

The Directors' interests in the shares of the Company are detailed below:

	30 June 2012 shares held	31 December 2011 shares held
Dick Kingston	199,125	5,145
Christopher Bennett****	-	-
David Jeffreys	250,000	250,000
Phillip Rose	1,290,079	1,290,079
David Rowlinson***	-	-
Serena Tremlett	23,486	23,486

The following, being partners of the Investment Manager held the following shares in the Company:

	30 June 2012 shares held	31 December 2011 shares held
Rockmount Ventures Limited and ARRCO Limited*	21,437,393	21,437,393
Sir John Beckwith	3,535,681	3,535,681
Phillip Rose**	1,290,079	1,290,079
Bradley Bauman	582,163	459,289
Karl Devon-Lowe	24,650	24,650
Ronnie Armist	7,450	7,450

*Rockmount Ventures Limited became a partner in the investment manager on 23 December 2010. Rockmount Ventures Limited is the parent company of ARRCO Limited. The interest attributed to the two corporate partners represents 21,437,393 shares held by a fellow group company, Antler Investment Holdings Limited ("Antler").

**Phillip Rose is the CEO and a partner of the Investment Manager.

***David Rowlinson was appointed on 1 May 2012; he is a director of Antler and the managing director of Liberation Management Limited, which is a trustee of the Rockmount Purpose Trust that indirectly owns 75.3% of Alpha Real Capital LLP.

****Christopher Bennett resigned on 16 August 2012.

During the period, Alpha Real Capital LLP, the Investment Manager of the Company, purchased 1,000,000 shares in Alpha Pyrenees Trust Limited. After the period end Alpha Real Capital LLP purchased a further 3,400,000 shares in the Company bringing its total current holding to 4,400,000 shares (31 December 2011: nil).

Paul Cable, being the Investment Manager's Fund Manager responsible for the Trust's investments, holds 84,918 (31 December 2011: 84,918) shares in Alpha Pyrenees Trust Limited.

Serena Tremlett is also the Managing Director and a major shareholder of Morgan Sharpe Administration Limited, the Company's administrator and secretary. During the period the Company paid Morgan Sharpe Administration Limited fees of £43,000 (31 December 2011: £72,980).

18. Events after the balance sheet date

There are no material events after the balance sheet date.

Directors and Trust information

Directors:

Dick Kingston (Chairman)
Christopher Bennett (resigned 16 August 2012)
David Jeffreys
Phillip Rose                             

David Rowlinson (appointed 1 May 2012)
Serena Tremlett

Registered office:

Old Bank Chambers

La Grande Rue

St Martin's

Guernsey GY4 6RT

Investment Manager:

Alpha Real Capital LLP
1b Portland Place
London W1B 1PN

Administrator and secretary:

Morgan Sharpe

Administration Limited

Old Bank Chambers

La Grande Rue

St Martin's

Guernsey GY4 6RT

Joint brokers:

Numis Securities Limited              

10 Paternoster Square
London EC4M 7LT

Peel Hunt LLP

Moor House

120 London Wall

London EC2Y 5ET

Independent valuers:

Knight Frank LLP
55 Baker Street
London W1U 8AN

Auditors:

BDO Limited
PO Box 180
Place du Pré

Rue du Pré
Ruette Braye
St Peter Port
Guernsey GY1 3LL

Tax advisors:

BDO LLP
55 Baker Street
London W1U 7EU

Deloitte LLP
Hill House
1 Little New Street
London EC4A 3TR

Legal advisors in Guernsey:

Carey Olsen
PO Box 98

Carey House
Les Banques
St Peter Port
Guernsey GY1 4BZ

Legal advisors in the UK:

Norton Rose

3 More London Riverside

London SE1 2AQ

Registrar:

Computershare Investor Services (Channel Islands) Limited
Ordnance House
31 Pier Road
St Helier
Jersey JE4 8PW

Shareholder information

Dividends

Ordinary dividends are paid quarterly. Shareholders who wish to have dividends paid directly into a bank account rather than by cheque to their registered address can complete a mandate form for this purpose. Mandates may be obtained from the Group's Registrar. Where dividends are paid directly to shareholders' bank accounts, dividend vouchers are sent directly to shareholders' registered addresses.

Share Price

The Trust's Ordinary Shares are listed on the London Stock Exchange.

Change of address

Communications with shareholders are mailed to the addresses held on the share register. In the event of a change of address or other amendment, please notify the Trust's Registrar under the signature of the registered holder.

Investment Manager

The Company is advised by Alpha Real Capital LLP which is authorised and regulated by the Financial Services Authority in the United Kingdom.

Financial Calendar

Financial reporting	Reporting/Meeting dates	Dividend period	Ex-dividend date	Record date	Payment date
Half Year Report and announcement of dividend	16 August 2012	Quarter ended 30 June 2012	12 September 2012	14 September 2012	8 October 2012
Interim Management Statement (Q3)	15 November 2012	Quarter ended 30 September 2012	5 December 2012	7 December 2012	7 January 2013
Annual Report and Accounts announcement	15 March 2013	Quarter ended 31 December 2012	27 March 2013	02 April 2013	22 April 2013
Annual Report published	5 April 2013
Annual General Meeting	26 April 2013

 

END

 

 

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