Annual Financial Report

RNS Number : 5229V

Artemis Alpha Trust PLC

10 July 2009

 

ARTEMIS ALPHA TRUST PLC (the 'Company')

Annual Financial Report Announcement for the year ended 30 April 2009

Financial Highlights 

Total Returns	Year ended 30 April 2009	Year ended 30 April 2008	Since launch*
Net asset value - basic  Net asset value - diluted  Share price FTSE All-Share Index	(26.0)%  (24.2)%  (21.8)%  (26.9)%	9.1%  8.3%  (2.2)%  (4.3)%	204.6%  182.7%  173.2%  35.2%
Capital	As at 30 April 2009	As at 30 April 2008
Net assets Net asset value - basic Net asset value - diluted Share price (Discount)/premium - diluted net asset value  Net gearing (as a % of net assets)	£62.4m 205.23p 189.69p 178.00p (6.2)% -	£91.6m  280.47p  253.54p  231.00p (8.9)% 12.0%
Returns for the year	Year ended 30 April 2009	Year ended 30 April 2008
Revenue earnings per share - basic  Revenue earnings per share - diluted  Dividends per share Total expense ratio	1.58p  1.47p  2.60p  1.1%	2.10p  1.93p  2.45p  0.9%

Source: Artemis/ Datastream

* 1 June 2003 - the date when Artemis was appointed as Investment Manager

Chairman's Statement

Performance

The year to 30 April 2009 has proved to be a very difficult one for investors. Markets fell sharply over the year, as the effects of the credit crisis continued to be felt by many companies. Lending all but dried up towards the end of 2008. In addition, economic conditions deteriorated markedly, as most economies moved into recession.

These conditions were reflected in the performance of the Company. The diluted net asset value fell by 24.2 per cent and the share price fell by 21.8 per cent. It is small consolation to shareholders that these returns were better than the broader UK market, as represented by the FTSE All-Share Index, which fell by 26.9 per cent on a total return basis.

Investment in unquoted companies

Your Company continues to pursue a strategy of investing a proportion of the Company's assets in unquoted companies which, to date, has proved to be successful in overall return terms. Whilst no new investments were made during the year, a number of follow-on investments were made. As at 30 April 2009, the value of these investments represented 32.4 per cent of the Company's net assets.

The investment management agreement contains a provision that restricts the amount that can be invested in unquoted companies to 30 per cent of the Company's net assets. For the purpose of this restriction, unquoted investments are measured by the lower of their cost or current valuation and at 30 April 2009, on this basis, these investments represented 17.5 per cent.

Investment in unquoted companies often carries a higher degree of risk than investment in more established companies listed on a stock exchange. By their nature, unquoted investments do not have readily available prices and therefore your Board places great importance on their valuation. A process has been established whereby your Board receives quarterly updates and valuation recommendations on each one from the Investment Manager, which are discussed at each Board meeting.

The largest of these investments is Vostok Energy, an oil and gas exploration company with operating interests in Russia. The investment represented 17.3 per cent of the Company's net asset value as at 30 April 2009. Further information on this company and other investments is set out in the Investment Manager's Review.

Dividends

Your Board has declared a second interim dividend of 1.50p (2008: 1.40p) per share, bringing total dividends for the year ended 30 April 2009 to 2.60p (2008: 2.45p) per share, an increase of 6.1 per cent over dividends paid in 2008. The second interim dividend will be paid on 21 August 2009 to those shareholders on the register on 24 July 2009.

Share buy backs and discount

During the year your Company bought back 2,263,500 of its own shares at a cost of £3.9 million. These shares were bought at an average discount of a little over 8 per cent and added 1.28p to the net asset value per share for continuing shareholders. The Company's shares stood at a discount of 6.2 per cent at the year end. Your Board will continue to use buy backs where necessary in seeking to maintain a stable level of discount at which the Company's shares trade. Shares bought back by the Company will be held in treasury, subject to any limits on shares that can be held in this way. Any treasury shares re-issued by the Company will be at prices no less than the prevailing diluted net asset value.

As set out in the Notice of the Meeting, a resolution to renew the Company's authority to buy back its own shares and hold them in treasury will be put to shareholders at the forthcoming Annual General Meeting.

VAT on management fees

I am pleased to report that agreement has been reached with your Investment Manager, Artemis Investment Management, in respect of the rebate of VAT previously charged on investment management fees. An amount of £227,000 will be paid to the Company. In addition, a further amount of £12,000 has been repaid by J O Hambro Capital Management in respect of VAT charged when it was investment manager to the Company. Accordingly an amount of £239,000 has now been recognised in the financial statements. These repayments add 0.79p to the net asset value per share. Both Artemis Investment Management and J O Hambro Capital Management are pursuing interest from HM Revenue and Customs and on receipt will pay all monies across to the Company.

Annual General Meeting

Your Company's Annual General Meeting ('AGM') will be held at the offices of Artemis Investment Management, Cassini House, 57 St James's Street, London SW1A 1LD on Thursday, 17 September 2009 at 12.30 p.m. Full details of the business to be conducted at the AGM are set out in the Notice of Meeting.

Your Board looks forward to welcoming shareholders to the AGM. The AGM will be followed by a buffet lunch which will provide an opportunity to meet both the Directors and Investment Manager. Should you have any detailed or technical questions which you would like to ask at the AGM, it would be helpful if these could be raised in advance of the meeting with the Company Secretary. If you are unable to attend the meeting, your Board would encourage you to send in your proxy votes.

Investment Plan

The Investment Plan enables investors to acquire shares in the Company in a cost effective manner, either through lump sum investments or regular monthly investments. Documentation can be obtained by contacting Artemis Investment Management on 0800 092 2051 or from the following web address,

www.artemisonline.co.uk/pdf/brochures/alphatrustinvestmentplan.pdf.

Outlook

Markets have seen a strong recovery from their low point in March 2009. Commodity prices too have strengthened which, given the Company's exposure, has been beneficial. 

Whilst there are signs that the UK economy is not getting any worse, rising unemployment, with consequential pressure on the consumer, is likely to remain a significant influence on the economy's recovery. Against this background your Board and Investment Manager will seek to continue to achieve returns ahead of the UK market.

Simon Miller

Chairman

10 July 2009 

Investment Manager's Review

Performance and Portfolio Analysis

As indicated in the Chairman's Statement, for the year ended 30 April 2009, the fully diluted net asset value fell by 24.2 per cent, compared to a fall of 26.9 per cent in the FTSE All-Share Index. The longer term record remains good and a summary of this performance to 30 April 2009 is set out in the table below.

	3 years	5 years	Launch *
Net asset value - diluted	(14.5)%	60.3%	182.7%
FTSE All-Share Index	(21.2)%	15.5%	35.2%

* 1 June 2003 - the date when Artemis was appointed Investment Manager. All figures are total return.

We continue to believe that there are greater investment opportunities in the mid/small capitalisation companies. The portfolio has maintained its focus in this area with 62.0% invested in small cap companies, and 33.7% and 4.3% in mid cap and large cap investments respectively.

The portfolio continues to be managed on a 'best ideas' basis, drawing on the considerable experience of the Artemis investment team. Since the year end, Adrian Paterson has joined me in the management of the portfolio.

Portfolio

Much of what was written at the interim stage about background conditions affecting the UK stock market have remained in place throughout the second half of the reporting period.

The oil price fell to new lows of $30 per barrel, which has adversely impacted on our holdings in Gasol, Genesis Petroleum, Geopark and Salamander Energy. Since the year end, and reflecting the near doubling of the oil price from these lows, there has been a major re-rating of these companies, particularly Geopark, which has successfully raised additional funds to increase its oil and gas production from its Chilean fields, and for Salamander Energy, which has continued to meet its production targets. Our only new holding in the exploration and production sector is Africa Oil, which is led by an experienced team, with excellent prospects in the Ethiopian basin.

Within the unquoted portfolio, Vostok Energy and Hurricane Exploration are the most significant investments. The latter has raised funds at the price the shares are currently valued at in the Company's portfolio, ahead of drilling a prospect in the West of Shetland basin later this year. Although there is a high risk in drilling this basement play, the potential returns are significant. Vostok Energy has continued to complete its gas processing facility in the Saratov region of Russia and has further strengthened its management team. We anticipate the first gas being delivered early next year. The carrying value of this holding has recently been reviewed and at this stage there is no reason to change it, given the stability in the price of Russian gas.

At the time of writing the oil price has risen to around $70 per barrel. Against this background we have increased our weighting to nearly 40 per cent, although we will actively pursue a policy to reduce our unquoted exposure in the sector. The level of corporate activity has picked up and there is a higher degree of confidence which will allow these assets to be traded.

Elsewhere in the unquoted portfolio mForm was written down to nil, as it ran out of funding. Unfortunately its business model of supplying mortgage quotations was badly affected by the credit crisis of last year. The value of TSI has also been written down to reflect the difficulty it has experienced in raising additional funds to expand its Indian network of automated teller machines.

We took advantage of the weaker environment for financial investments by buying Close Brothers, which has now performed well following a re-rating of its traditional lending business and also a general increase in financial activity. That has helped its corporate finance and stock broking businesses.

There has been a mixed performance from our fund management holdings, with a de-rating of BlueBay, whose business within its credit markets is changing from long/short (hedge) to long only. The situation is a little better at F&C which has seen a reasonable recovery, as measured by its share price performance. Our recent purchase of Liontrust, a specialist investment manager devalued by the departure of key personnel, has seen its shares outperform since we acquired our holding.

We have increased our exposure to some less cyclical sectors, such as defence and aerospace, with the purchase of BAE Systems and Smiths Industries. We have also increased our weighting in industrial engineering with purchases of Bodycote, Weir Group, Rotork and Spirax Sarco. Each of these companies have strong business franchises and to date their order books have remained robust.

Our strategy going forward is to continue to sell the very smallest holdings and reduce the historic 'tail' of the portfolio of the less successful investments. As mentioned above we will continue to focus on reducing our unquoted portfolio and to position the overall portfolio to a more defensive stance until the economic outlook is clearer.

Outlook

Financial markets have risen sharply from their lows at the beginning of the calendar year. The considerable financial intervention by governments around the world appears to have prevented a further collapse in confidence. There are some modest signs that the economy is not getting worse and appears to be stabilising which has continued to support investor interest.

Against this background we have seen a reasonable recovery in commodity prices, such as crude oil and palm oil, which will be positive for the Company's portfolio. Although equities continue to appear undervalued, and in many cases offer excellent value, the imminent reporting period will be essential to better understand how companies have fared through the credit crisis. The outlook for the UK consumer remains challenging as unemployment continues to rise. However we are seeing signs of greater stability and confidence which will continue to support investor interest. The greatest negative remains the level of government borrowing, which has left very few options in terms of further intervention. We continue to believe that the portfolio is well placed and as a vote of confidence the managers have continued to buy more shares.

John Dodd
Artemis Investment Management Limited
Investment Manager

10 July 2009 

Principal Risks and Risk Management 

The Board, in conjunction with the Investment Manager, has developed a risk map which sets out the principal risks faced by the Company. This is used on an on-going basis to monitor these risks and the effectiveness of the controls established to mitigate them. 

As an investment company the main risks relate to the nature of the individual investments and the investment activities generally and include market price risk, foreign currency risk, interest rate risk and liquidity risk.

A summary of the key areas of risk are set out below:

• Investment: the Company's investments are selected on their individual merits and the performance of the portfolio will, from time to time, exhibit significant variation from the wider market (FTSE All-Share Index). The Board believes this approach will continue to generate good long-term returns. Currently 32.4 per cent (2008: 33%) of the Company's net assets is represented by unquoted companies and these investments carry higher liquidity and realisation risks. The Board believes, however, these risks are justified by the longer-term nature of the investments and the Company's closed-ended structure, and that they will deliver good returns for shareholders. The Board seeks to diversify risk through a broad range of investments being held in the portfolio.

• Regulatory: failure to comply with the requirements of a framework of regulation and legislation, within which the Company operates. The Company relies on the services of the Company Secretary/Investment Manager to monitor the ongoing compliance with the relevant regulations and legislation.

• Operational: failure of the Investment Manager's and/or any third party service providers' systems which could result in an inability to accurately report and monitor the Company's financial position.

• Financial: any failings in the Investment Manager's and/or third party service providers' controls which could lead to the Company's assets being misappropriated. Failure to comply with appropriate accounting standards could result in a reporting error or breach of regulations or legislation.

Statement of Directors' Responsibilities in respect of the Financial Statements 

In preparing these Financial Statements for the year ended 30 April 2009, the Directors of the Company  confirm that to the best of their knowledge:

• the Financial Statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the Group; and

• the Report of the Directors include a fair review of the development and performance of the business and the position of the Company and the Group, together with a description of the principal risks and uncertainties that it faces.

A detailed Statement of Directors' Responsibilities for the preparation of the Company's Financial Statements is contained within the full audited Annual Report.

For and on behalf of the Board

Simon Miller

Chairman

10 July 2009 

  Audited Consolidated Income Statement 

For the year ended 30 April 2009

		Year ended 30 April 2009			Year ended 30 April 2008
		Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Investment income		723	--	723	1,080	--	1,080
Other income		42	--	42	308	--	308
Total revenue		765	--	765	1,388	--	1,388
(Losses)/gains on investments		--	(24,528)	(24,528)	--	7,791	7,791
Gains/(losses) on current asset investments		169	--	169	(282)	--	(282)
Currency (losses)/gains		--	(61)	(61)	1	(1)	--
Total income		934	(24,589)	(23,655)	1,107	7,790	8,897
Expenses
Investment management fees		(43)	(388)	(431)	(55)	(493)	(548)
VAT recoverable on investment management fees		24	215	239	--	--	--
Other expenses		(332)	--	(332)	(272)	--	(272)
(Loss)/profit before finance costs and tax		583	(24,762)	(24,179)	780	7,297	8,077
Finance costs		(32)	(285)	(317)	(79)	(711)	(790)
(Loss)/profit before tax		551	(25,047)	(24,496)	701	6,586	7,287
Tax		(49)	11	(38)	(7)	6	(1)
(Loss)/profit for the year		502	(25,036)	(24,534)	694	6,592	7,286
Earnings per share (basic)		1.58p	(78.80p)	(77.22p)	2.10p	19.91p	22.01p
Earnings per share (diluted)		1.47p	(73.43p)	(71.96p)	1.93p	18.28p	20.21p

The total column of this Statement represents the Income Statement of the Group, prepared in accordance with International Financial Reporting Standards. The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies.

All items in the above Statement derive from continuing operations. All income is attributable to the equity shareholders of Artemis Alpha Trust plc. There are no minority interests.

  Audited Balance Sheets

As at 30 April 2009

		Group 2009 £'000	Company 2009 £'000	Group 2008 £'000	Company 2008 £'000
Non-current assets
Investments		59,285	67,655	102,067	110,789
Current assets
Investments held by subsidiary		--	--	629	--
Other receivables		791	791	385	384
Cash and cash equivalents		3,015	2,826	496	309
		3,806	3,617	1,510	693
Total assets		63,091	71,272	103,577	111,482
Current liabilities
Other payables		(690)	(8,871)	(452)	(8,357)
Bank loan		--	--	(11,500)	(11,500)
		(690)	(8,871)	(11,952)	(19,857)
Net assets		62,401	62,401	91,625	91,625
Equity attributable to equity holders
Share capital		327	327	334	334
Share premium		23,984	23,984	23,984	23,984
Special reserve		2,878	2,878	6,762	6,762
Warrant reserve		1,299	1,299	1,299	1,299
Capital redemption reserve		9	9	2	2
Retained earnings -- revenue		1,584	591	1,888	531
Retained earnings -- capital		32,320	33,313	57,356	58,713
Total equity		62,401	62,401	91,625	91,625
Net asset value per share (basic)		205.23p		280.47p
Net asset value per share (diluted)		189.69p		253.54p

  Audited Statements of Changes in Equity 

For the year ended 30 April 2009

Group	Share capital £'000	Share premium £'000	Special reserve £'000	Warrant reserve £'000	Capital redemption reserve £'000	Retained earnings - Revenue £'000	Retained earnings - Capital £'000		Total £'000
For the year ended 30 April 2009
At 1 May 2008	334	23,984	6,762	1,299	2	1,888	57,356	91,625
(Loss)/profit for the year	--	--	--	--	--	502	(25,036)	(24,534)
Cancellation/repurchase of own shares	(7)	--	(3,884)	--	7	--	--	(3,884)
Dividends paid	--	--	--	--	--	(806)	--	(806)
At 30 April 2009	327	23,984	2,878	1,299	9	1,584	32,320	62,401
For the year ended 30 April 2008
At 1 May 2007	334	23,984	7,974	1,299	2	1,975	50,764	86,332
Profit for the year	--	--	--	--	--	694	6,592	7,286
Repurchase of own shares	--	--	(1,212)	--	--	--	--	(1,212)
Dividends paid	--	--	--	--	--	(781)	--	(781)
At 30 April 2008	334	23,984	6,762	1,299	2	1,888	57,356	91,625
Company	Share capital £'000	Share premium £'000	Special reserve £'000	Warrant reserve £'000	Capital redemption reserve £'000	Retained earnings - Revenue £'000	Retained earnings - Capital £'000	Total £'000
For the year ended 30 April 2009
At 1 May 2008	334	23,984	6,762	1,299	2	531	58,713	91,625
(Loss)/profit for the year	--	--	--	--	--	866	(25,400)	(24,534)
Cancellation/repurchase of own shares	(7)	--	(3,884)	--	7	--	--	(3,884)
Dividends paid	--	--	--	--	--	(806)	--	(806)
At 30 April 2009	327	23,984	2,878	1,299	9	591	33,313	62,401
For the year ended 30 April 2008
At 1 May 2007	334	23,984	7,974	1,299	2	635	52,104	86,332
Profit for the year	--	--	--	--	--	677	6,609	7,286
Repurchase of own shares	--	--	(1,212)	--	--	--	--	(1,212)
Dividends paid	--	--	--	--	--	(781)	--	(781)
At 30 April 2008	334	23,984	6,762	1,299	2	531	58,713	91,625

Retained earnings - revenue represents the amount available for distribution by dividend.   Audited Cash Flow Statements

For the year ended 30 April 2009

		Group 2009 £'000	Company 2009 £'000	Group 2008 £'000	Company 2008 £'000
Operating activities
(Loss)/profit before tax		(24,496)	(24,496)	7,287	7,286
Interest payable		317	317	790	790
Losses/(gains) on investments		24,528	24,880	(7,791)	(7,812)
Loss/(gain) on foreign exchange		61	61	1	--
(Gains)/losses on current asset investments		(169)	--	282	--
Increase in other receivables		(228)	(229)	(52)	(52)
Decrease in other payables		(37)	(39)	(33)	(19)
Net cash (outflow)/inflow from operating activities before interest and tax		(24)	494	484	193
Interest paid		(371)	(371)	(774)	(774)
Corporation tax paid		(1)	--	(4)	--
Withholding tax suffered		(38)	(38)	--	--
Net cash (outflow)/inflow from operating activities		(434)	85	(294)	(581)
Investing activities
Purchases of investments		(22,854)	(22,566)	(22,113)	(21,275)
Sales of investments		42,058	40,972	23,776	22,681
Net cash inflow from investing activities		19,204	18,406	1,663	1,406
Financing activities
Repurchase of own shares		(3,884)	(3,884)	(1,212)	(1,212)
Dividends paid		(806)	(806)	(781)	(781)
Increase in inter-company loan		--	277	--	540
Net cash outflow from financing activities		(4,690)	(4,413)	(1,993)	(1,453)
Net increase/(decrease) in cash and cash equivalents		14,080	14,078	(624)	(628)
Cash and cash equivalents at the start of the year		(11,004)	(11,191)	(10,381)	(10,563)
Effect of foreign exchange rate changes		(61)	(61)	1	--
Cash and cash equivalents at the end of the year		3,015	2,826	(11,004)	(11,191)
Bank loan		--	--	(11,500)	(11,500)
Cash		3,015	2,826	496	309
		3,015	2,826	(11,004)	(11,191)

Notes 

1. Accounting policies 

Basis of preparation

The Group's Financial Statements have been prepared in accordance with International Financial Reporting Standards ('IFRSs') as adopted by the European Union ('EU'). The Company's Financial Statements have also been prepared in accordance with IFRSs as adopted by the EU and in accordance with the provisions of the Companies Act 2006 (the 'Act'). The Company has taken advantage of the exemption provided under Section 408 of the Act not to publish its Income Statement and related notes.

2. Income 

	2009 £'000	2008 £'000
Investment income*
UK dividend income	490	780
UK fixed interest	64	21
Overseas dividend income	350	202
Overseas fixed interest	(181)	77
	723	1,080
Other income
Subsidiary undertaking's dealing (losses)/profits	(131)	286
Bank interest	173	22
	765	1,388

* All investments have been designated as fair value through profit or loss on initial recognition, therefore all investment income arises on investments at fair value through profit or loss.

3. Investment management fees 

	Revenue	2009  Capital	Total	Revenue	2008  Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Investment management fees	43	388	431	54	484	538
Irrecoverable VAT thereon	-	-	-	1	9	10
	43	388	431	55	493	548

4. Dividends

Dividends paid and recognised in the year

	2009 £'000	2008 £'000
2008 second interim dividend of 1.40p (2007: 1.30p)  2009 first interim dividend of 1.10p (2008: 1.05p)	457 349	432 349
	806	781

Dividends payable in respect of the year

	2009 £'000	2008 £'000
First interim dividend paid at 1.10p per share (2008: 1.05p)  Second interim dividend payable at 1.50p per share (2008: 1.40p)	349 456	349 457
	805	806

5. Earnings per share 

The basic revenue return per share is based on the revenue profit for the year of £502,000 (2008: £694,000) and on 31,769,952 (2008: 33,103,283) shares, being the weighted average number of shares in issue during the year. The basic capital earnings per share is based on the capital loss for the year of £25,036,000 (2008: gain of £6,592,000) and on 31,769,952 (2008: 33,103,283) shares, being the weighted average number of shares in issue during the year.

For the purposes of calculating diluted revenue and capital returns per share, the number of shares is the weighted average used in the basic calculation plus the number of shares deemed to be issued for no consideration on exercise of the 2003 and 2004 manager warrants by reference to the average share price of the shares during the year. The exercise of warrants would result in an increase in the weighted average number of shares of 2,323,430 (2008: 2,956,257).

  6. Share capital and manager warrants

(a) Share capital

	2009 £'000	2008 £'000
Authorised:
60,000,000 shares of 1p each (2008: 60,000,000)	600	600
Allotted, called up and fully paid:
30,404,988 shares of 1p each (2008: 32,668,488)	304	327
2,263,500 treasury shares of 1p each (2008: 690,000)	23	7
	327	334

	Number	£'000
Movements in share capital during the year Shares in issue on 1 May 2008 Purchased for placement in treasury during the year	32,668,488 (2,263,500)	327 (23)
Shares in issue on 30 April 2009	30,404,988	304

The movements in shares held in treasury during the year are as follows:

	Number	2009 £'000	Number	2008 £'000
Balance brought forward	690,000	7	125,000	1
Purchased during the year	2,263,500	23	565,000	6
Cancelled during the year	(690,000)	(7)	-	-
Balance carried forward	2,263,500	23	690,000	7

(b) Manager warrants

	Number	Issue price (pence)	Exercise price (pence)
Issued on 27 October 2003	2,609,939	14.0736	87.96
Issued on 7 October 2004	3,508,750	20.9104	130.69
Issued on 24 March 2006	553,008	35.8016	223.76
Manager warrants as at 30 April 2009	6,671,697

7. Net asset value per share

The basic net asset value per share is based on net assets of £62,401,000 (2008: £91,625,000) and on 30,404,988 (2008: 32,668,488) shares, being the number of shares in issue at the year end.

The diluted net asset value per share has been calculated on the assumption that 6,118,689 (2008: 6,671,697) manager warrants, of the 6,671,697 in issue, were exercised resulting in a total of 36,523,677 shares in issue (2008: 39,340,185).

8. This Annual Financial Report announcement does not constitute the Company's statutory accounts for the years ended 30 April 2009 and 30 April 2008 but is derived from those accounts. Statutory accounts for year ended 30 April 2008 have been delivered to the Registrar of Companies.  The statutory accounts for the year ended 30 April 2008 and the year ended 30 April 2009 both received an audit report which was unqualified and did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report and did not include statements under section 237(2) or (3) of the Companies Act 1985 and section 498 of the Companies Act 2006 respectively. The statutory accounts for the year ended 30 April 2009 have not yet been delivered to the Registrar of Companies and will be delivered following the Annual General Meeting.

The audited Annual Report will be available to shareholders shortly. Copies may be obtained during normal business hours from the Company's registered office address at Cassini House, 57 St James's Street, London SW1A 1LD or at the Company's website at www.artemisonline.co.uk and will be lodged at the UK Listing Authority's Document Viewing Facility shortly. 

The Annual General Meeting of the Company will be held on Thursday, 17 September 2009.

Artemis Investment Management Limited

Company Secretary

10 July 2009 

For further information, please contact:

Billy Aitken at Artemis Investment Management Limited

Telephone: [phone]

 

END

 

 

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