Half Yearly Report

RNS Number : 7830T

Edinburgh Worldwide Inv Trust PLC

12 June 2009

 



EDINBURGH WORLDWIDE INVESTMENT TRUST plc

Results for the six months to 30 April 2009

Over the six month period the Company's net asset value (NAV) per share increased 22.5% while the MSCI All Countries World Index (in sterling terms) increased by 4.0%. The share price increased by 28.9%.

Over the five and a half years that Baillie Gifford has been managing the Company's assets, NAV per share has risen 29.4% and the share price has increased 39.3%. The index has risen 10.6%.

	The portfolio is little changed over the six months, with three new purchases (Berkshire Hathaway, BYD and New Oriental Education & Technology) and no complete sales.
	In recent months, companies which demonstrate continued growth (such as Amazon, Apple and Vestas Windsystems) and those that reassure the market about funding issues (such as PPR and Whole Foods Market), have undergone a sharp share price recovery.
	The Company's recent performance should be seen in the context of its five to ten year investment horizon. Events since the autumn of 2008 reinforce our view that both the scale of banking devastation and the knock-on effects to government financing will accelerate the underlying changes in global GDP distribution from Western to Eastern economies. We reflect this belief both in the shape of our portfolio and with net gearing of 20%.
	The shape of the global economy continues to change radically. For instance, recent research suggests that the U.S., Canada and Europe will generate less than half of global economic output this year. China is likely to yield GDP growth of around 7% to 8% this year, is the world's third-largest economy and has passed Japan as the biggest foreign investor in U.S. government debt.
	Revenue earnings per share were 2.35p (six months to 30 April 2008: 2.01p) and the interim dividend is unchanged at 0.50p.

Past performance is not a guide to future performance. 

Edinburgh Worldwide aims to achieve long term capital growth by investing in listed companies throughout the world. The Trust has total assets of £127 million (before deduction of loans of £24 million) as at 30 April 2009.

Edinburgh Worldwide is managed by Baillie Gifford & Co, the Edinburgh based fund management group with over £45.4 billion under management and advice as at 11 June 2009. 

The value of an investment and any income from it is not guaranteed and may go down as well as up and investors may not get back the amount invested. This is because the share price is determined by the changing conditions in the relevant stockmarkets in which the Company invests and by the supply and demand for the Company's shares. Investment in investment trusts should be regarded as medium to long-term. You can find up to date performance information about Edinburgh Worldwide on the Edinburgh Worldwide page of the Managers' website at www.edinburghworldwide.co.uk .

  - ends -                                                                12 June 2009

For further information please contact:

Mark Urquhart, Manager,    

Edinburgh Worldwide Investment Trust plc    0131 275 2070

Anzelm Cydzik

Baillie Gifford & Co                                      0131 275 2000

Roland Cross, Director,

Broadgate Marketing                                     020 7726 6111

The following is the unaudited Half-Yearly Financial Report for the six months 

to 30 April 2009

EDINBURGH WORLDWIDE INVESTMENT TRUST PLC

Half-Yearly Financial Report 30 April 2009

Responsibility Statement

We confirm that to the best of our knowledge:

• the condensed set of financial statements has been prepared in accordance with the Accounting Standards Board's statement 'Half-Yearly Financial Reports';

• the Half-Yearly Management Report includes a fair review of the information required by Disclosure and Transparency Rules 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

• the Half-Yearly Financial Report includes a fair review of the information required by Disclosure and Transparency Rules 4.2.8R (disclosure of related party transactions and changes therein - see note 3 at the end of this document).

By order of the Board

David A Coltman

Chairman

11 June 2009

  EDINBURGH WORLDWIDE INVESTMENT TRUST plc

Half-Yearly Management Report

Whilst we have always said that any arbitrary six month period is an inadequate basis to judge performance on, little could we have imagined that the last year would provide such strong evidence for this assertion. Whilst the six months ending 31 October 2008 saw a very negative return for Edinburgh Worldwide's net asset value, the subsequent six months have seen a very strong bounce back in both NAV and share price terms. With the concentration of the portfolio and its construction without reference to any index, we expect to experience considerable volatility but by any measure the differential returns of the last year have been extreme. Given that the portfolio is little changed over this period, one is led to conclude that much of the explanation for these gyrations lie in the changing perceptions of geographic risk as the many complicated events of the last year have unfolded. 

For the record, over the period from 31 October 2008 to 30 April 2009, Edinburgh Worldwides's net asset value rose by 22.5% which compares to a 4.0% increase in the MSCI All Countries World Index (in sterling terms) over the same period. The share price over the six months rose by 28.9% to 181.75p representing a discount of 13.7% to the net asset value at 30 April 2009 which compares to a discount of 18.0% at the beginning of the period. The Directors have declared an interim dividend of 0.50p per share, unchanged from last year. The interim dividend will be paid on 23 July 2009 to shareholders on the register on 26 June 2009. The final dividend of 1.50p last year was augmented with a special dividend of 0.70p and the Directors will consider this year's payment over the remainder of the financial year. 

At the macro level, debate continues to rage about the scale and shape of the recessions which many developed economies now find themselves experiencing. There is growing evidence that the financial crisis-related events of autumn 2008 were exacerbated by a very sharp global inventory correction which is creating a near-term need to restock supply chains especially as end demand has not collapsed. This demand has been helped by the very large monetary and fiscal stimuli which most major economies have received and it seems safe to observe that the spectre of a 1930s Depression has been avoided although clearly long term questions remain on what happens when these monetary and fiscal tools are necessarily reversed.  

A key question we are asking is what the global economy will look like in three to five years time. We feel strongly that both the scale of banking devastation and the knock-on effects to government financing will accelerate the underlying changes in global GDP distribution - China's 'annus horribilis' will probably yield GDP growth of around 7% to 8% and India 5% to 6% which are outcomes Western politicians can only dream of. Indeed the London-based Centre for Economics and Business Research has released a recent paper suggesting that the U.S., Canada and Europe will generate less than half of global economic output this year as the recession accelerates a shift in wealth toward China and other nations. This is six years before its previous prediction of 2015 for when the 'Western economies' would fall below 50% of global GDP and is sharply down from the range of 60% to 64% over the last decade and a half. It is worth reiterating that China overtook Germany in 2007 to become the world's third - largest economy and has passed Japan as the biggest foreign investor in U.S. government debt. 

EDINBURGH WORLDWIDE INVESTMENT TRUST plc

Half-Yearly Management Report (Ctd)

Our view remains that the most indebted economies and companies face a long and painful rebuilding process. Given our global investment universe, we can continue to find companies whose prospects are far removed from this difficult backdrop. This has informed our purchases during the period of New Oriental Education & Technology - a Chinese based provider of English language education and BYD - whose battery technology and lack of a legacy automobile business make it one of the potential winners in the electric car arena. These purchases have been funded by the reductions of some existing holdings as was the purchase in November of Berkshire Hathaway as we tried to enact Warren Buffett's own dictum to be 'greedy when others are fearful' in purchasing shares in his own company after a very weak share price.  

Over the last few months, whilst markets have remained very volatile, we think there has been a subtle shift beneath the surface noise which is benefitting our portfolio. Specifically, companies who can demonstrate continued growth are starting to be rewarded in share price terms - examples in our portfolio include Amazon, Apple and Vestas Windsystems; likewise those who reassure a market worried about funding issues have seen sharp bounces - examples here would be PPR and Whole Foods Market. From a long term perspective, the rewards available to those companies able to survive and fund their growth continue to brighten. We continue to be long term believers that the shape of the global economy is changing radically before our eyes and with valuations at attractive levels are happy to reflect this belief both in the shape of our portfolio and with net gearing of 20%.

The principal risks and uncertainties are set out in note 10 to the Condensed Financial Statements below.

By order of the Board

Baillie Gifford & Co

11 June 2009

EDINBURGH WORLDWIDE INVESTMENT TRUST plc

INCOME STATEMENT 

(unaudited)

	for the six months ended 30 April 2009					for the six months ended 30 April 2008					for the year ended 31 October 2008
	Revenue £'000	Capital £'000		Total £'000		Revenue £'000	Capital £'000	Total £'000		Revenue £'000		Capital £'000	Total £'000
Gains on sales of investments	-	376		376		-	460	460		-		5,326	5,326
Movements in investment holding gains/losses	-	21,169		21,169		-	(1,670)	(1,670)		-		(63,809)	(63,809)
Currency losses	-	(2,553)		(2,553)		-	(1,187)	(1,187)		-		(6,389)	(6,389)
Income from investments and interest receivable	1,871	-		1,871		1,914	-	1,914		3,280		-	3,280
Investment management fee	(79)	(238)		(317)		(123)	(370)	(493)		(215)		(645)	(860)
Investment performance fee	-	-		-		-	(217)	(217)		-		-	-
VAT recovered	-	-		-		-	-	-		75		182	257
Other administrative expenses	(204)	-		(204)		(218)	-	(218)		(429)		-	(429)
Net return before finance costs and taxation	1,588	18,754		20,342		1,573	(2,984)	(1,411)		2,711		(65,335)	(62,624)
Finance costs of borrowings	(40)	(121)		(161)		(188)	(564)	(752)		(316)		(954)	(1,270)
Net return on ordinary activities before taxation	1,548	18,633		20,181		1,385	(3,548)	(2,163)		2,395		(66,289)	(63,894)
Tax on ordinary activities	(395)	271		(124)		(398)	283	(115)		(690)		513	(177)
Net return on ordinary activities after taxation	1,153	18,904		20,057		987	(3,265)	(2,278)		1,705		(65,776)	(64,071)
Net return per ordinary share (note 4)	2.35p		38.57p	40.92p		2.01p	(6.66p)	(4.65p)		3.48p		(134.22p)	(130.74p)
Dividends paid and proposed per ordinary share (note 5)	0.50p					0.50p				2.70p

  The total column of this statement is 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 during the period.

  A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement.

EDINBURGH WORLDWIDE INVESTMENT TRUST plc

BALANCE SHEET

 (unaudited)

	At 30 April  2009		At 30 April  2008		At 31 October 2008
	£'000		£'000		£'000
FIXED ASSETS
Investments held at fair value through profit or loss	124,400		166,656		104,302
CURRENT ASSETS
Debtors	2,375		947		371
Cash and short term deposits	1,547		5,605		1,449
	3,922		6,552		1,820
CREDITORS
Amounts falling due within one year (note 6)	(25,087)		(26,914)		(21,866)
NET CURRENT LIABILITIES	(21,165)		(20,362)		(20,046)
TOTAL NET ASSETS	103,235		146,294		84,256
CAPITAL AND RESERVES
Called-up share capital	2,450		2,450		2,450
Share premium	82,180		82,180		82,180
Special reserve	35,220		35,220		35,220
Capital reserve	(19,036)		24,571		(37,940)
Revenue reserve	2,421		1,873		2,346
EQUITY SHAREHOLDERS' FUNDS	103,235		146,294		84,256
NET ASSET VALUE PER ORDINARY SHARE  (After deducting borrowings at fair/par value) (note 6)	210.66p		298.53p		171.94p
Ordinary shares in issue (note 7)	49,004,319		49,004,319		49,004,319

  EDINBURGH WORLDWIDE INVESTMENT TRUST plc

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 

(unaudited)

For the six months ended 30 April 2009

		Called-up share capital £'000	Share premium £'000	Special  reserve £'000	Capital reserve* £'000	Revenue reserve £'000	Equity shareholders' funds £'000
Shareholders' funds at  1 November 2008	2,450		82,180	35,220	(37,940)	2,346	84,256
Net return on ordinary activities after taxation	-		-	-	18,904	1,153	20,057
Dividends paid during the period#	-		-	-	-	(1,078)	(1,078)
Shareholders' funds at 30 April 2009	2,450		82,180	35,220	(19,036)	2,421	103,235

For the six months ended 30 April 2008

	Called-up share capital £'000	Share premium £'000	Special  reserve £'000	Capital reserve* £'000	Revenue reserve £'000	Equity shareholders' funds £'000
Shareholders' funds at 1 November 2007	2,450	82,180	35,220	27,836	1,621	149,307
Net return on ordinary activities after taxation	-	-	-	(3,265)	987	(2,278)
Dividends paid during the period#	-	-	-	-	(735)	(735)
Shareholders' funds at 30 April 2008	2,450	82,180	35,220	24,571	1,873	146,294

For the year ended 31 October 2008

	Called-up share capital £'000	Share premium £'000	Special  reserve £'000	Capital reserve* £'000	Revenue reserve £'000	Equity shareholders' funds £'000
Shareholders' funds at 1 November 2007	2,450	82,180	35,220	27,836	1,621	149,307
Net return on ordinary activities after taxation	-	-	-	(65,776)	1,705	(64,071)
Dividends paid during the year#	-	-	-	-	(980)	(980)
Shareholders' funds at 31 October 2008	2,450	82,180	35,220	(37,940)	2,346	84,256

*     The capital reserve includes a gain of £16,058,000 relating to the revaluation of investments (30 April 2008 -      gain of £57,027,000 and 31 October 2008 - loss of £5,112,000). 

#    See note 5.

  EDINBURGH WORLDWIDE INVESTMENT TRUST plc

CONDENSED CASH FLOW STATEMENT (unaudited)
	Six months  to 30 April 2009 £'000		Six months  to 30 April 2008 £'000		Year  to 31 October 2008 £'000
Net cash inflow/(outflow) from operating activities	606		(43)		1,359
Net cash outflow from servicing of finance	(182)		(738)		(1,669)
Total tax paid	(110)		(91)		(169)
Net cash inflow from financial investment	983		2,566		8,891
Equity dividends paid (note 5)	(1,078)		(735)		(980)
NET CASH INFLOW BEFORE FINANCING	219		959		7,432
Net cash outflow from bank loans	(121)		-		(10,629)
INCREASE/(DECREASE) IN CASH	98		959		(3,197)
RECONCILIATION OF NET CASH INFLOW/ (OUTFLOW) TO MOVEMENT IN NET DEBT
Increase/(decrease) in cash in the period	98		959		(3,197)
Net cash outflow from bank loans	121		-		10,629
Exchange movement on bank loans	(2,767)		(1,596)		(7,903)
MOVEMENT IN NET DEBT IN THE PERIOD	(2,548)		(637)		(471)
Net debt at start of the period	(20,151)		(19,680)		(19,680)
NET DEBT AT END OF THE PERIOD	(22,699)		(20,317)		(20,151)
RECONCILIATION OF NET REVENUE BEFORE FINANCE COSTS AND TAXATION TO NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES
Net revenue before finance costs and taxation	20,342		(1,411)		(62,624)
(Gains)/losses on investments	(21,545)		1,210		58,483
Currency losses	2,553		1,187		6,389
Other non-cash movements	-		-		(138)
Changes in debtors and creditors	(744)		(1,029)		(751)
NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES	606		(43)		1,359

DISTRIBUTION OF ASSETS

(unaudited)

		30 April 2009   %			31 October 2008   %
Equities:	Continental Europe	31.6			35.3
	North America	31.1			27.7
	Japan	5.4			8.1
	Asia Pacific	7.6			4.2
	Emerging Markets	20.3			21.4
Total equities		96.0			96.7
Bonds		1.6			1.8
Net liquid assets		2.4			1.5
Total assets (before deduction of bank loans)		100.0			100.0

   EDINBURGH WORLDWIDE INVESTMENT TRUST plc

PORTFOLIO AND EQUITY PERFORMANCE at 30 April 2009 (unaudited)
Name	Business	Fair value £'000	% of total assets	Performance†
				Absolute %	Relative%
Equities
Petrobras*	Oil exploration and production	8,211	6.4	40.3	32.7
Atlas Copco*	Industrial compressors and mining    equipment	6,591	5.2	30.8	23.7
Amazon.com	Online retailer	6,410	5.0	53.4	45.0
Vale (or CVRD)	Mining	4,304	3.4	29.7	22.7
Google	Web-based search engine	4,152	3.3	20.2	13.6
Gazprom*	Gas exploration and production	3,975	3.1	(1.9)	(7.3)
Nintendo	Video consoles and games	3,862	3.0	(3.8)	(9.0)
Porsche*	Luxury automobiles	3,693	2.9	(5.5)	(10.6)
Zhejiang Expressway	Chinese toll-road operator	3,392	2.7	112.7	101.1
Banco Santander	Retail and commercial bank	3,315	2.6	10.4	4.4
Apple	Computing and media equipment	3,277	2.6	27.5	20.6
Deere	Farm and construction machinery	3,243	2.5	18.3	11.8
Iron Mountain	Information storage	3,219	2.5	28.0	21.0
Walgreen*	Pharmacy chain	3,195	2.5	35.6	28.2
Sandvik	Tools and mining equipment	3,138	2.5	20.3	13.7
Vestas Windsystems	Wind turbines	3,068	2.4	77.4	67.8
VCA Antech	Animal hospitals and veterinary    diagnostics	3,038	2.4	50.7	42.5
First Solar	Thin film solar modules	3,036	2.4	42.1	34.4
Canon*	Printers, copiers and cameras	3,012	2.4	(1.6)	(6.9)
ABB	Power generation and automation	2,993	2.3	22.4	15.8
China Mobile	Mobile telecommunications	2,935	2.3	8.2	2.3
Lukoil*	Oil exploration and production	2,888	2.3	28.9	21.9
L'Oreal	Personal care	2,815	2.2	7.5	1.6
Straumann	Dental implants	2,799	2.2	22.0	15.3
Whole Foods Market	Organic food chain	2,771	2.2	110.6	99.1
Teva Pharmaceuticals*	Generic drugs manufacturer	2,675	2.1	12.1	6.0
Novozymes	Enzyme manufacturer	2,653	2.1	7.4	1.5
UBS	Wealth management and banking	2,366	1.9	(7.8)	(12.9)
SAP*	Business software	2,335	1.8	20.2	13.6
Monsanto	Agricultural biotechnology	2,128	1.7	4.6	(1.1)
BYD	Battery technology	2,123	1.7	32.8**	19.8**
PPR	Luxury brand conglomerate	2,110	1.6	34.3	27.0
Housing Development    Finance Corporation	Indian mortgage provider	1,929	1.5	5.7	-
Itau Unibanco	Brazilian bank	1,921	1.5	38.9	31.3
Pool	Swimming pool supplies	1,806	1.4	13.8	7.6
eBay	Internet auction and payment	1,804	1.4	16.7	10.4
Berkshire Hathaway	Conglomerate with core insurance    business	1,583	1.2	4.2**	(10.5)**
Hermes*	Luxury goods	1,288	1.0	13.3	7.1
New Oriental Education    & Technology Group	English language schools in China	1,198	0.9	15.1**	0.4**
Q-cells	Solar energy production	1,138	0.9	(39.4)	(42.7)
Total Equities		122,389	96.0

EDINBURGH WORLDWIDE INVESTMENT TRUST plc

PORTFOLIO AND EQUITY PERFORMANCE (Ctd) at 30 April 2009 (unaudited)
Name	Business	Fair value £'000	% of total assets
Fixed interest
US$ denominated bonds
Bay Haven C FRN 2009/10 Catastrophe bond		2,011	1.6
Total fixed interest		2,011	1.6
Total investments		124,400	97.6
Net liquid assets		3,081	2.4
Total Assets at Fair Value (before deduction of loan)		127,481	100.0

†      Absolute and relative performance has been calculated on a total return basis over the period 1 November 2008 to 30 April 2009. Absolute performance is in sterling terms; relative performance is against MSCI All Countries World Index (in sterling terms).

* Held since November 2003 when Baillie Gifford & Co were appointed as Investment Managers and 

  Secretaries to the Company.

** Figures relate to part-period returns where the equity has been purchased during the period.

Source: Baillie Gifford & Co, StatPro

Past performance is not a guide to future performance.

  EDINBURGH WORLDWIDE INVESTMENT TRUST plc

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

	The condensed set of financial statements have been prepared on the basis of the same accounting policies as set out in the Company's Annual Financial Statements at 31 October 2008 and in accordance with the ASB's Statement 'Half-Yearly Financial Reports' and have not been audited or reviewed by the Auditors pursuant to the Auditing Practices Board Guidance on 'Review of Interim Financial Information'.
2.	The financial information contained within this half-yearly financial report comprises non-statutory accounts as defined in sections 434-436 of the Companies Act 2006. The financial information for the year ended 31 October 2008 has been extracted from the statutory accounts which have been filed with the Registrar of Companies and contain an unqualified Auditors' Report and do not contain a statement under sections 237(2) or (3) of the Companies Act 1985.
3.	Related Party Transactions - Baillie Gifford & Co are appointed as Managers and Secretaries. The management agreement is terminable on not less than three months' notice. The fee in respect of each quarter is 0.2% of the market value of the Company's shares on each valuation date. In addition, Baillie Gifford are entitled to a performance fee, calculated annually in arrears. The performance fee is based on any out-performance of the net asset value per share by comparison to the MSCI All Countries World Index (in sterling terms) and is calculated as a percentage of the market value of the Company. The fee is 5% of the out-performance between zero and 2%, and 10% of the out-performance thereafter. A relative high water mark with neither cap not collar will apply. A performance fee could be payable in periods when the net asset value falls by a lesser rate than the benchmark index.
		Six months to 30 April  2009				Six months to 30 April  2008				Year to  31 October 2008
		£'000				£'000				£'000
4.	Net return per ordinary share
	Revenue return on ordinary activities after taxation	1,153				987				1,705
	Capital return on ordinary activities after taxation	18,904				(3,265)				(65,776)
	Total return	20,057				(2,278)				(64,071)
	Net return per ordinary share is based on the above totals of revenue and capital and on 49,004,319 ordinary shares, being the number of ordinary shares in issue during each period. There are no dilutive or potentially dilutive shares in issue.
5.	Dividends
	Amounts recognised as distributions in the period:
	Previous year's final dividend of 1.50p (2007 - 1.50p), paid 2 February 2009		735				735				735
	Previous year's special dividend of 0.70p (2007 - nil), paid 2 February 2009		343				-				-
	Interim dividend for the year ending 31 October 2008 paid 10 July 2008		-				-				245
			1,078				735				980
	Dividends paid and proposed in respect of the financial period:
	Interim dividend for the year ending 31 October 2009 of 0.50p (2008 - 0.50p)		245				245				245
	Final dividend (31 October 2008 - 1.50p)		-				-				735
	Special dividend (31 October 2008 - 0.70p)		-				-				343
			245				245				1,323
	The interim dividend was declared after the period end date and has therefore not been included as a liability in the balance sheet. It is payable on 23 July 2009 to shareholders on the register at the close of business on 26 June 2009. The ex dividend date is 24 June 2009.

EDINBURGH WORLDWIDE INVESTMENT TRUST plc

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Ctd)

6.	Creditors include borrowings of £24,246,000 (30 April 2008 - £25,922,000 and 31 October 2008 - £21,600,000) drawn down in loans of US$9.1 million, ¥820 million, CHF10.5 million and €7 million (30 April 2008 - US$31.25 million, ¥1,313.2 million and £3.8 million; 31 October 2008 - CHF18.2 million and ¥1,900 million). The loans are renewable monthly, with interest currently being paid at LIBOR (for the relevant currency) + 0.375% per annum. The loan facility expires on 6 July 2009.  All borrowings are short term and are stated at fair value, which is considered to be equal to their par value.
7.	The Company has authority to buy back its ordinary shares. In the six months to 30 April 2009 no ordinary shares were bought back therefore the Company's authority remains unchanged at 7,345,747 ordinary shares.
8.	During the period the Company incurred transaction costs on purchases of £7,000 (30 April 2008 - £20,000; 31 October 2008 - £36,000) and transaction costs on sales of £3,000 (30 April 2008 - £43,000; 31 October 2008 - £79,000).
9.	None of the views expressed in this document should be construed as advice to buy or sell a particular investment.
10.	Principal Risks and Uncertainties The principal risks facing the Company relate to the Company's investment activities. These risks are market risk (comprising currency risk, interest rate risk and other price risk), liquidity risk and credit risk. An explanation of these risks and how they are managed is contained in note 19 of the Company's Annual Report and Accounts for the year to 31 October 2008. Other risks facing the Company include the following: gearing risk (the use of borrowing can magnify the impact of falling markets), the risk that the discount can widen and regulatory risk (that the loss of investment trust status or a breach of the UKLA Listing Rules could have adverse financial consequences and cause reputational damage). The principal risks and uncertainties have not changed since the publication of the Annual Report. The Annual Report can be obtained free of charge from Baillie Gifford & Co: www.bailliegifford.com and is available on the Edinburgh Worldwide page of the Managers' website: www.edinburghworldwide.co.uk.
11.	The Half-Yearly Financial Report is available at www.edinburghworldwide.co.uk  and will be posted to shareholders on or around 19 June 2009.

 

END

 

 

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