Annual Financial Report
To: RNS
From: European Assets Trust NV
Date: 10 March 2011
Statement of Results for the year ended 31 December 2010
· Total return* performance over 2010
Euro Sterling
Net asset value per share 25.2% 20.8%
HSBC Smaller Europe (ex UK) Index 21.7% 17.4%
· The annual dividend for 2011 is €0.51 per share (2010: €0.432, net), equivalent to 6% of the opening net asset value per share
Euro Sterling
January 2011 dividend paid per share €0.17 £0.143
(further dividends payable in May and August)
* capital performance with dividends reinvested
Chairman's Statement
2010 review
I am pleased to report that 2010 was a good year for European Assets Trust. The net asset value per share total return* was 20.8 per cent in Sterling terms (25.2 per cent in Euro terms). This performance was better than our benchmark, the HSBC Smaller Europe (ex UK) Index, which achieved 17.4 per cent (21.7 per cent in Euro terms) over the year. It was gratifying to see that this performance was driven by good stock picking, which reflects well on the new managers of the Company. More of which is discussed later in this report and in the Manager's Report.
Despite entering 2010 with investor appetite towards European equities at low levels, European Small and Mid capitalised equities outperformed many of the developed and emerging markets over the year. Our benchmark produced 17.4 per cent in Sterling total return* terms, which compares with 14.5 per cent for the UK equity market (FTSE All-Share Index), 15.3 per cent for China (Shenzhen Index) and 10.4 per cent for Brazil (BOVESPA Index). While we did see a recovery in investor sentiment in the second half of the year, following measures by policy makers to address debt issues in the peripheral European markets, the most powerful explanation for this performance is that the valuation of European equities at the beginning of the year reflected a fairly bleak scenario both for economic growth and corporate profits, a scenario which proved to be too pessimistic; Germany, the largest European economy, grew by 3.6 per cent during the year and most companies produced financial results above the market's expectations. The Managers believe that investor sentiment towards Europe remains at low levels, while valuations are generally supportive.
Distribution
The level of dividend paid by the Company each year is determined by the Board in accordance with the Company's distribution policy. The Board has stated that, barring unforeseen circumstances, it will pay an annual dividend equivalent to 6 per cent of the net asset value of the Company at the end of the preceding year. The dividend is funded mainly from accumulated capital gains.
The Board has already announced that the 6 per cent of net asset value has been maintained for 2011 which results in a total dividend of Euro 0.51 per share (2010: Euro 0.432 per share, net). This dividend increase reflects the rise over the year in the Company's net asset value per share. The 2011 dividend will be paid in three equal instalments of Euro 0.17 per share at the end of January, May and August. The January dividend of Euro 0.17 per share was paid to shareholders on 28 January 2011 and amounted to 14.3p per share in Sterling terms.
Shareholders may elect to receive dividends by way of further shares in the Company rather than cash. Where shareholders so elect, they will receive shares based on the net asset value of the Company; the shares may trade in the market at a discount or premium to net asset value. Subject to personal circumstances, UK resident individual shareholders who receive a scrip dividend should not be liable to UK income tax on such dividend. Instead, UK capital gains tax rules should apply.
Gearing
The Company possesses a banking facility to allow the Manager to gear the portfolio within the 20 per cent of assets level permitted under the Articles. The total facility available of Euro 18.5 million is Euro-denominated and flexible, allowing the Manager to draw down amounts for such periods as required. The Manager made some limited use of the facility during 2010 where investment opportunities arose and at the year-end the Company was under one per cent geared.
Liquidity enhancement policy
The Company's share price discount to net asset value was 13.2 per cent as at 31 December 2010 compared with 8.9 per cent at the previous year-end. This widening reflected, in part, investors' general concerns about European economies and markets. On average over the year, the Company's discount to net asset value stood at just under 10 per cent, a level which compared favourably with European smaller company peer funds. During 2010 the Company bought back 335,000 of its own shares at an average discount of 13.2 per cent (2009: 1,160,000 shares at an average discount of 12.7 per cent), thereby enhancing net asset value per share for continuing shareholders. These shares are held in treasury and are available for release back to the market. No shares were sold from treasury during 2010 (2009: nil).
Change in Management Arrangements
The Boards announced on 9 June 2010 that they had been advised by F&C Investment Business Limited (F&C) that the investment management services provided to the Company had been strengthened by the appointment of Paras Anand (head of European Equities at F&C) as lead investment manager to the Company with full responsibility and accountability to the Boards for all investment matters. The Boards fully supported this change in investment manager. The change followed extensive discussion with the senior management of F&C, reflecting the Boards concern that, whilst in recent periods absolute gains had been achieved, there had been lacklustre performance relative to the Index. Since the change, the Boards have been encouraged by the enthusiasm and early results which have been delivered. The Boards have met on various occasions for detailed discussions with Paras and his colleague, Sam Cosh, as well as the rest of the F&C European team, to confirm and review the rigorous approach being applied to the management of the Company's investment portfolio; further details of which are contained in the Manager's Report.
Change in Directorate
It was with enormous sadness that the Board announced that Willem Maris died suddenly on 13 December 2010. Willem Maris had served as a supervisory Director of European Assets Trust since 2001. He was a man of great achievement in his career, and brought this experience and wise counsel to the Board of European Assets Trust. He will be missed by all Board and Executive colleagues.
The Board is proposing that, as part of a programme of Board succession, two new Directors are appointed to the Supervisory Board. I am pleased to be able to put forward the following two individuals.
Laurence Jacquot is a French national with extensive experience of financial markets and asset management in Continental Europe, having worked at COB, the French financial services authority regulator, and SCOR, a leading French reinsurance company. Latterly, she has been an investment consultant involving asset allocation and equity fund selection.
Duco Sickinghe is a Dutch national with significant industrial and commercial experience. He is presently chief executive officer of Telenet NV, the biggest cable operator in Belgium. He has held senior positions in companies in several Continental European countries.
I believe these are high calibre individuals that will make material contributions to the Supervisory Board and their appointments are being put to shareholders for approval at the Company's forthcoming General Meeting.
Outlook
For investors in small and medium-sized companies, periods where corporate activity is at high levels can be a source of further growth in the market. Although we are early into the year, 2011 is already seeing a continuation of this theme; companies with healthy balance sheets can take advantage of low borrowing rates to bolt on businesses that can augment and potentially open up new markets. In addition to this, corporate results continue to be good and economic data is generally encouraging. This is a good basis for investing in European small and medium-sized equities. However, we would caution that concerns remain about sovereign debt in the peripheral European countries and that in some pockets of the market valuations look full. Investors have shown a strong preference for businesses with a geared exposure to strong growth in developing markets and expectations are now very high in these areas. This of course presents opportunities in other areas of the market which have been left behind during 2010 and may provide good opportunities for future returns.
Shareholder meetings
The Company's Annual General Meeting will be held on 12 May 2011 at the Hotel de l'Europe in Amsterdam, Netherlands. In addition, the Company holds a Shareholders' and Investors' Briefing in London each year. The London Briefing this year will take place on 18 May 2011 at 11.30am at Pewterers' Hall, Oat Lane, London EC2V 7DE and will include a presentation from the Investment Manager on the Company and its investment portfolio. A light buffet will be served at the end of the briefing. The Board welcomes a good turnout for this annual event and looks forward to welcoming as many shareholders as are able to attend this year.
Sir John Ward CBE
Chairman
Manager's review
Market Review
Summary: The market performed strongly through the year as investors put sovereign risks behind them and focused on the broader recovery driven principally by the growth in developing markets.
Our benchmark, the HSBC Smaller Europe (ex UK) Index, rose 17.4 per cent in Sterling total return terms during 2010. This strong performance masked a more volatile year overall as investors grappled on the one hand with the sovereign risks of the peripheral European countries, and on the other with the more positive aspect of global recovery driven by emerging market economies. Additionally, the combination of stimulative liquidity measures from both Europe and the US drove up the appetite for risk assets.
The first half of the year was dominated by the former issue, with markets selling off in the second quarter in particular as concerns grew that the increasing cost of funding their debt obligations would force some countries to leave the Euro or even lead to the dissolution of the single currency altogether. Escalating borrowing costs required Greece to accept a rescue package from the International Monetary Fund (IMF) and the European Central Bank (ECB) in exchange for a commitment to materially reduce their budget deficit over the coming years. Fears spread to other peripheral countries with high deficits, which led to the ECB announcing a €750bn support fund.
This move helped to allay concerns somewhat, with all countries bar Greece being able to access the debt markets, and the equity markets subsequently moved ahead in the second half of the year. This trend continued with a particularly strong fourth quarter as the US announced another programme of Quantitative Easing and corporate results evidenced the recovery in the global economy. A further positive for equity prices was the re-emergence of Mergers and Acquisitions (M&A) activity, a stimulus that was particularly helpful for small and mid capitalised (cap) stocks.
On the whole it was a strong year for Continental European small cap equities, with our benchmark significantly outperforming its larger cap comparators. It is also important to understand that, relative to larger companies, the make-up of the smaller company index has far larger positions in cyclical stocks such as industrials and smaller positions in utilities and banks which had a tough year in 2010. Unsurprisingly, the best performing sectors in our small and mid cap index were the more cyclical ones - industrial engineering and chemicals, and the commodity related sectors, which have clearly benefited from emerging market growth and loose monetary policy.
Performance
European Assets Trust's Net Asset Value (NAV) per share returned 20.8 per cent in Sterling total return terms during 2010. What is notable is that our exposure to the 'hot' sectors of the market was low and we hope that this augurs well for returns looking forward. On the positive side, select holdings in the Engineering and Food sectors were important contributors to the NAV over the course of the year; indeed they contributed almost half of the total rise in NAV. On the negative side, holdings in pharmaceuticals and biotechnology companies contributed adversely, with an absolute fall during 2010. As part of the restructuring of the Company's portfolio that was undertaken following the change in management arrangements, the majority of holdings in these sectors were sold which in fact protected the portfolio from further losses.
Within the Engineering sector, Andritz delivered the most positive return rising 67 per cent over the year. It is difficult to point to any particular driver for this return, but operational performance was robust and the order book continues to grow, improving future visibility. The company operates in an oligopolistic industry that demonstrates structural growth characteristics. We took some profits in it towards the end of the year although we continue to hold a position.
Within the Food sector, shares in Viscofan performed strongly; the stock rose 58 per cent through the year. The company makes sausage casings and is benefiting, firstly, from price increases following a period of consolidation within the industry and, secondly, from increasing demand for meat within the emerging markets. We continue to believe the prospects for this business are good.
Other notable performers were Ingenico, which is a global leader in payment systems; Rational, the professional oven manufacturer; and Tod's, the Italian luxury goods company. These businesses share the characteristics of having strong market positions and good long-term growth opportunities. Turning to businesses where we no longer own the shares, SEB rose by 92 per cent, benefiting from its exposure to Chinese demand; and Ipsos rose 65 per cent, benefiting from a recovery in marketing spend. These are not bad businesses but, following the strong performance in 2010, the valuations leave a narrower margin of error given that we are less certain of the strength of their long-term franchises.
In terms of negative performers the healthcare stocks Acino and TiGenix stand out. We were concerned about TiGenix's balance sheet and Acino's competitive positioning, so we sold both stocks. This decision was vindicated as both stocks have continued to fall in absolute terms in a strongly rising market.
Gearing
The Company has agreed facilities to borrow up to 20 per cent of asset value. Since we began the restructuring process, we elected to keep our position as broadly fully invested over the next 12/18 months limiting ourselves to a band of +/- 5 per cent. We approached the upper end of the band towards the middle of the year as we sought to access some attractively priced stocks following the broad market sell-off over the second quarter. The markets recovered strongly through the rest of the year and as individual names approached our intrinsic value we sold down or exited holdings, moving the gearing back towards neutral. At the end of the year the Company's gearing position was just below 1 per cent.
Outlook
We remain of the view that European small cap equities offer good potential for medium-term returns, despite the market performance that we had last year. In addition to this, we are lucky enough to operate in an area of the market which is diverse, sometimes poorly covered, and consequently inefficient. This leads to opportunities that we can take advantage of which other asset classes may not offer. However, we need to put some colour to these broad statements, as not all areas of the market can claim to still be attractive and there are pockets within the smaller company universe which we believe to be fully valued and offer little margin of safety. We have seen a fairly consistent pattern of leadership over the last six or seven years which has led to some parts of the market being materially re-rated while others have been comprehensively de-rated. The focus of the market has been squarely on businesses that have strong operational gearing towards fast-growing Asian economies, notably industrial and commodity-related businesses. This reflects the broad consensus that is in the market, and because of this, we need to question whether the prospects for these businesses are already provided for in the stock prices.
This returns us to what is a key tenet of our investment process; the belief that the valuation of a stock and the initial price paid can be the key factor in determining the returns over the medium and long-term. We will invest in any area where we believe that valuation does not fairly reflect the prospects for the business; indeed we would prefer a reasonable margin of safety when we invest. The reality is that at the moment there are areas of the market which do not meet these criteria. The small and mid cap universe is broad enough though to present opportunities elsewhere which have been neglected during this recent period. We continue to invest in high quality businesses that can generate above-average returns during the cycle. Pricing power is particularly important at this juncture as we are starting to see the effect of rising input costs, which may be the threat to assumptions of ever-increasing margins that the sell-side analysts are assuming.
The other key topic worth addressing is the prospect of further corporate activity. During 2010 two of our stocks benefited from bid situations. Norkom, an Irish software stock, announced that it had received a number of enquiries pertaining to an offer for the company. Earlier in the year, the company had warned on earnings due to a combination of lengthening sales cycles, the delay in anticipated regulatory changes in some countries together with additional costs that the business took on in anticipation of an upturn in demand. The shares subsequently fell 40 per cent. Our assessment was that the prevailing share price discounted a long term future for the business that was arguably too bleak and this, together with the strong balance sheet, led us to take the long view and keep the shares. The portfolio was rewarded when Norkom agreed a bid from BAE Systems at a price 183 per cent above the lows seen in September. The other stock that received bid interest was Ingenico. We have not seen the outcome of this situation, but the point is, with the current strength of corporate balance sheets, we have already seen the start of M&A and expect it to pick up pace this year, which should underpin equity prices. We do not buy shares in businesses solely on the basis that they may be acquisition targets; however, one could argue if you have successfully identified businesses that are lowly valued relative to their long-term prospects, there is always the chance that industrial buyers, who have synergies unavailable to the institutional investor, will be drawn in. We would hope that in a buoyant market for corporate activity the assets that we hold in your portfolio will meet this criteria; this should aid further progress in the Company's Net Asset Value per share.
Paras Anand
Sam Cosh
Investment Managers
F&C Investment Business Limited
* capital performance with dividends reinvested
AUDITED STATEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010
|
|
|
As at |
As at |
BALANCE SHEET (after appropriation of the Result) |
|
31 December 2010 |
31 December 2009 |
|
|
Note |
€ |
€ |
|
|
|
|
|
Investments |
|
|
|
|
Securities |
1 |
127,630,993 |
108,277,196 |
|
|
|
|
|
|
Receivables |
|
|
|
|
Prepayments and accrued income |
|
223,280 |
188,811 |
|
|
|
|
|
|
Other assets |
|
|
|
|
Cash and cash equivalents |
|
- |
1,867,216 |
|
|
|
|
|
|
Total current assets |
|
223,280 |
2,056,027 |
|
|
|
|
|
Current liabilities (due within one year) |
|
|
|
Bank overdraft |
|
(828,236) |
- |
Arising from repurchase of own shares |
|
- |
(79,024) |
Accrued liabilities |
|
(386,091) |
(193,140) |
|
|
|
|
|
|
|
|
(1,214,327) |
(272,164) |
|
|
|
|
|
|
Total of receivables and other assets less current liabilities |
|
(991,047) |
1,783,863 |
|
|
|
|
|
|
Total assets less current liabilities |
|
126,639,946 |
110,061,059 |
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
Issued share capital |
|
6,859,820 |
7,005,230 |
|
Share premium account |
|
17,861,387 |
20,002,354 |
|
Other reserves |
|
101,918,739 |
83,053,475 |
|
|
|
|
|
|
|
|
126,639,946 |
110,061,059 |
|
|
|
|
|
|
|
|
|
|
|
Net asset value per ordinary share |
2 |
€8.49 |
€7.23 |
|
Expressed in sterling - basic |
|
£7.27 |
£6.42 |
|
- treasury |
3 |
£7.24 |
£6.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE ACCOUNT |
|
|
|
|
|
|
|
|
|
|
||
|
For the year ended |
|
31 December 2010 |
31 December 2009 |
||
|
|
|
€ |
€ |
||
|
|
|
|
|
||
Income from investments |
|
|
|
||
|
Dividends from securities |
|
2,845,582 |
2,348,843 |
||
|
Withholding taxes |
|
(6,409) |
121,563 |
||
|
|
|
|
|
||
|
|
|
2,839,173 |
2,470,406 |
||
|
|
|
|
|
||
|
Movements on investments - realised |
|
18,494,021 |
(40,052,475) |
||
Movements on investments - unrealised |
|
6,394,399 |
71,431,469 |
||
|
|
|
|
|
||
|
|
|
24,888,420 |
31,378,994 |
||
|
|
|
|
|
||
Interest received |
|
253 |
24,770 |
||
|
|
|
|
|
||
Total investment gain |
|
27,727,846 |
33,874,170 |
||
|
|
|
|
|
||
Withholding tax benefit |
4 |
- |
1,088,329 |
||
|
|
|
|
|
||
|
Investment management fee |
|
(904,376) |
(746,659) |
||
|
Administrative expenses |
|
(1,030,445) |
(954,649) |
||
|
Interest charges |
|
(78,554) |
(87,847) |
||
|
|
|
|
|
||
|
Total operating expenses |
|
(2,013,375) |
(1,789,155) |
||
|
|
|
|
|
||
|
Net profit |
|
25,714,471 |
33,173,344 |
||
|
|
|
|
|
||
|
Earnings per share |
|
€1.70 |
€2.13 |
||
|
Dividends per share |
5 |
€0.4613 |
€0.3551 |
||
STATEMENT OF CASH FLOWS
|
For the year ended |
31 December |
31 December |
|
|
2010 |
2009 |
|
|
€ |
€ |
|
|
|
|
Cash flow from investment activities |
|
|
Dividends |
2,872,588 |
2,383,304 |
Purchases of securities |
(78,069,054) |
(56,392,879) |
Sales of securities |
83,719,045 |
60,522,190 |
Administrative expenses |
(1,045,988) |
(1,189,577) |
Investment management fee |
(904,376) |
(746,659) |
Withholding tax benefit (note 4) |
- |
1,088,329 |
Interest received |
257 |
65,003 |
Interest charges |
(53,316) |
(87,847) |
|
|
|
|
|
|
6,519,156 |
5,641,864 |
|
|
|
|
Cash flows from financing activities |
|
|
Credit facility |
828,236 |
- |
Dividends |
(6,849,207) |
(5,460,839) |
Repurchase of own shares |
(2,365,401) |
(5,924,417) |
|
|
|
|
|
|
(8,386,372) |
(11,385,256) |
|
|
|
|
Cash and cash equivalents |
|
|
Net decrease for the year |
(1,867,216) |
(5,743,392) |
Balance as at 1 January |
1,867,216 |
7,610,608 |
Balance as at 31 December |
- |
1,867,216 |
PRINCIPAL RISKS
The Company's assets consist mainly of listed equity shares and its principal risks are therefore market-related. The Company holds a portfolio of shares which have a diversified geographic spread. The Company is subject to a number of risks including: market, credit, currency and liquidity risks (see Note 6). The Board seeks to mitigate these risks in a number of ways including: through review of the investment environment and the Company's investment portfolio, policy setting and reliance on contractual obligations.
ACCOUNTING POLICIES
The Company is a closed-end investment company with variable capital incorporated in the Netherlands. The financial statements have been prepared in accordance with the Dutch Financial Supervision Act and have also been prepared in accordance with accounting principles generally accepted in the Netherlands.
Notes.
1. Listed investments are valued at the bid price on the valuation date on the relevant stock markets.
2. Based on 14,912,652 shares in issue (2009- 15,228,760). During the year the Company issued 18,892 shares through its scrip dividend option and purchased 335,000 of its own shares to be held in treasury.
3. The Company's treasury net asset value is in accordance with the AIC calculation method where shares are held in treasury; subject to the Company's resale policy, including limiting dilution to 0.5 per cent of net asset value per annum. Based on shares held in treasury since the liquidity enhancement policy was put in place in 2005.
4. During the financial year 2009, the Company received an amount of €1,088,329 in respect of foreign withholding tax for the fiscal years 2002 up to and including 2007, for which the Company had filed a request for reimbursement with the Dutch tax authorities.
5. Dividends per share are stated gross of applicable Dutch withholding tax. A dividend of €0.17 was announced on 6 January 2011 and paid on 28 January 2011. This dividend was paid from other reserves. During 2011, a total distribution of €0.51 per share is payable in equal instalments in January, May and August.
6. Financial instruments and risk management
General
In the normal course of its business, the Company holds a portfolio of equities and other securities, and manages investment activities with on-balance sheet risk. Equities and other securities are valued at fair value. The Company is subject to the risks described below.
· Market risk
Market risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices, caused by factors that exclusively apply to the individual instrument or its issuer or by factors that affect all instruments traded in the market. Interest rate risk is the risk that the value of a financial instrument will fluctuate as a result of changes in interest rates.
The Company minimises the risks by making a balanced selection of companies with regard to distribution across European countries, sectors and individual stocks.
Any changes in market conditions will directly affect the profit or loss reported through the Revenue Account. A 25 per cent increase, for example, in the value of the securities portfolio as at 31 December 2010 would have increased net assets and net profit for the year by €31.9 million (2009: €27.1 million). A decrease of 25 per cent would have had an equal but opposite effect. The calculations above are based on investment valuations at the respective balance sheet dates and are not representative of the year as a whole, nor reflective of future market conditions.
· Credit risk
Credit risk is the risk that the counterparty of a financial instrument will no longer meet its obligations, as a result of which the Company will suffer a financial loss. To reduce exposure to credit risk relating to financial instruments, the creditworthiness of the counterparties and the transactions' size and maturity are assessed by service providers to the Company. Wherever it is customary in the market, collateral will be demanded and obtained. The Company and its service providers monitor and control its risks to exposures frequently and, accordingly, Management believes that it has in place effective procedures for evaluating and limiting the credit and market risks to which it is subject.
· Foreign currency risk management
Currency risk is the risk that the value of a financial instrument will fluctuate as a result of changes in exchange rates. The Company reports its results and financial position in Euros. The Company's main activity is to invest in small and medium-sized companies in Continental Europe whereby a majority of the Company's investments concern companies with listings and activities in the European Monetary Union. The Company will have exposure to (Continental) European currencies other than the Euro.
· Liquidity risk
Liquidity risk is the risk that the Company is not able to obtain the financial means required to meet its obligations. The Company minimises this risk by mainly investing in equities that are traded on a regular basis. The Company may use borrowings to seek to enhance returns for shareholders. This may include the use of financial instruments; such financial instruments are valued at fair value. Cash balances will be held from time to time and these will be held with reputable banks.
· Insight into actual risks
The Report of the Management Board Director, the overview of the Investment Portfolio, which includes the geographic distribution of the investments, and the Notes to the Annual Accounts give an insight into the actual risks at the balance sheet date.
· Risk management
Managing risk is a part of the investment process as a whole and, with the help of systems, the risks outlined above are limited, measured and monitored on the basis of fixed risk measures.
· Policy regarding the use of financial instruments
Investing implies that positions are taken. As it is possible to use various instruments, including derivative instruments, to construct an identical position, the selection of derivatives is subordinate to the positioning of a portfolio. The Company does not employ any derivatives to take positions.
The Company presently has banking facilities to gear the portfolio within the 20 per cent of assets level as permitted under the Articles and under the Company's tax status as a Fiscal Investment Institution.
7. These are not the full accounts. The full accounts for the year to 31 December 2010 will be sent to
shareholders and will be available for inspection at the Company's registered office Weena 210-212, NL-3012 NJ Rotterdam and from the investment managers at F&C Investment Business, 80 George Street, Edinburgh, EH2 3BU. The Company's website address is www.europeanassets.co.uk where the accounts can also be found once available.
8. A General Meeting to adopt the 2010 Report & Accounts and other resolutions will be held on 12 May 2011 in Amsterdam and a Shareholders' and Investors' Briefing will be held on 18 May 2011 at Pewterers' Hall, Oat Lane, London.
For further information, please contact:
Paras Anand, Sam Cosh
F&C Investment Business Ltd, Fund Manager 0207 628 8000
Michael Campbell, F&C Investment Business Ltd, Company Secretary 0207 628 8000
This information is provided by RNS