Final Results

RNS Number : 4792S
Lowland Investment Co PLC
21 November 2011
 



 

Page 1 of 13

 

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2011

 

 

 

 

This announcement contains regulated information

 

 

 

Key Data

per ordinary share

30 September

2011

30 September

2010

 

Change

%

Net asset value #

811.0p

770.3p

+5.3

Share price#

762.5p

699.5p

+9.0

Net revenue return

28.8p

22.5p

+28.0

Total return

68.3p

139.5p

 

First interim dividend

10.5p

10.0p

+5.0

Second interim dividend

17.5p

17.0p

+2.9

Gearing*

14.8%

12.6%

 

Total expense ratio **

    - excluding the performance fee

0.69%

0.70%

 

    - including the performance fee

1.03%

0.70%

 

 

#    Excluding reinvested income.

   *   Defined here as investments as a percentage of equity shareholders' funds minus 100.

** Defined here as total management and administrative expenses, as a percentage of the average shareholders' funds

     at the beginning and end of the year.

 

 

Performance

to 30 September 2011

1 year

%

5 years

%

10 years

%

Net asset value total return(1)

4.3

135.7

Share price total return(1)

12.6

2.3

140.9

Peer group net asset value total return(2)

-0.5

-0.7

76.7

FTSE All-Share Index (total return)(3)

-4.4

4.0

59.2

 

Source: 

(1) Morningstar for the AIC using cum income fair value net asset value for one year and capital net asset value plus income reinvested for 5 and 10 years.

(2) Morningstar for the AIC. The performance of the AIC UK Income & Growth Sector (arithmetic average).

(3) Morningstar for the AIC (gross income reinvested).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 2 of 13

 

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2011

 

 

MANAGEMENT REPORT

 

Commenting on the results Chairman, John Hancox, said:

 

Performance for the year to 30 September 2011

I am pleased to report that your Company had a satisfactory year, once again outperforming its benchmark index significantly which it has done for the last 11 years except for 2008.  James Henderson, our Portfolio Manager, is to be congratulated on this performance.  The net asset value total return was a positive 8.6% whereas the FTSE All-Share total return was negative at -4.4%. Analysis of how the outperformance was achieved is shown in the Portfolio Manager's report in the Annual Report and Financial Statements. The net asset value capital return per share rose by 5.3%, the discount to net asset value reduced from 9.2% to 6.0% and the share price rose by 9.0% to 762.5p.

 

Dividends

The total dividend for the year will be 28.0p (2010: 27.0p), comprising a first interim dividend of 10.5p per share (2010:10.0p) followed by a second interim dividend of 17.5p per share (2010:17.0p). This is an increase of 3.7%.  The revenue per share for the year was 28.8p, an increase of 28.0% from last year's 22.5p.  This means that after two years of using the Revenue Reserve to support our dividend, £221,000, representing 0.8p per share, will be added back to it this year. The Revenue Reserve is built up in years of underlying dividend growth from the companies in the portfolio to provide a buffer so that when companies have to cut their dividends we can maintain or increase the dividend we pay to our shareholders.  This has enabled Lowland to maintain or increase its dividend every year for the last 35 years.

 

Expenses and Fees

The total expense ratio, which is the management fee and other non-interest expenses as a percentage of shareholders' funds excluding the performance fee, was 0.69% (2010: 0.70%), and including the performance fee was 1.03%.   A performance fee of £698,000 (wholly charged to capital) was paid in respect of the year to 30 September 2011. This fee, and the basic management fee of 0.5% of net assets, are together capped at a total of 0.75% of net assets.

 

 

 

 

 

 

Page 3 of 13

 

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2011

 

Chairman's comments (continued)

Investment Review

The recovery in equities, which had been fuelled by economic growth, ended during the summer as macro economic concerns came again to dominate.  The possible default of Greece and its ramifications is at the centre of the worries but the slowdown in the USA and possibly China compound them.  Meanwhile in aggregate the companies we invest in have paid down debt, increased dividend cover and are expected to grow their profits.   Their action in controlling costs is producing substantial cash generation.  This is resulting in good dividend growth from the stocks in the portfolio and is behind our stance of having a reasonable level of gearing to equities.

 

Board

As mentioned last year, I will be retiring at the conclusion of the 2012 AGM having served as a Director since February 2000 and as Chairman since December 2004.  I am pleased that Peter Troughton has agreed to become Chairman.  He has been a Director of Lowland for many years and his experience of past cycles of both the Company and the markets over this period will be of benefit to shareholders in the face of uncertain times ahead. His length of service is counterbalanced by the rest of the Board, three of whose four members have been appointed within the last three years. I am proud to be leaving Lowland in the hands of a very strong and experienced Board.

 

Annual General Meeting

The Annual General Meeting will be held at the offices of Henderson Global Investors, 201 Bishopsgate, London on Wednesday 18 January 2011 at 12.30 pm.  Full details of the business to be conducted at the meeting are set out in the Notice of the meeting which has been sent to shareholders with this report.  As usual our Portfolio Manager, James Henderson, will be making a presentation and all shareholders are most welcome to attend.

 

Outlook

Dividend growth from the companies in our portfolio has been strong over the past year and the Portfolio Manager expects this to continue.  Valuations of equities are low by historic standards and the companies we hold are in the main strong and therefore well positioned for the difficult economic conditions likely to prevail for the foreseeable future. The valuations currently placed on the shares which we hold do not reflect the growth that we expect to be achieved and this makes us positive about the prospects for Lowland.

 

 

 

 

Page 4 of 13

 

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2011

 

 

PRINCIPAL RISKS AND UNCERTAINTIES

 

With the assistance of the Investment Manager, the Board has drawn up a Risk Map, which identifies the key risks to the Company. These key risks fall broadly under the following categories:

 

Investment and Strategy

An inappropriate investment strategy, for example, in terms of asset allocation or level of gearing, may result in underperformance against the Company's benchmark index and the companies in its peer group, and also in the Company's shares trading on a wider discount. The Board manages these risks by ensuring a diversification of investments and a regular review of the extent of borrowings. The Investment Manager operates in accordance with investment limits and restrictions and policy determined by the Board, which includes limits on the extent to which borrowings may be employed. The Board reviews the limits and restrictions on a regular basis and the Investment Manager confirms adherence to them every month. The Investment Manager provides the Board with management information, including performance data and reports and shareholder analyses. The directors monitor the implementation and results of the investment process with the Portfolio Manager at each Board meeting and monitor risk factors in respect of the portfolio. Investment strategy is reviewed at each meeting.

 

Market

Market risk arises from uncertainty about the future prices of the Company's investments.

 

Accounting, legal and regulatory

In order to qualify as an investment trust, the Company must comply with Section 1158 of the Corporation Tax Act 2010 ("s.1158"). A breach of Section 1158 could result in the Company losing investment trust status and, as a consequence, realised gains in the Company's portfolio would be subject to Corporation Tax. Compliance with the requirements of Section 1158 are monitored by the Investment Manager and the results are reported at each Board meeting.

 

The Company must comply with the provisions of the Companies Act and, since its shares are listed on the London Stock Exchange, the UKLA's Listing and Disclosure Rules. A breach of the Companies Act could result in the Company and/or the directors being fined or the subject of criminal proceedings. A breach of the UKLA Rules could result in the suspension of the Company's shares; which in turn would breach Section 1158. The Board relies on its Company Secretary and advisers to ensure adherence to the Companies Act and the UKLA Rules.

 

Operational

Disruption to, or the failure of, the Investment Manager's accounting, dealing or payment systems or the Custodian's records could prevent the accurate reporting or monitoring of the Company's financial position. The Investment Manager contracts some of the operational functions (principally those relating to trade processing, investment administration and accounting), to BNP Paribas Securities Services.

 

Details of how the Board monitors the services provided by the Investment Manager and its other suppliers, and the key elements designed to provide effective internal control, are explained further in the Annual Report and Financial Statements.

 

 

 

 

 

Page 5 of 13

 

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2011

 

 

PRINCIPAL RISKS AND UNCERTAINTIES (continued)

 

 

Financial

The financial risks faced by the Company include market price risk, interest rate risk, liquidity risk and credit risk. Details of these risks and how they are managed are disclosed in the Annual Report and Financial Statements.

 

RELATED PARTY TRANSACTIONS

The provision of investment management, accounting, company secretarial and administrative services has been out-sourced to Henderson Global Investors Limited ("Henderson" or the "Investment Manager"). This is the only related party arrangement currently in place. Other than fees payable by the Company in the ordinary course of business, there have been no material transactions with this related party affecting the financial position or performance of the Company during the year under review.

 

STATEMENT OF DIRECTORS' RESPONSIBILITIES UNDER DTR 4.1.12

Each of the directors confirms that, to the best of their knowledge:

 

• the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and profit of the Company; and

 

• the Directors' Report in this Annual Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

 

For and on behalf of the Board

 

 

 

 

Rupert Barclay

Director

21 November 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 6 of 13

 

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2011

 

Audited Income Statement

for the year ended 30 September 2011

 


Year ended 30 September 2011

Year ended 30 September 2010

 

 

 

Revenue Return £'000

Capital Return £'000

 

Total

£'000

Revenue

Return

£'000

Capital

Return

£'000

Total

£'000








Gains on investments held at fair value through profit or loss

-

11,112

11,112

-

30,917

30,917

Income from investments (note 2)

9,781

-

9,781

8,303

-

8,303

Other interest receivable and similar income (note 3)

125

-

125

107

-

107


---------

---------

---------

---------

---------

---------

Gross revenue and capital gains

9,906

11,112

21,018

8,410

30,917

39,327








Management fee

(1,043)

-

(1,043)

(924)

-

(924)

Performance fee

-

(698)

(698)

-

-

-

Other administrative expenses

(402)

-

(402)

(399)

-

(399)


---------

---------

---------

---------

---------

---------

Net return on ordinary activities before finance charges and taxation

8,461

10,414

18,875

7,087

30,917

38,004








Finance charges

(738)

-

(738)

(1,064)

-

(1,064)


---------

---------

---------

---------

---------

---------

Net return on ordinary activities before taxation

7,723

10,414

18,137

6,023

30,917

36,940








Taxation on net return on ordinary activities

(105)

-

(105)

(90)

-

(90)


---------

---------

---------

---------

---------

---------

Net return on ordinary activities after taxation

7,618

10,414

18,032

5,933

30,917

36,850


=====

=====

=====

=====

=====

=====








Return per ordinary share -

basic and diluted (note 4)

28.8p

39.5p

68.3p

22.5p

117.0p

139.5p


=====

=====

=====

=====

=====

=====

 

The total columns of this statement represent the Income Statement of the Company. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.  All revenue and capital items in the above statement derive from continuing operations.  No operations were acquired or discontinued during the year.  The Company had no recognised gains or losses other than those disclosed in the Income Statement.

 

 

 

 

 

 

 

 

 

Page 7 of 13

 

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2011

 

Reconciliation of Movements in Shareholders' Funds

for the years ended 30 September 2011 and 30 September 2010

 

 

 

 

Year ended 30 September 2011

Called up share capital £'000

Share premium account £'000

Capital redemption reserve

£'000

Other capital reserves £'000

 

Revenue reserve £'000

 

 

Total £'000

At 30 September 2010

6,604

53,561

1,007

134,986

7,326

203,484

Net return on ordinary   activities after taxation

-

-

-

10,414

7,618

18,032

Second interim dividend (17.0p) for the year ended 30 September 2010 paid 22 December 2010

-

-

-

-

(4,491)

(4,491)

First interim dividend (10.5p) for the year ended 30 September 2011 paid 17 June 2011

-

-

-

-

(2,774)

(2,774)









---------

---------

---------

----------

---------

----------

At 30 September 2011

6,604

53,561

1,007

145,400

7,679

214,251


=====

=====

=====

======

=====

======








 

 

 

 

Year ended 30 September 2010

 

Called up share capital £'000

 

Share premium account £'000

Capital redemption reserve

£'000

 

Other capital reserves £'000

 

 

Revenue reserve £'000

 

 

 

Total £'000

At 30 September 2009

6,604

53,561

1,007

104,069

8,392

173,633

Net return on ordinary activities after taxation

-

-

-

30,917

5,933

36,850

Final dividend (16.5p) for the year   ended 30 September 2009

paid 22 December 2009

-

-

-

-

(4,359)

(4,359)

First interim dividend (10.0p) for the year ended 30 September 2010

paid 18 June 2010

-

-

-

-

(2,642)

(2,642)

Refund of unclaimed dividends over 12 years old

-

-

-

-

2

2


---------

---------

---------

----------

---------

----------

At 30 September 2010

6,604

53,561

1,007

134,986

7,326

203,484


=====

=====

=====

======

=====

======

 

 

 

 

 

 

 

 

 

Page 8 of 13

 

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2011

 

Audited Balance Sheet

at 30 September 2011

 


 

2011

£'000

 

2010

£'000

Investments held at fair value through profit or loss



Listed at market value in the United Kingdom

220,125

205,140

Quoted at market value on AIM

16,249

17,384

Listed at market value overseas

8,400

5,243

Unquoted

1,281

1,307


-----------

-----------


246,055

229,074


-----------

-----------

Current assets



Debtors

1,559

1,562

Cash at bank

1,297

2,282


-----------

-----------


2,856

3,844




Creditors: amounts falling due within one year

(34,660)

(29,434)


-----------

-----------

Net current liabilities

(31,804)

(25,590)


-----------

-----------




Total net assets

214,251

203,484


======

======

Capital and reserves



Called up share capital (note 6)

6,604

6,604

Share premium account

53,561

53,561

Capital redemption reserve

1,007

1,007

Other capital reserves

145,400

134,986

Revenue reserve

7,679

7,326


-----------

-----------

Shareholders' funds

214,251

203,484


======

======




Net asset value per ordinary share (note 7)

811.0p

770.3p


======

======

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 9 of 13

 

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2011

 

Audited Cash Flow Statement

for the year ended 30 September 2011

 


2011

£'000

2011

£'000

2010

£'000

2010

£'000






Net cash inflow from operating activities


8,163


6,774






Servicing of finance





Interest paid

(803)


(1,122)



----------


----------


Net cash outflow from servicing of finance


(803)


(1,122)






Taxation





Tax recovered

63


95



----------


----------


Net tax recovered 


63


95






Financial investment





Purchase of investments

(43,606)


(28,542)


Sales of investments

36,992


24,780



----------


----------







Net cash outflow from financial investment


(6,614)


(3,762)






Equity dividends paid


(7,265)


(6,999)



----------


----------

Net cash outflow before financing activities


(6,456)


(5,014)






Financing





Repayment of Debenture Stock

-


(6,000)


Net loans drawndown

5,500


11,000



----------


----------




5,500


5,000



----------


----------

Decrease in cash


(956)


(14)



======


======






Reconciliation of net cash flow to movement

in net debt





Decrease in cash as above


(956)


(14)

Repayment of Debenture Stock


-


6,000

Net cash inflow from movement in loans


(5,500)


(11,000)

Exchange movements


(29)


(38)



---------


---------

Movement in net debt


(6,485)


(5,052)

Net debt at 1 October


(25,718)


(20,666)



----------


----------

Net debt at 30 September


(32,203)


(25,718)



======


======

 

 

 

 

 

 

Page 10 of 13

 

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2011

 

Notes to the Accounts:

 

1.

Accounting policies


The financial statements have been prepared on a going concern basis and under the historical cost basis of accounting, as modified to include the revaluation of investments. The financial statements have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice and with the Statement of Recommended Practice ("the SORP") for investment trusts issued by the Association of Investment Companies ("the AIC") in January 2009. All of the Company's operations are of a continuing nature. The Company's accounting policies are consistent with the prior year.

 

 

2.

 

Income from investments

2011

£'000

2010

£'000


UK dividends:




 Quoted investments

8,451

7,316


 Unquoted

43

43



-------

--------



8,494

7,359



-------

--------


Non UK dividends:




 Overseas dividend income

1,192

820


 Property income dividends

92

119


 Interest income

3  

5



--------

--------


 Non UK dividends

1,287

944



--------

--------



9,781

8,303



=====

=====

 

 

3.

 

Other interest receivable and similar income

2011

£'000

2010

£'000

 


Deposit interest

1

2

 


Stock lending fees

60

7

 


Income from underwriting

64

98

 



-------

-------

 



125

107

 



=====

=====

 

4.

Return per ordinary share - basic and diluted


The return per ordinary share is based on the net return attributable to the ordinary shares of £18,032,000 (2010: £36,850,000) and on 26,417,427 ordinary shares (2010: 26,417,427) being the weighted average number of ordinary shares in issue during the year. The return per ordinary share can be further analysed between revenue and capital, as below:



2011

£'000

2010

£'000


Net revenue return

7,618

5,933


Net capital return

10,414

30,917



---------

---------


Net total return

18,032

36,850



=====

=====


Weighted average number of ordinary shares in issue during the year

26,417,427

26,417,427






Revenue return per ordinary share

28.8p

22.5p


Capital return per ordinary share

39.5p

117.0p



--------

--------


Total return per ordinary share

68.3p

139.5p



=====

=====


The Company does not have any dilutive securities, therefore basic and diluted returns per share are the same.

 

 

 



 

Page 11 of 13

 

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2011

 

Notes to the Accounts (continued):

 

5.

Dividends paid and payable on the ordinary shares


 

Dividends on ordinary shares

 

Record Date

 

Payment Date

2011

£'000

2010

£'000


Final dividend (16.5p)

  for the year ended 30 September 2009

4 December 2009

22 December 2009

-

4,359


First interim dividend (10.0p)

   for the year ended 30 September 2010

28 May 2010

18 June 2010

-

2,642


Second interim dividend (17.0p)

  for the year ended 30 September 2010

3 December 2010

22 December 2010

4,491

-


First interim dividend (10.5p)

   for the year ended 30 September 2011

27 May 2011

17 June 2011

2,774

-


Refund of unclaimed dividends over 12 years old  



-

(2)





--------

--------





7,265

6,999





=====

=====


The second interim dividend for the year ended 30 September 2011 has not been included as a liability in these financial statements.  The total dividends payable in respect of the financial year, which form the basis of one of the retention tests under Section 1158 of the Corporation Tax Act 2010, are set out below.



2011

£'000


Revenue available for distribution by way of dividend for the year

7,618


First interim dividend (10.5p) for the year ended 30 September 2011

(2,774)


Second interim dividend (17.5p) for the year ended 30 September 2011 (based on 26,417,427 ordinary shares in issue at 21 November 2011)

(4,623)



----------


Revenue Surplus

221


For section 1158 purposes the Company's undistributed revenue represents 2.3% of

======


the income from investments.


 

 

6.

 

Called up share capital

 

2011

£'000

 

2010

£'000


Allotted, issued and fully paid




26,417,427 (2010:  26,417,427) ordinary  shares of 25p each

6,604

6,604



======

======

 

7.

 

Net asset value per ordinary share


The net asset value per ordinary share is based on the net assets attributable to the ordinary shares of £214,251,000 (2010: £203,484,000) and on 26,417,427 (2010: 26,417,427) shares in issue on 30 September 2011.

 

The movements during the year of the assets attributable to the ordinary shares were as follows: 



2011

£'000


Total net assets at 1 October 2010

203,484


Total net return on ordinary activities after taxation

18,032


Net dividends paid in the year: Ordinary shares

(7,265)



----------


Net assets attributable to the ordinary shares at 30 September 2011

214,251



======

 

 

 

 

Page 12 of 13

 

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2011

 

Notes to the Accounts (continued):

 

8.

Going Concern Statement

 

The directors believe that it is appropriate to continue to adopt the going concern basis in

preparing the financial statements as the assets of the Company consist mainly of securities which are readily realisable and, accordingly, it has adequate financial resources to continue in operational existence for the foreseeable future. In reviewing the position as at the date of this report, the Board has considered the "Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2009", published by the Financial Reporting Council in October 2009.

 

9.

2011 Annual Financial Statements

 

The figures and financial information for the year ended 30 September 2011 are extracted from the Company's annual financial statements for that period and do not constitute statutory accounts.  The Company's annual financial statement for the year to 30 September 2011 have been audited but have not yet been delivered to the Registrar of Companies.  The auditors' report on the 2011 annual financial statements was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under section 498 of the Companies Act 2006.

 

10.

2010 Financial Information

 

The figures and financial information for the year ended 30 September 2010 are compiled from an extract of the published accounts for that year and do not constitute statutory accounts.  Those accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under sections 498(2) or 498(3) of the Companies Act 2006.

 

11.

Dividend

 

The second interim dividend, in lieu of a final dividend, of 17.5p per ordinary share, will be paid on 21 December 2011 to shareholders on the register of members at the close of business on 2 December 2011. The Company's shares will be quoted ex-dividend on 30 November 2011.

 

12.

Annual Report

 

The Annual Report and Financial Statements will be posted to shareholders in late November / early December 2011 and will be available on the Company's website (www.lowlandinvestment.com) or in hard copy format from the Company's Registered Office, 201 Bishopsgate, London, EC2M 3AE.

 

13.

Annual General Meeting

 

The Annual General Meeting will be held on Wednesday, 18 January 2012 at 12.30 pm at 201 Bishopsgate, London, EC2M 3AE.

 

 

 

 

 

 

 

 

 

 

 

Page 13 of 13                                              of 12

 

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2011

 

Notes to the Accounts (continued):

Twenty Largest Holdings as at 30 September 2011

 

 

Rank

(2011)

 

Rank

(2010)

 

 

Company

 

Valuation

2010

£'000

 

 

Purchases

£'000

 

 

Sales

£'000

 

Appreciation/

(depreciation)

£'000

 

Valuation

2011

£'000

1

(4)

Carclo

8,512

-

-

6,711

15,223

2

(1)

Senior

12,501

-

(1,400)

459

11,560

3

(2)

Royal Dutch Shell

9,749

-

-

814

10,563

4

(7)

GlaxoSmithKline

5,645

1,376

-

311

7,332

5

(11)

Hiscox

4,910

1,340

-

235

6,485

6

(16)

Interserve

4,010

319

-

1,969

6,298

7

(9)

Vodafone

5,224

-

-

304

5,528

8

(3)

BP

8,984

-

(3,771)

(162)

5,051

9

(5)

Croda

7,039

-

(2,559)

470

4,950

10

(8)

Meggitt

5,554

347

(2,096)

884

4,689

11

(6)

Aviva

5,984

-

-

(1,403)

4,581

12

(12)

GKN

4,743

-

(461)

291

4,573

13

(*)

RPC

1,696

1,467

(386)

1,267

4,044

14

(*)

Phoenix

-

5,154

-

(1,194)

3,960

15

(*)

Amlin

3,119

2,345

-

(1,555)

3,909

16

(14)

Hill & Smith

4,051

429

-

(607)

3,873

17

(*)

Cape

2,589

517

-

750

3,856

18

(20)

Severn Trent

3,278

-

-

575

3,853

19

(10)

Canfor Pulp

5,126

-

(859)

(463)

3,804

20

(18)

H&T

3,396

-

-

378

3,774




----------

-----------

----------

---------

----------




106,110

======

13,294

======

(11,532)

======

10,034

======

117,906

======

 

These investments total £117,906,000 or 47.9% of the portfolio.

 

* Not in the top 20 largest investments last year.

 

For further information please contact:

 

 

James H Henderson

James de Sausmarez

Portfolio Manager

Head of Investment Trusts

Lowland Investment Company plc                   

Henderson Global Investors

Telephone: 020 7818 4370

Telephone: 020 7818 3349

 

 

Sarah Gibbons-Cook

 

Investor Relations and PR Manager

 

Henderson Global Investors

 

Telephone: 020 7818 3198

 

 

 

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

- ENDS -

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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