Final Results

RNS Number : 4941R

Lowland Investment Co PLC

19 November 2012

 



Page 1 of 14

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2012

This announcement contains regulated information

Key Data per ordinary share		30 September 2012		30 September 2011	Change %
Net asset value #		1008.4p		811.0p	+24.3
Share price#		991.5p		762.5p	+30.0
Net revenue return		31.1p		28.8p	+8.0
Total return		229.9p		68.3p
First interim dividend	15.0p		10.5p
Second interim dividend	7.5p		17.5p
Final dividend	8.0p		-
	---------		---------
Total dividend		30.5p		28.0p	+8.9
Gearing*		13.8%		14.8%
Discount		1.7%		6.0%
Ongoing charges **     - excluding the performance fee		0.62%		0.59%
- including the performance fee		0.89%		0.89%

^#    Excluding reinvested income.

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

** Defined here as total expenses incurred by the Company expressed as an average of shareholders' funds over the year calculated 

     on a daily basis.

Total return performance to 30 September 2012	1 year %	5 years %	10 years %
Net asset value(1)	29.1	16.8	240.5
Share price(1)	35.3	11.2	236.2
Peer group net asset value(2)	19.8	8.3	146.7
FTSE All-Share Index(3)	17.3	8.7	135.7
Increase in dividend per share	8.9	29.8	96.8

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 14

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2012

MANAGEMENT REPORT

Commenting on the results Chairman, Peter Troughton, said:

Performance for the year to 30 September 2012

I am pleased to report that your Company had a satisfactory year with the net asset value (NAV) on a total return basis rising by 29.1%, while the FTSE All-Share Index total return rose 17.3%. The long-term and the analysis of the main individual stock contributors are shown in the Annurla Report and Financial Statements, while a reasonable level of gearing at around 14% also contributed to the outperformance. It needs to be remembered that Lowland's portfolio is significantly different from the makeup of the index in its weightings of individual sectors and stocks. It is this that makes outperformance possible. We believe that over the medium term this will continue to add value, but it can lead to underperformance at times if some of the favoured stocks or sectors have a setback. The share price total return was 35.3% over the year as the discount to NAV closed. The share price finished the year on a small discount of 1.7%. It should be remembered the discount can widen again.

Dividends

The total dividend for the year will, subject to shareholder approval, be 30.5p which compares with last year's 28.0p, an increase of 8.9%. Lowland has increased its dividends every year for the last 36, except for one year when it was maintained. We explained in the Half-Year Update that we are in the process of moving to paying four dividends a year. The proposed final quarterly dividend, which is also the Company's final for the year, has been raised from 7.5p to 8.0p. If approved by shareholders at the AGM, it will be paid on 31 January 2013. The dividend is covered again this year by earnings, which were 8.0% higher than last year. The Board would like to provide shareholders with a regular flow of income. Quarterly dividends will be paid at the end of April, July and October and the final, if approved by shareholders, will be paid at the end of January. The Company aims to minimise the costs of this change in the frequency of the dividend payments by providing consolidated tax vouchers in the future, so that shareholders will receive one tax voucher for the year with the final dividend.

Ongoing Charges and Fees

Ongoing charges, which are the management fee and other non-interest expenses as a percentage of

shareholders' funds were 0.62% (2011: 0.59%) excluding the performance fee and 0.89% (2011: 0.89%) including the performance fee. A performance fee of £646,000 (wholly charged to capital) was paid in respect of the year to 30 September 2012. This fee, and the basic management fee of 0.5% of net assets, are together capped at a total of 0.75% of net chargeable assets.

Investment Review

Profit growth, cash generation and dividend increases combined with relatively low valuations meant equity markets rose during the year. These fundamentals countered fears about Eurozone break-up and slowing economic activity. We have always focused on stocks rather than economic forecasts. Lowland's portfolio is a collection of holdings in shares of a diverse spread of companies: it is not a proxy for the UK or global economy. We are wary of trying to predict economic and political events. Instead we favour a bottom-up approach focusing on companies, regardless of their size, which we believe will develop well over time and whose valuation does not reflect their prospects. This means we have a large exposure to medium and smaller sized companies which we blend with large companies to produce a balanced portfolio of companies undertaking a wide range of activities.

Page 3 of 14

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2012

The largest sector exposure is to industrials where competitive UK companies with excellent products are capturing global market share. We believe this is set to continue.

Annual General Meeting

The Annual General Meeting will be held at the offices of Henderson Global Investors, 201 Bishopsgate, London on Monday 21 January 2013 at 12.30 pm. There is one new item to consider this year which is as a result of the recent changes in the Investment Trust rules. It is no longer a requirement for the distribution of capital profits to be prohibited by a company's articles of association in order for it to achieve or maintain investment trust status. Whilst the Board has no immediate intention of making any distribution of the Company's capital profits by way of a dividend, the Board believes that, in order to increase flexibility, it would be appropriate to ask shareholders to approve amendments to the articles of association of the Company which remove this restriction. 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

In aggregate UK companies in the portfolio are in good health with debt levels low, dividend cover high and costs well controlled. When there is further sales growth, operating margins should improve. This can lead to continued share price appreciation. We are therefore retaining a reasonable level of gearing. The emphasis on UK industrial companies servicing the global economy with value added products will be maintained until the valuations are no longer compelling.

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.

Page 4 of 14

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2012

● 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 2011.  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.

● Financial

The financial risks faced by the Company include market price risk, interest rate risk, liquidity risk, currency risk and credit and counterparty 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.

Page 5 of 14

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2012

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 the Annual Report and Financial Statements 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

Peter Troughton

Director

19 November 2012

Page 6 of 14

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2012

Audited Income Statement

for the year ended 30 September 2012

	Year ended 30 September 2012			Year ended 30 September 2011
	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	-	53,157	53,157	-	11,112	11,112
Income from investments (note 2)	10,677	-	10,677	9,781	-	9,781
Other interest receivable and similar income (note 3)	97	-	97	107	-	107
	---------	---------	---------	---------	---------	---------
Gross revenue and capital gains	10,774	53,157	63,931	9,888	11,112	21,000
Management fee	(1,173)	-	(1,173)	(1,024)	-	(1,024)
Performance fee	-	(646)	(646)	-	(698)	(698)
Other administrative expenses	(402)	-	(402)	(403)	-	(403)
	---------	---------	---------	---------	---------	---------
Net return on ordinary activities before finance charges and taxation	9,199	52,511	61,710	8,461	10,414	18,875
Finance charges	(911)	-	(911)	(738)	-	(738)
	---------	---------	---------	---------	---------	---------
Net return on ordinary activities before taxation	8,288	52,511	60,799	7,723	10,414	18,137
Taxation on net return on ordinary activities	(62)	-	(62)	(105)	-	(105)
	---------	---------	---------	---------	---------	---------
Net return on ordinary activities after taxation	8,226	52,511	60,737	7,618	10,414	18,032
	=====	=====	=====	=====	=====	=====
Return per ordinary share - basic and diluted (note 4)	31.1p	198.8p	229.9p	28.8p	39.5p	68.3p
	=====	=====	=====	=====	=====	=====

The total columns of this statement represent the Profit and Loss Account 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. The Company had no recognised gains or losses other than those disclosed in the Income Statement. There is no material difference between the net return on ordinary activities before taxation and the net return for the financial year stated above and their historical cost equivalents.

Page 7 of 14

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2012

Reconciliation of Movements in Shareholders' Funds

for the years ended 30 September 2012 and 30 September 2011

Year ended 30 September 2012	Called up share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000
At 1 October 2011	6,604	53,561	1,007	145,400	7,679	214,251
Net return on ordinary   activities after taxation	-	-	-	52,511	8,226	60,737
Second interim dividend (17.5p) for the year ended 30 September 2011 paid 21 December 2011	-	-	-	-	(4,624)	(4,624)
First interim dividend (15.0p) for the year ended 30 September 2012 paid 19 June 2012	-	-	-	-	(3,963)	(3,963)
	---------	---------	----------	---------	----------	---------
At 30 September 2012	6,604	53,561	1,007	197,911	7,318	266,401
	=====	=====	=====	======	=====	======
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 1 October 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
	=====	=====	=====	======	=====	======

Page 8 of 14

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2012

Audited Balance Sheet

at 30 September 2012

	2012 £'000	2011 £'000
Investments held at fair value through profit or loss
Listed at market value in the United Kingdom	270,813	220,125
Quoted at market value on AIM	19,844	16,249
Listed at market value overseas	11,572	8,400
Unquoted	914	1,281
	-----------	-----------
	303,143	246,055
	-----------	-----------
Current assets
Debtors	1,900	1,559
Cash at bank	2,177	1,297
	-----------	-----------
	4,077	2,856
Creditors: amounts falling due within one year	(40,819)	(34,660)
	-----------	-----------
Net current liabilities	(36,742)	(31,804)
	-----------	-----------
Total assets less current liabilities	266,401	214,251
	======	======
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	197,911	145,400
Revenue reserve	7,318	7,679
	-----------	-----------
Total Shareholders' funds	266,401	214,251
	======	======
Net asset value per ordinary share - basic and diluted (note 7)	1008.4p	811.0p
	======	======

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

Page 9 of 14

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2012

Audited Cash Flow Statement

for the year ended 30 September 2012

	2012 £'000	2012 £'000	2011 £'000	2011 £'000
Net cash inflow from operating activities		8,133		8,163
Servicing of finance
Interest paid	(903)		(803)
	----------		----------
Net cash outflow from servicing of finance		(903)		(803)
Taxation
Tax recovered	29		63
	----------		----------
Net tax recovered		29		63
Financial investment
Purchases of investments	(38,088)		(43,606)
Sales of investments	35,532		36,992
	----------		----------
Net cash outflow from financial investment		(2,556)		(6,614)
Equity dividends paid		(8,587)		(7,265)
		----------		----------
Net cash outflow before financing activities		(3,884)		(6,456)
Financing
Net loans drawndown	4,759		5,500
	----------		----------
		4,759		5,500
		----------		----------
Increase/(decrease) in cash		875		(956)
		======		======
Reconciliation of net cash flow to movement in net debt
Increase/(decrease) in cash as above		875		(956)
Net cash inflow from movement in loans		(4,759)		(5,500)
Exchange movements		5		(29)
		----------		---------
Movement in net debt		(3,879)		(6,485)
Net debt at 1 October		(32,203)		(25,718)
		----------		----------
Net debt at 30 September		(36,082)		(32,203)
		======		======

Page 10 of 14

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2012

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	2012 £'000	2011 £'000
	UK dividends:
	Quoted investments	8,967	8,451
	Unquoted	44	43
		--------	-------
		9,011	8,494
		--------	-------
	Non UK dividends:
	Overseas dividend income	1,335	1,192
	Property income dividends	131	92
	Interest income	200	3
		--------	--------
	Non UK dividends	1,666	1,287
		--------	--------
		10,677	9,781
		=====	=====

3.	Other interest receivable and similar income	2012 £'000	2011 £'000
	Deposit interest	-	1
	Stock lending commission	47	42
	Income from underwriting	50	64
		--------	-------
		97	107
		=====	=====
	At 30 September 2012 the total value of securities on loan by the Company for stock lending purposes was £16,188,000 (2011:  £5,300,000).  The maximum aggregate value of securities on loan at any time during the year ended 30 September 2012 was £23,500,000 (2011: £13,200,000).  The Company's agent holds collateral comprising FTSE 100 stocks with a collateral value of £17,157,000 (2011: £5,892,000) amounting to a minimum of 105% (2011: minimum 105%) of the market value of any securities on loan.  Stock lending commission has been shown net of brokerage fees of £20,000 (2011: £15,000).

Page 11 of 14

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2012

Notes to the Accounts (continued):

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 £60,737,000 (2011: £18,032,000) and on 26,417,427 ordinary shares (2011: 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.
		2012 £'000	2011 £'000
	Net revenue return	8,226	7,618
	Net capital return	52,511	10,414
		--------	---------
	Net total return	60,737	18,032
		=====	=====
	Weighted average number of ordinary shares in issue during the year	26,417,427	26,417,427
	Revenue return per ordinary share	31.1p	28.8p
	Capital return per ordinary share	198.8p	39.5p
		--------	--------
	Total return per ordinary share	229.9p	68.3p
		=====	=====
	The Company does not have any dilutive securities, therefore basic and diluted returns per share are the same.

5.	Dividends paid and payable on the ordinary shares
	Dividends on ordinary shares	Record Date	Payment Date	2012 £'000	2011 £'000
	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
	Second interim dividend (17.5p)
	for the year ended 30 September 2011	2 December 2011	21 December 2011	4,624	-
	First interim dividend (15.0p)
	for the year ended 30 September 2012	1 June 2012	19 June 2012	3,963	-
				--------	--------
				8,587	7,265
				=====	=====
	The second interim dividend and final for the year ended 30 September 2012 have 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 2011, are set out below.
				2012 £'000
	Revenue available for distribution by way of dividend for the year			8,226
	First interim dividend (15.0p) for the year ended 30 September 2012			(3,963)
	Second interim dividend (7.5p) for the year ended 30 September 2012			(1,981)
	Final dividend (8.0p) for the year ended 30 September 2012 (based on 26,417,427 ordinary shares in issue at 19 November 2012)			(2,113)
				----------
	Revenue Surplus			169
				======
	For section 1158 purposes the Company's undistributed revenue represents 1.6% of the income from investments.

Page 12 of 14

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2012

Notes to the Accounts (continued):

6.	Called up share capital	2012 £'000	2011 £'000
	Allotted and fully paid
	26,417,427 (2011:  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 £266,401,000 (2011: £214,251,000) and on 26,417,427 (2011: 26,417,427) shares in issue on 30 September 2012. The movements during the year of the assets attributable to the ordinary shares were as follows:

		2012 £'000	2011 £'000
	Total net assets at 1 October	214,251	203,484
	Total net return on ordinary activities after taxation	60,737	18,032
	Net dividends paid in the year: Ordinary shares	(8,587)	(7,265)
		----------	----------
	Net assets attributable to the ordinary shares at 30 September	266,401	214,251
		======	======

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 the Annual Report and Financial Statements, 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.

2012 Annual Financial Statements

The figures and financial information for the year ended 30 September 2012 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 2012 have been audited but have not yet been delivered to the Registrar of Companies.  The auditors' report on the 2012 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.

2011 Financial Information

The figures and financial information for the year ended 30 September 2011 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.

                                                                                                                                           Page 13 of 14      

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2012

Notes to the Accounts (continued):

11.	Dividend
	The final dividend of 8.0p per ordinary share, will be paid on 31 January 2013 to shareholders on the register of members at the close of business on 4 January 2013. The Company's shares will be traded ex-dividend on 2 January 2013.

12.	Annual Report
	The Annual Report and Financial Statements will be posted to shareholders in late November 2012 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 Monday, 21 January 2013 at 12.30 pm at 201 Bishopsgate, London, EC2M 3AE.

                                                                                                                                                            Page 14 of 14  

LOWLAND INVESTMENT COMPANY PLC

Annual Financial Report for the year ended 30 September 2012

Notes to the Accounts (continued):

Twenty Largest Holdings as at 30 September 2012

Rank (2012)	Rank (2011)	Company	Valuation 2011 £'000	Purchases £'000	Sales £'000	Appreciation £'000	Valuation 2012 £'000
1	(1)	Carclo	15,223	-	(5,290)	5,621	15,554
2	(2)	Senior	11,560	-	(2,042)	4,783	14,301
3	(3)	Royal Dutch Shell	10,563	-	(1,108)	986	10,441
4	(5)	Hiscox	6,485	-	-	2,058	8,543
5	(4)	Glaxosmithkline	7,332	-	(28)	547	7,851
6	(6)	Interserve	6,298	-	-	1,332	7,630
7	( * )	DS Smith	3,513	2,011	(1,590)	2,058	5,992
8	(16)	Hill & Smith	3,873	-	-	1,935	5,808
9	(8)	BP	5,051	-	-	624	5,675
10	(12)	GKN	4,573	-	-	1,012	5,585
11	(15)	Amlin	3,909	-	-	1,648	5,557
12	( * )	Elementis	2,594	307	-	2,551	5,452
13	( * )	International Personal Finance	2,822	1,008	-	1,457	5,287
14	( * )	Provident Financial	3,765	-	-	1,384	5,149
15	(14)	Phoenix	3,960	739	-	264	4,963
16	(9)	Croda	4,950	-	(2,137)	2,037	4,850
17	( * )	Diageo	3,425	-	-	1,411	4,836
18	(11)	Aviva	4,581	-	-	200	4,781
19	( * )	IMI	3,021	665	-	1,044	4,730
20	( * )	Weir	2,324	1,524	-	572	4,420
			----------	-----------	----------	---------	----------
			109,822	6,254	(12,195)	33,524	137,405
			======	======	======	======	======

At 30 September 2012 these investments totalled £137,405,000 or 45.3% 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: [phone]	Telephone: [phone]
Sarah Gibbons-Cook
Investor Relations and PR Manager
Henderson Global Investors
Telephone: [phone]

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 -

 

END

 

 

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