Half Yearly Report

RNS Number : 5777G

Pacific Horizon Investment Tst PLC

05 March 2015

 

RNS Announcement

Pacific Horizon Investment Trust PLC

Results for the half-year to 31 January 2015

The following is the unaudited Half-Yearly Financial Report for the six months to 31 January 2015.

Responsibility statement

We confirm that to the best of our knowledge:

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

b)   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, their impact on the financial statements and a description of the principal risks and uncertainties for the remaining six months of the year); and

c)   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).

By order of the Board

Jean Matterson

Chairman

4 March 2015

Half-yearly management report

 In the six months to 31 January 2015, Pacific Horizon's net asset value per share rose 7.9% to 216.74p. The share price rose 12.5% and the discount narrowed from 11.5% to 7.7%. Over the same period the MSCI All Country Asia ex Japan Index rose 8.5% in sterling terms. Despite the positive absolute returns, relative performance was affected by the strong showing of several large Hong Kong and China stocks where we have limited exposure. Many of our highest conviction holdings outperformed the comparative index (total return) by a healthy margin; for example Tech Mahindra appreciated 46.5% during the period, outperforming by 37.1 percentage points.

The global investment climate has changed significantly over the last six months. Economic performance has been resilient in many of the countries in which we invest and the USA's economy continues to maintain momentum. On the other hand, investors are wary of declining inflation globally and in Europe in particular. With the exception of the USA, the expectation of further monetary loosening by central banks has led to renewed enthusiasm for bond markets globally and resulted in falling bond yields.

Slowing growth in China, heavily influenced by a decrease in fixed asset investment, has been a major driver of this deflationary trend, creating downward pressure on commodity prices, particularly in the oil markets. The slowdown in China has come as a surprise to some, as the government continues to report GDP growth numbers in excess of underlying fundamental indicators within the economy. The consequent deflationary impact and the ongoing reduction in Chinese corporate profitability is evident in the producer price index inflation rate which has been negative since mid 2012 and is currently minus 4.3%. China continues to export deflation to the world at an accelerating pace.

There was enhanced currency volatility during the period with the majority of currencies falling significantly against the US dollar, led by the Euro and the Yen with emerging market and Asian currencies also affected. This trend is expected to continue as GDP growth remains stronger in the USA than in the rest of the world.

Over the period, Malaysia was the worst performing market in the region, down 5.7% in sterling terms, followed by South Korea, down 0.8%. Malaysia suffered as a result of the falling oil price; its economy is heavily reliant on the oil sector and the revenues it generates for the government's budget funding. We had no exposure to Malaysia over this period.  In contrast, 28.0% of the portfolio is invested in Korea. Concerns over falling world growth, a China slowdown and domestic Chaebol corporate governance weighed on the Korean market. The best performing markets were the Philippines, driven by strong economic growth, and India, still benefiting post Modi's election victory, up 24.2% and 23.8% in sterling terms respectively. Despite the weakening economy, the Chinese A-share market was very strong over the period, up 62.0% in sterling terms, as the government successfully diverted liquidity from the shadow banking system into the domestic stock market to help divert attention from deteriorating economic growth. A good example of the effect of this intervention is Petrochina whose A-shares rose around 65% from September to January despite a greater than 50% fall in the price of oil, its key product.

The world appears to be increasingly affected by disinflationary change. There are three parts to this: the continued struggle of Western economies, especially Europe, to recover from their pre 2008 debt binge; accelerating technological change; and the slowdown of China as the world's engine of investment and commodity led demand growth.

The portfolio is increasingly focused on the effect of technological change on economies and existing businesses. In this period of disinflationary growth, our investment focus is on companies which generate 'Ideas' rather than 'Things', companies which are asset light rather than asset heavy and that have output that is scalable rather than bespoke. Our philosophy is that 'Innovation' beats 'Stability', 'New' businesses conquer 'Old'. Although we have tended towards this view, the portfolio is now positioned to reflect fully the underlying disinflationary forces that are affecting the world today and for the years to come.

Technology companies now account for the largest proportion of the stocks held at 54.0%, up from 44.7% at the start of the period. A number of these technology companies have great potential to benefit from economic advances expected in developed markets. Good examples are global technology leaders Taiwan Semiconductor Manufacturing, Hon Hai Precision Industries, SK Hynix and our Indian information technology service companies. These are all companies which benefit from the smartphone and automation revolutions, either directly, by producing hardware, or indirectly, by managing the software that allows companies to harness these new business techniques.

Internet businesses are another key focus. Here we have increased the number of holdings, buying Alibaba and JD.com, the eBay and Amazon respectively of China; these investments complement our existing holdings in Baidu, Tencent and Naver. 21.9% of the Company's assets are invested in innovative, asset light, internet based companies.

Slower global growth and an increased supply of North American shale oil means that, by recent standards, oil prices are likely to remain depressed for a considerable time. We also foresee new technologies displacing the need for oil related products in automobiles much more rapidly than is currently being predicted on a five to 10 year time horizon. Consequently, the greatest decrease in the portfolio's sector positioning over the period came from a reduction in our oil exposure from 7.3% to 0.8%.

By geography, the portfolio's Hong Kong and China weighting has come down from 28.8% to 20.5% and the Singapore weighting has been reduced from 5.2% to 1.4%.  India has been the largest beneficiary of these reductions, with the Company's exposure rising from 15.3% to 24.8%. India is one of the few countries which benefit significantly as commodity prices fall; we expect India's long-term bond yield to fall significantly in the next few years, boosting long-term GDP growth. There are many exciting companies in this market in which we have been investing. Our main focus has been the banking industry with positions taken in ICICI Bank and Shriram Transport Finance. We believe that India under Modi is rapidly adopting new technologies which will bypass the limitations of the old bureaucracy and the country is entering  a new stage of faster and sustained growth.

In terms of concentration, the top ten holdings account for 38.8% of the Company's total assets and the top 30 account for 74.1%.

In line with our long term investment philosophy, we believe that the investments held represent attractive opportunities which have the potential to create future value and to generate superior returns for shareholders over the next few years.

Tender Offer

The Company has authority to implement, at the Board's discretion, bi-annual tender offers for up to 5% of its shares at a 2% discount to net asset value, less costs, in the event that the discount averaged more than 9% during the six months periods to 31 January and 31 July 2015. The Board implemented a 5% tender offer in October 2014 in respect of the tender period to 31 July 2014, with the Company buying back a total of 3,506,307 ordinary shares. Over the six month period to 31 January 2015, the Company's average discount was 9.9% and the Board has announced that it has decided to exercise its discretion to implement a tender offer in respect of the six month period to 31 January 2015, applicable to shareholders on the register on 10 February 2015. Details of how to tender your shares in respect of this 5% tender offer are contained within the Circular accompanying this Report. 

The principal risks and uncertainties facing the Company are set out in note 9.

Past performance is not a guide to future performance.

Income statement (unaudited)

	For the six months ended 31 January 2015			For the six months ended 31 January 2014			For the year ended 31 July 2014
								(audited)
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Gains/(losses) on sales of investments	-	6,721	6,721	-	(882)	(882)	-	5,698	5,698
Changes in investment holding gains and losses	-	4,762	4,762	-	2,054	2,054	-	8,025	8,025
Currency losses	-	(323)	(323)	-	(256)	(256)	-	(388)	(388)
Income from investments and interest receivable	891	-	891	1,187	-	1,187	2,550	-	2,550
Investment management fee (note 3)	(530)	-	(530)	(518)	-	(518)	(1,029)	-	(1,029)
Other administrative expenses	(184)	-	(184)	(163)	-	(163)	(342)	-	(342)
Net return before finance costs and taxation	177	11,160	11,337	506	916	1,422	1,179	13,335	14,514
Finance costs of borrowings	(35)	-	(35)	-	-	-	(6)	-	(6)
Net return on ordinary activities before taxation	142	11,160	11,302	506	916	1,422	1,173	13,335	14,508
Tax on ordinary activities	(77)	-	(77)	(78)	-	(78)	(154)	-	(154)
Net return on ordinary activities after taxation	65	11,160	11,225	428	916	1,344	1,019	13,335	14,354
Net return per ordinary share (note 4)	0.09p	16.33p	16.42p	0.58p	1.24p	1.82p	1.40p	18.32p	19.72p
Note: Dividends paid and proposed per ordinary share (note 5)	-			-			1.40p

The total column of this statement is the profit and loss account of the Company.

All revenue and capital items in this statement derive from continuing operations. No operations were acquired or discontinued during the year.

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.

 

Balance sheet (unaudited)

	At 31 January 2015 £'000	At 31 January 2014 £'000	At 31 July 2014 (audited) £'000
Fixed assets
Investments held at fair value through profit or loss	146,085	134,324	143,675
Current assets
Debtors	329	292	431
Cash and short term deposits	2,948	288	1,274
	3,277	580	1,705
Creditors
Amounts falling due within one year
Bank loan (note 6)	(4,661)	-	(4,146)
Other creditors	(310)	(286)	(317)
	(4,971)	(286)	(4,463)
Net current (liabilities)/assets	(1,694)	294	(2,758)
Net assets	144,391	134,618	140,917
Capital and reserves
Called up share capital	6,662	7,382	7,013
Share premium	3,166	3,166	3,166
Special distributable reserve	-	6,244	-
Capital redemption reserve	19,131	18,411	18,780
Capital reserve	110,828	94,485	106,437
Revenue reserve	4,604	4,930	5,521
Shareholders' funds	144,391	134,618	140,917
Net asset value per ordinary share	216.74p	182.37p	200.95p
Ordinary shares in issue (note 7)	66,619,845	73,817,002	70,126,152

 

Reconciliation of movements in shareholders' funds (unaudited)

For the six months ended 31 January 2015

	Called up share capital £'000	Share premium £'000	Special distributable reserve £'000	Capital redemption reserve £'000	Capital reserve* £'000	Revenue reserve £'000	Shareholders' funds £'000
Shareholders' funds at 1 August 2014	7,013	3,166	-	18,780	106,437	5,521	140,917
Net return on ordinary activities after taxation	-	-	-	-	11,160	65	11,225
Shares purchased for cancellation (note 7)	(351)	-	-	351	(6,769)	-	(6,769)
Dividends paid during the period (note 5)	-	-	-	-	-	(982)	(982)
Shareholders' funds at 31January 2015	6,662	3,166	-	19,131	110,828	4,604	144,391

For the six months ended 31 January 2014

	Called up share capital £'000	Share premium £'000	Special distributable reserve £'000	Capital redemption reserve £'000	Capital reserve* £'000	Revenue reserve £'000	Shareholders' funds £'000
Shareholders' funds at 1 August 2013	7,397	3,166	6,499	18,396	93,569	5,611	134,638
Net return on ordinary activities after taxation	-	-	-	-	916	428	1,344
Shares purchased for cancellation (note 7)	(15)	-	(255)	15	-	-	(255)
Dividends paid during the period (note 5)	-	-	-	-	-	(1,109)	(1,109)
Shareholders' funds at 31January 2014	7,382	3,166	6,244	18,411	94,485	4,930	134,618

For the year ended 31 July 2014 (audited)

	Called up share capital £'000	Share premium £'000	Special distributable reserve £'000	Capital redemption reserve £'000	Capital reserve* £'000	Revenue reserve £'000	Shareholders' funds £'000
Shareholders' funds at 1 August 2013	7,397	3,166	6,499	18,396	93,569	5,611	134,638
Net return on ordinary activities after taxation	-	-	-	-	13,335	1,019	14,354
Shares purchased for cancellation (note 7)	(384)	-	(6,499)	384	(467)	-	(6,966)
Dividends paid during the period (note 5)	-	-	-	-	-	(1,109)	(1,109)
Shareholders' funds at 31July 2014	7,013	3,166	-	18,780	106,437	5,521	140,917

*    The Capital Reserve balance at 31 January 2015 includes investment holding gains on fixed asset investments of £52,609,000 (31 January 2014 - gains of £41,876,000; 31 July 2014 - gains of £47,847,000).

 

Condensed cash flow statement (unaudited)

	Six months to 31 January 2015 £'000	Six months to  31 January 2014 £'000	Year to  31 July 2014 (audited) £'000
Net cash inflow from operating activities	193	415	889
Net cash outflow from servicing of finance	(32)	-	-
Net cash inflow/(outflow) from financial investment	9,072	(80)	3,129
Equity dividend paid (note 5)	(982)	(1,109)	(1,109)
Net cash inflow/(outflow) before financing	8,251	(774)	2,909
Shares bought back (note 7)	(6,769)	(255)	(6,966)
Bank loans drawn down	-	-	4,124
Net cash outflow from financing	(6,769)	(255)	(2,842)
Increase/(decrease) in cash	1,482	(1,029)	67
Reconciliation of net cash flow to movement in net (debt)/funds
Increase/(decrease) in cash in the period	1,482	(1,029)	67
Translation difference	192	(256)	(366)
Increase in bank loans	-	-	(4,124)
Exchange movement on bank loans	(515)	-	(22)
Movement in net (debt)/funds in the period	1,159	(1,285)	(4,445)
Net (debt)/funds at start of the period	(2,872)	1,573	1,573
Net (debt)/funds at end of the period	(1,713)	288	(2,872)
Reconciliation of net return before taxation to net cash inflow from operating activities
Net return on ordinary activities before taxation	11,337	1,422	14,514
Gains on investments	(11,483)	(1,172)	(13,723)
Currency losses	323	256	388
Changes in debtors and creditors	77	(36)	(154)
Overseas tax suffered	(61)	(55)	(136)
Net cash inflow from operating activities	193	415	889

 

Thirty largest equity holdings at 31 January 2015 (unaudited)

Name	Country	Business	Value £'000	% of total assets*
Tencent Holdings	Hong Kong/China	Internet business	10,449	7.0
Taiwan Semiconductor Manufacturing	Taiwan	Semiconductor manufacturer	8,367	5.6
Tech Mahindra	India	IT services provider	6,521	4.4
Samsung Electronics	Korea	Electronics company	6,272	4.2
Baidu	Hong Kong/China	Internet search provider	5,177	3.5
Naver	Korea	Internet company	4,685	3.1
SK Hynix	Korea	Electronic component and device   manufacturer	4,205	2.8
MediaTek	Taiwan	Integrated circuit design house	4,170	2.8
Hon Hai Precision Industries	Taiwan	Electronic manufacturing services   company	4,144	2.8
Federal Bank	India	Commercial bank	3,874	2.6
ICICI Bank	India	Retail and corporate bank	3,556	2.4
Just Dial	India	Local search and ecommerce provider	3,385	2.3
Hyundai Glovis	Korea	Logistics company	3,191	2.1
Alibaba Group	Hong Kong/China	Online and mobile commerce company	3,102	2.1
Advantech	Taiwan	Computer manufacturer	2,914	2.0
Naturalendo Tech	Korea	Biotech company specializing in R&D	2,848	1.9
HCL Technologies	India	IT services provider	2,828	1.9
China Life Insurance (Taiwan)	Taiwan	Life insurance provider	2,733	1.8
Mindtree	India	IT services provider	2,684	1.8
Airtac International Group	Taiwan	Automation equipment manufacturer	2,654	1.8
Mahindra & Mahindra	India	Conglomerate	2,643	1.8
Samsung Fire & Marine	Korea	Non-life insurance provider	2,581	1.7
Hiwin Technologies	Taiwan	Automation equipment manufacturer	2,575	1.7
Haier Electronics Group	Hong Kong/China	Washing machine and water heater   manufacturer	2,381	1.6
JD.com	Hong Kong/China	Online direct sales company	2,277	1.5
Hermes Microvision	Taiwan	Electron beam inspection tool   manufacturer	2,265	1.5
Geely Automobile	Hong Kong/China	Automobile manufacturer	2,165	1.5
Hyundai Marine and Fire Insurance	Korea	Non-life insurance provider	1,986	1.3
ASM Pacific Technology	Hong Kong/China	Semiconductor equipment manufacturer	1,972	1.3
Singapore Exchange	Singapore	Stock exchange	1,889	1.3
			110,493	74.1

*      Total assets less current liabilities, before deduction of borrowings.

 

Distribution of assets (unaudited)

		At 31 January 2015 %	At 31 January 2014 %	At 31 July 2014 %
Equities:	Korea	28.0	24.6	28.0
	India	24.8	8.9	15.3
	Taiwan	21.5	18.0	18.7
	Hong Kong and China	20.5	35.6	28.8
	Singapore	1.4	7.3	5.2
	Vietnam	1.2	1.3	1.2
	Thailand	0.6	1.4	1.2
	Malaysia	-	0.9	-
	Indonesia	-	0.9	0.6
	Philippines	-	0.9	-
Total equities		98.0	99.8	99.0
Net current assets		2.0	0.2	1.0
Total assets†		100.0	100.0	100.0

†      Total assets less current liabilities, before deduction of borrowings.

 

Notes to the condensed financial statements (unaudited)

1.	The condensed financial statements for the six months to 31 January 2015 comprise the statements set out in the previous pages together with the related notes below. They have been prepared on the basis of the same accounting policies as set out in the Company's Annual Report and Financial Statements at 31 July 2014 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'. The Company's assets, the majority of which are investments in quoted securities which are readily realisable, exceed its liabilities significantly. All borrowings require the prior approval of the Board. The Board approves borrowing and gearing limits and reviews regularly the amounts of any borrowing and the level of gearing as well as compliance with borrowing covenants. In accordance with the Company's Articles of Association, the shareholders have the right to vote on the continuation of the Company every five years, the next vote being in 2016. The Directors have no reason to believe that the continuation resolution will not be passed at that Annual General Meeting. Accordingly, the Half-Yearly Financial Report has been prepared on the going concern basis as it is the Directors' opinion that the Company will continue in operational existence for the foreseeable future.
2.	The financial information contained within this Half-Yearly Financial Report does not constitute statutory accounts as defined in sections 434 to 436 of the Companies Act 2006. The financial information for the year ended 31 July 2014 has been extracted from the statutory accounts which have been filed with the Registrar of Companies. The Auditor's Report on those accounts was not qualified and did not contain statements under sections 498(2) or (3) of the Companies Act 2006.
3.	In order to comply with the Alternative Investment Fund Managers Directive, with effect from 1 July 2014 the Company appointed Baillie Gifford & Co Limited, a wholly owned subsidiary of Baillie Gifford & Co, as its Alternative Investment Fund Manager and Company Secretary. Baillie Gifford & Co Limited has delegated portfolio management services to Baillie Gifford & Co. The Managers may terminate the Management Agreement on six months' notice and the Company may terminate on three months' notice. With effect from 1 April 2013, the annual management fee was reduced from a flat rate of 1% of net assets to a rate of 0.95% on the first £50m of net assets and 0.65% on the balance. Management fees are calculated on a quarterly basis.
4.	Net return per ordinary share	Six months to  31 January 2015 £'000	Six months to 31 January 2014 £'000	Year to 31 July 2014 (audited) £'000
	Revenue return on ordinary activities after taxation	65	428	1,019
	Capital return on ordinary activities after taxation	11,160	916	13,335
	Total net return	11,225	1,344	14,354
	Weighted average number of ordinary shares in issue	68,353,943	73,881,486	72,777,640
	Net return per ordinary share figures are based on the above totals of revenue and capital and the weighted average number of ordinary shares in issue during each period. There are no dilutive or potentially dilutive shares in issue.
5.	Dividends	Six months to  31 January 2015 £'000	Six months to 31 January 2014 £'000	Year to 31 July 2014 (audited) £'000
	Amounts recognised as distributions in the period:
	Previous year's final dividend of 1.40p (2013 - 1.50p), paid 5 November 2014	982	1,109	1,109
	No interim dividend has been declared.

Notes to the condensed financial statements (unaudited) (ctd)

6.	Creditors include borrowings of £4,661,000 (31 January 2014 - nil; 31 July 2014 - £4,146,000) drawn down under a £20 million one year uncommitted, unsecured floating rate revolving credit facility with The Bank of New York Mellon. The drawings at 31 January 2015 and 31 July 2014 were US$7 million.
7.	The Company has authority to buy back up to 14.99% of its shares on an ad hoc basis and to implement, at the Board's discretion, bi-annual tender offers for up to 5% of its shares at a 2% discount to NAV, less costs, in the event that the discount averaged more than 9% during the six months periods to 31 January and 31 July in the years 2014 and 2015. Both of these authorities were renewed at the Annual General Meeting in October 2014. The Board implemented a 5% tender offer in April 2014 and October 2014 in respect of the tender periods to 31 January 2014 and 31 July 2014 respectively. In the six months to 31 January 2015 the Company bought back a total of 3,506,307 ordinary shares at a total cost of £6,769,000 through the exercise of a tender offer in October 2014 (31 January 2014 - 155,000 ordinary shares, under the buy back authority, at a total cost of £255,000; 31 July 2014 - 3,845,850 ordinary shares, 155,000 under the buy back authority and 3,690,850 through the exercise of a tender offer, at a total cost of £6,966,000). The nominal value of these shares was £351,000 and represented 5.0% of the issued share capital at 31 July 2014. At 31 January 2015 the Company had authority to buy back a further 9,986,314 ordinary shares. Over the six month period to 31 January 2015, the Company's average discount was 9.9%. The Board has recently announced that it has decided to exercise its discretion to implement a tender offer in respect of the six month period to 31 January 2015, applicable to shareholders on the register on 10 February 2015. Details of how to tender your shares in respect of this 5% tender offer are contained within the Circular accompanying this Report. The Company also has authority to allot shares under section 551 of the Companies Act 2006. The Board has authorised the use of this authority to issue new shares at a premium of not less than 5% in order to enhance the net asset value per share for existing shareholders and improve the liquidity of the Company's shares. In the six months to 31 January 2015, six months to 31 January 2014 and the year to 31 July 2014 no shares were issued.
8.	During the period, transaction costs on purchases amounted to £69,000 (31 January 2014 - £35,000; 31 July 2014 - £65,000) and transaction costs on sales amounted to £93,000 (31 January 2014 - £43,000; 31 July 2014 - £97,000).
9.	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 18 of the Company's Annual Report and Financial Statements for the year to 31 July 2014. The principal risks and uncertainties have not changed since the publication of the Annual Report and Financial Statements which can be obtained free of charge from Baillie Gifford & Co and is available on the Pacific Horizon page of the Managers' website: www.pacifichorizon.co.uk‡. Other risks facing the Company include the following: regulatory risk (that the loss of investment trust status or a breach of the applicable legal and regulatory requirements could have adverse financial consequences and cause reputational damage); operational/financial risk (failure of service providers' accounting systems could lead to inaccurate reporting or financial loss); the risk to shareholders that the discount can widen; and gearing risk (the use of borrowing can magnify the impact of falling markets). Further information can be found on pages 7 and 8 of the Annual Report and Financial Statements.
10.	The Half-Yearly Financial Report will be available on the Company's page on the Managers' website www.pacifichorizon.co.uk‡ on or around 10 March 2015.

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

None of the views expressed in this document should be construed as advice to buy or sell a particular investment.

Pacific Horizon Investment Trust PLC (Pacific Horizon) aims to achieve capital growth through investment in the Asia-Pacific region (excluding Japan) and in the Indian Sub-continent. The Company has total assets of £149 million.

Pacific Horizon is managed by Baillie Gifford, the Edinburgh based fund management group.

Past performance is not a guide to future performance. Pacific Horizon is a listed UK company. The value of its shares and any income from those shares can fall as well as rise and you may not get back the amount invested. Pacific Horizon invests in overseas securities, changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up. Pacific Horizon invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment. Shareholders in Pacific Horizon have the right to vote every five years, on whether to continue Pacific Horizon, or wind it up. If the shareholders decide to wind the Company up, the assets will be sold and you will receive a cash sum in relation to your shareholding. The next vote will be held at the Annual General Meeting in 2016. You can find up to date performance information about Pacific Horizon on the Pacific Horizon page of the Managers' website at www.pacifichorizon.co.uk. Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement

5 March 2015

For further information please contact:

Anzelm Cydzik,

Baillie Gifford & Co                                                                              0131 275 2000

Roland Cross, Director

Broadgate Mainland                                                                              020 7726 6111

- ends -

 

END

 

 

IR SSSFWLFISEDD