Half Yearly Report

RNS Number : 1890K

Polar Capital Technology Trust PLC

16 December 2008

 

                              POLAR CAPITAL TECHNOLOGY TRUST PLC (the 'Company')

                        Unaudited Half Year Results for the Six Months ended 31 October 2008

16 December 2008

Key Points

• Dow Jones World Technology Index fell 34.6% ( 19.8% in sterling terms ) over the six month period ended 31 October 2008 in the worst financial conditions that most investors have experienced. Our net asset value per share declined 19.4%

• Our focus on more liquid, larger capitalisation stocks in predominantly the USA and our lowest ever exposure to sterling helped to mitigate the effect of falling markets

• Company has been active in buying back shares at attractive prices

• Near term outlook for both technology and general corporate earnings is very poor but recent equity weakness goes some way towards discounting this

• The availability of some very good value in equity markets has led us to reduce our cash position

  FINANCIAL HIGHLIGHTS
  	(Unaudited)		(Audited)	Movement
  	Half year ended		Year ended	%
  	31 October 2008		30 April 2008
  Net assets per ordinary share	182.72p		226.72p	-19.4%
  Price per ordinary share	145.50p		190.75p	-23.7%
  Total net assets	£238,875,000		£300,425,000	-20.5%
  Shares in issue	130,730,914		132,508,914	-1.3%
  Benchmark Index Dow Jones World Technology   (total return sterling adjusted)				-19.8%
  For further information please contact:
  Ben Rogoff		Ed Gascoigne-Pees / Felicity Murdoch
  Polar Capital Technology Trust PLC		Financial Dynamics
  Tel: [phone]		Tel: [phone]

Interim Management Report 

Investment Manager's Report

The half year to 31 October has been an extraordinarily stressful one. In our last annual report, we warned that the secondary effects of the credit crisis had yet to be felt and that market conditions would therefore continue to be challenging. However, we did not anticipate the sheer destructiveness of the 'perfect storm' that broke over the summer. Countless column inches and media hours have been devoted to reporting on the financial crisis over recent months, so much so that little has been left unsaid. Suffice it to say that the financial conditions over this period have been worse than most investors have ever experienced. 

Stock markets began the reporting period by drifting downwards but a succession of catastrophic corporate failures led to justifiable fears of a collapse in the financial system and, dramatically transformed this decline into a free-fall. In the process, only the highest quality sovereign debt escaped the plunge while other assets experienced overwhelming selling pressure.  The Dow Jones Global Technology index fell by 34.6% but fortuitously sterling's demise cushioned the fall to 19.8% in currency adjusted terms. Our own net asset value per share fell by 19.4% over the half year.

Technology shares in all markets fell sharply with those in Asia worst afflicted. Our strategy during much of this period has been to retain some cash, focus on the more liquid, large capitalisation companies particularly in the USA and avoid too much exposure to smaller companies whose earnings were likely to prove more vulnerable to a sharp deterioration in demand and whose size made them more at risk of a 'flight to quality' by investors.  

In executing this strategy, our exposure to the resurgent US dollar has increased while our weighting in the UK has declined to the lowest levels we can recall. Although the resulting positioning is uncharacteristic of our traditional investment style, the move has prevented the portfolio suffering worse damage.  

The last six months have thrown up few positive features. However, it is perhaps worth observing that the recent volatility in markets together with the remarkable and forced deleveraging that has been both its cause and accompaniment have highlighted the merits of investment trusts' largely closed-end structure. Although forced selling has led to a widening of discounts, this itself has given us an opportunity to continue to buy back shares at very attractive prices.  

So dominant have been the macroeconomic developments this year that trends within the technology sector itself have very much taken a back seat. What appeared to be a supportive environment for technology spending in which a number of new product cycles were underway has deteriorated to the extent that few companies are claiming to see much further than their rapidly shortening order books. Encouraging earnings guidance has been replaced by a single-minded focus on damage limitation and a reluctance to provide any forecasts. In these respects, the technology sector is no different from any other but it does have the very material advantages of strong balance sheets and not having been subject to the spending and financial engineering excesses that have characterised many other sectors. 

Governments and monetary authorities around the world have taken extraordinary measures in an attempt to revive a financial system that has suffered acute cardiac arrest. Many of the measures taken will only have a delayed impact on economic conditions while others depend on the effective working of money markets which are clearly malfunctioning. The absence of confidence amongst consumers and corporations is understandable but it presents a very material issue for governments to tackle. There simply are no easy solutions but we should take some comfort from the determination being shown by the authorities to deal with the crisis. Moreover, a number of the global economy's natural stabilisers are beginning to click in, for example oil and other commodity prices. The recent collapse in equity prices has undoubtedly discounted a material element of the deterioration in economic and corporate trading conditions that is now becoming apparent in both official statistics and company profit guidance. While there are still very significant risks, recent policy action has much reduced, even if it has not removed, the prospect of a severe recession degenerating into a prolonged and global depression. Provided that credit markets stabilise, economic activity should improve by the second half of 2009.  

Although the near term outlook for corporate earnings is appalling, this is gradually being reflected in analysts' forecasts and we may be within reach of an earnings trough.  Sentiment remains very depressed but such negativity is often associated with market turning points while seasonal trends are generally favourable. Most importantly, at recent lows, values have become increasingly evident. Following recent falls, most equity markets are hugely oversold which makes the probability of a meaningful rally much more likely. Consequently, we have reduced our cash position while retaining our focus on the USA and on more liquid securities since we believe the US economy will be among the first to recover.  

Global technology stocks entered the downturn following a muted prior expansion with attractive valuations and strong balance sheets. Despite this the sector trades today at one of the most attractive relative valuations seen since the early 1990s. As a result we are confident that the sector will regain its leadership status once economic conditions begin to normalise.  We hope, as visibility on 2009 improves, to return to a more balanced mix of market capitalisations within the portfolio and to be able to discern next Spring tentative signs of recovery. 

B Rogoff

15 December 2008

Risks and uncertainties

The Directors consider that the principal risks and uncertainties faced by the group for the remaining six months of the financial year which could have a material impact on performance are consistent with those outlined in the annual report for the year ended 30 April 2008. These principal risks can be summarised as market volatility, stock pricing and liquidity risks, currency and interest rates risks, counterparty risks, differing economic cycles between different markets and risks inherent in technology such as obsolescence and consumer acceptance of changes.

The investment manager's report comments on the outlook for market related risks, including the increased volatility in share prices, the economic cycles and the deterioration in investor sentiment.  The portfolio continues to be diversified across a number of stock markets worldwide to mitigate risk. There is an increased level of economic risk for the next six months as credit conditions are still precarious.

Related Party Transactions

In accordance with DTR 4.2.8R there have been no new related party transactions during the six months to 31 October 2008 and therefore nothing to report on any material effect by such transactions on the financial position or performance of the Company during that period. There have been no changes in any related party transaction described in the last annual report that could have a material effect on the financial position or performance of the company in the first six months of the current financial year.

Responsibility Statement 

The Directors of Polar Capital Technology Trust plc, which are listed in the Shareholder Information Section, confirm to the best of their knowledge:

• The condensed set of financial statements have been prepared in accordance with IAS34 as adopted by the European Union 

• The Interim Management Report (constituting the investment manager's report) includes a fair review of the information required by the Disclosure and Transparency Rules 4.2.7R 

• The half-yearly financial report has not been audited or reviewed by the Auditors 

• The half-yearly financial report was approved by the Board on 15 December 2008 and the responsibility statement was signed on its behalf by Richard Wakeling, Chairman of the Board.

Consolidated Income Statement for the half year ended 31 October 2008
	(Unaudited)			(Unaudited)			(Audited)
	Half year ended			Half year ended			Year ended
	31 October 2008			31 October 2007			30 April 2008
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	return	return	return	return	return	return	return	return	return
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Investment income	1,707	-	1,707	1,934	-	1,934	2,644	-	2,644
Other operating income	295	-	295	372	-	372	1,171	-	1,171
(Losses)/gains on investments held at fair value	-	(57,770)	(57,770)	-	20,741	20,741	-	(13,397)	(13,397)
Other losses	-	(407)	(407)	-	(1,113)	(1,113)	-	(5,041)	(5,041)
Total income	2,002	(58,177)	(56,175)	2,306	19,628	21,934	3,815	(18,438)	(14,623)
Expenses
Investment management fee	(1,604)	-	(1,604)	(2,025)	-	(2,025)	(3,730)	-	(3,730)
Other administrative expenses	(298)	-	(298)	(503)	-	(503)	(626)	-	(626)
Profit/(loss) before finance costs and tax	100	(58,177)	(58,077)	(222)	19,628	19,406	(541)	(18,438)	(18,979)
Finance costs	(305)	-	(305)	(256)	-	(256)	(480)	-	(480)
(Loss)/profit before tax	(205)	(58,177)	(58,382)	(478)	19,628	19,150	(1,021)	(18,438)	(19,459)
Tax	(218)	-	(218)	(244)	-	(244)	(333)	-	(333)
Net (loss)/profit for the period	(423)	(58,177)	(58,600)	(722)	19,628	18,906	(1,354)	(18,438)	(19,792)
Earnings per ordinary share (pence)			(44.34p)			13.59p			(14.45p)
The total columns of this statement represent the Group's Income Statement, prepared in accordance with IFRS. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.
All items in the above statement derive from continuing operations.
All income is attributable to the equity holders of Polar Capital Technology Trust Plc. There are no minority interests.

Consolidated and Company Balance Sheets at 31 October 2008
	(Unaudited)		(Unaudited)		(Audited)
	Group	Company	Group	Company	Group	Company
	Interim	Interim	Interim	Interim	Year End	Year End
	31 October 2008	31 October 2008	31 October 2007	31 October 2007	30 April 2008	30 April 2008
	£'000	£'000	£'000	£'000	£'000	£'000
Non current assets
Investments held at fair value	237,526	239,661	340,552	342,692	285,569	287,603
Current assets
Other receivables	2,424	5,775	15,033	18,285	11,933	15,244
Cash and cash equivalents	29,077	23,591	36,119	30,727	38,843	33,498
	31,501	29,366	51,152	49,012	50,776	48,742
Total assets	269,027	269,027	391,704	391,704	336,345	336,345
Current liabilities
Other payables	(4,917)	(4,917)	(13,518)	(13,518)	(11,716)	(11,716)
Bank loans	-	-	(10,439)	(10,439)	(4,831)	(4,831)
	(4,917)	(4,917)	(23,957)	(23,957)	(16,547)	(16,547)
Total assets less current liabilities	264,110	264,110	367,747	367,747	319,798	319,798
Non current liabilities
Bank loans	(25,235)	(25,235)	(16,744)	(16,744)	(19,373)	(19,373)
Net assets	238,875	238,875	351,003	351,003	300,425	300,425
Equity attributable to equity shareholders
Ordinary share capital	32,683	32,683	34,625	34,625	33,127	33,127
Capital redemption reserve	11,529	11,529	9,587	9,587	11,085	11,085
Share premium	117,902	117,902	117,902	117,902	117,902	117,902
Warrant exercise reserve	7,536	7,536	7,536	7,536	7,536	7,536
Retained earnings
Capital Reserve	130,058	132,192	241,131	243,271	191,185	193,219
Revenue Reserve	(60,833)	(62,967)	(59,778)	(61,918)	(60,410)	(62,444)
Total equity	238,875	238,875	351,003	351,003	300,425	300,425
Net asset value per ordinary share	182.72p	182.72p	253.43p	253.43p	226.72p	226.72p

Consolidated and Company Cash Flow Statements for the half year ended 31 October 2008
	(Unaudited)		(Unaudited)		(Audited)
	Half year ended 31 October 2008		Half year ended  31 October 2007		Year ended  30 April 2008
	Group	Company	Group	Company	Group	Company
	£'000	£'000	£'000	£'000	£'000	£'000
Cash flows from operating activities
(Loss)/profit before finance cost and tax	(58,077)	(58,077)	19,406	19,406	(18,979)	(18,979)
Adjustments for non cash items:
Foreign exchange losses	407	407	1,113	1,113	5,041	5,041
Adjusted (loss)/profit before finance costs and tax	(57,670)	(57,670)	20,519	20,519	(13,938)	(13,938)
Adjustments for:
Decrease in investments	48,043	47,942	11,653	9,771	66,636	64,860
Decrease/(increase) in receivables	9,603	9,563	(9,198)	(9,223)	(6,063)	(6,147)
(Decrease)/increase in payables	(6,828)	(6,828)	6,587	6,587	4,774	4,774
	50,818	50,677	9,042	7,135	65,347	63,487
Net cash from operating activities before tax	(6,852)	(6,993)	29,561	27,654	51,409	49,549
Taxation paid	(312)	(312)	(250)	(250)	(374)	(374)
Net cash from operating activities	(7,164)	(7,305)	29,311	27,404	51,035	49,175
Cash flows from financing activities
Cost of shares repurchased	(2,950)	(2,950)	(3,401)	(3,401)	(15,281)	(15,281)
Loans matured	(5,271)	(5,271)	(26,827)	(26,827)	(38,530)	(38,530)
Loans taken out	-	-	16,285	16,285	21,340	21,340
Finance costs	(276)	(276)	(220)	(220)	(433)	(433)
Net cash from financing activities	(8,497)	(8,497)	(14,163)	(14,163)	(32,904)	(32,904)
Net (decrease)/increase in cash and cash equivalents	(15,661)	(15,802)	15,148	13,241	18,131	16,271
Cash and cash equivalents at the beginning of the period	38,843	33,498	22,059	18,574	22,059	18,574
Effect of foreign exchange rate changes	5,895	5,895	(1,088)	(1,088)	(1,347)	(1,347)
Cash and cash equivalents at the end of the period	29,077	23,591	36,119	30,727	38,843	33,498

Consolidated and Company Statements of Changes in Equity for the half year ended 31 October 2008
	(Unaudited) Half year ended 31 October 2008
	Ordinary share capital	Capital redemption reserve	Share premium	Warrant exercise reserve	Retained earnings	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Group and Company
Total equity at 30 April 2008	33,127	11,085	117,902	7,536	130,775	300,425
Loss for the period	-	-	-	-	(58,600)	(58,600)
Shares bought back for cancellation	(445)	445	-	-	(2,950)	(2,950)
Total equity at 31 October 2008	32,682	11,530	117,902	7,536	69,225	238,875
	(Unaudited) Half year ended 31 October 2007
	Ordinary share capital	Capital redemption reserve	Share premium	Warrant exercise reserve	Retained earnings	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Total equity at 30 April 2007	34,998	9,214	117,902	7,536	165,848	335,498
Profit for the period	-	-	-	-	18,906	18,906
Shares bought back for cancellation	(373)	373	-	-	(3,401)	(3,401)
Total equity at 31 October 2007	34,625	9,587	117,902	7,536	181,353	351,003
	(Audited) Year ended 30 April 2008
	Ordinary share capital	Capital redemption reserve	Share premium	Warrant exercise reserve	Retained earnings	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Total equity at 30 April 2007	34,998	9,214	117,902	7,536	165,848	335,498
Loss for the year	-	-	-	-	(19,792)	(19,792)
Shares bought back for Cancellation	(1,871)	1,871	-	-	(15,281)	(15,281)
Total equity at 30 April 2008	33,127	11,085	117,902	7,536	130,775	300,425

  NOTES TO THE ACCOUNTS 

For the six month period ended 31 October 2008 

• General Information 

The consolidated accounts comprise the unaudited results for Polar Capital Technology Trust Plc and its subsidiary PCT Finance Limited for the six months to 31 October 2008. 

The unaudited accounts to 31 October 2008 have been prepared using the accounting policies used in the Group's annual accounts to 30 April 2008. These accounting policies are based on International Financial Reporting Standards ('IFRS') and comprise standards and interpretations approved by the International Accounting Standards Board ('IASB') together with interpretations of the International Accounting Standards and Standing Interpretations Committee approved by the International Accounting Standards Committee ('IASC') that remain in effect, to the extent that IFRS has been adopted by the European Union.

The financial information in this half year report does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The results for the six months ended 31 October 2008 and 31 October 2007 have not been audited. Full statutory accounts for the year ended 30 April 2008, prepared under IFRS, including the report of the auditors which was unqualified and did not contain a statement under either section 237(2) or 237(3) of the Companies Act 1985, have been delivered to the Registrar of Companies.

The financial statements are presented in GBP and all values are rounded to the nearest thousand pounds (£'000) except where otherwise stated.

2. Earnings per ordinary share

Earnings per ordinary share is based on the net loss after taxation attributable to the ordinary shares of £58,600,000 (31 October 2007 - profit of £18,906,000; 30 April 2008 - loss of £19,792,000) and on 132,155,309 (31 October 2007 - 139,125,123; 30 April 2008 - 136,939,163) ordinary shares, being the weighted average number of shares in issue during the period.

3. Net asset value per ordinary share

Net asset value per ordinary share is based on net assets attributable to the ordinary shares of £238,875,000 (31 October 2007 - £351,003,000; 30 April 2008 - £300,425,000) and on 130,730,914 (31 October 2007 - 138,498,914; 30 April 2008 - 132,508,914) ordinary shares, being the number of ordinary shares in issue at the end of the period.

4. Share capital

During the period, the Company made market purchases of 1,778,000 of its own ordinary shares for cancellation for a total consideration of £2,949,876 including stamp duty (nominal value of £444,500).

5. Dividend

In accordance with stated policy, no interim dividend has been declared for the period (31 October 2007 and 30 April 2008 - nil).    

6. VAT on investment management fees

In 2004 the Association of Investment Companies (the 'AIC'), together with JP Morgan Claverhouse Investment Trust plc, launched a case against HM Revenue & Customs ('HMRC') to challenge whether Value Added Tax ('VAT') should have been charged on fees paid for management services provided to investment trust companies. On 28 June 2007 the European Court of Justice delivered its judgment on the case in favour of the AIC. Since then HMRC has accepted that the provision of investment management services to investment trust companies is VAT exempt and has acknowledged its liability to pay claims in respect of VAT borne by investment companies.

The Company has had two managers since its formation in December 1996. Henderson Global Investors managed the Company from formation up to 9 February 2001 and Polar Capital has been the manager since that date. From 31 July 2007 the Company has ceased to be charged VAT on management fees.

The previous Manager has confirmed that it has lodged claims with HMRC to recover VAT paid from Autumn 1996 to February 2001 while Polar Capital has confirmed that it has lodged claims covering the period from February 2001 to July 2007.

The Company was charged VAT in respect of the period December 1996 to February 2001 of £8.2m and has recovered £4.3m, while in the period from February 2001 to 31 July 2007 it was charged VAT of £3.2m and recovered £2.2m. Of the £4.9m of un-recovered VAT some £3.9m relates to a period which lies outside the three year time limit for lodging repayment claims and may not be recoverable through the managers' claims. Of the £1.0m balance of un-recovered VAT, the amount of any VAT reclaimed by the manager which is to be paid to the Company is the subject of ongoing discussions with HMRC and the managers. Therefore the Board do not believe there is yet sufficient certainty to quantify the VAT recoverable a result of the Claverhouse case. Accordingly no amounts have been recognised in these accounts.

Portfolio Review - Classification of Investments at 31 October 2008
				Total	Total
	North			31 October	30 April
	America	Europe	Asia	2008	2008
	%	%	%	%	%
Computing	23.7	1.1	3.5	28.3	23.3
Components	9.3	1.3	8.6	19.2	16.0
Software	19.1	1.5	0.5	21.1	19.6
Services	0.8	1.0	-	1.8	3.3
Communications	9.2	2.7	2.1	14.0	11.3
Life Sciences	1.5	-	0.6	2.1	5.5
Consumer, Media & Internet	5.5	-	0.6	6.1	5.9
Other Technology	1.7	2.6	1.6	5.9	9.3
Unquoted Investments	0.6	0.3	-	0.9	0.8
Total Investments	71.4	10.5	17.5	99.4	95.0
Other net assets (excluding loans)	0.1	2.4	8.6	11.1	13.1
Loans	-	-	(10.5)	(10.5)	(8.1)
GRAND TOTAL (net assets of £238,875,000)	71.5	12.9	15.6	100.0	-
At 30 April 2007 (net assets of £300,425,000)	67.0	20.0	13.0	-	100.0

Portfolio Review - Equity Investments over 0.75% of net assets at 31 October 2008
North America
£'000s	Stock	Activity	% of net assets
12,227	Apple	Computing	5.1%
11,994	Microsoft	Software	5.0%
11,725	Google	Internet	5.0%
10,075	Intel	Semiconductor manufacturing	4.2%
9,833	Oracle	Enterprise software	4.1%
9,332	Cisco	Data Networking	3.9%
9,011	Qualcomm	Wireless IP	3.8%
7,739	Hewlett-Packard	Hardware	3.2%
6,774	International Business Machines	IT services	2.8%
4,226	Broadcom	Semiconductors	1.8%
3,701	Research In Motion	Wireless data	1.6%
3,612	Juniper Networks	Networking infrastructure	1.5%
3,250	Adobe Systems	Software	1.3%
3,137	First Solar	Alternative energy	1.3%
2,978	Texas Instruments	Semiconductors	1.3%
2,642	Amdocs	Services	1.1%
2,574	Lam Research	Semiconductor capital equipment	1.1%
2,523	Informatica	Software	1.1%
2,301	Check Point Software	Software	1.0%
2,114	EMC	Computing	0.9%
2,097	Polycom	Communications Equipment	0.9%
2,014	F5 Networks	Communications Equipment	0.8%
1,782	Cognizant	IT services	0.8%
127,661	Total investments over 0.75%		53.6%
42,838	Other investments		17.8%
170,449	Total North American investments		71.4%
Europe
£'000s	Stock	Activity	% of net assets
6,017	Nokia	Telecom equipment	2.5%
2,387	SAP	Software	1.0%
1,868	Q-cells	Alternative energy	0.8%
10,272	Total investments over 0.75%		4.3%
14,842	Other investments		6.2%
25,114	Total European investments		10.5%

Asia
£'000s	Stock	Activity	% of net assets
6,451	Samsung Electronics	Electricals	2.7%
3,440	Taiwan Semiconductor	Semiconductors	1.4%
3,363	Canon	Office automation	1.4%
3,020	High Tech Computer	Smart phones	1.3%
2,796	Keyence	Sensors	1.2%
2,355	Nidec	Electronic components	1.0%
1,907	Ibiden	Electronic components	0.8%
25,332	Total investments over 0.75%		19.8%
18,581	Other investments		7.7%
41,913	Total Asian investments		17.5%

Fund Distribution by Market Capitalisation  as at 31 October 2008
Market Capitalisation	% of invested assets
< $2bn	20.2
$2bn-$10bn	21.7
> $10bn	58.1

INDEX CHANGES over the half year ended 31 October 2008
(Total return)	Local  Currency	Sterling  Adjusted
	%	%
Benchmark:
Dow Jones World Technology	(34.6)	(19.8)
Technology Indices:
NYSE Arca Technology 100	(26.4)	(9.8)
FTSE Techmark 100	-	(24.6)
Tecdax	(36.7)	(36.8)
Tokyo SE Electronics	(44.0)	(27.1)
MSCI AC Asia Pacific ex Japan Information Technology	(45.3)	(33.0)
Market Indices:
FTSE World	-	(22.4)
S&P 500 Composite	(29.3)	(13.3)
FTSE All-Share	-	(28.2)
FTSE World Europe (ex UK)	-	(31.3)
Tokyo SE (Topix)	(35.6)	(16.1)
FTSE World Pacific Basin (ex Japan)	-	(36.6)
EXCHANGE RATES	31 October 2008	30 April 2008
US$ to £	1.6158	1.9806
Japanese Yen to £	158.91	206.99
Euro to £	1.2742	1.2721

SHAREHOLDER INFORMATION

Directors

RKA Wakeling (chairman)

BJD Ashford-Russell

PF Dicks

DJ Gamble

RAS Montagu

MB Moule

Investment Manager

Polar Capital LLP

Authorised and regulated by the Financial Services Authority

Fund Manager

Ben Rogoff

Deputy Fund Manager

Craig Mercer

Secretary

Polar Capital Secretarial Services Limited, represented by

Neil Taylor FCIS

Registered Office

4 Matthew Parker Street, London SW1H 9NP

020 7227 2700

Copies

Copies of this statement are available from the company's registered office at 4 Matthew Park Street London SW1H 9NP or from its website at www.polarcapitaltechnologytrust.co.uk.

Copies of the printed half yearly report will be dispatched to shareholders in early January 2009 and will be available from the registered office and the website. 

 

END

 

 

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