Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

 Information  X 
Enter a valid email address

Fleming Claverhouse (JCH)

  Print      Mail a friend       Annual reports

Friday 30 August, 2002

Fleming Claverhouse

Interim Results

Fleming Claverhouse Inv Trust PLC
30 August 2002


                          STOCK EXCHANGE ANNOUNCEMENT

30th August 2002


In the six months to 30th June 2002, the Company produced a total return on net
assets of -10.4% compared with a -8.9% total return from the Company's
benchmark, the FTSE All-Share Index. This underperformance was more than
entirely due to gearing, which reduced the Company's total return by 2.4% during
the period. In contrast, the Company's asset allocation and stock selection
contributed positively to the relative return. Despite its impact on
performance, I would like to re-iterate the Board's belief that the gearing we
have in place will enhance investment returns over the long-term.

The total return to shareholders for the six months was -16.2%, with the share
price falling from 432.5p to 358.5p. As at 30th June 2002 the share price stood
at a discount to net asset value of 4.2%, down from a premium of 2.3% at the
year end.

Revenue and Dividends

Revenue after taxation for the six months to 30th June 2002 was £5,238,000,
compared with £4,684,000 for the corresponding period last year.

The Company's dividend policy remains unchanged and the Directors have already
declared two quarterly dividends of 2.30p each for the current financial year.
The first quarterly dividend was paid on 31st May 2002. The second quarterly
dividend is payable on 2nd September 2002 to shareholders on the Register at the
close of business on 2nd August 2002.  It is expected that the total dividend
for the year will be increased in line with, or above, the rate of inflation.

For and on behalf of
The Fleming Claverhouse Investment Trust plc

Jonathan Latter
Authorised Signatory
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary

The Fleming Claverhouse Investment Trust plc
Unaudited figures for the six months ended 30 June 2002
Statement of Total Return (Unaudited)

                        Six months to 30 June 2002        Six months to 30 June 2001      Year to 31 December 2001
                          Revenue     Capital     Total   Revenue   Capital       Total   Revenue   Capital     Total
                            £'000       £'000     £'000     £'000     £'000       £'000     £'000     £'000     £'000

Realised gains/(losses)         -       2,498     2,498         -       988         988         -   (6,198)   (6,198)
on investments
Net change in                   -    (41,368)  (41,368)         -  (25,965)    (25,965)         -  (53,324)  (53,324)
unrealised appreciation
Other capital charges           -         (2)       (2)     -         (348)       (348)         -         -         -
Franked dividends           6,602           -     6,602     5,857         -       5,857    10,629         -    10,629
Scrip dividends               245           -       245       216         -         216       216         -       216
Deposit interest               66           -        66       399         -         399       665         -       665
Stock lending fees              3           -         3         -         -           -         -         -         -
                          _______    ________   _______    ______   _______    ________   _______   _______   _______

Gross return                6,916    (38,872)  (31,956)     6,472  (25,325)    (18,853)    11,510  (59,522)  (48,012)

Management fee              (521)       (967)   (1,488)     (561)   (1,040)     (1,601)   (1,086)   (2,016)   (3,102)
Other administrative        (166)           -     (166)     (249)         -       (249)     (375)         -     (375)
Performance fee                 -           -         -         -     (624)       (624)         -       190       190
Interest payable            (978)     (1,815)   (2,793)     (904)   (1,678)     (2,582)   (1,853)   (3,441)   (5,294)
                          _______     _______   _______    ______   _______     _______   _______   _______   _______

Return before taxation      5,251    (41,654)  (36,403)     4,758  (28,667)    (23,909)     8,196  (64,789)  (56,593)
Taxation                     (13)          13         -      (74)        74           -     (126)       126         -

                           ______     _______   _______    ______   _______      ______   _______   _______   _______

Total return                5,238    (41,641)  (36,403)     4,684  (28,593)    (23,909)     8,070  (64,663)  (56,593)
attributable to
ordinary shareholders
Dividends on ordinary     (3,839)           -   (3,839)   (3,577)         -     (3,577)   (7,318)         -   (7,318)
                           ______     _______   _______    ______   _______      ______   _______   _______   _______

Transfer to/(from)          1,399    (41,641)  (40,242)     1,107  (28,593)    (27,486)       752  (64,663)  (63,911)
Return per ordinary         6.29p    (49.98)p  (43.69)p     5.76p  (35.14)p    (29.38)p     9.83p  (78.74)p  (68.91)p
Dividends per ordinary      4.60p           -         -     4.00p         -           -     8.50p         -         -

The Fleming Claverhouse Investment Trust plc
Unaudited figures for the six months ended 30 June 2002

BALANCE SHEET                                                            30 June         30 June     31 December
                                                                            2002            2001            2001
                                                                           £'000           £'000           £'000

Investments at valuation                                                 380,217         441,824         421,481

Net current (liabilities)/assets                                         (8,560)          13,660        (10,790)

Creditors (amounts falling due after more than one year)                (59,221)        (69,681)        (59,181)
                                                                         _______         _______         _______
Total net assets                                                         312,436         385,803         351,510
                                                                           =====           =====           =====

Net asset value per share                                                 374.4p          466.6p          422.7p

                                                                            2002            2001            2001
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                  4,843           4,128           8,035

Net cash outflow from returns on investments and servicing
of finance                                                               (2,009)         (2,264)         (5,986)

Total tax paid                                                                 -            (89)            (89)

Net cash inflow/(outflow) from capital expenditure and
financial investment                                                       1,362        (56,779)        (73,260)

Total equity dividends paid on ordinary shares                           (3,999)         (3,830)         (7,145)

Net cash outflow from financing                                            1,169          71,202          73,334
                                                                         _______          ______          ______
Increase/(decrease) in cash for the period                                 1,366          12,368         (5,111)
                                                                           =====            ====            ====

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 31 December 2001 have been delivered to the Registrar of Companies.

30th August 2002

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