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”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

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.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

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.

COOKIES

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.

HOW WE USE INFORMATION

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.

ACCESS TO YOUR INFORMATION AND CORRECTION

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.

WHERE WE STORE YOUR PERSONAL DATA

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.

CHANGES TO OUR PRIVACY POLICY

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.

OTHER WEBSITES

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.

CONTACT

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

 Information  X 
Enter a valid email address

Independent Inv Tst (IIT)

  Print      Mail a friend

Monday 18 January, 2010

Independent Inv Tst

Final Results

RNS Number : 6704F
Independent Investment Trust PLC
18 January 2010
 



THE INDEPENDENT INVESTMENT TRUST PLC


Results for the year to 30 November 2009


18 January 2010



THE INDEPENDENT INVESTMENT TRUST PLC

 Chairman's Statement


After two years of disappointing results, it is something of a relief to be reporting on a year of recovery.


Over the year to 30 November 2009, our net asset value per share rose by 34.8% from 144.6p to 194.9p. By comparison, the FTSE All Share Index rose by 24.1% over the same period. The NAV total return figures for the year can be found in the managing director's report on page 5. A narrowing of the discount from 18.7% to 13.8% meant that the share price rose by 43% over the year.


The board is very concerned about the implications for investment trusts, and especially self managed trusts such as ours, of the EU Directive on Alternative Investment Fund Managers. In its current form, the Directive would require fundamental changes in the structure of self managed trusts, creating uncertainties over the role of the board and the independence of the company, and increasing costs. This is ironic, since self managed trusts rank among the least complicated and lowest cost investment media available to the private investor. We are working hard along with our peers to achieve exemption from the directive, which was not drawn up with investment trusts in mind.


Our year began with the global financial system in disarray and economic activity in free fall throughout the world. The response of governments and central banks to this worrying situation has been to provide unprecedented levels of fiscal and monetary stimulus. The initial effect of the measures they took was to boost prices in a variety of different asset markets, but more recently there have been signs of improvement in economic activity. These signs have been less convincing in the UK than elsewhere, perhaps because the scale of the current fiscal deficit is perceived as being incompatible with the maintenance of the country's creditworthiness. The main issue confronting investors in western markets has been, and remains, that of whether a recovery can be sustained once the prodigious support measures are withdrawn. We do not feel confident enough to take a side in this debate and so have followed a strategy that should allow us to benefit if a sustainable recovery does emerge without leaving us destitute if it does not. The salient features of this strategy are: significant cash balances; a substantial commitment to businesses, such as tobacco companies and non life insurance companies, that we believe to be well insulated from fluctuations in the economy; and an emphasis, in our exposure to cyclical companies, on sustainable balance sheets. We are pleasantly surprised that this approach, which is more defensive than our usual investment style, has delivered good results in a strong market.


Despite the tribulations of recent years, our longer term performance remains satisfactory. Between 18 October 2000 and 30 November 2009, we produced an NAV total return of 137.1%, equivalent to a rate of roughly 10.1% per annum, of which 2.6% per annum can be offset by RPI inflation. By comparison, the notional return available from the FTSE All Share Index over the period amounted to 21.9%, or roughly 2.2% per annum. We continue to believe that the best way to achieve good long term results from investing in equities is to accept a measure of short term volatility.


After two years of hectic activity as we adjusted to the upheavals in the financial system, we have had a quieter year. Much of our activity has been directed at the management of our cash balances. These amounted to 15% of our shareholders' funds at 30 November 2008, rose to over 30% in the early part of 2009 and then fell back, reaching 18% at 31 May and 11% at 30 November 2009. The overall shape of our portfolio has not changed significantly, although defensive areas, such as tobacco, insurance, utilities and pharmaceuticals, are either more heavily represented or new arrivals altogether. Our performance would have been significantly better but for an ill timed reduction in our exposure to energy and mining. Further comments on the portfolio can be found in the managing director's report.


Earnings per share for the year were 4.16p (2008: 6.34p). We are proposing a final dividend of 3p (2008: 3p), payable 1 April 2010, to make a total regular dividend for the year of 5p (2008: 5p). At the time of our flotation in 2000, we gave no commitment but set out to achieve a progressive trend in our regular dividends. We are now of the view that we should adopt a more flexible approach to the generation and distribution of income, which may result in lower levels of dividend in the future. In compensation for the possible shortfall, we have decided to propose the distribution of part of our revenue reserves as a 3p special dividend (2008: 0.75p), payable 1 April 2010.


The recovery in our net asset value has, together with a significant decline in the absolute level of our expenses, brought about a welcome decline in our Total Expense Ratio - from 0.59% of year end shareholders' funds to 0.41%. We take considerable pride in our status as one of the most thrifty companies in the investment trust sector, itself a low cost provider of investment services.


We have continued to buy back shares in an opportunist way. The main purpose of buy-backs is to provide liquidity in our shares when this can be done without prejudicing the interests of continuing shareholders. In the year under review, we bought back just under 2.9m shares on terms that added approximately 1.3p to our year end net asset value.


With the recovery in financial markets and the corresponding easing in credit markets, there is a clear sense that the crisis has passed, but its legacy is still unclear. At some point, measures will be needed to tighten fiscal policy and monetary policy. Applied too early, these measures will bring the threat of renewed recession; left too late, they risk the re-emergence of inflation as a threat to prosperity. We believe that our current portfolio is relatively well placed to cope with either eventuality and we retain significant fire power - in the form of our cash balances - to take advantage of any special opportunities that may be presented by periods of market turbulence.


I should like to thank Baillie Gifford for their continued excellent secretarial service, the faultless Vivien Judge, who holds our small operation together, and the managing director, who has held his nerve through a difficult period and has turned in a good year.


Once again, we should like to encourage you to come to the AGM, which is to be held in the Baillie Gifford offices at Calton Square at 4.30pm on 19 March 2010. It will help our planning if we know how many shareholders are likely to attend, and I shall be grateful if you will mark the proxy form accordingly and return it to the Company's registrars. I look forward to seeing as many of you as possible there.





THE INDEPENDENT INVESTMENT TRUST PLC

Managing Director's Report


During the year to 30 November 2009, The Independent Investment Trust produced an NAV total return of 39.8%. This represents a strong recovery from a depressed base. Theoretical investments in the FTSE All Share Index and the FTSE World Index would have produced total returns of 29.3% and 27.7% respectively.


The centrepiece of our portfolio remains our energy stake. This stake performed well during the year, growing in value from £30.2m at 30 November 2008 to £31.0m at 30 November 2009 despite net sales of £6.6m.


We have found the energy background difficult to read over the last two years. We foresaw neither the increase in oil prices to over $140 per barrel nor their subsequent collapse to under $40 per barrel. We do not regard either development as inconsistent with our view that there is a serious - and growing - risk of a supply crunch in the oil market in the years ahead, which would lead to much higher oil prices and do considerable damage to the world economy. We now recognize, however, that we need to be more disciplined than we have been in the selection of investments to protect us against this risk. In retrospect, both our tar sands investments and our small Canadian gas companies were too exposed to commodity prices to be able to ride comfortably through a long period of depressed prices. By contrast, our offshore drillers, with their long contracts and their prodigious capacity to generate cash, are much better placed to cope with commodity price fluctuations, as is Schlumberger with its commanding competitive position and strong balance sheet. Thus it is that the great bulk of our energy stake is now invested in Schlumberger and the offshore drillers. We also have a holding in Wellstream, which should benefit from the expansion we expect in deep water oil production, and small holdings in BP and BPZ Resources. The former looks to us like a cheap and defensive blue chip investment while the latter is a small company with an interesting portfolio of exploration prospects.


The task of predicting short term movements in oil prices remains too difficult for us, but we think it reasonable to base our investment case on the assumption that, over time, they will provide a fair incentive to exploration companies looking for oil in deep water. This should be enough to ensure an attractive operating environment for our drillers and our service companies, a prospect which does not yet appear to be reflected in their share prices.


Our large exposure to retailers has at last rewarded us despite a premature selling programme: a stake worth £9.4m at 30 November 2008 had grown in value to £13.7m by 30 November 2009 after net sales of £4.9m. Topps Tiles saw its share price treble as fears of bankruptcy receded, but the biggest impact came from our large holding in Dunelm, the share price of which rose by over 170% as the company produced a superb trading performance in generally unhelpful conditions. It is now by some margin our biggest holding.


We have benefited from the well timed addition we made to our recruitment stake in 2008: although the value of our stake fell from £10.7m to £9.3m in the year to 30 November 2009, this was only after net sales of £6.6m. Trading conditions remained very difficult for the industry throughout the year, but investors were prepared to ignore this in the belief that the industry would be a prime beneficiary of economic recovery. We share this belief, but felt that share prices in the sector have run too far too fast - hence our reduction. A new name for us is Healthcare Locums, which has enjoyed strong growth on the back of a general shortage of healthcare workers.


Our renewed enthusiasm for the non life insurance industry has yet to prove justified: after net purchases of £3.4m, our stake in the industry rose from £4.7m at 30 November 2008 to £8.1m at 30 November 2009. Our holdings have produced good results and continue to enjoy benign market conditions, but some of our more ambitious hopes for insurance rates now look misplaced. We still like the sector, both because it appears to represent good value and because its prospects should be well insulated from fluctuations in the general economy.


Elsewhere in the portfolio, we have enjoyed strong recoveries in our depleted exposures to mining, European property and housebuilding. New commitments to utilities, brewing and pharmaceuticals, together with additions to our holdings in tobacco and transport, have yet to show worthwhile benefits, but additions to Aggreko and IG Group have yielded good profits, as has a new purchase of IMI. Our big holding in Herald has also done well, despite a frustrating widening in its discount.



THE INDEPENDENT INVESTMENT TRUST PLC


The following is the unaudited preliminary statement for the year to 30 November 2009 which was approved by the board on 15 January 2010. The directors of The Independent Investment Trust PLC are recommending to the Annual General Meeting of the Company to be held on Friday 19 March 2010 the payment of a final dividend of 3.00(3.00p last year) per ordinary share (making a total regular dividend of 5.00(5.00p last year) per ordinary share) for the year ended 30 November 2009A special dividend of 3.00p (0.75p last year) per ordinary share is also proposedThe total dividend of 6.00p, if approved, will be paid on 1 April 2010 to all shareholders on the register at the close of business on 5 March 2010.



INCOME STATEMENT

(unaudited)



For the year ended

30 November 2009



For the year ended 

30 November 2008


Revenue

£'000

Capital

£'000

Total

£'000


Revenue

£'000

Capital

£'000

Total 

£'000


Gains/(losses) on investments



33,202 

 

33,202 




(57,849)


(57,849)

Currency (losses)/gains

(1,219)

(1,219)


2,318  

2,318 

Income (note 2)

3,265 

- 

3,265 


4,866 

-  

4,866 

Administrative expenses

(494)

(494)


(554)

-  

(554)

Net return before finance costs and taxation



2,771 


31,983 


34,754 



4,312 


(55,531)


(51,219)

Finance costs of borrowings

(40)

(40)


(67)

-  

(67)

Net return on ordinary activities before taxation



2,731 


31,983 


34,714 



4,245 


(55,531)


(51,286)

Tax on ordinary activities

(92)

(92)


(61)

-  

(61)

Net return on ordinary activities after taxation



2,639 


31,983 


34,622 



4,184 


(55,531)


(51,347)

Net return per ordinary share: (note 3)








Basic

4.16p

50.42p

54.58p


6.34p

(84.16)p

(77.82)p










Dividends paid and payable per ordinary share

(note 4)



8.00p






5.75p



   


 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. 


THE INDEPENDENT INVESTMENT TRUST PLC


BALANCE SHEET

at 30 November 2009 

(unaudited)



At 30 November 2009

At 30 November 2008


£'000

£'000

£'000

£'000


FIXED ASSETS






Investments held at fair value through profit or loss


108,008 


87,747 


CURRENT ASSETS






Debtors

404 


603 


Cash at bank and in hand 

13,047 


6,300 



13,451 


6,903 



CREDITORS






Amounts falling due within one year

(27)


(411)







NET CURRENT ASSETS


13,424 


6,492 


TOTAL ASSETS LESS CURRENT LIABILITIES



121,432 



94,239 






CAPITAL AND RESERVES






Called-up share capital


15,576 


16,295 

Share premium


15,242 


15,242 

Special distributable reserve


33,600 


37,377 

Capital redemption reserve


956 


237 

Capital reserve


51,677 


19,694 

Revenue reserve


4,381 


5,394 


SHAREHOLDERS' FUNDS


121,432 


94,239 






NET ASSET VALUE PER ORDINARY SHARE (note 5)


194.9p


144.6p



THE INDEPENDENT INVESTMENT TRUST PLC

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

(unaudited)


For the year ended 30 November 2009



Share capital


£'000

Share premium


£'000

Special distributable reserve

£'000

Capital redemption reserve

£'000

Capital

reserve*


£'000

Revenue reserve


£'000

Total shareholders' funds

£'000

Shareholders' funds at 1 December 2008


16,295


15,242


37,377 


237

 

19,694


5,394 


94,239 

Net return on ordinary activities after taxation



-



-

31,983


2,639 


34,622

Shares bought back for cancellation


(719)


-


(3,777)


719

-



(3,777)

Dividends paid during the year



-



-

-


(3,652)


(3,652)

Shareholders' funds at 30 November 2009


15,576 


15,242


33,600 


956

51,677


4,381 


121,432 


*Capital reserve as at 30 November 2009 included an investment holding loss of £818,000.




For the year ended 30 November 2008



Share capital


£'000

Share premium


£'000

Special distributable reserve

£'000

Capital redemption reserve

£'000

Capital

reserve*


£'000

Revenue reserve


£'000

Total shareholders' funds

£'000

Shareholders' funds at 1 December 2007


16,532


15,242


38,663 


-

75,225 


4,512 


150,174 

Net return on ordinary activities after taxation



-



-

(55,531)


4,184 


(51,347)

Shares bought back for cancellation


(237)


-


(1,286)


237

- 



(1,286)

Dividends paid during the year



-



-

- 


(3,302)


(3,302)

Shareholders' funds at 30 November 2008


16,295 


15,242


37,377 


237

19,694 


5,394 


94,239 


* Capital reserve as at 30 November 2008 included an investment holding loss of £44,733,000.


THE INDEPENDENT INVESTMENT TRUST PLC


 

 

CASH FLOW STATEMENT
(unaudited)
 
 
For the year ended
30 November 2009
 
For the year ended
30 November 2008
 
£’000
£’000
 
£’000
£’000
 
NET CASH INFLOW FROM OPERATING ACTIVITIES
 
 
2,888 
 
 
 
4,039 
 
 
 
 
 
 
SERVICING OF FINANCE
 
 
 
 
 
 
Interest Paid 
 
(50)
 
 
 
(118)
 
Net cash outflow from servicing of finance
 
(50)
 
 
(118)
 
 
 
 
 
 
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
 
 
 
 
 
Acquisitions of investments
(29,205)
 
 
(87,418)
 
Disposals of investments
42,119 
 
 
77,143
 
Realised currency (loss)/gain
(1,219)
 
 
2,519 
 
 
NET CASH INFLOW/(OUTFLOW) FROM CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
 
 
 
 
11,695 
 
 
 
 
(7,756)
EQUITY DIVIDENDS PAID
 
(3,652)
 
 
(3,302)
 
 
 
 
 
 
NET CASH INFLOW/(OUTFLOW) BEFORE FINANCING
 
 
10,881 
 
 
(7,137)
FINANCING
 
 
 
 
 
Shares bought back for cancellation
(4,134)
 
 
(929)
 
Net bank loans repaid
 
 
(10,007)
 
NET CASH OUTFLOW FROM FINANCING
 
(4,134)
 
 
(10,936)
INCREASE/(DECREASE) IN CASH
 
6,747 
 
 
(18,073)
 
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
 
 
 
 
 
Increase/(decrease) in cash in the year
 
6,747 
 
 
(18,073)
Decrease in bank loans
 
 
 
10,007 
Exchange movement on bank loans
 
 
 
(13)
 
MOVEMENT IN NET FUNDS IN THE YEAR
 
 
6,747 
 
 
 
(8,079)
NET FUNDS AT 1 DECEMBER
 
6,300 
 
 
14,379 
NET FUNDS AT 30 NOVEMBER
 
13,047 
 
 
6,300 
 
RECONCILIATION OF NET RETURN BEFORE FINANCE COSTS AND TAXATION TO NET CASH INFLOW FROM OPERATING ACTIVITIES
 
 
 
 
 
 
Net return before finance costs and taxation
 
34,754 
 
 
(51,219)
 
(Gains)/losses on investments
 
(33,202)
 
 
57,849 
 
Amortisation of fixed interest book cost
 
27 
 
 
26 
 
Currency losses/(gains)
 
1,219 
 
 
(2,318)
 
Decrease/(increase) in accrued income
 
197 
 
 
(213)
 
Decrease/(increase) in debtors
 
 
 
(22)
 
Decrease in creditors
 
(17)
 
 
(3)
 
Overseas tax
 
(92)
 
 
(61)
 
NET CASH INFLOW FROM OPERATING ACTIVITIES
 
 
2,888 
 
 
 
4,039 
 
 





THE INDEPENDENT INVESTMENT TRUST PLC


NOTES


1.

The financial statements for the year to 30 November 2009 have been prepared on the basis of the same accounting policies set out in the Company's Annual Financial Statements at 30 November 2008. The early adoption of the January 2009 Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' had no effect on the financial statements of the Company, other than the requirement to present tax reconciliations based on the total column of the Income Statement rather than the revenue column as was previously recommended.





Year to 30 November 2009


Year to 30 November 

2008



£'000


£'000

2.

Income





Income from investments and interest receivable

3,247


4,846


Other income

18


20



3,265


4,866





Year to 30 November 2009


Year to 30 November 2008



Revenue

Capital

Total


Revenue

Capital

Total 

3.

Net return per ordinary share




Net return on ordinary activities after taxation (£'000)

2,639

31,983

34,622


4,184

(55,531)

(51,347)


Weighted average number of ordinary shares in issue during the year

63,428,586


65,985,599


Net return per ordinary share:









Basic

4.16p

50.42p

54.58p


6.34p

(84.16)p

(77.82)p



Returns per ordinary share are based on the return for the financial year and on the weighted average number of ordinary shares in issue during the year as shown above.


For the years to 30 November 2009 and 30 November 2008 there was no dilution of returns as no shares would have been issued for no consideration as the average share price was below the average exercise price.


4.

Ordinary dividends





Year to 30 November 2009

Year to 30 November 2008



Pence

£'000


Pence

£'000


Amounts recognised as distributions in the year:




Previous year's final dividend paid 7 April 2009


3.00


1,915



3.00


1,984


Previous year's special dividend paid 7 April 2009


0.75


479



-


-


Interim dividend paid 28 August 2009

2.00

1,258


2.00

1,318



5.75

3,652


5.00

3,302




Set out below are the total dividends paid and payable in respect of the financial year, which is the basis on which the requirements of section 842 of the Income and Corporation Taxes Act 1988 are considered. The revenue available for distribution by way of dividend for the year is £2,639,000 (2008 - £4,184,000).


  THE INDEPENDENT INVESTMENT TRUST PLC


NOTES (CTD)


4.

Ordinary dividends (continued)





Year to 30 November 2009

Year to 30 November 2008



Pence

£'000


Pence

£'000


Amounts paid and payable in respect of the year:


Interim dividend paid 28 August 2009

2.00

1,258


2.00

1,318


Proposed final dividend payable 1 April 2010

3.00

1,869


3.00

1,955



5.00

3,127


5.00

3,273


Proposed special dividend payable 1 April 2010

3.00

1,869


0.75

489



8.00

4,996


5.75

3,762




If approved, the final and special dividends will be paid on 1 April 2010 to all shareholders on the register at the close of business on 5 March 2010. The ex dividend date is 3 March 2010.






At 30 November

2009

£000


At 30 November

2008

£'000

5.

Net asset value per ordinary share



Net asset value attributable to ordinary shares

121,432


94,239




Net asset value per share is based on net assets (as shown above) and on 62,305,000 shares (2008 - 65,180,000) being the number of shares in issue at the year end.


During the year, the Company bought back 2,875,000 ordinary shares for cancellation at a cost of £3,777,000. At 30 November 2009 the Company had authority to buy back a further 8,026,115 shares.


Between 1 December 2009 and 15 January 2010 the Company bought a further 120,000 ordinary shares (nominal value £30,000) for cancellation. The total consideration for these shares was £208,000.


6.

At 30 November 2009, the Company had no borrowings (30 November 2008 - nil).


7.

Transaction costs incurred on the purchase and sale of the investments are added to the purchase cost or deducted from the sale proceeds, as appropriate. During the year, transaction costs on purchases amounted to £193,000 (2008 - £393,000) and transaction costs on sales amounted to £70,000 (2008 - £105,000).


8.

The financial information set out above does not constitute the Company's statutory accounts for the year ended 30 November 2009. The financial information for 2008 is derived from the statutory accounts for 2008 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2008 accounts; their report was unqualified and it did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The audit report for the financial statements for the year ended 30 November 2009 has yet to be signed but it is expected that the statutory accounts for 2009 will be finalised on the basis of the financial information presented in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting.


9.

The Report and Accounts will be available on the Company's website www.independentinvestmenttrust.co.uk  on or around 12 February 2010. 


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



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