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TR European Growth (TRG)

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Wednesday 29 September, 2010

TR European Growth

Final Results

RNS Number : 5368T
TR European Growth Trust PLC
29 September 2010
 



 Page 1 of 12

29 September 2010

 

This announcement contains regulated information

 

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2010

 

KEY POINTS

•           Net asset value total return of 18.5%

•           Share price total return of 16.1%

•           Proposed final and special dividends of 3.40p and 0.85p per ordinary share, respectively

 

 

 

MANAGEMENT REPORT

 

CHAIRMAN'S STATEMENT

 

Over the year to 30 June 2010, our net asset value total return was 18.5%.  Our share price total return was 16.1% as the discount widened slightly.  This compared to a total return of 22.3% for our benchmark.

 

Revenue and dividends

Net revenue earnings per ordinary share were 4.31p, a fall of 25.6%.  This decrease was partly due to lower dividend income from our investments, but mostly due to the one-off refund of VAT and interest totalling £1.5m that we received in the previous year.

 

We are proposing, subject to shareholder approval at our AGM, a final dividend per ordinary share of 3.40p, an increase of 6.3% over last year's final dividend of 3.20p. We are also proposing a special dividend of 0.85p per ordinary share, making a total dividend of 4.25p.

 

Share buy-backs

During the year, we bought back a total of 12,848,566 shares (including 3,356,055 bought back in the tender offer last November) for cancellation at a cost of £48.9m.   This represents a 19.9% decrease in the issued ordinary share capital since the beginning of our year.   The shares were all bought back at a discount to the prevailing NAV per share, thereby enhancing the NAV per ordinary share for the remaining shareholders.  

 

Proposals to be put to shareholders at the Annual General Meeting

The Annual General Meeting will be held at 12.30pm on 8 November 2010 at 201 Bishopsgate, London, EC2M 3AE.  In addition to the usual business, shareholders will also be asked to vote on the continuation of the Company, which was last put to shareholders in 2005.  There will also be resolutions to adopt a revised investment policy, a change to the benchmark and amended articles of association in respect of the discount protection mechanism and frequency of continuation votes.   

 

 

 

 

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Page 2 of 12

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2010

 

MANAGEMENT REPORT (continued)

 

Chairman's Statement (continued)

 

Change to investment policy

Recent shareholder consultation has indicated that shareholders find our blended benchmark (50% of the return of the HSBC Smaller Europe (ex UK) Index and 50% of the return of the S&P/Citigroup EMI Europe (ex UK) Index (both expressed in sterling)) unnecessarily complex.  The proposal is that, with effect from 1 July 2010, the Company's performance measurement (and any performance fee) is calculated with reference to the returns of a benchmark comprising solely the HSBC Smaller Europe (ex UK) Index (in sterling terms).   No other change to the investment policy is being sought.

 

Change to the Company's Articles of Association

Since the introduction of our discount protection mechanism in 2005 we have bought back over 43 million shares at an approximate total cost of £170m.  This represents a reduction of around 46% of the Company's share capital over the past five years.  This high level of share buy-backs, which are a consequence of the discount protection mechanism, requires considerable liquid resources - either in cash, cash equivalents, or European companies at the larger end of the Company's investable universe - to be maintained within TREG's portfolio.   The Board believes these assets could be better invested in attractively priced opportunities which the Fund Manager is able to find in European smaller companies.

 

On 19 July 2010, we therefore announced that we would be putting a resolution to shareholders at the 2010 AGM to change the Company's articles to remove the current discount protection mechanism.   The Board believes the removal of the discount protection mechanism and the adoption of a less formulaic approach will allow a better balance between addressing the Company's discount, maximising the Manager's opportunities to generate capital growth within TREG's portfolio and maintaining a liquid investment vehicle for shareholders and potential investors. 

 

It is the Board's intention to continue to actively monitor the level of discount at which TREG's ordinary shares trade and to use the annual share buy-back authority where appropriate. Under the Company's revised arrangements, the Board's decision to repurchase shares will be influenced by the Company's absolute level of discount, the level relative to its peer group and the availability of stock for repurchase.  The Board's overall aim will be to buy back shares when it is in shareholders' long-term interest to do so.  We have continued with our commitment to buy back shares and since the year end we have repurchased a further 319,060 shares.  At this year's AGM we will also be seeking to renew the powers to buy back stock.  

 

The Board is also proposing to amend the frequency of continuation votes, which are  currently held every five years, so that they are, instead, held every three years.  This reduction in the period between continuation votes is conditional upon approval of the proposed changes to the Company's discount protection mechanism.

 

 

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Page 3 of 12

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2010

 

MANAGEMENT REPORT (continued)

 

Chairman's Statement (continued)

 

The Board

Jochen Neynaber, who joined the Board in 2001, will be retiring at the conclusion of the Annual General Meeting in November 2010.  I and my fellow directors would like to thank Jochen for his expertise and valuable contribution over the last nine years and wish him well in the future.

 

Portfolio management team

Since the Company's launch in 1990 our portfolio has been managed by Stephen Peak, with Simon Savill as the assistant fund manager since June 2000.  This team has now been supplemented by Ollie Beckett.  Ollie has been involved in equity markets for 15 years and has been a specialist in European smaller companies for over five years.  He is the manager of the Henderson Horizon Pan-European Smaller Companies Fund.

 

Outlook

It is a difficult time for both economies and markets. Governments are continuing to struggle with the conundrum of trying to reduce their levels of debt and public spending at the same time as trying to nurture the low levels of confidence and spending in their economies. It is still not at all clear as to how successful they will be in achieving either one or the other of these aims, let alone both. More recently, there have certainly been some signs of recovery, particularly from the export driven economies. It will be important to see whether this translates into increased strength in domestic confidence and demand.

 

This is likely to result in a continuing period of volatility for equity markets as fluctuations in economic data produce corresponding swings in investor sentiment. This is the type of environment which should generate opportunities for our Manager to add some attractively valued companies to our portfolio, particularly during times of market distress and I look forward to reviewing our progress in our half-year report.

 

 

 

Audley Twiston-Davies

Chairman

29 September 2010

 

 

 

 

 

 

 

 

 

 

 

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Page 4 of 11

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2010

 

 

MANAGEMENT REPORT (continued)

 

Principal risks and uncertainties

 

The Board has drawn up a matrix of risks facing the Company and has put in place a schedule of investment limits and restrictions, appropriate to the Company's investment objective and policy, in order to mitigate these risks as far as practicable. The principal risks which have been identified and the steps taken by the Board to mitigate these are as follows:

 

● Investment activity and performance risks

An inappropriate investment strategy (for example, in terms of asset allocation or the level of gearing) may result in underperformance against the Company's benchmark index and the companies in its peer group. The Board monitors investment performance at each Board meeting and regularly reviews the extent of its borrowings.

 

Portfolio and market price risks

Although the Company invests almost entirely in securities that are quoted on recognised markets, share prices may move rapidly. The companies in which investments are made may operate unsuccessfully, or fail entirely. A fall in the market value of the Company's portfolio would have an adverse effect on shareholders' funds. The Board reviews the portfolio each month and mitigates this risk through diversification of investments in the portfolio.

 

 Tax and regulatory risks

A breach of Section 1158 of the Corporation Tax Act 2010 could lead to a loss of investment trust status, resulting in capital gains realised within the portfolio being subject to corporation tax. A breach of the UKLA Listing Rules could result in suspension of the Company's shares, while a breach of the Companies Act 2006 could lead to criminal proceedings, or financial or reputational damage.

 

The Manager has contracted to provide investment, company secretarial, administration and accounting services through qualified professionals. The Board receives internal control reports produced by the Manager on a quarterly basis, which confirm regulatory compliance.

 

● Operational risks

Disruption to, or failure of, the Manager's accounting, dealing or payment systems or the custodian's records could prevent the accurate reporting and monitoring of the Company's financial position. The Company is also exposed to the operational risk that one or more of its suppliers may not provide the required level of service.  Details of how the Board monitors the services provided by the Manager and its other suppliers, and the key elements designed to provide effective internal control, are explained further in the internal controls section of the corporate governance statement in the annual report.

 

Further details of the Company's exposure to market risk (including market price risk, currency risk and interest rate risk), liquidity risk, and credit and counterparty risk and how they are managed are contained in the notes to the financial statements in the annual report.

 

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Page 5 of 12

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2010

 

 

MANAGEMENT REPORT (continued)

 

 

Related party transactions

Investment management, accounting, company secretarial and administration services are provided to the Company by wholly-owned subsidiary companies of Henderson Global Investors Limited ("Henderson" or "Manager").  This is the only related party arrangement currently in place. Other than fees payable by the Company in the ordinary course of business, there have been no material transactions with the related party affecting the financial position or performance of the Company during the year under review.

 

 

Statement of Directors' Responsibilities under DTR 4.1.12

Each of the directors confirms that, to the best of his knowledge:

 

●          the Group financial statements, which have been prepared in accordance with IFRSs as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the Group; and

 

●          the Report of the Directors in the Annual Report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that it faces.

 

 

For and on behalf of the Board

Audley Twiston-Davies

Chairman

29 September 2010

 

 

 

 

 

 

 

 

 

 

 

 

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Page 6 of 12

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2010

 

 

Audited Consolidated Statement of Comprehensive Income

for the year ended 30 June 2010

 


Year ended 30 June 2010

Year ended 30 June 2009


Revenue return £'000

Capital return  £'000

Total

£'000

Revenue return £'000

Capital return  £'000

Total

£'000

Investment income

3,489

-

3,489

4,388

-

4,388

Interest on VAT refunds

-

-

-

1,101

-

1,101

Other income

287

-

287

402

-

402

Gains/(losses) on investments held at fair value through profit or loss

-

34,905

34,905

-

(95,775)

(95,775)


---------

----------

-----------

---------

----------

-----------

Total income/(loss)

3,776

34,905

38,681

5,891

(95,775)

(89,884)








Expenses







Management fees

(242)

(968)

(1,210)

(210)

(841)

(1,051)

Write-back of prior years' VAT

-

-

-

386

548

934

Other operating expenses

(547)

-

(547)

(505)

-

(505)


---------

----------

----------

---------

----------

----------

Profit/(loss) before finance costs and taxation

2,987

33,937

36,924

5,562

(96,068)

(90,506)








Finance costs

(2)

(8)

(10)

(30)

(117)

(147)


---------

--------

---------

---------

--------

---------

Profit/(loss) before taxation

2,985

33,929

36,914

5,532

(96,185)

(90,653)

Taxation

(459)

-

(459)

(1,540)

1,048

(492)


---------

---------

----------

---------

---------

----------

Profit/(loss) for the year and total comprehensive income/(loss)

2,526

33,929

36,455

3,992

(95,137)

(91,145)


=====

======

======

=====

======

======








Earnings/(loss) per ordinary share (Note 2)

4.31p

57.95p

62.26p

5.79p

(138.04p)

(132.25p)


======

======

======

======

======

======








 

The total column of this statement represents the Consolidated Statement of Comprehensive Income, prepared in accordance with IFRSs, as adopted by the European Union. 

 

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 TR European Growth Trust PLC, the parent company.  There are no minority interests.

 

The net profit of the Company for the year was £36,455,000 (2009: loss of £91,145,000).

 

The Group does not have any other comprehensive income and hence the net profit/(loss) for the year as disclosed above is the same as the Group's total comprehensive income/(loss).

 

 

 

 

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Page 7 of 12

TR EUROPEAN GROWTH TRUST PLC

 Annual Financial Report for the year ended 30 June 2010

 

Audited Consolidated and Parent Company Statements of Changes in Equity

for the year ended 30 June 2010

CONSOLIDATED

Year ended 30 June 2010

Called up share capital

£'000

Share

premium account

£'000

Capital redemption

reserve £'000

Other capital reserves

£'000

Revenue reserve £'000

Total

£'000

Total equity at 30 June 2009

8,059

115,451

12,119

62,270

17,499

215,398

Total comprehensive income:







   Profit for the year

-

-

-

33,929

2,526

36,455

Transactions with owners, recorded directly to equity:







   Ordinary dividends paid

-

-

-

-

(3,463)

(3,463)

   Buy-backs of ordinary shares

(1,606)

-

1,606

(48,913)

-

(48,913)


----------

----------

---------

----------

---------

----------

Total equity at 30 June 2010

6,453

115,451

13,725

47,286

16,562

199,477


======

======

=====

======

=====

======




CONSOLIDATED

Year ended 30 June 2009

Called up

share capital

£'000

Share

premium account

£'000

Capital redemption

reserve

£'000

Other  capital reserves

£'000

Revenue reserve £'000

Total

£'000

Total equity at 30 June 2008

9,045

115,451

11,133

179,167

17,056

331,852

Total comprehensive income:







   (Loss)/profit for the year

-

-

-

(95,137)

3,992

(91,145)

Transactions with owners, recorded directly to equity:







   Ordinary dividends paid

-

-

-

-

(3,549)

(3,549)

   Buy-backs of ordinary shares

(986)

-

986

(21,760)

-

(21,760)


----------

----------

---------

----------

---------

----------

Total equity at 30 June 2009

8,059

115,451

12,119

62,270

17,499

215,398


======

======

=====

======

=====

======



COMPANY

Year ended 30 June 2010

Called up share capital

£'000

Share premium account

£'000

Capital redemption

reserve

£'000

Other capital reserves

 £'000

Revenue reserve £'000

Total

£'000

Total equity at 30 June 2009

8,059

115,451

12,119

63,828

15,941

215,398

Total comprehensive income:







   Profit for the year

-

-

-

33,928

2,527

36,455

Transactions with owners, recorded directly to equity:







   Ordinary dividends paid

-

-

-

-

(3,463)

(3,463)

   Buy-backs of ordinary shares

(1,606)

-

1,606

(48,913)

-

(48,913)


----------

-----------

----------

----------

----------

----------

Total equity at 30 June 2010

6,453

115,451

13,725

48,843

15,005

199,477


======

======

======

======

=====

======



COMPANY

Year ended 30 June 2009

Called up

share capital

£'000

Share premium account

 £'000

Capital redemption

reserve

£'000

Other  capital reserves

£'000

Revenue reserve £'000

Total

£'000

Total equity at 30 June 2008

9,045

115,451

11,133

180,726

15,497

331,852

Total comprehensive income:







   (Loss)/profit for the year

-

-

-

(95,138)

3,993

(91,145)

Transactions with owners, recorded directly to equity:







   Ordinary dividends paid

-

-

-

-

(3,549)

(3,549)

   Buy-backs of ordinary shares

(986)

-

986

(21,760)

-

(21,760)


----------

-----------

----------

----------

----------

----------

Total equity at 30 June 2009

8,059

115,451

12,119

63,828

15,941

215,398


======

======

======

======

=====

======

 

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Page 8 of 12

 

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2010

 

Audited Consolidated and Parent Company Balance Sheets

 at 30 June 2010

 


Consolidated 2010

£'000

Consolidated 2009

£'000

Company 2010

£'000

Company 2009

£'000

Non current assets










Investments held at fair value through profit or loss

192,719

187,488

194,207

188,977


-----------

-----------

-----------

-----------






Current assets





Other receivables

10,481

1,288

10,481

1,288

Cash and cash equivalents

1,130

30,709

1,127

30,706


----------

----------

----------

----------


11,611

31,997

11,608

31,994


----------

----------

---------

---------

Total assets

204,330

219,485

205,815

220,971


----------

----------

----------

----------






Current liabilities





Other payables

(971)

(4,087)

(2,456)

(5,573)

Bank loans and overdrafts

(3,882)

-

(3,882)

-


----------

----------

----------

----------


(4,853)

(4,087)

(6,338)

(5,573)


----------

----------

----------

----------

Net assets

199,477

215,398

199,477

215,398

 

======

======

======

======

 





Equity attributable to equity shareholders





Called up share capital

6,453

8,059

6,453

8,059

Share premium account

115,451

115,451

115,451

115,451

Capital redemption reserve

13,725

12,119

13,725

12,119

Retained earnings:





   Other capital reserves

47,286

62,270

48,843

63,828

   Revenue reserve

16,562

17,499

15,005

15,941


----------

----------

-----------

-----------

Total equity

199,477

215,398

199,477

215,398


======

======

======

======






Net asset value per ordinary share

(Note 4)     

386.38p

334.08p

386.38p

334.08p


======

======

======

======

 

 

 

 

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Page 9 of 12

 

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2010

 

 

Audited Consolidated and Parent Company Cash Flow Statements

for the year ended 30 June 2010

 

 


Year ended 30 June 2010

Year ended 30 June 2009


Consolidated £'000

Company £'000

Consolidated £'000

Company £'000

Operating activities





Profit/(loss) before taxation

36,914

36,914

(90,653)

(90,653)

Add back: interest payable

10

10

147

147

(Less)/add: (gains)/losses on investments held at fair value through profit or loss

(34,905)

(34,904)

95,775

95,776

Add: net sales of investments held at fair value though

   profit or loss

29,564

29,564

63,650

63,650

Withholding tax on dividends deducted at source

(656)

(656)

(680)

(680)

Decrease/(increase) in prepayments and accrued income

287

287

(84)

(84)

Increase in amounts due from brokers

(9,750)

(9,750)

(155)

(155)

Decrease in accruals and deferred income

(19)

(20)

(1,882)

(1,883)

Decrease in VAT recoverable

323

323

4,215

4,215

Decrease in amounts due to brokers

(2,181)

(2,181)

(265)

(265)


----------

----------

-----------

----------

Net cash inflow from operating activities before

   interest and taxation

19,587

19,587

70,068

70,068






Interest paid

(5)

(5)

(167)

(167)

Taxation recovered

144

144

87

87


----------

----------

-----------

----------

Net cash inflow from operating activities

19,726

19,726

69,988

69,988


----------

----------

-----------

----------

Financing activities





Equity dividends paid (net of refund of unclaimed dividends)

(3,463)

(3,463)

(3,549)

(3,549)

Buy-backs of ordinary shares

(49,834)

(49,834)

(21,021)

(21,021)

Repayment of bank loans

-

-

(16,783)

(16,783)


----------

----------

-----------

----------

Net cash used in financing

(53,297)

(53,297)

(41,353)

(41,353)


----------

----------

-----------

-----------






(Decrease)/increase in cash and cash equivalents

(33,571)

(33,571)

28,635

28,635

Cash and cash equivalents at the start of the year

30,709

30,706

1,300

1,297

Exchange movements

110

110

774

774


----------

----------

----------

---------

Cash and cash equivalents at the end of the year

(2,752)

(2,755)

30,709

30,706


======

======

======

=====

Comprising:





Cash at bank

1,130

1,127

30,709

30,706

Bank overdrafts

(3,882)

(3,882)

-

-


----------

----------

----------

---------


(2,752)

(2,755)

30,709

30,706


======

======

======

=====

 

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Page 10 of 12

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2010

 

Notes to the Financial Statements

 

1.

Accounting policies

The consolidated and Parent Company financial statements for the year ended 30 June 2010 have been prepared in accordance with International Financial Reporting Standards ("IFRSs") as adopted by the European Union and with those parts of the Companies Act 2006 applicable to companies reporting under IFRSs.  IFRSs 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 IFRSs have been adopted by the European Union.

 

The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the revaluation of certain financial instruments.  The principal accounting policies adopted are set out in full in the Annual Report.  Where presentational guidance set out in the Statement of Recommended Practice ("the SORP") for investment trusts issued by the Association of Investment Companies ("the AIC") in January 2009 is consistent with the requirements of IFRSs, the directors have sought to prepare the financial statements on a basis consistent with the recommendations of the SORP.

 

All of the Company's operations are of a continuing nature.



 

2.

Earnings/(loss) per ordinary share

The earnings/(loss) per ordinary share figure is based on the net profit for the year of £36,455,000 (2009: loss of £91,145,000) and on the weighted average number of ordinary shares in issue during the year of 58,554,559 (2009: 68,917,228).

 

 


The earnings/(loss) per ordinary share figure detailed above can be further analysed between revenue and capital, as below.  The Company has no securities in issue that could dilute the return per ordinary share.  Therefore the basic and diluted earnings/(loss) per ordinary share are the same.

 





 



2010

£'000

2009

£'000

 


Net revenue profit

2,526

3,992

 


Net capital gain/(loss)

33,929

(95,137)

 



----------

-----------

 


Net profit/(loss)

36,455

(91,145)

 



======

======

 


Weighted average number of ordinary shares in issue during the year

58,554,559

68,917,228

 





 



Pence

Pence

 


Revenue earnings per ordinary share

4.31

5.79

 


Capital gain/(loss) per ordinary share

57.95

(138.04)

 



----------

-----------

 


Total earnings/(loss) per ordinary share

62.26

(132.25)

 



======

======

 





 

 

 

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Page 11 of 12

 

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2010

 

 

Notes to the Financial Statements (continued)

 

3.

Share capital

At 30 June 2010 there were 51,627,289 ordinary shares in issue (2009: 64,475,855). During the year ended 30 June 2010 the Company bought back 12,848,566 (2009: 7,885,100) of its own issued ordinary shares in the market for cancellation. A further 294,060 shares were bought back between 30 June 2010 and 29 September 2010. 



4.

Net asset value per ordinary share

The net asset value per ordinary share is based on the net assets attributable to the ordinary shares of £199,477,000 (2009: £215,398,000) and on the 51,627,289 ordinary shares in issue at 30 June 2010 (2009: 64,475,855).  The Company has no securities in issue that could dilute the net asset value per ordinary share.

 

 


The movements during the year in assets attributable to the ordinary shares were as follows:



£'000


Net assets attributable to ordinary shares at 1 July 2009

215,398


Buy-backs of ordinary shares

(48,913)


Profit for the year

36,455


Dividends paid in the year

(3,463)



----------


Total net assets at 30 June 2010

199,477



======



 

5.

Dividend

Subject to approval at the AGM, the proposed final dividend of 3.40p and a special dividend of 0.85p per ordinary share will be paid on 19 November 2010 to shareholders on the register of members at the close of business on 8 October 2010.  The shares will be quoted ex-dividend on 6 October 2010.

 




 



2010

£'000

 


Revenue available for distribution by way of dividends for the year

2,526

 


Proposed total dividend for the year ended 30 June 2010 - 4.25p

(comprising a final dividend of 3.40p and a special dividend of 0.85p)

(based on 51,308,229 shares in issue at 29 September 2010)

(2,181)

 



--------

 


Undistributed revenue for Section 1158 purposes*

345

 



=====

 


*Undistributed revenue represents 9.9% of the income from investments of £3,489,000.

 

 

 

 

 

 

 

 

 

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Page 12 of 12

 

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2010

 

 

6.    Going concern statement

As the assets of the Company consist mainly of a portfolio of diversified securities that are readily realisable, the Company has adequate financial resources to meet its liabilities and continue in operational existence for the foreseeable future.  For these reasons, the directors believe that it is appropriate to  continue to adopt the going concern basis in preparing the financial statements. In reviewing the position as at the date of this report, the Board has considered the guidance on this matter issued by the Financial Reporting Council in October 2009.

 

7.   2010 financial information

The figures and financial information for 2010 are extracted from the Annual Report and Financial Statements for the year ended 30 June 2010 and do not constitute the statutory accounts for the year.  The Annual Report and Financial Statements includes the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.  The Annual Report and Financial Statements has not yet been delivered to the Register of Companies.

 

8.   2009 financial information

The figures and financial information for 2009 are extracted from the published Annual Report and Financial Statements for the year ended 30 June 2009 and do not constitute the statutory accounts for that year.  The Annual Report and Financial Statements has been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 489(2) or section 498(3) of the Companies Act 2006.

 

Annual Report and Financial Statements

The Annual Report and Financial Statements will be posted to shareholders on 6 October 2010 and will be available on the Company's website (www.treuropeangrowth.com) or in hard copy format from the Company's Registered Office, 201 Bishopsgate, London EC2M 3AE.

 

The Annual General Meeting will be held on Monday 8 November 2010 at 12.30pm at the Registered Office address.

 

For further information please contact:

 

Stephen Peak

Fund Manager

TR European Growth Trust PLC

Telephone: 020 7818 4334

 

Sarah Gibbons-Cook

Investor Relations and PR Manager

Henderson Global Investors

Telephone: 020 7818 3198

 

 

- ENDS -

 


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