RNS Number:3324T
Templeton Emerging Markets IT PLC
16 December 2003
PRELIMINARY ANNOUNCEMENT
TEMPLETON EMERGING MARKETS INVESTMENT TRUST PLC
("TEMIT") ("the Company")
Interim Results for the six months to 31 October 2003
The Company today announced its interim results for the period to 31 October
2003.
Chairman's Statement
At 31 October 2003, your Company had net assets of #757.4 million, compared with
#595.5 million at 30 April 2003.
At period-end, 97.7% of the Company's total assets were invested in equities,
with the remaining 2.3% being held in liquid assets. The general policy of the
Manager is to be fully invested.
Undiluted net asset value per share at the period-end was 166.38 pence, an
increase of 27.2% over the period. The share price at 31 October 2003 was 139.00
pence, compared with 107.25 pence on 30 April 2003, an increase of 29.6%. Over
the same period, the MSCI Emerging Markets Free Index, on a total return basis,
rose 32.3%, and the S&P/IFCI Composite Index increased by 32.1%. The Manager's
Report and Portfolio Review (pages 10 to 12) gives a detailed analysis of the
Company's performance for the period under review.
Since our last report on 30 April 2003, investors have shown an increasing
interest in emerging market stocks. The asset class continued to outperform the
US and European markets while falling a bit behind the Japanese market for the
six months under review. The MSCI Emerging Market Free Index's 32.3% return
compared favourably with the S&P 500 Composite Index's 8.9% gain and the MSCI
All Country Europe Index's 12.7% increase. Asian emerging markets were among the
strongest performers as investors accumulated stocks that were oversold during
the Severe Acute Respiratory Syndrome (SARS) outbreak earlier in the year.
China's attractiveness to multinational companies has stimulated foreign, direct
and portfolio investment. Eastern European markets sustained an upward trend as
prospective European Union candidates continued to successfully pass referendums
for accession into the Union next year. Russia's economic growth forecast for
2003 increased from 4.0% to 6.0%, according to revisions by the International
Monetary Fund (IMF). Domestic matters continued to dominate news from Latin
America, with Argentina's markets lagging behind most other countries in the
region amid talks with the IMF. Overall, emerging markets have recorded positive
performances year-to-date and expect them to continue to improve.
The Board is pleased to announce that following its statement at the Annual
General Meeting in September 2003 regarding a review of Board structure, the
following Board changes have taken place with effect from 15 December 2003: -
Sir Richard Brooke, Bt
Martin L Flanagan
Richard Frank
Sir John Shaw CBE
Sir Brian Williamson CBE
have resigned from the Board.
Four new non-executive directors have been appointed as follows:-
Sam L. Ginn
Peter Godsoe, O.C.
Sir Ronald Hampel
Andrew S.B. Knight
Biographies for the new directors are attached.
The Board has elected Geoffrey A. Langlands to assume the role of Chairman until
the next Annual General Meeting. Thereafter Sir Ronald Hampel will assume the
role of Chairman.
Geoffrey A. Langlands
16 December 2003
Indices above are shown on a total return basis in GBP. Sources: Franklin
Templeton Investments and Standard & Poor's.
BIOGRAPHIES OF NEW DIRECTORS
SAM L. GINN
Sam Ginn, 67, served as Chairman of Vodafone AirTouch PLC from 1999, following
the merger of Vodafone and AirTouch, until his retirement in May 2000. He was
Chairman of the Board and Chief Executive Officer of AirTouch Communications,
Inc. from December 1993 to June 1999, before which he was Chairman and Chief
Executive Office of Pacific Telesis Group.
Sam Ginn began his career with AT&T, where he last served as Vice President of
Network Operations for AT&T Long Lines. He is also a director of ChevronTexaco
Corporation, Hewlett-Packard Company and the Fremont Group.
Sam Ginn is a graduate of Auburn University's School of Engineering and was a
Sloan Fellow at the Stanford University School of Business.
PETER C. GODSOE, O.C.
Peter Godsoe is Chairman of the Board of The Bank of Nova Scotia.
He began his career with the Bank in 1966 as a teller in Ottawa, Ontario. After
serving in Toronto and Montreal, he moved to New York and rose rapidly through
various positions in international, corporate and investment banking to become
Vice Chairman of the Board in 1982. He was elected President and Chief Operating
Officer in 1992, Chief Executive Officer in 1993 and Chairman in 1995. Mr.
Godsoe stepped down as Chief Executive Officer in December 2003.
Mr. Godsoe holds a B.Sc. in Mathematics and Physics from the University of
Toronto, which he attended on a scholarship in mathematics and French. He also
holds an M.B.A. from the Harvard Business School, and is a C.A. and a Fellow of
the Institute of Chartered Accountants of Ontario. In 1993, Mr. Godsoe accepted
the degree of Doctor of Civil Law honoris causa from University of King's
College, in June 1995 accepted the degree of Doctor of Laws honoris causa from
Concordia University and in October 2001 accepted the degree of Doctor of Laws
honoris causa from the University of Western Ontario. In 2002, Mr. Godsoe became
a member of the Canadian Business Hall of Fame and an Officer of the Order of
Canada.
In addition to his corporate directorships which include several Bank of Nova
Scotia subsidiaries and affiliates, Mr. Godsoe's corporate directorships include
Empire Company Limited, Fairmont Hotels & Resorts, Ingersoll-Rand Company;
Lonmin PLC and Rogers Communications Inc. In addition, he is affiliated with a
number of non-profit institutes.
Mr. Godsoe was born in 1938. He lives in Toronto with his wife Shelagh and has
three children: Craig, Eden and Cynthia.
SIR RONALD HAMPEL
Sir Ronald Hampel retired as Chairman of United Business Media plc in November
2002. He previously spent 44 years with ICI, where he joined the Board in 1985,
became COO in 1991, CEO in 1993 and was Chairman from 1995-1999. He is a
non-executive director of Alcoa Inc. and a member of the Advisory Board of
Teijin. He is Chairman of the Trustees of the Eden Project and a member of the
Committee of the All England Lawn Tennis and Croquet Club. He was Chairman of
the Committee on Corporate Governance from 1995-1998. He read Modern Languages
and Law at Cambridge and is an Honorary Fellow of Corpus Christi College. He was
knighted in the 1995 New Year's Honours.
Sir Ronald Hampel was formerly a member of the Steering Committee of the
European Round Table, of the UK Advisory Board on INSEAD, of the Listed
Companies Advisory Committee of the London Stock Exchange, and of the Nomination
Committee of the New York Stock Exchange. He was a Non-Executive Director of
Powell Duffryn PLC from 1983-1988, of Commercial Union Plc from 1987-1995, of
BAE SYSTEMS plc from 1989-2002, and Chairman of United Business Media from
1999-2002. He was a Member of the Executives Committee of the British-North
American Committee from 1987-1995, and a Director of the American Chamber of
Commerce from 1988-1991. He was from 1997 to 2001 a member of the Advisory
Committee of the Karlpreis Aachen (Charlemagne Prize). He was a member of the
Council of Action on Addiction from 1994-1999.
Sir Ronald Hampel was born in 1932. He is married with four children. An
enthusiastic sportsman, he is a keen golfer, skier and tennis player; he is a
member of the MCC, of the R&R and of the AELTC.
ANDREW S.B. KNIGHT
Andrew Knight, 65, served as Editor of The Economist from 1974 until 1986. He
was Chief Executive of the Daily Telegraph plc from 1986 until 1989 and Editor
in Chief of the Daily Telegraph plc from 1987 until 1989.
Between 1990 until 1993, Andrew Knight was Executive Chairman of News
International plc and between 1993 and 1995 he was Non Executive Chairman of
News International plc. He was Deputy Chairman of Home Counties Newspapers
Holdings plc from 1996 until 1998.
Andrew Knight was a Member of the Advisory Board for Centre for Economic
Development and Policy Research at Stanford University in 1981 and is also a
Member of Advisory Council Institute of International Studies at Stanford
University.
Andrew Knight is a Director of the Anglo Russian Opera & Ballet Trust, Chairman
of Shipston Home Nursing and was Governor of Ditchley Foundation in 1981 (Member
of Management Council in 1982). He has also been a Director of News Corporation
since 1991.
Andrew Knight is a Member of Brooks's, Beefsteak, Royal Automobile and Tadmarton
Heath.
STATEMENT OF TOTAL RETURN (UNAUDITED)
For the six months to
31 October 2003 (unaudited)
Revenue Capital Total
#000 #000 #000
INCOME
Gains/(losses) on
investments - 154,850 154,850
Investment 14,874 - 14,874
income*
Interest income 214 - 214
15,088 154,850 169,938
EXPENSES
Administrative (5,076) - (5,076)
expenses
PROFIT BEFORE TAXATION 10,012 154,850 164,862
Taxation (3,005) - (3,005)
PROFIT AFTER TAXATION 7,007 154,850 161,857
Dividend in respect of - - -
equity shares
TOTAL RETURN FOR THE
PERIOD 7,007 154,850 161,857
Return per Ordinary 1.54p 34.02p 35.56p
Share
Annualised Expense 1.47% N/A
Ratio
Notes:
The capital element of returns is not
distributable.
The revenue column of this statement is the
profit and loss account of the Company.
All revenue and capital items in the above
statement derive from continuing operations.
* The unusually high investment income figure for
the six months ended 31 October 2003 is
principally due to passing of ex-date of a
significant proportion of the underlying
portfolio. It is not foreseen that the investment
income for the forthcoming six months will be of a
similar amount.
STATEMENT OF TOTAL RETURN (UNAUDITED) (CONTINUED)
For the six months to Year to
31 October 2002 (unaudited) 30 April 2003 (audited)
Revenue Capital Total Revenue Capital Total
#000 #000 #000 #000 #000 #000
- (147,368) (147,368) - (72,344) (72,344)
9,555 - 9,555 18,535 - 18,535
435 - 435 920 - 920
9,990 (147,368) (137,378) 19,455 (72,344) (52,889)
(4,335) - (4,335) (8,402) - (8,402)
5,655 (147,368) (141,713) 11,053 (72,344) (61,291)
(1,687) - (1,687) (3,310) - (3,310)
3,968 (147,368) (143,400) 7,743 (72,344) (64,601)
- - - (5,685) - (5,685)
3,968 (147,368) (143,400) 2,058 (72,344) (70,286)
0.87p (32.38p) (31.51p) 1.70p (15.89p) (14.19p)
1.53% N/A 1.49% N/A
Dividend Policy
In accordance with the Company's stated policy, no interim dividend is declared
for the period.
(A dividend of 1.25 pence per Ordinary Share was paid for the year
ended 30 April 2003.)
BALANCE SHEET
As at As at As at
31 October 31 October 30 April
2003 2002 2003
#000 #000 #000
(unaudited) (unaudited) (audited)
FIXED ASSETS
Investments 740,334 501,164 591,452
CURRENT ASSETS
Debtors 5,095 1,214 19,444
Cash 16,893 22,549 6,807
21,988 23,763 26,251
CREDITORS: amounts
falling due within
one year (4,825) (2,458) (21,342)
NET CURRENT ASSETS 17,163 21,305 4,909
TOTAL ASSETS LESS
CURRENT LIABILITIES 757,497 522,469 596,361
PROVISION FOR
LIABILITIES AND
CHARGES - deferred
tax (100) (97) (875)
NET ASSETS 757,397 522,372 595,486
CAPITAL AND RESERVES
Called-up Share
Capital 113,806 113,796 113,796
Share Premium
Account 275,351 275,307 275,307
Capital Redemption
Reserve 3,940 3,940 3,940
Capital Reserve -
Realised 195,871 189,074 194,356
Capital Reserve -
Unrealised 143,498 (79,579) (9,837)
Revenue Reserve 24,931 19,834 17,924
SHAREHOLDERS' FUNDS
(all equity) 757,397 522,372 595,486
Net Asset Value per Ordinary
Share (in pence)
- Basic 166.38 114.76 130.82
- Diluted 160.74 N/A* N/A*
* The diluted net asset value per ordinary share as at 31 October 2002 and 30
April 2003 is deemed not applicable as the exercise price of the warrants in
issue was higher than the basic net asset value per share on both of those
dates.
CASH FLOW STATEMENT
For the six For the six For the year
months to months to to 30 April
31 October 2003 31 October 2002 2003
#000 #000 #000
(unaudited) (unaudited) (audited)
Reconciliation of operating
profit to net cash inflow
from operating
activities
Net return on
ordinary
activities before
taxation 10,012 5,655 11,053
(Increase) in
debtors (67) (48) (39)
Decrease in
accrued income 2,460 2,331 398
(Decrease) in
creditors (6) (292) (69)
Net cash inflow
from operating
activities 12,399 7,646 11,343
Cash Flow Statement
Net cash inflow
from operating
activities 12,399 7,646 11,343
Taxation (1,793) (2,227) (3,876)
Financial
investments 5,116 24,364 6,569
15,722 29,783 14,036
Equity dividends
paid (5,690) (5,695) (5,690)
10,032 24,088 8,346
Financing -
movements in
share capital 54 (445) (445)
Increase in cash 10,086 23,643 7,901
Reconciliation of net
cash flow to movement
in net funds
Increase in cash
in the period 10,086 23,643 7,901
Opening net funds 6,807 (1,094) (1,094)
Closing net funds 16,893 22,549 6,807
The figures and financial information for the year ended 30 April 2003 are an
extract from the latest published financial statements and do not constitute
statutory financial statements for that year. Those financial statements have
been delivered to the Registrar of Companies and included a report of the
auditors which was unqualified and did not contain a statement under Section
237(2) and 237 (3) of the Companies Act 1985. The interim report has not been
audited by the Company's auditors.
The interim report has been prepared using accounting policies that are
consistent with those adopted in the statutory accounts for the year ended
30 April 2003.
GEOGRAPHIC ASSET DISTRIBUTION
AS AT 31 OCTOBER 2003 AS AT 30 APRIL 2003
COUNTRY % COUNTRY %
China 15.04 China 12.06
Korea (South) 14.25 Korea (South) 12.88
Brazil 11.41 Brazil 11.11
Thailand 9.26 Thailand 8.07
Turkey 7.17 Turkey 6.34
Hungary 6.30 Hungary 6.34
South Africa 3.93 South Africa 4.87
India 3.73 India 4.76
Taiwan 3.55 Taiwan 4.94
Mexico 3.19 Mexico 5.89
Austria 2.73 Austria 3.47
Hong Kong 2.55 Hong Kong 3.00
Greece 2.48 Greece 1.99
Poland 2.14 Poland 2.14
Czech Republic 1.50 Czech Republic 1.50
Denmark 1.31 Denmark 0.00
Portugal 1.22 Portugal 1.24
Argentina 1.18 Argentina 1.23
Croatia 1.11 Croatia 1.32
Philippines 0.99 Philippines 1.49
Singapore 0.99 Singapore 0.95
Egypt 0.96 Egypt 0.45
Russia 0.43 Russia 1.61
Indonesia 0.30 Indonesia 0.85
Peru 0.03 Peru 0.00
Israel 0.00 Israel 0.82
Liquid Assets 2.25 Liquid Assets 0.68
------- -------
100.00 100.00
======= =======
TOP TWENTY HOLDINGS
As at 31 October 2003
Market
Value
Company Country Industry #000
China
Petroleum &
Chemical Corp. China Integrated Oil & Gas 41,588
Akbank Turkey Diversified Banks 28,705
Gedeon Richter
Ltd. Hungary Pharmaceuticals 25,835
Unibanco Uniao
Bancos
Brasileiros SA Brazil Diversified Banks 24,796
Siam
Commercial
Bank Public
Co., Ltd Thailand Diversified Banks 22,102
OMV AG Austria Integrated Oil & Gas 20,696
Centrais
Eletricas
Brasileiras SA Brazil Electric Utilities 19,374
Tupras-Turkiye
Petrol
Rafineleri AS Turkey Oil & Gas Refining & Marketing 18,357
Banco Bradesco Brazil Diversified Banks 17,804
Siam Cement
Public Co.,
Ltd. Thailand Construction Materials 17,091
Hyundai
Development
Co. Korea (South) Construction & Engineering 16,511
Polski Koncern
Naftowy Orlen
SA Poland Oil & Gas Refining & Marketing 16,239
MOL Magyar
Olaj-Es
Gazipari Rt . Hungary Integrated Oil & Gas 16,181
China
Merchants
Holdings
International
Co., Ltd. China Industrial Conglomerates 15,396
SK Corp. Korea (South) Oil & Gas Refining & Marketing 15,346
Companhia
Paranaense de
Energia-Copel,
ADR, pfd. Brazil Electric Utilities 15,080
Dairy Farm
International
Holdings Ltd. Hong Kong Food Retail 13,728
KT Corp. Korea (South) Integrated Telecommunication Services 13,584
PetroChina
Co., Ltd., H China Integrated Oil & Gas 13,091
ITC Ltd. India Tobacco 12,875
Top 20
Holdings -
50.75% of Net
Assets 384,379
INVESTMENT REVIEW
This is the semi-annual report for the Templeton Emerging Markets Investment
Trust PLC covering the six-month period ending 31 October, 2003. As outlined in
the Chairman's Statement on page 3, we are pleased to report our performance
over the past six-month period.
Overview
Emerging markets outperformed key developed markets including the US and major
European markets during the period as greater interest in the asset class
continued to attract investors. Asian markets were among the strongest
performers as investors accumulated stocks that had been oversold as a result of
the severe acute respiratory syndrome (SARS) concerns earlier in the year.
Eastern European markets also continued on an upward trend as the last of the
prospective EU candidates successfully passed referendums for accession into the
Union next year. Domestic matters dominated news in Latin America, with
Brazilian President Lula's success on the reform front leading to a new wave of
confidence in the local market.
Portfolio Changes & Investment Strategies
As at 31 October and 30 April, the top three sectors were Diversified Banks, Oil
& Gas Refining and Marketing and Electric Utilities. Within the top 10 holdings,
Centrais Eletricas Brasileiras SA (Brazil) and Siam Cement Pubic Co., Ltd.
(Thailand) replaced KT Corp. (Korea (South)) and MOL Magyar Olaj-Es Gazipari Rt.
(Hungary).
During the period, the Company's exposure to Asia increased, as investments were
made in Korea and China "H" shares. Key purchases included SK Corp. a strong
player in South Korea's refining industry, Kookmin Bank, the largest retail bank
in South Korea and Sinopec, the largest integrated petrochemical company in
China. Selective sales were undertaken in Taiwan, India and Indonesia as sales
targets were reached.
In Europe, the Company added Carlsberg (Denmark), a major brewing group with
significant exposure to the economies of Eastern Europe and Asia. Holdings in
telecom operators, Matav (Hungary) and Hellenic Telecommunications (Greece) were
increased. While the investigation and subsequent arrest of Michail
Khodorkovsky, the CEO and major shareholder of Yukos in Russia, did lead to some
severe market fluctuations towards the end of the period, these did not impact
performance significantly.
The Company's holdings in Brazil were increased via purchases in Companhia
Paranaense de Energia-Copel, a monopoly distributor of energy in the Parana
state and Centrais Eletricas Brasileiras SA, the federal government's holding
company for the electricity sector. We also realised some gains on Cemex
(Mexico).
Asia
Asian markets recovered strongly. The markets also benefited from the region's
continued economic recovery. Reflecting a full rebound from the SARS outbreak,
China's economy grew 9.1% in the third quarter, up from the 6.7% recorded in the
second quarter. Additionally, foreign domestic investment rose 11.9% year on
year to US$40.2 billion in the first nine months of the year, signalling China's
attractiveness to international investors.
In South Korea, second quarter GDP grew 1.9% year on year, leading the
government to reduce its growth forecast for the year to 3.5% from 5.5%. While
GDP growth in South Korea has slowed, strengthening exports could help boost the
country's recovery in the future. Towards the end of the period, attention was
diverted to the political scene when following the defection of 37 members of
the ruling Millennium Democratic Party (MDP), President Roh Moo-hyun also
resigned from the MDP. Additionally, the President announced intentions of
holding a national referendum to judge public confidence in his leadership on 15
December. Roh also said that he would resign if the referendum went against him.
However, recent polls have showed Roh will emerge victorious in the voting.
Thus, the opposition parties agreed that the referendum should not be held. The
speaker of the National Party announced that it would ask Roh to withdraw the
motion. Thus, no major impact is expected to result from this event.
Confirming its regional significance, Thailand hosted the Asia-Pacific Economic
Cooperation (APEC) meeting during October, the conclusion of which saw leaders
from the 21 member-states pledging to improve trade, security and economic
development issues. Strengthening macroeconomic fundamentals as well as a stable
political arena have also accelerated Thailand's economic recovery. Thailand's
economic growth has continued uninterrupted. The Finance Ministry raised 2003
GDP projections by a full percentage point to 6.1%. Second quarter GDP grew 5.8%
year on year, following growth of 6.7% year on year in the first quarter,
supported by strong export growth and resilient domestic spending.
Latin America
Latin American markets continued on an upward trend during the period as key
economies such as Brazil, Argentina and Mexico continued to reap the benefits of
reforms and economic recovery. Latest in Brazil was the Lower House approval of
the bankruptcy law and the pension bill, both of which will now be sent to the
Senate for approval. That news is positive since it could increase the banking
sector's growth potential and reduce the perception of risk in the sector. The
implementation of the pension bill is expected to reduce inequalities in the
current system and improve the country's fiscal position. The Argentine
government finally reached an agreement with the IMF allowing the country to
roll-over the US$12.5 billion owed to the organization (no fresh money
commitments were awarded) and US$21 billion in total to multilateral
organisations over the next 3 years. In exchange, Argentina has committed to a
3.0% primary surplus (Federal government and provinces) for 2004. This news
provided the local stock markets with a further boost. In Mexico, President Fox
delivered his third State of the Union address and stressed the need for
structural reforms in order to boost the country's recovery. Public Policy
Coordinator Eduardo Sojo made known that the government's priority during the
next legislative period would be the fiscal and energy reforms. Further
integration with the US was the government's third priority. Economically,
signalling Mexico's strengthening economy, the country extinguished all of its
Brady bonds, repaying the last US$1.29 billion in June.
Southern / Eastern Europe
As already noted, Eastern European markets also rose as the last of the
prospective EU candidates successfully passed referendums for accession next
year. Efforts on the reform front are expected to continue as EU candidates work
towards the fulfilment of accession goals. In Hungary, second quarter GDP grew
2.4% year on year, after recording a growth of 2.7% in the first quarter.
Despite some concerns surrounding the country's growing trade deficit, Moody's
maintained a stable outlook for the country's A1 rating citing Hungary's
integration with the rest of Europe and entry into the European Monetary Union
targeted for 2008.
Rating agencies, Moody's and Standard & Poor's, both upgraded their respective
ratings for Turkey. S&P raised the country's long-term foreign currency rating
to B+ from B while Moody's raised the outlook on the nation's B1 rating to
stable from negative. The agencies cited Turkey's commitment to reforms,
improving debt levels as a result of lower real interest rates and strong
foreign exchange reserves. The IMF is expected to complete its sixth review in
November, which would lead to the disbursement of US$487 million.
South Africa
South Africa's financial sector started implementation of a US$10.5 billion
black empowerment charter, which requires that at least 25% of every South
African financial institution should be black-owned by 2010. Moreover, each
institution is required to spend 1.5% of its annual payroll to train black
employees over the next five years. While the charter is voluntary, 10 industry
associations in the sector fully support it. It is believed that the goals set
forth in the charter could result in greater sustainability as well as higher
economic growth. Economically, second quarter GDP grew 1.8% year on year,
compared to 2.5% year on year in the first quarter, mainly due to weaker exports
as a result of lower global demand. US President George W. Bush visited South
Africa where he and President Thabo Mbeki discussed matters pertaining to AIDS
and Zimbabwe. South Africa and Iran signed numerous pacts on a range of issues.
Outlook
Despite many political and other uncertainties worldwide, there do appear to be
encouraging signs of strengthening economic activity and prospects. Whilst
likely to continue to be more volatile than fully-developed countries, we
believe emerging markets continue to hold great promise because of their
attractive valuations, high growth rates, young and increasingly literate
populations, improving corporate transparency, high foreign reserves,
undervalued currencies, improving capital market conditions and strengthening
political stability. The list is endless. As such, we will continue to follow
our value strategy and identify those companies selling at the greatest discount
to future intrinsic value. Over time we expect this approach to will produce the
greatest share price returns commensurate with minimal risk.
Thank you for your continued interest and support.
Dr. Mark Mobius, Ph.D.
Fund Manager
16 December 2003
This report does not constitute or form part of any offer for shares or an
invitation to apply for shares. Subscriptions for shares in the Templeton
Investment Plan can only be made on the basis of the most recent brochure. The
price of shares and income from them can go down as well as up and you may not
get back the full amount that you invested. Past performance is no guarantee of
future performance. Currency fluctuations will affect the value of overseas
investments. Emerging Markets can be more risky than Developed Markets. Please
consult your profesional adviser before deciding to invest. The research and
analysis contained herein has been procured by Franklin Templeton Investments
for its own purposes and may have been acted upon in that connection, and as
such is provided to you only incidentally
Copies of the Interim Report will shortly be sent to shareholders.
For information please contact David Bliss/Will Rogers at UBS Limited (0207 567
8000) or David Smart at Franklin Templeton Investment Management Limited (0207
925 7171). No representation or warranty is made by UBS Limited as to the
accuracy or completeness of the information contained in this announcement and
no liability will be accepted for any loss arising from its use. These figures
have been prepared by Franklin Templeton Investments and are their sole
responsibility.
End of Announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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