TIDMATR
RNS Number : 5625Q
Schroder Asian Total Retn InvCo PLC
13 September 2017
Half Year Report
Schroder Asian Total Return Investment Company plc hereby
submits its Half Year Report for the period ended 30 June 2017 as
required by the UK Listing Authority's Disclosure Guidance and
Transparency Rule 4.2.
The Half Year Report is also being published in hard copy format
and an electronic copy of that document will shortly be available
to download from the Company's webpage. Please click on the
following link to view the document:
http://www.rns-pdf.londonstockexchange.com/rns/5625Q_-2017-9-12.pdf
The Company has submitted a pdf of the hard copy format of its
Half Year Report to the National Storage Mechanism and it will
shortly be available for inspection at
www.morningstar.co.uk/uk/NSM.
Enquiries:
Andrea Davidson
Schroder Investment Management Limited Tel: 020 7658 4430
12 September 2017
Half Year Report and Accounts for the six months ended 30 June
2017
Interim Management Report
Chairman's Statement
Performance
I am pleased to report that the Company has performed strongly
since the year end, continuing the excellent track record of the
past few years. During the six months to 30 June 2017, the Company
produced a net asset value ("NAV") total return of 19.2%,
outperforming both the Reference Index, which produced a total
return of 14.0%, and the peer group average NAV total return of
17.6%.
Further details on performance may be found in the Portfolio
Managers' review.
Promotion and discount management
The Board remains focused on promotion of the Company's shares
based on the distinctive characteristics of the Company's strategy
and the differentiation of the opportunities offered by the Company
from those offered by the peer group.
In the six months to 30 June 2017, increased demand for the
Company's shares saw a sustained narrowing of the discount, which
reduced to 0.9% at 30 June 2017 from 4.3% at the beginning of the
period. The average discount to NAV during the six month period was
4.2%, compared with an average of 9.2% for the peer group.
At the Annual General Meeting held in April 2017, the authority
from shareholders to reissue ordinary shares from treasury at a
discount of no greater than 4% to the NAV per ordinary share was
renewed. During the period, the Board has utilised this authority
to issue 4,225,000 ordinary shares, raising GBP11.9m for the
Company and providing liquidity to investors. It is pleasing to see
the discount trading closer to NAV and the Board is hopeful that
the continued narrowing of the discount will allow it to issue
shares at a premium in the future.
Gearing and the use of derivatives
The Board has agreed a disciplined framework for gearing, based
on a number of valuation indicators, and it will not exceed 30% of
net asset value. The maximum gearing level during the period was
9.2%.
The portfolio managers continued to use gearing during the
period and at 30 June 2017, it stood at 4.2%. However, adjusting
for derivative protection brings net exposure slightly below 100%
at the end of June.
Outlook
As you will read in the Portfolio Managers' Review, the evidence
points to markets being frothy though somewhat short of "bubble"
conditions following the very strong performance over the last
couple of years. Protecting these gains is at the forefront of our
minds and the managers are likely to further de-risk the portfolio
both through increasing the capital protection and by trimming back
on stocks they perceive as having higher risk. It would be
remarkable if markets continue to deliver such strong returns over
the second half of our financial year.
David Brief
Chairman
12 September 2017
Portfolio Managers' Review
Performance analysis
Asian equity markets delivered solid returns for the first half
of the year, with the Reference Index - the MSCI AC Asia Pacific
ex-Japan Index - rising 14.0% in sterling terms. Investor sentiment
was buoyed by hopes of a pick-up in global growth and as in other
global markets, regional market performance was led by strong gains
in the internet and technology stocks. The less market sensitive
telecoms and utilities sectors lagged, whilst the energy sector was
the weakest performer as falling oil prices continued to weigh on
the earnings outlook for oil stocks across the region.
On a country basis there was a significant divergence of
returns. The tech and internet heavy Korean and Chinese stock
markets performed best whereas the Australia and ASEAN markets were
generally lacklustre. Korea was also buoyed by the election of new
president Moon Jae-In, raising the hopes of potential restructuring
for the nation's large Chaebol groups. Sentiment towards the
Chinese stock market was also helped by improving economic data and
the landmark decision in mid-June by index provider MSCI to include
the onshore Chinese A-shares in a range of its benchmark
indices.
The portfolio delivered an NAV total return of 19.2% in the
first half in sterling terms. Performance was driven by strong
contribution from Chinese private sector names in the technology,
consumer discretionary and industrials sectors. Alibaba and Tencent
led the Chinese internet rally as the continued rapid growth in
their internet platforms drove major upward revisions in earnings
forecasts, while consumer names China Lodging and New Oriental
Education were up strongly on the back of rising demand for their
leisure and education services. The Company's holdings in Chinese
A-share companies Hangzhou Hikvision and Midea also saw strong
outperformance on robust earnings momentum, with their share prices
further boosted by positive sentiment ahead of MSCI's inclusion of
China A-shares in its benchmark indices.
Across other markets, Taiwan technology stocks advanced with
Apple supply chain stocks Hon Hai Precision, Largan Precision and
Taiwan Semiconductor Manufacturing benefiting from expectations of
a strong demand cycle with the launch of the new iPhone 8. Indian
private sector banks also added to gains when HDFC Bank and
Indusind Bank rebounded as concerns faded over the drag on economic
growth from the government's decision to remove high value currency
notes.
Among the laggards, Australian logistics company Brambles
corrected after the group announced a profit downgrade due to
revenue and cost pressures in its North American business. Sluggish
growth for some of the ASEAN consumer staples names also weighed on
returns with RFM Corp and PT Sumber Alfaria Trijaya underperforming
following weak earnings results against a muted consumption
backdrop.
The portfolio was slightly geared with total equity exposure of
105.9% at the end of June. Gearing was initially used to purchase
high-yielding telecom stocks and real estate investment trusts,
though high valuations and concerns about the sustainability of
yields have led to a decision to reduce the use of gearing to buy
high yielding stocks. Capital protection (in the form of put
options on the Australian, Hong Kong, China H-shares, Korean and
Taiwan markets, which offer some protection if the markets fall)
was a slight drag given strong rising markets, while the currency
hedge on the Australian dollar pared some gains amid a modest
appreciation of the currency. Adjusting for the derivative
protection, net exposure was approximately 97.8%, made up of
gearing, offset by derivative exposure of 6.4% at the end of
June.
Outlook
With Asian indices up around 25% year to date in US dollar
terms, are we in a bubble? In the view of your portfolio managers,
who have managed money over three bubbles in Asian equities (1993,
2000 and 2007), we can honestly say that at the current point we do
not think we have a bubble in Asian equities (yet). Many of the
valuation measures we look at - such as price to core earnings and
the percentage of stocks that trade below our estimate of fair
value - are expensive, but they still have some way to go compared
to the bubbles of 2000 and 2007.
Given clear signs of froth in the markets, your portfolio
managers have decided that we should aim to further de-risk the
portfolio gradually if current market conditions persist. At the
moment we are likely to do this principally via the purchase of put
options. One of the positive results of the current complacent and
borderline euphoric market conditions is that implied equity
volatility has dropped substantially, with the VIX index - a
measure of US stockmarket risk - hitting its lowest ever point in
July. This has made buying protection relatively cheap, and put
option prices in Asia are now the lowest for some time. We have
bought put options on the Hong Kong, Korean and Taiwanese indices.
Given that our tactical models still forecast an upward bias to
markets, this is the preferred way to aim to provide some capital
preservation for the portfolio, rather than selling futures or
raising cash. It also allows us to continue using a limited amount
of gearing where there are specific stock opportunities, and since
the end of June the gearing has risen slightly to 8% following the
introduction of three new holdings. We will seek to use gearing as
opportunities arise, without increasing net exposure.
It is at the stock level that we find ourselves in more of a
conundrum. At this point in the cycle we would normally be looking
to switch into lower-risk stocks that have lagged, whilst taking
profits from higher beta holdings that have exceeded even our high
estimates of fair value. This time round we are struggling. We
think many of the less market-sensitive sectors which look cheap
may stay cheap as they face disruption (e.g. utilities, telecoms,
consumer staples, commodities). As Chart 4 on page 7 of the Half
Year Report highlights, sectors we view as structurally challenged
due to disruption and rapid technological change comprise a
substantial portion of the Asian markets.
So we find ourselves in a quandary. It is increasingly clear
that big platform companies with all the data flows are likely to
remain winners (Alibaba, Tencent, etc) and that leading tech
companies in the right sectors are likely to see good momentum and,
barring strategic errors, keep their edge (TSMC, Samsung, Largan,
Hikvision, Hon Hai). Unless valuations really get silly we are not
inclined to aggressively trim these winners yet. What is clear on
the other side, however, is we should avoid overhyped, sexy,
untested models (the Snapchats, Line, Taiwan and Korea biotech
start-ups, and any private equity backed IPOs) which are where we
feel the real dangers lie at the moment as froth feeds into the
markets.
Conclusion
With the portfolio having delivered strong absolute returns year
to date, our strategy therefore is to gradually trim more
market-sensitive holdings, and look for incumbent companies in
sectors where we feel the threat of disruption is less or has been
overhyped. Currently this is steering us back towards selected
financials where, due to the incumbent advantage of large client
databases and the high regulatory pressure and costs facing
start-ups, we feel fintech newcomers may struggle to make
significant headway. Other areas we are looking at include selected
domestic companies in Australia which have lagged due to short term
worries about the slowing economy, and office property in Hong Kong
where we think the demand-supply balance remains favourable.
Robin Parbrook, King Fuei Lee
For Schroder Investment Management Limited
12 September 2017
Securities shown are for illustrative purposes only and should
not be viewed as a recommendation to buy or sell.
Principal risks and uncertainties
The principal risks and uncertainties with the Company's
business fall into the following categories: strategic risk;
investment management risk; custody risk; financial and currency
risk; gearing and leverage risk; accounting, legal and regulatory
risk; and service provider risk. A detailed explanation of the
risks and uncertainties in each of these categories can be found on
pages 18 and 19 of the Company's published Annual Report and
Accounts for the year ended 31 December 2016.
These risks and uncertainties have not materially changed during
the six months ended 30 June 2017 with the exception of cyber risk
relating to the Company's key service providers. The Board
considers that this has increased in light of the rising frequency
and success of cyber attacks on businesses and institutions. In
order to ensure that this risk is managed and mitigated
appropriately, the Board is seeking assurances on cyber risk
controls from its key service providers.
Going concern
Having assessed the principal risks and uncertainties, and the
other matters discussed in connection with the viability statement
as set out on page 20 of the published Annual Report and Accounts
for the year ended 31 December 2016, the Directors consider it
appropriate to adopt the going concern basis in preparing the
accounts.
Related party transactions
There have been no transactions with related parties that have
materially affected the financial position or the performance of
the Company during the six months ended 30 June 2017.
Directors' responsibility statement
The Directors confirm that, to the best of their knowledge, this
set of condensed financial statements has been prepared in
accordance with United Kingdom Generally Accepted Accounting
Practice ("UK GAAP") and with the Statement of Recommended
Practice, "Financial Statements of Investment Trust Companies and
Venture Capital Trusts" issued in November 2014 and that this
Interim Management Report includes a fair review of the information
required by 4.2.7R and 4.2.8R of the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules.
Income Statement
(Unaudited) (Unaudited) (Audited) For
For the six For the six the year
months months ended 31 December
ended 30 June ended 30 June 2016
2017 2016
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains on investments
held at fair
value through
profit or
loss - 43,405 43,405 - 25,220 25,220 - 46,666 46,666
Net losses
on derivative
contracts - (5,181) (5,181) - (744) (744) - (485) (485)
Net foreign
currency gains/(losses) - 979 979 - (914) (914) - (2,289) (2,289)
Income from
investments 2,603 - 2,603 2,396 - 2,396 4,765 - 4,765
Other interest
receivable
and similar
income 6 - 6 233 - 233 34 - 34
Gross return 2,609 39,203 41,812 2,629 23,562 26,191 4,799 43,892 48,691
Investment
management
fee (193) (579) (772) (143) (428) (571) (317) (950) (1,267)
Performance
fee provision - (2,677) (2,677) - (1,429) (1,429) - (2,650) (2,650)
Administrative
expenses (296) - (296) (288) - (288) (564) - (564)
Net return
before finance
costs and
taxation 2,120 35,947 38,067 2,198 21,705 23,903 3,918 40,292 44,210
Finance costs (32) (96) (128) (16) (49) (65) (42) (126) (168)
Net return
on ordinary
activities
before taxation 2,088 35,851 37,939 2,182 21,656 23,838 3,876 40,166 44,042
Taxation on
ordinary activities 3 5 - 5 (184) - (184) 64 - 64
Net return
on ordinary
activities
after taxation 2,093 35,851 37,944 1,998 21,656 23,654 3,940 40,166 44,106
Return per
share - basic
and diluted 4 2.82p 48.34p 51.16p 2.74p 29.69p 32.43p 5.40p 55.07p 60.47p
The "Total" column of this statement is the profit and loss
account of the Company. The "Revenue" and "Capital" columns
represent supplementary information prepared under guidance issued
by The Association of Investment Companies. The Company has no
other items of other comprehensive income, and therefore the net
return on ordinary activities after taxation is also the total
comprehensive income for the period.
All revenue and capital items in the above statement derive from
continuing operations. No operations were acquired or discontinued
in the period.
Statement of Changes in Equity
For the six months ended 30 June 2017 (unaudited)
Called-up Capital
share Share redemption Special Capital Revenue
capital premium reserve reserve reserves reserve Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 December
2016 4,260 5 11,646 29,182 137,783 12,141 195,017
Repurchase of
the Company's
own shares into
treasury - - - - (334) - (334)
reissue of shares
from treasury - 3,330 - - 8,545 - 11,875
Net return on
ordinary activities - - - - 35,851 2,093 37,944
Dividend paid
in the period 5 - - - - - (3,273) (3,273)
At 30 June 2017 4,260 3,335 11,646 29,182 181,845 10,961 241,229
For the six months ended 30 June 2016 (unaudited)
Called-up Capital
share Share redemption Special Capital Revenue
capital premium reserve reserve reserves reserve Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 December 2015 4,260 5 11,646 29,182 98,120 10,973 154,186
Net return on ordinary activities - - - - 21,656 1,998 23,654
Dividend paid in the period 5 - - - - - (2,772) (2,772)
At 30 June 2016 4,260 5 11,646 29,182 119,776 10,199 175,068
For the year ended 31 December 2016 (audited)
Called-up Capital
share Share redemption Special Capital Revenue
capital premium reserve reserve reserves reserve Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 December 2015 4,260 5 11,646 29,182 98,120 10,973 154,186
Repurchase of the Company's
own shares into treasury - - - - (503) - (503)
Net return on ordinary activities - - - - 40,166 3,940 44,106
Dividend paid in the year 5 - - - - - (2,772) (2,772)
At 31 December 2016 4,260 5 11,646 29,182 137,783 12,141 195,017
Statement of Financial Position
(Unaudited) (Unaudited) (Audited)
30 June 30 June 31 December
2017 2016 2016
Note GBP'000 GBP'000 GBP'000
Fixed assets
Investments held at fair value through profit
or loss 255,434 183,231 207,947
Current assets
Debtors 584 3,131 1,255
Cash at bank and in hand 911 4,420 7,310
Derivative financial instruments held at
fair value
through profit or loss 592 472 2,681
2,087 8,023 11,246
Current liabilities
Creditors: amounts falling due within one
year (16,029) (16,104) (24,176)
Derivative financial instruments held at
fair value
through profit or loss (263) (82) -
(16,292) (16,186) (24,176)
Net current liabilities (14,205) (8,163) (12,930)
Total assets less current liabilities 241,229 175,068 195,017
Net assets 241,229 175,068 195,017
Capital and reserves
Called-up share capital 6 4,260 4,260 4,260
Share premium 3,335 5 5
Capital redemption reserve 11,646 11,646 11,646
Special reserve 29,182 29,182 29,182
Capital reserves 181,845 119,776 137,783
Revenue reserve 10,961 10,199 12,141
Total equity shareholders' funds 241,229 175,068 195,017
Net asset value per share 7
Undiluted 313.88p 239.99p 268.07p
Diluted 313.67p N/A 267.09p
Registered in England and Wales
Company registration number: 02153093
Cash Flow Statement
(Unaudited) (Unaudited)
For the For the (Audited)
six months six months For the
ended ended year ended
30 June 30 June 31 December
2017 2016 2016
Note GBP'000 GBP'000 GBP'000
Net cash (outflow)/inflow
from operating activities 8 (930) 1,349 3,037
Net cash outflow from servicing
of finance (130) (61) (161)
Net cash outflow from investment
activities (4,520) (4,930) (9,478)
Dividends paid (3,273) (2,772) (2,772)
Net cash inflow from financing 730 4,553 10,273
Net cash (outflow)/inflow
in the period (8,123) (1,861) 899
Reconciliation of net cash
flow to movement in net
funds
Net cash (outflow)/inflow
in the period (8,123) (1,861) 899
Bank loan repaid/(drawn
down) 10,812 (4,554) (10,776)
Exchange movements 979 (914) (2,289)
Changes in net funds arising
from cash flows 3,668 (7,329) (12,166)
Net debt at the beginning
of the period (13,732) (1,566) (1,566)
Net debt at the end of
the period (10,064) (8,895) (13,732)
Represented by:
Cash at bank and in hand 911 4,420 7,310
Bank overdrafts (2,891) - -
Bank loans (8,084) (13,315) (21,042)
Net debt (10,064) (8,895) (13,732)
Notes to the Accounts
1. Financial Statements
The information contained within the accounts in this Half Year
report has not been audited or reviewed by the Company's
auditors.
The figures and financial information for the year ended 31
December 2016 are extracted from the latest published accounts of
the Company and do not constitute statutory accounts for that year.
Those accounts have been delivered to the Registrar of Companies
and included the report of the auditors which was unqualified and
did not contain a statement under either section 498(2) or 498(3)
of the Companies Act 2006.
2. Accounting policies
Basis of accounting
The accounts have been prepared in accordance with United
Kingdom Generally Accepted Accounting Practice and with the
Statement of Recommend Practice "Financial Statements of Investment
Trust Companies and Venture Capital Trusts" issued by the
Association of Investment Companies in November 2014 and updated in
January 2017.
All of the Company's operations are of a continuing nature.
The accounting policies applied to these accounts are consistent
with those applied in the accounts for the year ended 31 December
2016.
3. Taxation on ordinary activities
The Company's effective corporation tax rate is nil, as
deductible expenses exceed taxable income. The taxation
credit/(charge) comprises irrecoverable overseas withholding tax on
dividends receivable, offset by Taiwanese withholding tax
recovered, relating to prior periods.
4. Return per share
(Unaudited) (Unaudited)
Six months Six months (Audited)
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Revenue return 2,093 1,998 3,940
Capital return 35,851 21,656 40,166
Total return 37,944 23,654 44,106
Weighted average number of shares in issue during the period,
excluding shares held in treasury 74,167,594 72,949,141 72,931,791
Revenue return per share 2.82p 2.74p 5.40p
Capital return per share 48.34p 29.69p 55.07p
Total return per share 51.16p 32.43p 60.47p
There is no dilution to the above returns per share when the
diluted returns are calculated in accordance with the requirements
of Financial Reporting Standard 102.
5. Dividend paid
(Unaudited) (Unaudited)
Six months Six months (Audited)
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
2016 dividend paid of 4.50p (2015: 3.80p) 3,273 2,772 2,772
No interim dividend has been declared in respect of the year
ending 31 December 2017 (2016: nil).
6. Called-up share capital
(Unaudited) (Unaudited)
Six months Six months (Audited)
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Changes in called-up share capital during the period were as follows:
Opening balance, ordinary shares of 5p each, allotted, called-up and fully paid 3,637 3,647 3,647
Repurchase of shares into treasury (6) - (10)
Reissue of shares from treasury 212 - -
Subtotal, ordinary shares of 5p each, excluding shares held in treasury 3,843 3,647 3,637
Shares held in treasury 417 613 623
Closing balance, ordinary shares of 5p each, including shares held in treasury 4,260 4,260 4,260
(Unaudited) (Unaudited)
Six months Six months (Audited)
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
Changes in the number of shares in issue during the period
were as follows:
Opening balance of shares in issue, excluding shares held in treasury 72,749,141 72,949,141 72,949,141
Repurchase of shares into treasury (120,000) - (200,000)
Reissue of shares from treasury 4,225,000 - -
Closing balance of shares in issue, excluding shares held in treasury 76,854,141 72,949,141 72,749,141
Closing balance of shares held in treasury 8,350,671 12,255,671 12,455,671
Closing balance of shares in issue, including shares held in treasury 85,204,812 85,204,812 85,204,812
7. Net asset value per share
(Unaudited) (Unaudited)
Six months Six months (Audited)
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
Undiluted
Total equity shareholders' funds (GBP'000) 241,229 175,068 195,017
Shares in issue at the period end 76,854,141 72,949,141 72,749,141
Net asset value per share 313.88p 239.99p 268.07p
Diluted(1)
Total equity shareholders' funds assuming reissue of any dilutive treasury
shares (GBP'000) 260,308 N/A 213,790
Potential shares in issue at the period end in accordance with the authority
granted at the
AGM 82,987,041 N/A 80,044,055
Net asset value per share 313.67p N/A 267.09p
(1) The diluted net asset value per share assumes that all
potentially dilutive treasury shares were reissued at the period
end. At a General Meeting on 15 November 2016, the Company was
granted authority to reissue a number (being up to 10% of the
ordinary shares in issue) of shares from treasury at a discount of
no greater than 4% to the net asset value per share at the time of
sale. This authority was renewed at the Annual General Meeting on
26 April 2017.
8. Reconciliation of total return on ordinary activities before
finance costs and taxation to net cash inflow from operating
activities
(Unaudited) (Unaudited)
Six months Six months (Audited)
ended ended Year ended
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Total return before finance costs and taxation 38,067 23,903 44,210
Less capital return before finance costs and taxation (35,947) (21,705) (40,292)
Stock dividends received as income - - (53)
(Increase)/decrease in prepayments and accrued income (1) (12) 45
Increase in other debtors (350) (431) (14)
Increase in creditors 520 1,520 2,738
Management fee allocated to capital (579) (428) (950)
Performance fee allocated to capital (2,677) (1,429) (2,650)
Taiwanese withholding tax recovered 184 - 317
Overseas withholding tax deducted at source (147) (69) (314)
Net cash (outflow)/inflow from operating activities (930) 1,349 3,037
9. Financial instruments measured at fair value
The Company's financial instruments that are held at fair value
include its investment portfolio and derivative financial
instruments.
Paragraph 34.22 (amended) of FRS 102 requires that these
financial instruments are categorised into a hierarchy consisting
of the following three levels:
Level 1 - valued using unadjusted quoted prices in active
markets for identical assets.
Level 2 - valued using observable inputs other than quoted
prices included within Level 1.
Level 3 - valued using inputs that are unobservable.
The following table sets out the fair value measurements using
the above hierarchy:
30 June 2017 (unaudited)
Level 1 Level 2 Level 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
Financial instruments held at fair value through profit or loss
Equity investments and derivative financial instruments 248,450 - - 248,450
Participatory notes(1) - 7,313 - 7,313
Total 248,450 7,313 - 255,763
30 June 2016 (unaudited)
Level 1 Level 2 Level 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
Financial instruments held at fair value through profit or loss
Equity investments and derivative financial instruments 170,856 - - 170,856
Participatory notes(1) - 12,765 - 12,765
Total 170,856 12,765 - 183,621
31 December 2016 (audited)
Level 1 Level 2 Level 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
Financial instruments held at fair value through profit or loss
Equity investments and derivative financial instruments 200,492 - - 200,492
Participatory notes(1) - 10,136 - 10,136
Total 200,492 10,136 - 210,628
(1) Participatory notes, which are valued using the quoted bid
prices of the underlying securities, have been allocated to Level 2
as, strictly, these are not identical assets.
10. Events after the interim period that have not been reflected
in the financial statements for the interim period
The Directors have evaluated the period since the interim date
and have confirmed that there are no significant events which have
not been reflected in the financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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