TIDMFCI
RNS Number : 6073Y
F&C Capital & Income Inv Tst PLC
06 December 2017
Date: 6 December 2017
Contact: Julian Cane
F&C Investment Business Limited
020 7628 8000
LEI: 21380052ETTRKV2A6Y19
F&C Capital and Income Investment Trust PLC
Audited Statement of Results
for the year ended 30 September 2017
Highlights
-- Share price total return for the year was 15.8%, with an
average premium to Net Asset Value of 1.6%.
-- Total ordinary dividends of 10.65 pence per share - an
increase of 3.4% over the previous year and the 24(th) consecutive
annual increase.
-- Net Asset Value total return for the year was 16.6%,
outperforming the benchmark FTSE All-Share Index return of
11.9%.
"An investor would probably be unwise to rely on the results of
any given year as this can lead to a bumpy ride. To this end, we
spend time focusing on longer term numbers and I am very pleased to
say that these too are excellent. Over three years the Net Asset
Value per share total return was 40.9%, with the benchmark up
27.8%; over five years it was 72.7% vs. 61.2%; over 10 years the
return was 82.7% vs 75.2%; and over 20 years, it was 265.6% vs
216.3%."
Steve Bates
Chairman
Summary of results
30 September 2017 30 September 2016 % Change
Attributable to Shareholders
----------------------------------------- ------------------- ------------------- ----------
Share price total return 15.8% 16.6% n/a
----------------------------------------- ------------------- ------------------- ----------
Net asset value per share total return 16.6% 16.6% n/a
----------------------------------------- ------------------- ------------------- ----------
Benchmark* total return 11.9% 16.8% n/a
----------------------------------------- ------------------- ------------------- ----------
Net asset value per share 317.11p 281.06p +12.8
----------------------------------------- ------------------- ------------------- ----------
Revenue return per share 11.71p 11.26p +4.0
----------------------------------------- ------------------- ------------------- ----------
Dividends per share 10.65p 10.30p +3.4
Share price 321.00p 287.00p +11.8
----------------------------------------- ------------------- ------------------- ----------
Net asset value (GBP'000s) 312,463 272,027 +14.9
----------------------------------------- ------------------- ------------------- ----------
On-going charges 0.59% 0.64% n/a
----------------------------------------- ------------------- ------------------- ----------
*FTSE All-Share Index
The Chairman, commenting on the results, said:
We seem to have been stuck in a similar investing environment
for ten years now. Investors have spent a lot of time and energy
attempting to understand when and how circumstances might change,
and have largely ended up concluding that they would not.
With the benefit of hindsight, the correct strategy for an
investor to follow would simply have been to allow the monetary
stimulus to do its work and then invest in the riskiest assets.
This has proven a good outcome for equities at the expense of fixed
income assets. There have, of course, been periods where this has
seemed to be the wrong strategy, either because of geopolitical
events or because the economy looked like it might tip over into
recession or trigger runaway inflation. These moments added
piquancy to the investment decision, but it was usually right to
ignore the siren call of doing something different.
Today, things are in the process of shifting, but not by much.
In the US, the Federal Reserve (Fed), led by Janet Yellen, believes
that the current low level of inflation is a temporary phenomenon
which will soon rise as unemployment continues to fall and wages
increase in response to tighter labour market conditions. The Fed
has declared that it will begin a process of quantitative
tightening which is likely to lead to modest rises in interest
rates and the removal of elements of monetary stimulus. This is all
being executed quite cautiously, however.
In the UK, inflation has picked up, but largely as a result of
the decline in sterling following the Brexit vote. It is likely
that this is a step change adjustment to prices which will not
follow through into excessive wage demands. The language of the
Bank of England, though, has turned more hawkish because it
believes that a very low unemployment rate, combined with a
weariness about austerity holds a risk of increasing inflationary
expectations. The UK is a global outlier on the inflation spectrum
because of Brexit related risk.
Against this background - Groundhog Day, as it were, the UK
market has performed quite respectably, rising by 11.9%, although
most of the action took place in the first half of your Company's
fiscal year. Smaller companies generated slightly higher returns
than their larger brethren, but in general, the rising tide lifted
all ships.
Performance
This year, our Net Asset Value per share on a total return basis
was 16.6%. The FTSE All-Share Index, our benchmark, rose by 11.9%
as mentioned earlier. This is an excellent return, coming as it
does on the heels of a coincidentally identical outcome in the
prior year, and it is very pleasing that Julian Cane, your fund
manager, has shown the index a clean pair of heels. As an investor,
you would probably be unwise to rely on the results of any given
year. Experience shows that this can lead to a bumpy ride, given
market volatility and the fact that Julian's investment horizon
extends well beyond one year. To this end, your Board spends time
focusing on longer term numbers, and I am pleased to report that
these too are excellent. Over three years the Net Asset Value per
share total return was 40.9%, with the benchmark up 27.8%; over
five years it was 72.7% vs. 61.2%; over 10 years the return was
82.7% vs 75.2%; and over 20 years, it was 265.6% vs 216.3%.
The share price has more or less kept pace with the Net Asset
Value returns throughout these periods except over 20 years where
the effect of the shares initially trading at a material discount
to net asset value has led to an even stronger return. It lagged
slightly in the current year (+15.8%) as the premium slipped
marginally. Julian has managed the portfolio throughout this era,
and as I have pointed out before, the length of his tenure and his
level-headed stewardship of your Company's assets are to be highly
prized.
Gearing and Attribution
Average gearing over the course of the year was around 7% and
our analysis shows that the contribution to total return from
gearing was approximately one percentage point. We are considering
how best to replace our fixed term borrowing facility which expires
in March.
The biggest positive contributors to performance were in the
Financial Services sector, especially OneSavings Bank (+64%),
Intermediate Capital (+64%) and Arrow Global (+49%). All have
strong niche operations, high returns and good growth. They are
preferred to the larger "me-too" financials, which may have higher
yields, but less attractive long-term prospects.
The biggest detractors from performance were our underweight
positions in some of the largest sectors - Banks, Mining and Oil
& Gas Producers. Stock selection within these sectors was in
line with the sector performance, but the relative lack of exposure
had costs in relative terms because of their strong performance
(Banks +29%, Mining +40%, Oil & Gas Producers +19%).
Income Account
The revenue return per share was 11.71 pence, representing an
increase of 4.0% over the previous year. There have been some high
profile profits warnings amongst large UK companies and the
portfolio has been peripherally affected by some of these.
Nevertheless, profits have remained quite robust and the dividend
flow into the portfolio has held up, despite the fact that pay-out
ratios are high. In determining the annual dividend payment, we
take into account not just the health of the income account but
also the rising level of inflation currently seen in the UK
economy. The policy of the Board has always been to offer
Shareholders a stable and growing dividend over time, and we
recognise that from time to time it will be appropriate to dip into
our revenue reserve to meet this objective. You will see from the
accounts that our revenue reserve stands at GBP12.3 million or 12.5
pence per share, which is clearly robust enough to support dividend
payments for many years ahead, should that prove necessary.
This year so far, we have paid three interim dividends of 2.4
pence per share, amounting to a total of 7.2 pence per share. We
will be paying a fourth interim dividend of 3.45 pence, bringing
the total for the year to 10.65 pence fully covered by earnings.
This equates to an increase of 3.4% over the last year and compares
with the latest UK inflation (CPI) rate of 3.0%. This is the 24th
consecutive year of increased ordinary dividends, a record which we
very much hope to be able to continue. Over the longer term our
dividend growth has been more than twice the rate of inflation.
To meet the needs of Shareholders we pay quarterly dividends in
March, June, September and December, but this does mean you are
unable to formerly approve a final dividend each year. As an
alternative the Board will seek approval of this aspect of the
Company's dividend policy by way of a resolution at the AGM and in
future years.
Costs
On the cost side of the income account, our ongoing charges
ratio (OCR) sits at 0.59%, compared with 0.64% last year. The
overall cost of holding an asset eats into returns, of course, and
although the returns in this statement are net of all those costs,
it is a ratio which needs to be transparent to Shareholders. We try
to ensure that our OCR is competitive with other savings vehicles,
but we do acknowledge that passive structures may cost less than we
do. It is therefore gratifying to note that your Company has
provided you with a better return than an equivalent passive
vehicle would have done both this year and over longer time
periods, despite that extra cost.
Discount/Premium
Over the fiscal year, the shares have traded at an average
premium to Net Asset Value of 1.6%. This pattern has persisted for
several years now as investors have bid up the shares of investment
trusts offering relatively high and growing income in an
environment where interest rates are almost zero. The premium has
allowed us to issue 1,750,000 new shares this year, for an
additional capital contribution of GBP5.3 million. These shares are
always issued at a premium large enough to avoid the risk of
diluting the Net Asset Value for existing Shareholders and the new
capital contributes to a larger asset base over which to spread our
fixed costs. To this end, your Board believes that the continuing
issuance of shares in this manner is in your interests.
There is no guarantee that the existence of a premium will
continue indefinitely, but if it comes to an end, we will be as
assiduous in buying shares back as we have been in issuing
them.
Governance Matters
This year, the investment management industry has been wrestling
with a new piece of regulation called MiFID II which comes into
effect in January 2018. This expands on the earlier Markets in
Financial Instruments Directive (MiFID) and while its purpose is to
improve the functioning of financial markets and increase customer
protection it is also causing large parts of the industry to tear
its hair out. Many of our Shareholders who hold their shares
through the F&C Savings Plans will have been asked by F&C
to provide information, such as their National Insurance Number or
date of birth if this hasn't already been supplied. Tiresome though
this is, we would urge those of you who haven't responded to do so
as the rules as they currently stand mean that restrictions will be
placed on your savings plan account; monthly investments, dividend
reinvestments and the ability to make one-off purchases will,
reluctantly, have to be put on hold in January until the
information has been provided.
Another aspect of the directive affecting investment managers is
the requirement to produce a Key Information Document, without
which an investment product cannot be sold to retail investors. The
way the information in the document has to be presented is highly
complicated and prescriptive resulting in what might politely be
described as a somewhat perverse outcome, given its intended use of
informing and protecting investors. This is an industry wide matter
not limited to your Company and it is to be hoped in time that any
issues arising from it will be quickly resolved.
Continuation vote and Shareholder satisfaction
Shareholders have the opportunity to vote every five years on
whether the Company should continue as an investment trust. This
will next arise at the forthcoming AGM. In the past, we have
canvassed opinion ahead of continuation votes and this year we have
again conducted a survey amongst our Shareholders to solicit a
broad range of your views and opinions.
We achieved an overall response rate of 10% and good feedback.
The most important elements of the survey concerned your views
about the performance of the trust and the various characteristics
of our mandate which most appealed. On the first point, 85% of
participants felt that the performance of the trust was
satisfactory or very satisfactory, which compares favourably to the
60% rating we received in 2012. As to the appeal of the
characteristics, 15% of participants considered it to be dividend
growth while another 15% saw it as being growth in capital. That is
perhaps not surprising given our dual mandate, but a notable 22%
regarded a feeling of relative safety as most important and, in a
similar vein, another 18% felt that the reputation and security
offered by F&C was the most attractive feature. Strong
performance and the yield largely took up the balance between them.
There was also detailed feedback on the content and usefulness of
the website and some other areas, which the Board will also take
into account.
This is helpful and supportive feedback and I would like to
thank all of you who took the time to participate. The survey was
taken from a sample of the Shareholder base, so if you were not
included and wish to express an opinion good or bad, please let us
know directly. We will take all views into account as we move
forward.
Annual General Meeting
The AGM will take place on 13 February 2018. Julian will be
giving a presentation on the investment scene and the Directors
will be available to answer any questions you may have. As I have
mentioned, one important matter is the continuation vote. In view
of the support we have received from the Shareholder survey and
strong performance we have no hesitation in recommending that you
vote in favour of continuation. The Directors intend to vote their
own Shareholdings the same way.
Outlook
The expansion in the global economy has been underway now for
several years, albeit at rather a muted pace. The monetary
authorities around the world are gradually attempting to bring some
semblance of normality back to interest rates, but caution remains
the watchword, as debt levels are elevated and economies are still
fragile. This is arguably a slightly less benign environment than
that which has reigned in the last couple of years, but it is also
not a harbinger of doom and gloom. Most stock market analysts would
not be surprised if markets trod water for a while. Valuations (in
general) are somewhat elevated and investors seem complacent about
risks in both economic and political spheres.
In the UK, things are quite difficult, largely because of the
uncertainty surrounding Brexit and the fact that economic activity
seems to be suffering as a result. Again, the UK is not an island
(metaphorically, anyway) and many of the businesses here will
prosper regardless of the Brexit outturn. It is not easy, but with
Julian you have a trusty skipper at the wheel.
Steven Bates
Chairman
6 December 2017
Principal Risks and Future Prospects
The principal risks and their mitigations are described below.
Note 22 on the Report and Accounts details the Financial Risk
Management of the Company. The risks that affect the Company's
ongoing operations may vary in significance from time to time. The
principal risks identified as most relevant to the assessment of
the Company's future prospects and viability were those relating to
potential investment portfolio under-performance and its effect on
the share price; discount movement; dividends; and threats to
security over the Company's assets.
-- Risk description: Inappropriate business or marketing
strategy particularly in relation to investor needs giving rise to
a share price discount to net asset value per share. Unchanged
throughout the year under review.
Mitigation: The Board holds a separate meeting each year to
consider strategic issues. Market intelligence is maintained via
the Company's broker. The effectiveness of the marketing strategy
is also reviewed at each Board meeting. Shareholder satisfaction
surveys are conducted at least every five years ahead of the
Company's continuation vote. A share buyback policy would be
employed in the event of extensive discount volatility.
-- Risk description: Unfavourable markets or asset allocation,
sector and stock selection and use of gearing and derivatives are
inappropriate giving rise to investment underperformance as well as
impacting capacity to pay dividends. Unchanged throughout the year
under review.
Mitigation: The portfolio of quoted securities is diversified
and the Company's structure enables it to take a long-term view.
Investment policy, performance, revenue and gearing are reviewed at
each Board meeting. F&C's Performance and Risk Oversight team
provides independent oversight on investment risk management. The
Board regularly considers operating costs along with underlying
dividend income and the implications for the dividend payment
capacity of the Company.
-- Risk description: Failure of F&C as the Company's main
service provider to continue to operate effectively including the
loss of key staff. Unchanged throughout the year under review.
Mitigation: The Board meets regularly with the management of
F&C and meets their risk management team to review Internal
Control and Risk Reports. F&C's appointment is reviewed
annually and can be terminated on six month's notice. They
structure their recruitment and remuneration packages in order to
retain key staff and work closely with the Board on any significant
management changes.
-- Risk description: Errors, fraud or control failures at
service providers (including the F&C savings plan
administrator) or loss of data through increasing cyber threats or
business continuity failure could damage reputation or investors'
interests or result in losses. Risk of cyber attacks increased in
the year under review.
Mitigation: The Board receives regular control reports from
F&C covering risk and compliance including oversight of third
party service providers. The Board has access to their Head of
Business Risk and requires any significant issues directly relevant
to the Company to be reported immediately. The Depositary is
specifically liable for loss of any of the Company's securities and
cash held in custody.
Rolling Three Year Viability Horizon
When considering the risk of under-performance, the Board
assessed and evaluated the following areas through a series of
stress tests:
-- potential illiquidity of the Company's portfolio;
-- the effects of any substantial future falls in investment
values and income receipts on the ability to repay
and re- negotiate borrowings;
-- potential breaches of loan covenants, the maintenance of
dividend payments and retention of investors; and
-- the potential need for extensive share buybacks in the event
of share price volatility and a move to a wide discount.
Based on its assessment and evaluation of the Company's future
prospects, the Board has a reasonable expectation that the Company
will be able to continue in operation and meet its liabilities as
they fall due over the coming three years; the Company's business
model, strategy and the embedded characteristics have helped define
and maintain the stability of the Company since inception. The
Board expects this to continue and will assess viability over
subsequent three year rolling periods.
Statement of Directors' Responsibilities
In accordance with Chapter 4 of the Disclosure and Transparency
Rules the Directors confirm, that to the best of their
knowledge:
-- the financial statements, prepared in accordance with
applicable accounting standards give a true and fair view of the
assets, liabilities, financial position and profit of the
Company;
-- the Strategic report includes a fair review of the
development and performance of the business and the position of the
Company, together with a description of the principal risks and
uncertainties that they face; and
-- the annual report and financial statements, taken as a whole,
are fair, balanced and understandable and provide the information
necessary for Shareholders to assess the Company's position and
performance, business model and strategy.
On behalf of the Board
Steven Bates
Chairman
6 December 2017
Income Statement
for the year ended 30 September 2017 2016
Revenue Capital Total Revenue Capital Total
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Gains on investments - 34,881 34,881 - 29,310 29,310
Foreign exchange gains/(losses) 8 (7) 1 31 (4) 27
Income 12,767 - 12,767 12,155 - 12,155
Management fee (637) (637) (1,274) (555) (555) (1,110)
Other expenses (499) (19) (518) (511) (7) (518)
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Net return before finance costs and taxation 11,639 34,218 45,857 11,120 28,744 39,864
Finance costs (283) (283) (566) (330) (330) (660)
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Net return on ordinary activities before taxation 11,356 33,935 45,291 10,790 28,414 39,204
Taxation on ordinary activities 103 - 103 (5) - (5)
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Net return attributable to Shareholders 11,459 33,935 45,394 10,785 28,414 39,199
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
Return per share - pence 11.71 34.69 46.40 11.26 29.66 40.92
--------------------------------------------------- --------- --------- --------- --------- --------- ---------
The total column of this statement is the profit and loss
account of the Company. The revenue return and capital return
columns are supplementary to this and are prepared under guidance
published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from
continuing operations.
A statement of Comprehensive Income is not required as all gains
and losses of the Company have been reflected in the above
statement.
Statement of Changes in Equity
for the year
ended
30 September
2017
Share Capital Total
Share premium redemption Special Capital Revenue Shareholders'
capital account reserve reserve reserves reserve funds
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
------------------------- --------- --------- ----------- --------- --------- ----------- --------------
Balance at 30
September 2016 24,196 112,997 4,146 4,434 115,205 11,049 272,027
Movements during
the year
ended 30 September
2017
Dividends paid - - - - - (10,221) (10,221)
Ordinary shares
issued 438 4,825 - - - - 5,263
Net return attributable
to
Shareholders - - - - 33,935 11,459 45,394
------------------------- --------- --------- ----------- --------- --------- ----------- --------------
Balance at 30
September 2017 24,634 117,822 4,146 4,434 149,140 12,287 312,463
------------------------- --------- --------- ----------- --------- --------- ----------- --------------
for the year
ended
30 September
2016
Share Capital Total
Share premium redemption Special Capital Revenue Shareholders'
capital account reserve reserve reserves reserve funds
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
------------------------- --------- --------- ----------- --------- --------- ---------- --------------
Balance at 30
September 2015 23,640 107,785 4,146 4,434 86,791 10,080 236,876
Movements during
the year
ended 30 September
2016
Dividends paid - - - - - (9,816) (9,816)
Ordinary shares
issued 556 5,212 - - - - 5,768
Net return attributable
to
Shareholders - - - - 28,414 10,785 39,199
------------------------- --------- --------- ----------- --------- --------- ---------- --------------
Balance at 30
September 2016 24,196 112,997 4,146 4,434 115,205 11,049 272,027
------------------------- --------- --------- ----------- --------- --------- ---------- --------------
Balance Sheet
at 30 September 2017 2016
GBP'000s GBP'000s
------------------------------------------------------ --------- ---------
Fixed assets
Investments 326,719 296,594
------------------------------------------------------ --------- ---------
Current assets
Debtors 1,215 1,193
Cash at bank and short-term deposits 4,962 -
------------------------------------------------------ --------- ---------
Total current assets 6,177 1,193
------------------------------------------------------ --------- ---------
Current liabilities
Creditors: amounts falling due within one year (433) (760)
Loans (20,000) -
------------------------------------------------------ --------- ---------
Total current liabilities (20,433) (760)
------------------------------------------------------ --------- ---------
Net current (liabilities)/assets (14,256) 433
------------------------------------------------------ --------- ---------
Total assets less current liabilities 312,463 297,027
------------------------------------------------------
Creditors: amounts falling due in more than one year
Loans - (25,000)
------------------------------------------------------ --------- ---------
Net assets 312,463 272,027
------------------------------------------------------ --------- ---------
Capital and reserves
Share capital 24,634 24,196
Share premium account 117,822 112,997
Capital redemption reserve 4,146 4,146
Special reserve 4,434 4,434
Capital reserves 149,140 115,205
Revenue reserve 12,287 11,049
------------------------------------------------------ --------- ---------
Total Shareholders' funds 312,463 272,027
------------------------------------------------------ --------- ---------
Net asset value per ordinary share - pence 317.11 281.06
------------------------------------------------------ --------- ---------
Statement of Cash Flows
for the year ended 30 September 2017 2016
GBP'000s GBP'000s
------------------------------------------- --------- ---------
Cash flows from operating activities
before dividends received and
interest paid (1,583) (1,492)
Dividends received 12,674 11,787
Interest paid (569) (784)
------------------------------------------- --------- ---------
Cash flows from operating activities 10,522 9,511
------------------------------------------- --------- ---------
Investing activities
Purchase of investments (34,559) (42,272)
Sales of investments 39,315 34,720
Other capital charges (19) (2)
------------------------------------------- --------- ---------
Cash flows from investing activities 4,737 (7,554)
------------------------------------------- --------- ---------
Cash flows before financing activities 15,259 1,957
------------------------------------------- --------- ---------
Financing activities
Equity dividends paid (10,221) (9,816)
Net proceeds from issuance of
new shares 5,263 5,768
Drawdown of loans - 5,000
Repayment of loans (5,000) -
------------------------------------------- --------- ---------
Cash flows from financing activities (9,958) 952
------------------------------------------- --------- ---------
Net movement in cash and cash
equivalents 5,301 2,909
Cash and cash equivalents at
the beginning of the year (340) (3,276)
Effect of movement in foreign
exchange 1 27
------------------------------------------- ---------
Cash and cash equivalents at
the end of the year 4,962 (340)
------------------------------------------- --------- ---------
Represented by:
Cash at bank and short-term deposit/(bank
overdraft) 4,962 (340)
------------------------------------------- --------- ---------
Notes
1 Return per ordinary share
Revenue return
The revenue return per share of 11.71p (2016: 11.26p) is based
on the revenue return attributable to Shareholders of GBP11,459,000
profit (2016: GBP10,785,000 profit).
Capital return
The capital return per share of 34.69p (2016: 29.66p) is based
on the capital return attributable to Shareholders of GBP33,935,000
profit (2016: GBP28,414,000 profit).
Total return
The total return per share of 46.40p (2016: 40.92p) is based on
the total return attributable to Shareholders of GBP45,394,000
profit (2016: GBP39,199,000 profit).
Weighted average ordinary shares in issue
The returns per share are based on a weighted average of
97,835,501 (2016: 95,807,560) ordinary shares in issue during the
year.
2 Dividends
The Directors have declared a fourth interim dividend in respect
of the year ended 30 September 2017 of 3.45 pence per share,
payable on 27 December 2017 to all Shareholders on the register at
close of business on 15 December 2017.
3 Financial risk management
The Company is an investment company, listed on the London Stock
Exchange, and conducts its affairs so as to qualify in the United
Kingdom ("UK") as an investment trust under the provisions of
section 1158 of the CTA. In so qualifying, the Company is exempted
in the UK from corporation tax on capital gains on its portfolio of
investments.
The Company's investment objective is to secure long-term
capital and income growth from a portfolio consisting mainly of
FTSE All-Share companies. The Company can also have exposure to
leading overseas companies, with the value of the non-UK portfolio
not exceeding 10% of the Company's gross assets. In pursuing this
objective, the Company is exposed to financial risks which could
result in a reduction of either or both of the value of the net
assets and the profits available for distribution by way of
dividend. These financial risks are principally related to the
market (currency movements, interest rate changes and security
price movements), liquidity and credit. The Board, together with
the
Manager, is responsible for the Company's risk management.
The full details of financial risks are contained in note 22 in
the Report and Accounts.
4 Annual general meeting
The annual general meeting will be held at the registered office
of the Company, Exchange House, Primrose Street, London EC2A 2NY on
Tuesday 13 February 2018 at 11.30 a.m.
5 Report and accounts
The report and accounts for the year ended 30 September 2017
will be posted to Shareholders and made available on the website
www.fandccit.com shortly. Copies may also be obtained from the
Company's registered office, Exchange House, Primrose Street,
London EC2A 2NY.
By order of the Board
F&C Investment Business Limited, Secretary
6 December 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
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