TIDMBCI
RNS Number : 5385G
BMO Capital & Income Inv Tst PLC
26 November 2020
BMO CAPITAL AND INCOME INVESTMENT TRUST PLC
Audited Statement of Results for the year ended 30 September
2020
LEI: 21380052ETTRKV2A6Y19
26 November 2020
BMO Capital and Income Investment Trust PLC ("BCI" / "the
Company") today announces its results for the year ended 30
September 2020.
-- BCI will pay a fourth interim dividend of 3.75 pence per
share to bring the total for the year to 11.50 pence per share, an
increase of 0.9%. This is ahead of CPI inflation of 0.5% and will
be the 27th consecutive year of increased payments.
-- BCI's Net Asset Value ("NAV") total return for the year was
-21.0%. This compares to the FTSE All-Share Index (the "Benchmark")
which returned -16.6% for the same period. Over five years BCI's
NAV total return was 19.8% in comparison to 18.6% from the
Benchmark.
-- BCI's NAV total return from the financial year end to 23
November 2020 (the latest practicable date) was 16.4%, compared to
9.6% return from the FTSE All-Share Index.
-- The Ongoing Charges figure was 0.58%, the same as 2018 and
2019 representing a fall of nearly a third since 2010.
The Chairman, Jonathan Cartwright, said:
"Events over the last several months have been truly tumultuous.
The impact of COVID-19 has been substantial on both absolute and
relative performance. The Company's longer term NAV returns
measured over five years remain positive in both absolute and
relative terms.
Notwithstanding the challenges, there are opportunities for many
companies to restructure and grow, and the Company will seek to
identify and invest in those businesses. The Company's strong
performance since the year end indicates that the portfolio is well
placed to exploit these opportunities and achieve its objective of
securing long-term capital and income growth for Shareholders.
With these results the Board announces the payment of a fourth
interim dividend of 3.75 pence per share. This takes the total
dividend for the year to 11.50 pence per share an increase of 0.9%
from last year. We are proud to be an AIC Dividend Hero, having
increased our dividend every year since launch in 1992 and this is
a record we will strive to maintain."
Chairman's Statement
As we all know, events over the last several months have been
truly tumultuous. This is my first annual statement to you since my
appointment as Chairman in succession to Steve Bates, but there has
been no honeymoon period. The Fund Manager's Review in the Annual
Report and Accounts gives details about the performance of the
stock market and the Company's own performance over the financial
year and unsurprisingly, the impact of the COVID-19 pandemic has
been substantial both on absolute performance and performance
relative to our benchmark, the FTSE All-Share Index ("the
Index").
Over the year to 30 September 2020, the total returns (including
dividends) for the Company's Net Asset Value ("NAV") and share
price were -21.0% and -20.3% respectively and these compare
directly to the total return of -16.6% for the Index. The period
between 21 February when the stock market started to fall sharply
in response to the developing crisis and 23 March at the trough was
when the performance of your Company was hit hardest. Indeed, up to
that point we had been making good progress and, since the nadir in
March, performance has been ahead of the Index.
Longer term performance has been impacted by the turmoil of this
year, but nevertheless NAV total returns measured over the last
five years remain positive in both absolute and relative terms.
Over five years to 30 September 2020, the Company's NAV and share
price total returns were +19.8% and +16.8% while the comparable
figure for the Index was +18.6%.
Revenue and Dividends
The lockdowns mandated by most governments worldwide to halt the
spread of the virus clearly affected many businesses severely as
did the general uncertainty as to how the situation would develop.
This fed through immediately into lower or no dividend payments
from companies to their shareholders, thus reducing our income.
One of the objectives of this Company is to pay a rising
dividend to Shareholders. Even though our own income has been
significantly reduced this year because of the crisis, the Company
has a very significant Revenue Reserve, which was accumulated in
previous years. A key purpose of the Revenue Reserve is to be able
to support dividend payments when conditions are more challenging,
such as during this crisis, and therefore the Board is willing to
use the Reserve to support the payment of an increased dividend
this year.
With these results, the Board announces the payment of a fourth
quarterly dividend of 3.75 pence per share. Together with the three
dividends already paid, this takes the total dividend for the year
to 11.5 pence per share, an increase of 0.9% compared to last year.
By comparison, the Consumer Prices Index rate of inflation for the
year to September was 0.5%.
We are proud to be an AIC Dividend Hero, having increased our
dividend every year since launch in 1992 and this is a record we
will strive to maintain.
Share Rating
For the majority of last year, our shares traded at a premium to
the underlying NAV. This reflects good demand from Shareholders old
and new and relatively few sales in the market as most Shareholders
have a long-term view.
In response to the demand for our shares and as the share price
stood at a premium to the NAV, we have again issued new shares;
3,925,000 in total. This increased our share count by 3.8% compared
to the start of the financial year. There are a number of benefits
to issuing new shares at a premium to NAV. First, by increasing the
size of the Company it provides a larger capital base over which to
allocate costs, secondly it ensures anyone buying shares only pays,
at most, a relatively small premium to NAV, thirdly existing
Shareholders are not diluted and finally it helps to reduce some
volatility in the share price by linking the share price more
closely to the NAV.
The incidence of the Company's shares trading at a premium or
discount to NAV is dependent upon supply and demand for the shares,
and most of our peer group of companies trade at a discount. If a
persistent discount were to emerge, the Board has the flexibility
to buy back shares in accordance with the authority given by
Shareholders. Through our policy of issuing shares at a small
premium to NAV and offering to buy back at a discount, the Company
in effect becomes a market maker if required and it is able to
provide greater liquidity to Shareholders than may be available
from traditional sources. We do not think it is in Shareholders'
interest that the share price of this Company should become too
detached from the underlying NAV.
It is worth noting a number of our shares are held in Child
Trust Funds; these will increasingly mature as the children for
whom they were initially established turn 18 years of age and your
Manager is working actively to encourage these young investors to
remain as long-term Shareholders.
Operations
I am glad to report that at an operational level, the Board and
your Manager have been able to continue to work without any
disruption from the crisis. The Manager moved to most staff working
from home early in March and as a result of good information
technology, planning and infrastructure this has been successfully
achieved. Our Board meetings have necessarily been held remotely,
but these too have been without disruption and have been as
thorough and diligent as ever. In recognition of the COVID crisis,
we have held two additional meetings in order to keep in closer
contact with the Investment Manager and the fast-moving events.
The Manager has also increased its efforts to communicate in
greater detail with Shareholders and potential investors and we
hope the written articles, videos and podcasts have helped to
explain the Fund Manager's thoughts and responses to the events of
the year.
Costs
Your Company's most significant cost is the fee paid to the
Manager for its services. This is linked directly to the size of
the assets of your Company and so has reduced as markets and
performance have fallen. However, I am pleased to report that
despite many other costs being fixed and not flexed in response to
the crisis, the cost of running the Company as a percentage of
average net assets has remained at 0.58% in line with 2018 and 2019
and represents a fall of over a third since 2010. Your Board looks
to manage the affairs of the Company as efficiently as possible and
believes the overall cost level is competitive with alternative
actively managed products. It is also worth repeating all our
performance figures are quoted after these costs.
Responsible Investment
The Board and the Manager have long recognised and been
committed to the importance of high standards of Environmental,
Social and Governance (ESG) practice in assessing investments for
inclusion in our portfolio. These standards also establish a
framework for dialogue with those companies. We believe higher
standards can help to deliver better and more sustainable long-term
growth in capital and income, in addition to their own intrinsic
merits. The Manager has one of the largest and longest established
teams in the City dedicated to ESG and pages 24 to 27 of the Annual
Report and Accounts explain in detail its ESG policies and the
engagement the Manager has had with companies in our portfolio. The
Board fully supports the Manager's engagement in this increasingly
important area.
Board
As part of an orderly succession plan, Clare Dobie will retire
from the Board during 2021. Clare, who is the Company's Senior
Independent Director has served on the Board for more than eight
years. With a background in financial journalism and investment
marketing her insight into improving communication with the
Company's Shareholders has been invaluable. Following Clare's
retirement I am very pleased to report Tim Scholefield will become
Senior Independent Director. On behalf of the Board and
Shareholders of the Company I thank Clare for her commitment and
wise counsel throughout her period of appointment.
As a further part of this plan a search company was commissioned
to find a new Director for the Board. Following a thorough
selection process, the Company is pleased to announce that Nicky
McCabe will be appointed to the Board with effect from 1 January
2021.
Nicky McCabe was formerly Head of Product and Investment Trusts
at Fidelity International, as well as a director and Chief
Operating Officer of a number of Fidelity companies. Nicky is
currently a non-executive director of Aberdeen Asian Income Fund
Ltd, Artemis Investment Management Limited, Vitality Life Insurance
and the charity, Tomorrow's People.
The Board looks forward to working with Nicky and to the
valuable insights she will bring to the Board's deliberations.
Annual General Meeting
The Annual General Meeting ("AGM") of the Company will be held
at 11.30am on 16 February 2021 at Quartermile 4, 7a Nightingale
Way, Edinburgh EH3 9EG. Mindful of the potential for travel and
gathering restrictions arising from the COVID-19 pandemic the Board
has taken the difficult decision to amend the format of this year's
AGM.
Shareholders will not be permitted to attend this year's AGM
physically but will be able to view proceedings at the meeting
electronically. Voting will occur in advance with Shareholders
encouraged to utilise their Form of Proxy or Form of Direction,
appointing the Chairman of the AGM as your proxy. The formal
meeting will then be followed by a presentation by the Company's
Fund Manager. Shareholders are requested to direct any questions
they may have with regard to the resolutions proposed at the AGM or
the performance of the Company, in advance of the meeting to
bciagm@bmogam.com.
The Fund Manager's presentation will also be available on the
Company's website www.bmocapitalandincome.com accompanied with a
regularly updated Questions and Answers Schedule. Access details
for the AGM will be included on the Form of Proxy or Form of
Direction.
The Board has always valued the opportunity that the AGM
provided to meet the Company's Shareholders. The Board looks
forward to a resumption of our normal practices in 2022 and if
possible, with the additional facility of online attendance for
those Shareholders unable to travel.
Outlook
Earlier this year, there was some hope that the impact of the
COVID-19 pandemic would lessen by now and that everyone's way of
life could revert closer to pre-COVID-19 conditions with full
social interactions, businesses reopened and economies showing
sustained recovery. In Europe, including the UK, recovery has
proved patchy and the new lockdown decreed for England, and the
ongoing restrictions elsewhere, demonstrate that the extent and
direction of the pandemic still cannot be predicted accurately.
Even economies such as that of China, where very stringent measures
were taken to control the virus, cannot yet fully relax their
vigilance. The effect on all our lives has been substantial, and
the UK Government's economic response to defend jobs and
livelihoods, whilst welcome, will result in a level of Government
borrowing which will need to be brought down in future to rebalance
the country's books.
Notwithstanding the challenges, many companies have been able to
respond vigorously to the necessary changes in their structures and
operations. Those able to exploit and develop new techniques have
proven resilient and many have actually prospered as more
traditionally structured companies, particularly in the "bricks and
mortar" retail space have suffered. There are opportunities for
many companies to restructure and grow, and the Company will seek
to identify and invest in those businesses. The Company's strong
performance since the year end indicates that the portfolio is well
placed to exploit these opportunities and achieve its objective of
securing long-term capital and income growth for Shareholders.
Finally, I would like to thank you for your continuing support.
Stay safe, and I wish you all well as together we meet the
challenges and opportunities ahead.
Jonathan Cartwright
Chairman
25 November 2020
Principal Risks and Future Prospects
The principal risks together with their mitigations are set out
below. The Board's processes for monitoring them and identifying
emerging risks are set out on pages 28 to 29 and in note 21 of the
Report & Accounts.
Since the beginning of 2020 the global economy has suffered
considerable disruption due to the effects of the COVID-19
pandemic. The Directors have reviewed the key risk register for the
Company which identifies the risks that the Company is exposed to,
the controls in place and the actions being taken to mitigate
them.
The principal risks identified as most relevant to the
assessment of the Company's future prospects and viability are
detailed below. The Board considers that with the spread of the
pandemic the threat from some principal risks has increased and
have considered this in relation to going concern.
-- 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.
Increase in overall risk due to COVID-19.
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. The Manager'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 taking into account revenue reserves.
-- Risk description : Errors, fraud or control failures at
service providers or loss of data through increasing cyber threats
or business continuity failure could damage reputation or
investors' interests or result in losses. Increase in overall risk
due to COVID-19 .
Mitigation : The Board receives regular control reports from the
Manager covering risk and compliance including oversight of third
party service providers. The Board has access to the Manager's 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.
-- Risk description: Inappropriate business or marketing
strategy particularly in relation to investor needs or sentiment
giving rise to a share price discount to NAV per share.
Unchanged throughout the year under review.
Mitigation: At each regular Board meeting the Directors receive
an update on marketing activities and from the broker. To gauge
investor sentiment, the Board holds a Shareholder satisfaction
survey which is conducted every five years ahead of a vote on
whether the Company should continue. The Board holds a separate
meeting to consider strategy and associated opportunities and
threats and the performance. The appointment of the Manager is also
reviewed annually in terms of its delivery of sustainable long-term
growth in capital and income. This includes the growing recognition
of the importance of further development and application of high
standards of ESG practice by the Manager. Share buybacks can be
employed to help moderate extensive discount volatility, while
share issues can be made when the shares are trading at a
premium.
Five Year Horizon
Through a series of connected stress tests ranging from moderate
to extreme scenarios and based on historical information, but
forward looking over the five years commencing 1 October 2020, the
Board assessed the risks of:
-- 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.
In accordance with the UK Code, the Directors have assessed the
future prospects of the Company over the coming five years. Based
on this assessment, and in the context of the Company's business
model, strategy and operational arrangements, 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 five
year period ending November 2025. For this reason, the Board also
considers it appropriate to continue adopting the going concern
basis in preparing these financial statements.
Statement of Directors' Responsibilities
In accordance with Chapter 4 of the Disclosure Guidance 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
Jonathan Cartwright
Chairman
25 November 2020
Income Statement
for the year ended 30 September 2020 2019
Revenue Capital Total Revenue Capital Total
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
---------------------------------------------- --------- --------- --------- --------- --------- ---------
(Losses)/gains on investments - (79,247) (79,247) - 3,878 3,878
Foreign exchange gains/(losses) 2 (25) (23) 1 5 6
Income 10,097 938 11,035 14,810 459 15,269
Management fee (609) (609) (1,218) (667) (667) (1,334)
Other expenses (583) (2) (585) (547) (3) (550)
---------------------------------------------- --------- --------- --------- --------- --------- ---------
Net return before finance costs and taxation 8,907 (78,945) (70,038) 13,597 3,672 17,269
Finance costs (141) (141) (282) (164) (164) (328)
---------------------------------------------- --------- --------- --------- --------- --------- ---------
Net return before taxation 8,766 (79,086) (70,320) 13,433 3,508 16,941
Taxation (8) - (8) (7) - (7)
---------------------------------------------- --------- --------- --------- --------- --------- ---------
Net return attributable to Shareholders 8,758 (79,086) (70,328) 13,426 3,508 16,934
---------------------------------------------- --------- --------- --------- --------- --------- ---------
Return per share - basic and diluted 8.34p (75.33p) (66.99p) 13.12p 3.43p 16.55p
---------------------------------------------- --------- --------- --------- --------- --------- ---------
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 2020
Share Capital Total
Share premium redemption Special Capital Revenue Shareholders'
capital account reserve reserve reserve reserve funds
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
--------------------------- --------- --------- ----------- --------- --------- ----------- --------------
Balance at 30 September
2019 25,696 130,197 4,146 4,434 158,561 15,115 338,149
Movements during the
year
ended 30 September
2020
Dividends paid - - - - - (12,024) (12,024)
Ordinary shares issued 981 9,617 - - - - 10,598
Net return attributable
to
Shareholders - - - - (79,086) 8,758 (70,328)
--------------------------- --------- --------- ----------- --------- --------- ----------- --------------
Balance at 30 September
2020 26,677 139,814 4,146 4,434 79,475 11,849 266,395
--------------------------- --------- --------- ----------- --------- --------- ----------- --------------
for the year ended
30 September 2019
Share Capital Total
Share premium redemption Special Capital Revenue Shareholders'
capital account reserve reserve reserve reserve Funds
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
--------------------------- --------- --------- ----------- --------- --------- ----------- --------------
Balance at 30 September
2018 25,265 125,380 4,146 4,434 155,053 13,194 327,472
Movements during the
year
ended 30 September
2019
Dividends paid - - - - - (11,505) (11,505)
Ordinary shares issued 431 4,817 - - - - 5,248
Net return attributable
to
Shareholders - - - - 3,508 13,426 16,934
--------------------------- --------- --------- ----------- --------- --------- ----------- --------------
Balance at 30 September
2019 25,696 130,197 4,146 4,434 158,561 15,115 338,149
--------------------------- --------- --------- ----------- --------- --------- ----------- --------------
Balance Sheet
at 30 September 2020 2019
GBP'000s GBP'000s
------------------------------------------------ --------- ---------
Fixed assets
Investments 284,843 343,066
------------------------------------------------ --------- ---------
Current assets
Debtors 731 1,275
Cash and cash equivalents 1,183 4,229
------------------------------------------------ --------- ---------
Total current assets 1,914 5,504
------------------------------------------------ --------- ---------
Current liabilities
Creditors: amounts falling due within one year (362) (421)
Loans (20,000) (10,000)
------------------------------------------------ --------- ---------
Total current liabilities (20,362) (10,421)
------------------------------------------------ --------- ---------
Net current liabilities (18,448) (4,917)
------------------------------------------------ --------- ---------
Net assets 266,395 338,149
------------------------------------------------ --------- ---------
Capital and reserves
Share capital 26,677 25,696
Share premium account 139,814 130,197
Capital redemption reserve 4,146 4,146
Special reserve 4,434 4,434
Capital reserve 79,475 158,561
Revenue reserve 11,849 15,115
------------------------------------------------ --------- ---------
Total Shareholders' funds 266,395 338,149
------------------------------------------------ --------- ---------
Net asset value per ordinary share - pence 249.65 328.99
------------------------------------------------ --------- ---------
Statement of Cash Flows
for the year ended 30 September 2020 2019
GBP'000s GBP'000s
--------------------------------------------- --------- ---------
Cash flows from operating activities before
dividends received and interest (1,111) (1,569)
Dividends received 10,649 15,125
Interest received 11 38
Interest paid (282) (332)
--------------------------------------------- --------- ---------
Cash flows from operating activities 9,267 13,262
--------------------------------------------- --------- ---------
Investing activities
Purchase of investments (48,257) (34,874)
Sale of investments 27,395 36,849
Other capital charges (2) (3)
--------------------------------------------- --------- ---------
Cash flows from investing activities (20,864) 1,972
--------------------------------------------- --------- ---------
Cash flows before financing activities (11,597) 15,234
--------------------------------------------- --------- ---------
Financing activities
Equity dividends paid (12,024) (11,505)
Net proceeds from issuance of new shares 10,598 5,248
Drawdown/(repayment) of loan 10,000 (10,000)
Cash flows from financing activities 8,574 (16,257)
--------------------------------------------- --------- ---------
Net movement in cash and cash equivalents (3,023) (1,023)
Cash and cash equivalents at the beginning
of the year 4,229 5,246
Effect of movement in foreign exchange (23) 6
--------------------------------------------- --------- ---------
Cash and cash equivalents at the end of
the year 1,183 4,229
--------------------------------------------- --------- ---------
Represented by:
Cash at bank 43 399
Short term deposits 1,140 3,830
--------------------------------------------- --------- ---------
1,183 4,229
============================================= ========= =========
Notes
1 Return per ordinary share
Revenue return
The revenue return per share of 8.34p (2019: 13.12p) is based on
the revenue return attributable to Shareholders of GBP8,758,000
profit (2019: GBP13,426,000 profit).
Capital return
The capital return per share of -75.33p (2019: 3.43p) is based
on the capital return attributable to Shareholders of GBP79,086,000
loss (2019: GBP3,508,000 profit).
Total return
The total return per share of -66.99p (2019: 16.55p) is based on
the total return attributable to Shareholders of GBP70,328,000 loss
(2019: GBP16,934,000 profit).
Weighted average ordinary shares in issue
The returns per share are based on a weighted average of
104,977,759 (2019: 102,301,049) 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 2020 of 3.75 pence per share,
payable on 17 December 2020 to all Shareholders on the register at
close of business on 4 December 2020, ex-dividend 3 December
2020.
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 21 of
the Report and Accounts.
4 Annual general meeting
The Annual General Meeting ("AGM") of the Company will be held
at 11.30am on 16 February 2021 at Quartermile 4, 7a Nightingale
Way, Edinburgh EH3 9EG. Mindful of the potential for travel and
gathering restrictions arising from the COVID-19 pandemic the Board
has taken the difficult decision to amend the format of this year's
AGM.
Shareholders will not be permitted to attend this year's AGM
physically but will be able to view proceedings at the meeting
electronically. Voting will occur in advance with Shareholders
encouraged to utilise their Form of Proxy or Form of Direction,
appointing the Chairman of the AGM as your proxy. The formal
meeting will then be followed by a presentation by the Company's
Fund Manager. Shareholders are requested to direct any questions
they may have with regard to the resolutions proposed at the AGM or
the performance of the Company, in advance of the meeting to
bciagm@bmogam.com.
The Fund Manager's presentation will also be available on the
Company's website www.bmocapitalandincome.com accompanied with a
regularly updated Questions and Answers Schedule. Access details
for the AGM will be included on the Form of Proxy or Form of
Direction.
The Board has always valued the opportunity that the AGM
provided to meet the Company's Shareholders. The Board looks
forward to a resumption of our normal practices in 2022 and if
possible, with the additional facility of online attendance for
those Shareholders unable to travel.
5 Report and accounts
The report and accounts for the year ended 30 September 2020
will be posted to Shareholders and made available on the website
www.bmocapitalandincome.com shortly. Copies may also be obtained by
mailing the Company's registered office, Exchange House, Primrose
Street, London EC2A 2NY.
By order of the Board
BMO Investment Business Limited, Secretary
25 November 2020
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