TIDMDNDL
RNS Number : 2535I
Dunedin Smaller Cos Inv Tst PLC
16 June 2017
DUNEDIN SMALLER COMPANIES INVESTMENT TRUST PLC
Legal Entity Identifier (LEI): 213800CI43OQT8KBKE03
Information disclosed in accordance with Section 4.2.2 of the
FCA's Disclosure Guidance and Transparency Rules ("DTR")
HALF YEARLY REPORT FOR THE SIX MONTHSED 30 APRIL 2017
The objective of Dunedin Smaller Companies Investment Trust PLC
is to achieve long-term growth from a portfolio of smaller
companies in the United Kingdom.
Financial Highlights 30 April 31 October % change
2017 2016
Total assets(A) (GBP'000) 139,414 122,618 +13.7
Equity shareholders'
funds (GBP'000) 134,414 117,618 +14.3
Net asset value per
Ordinary share(B) 280.86p 245.77p +14.3
Share price per Ordinary
share (mid market) 222.25p 202.00p +10.0
Interim dividend per
share 2.15p 2.15p(C) -
Discount to net asset
value 20.9% 17.8%
{A} Represents total assets less current liabilities
excluding bank loans.
{B} Including undistributed revenue for the period.
{C} For six months ended 30 April 2016.
Performance (total
return)*
Six months Year ended
ended
30 April 2017 31 October 2016
Net asset value per
Ordinary share +16.0% +7.0%
Share price per Ordinary
share +12.1% +4.1%
FTSE SmallCap Index
(ex Investment Companies) +16.1% +6.7%
*The total return for share price and net asset
value is calculated on the basis of reinvesting
dividends to shareholders on the ex-dividend date.
Source: Aberdeen Asset Management, Morningstar
& Factset.
For further information, please contact:
Ed Beal
Aberdeen Asset Managers Limited 0131 528 4000
Andrew Leigh
Aberdeen Asset Managers Limited 0207 463 6312
INTERIM BOARD REPORT - CHAIRMAN'S STATEMENT
Performance
The Company's net asset value ("NAV") total return for the six
month ended 30 April 2017 was 16.0% which compares to a return of
16.1% from the benchmark index, the FTSE SmallCap Index (excluding
investment companies).
The Company has benefited from an exceptionally strong period of
performance for smaller companies. The latter part of 2016 was in
part characterised by investors preferring overseas earning
streams, because this allowed them to benefit from the weakness of
Sterling. This caused larger companies to outperform their smaller
peers. However, 2017 has seen oil and other commodity prices weaken
in anticipation of less favourable supply and demand dynamics.
Small and mid-sized companies have less exposure to these areas of
the market and have consequently been a beneficiary.
Simultaneously, there has been a convergence of rising investor
risk appetite, alongside a recognition that smaller companies have
been trading at a valuation discount relative to their larger
counterparts.
One of the more noteworthy contributors to the performance of
the portfolio was Burford Capital. This relatively recent
introduction has enjoyed very positive trading and the share price
has responded accordingly. In addition, XP Power, which has been a
holding for many years, performed well as the management's strategy
of seeking to capture more of the margin available in the supply
chain delivered another period of very positive returns for
shareholders. At the sectoral level, the portfolio has benefited
from not holding any mining companies. As commodity prices have
weakened, the share prices of such businesses have experienced
material declines. An additional factor that has aided returns has
been the decision not to invest in highly rated technology
companies. Whilst this can, on occasion, mean missing out on
significant gains, it also avoids the equally significant losses
that frequently accompany the often volatile trading of such
companies. Such discipline served investors well during the
period.
Earnings and Dividends
The Company's revenue earnings per share for the period were
2.38p, down from 2.97p in the equivalent period last year. There
are several factors underlying this move. The two that are most
significant, however, are the decisions taken by Fenner to
materially reduce the dividend it pays and Interserve to pass the
dividend altogether.
As stated in previous Reports, whilst the Company's objective is
to achieve long term growth, the Board recognises the importance of
income to shareholders and, in order to grow or maintain the
dividend in future years, the Board intends, if necessary, to use
the Company's substantial revenue and capital reserves to support
any portion of the dividend not covered by the year's earnings.
The Board has declared an unchanged interim dividend of 2.15p
per share which will be paid on 28 July 2017 to shareholders on the
register on 7 July 2017. Subject to unforeseen circumstances, in
respect of the current financial year it is the intention of the
Board to at least maintain last year's total dividend of 6.15p per
share.
Discount
The discount at the end of the period was 20.9%, which compared
to 17.8% at the beginning of the period. The Directors monitor the
Company's discount on an ongoing basis relative to its peer group
and the wider investment trust sector and, subject to market
conditions, may use the Company's share buyback authority if
considered appropriate. Since the end of the period, the discount
has narrowed to 18.6%.
Gearing
The Company remained ungeared during the period. It has a term
loan of GBP5 million which, during the period, was more than offset
by cash balances held. It also has a GBP5 million revolving credit
facility which was not utilised during the period. Both facilities
mature in November 2017 and the Board will decide whether to
replace these with a new facility at that time.
Aberdeen Asset Management
The Board notes the announcement of a proposed recommended
merger between the parent company of the Company's Manager,
Aberdeen Asset Management PLC, and Standard Life PLC. The
transaction is subject to shareholder and regulatory approvals, but
both companies have committed to set up a dedicated integration
team which should ensure that the existing management team remains
focused on looking after the interests of the Company. The Board
will monitor developments closely to ensure that this remains the
case and that excellent client service is maintained to the Company
and you, its shareholders.
Outlook
Brexit is at the forefront of many investors' minds. A great
deal of uncertainty remains as to what form our future relationship
with the European Union will take, and this is only exacerbated by
the outcome of the recent General Election. It is worth remembering
that the Company's portfolio is comprised of good quality
businesses with solid balance sheets and, very often,
geographically diverse revenue streams. These holdings are
generally trading well and performing in line with expectations.
Arguably more important than the short term performance is the
flexibility that the characteristics noted above confer on these
companies. Although management teams have to deal with the same
uncertainties that we all face, they have options available to
allow them to respond as the picture becomes clearer.
There are of course other unknown factors as well. It is
currently unclear how President Trump's policies will impact on US
and ultimately global growth. In Europe, the French Presidential
elections have passed without issue but the potential for populism
to disrupt the region's recovery remains. With equity valuations
pricing in a favourable but not unrealistic expectation for profits
growth, your Company's Manager continues to focus on the factors
that can be controlled, namely investing in good quality franchises
that can prosper in most conditions.
Norman Yarrow
Chairman
15 June 2017
INTERIM BOARD REPORT - OTHER
Directors' Responsibility Statement
The Directors are responsible for preparing the Half-Yearly
Financial Report in accordance with applicable law and regulations.
The Directors confirm that to the best of their knowledge:
- the condensed set of financial statements within the
Half-Yearly Financial Report has been prepared in accordance with
Financial Reporting Standard 104 'Interim Financial Reporting';
- the Interim Board Report (constituting the interim management
report) includes a fair review of the information required by rule
4.2.7R of the Disclosure Guidance and Transparency Rules (being an
indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed
set of financial statements and a description of the principal
risks and uncertainties for the remaining six months of the
financial year) and 4.2.8R (being related party transactions that
have taken place during the first six months of the financial year
and that have materially affected the financial position of the
Company during that period; and any changes in the related party
transactions described in the last Annual Report that could so
do).
Principal Risks and Uncertainties
The Board regularly reviews the principal risks and
uncertainties which it has identified, together with the mitigation
actions it has established to manage the risks. These are set out
within the Strategic Report contained within the Annual Report for
the year ended 31 October 2016 and comprise the following risk
headings:
- Investment strategy and objectives
- Investment management
- Income/dividends
- Financial obligations
- Gearing
- Regulatory
- Operational
The Company's principal risks and uncertainties have not changed
materially since the date of the Annual Report and are not expected
to change materially for the remaining six months of the Company's
financial year.
Going Concern
The Company's assets consist substantially of equity shares in
companies listed on the London Stock Exchange which are, in most
circumstances, realisable within a short timescale. The Board has
set limits for borrowing and regularly reviews actual exposures,
cash flow projections and compliance with banking covenants.
Borrowings of GBP10 million are committed to the Company until 24
November 2017 and the Board believes that the Company will be able
to refinance or repay the borrowings at that time. As such, the
Directors believe that the Company has adequate financial resources
to continue in operational existence for the foreseeable future and
at least 12 months from the date of this Report. For this reason,
they continue to adopt the going concern basis of accounting in
preparing the financial statements.
Performance to 30 April 2017
1 year 3 year 5 year 10 year
return return return return
Total return* % % % %
Share price 16.9 12.9 88.9 100.4
Net asset value
per share 23.5 31.8 104.6 110.8
FTSE SmallCap
Index (ex IC's) 22.3 31.7 122.7 67.3
*The total return for share price and net asset value is
calculated on the basis of reinvesting dividends to shareholders on
the ex-dividend date.
Source: Aberdeen Asset Managers, Morningstar & Factset
On behalf of the Board
Norman Yarrow
Chairman
15 June 2017
INDEPENT REVIEW REPORT TO DUNEDIN SMALLER COMPANIES INVESTMENT
TRUST PLC
Conclusion
We have been engaged by the Company to review the condensed set
of financial statements in the Half-Yearly Financial Report for the
six months ended 30 April 2017 which comprises the Condensed
Statement of Comprehensive Income, Condensed Statement of Financial
Position, Condensed Statement of Changes in Equity and Condensed
Statement of Cash Flows and the related explanatory notes.
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the Half-Yearly Financial Report for the six months ended 30
April 2017 is not prepared, in all material respects, in accordance
with FRS 104 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules (the "DTR") of the UK's Financial
Conduct Authority (the "UK FCA").
Scope of Review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 'Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity' issued by the Auditing Practices Board for use in
the UK. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review
procedures. We read the other information contained in the
Half-Yearly Financial Report and consider whether it contains any
apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
Directors' Responsibilities
The Half-Yearly Financial Report is the responsibility of, and
has been approved by, the Directors. The Directors are responsible
for preparing the Half-Yearly Financial Report in accordance with
the DTR of the UK FCA.
As disclosed in note 1, the annual financial statements of the
Company are prepared in accordance with UK Accounting Standards and
applicable law (UK Generally Accepted Accounting Practice),
including FRS 102 'The Financial Reporting Standard applicable in
the UK and Republic of Ireland'. The Directors are responsible for
preparing the condensed set of financial statements included in the
Half-Yearly Financial Report in accordance with FRS 104 'Interim
Financial Reporting'.
Our Responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the Half-Yearly
Financial Report based on our review.
The Purpose of Our Review Work and to Whom We Owe Our
Responsibilities
This report is made solely to the Company in accordance with the
terms of our engagement to assist the Company in meeting the
requirements of the DTR of the UK FCA. Our review has been
undertaken so that we might state to the Company those matters we
are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company for our
review work, for this report, or for the conclusions we have
reached.
John Waterson
For and on behalf of KPMG LLP
Chartered Accountants
Saltire Court
20 Castle Terrace
Edinburgh EH1 2EG
15 June 2017
CONDENSED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
Six months ended
30 April 2017
Revenue Capital Total
Note GBP'000 GBP'000 GBP'000
Gains on investments - 17,814 17,814
Currency gains - - -
Income 2 1,455 - 1,455
Management fee (66) (199) (265)
Administrative expenses (233) - (233)
__________ __________ __________
Net return before finance
costs and taxation 1,156 17,615 18,771
Finance costs (15) (46) (61)
__________ __________ __________
Net return on ordinary
activities before taxation 1,141 17,569 18,710
Taxation - - -
__________ __________ __________
Return attributable
to equity shareholders 1,141 17,569 18,710
__________ __________ __________
Return per Ordinary
share (pence) 4 2.38 36.71 39.09
__________ __________ __________
The total column of the Condensed Statement of
Comprehensive Income is the profit and loss account
of the Company.
A Statement of Total Recognised Gains and Losses
has not been prepared as all gains or losses
are recognised in the Condensed Statement of
Comprehensive Income.
All revenue and capital items in the above statement
derive from continuing operations.
The accompanying notes are an integral part of
this condensed set of interim financial statements.
CONDENSED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
(Cont'd)
Six months ended
30 April 2016
Revenue Capital Total
Note GBP'000 GBP'000 GBP'000
Losses on investments - (489) (489)
Currency gains - 6 6
Income 2 1,730 - 1,730
Management fee (56) (194) (250)
Administrative expenses (236) - (236)
__________ __________ __________
Net return before
finance costs and
taxation 1,438 (677) 761
Finance costs (15) (47) (62)
__________ __________ __________
Net return on ordinary
activities before
taxation 1,423 (724) 699
Taxation - - -
__________ __________ __________
Return attributable
to equity shareholders 1,423 (724) 699
__________ __________ __________
Return per Ordinary
share (pence) 4 2.97 (1.51) 1.46
__________ __________ __________
The accompanying notes are an integral part of this condensed
set of interim financial statements.
CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
As at As at
30 April 31 October
2017 2016
Note GBP'000 GBP'000
Non-current assets
Investments at fair value
through profit or loss 132,852 114,441
__________ __________
Current assets
Debtors and prepayments 1,008 328
Cash and short term deposits 5,866 8,122
__________ __________
6,874 8,450
__________ __________
Creditors: amounts falling
due within one year
Other creditors (312) (273)
Bank loan 5 (5,000) -
__________ __________
(5,312) (273)
__________ __________
Net current assets 1,562 8,177
__________ __________
Total assets less current
liabilities 134,414 122,618
__________ __________
Creditors: amounts falling
due after more than one
year
Bank loan 5 - (5,000)
__________ __________
Net assets 134,414 117,618
__________ __________
Capital and reserves
Called-up share capital 7 2,393 2,393
Share premium account 30 30
Capital redemption reserve 2,233 2,233
Capital reserve 8 125,708 108,139
Revenue reserve 4,050 4,823
__________ __________
Equity shareholders' funds 134,414 117,618
__________ __________
Net asset value per Ordinary
share (pence) 9 280.86 245.77
__________ __________
The accompanying notes are an integral part of this condensed
set of interim financial statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
Six months ended
30 April 2017
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31
October 2016 2,393 30 2,233 108,139 4,823 117,618
Return on ordinary
activities after
taxation - - - 17,569 1,141 18,710
Dividends paid 3 - - - - (1,914) (1,914)
_____ ______ _______ ______ ______ ______
Balance at 30
April 2017 2,393 30 2,233 125,708 4,050 134,414
_____ ______ _______ ______ ______ ______
Six months ended
30 April 2016
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31
October 2015 2,393 30 2,233 103,335 4,832 112,823
Return on ordinary
activities after
taxation - - - (724) 1,423 699
Dividends paid 3 - - - - (1,841) (1,841)
_____ ______ _______ ______ ______ ______
Balance at 30
April 2016 2,393 30 2,233 102,611 4,414 111,681
_____ ______ _______ ______ ______ ______
The accompanying notes are an integral part of this
condensed set of interim financial statements.
CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)
Six months Six months
ended ended
30 April 30 April
2017 2016
GBP'000 GBP'000
Operating activities
Net return ordinary activities
before finance costs and taxation 18,771 761
Adjustment for:
(Gains)/losses on investments (17,814) 489
Increase in accrued dividend income (551) (653)
Decrease in other debtors 11 15
Decrease in creditors (13) (19)
__________ __________
Net cash flow from operating activities 404 593
Investing activities
Purchases of investments (8,367) (12,534)
Sales of investments 7,683 13,524
__________ __________
Net cash used (in)/from investing
activities (684) 990
Financing activities
Interest paid (62) (63)
Equity dividends paid (1,914) (1,841)
__________ __________
Net cash flow used in financing
activities (1,976) (1,904)
__________ __________
Decrease in cash and cash equivalents (2,256) (321)
__________ __________
Analysis of changes in cash and
cash equivalents during the period
Opening balance 8,122 5,529
Decrease in cash above (2,256) (321)
__________ __________
Closing balance 5,866 5,208
__________ __________
Notes to the Financial Statements
1. Accounting policies
Basis of preparation
The condensed set of interim financial statements
have been prepared in accordance with Financial
Reporting Standard 104 ('Interim Financial
Reporting') and with the Statement of Recommended
Practice 'Financial Statements of Investment
Trust Companies and Venture Capital Trusts'.
They have also been prepared on a going concern
basis and on the assumption that approval
as an investment trust will continue to be
granted.
The condensed set of interim financial statements
have been prepared using the same accounting
policies as the preceding annual financial
statements.
Six months Six months
ended ended
30 April 30 April
2017 2016
2. Income GBP'000 GBP'000
Income from investments
UK dividend income 1,277 1,562
Overseas dividend income 104 115
Property income distributions 63 40
__________ __________
1,444 1,717
__________ __________
Other income
Deposit interest 1 7
Underwriting commission 10 6
__________ __________
Total income 1,455 1,730
__________ __________
Six months Six months
ended ended
30 April 30 April
2017 2016
3. Ordinary dividends on GBP'000 GBP'000
equity shares
Final dividend for 2016
- 4.00p (2015 - 3.85p) 1,914 1,842
Unclaimed dividends - (1)
__________ __________
1,914 1,841
__________ __________
An interim dividend of 2.15p for the year
to 31 October 2017 will be paid on 28 July
2017 to shareholders on the register on 7
July 2017. The ex-dividend date is 6 July
2017.
Six months Six months
ended ended
30 April 30 April
2017 2016
4. Return per Ordinary share p p
Revenue return 2.38 2.97
Capital return 36.71 (1.51)
__________ __________
Total return 39.09 1.46
__________ __________
The figures above are based on the following
attributable revenues:
Six months Six months
ended ended
30 April 30 April
2017 2016
GBP'000 GBP'000
Revenue return 1,141 1,423
Capital return 17,569 (724)
__________ __________
Total return 18,710 699
__________ __________
Weighted average number
of Ordinary shares in
issue 47,857,317 47,857,317
__________ __________
5. Bank loan
The Company has a GBP5 million revolving facility
agreement as well as a three year GBP5 million
term loan facility, both with Scotiabank Europe.
At the period end, GBP5 million was drawn
down from the term loan facility at a fixed
interest rate of 2.171% until 24 November
2017. The terms of the loan facilities contain
covenants that the minimum net assets of the
Company are GBP50 million and the percentage
of borrowings against net assets is less than
25%.
6. Transaction costs
During the period, expenses were incurred
in acquiring or disposing of investments classified
as fair value through profit or loss. These
have been expensed through capital and are
included within gains/(losses) on investments
in the Condensed Statement of Comprehensive
Income. The total costs were as follows:
Six months Six months
ended ended
30 April 30 April
2017 2016
GBP'000 GBP'000
Purchases 28 52
Sales 4 15
__________ __________
32 67
__________ __________
7. Called-up share capital
As at 30 April 2017 there were 47,857,317
(31 October 2016 - 47,857,317) Ordinary shares
of 5p each in issue.
8. Capital reserves
The capital reserve reflected in the Condensed
Statement of Financial Position at 30 April
2017 includes gains of GBP13,809,000 (31 October
2016 - losses of GBP1,487,000) which relate
to the revaluation of investments held at
the reporting date.
As at As at
9. Net asset value per Ordinary 30 April 31 October
share 2017 2016
Equity shareholders' funds GBP134,414,000 GBP117,618,000
Number of Ordinary shares
in issue 47,857,317 47,857,317
Equity shareholders' funds
per share 280.86p 245.77p
10. Fair value hierarchy
FRS 102 requires an entity to classify fair
value measurements using a fair value hierarchy
that reflects the significance of the inputs
used in making the measurements. The fair
value hierarchy has the following classifications:
Level 1: unadjusted quoted prices in an active
market for identical assets or liabilities
that the entity can access at the measurement
date.
Level 2: inputs other than quoted prices included
within Level 1 that are observable (ie developed
using market data) for the asset or liability,
either directly or indirectly.
Level 3: inputs are unobservable (ie for which
market data unavailable) for the asset or
liability.
All of the Company's investments are in quoted
equities (31 October 2016 - same) actively
traded on recognised stock exchanges, with
their fair value being determined by reference
to their quoted bid prices at the reporting
date. The total value of the investments as
at 30 April 2017 of GBP132,852,000 (31 October
2016 - GBP114,441,000) have therefore been
deemed as Level 1.
Financial liabilities in the form of short-term
borrowings are held at amortised cost. The
fair value is considered to approximate the
carrying value and is categorised as Level
2.
There were no transfers of assets or liabilities
between levels of the fair value hierarchy
during the six months ended 30 April 2017
(year ended 31 October 2016 - same).
11. Transactions with the Manager
The Company has agreements with Aberdeen Fund
Managers Limited ("AFML" or the "Manager")
for the provision of investment management,
secretarial, accounting and administration
and promotional services.
The management fee is calculated at 0.4% per
annum of the gross assets of the Company after
deducting current liabilities and excluding
commonly managed funds ('adjusted gross assets').
The management fee is chargeable 25% to revenue
and 75% to capital. During the period GBP265,000
(30 April 2016 - GBP223,000) of investment
management fees were earned by the Manager,
with a balance of GBP138,000 (30 April 2016
- GBP115,000) being payable to AFML at the
period end. There were no commonly managed
fund held in the portfolio during the six
months to 30 April 2017 (2016 - none).
In addition, the Manager is entitled to an
annual performance-related fee calculated
at a rate of 0.1% per annum (up to a maximum
of 0.5% per annum) of the adjusted gross assets,
as at 31 October each year, for every 1% by
which the Company's net asset value performance
outperforms the capital performance of the
FTSE SmallCap Index (ex Investment Companies)
over the previous twelve month period. During
the period GBPnil (30 April 2016 - GBP27,000)
was earned by the Manager, with a balance
of GBPnil (30 April 2016 - GBPnil) being payable
to AFML at the period end.
The management agreement may be terminated
by either party on the expiry of three months
written notice. In the event of termination
by the Company on less than the agreed notice
period, compensation is payable to the Manager
in lieu of the unexpired notice period.
The fee for promotional activities is based
on a current annual amount of GBP49,000 inclusive
of VAT, payable quarterly in arrears. During
the period GBP24,000 (30 April 2016 - GBP28,000)
of fees were earned, with a balance of GBP16,000
(30 April 2016 - GBP5,000) being payable to
AFML at the period end.
The fee for secretarial services is based
on a current annual amount of GBP103,000 inclusive
of VAT, payable quarterly in arrears. During
the period GBP52,000 (30 April 2016 - GBP51,000)
of fees were earned, with a balance of GBP26,000
(30 April 2016 - GBP25,000) being payable
to AFML at the period end.
12. Related party disclosures
There were no related party transactions during
the period.
13. Segmental information
The Company is engaged in a single segment
of business, which is to invest in equity
securities. All of the Company's activities
are interrelated, and each activity is dependent
on the others. Accordingly, all significant
operating decisions are based on the Company
as one segment.
14. The financial information contained in this
Half-Yearly Financial Report does not constitute
statutory accounts as defined in Sections
434 - 436 of the Companies Act 2006. The financial
information for the six months ended 30 April
2017 and 30 April 2016 has not been audited.
The information for the year ended 31 October
2016 has been extracted from the latest published
audited financial statements which have been
filed with the Registrar of Companies. The
report of the auditor on those accounts contained
no qualification or statement under Section
498 of the Companies Act 2006.
The auditor has reviewed the financial information
for the six months ended 30 April 2017 pursuant
to the Auditing Practices Board guidance on
Review of Interim Financial Information. The
report of the auditor is included above.
15. This Half-Yearly Financial Report was approved
by the Board on 15 June 2017.
By order of the Board
Aberdeen Asset Management PLC
Company Secretary
15 June 2017
Please note that past performance is not necessarily a guide to
the future and the value of investments and the income from them
may fall as well as rise. Investors may not get back the amount
they originally invested.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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