29 May 2013 13:00
Artemis VCT plc
Half-Yearly Financial Report for the six months ended 31 March 2013
This announcement contains regulated information
Chairman's Statement
Introduction
I present below my report to shareholders for the six months ended 31 March 2013.
Investment performance and portfolio
The Company's net asset value per share as at 31 March 2013 stood at 63.15 pence per ordinary share. It is pleasing to report that, taking into account the dividend paid to shareholders in February 2013, the net asset value rose by 9.2 per cent* over the six months ended 31 March 2013.
Takeover activity has continued to be a feature within the portfolio during the period, with bids received for two holdings, i-Design and Ffastfill, resulting in the receipt of £2.8 million and an aggregate gain over the amount invested of £1.6 million. These transactions completed in March and April respectively.
There was one new investment made during the period, Hangar8, at a cost of £0.7 million. Two follow-on investments were also made in the period: Ceres Media and Fulcrum Utility Services at a total cost of £0.2 million. One holding was disposed of entirely during the period, Concha (formerly Hot Tuna International), while holdings in Advanced Computer Software, Ilika and Judges Scientific were reduced, generating an overall gain of £0.2 million. Further details about the portfolio are set out in the Investment Manager's Review that follows.
Results and dividend
The total return for the six months ended 31 March 2013 was a gain of 5.23 pence per ordinary share, comprising a revenue gain of 0.09 pence and a capital gain of 5.14 pence.
Following a review of the returns for the period, the Board has declared an interim capital dividend of 2.00 pence per ordinary share (2012 - 2.00 pence per ordinary share).
In addition, following an increase in the levels of cash being held by the Company, largely as a result of the notable one-off returns from i-Design and Ffastfill, the Board has discussed the near-term cash requirements of the Company with the Investment Manager. Having determined that these requirements can be satisfied by realisations from the existing portfolio, the Board has concluded that shareholders' interests are best served by returning cash to them. Accordingly, the Board has declared a special capital dividend of 5.00 pence per ordinary share.
These dividends will be paid on 28 June 2013 to those shareholders on the register on 7 June 2013. Following this, cumulative dividends since the launch of the Company will then total 29.20 pence per ordinary share. The Board will review the dividend position of the Company again after the year end and a decision on the final dividend for the year will be taken at that time.
Key Performance Indicators ("KPIs")
The Board has established a number of KPIs used to measure the progress of the Company.These include net asset value performance, share price performance, dividends/distributions and peer group performance.
The Board is particularly mindful of the ongoing costs to shareholders of running the Company and monitors operating expenses on a regular basis. Analysis shows that the Company continues to have the lowest ongoing charges in its peer group at 2.2 per cent†.
Share buybacks
During the six months to 31 March 2013 the Company bought and cancelled 823,475 of its own shares at a cost of £432,000. These shares were bought at an average discount of approximately 15.0 per cent and added 0.13 pence per ordinary share to the net asset value for the remaining shareholders.
It is the intention of the Board that share buybacks will continue to be made within the guidelines determined by the Board. These guidelines are regularly reviewed and following the most recent review, the Board has determined that with immediate effect the Company will seek to undertake share buybacks at a discount to net asset value of 10.0 per cent to the last published net asset value. This decision has been made after consideration of the current market conditions.
As always, share buybacks will remain subject to the Company having the necessary authorities in place and having sufficient funds available for this purpose, taking into account the ongoing cash requirements for investment activities and the payment of dividends and operating expenses.
Alternative Investment Fund Managers Directive ("AIFMD")
As noted in my last report, AIFMD is a significant regulatory change that could have an effect on the operations of the Company and, in particular, could increase its operating costs. This EU legislation comes into effect in the UK from 22 July 2013, although there is a one year transitional period available. The Board is discussing this with the Investment Manager and the Company's solicitors to agree the best option available to the Company in order for it to comply with the requirements of AIFMD.
Outlook
We continue to believe that the current portfolio of investments includes a number of well financed, profitable and growing companies which should have the ability to produce positive returns for shareholders over the medium to long-term. As highlighted in the Investment Manager's Review, despite markets moving upwards, deal flow of good quality qualifying investments has been limited. Growth in the UK economy will inevitably continue to be low as the government works to reduce the public sector deficit with its austerity plans, making it all the more challenging to introduce stimulus to accelerate economic growth, and for companies to grow.
The Board regularly reviews the investment strategy and continues to believe that there is good value to be found in the AIM market over the medium to long-term, despite the recent paucity of investment opportunities in sectors in which the VCT is permitted to invest.
In the short-term, however, the limited investment opportunities have led the Board to conclude that it is appropriate to return the excess cash arising from recent one-off returns to shareholders by way of a special dividend.
I look forward to reporting further on the performance of your Company in the Annual Financial Report. Shareholders who wish to keep up to date with the Company's developments between formal reports may wish to visit the Investment Manager's website at artemis.co.uk where there is a section dedicated to your Company. In addition, the Board is always keen to hear from shareholders and, should you wish to do so, you can e-mail me at fiona.wollocombe@artemisfunds.com.
Fiona Wollocombe
Chairman
29 May 2013
* Source: Artemis.
† Source: Latest published annual financial reports of VCTs in the AIC VCT AIM Quoted sector as at 31 March 2013.
Investment Manager's Review
Performance
In our 2012 annual report we concluded by highlighting our increasing optimism in the prospects for the portfolio in the coming years. It is therefore pleasing to report good performance over the last six months, with the net asset value rising 9.2 per cent* on a total return basis. This is, of course, too short a period of time over which to judge performance and was achieved against a more buoyant market backdrop. Whilst we should not over-emphasise this particular performance metric, it is encouraging nonetheless.
Over more meaningful time periods of three and five years the net asset value has risen by 20.0 per cent* and 6.0 per cent* respectively. We do not directly compare our performance to that of an index, but to give some context to our performance against the market backdrop, the FTSE AiM All-Share Index is up 6.4 per cent*, and down 19.7 per cent*, over the same periods.
Review
We will touch on the lack of new investments later but one consequence of this is an increasingly concentrated portfolio, so it comes as no surprise that the main contributors to performance are long-standing holdings about which we have written regularly. These have performed well in the last six months.
Our largest holding, Judges Scientific, has also been our largest contributor to performance during the period. Its recent focus has been on bedding down the acquisitions of Global Digital Systems and KE Developments whilst continuing to drive organic growth from its portfolio of instrumentation businesses. This has been achieved to good effect with the 2012 full year results demonstrating organic growth of 7.5 per cent and the newly acquired businesses performing as expected. Strong earnings growth and a greater appreciation of the quality of the business has helped to propel the market capitalisation of the company over £50 million, opening up a new set of potential investors.
Similarly, Anpario has also been focussing on the integration of a sizeable deal from last year. A trading update in February reported that 2012 had finished successfully helped by the nine months of post acquisition performance of Meriden Animal Health Limited. With 2013 starting well we are optimistic that the company will follow a similar path to Judges Scientific, with awareness of the company's attributes growing along with its market capitalisation.
In the case of Advanced Computer Software we have for some time been waiting for management's next steps in developing the business, having successfully integrated COA Solutions and paying down the associated bank debt in recent years. The last few months have been busy, with a £44 million equity placing in February quickly followed by the acquisition of Computer Software Holdings for £110 million. This is a business well known to the executive team, as they previously managed the company before its eventual sale to HG Capital. This, in our minds, de-risks significantly the integration of a business this size.
Ffastfill has been a long-standing holding and the company has successfully built a strong recurring revenue base through its "software as a service" model. Having sat as a 25 per cent shareholder for some time, Ion Trading made a cash offer for the remaining shares at 20 pence per share, a 32 per cent premium to the share price at the time. This offer was recommended by the board of Ffastfill and represents a healthy return from our initial investment at 7 pence in 2004 and we would like to extend our thanks to the management team for their efforts over the years.
In the same week another of our smaller investments, i-Design, received a recommended cash bid, from Cardtronics at a premium of 161 per cent to the prevailing share price.
One investment that has received less exposure in the past is Amino Technologies which had broadly traded sideways for the last five years. A new CEO was appointed in December 2011 and under his stewardship the company has transitioned into profit through a focus on improved margins and tighter operational management. Confidence in the future has been firmly signalled through a strong dividend commitment for the next two years.
Whilst the success of Amino Technologies shows how the transition to profitability can be rewarded this is not always the case even where companies have been successful. Fulcrum Utility Services is a case in point. The management team has done a good job in turning around a business that lost £17 million in 2010 into a profitable business today. Despite this the company currently trades at a share price lower than at IPO, largely due to worries about the challenging market backdrop. We remain optimistic about the company's prospects with a new CEO recently appointed to drive growth.
Angel Biotechnology Holdings meanwhile managed to achieve the opposite result. With its Edinburgh manufacturing facility operating profitably at close to full capacity the company re-commissioned a larger site in Cramlington in order to capitalise on a promising order pipeline and achieve a stepped change in profitability. However, the orders failed to materialise and the higher cost base pushed the company into loss, and ultimately into administration.
Whilst they are now a much lower proportion of the Company's portfolio, loss-making companies have continued to hold back performance. Stocks such as Ilika, Imaginatik and Sphere Medical Holding have underperformed with worries over their ability to achieve profitability within the time allowed by their existing cash resources.
Investment activity
Our experience of VCT qualifying deal flow in the period was little changed from when we wrote on the subject in the annual report in December. Early stage businesses and/or over-ambitious valuation expectations have seen us decline the majority of the investment 'opportunities' that we have seen.
As such the last six months has seen us invest in just one new qualifying investment, Hanger8. Hanger8 is one of Europe's largest operators of privately owned passenger jet aircraft managing a fleet of aircraft on behalf of their owners. Since its IPO in 2010 the company, under the guidance of CEO and founder Dustin Dryden, has focused on building longer term contracts, typically with large multinationals, such that revenue visibility is much improved and the company has successfully turned profitable. We participated in a placing by the company to fund the acquisition of competitor, International Jet Club Limited, allowing the company to expand its fleet and market presence further.
The lack of deal flow, coupled with the strong performance of our larger holdings, and the take-over of Ffastfill in particular, does have implications for our portfolio management. We have always tried to maintain a balance of generating cash to support distributions to shareholders, in the form of buybacks or dividends, with the retention of funds for investment opportunities. However, at the current time we find ourselves with a higher cash weighting than usual and with no immediate requirement to generate cash for investment we have opted to maintain higher weightings in our key holdings than has historically been the case. Indeed, whilst we have continued to realise sizeable gains in both Judges Scientific and Advanced Computer Software - over £930,000 in aggregate in the last six months - both stocks still represented a larger proportion of the portfolio at 31 March 2013 than was the case six months ago.
Although we are optimistic that investment opportunities will re-appear, and indeed we have seen a slight improvement since the period end, we recognise that holding excess cash until this happens may not be optimal for shareholders and we therefore support the Board in its decision to return part of this excess cash through a special dividend. We also believe that a degree of capital tension is healthy from a portfolio management perspective - effectively strong new ideas force the selling of weaker existing investments - and a reduction in cash by paying a special dividend restores this dynamic. We will continue to assess the existing holdings as potential sources of funds for when deal flow does improve.
Finally, a change in investment activity that has been perhaps less visible is the extent to which we have been taking a more disciplined view on whether to continue to support under-performing investments in the expectation that they will recover. The loss we realised in the period from the disposal of Concha (formerly Hot Tuna International) is an example of continuing to invest in a company that has consistently struggled to deliver against expectations. Whilst each individual follow-on investment can be modest in size they do add up and have, in aggregate, the potential to be a drag on performance so we need to be more convinced than ever that the provision of further funding will get such companies back on track.
Outlook
Our list of holdings continues to be reduced and consolidated around the companies we view as having the best prospects for growth at attractive valuations and we feel recent take-over activity supports our view that there remains significant value in the portfolio. It also acts as a useful reminder that corporates too remain active participants in equity markets and with sterling weak we would expect overseas companies to continue to cast an eager eye over the UK market as they seek to grow their own businesses.
Whilst we continue to actively review potential new deals as and when they come along, we will only commit funds when the valuation and growth prospects meet our criteria. That said we are hopeful that the lack of new deals in the first half of the financial year will prove temporary and we look forward to being able to report on new portfolio additions with our full year results.
Andy Gray
Artemis Investment Management LLP
Investment Manager
29 May 2013
* Source: Artemis.
Responsibility Statement of the Directors in respect of the Half-Yearly Financial Report
We confirm that to the best of our knowledge, in respect of the Half-Yearly Financial Report for the six months ended 31 March 2013:
- the condensed set of financial statements has been prepared in accordance with the Accounting Standards Board's statement "Half-Yearly Financial Reports";
- the Chairman's Statement to Shareholders and Investment Manager's Review includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of the important events that have occurred during the first six months of the financial year and their impact on the financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so.
The Half-Yearly Financial Report for the six months ended 31 March 2013 was approved by the Board and the above Responsibility Statement has been signed on its behalf by:
Fiona Wollocombe
Chairman
29 May 2013
Income Statement
For the six months ended 31 March 2013
Six months ended31 March 2013(unaudited) | Six months ended31 March 2012(unaudited) | Year ended30 September 2012(audited) | ||||||||
Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | ||
Note | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Gains on investments | - | 3,203 | 3,203 | - | 1,236 | 1,236 | - | 896 | 896 | |
Investment income | 235 | - | 235 | 171 | - | 171 | 466 | - | 466 | |
Other income | 4 | - | 4 | 4 | - | 4 | 8 | - | 8 | |
Investment management fee | (67) | (200) | (267) | (65) | (196) | (261) | (132) | (397) | (529) | |
Other expenses | (119) | - | (119) | (116) | - | (116) | (234) | - | (234) | |
------------- | ---------- | --------- | ------------- | ---------- | ---------- | ------------- | ---------- | ---------- | ||
Return/(loss) on ordinary activities before taxation | 53 | 3,003 | 3,056 | (6) | 1,040 | 1,034 | 108 | 499 | 607 | |
Taxation on ordinary activities | - | - | - | - | - | - | - | - | - | |
------------- | ---------- | --------- | ------------- | ---------- | ---------- | ------------- | ---------- | ---------- | ||
Return/(loss) on ordinary activities after taxation | 53 | 3,003 | 3,056 | (6) | 1,040 | 1,034 | 108 | 499 | 607 | |
------------- | ---------- | --------- | ------------- | ---------- | ---------- | ------------- | ---------- | ---------- | ||
Return/(loss) per ordinary share (pence) | 2 | 0.09 | 5.14 | 5.23 | (0.01) | 1.71 | 1.70 | 0.18 | 0.83 | 1.01 |
------------- | ---------- | --------- | ------------- | ---------- | ---------- | ------------- | ---------- | ---------- | ||
Notes:
The total column of this statement represents the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing operations.
No separate Statement of Recognised Gains and Losses is presented as all gains and losses are included within the Income Statement.
Balance Sheet
As at 31 March 2013
Note | As at 31 March2013 (unaudited) £'000 | As at 31 March2012 (unaudited) £'000 | As at 30 September 2012 (audited) £'000 | |
Fixed assets | ||||
Investments | 35,016 | 34,947 | 32,565 | |
-------------------- | --------------------- | --------------------- | ||
Current assets | ||||
Cash at bank | 1,765 | 2,925 | 2,759 | |
Debtors | 95 | 105 | 38 | |
-------------------- | --------------------- | --------------------- | ||
1,860 | 3,030 | 2,797 | ||
-------------------- | --------------------- | --------------------- | ||
Total assets | 36,876 | 37,977 | 35,362 | |
Current liabilities | (259) | (526) | (198) | |
-------------------- | --------------------- | --------------------- | ||
Net assets | 36,617 | 37,451 | 35,164 | |
-------------------- | --------------------- | --------------------- | ||
Equity attributable to equity holders | ||||
Share capital | 5,799 | 6,010 | 5,881 | |
Share premium | 2,828 | 2,828 | 2,828 | |
Special reserve | 24,166 | 27,629 | 25,769 | |
Capital reserve - realised | 689 | (1,276) | 633 | |
Capital reserve - unrealised | 1,039 | 542 | (1,908) | |
Capital redemption reserve | 2,085 | 1,874 | 2,003 | |
Revenue reserve | 11 | (156) | (42) | |
-------------------- | --------------------- | --------------------- | ||
Equity shareholders' funds | 36,617 | 37,451 | 35,164 | |
-------------------- | --------------------- | --------------------- | ||
Net asset value per ordinary share (pence) | 3 | 63.15 | 62.31 | 59.79 |
-------------------- | --------------------- | --------------------- |
Cash Flow Statement
For the six months ended 31 March 2013
Six months ended 31 March2013 (unaudited) £'000 | Six months ended 31 March2012 (unaudited) £'000 | Year ended 30 September 2012 (audited) £'000 | |
Operating activities | |||
Return before taxation | 3,056 | 1,034 | 607 |
Gains on investments | (3,203) | (1,236) | (896) |
Increase in debtors | (57) | (24) | (23) |
(Decrease)/increase in creditors and accruals | (4) | 2 | (17) |
--------------------- | --------------------- | --------------------- | |
Net cash outflow from operating activities | (208) | (224) | (329) |
--------------------- | --------------------- | --------------------- | |
Financial investment | |||
Acquisitions of investments | (860) | (1,929) | (3,537) |
Disposals of investments | 1,612 | 4,844 | 8,251 |
--------------------- | --------------------- | --------------------- | |
Net cash inflow from financial investment | 752 | 2,915 | 4,714 |
Equity dividends paid | (1,171) | (1,219) | (2,403) |
--------------------- | --------------------- | --------------------- | |
Net cash (outflow)/inflow before financing | (627) | 1,472 | 1,982 |
--------------------- | --------------------- | --------------------- | |
Financing | |||
Repurchase of shares | (367) | (3,893) | (4,567) |
Issue of shares | - | 3,462 | 3,462 |
Costs of enhanced share buyback | - | (101) | (103) |
--------------------- | --------------------- | --------------------- | |
Net cash outflow from financing | (367) | (532) | (1,208) |
--------------------- | --------------------- | --------------------- | |
(Decrease)/increase in cash | (994) | 940 | 774 |
--------------------- | --------------------- | --------------------- |
Reconciliation of Movements in Shareholders' Funds
For the six months ended 31 March 2013
For the six months ended 31 March 2013 (unaudited) | ||||||||
--------------------------------------------------------------------------------------------------------------------------------- | ||||||||
Sharecapital | Share premium | Special reserve* | Capital reserve - realised* | Capital reserve - unrealised | Capital redemption reserve |
Revenue reserve* | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
At 30 September 2012 | 5,881 | 2,828 | 25,769 | 633 | (1,908) | 2,003 | (42) | 35,164 |
Repurchase of shares | (82) | - | (432) | - | - | 82 | - | (432) |
Return on ordinary activities after taxation | - | - | - | 111 | 2,892 | - | 53 | 3,056 |
Transfer on disposal of investments | - | - | - | (153) | 153 | - | - | - |
Transfer between reserves | - | - | - | 98 | (98) | - | - | - |
Dividend paid | - | - | (1,171) | - | - | - | - | (1,171) |
------------- | ------------- | ------------- | ------------- | ------------- | ------------- | ------------- | ------------- | |
At 31 March 2013 | 5,799 | 2,828 | 24,166 | 689 | 1,039 | 2,085 | 11 | 36,617 |
------------- | ------------- | ------------- | ------------- | ------------- | ------------- | ------------- | ------------- | |
For the six months ended 31 March 2012 (unaudited) | ||||||||
--------------------------------------------------------------------------------------------------------------------------------- | ||||||||
Sharecapital | Share premium | Special reserve* | Capital reserve - realised* | Capital reserve - unrealised | Capital redemption reserve | Revenue reserve* | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
At 30 September 2011 | 6,113 | - | 32,801 | (3,388) | 1,614 | 1,178 | (150) | 38,168 |
Issue of shares | 593 | 2,869 | - | - | - | - | - | 3,462 |
Repurchase of shares | (696) | - | (3,893) | - | - | 696 | - | (3,893) |
Costs of enhanced share buyback | - | (41) | (60) | - | - | - | - | (101) |
Return/(loss) on ordinary activities after taxation | - | - | - | 303 | 737 | - | (6) | 1,034 |
Transfer on disposal of investments | - | - | - | 1,656 | (1,656) | - | - | - |
Transfer between reserves | - | - | - | 153 | (153) | - | - | - |
Dividend paid | - | - | (1,219) | - | - | - | - | (1,219) |
------------- | ------------- | ------------- | ------------- | ------------- | ------------- | ------------- | ------------- | |
At 31 March 2012 | 6,010 | 2,828 | 27,629 | (1,276) | 542 | 1,874 | (156) | 37,451 |
------------- | ------------- | ------------- | ------------- | ------------- | ------------- | ------------- | ------------- | |
For the year ended 30 September 2012 (audited) | ||||||||
---------------------------------------------------------------------------------------------------------------------------------- | ||||||||
Sharecapital | Share premium | Special reserve* | Capital reserve - realised* | Capital reserve - unrealised | Capital redemption reserve | Revenue reserve* | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
At 30 September 2011 | 6,113 | - | 32,801 | (3,388) | 1,614 | 1,178 | (150) | 38,168 |
Issue of shares | 593 | 2,869 | - | - | - | - | - | 3,462 |
Repurchase of shares | (825) | - | (4,567) | - | - | 825 | - | (4,567) |
Costs of enhanced share buyback | - | (41) | (62) | - | - | - | - | (103) |
Return/(loss) on ordinary activities after taxation | - | - | - | 1,685 | (1,186) | - | 108 | 607 |
Transfer on disposal of investments | - | - | - | 2,112 | (2,112) | - | - | - |
Transfer between reserves | - | - | - | 224 | (224) | - | - | - |
Dividends paid | - | - | (2,403) | - | - | - | - | (2,403) |
------------- | ------------- | ------------- | ------------- | ------------- | ------------- | ------------- | ------------- | |
At 30 September 2012 | 5,881 | 2,828 | 25,769 | 633 | (1,908) | 2,003 | (42) | 35,164 |
------------- | ------------- | ------------- | ------------- | ------------- | ------------- | ------------- | ------------- | |
* The aggregate of these reserves, being £24,866,000, represents the distributable reserves of the Company at 31 March 2013 (31 March 2012: £26,197,000; 30 September 2012: £26,360,000).
Notes to the Half-Yearly Financial Report
1. | Accounting policies |
The Half-Yearly Financial Report has been prepared in accordance with applicable accounting standards and those accounting policies used by the Company for the year ended 30 September 2012.
The financial statements are presented in accordance with the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" (the "SORP") issued in January 2009, where the requirements of the SORP are consistent with the Companies Act 2006.
The financial information contained in this Half-Yearly Financial Report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The information for the year ended 30 September 2012 has been extracted from the latest published audited financial statements. The audited financial statements for the year to 30 September 2012, which were unqualified, have been filed with the Registrar of Companies. | |
2. | Return/(loss) per ordinary share |
The return/(loss) per ordinary share has been calculated based on the weighted average number of ordinary shares in issue for the six months ended 31 March 2013 being 58,469,659 ordinary shares (31 March 2012: 60,794,511; 30 September 2012: 59,962,431). | |
3. | Net asset value per ordinary share |
The net asset value per ordinary share has been calculated based on 57,984,785 ordinary shares in issue (31 March 2012: 60,103,234; 30 September 2012: 58,808,260). | |
4. | Principal risks and uncertainties |
Pursuant to DTR 4.2.7R of the Disclosure and Transparency Rules, the principal risks faced by the Company include general market price risk, liquidity risk, regulatory risk and financial risk.
These risks, which have not materially changed since the Annual Financial Report for the year ended 30 September 2012, and the way in which they are managed are described in more detail in the Annual Financial Report which is available on the Investment Manager's website at artemis.co.uk. | |
5. | Related party transactions |
There were no related party transactions during the period. | |
| |
6. | Transactions with the Investment Manager |
The investment management fee payable to Artemis Investment Management LLP for the six months ended 31 March 2013 was £267,000 (31 March 2012: £261,000; 30 September 2012: £529,000) of which £131,000 (31 March 2012: £133,000; 30 September 2012: £132,000) was outstanding at the period end. | |
| |
7. | Dividends |
An interim capital dividend for the six months ended 31 March 2013 of 2.00 pence per ordinary share has been declared along with a special dividend of 5.00 pence per ordinary share. Both dividends will be paid on 28 June 2013 to those shareholders on the register at close of business on 7 June 2013. |
Copies of the Half-Yearly Financial Report will be posted to shareholders shortly and may also be obtained from the Investment Manager's website at artemis.co.uk.
For further information, please contact:
Billy Aitken
Artemis Investment Management LLP
Telephone number: 0131 225 7300