(LEI: 549300MS535KC2WH4082)
Half yearly financial announcement of results in respect of the six months ended
Performance record
|
As at 31 August 2025 |
As at 28 February 2025 |
||
| Net asset value per ordinary share (debt at par value) (pence)1 | 1,410.32 | 1,403.45 | |
| Net asset value per ordinary share (debt at fair value) (pence)1 | 1,477.13 | 1,463.44 | |
| Ordinary share price (pence)1 | 1,304.00 | 1,270.00 | |
| Deutsche Numis Smaller Companies plus AIM (excluding Investment Companies) Index2 | 17,705.55 | 16,108.27 | |
| --------------- | --------------- | ||
| Assets | |||
| Total assets less current liabilities (£’000) | 657,178 | 684,322 | |
| Equity shareholders’ funds (£’000)3 | 587,621 | 614,779 | |
| Ongoing charges ratio4,5 | 0.8% | 0.8% | |
| Dividend yield4 | 3.4% | 3.5% | |
| Gearing4 | 5.5% | 13.3% | |
| ========= | ========= |
|
For the six months ended 31 August 2025 |
For the year ended 28 February 2025 |
||
| Performance (with dividends reinvested) | |||
| Net asset value per ordinary share (debt at par value)2,4 | 2.5% | -0.6% | |
| Net asset value per ordinary share (debt at fair value)2,4 | 2.9% | 0.0% | |
| Ordinary share price2,4 | 4.9% | -1.4% | |
| Deutsche Numis Smaller Companies plus AIM (excluding Investment Companies) Index2,4 | 9.9% | 6.2% | |
| ========= | ========= |
|
For the six months ended 31 August 2025 |
For the six months ended 31 August 2024 |
Change % |
|
| Revenue and dividends | |||
| Revenue return per ordinary share | 25.77p | 27.54p | -6.4 |
| Interim dividend per ordinary share | 16.00p | 15.50p | 3.2 |
| ========= | ========= | ========= |
1 Without dividends reinvested.
2 Total return basis with dividends reinvested.
3 The change in equity shareholders’ funds represents the portfolio movements, shares repurchased into treasury and dividends paid during the period.
4 Alternative Performance Measures, see Glossary contained within the Half Yearly Financial Report. Full details setting out how calculations with dividends reinvested are performed are set out in the Glossary contained within the Half Yearly Financial Report.
5 Ongoing charges ratio calculated as a percentage of average daily net assets and using the management fee and all other operating expenses, excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation, prior year expenses written back and certain non-recurring items in accordance with AIC guidelines.
Chairman’s Statement for the six months ended
This is our report on your Company’s results for the six months ended
Performance
Geopolitical tensions and the announcement by the US of significant tariffs on its key trading partners drove equity market volatility over the period under review, with many investors reducing exposure to US equities and bonds in favour of
Your Board works closely with the Manager to understand and monitor the drivers of underperformance, and as explained in more detail below, is implementing changes to the investment guidelines to better reflect the realities of the investable universe, and to enhance flexibility in these volatile and challenging market conditions.
|
Performance to |
6 Months change % |
1 Year change % |
3 Years change % |
5 Years change % |
10 Years change % |
| Net asset value per share (with dividends reinvested)1,2 | 2.9 | -9.7 | 2.0 | 17.3 | 87.6 |
| Share price (with dividends reinvested)1 | 4.9 | -11.6 | 6.5 | 21.3 | 78.7 |
| Benchmark (with dividends reinvested)1 | 9.9 | 3.0 | 14.4 | 30.6 | 59.9 |
1 Percentages in Sterling terms with dividends reinvested.
2 Debt at fair value.
3 Alternative Performance Measure, see Glossary contained within the Half Yearly Financial Report.
Returns and dividends
Dividend revenue from portfolio companies decreased this period, with the Company’s revenue return per share for the six months ended
The Board is mindful of the importance of our dividend to shareholders. The Board is also cognisant of the benefits of the Company’s investment trust structure which enables it to retain up to 15% of total revenue each year to build up reserves which may be carried forward and used to pay dividends during leaner times. The Company has substantial distributable reserves (£521.2 million as at
Dividend Policy
The Board recognises the importance of income to its shareholders and, following discussions with its advisers, has concluded that an increased frequency of dividend payments would be welcomed by shareholders. The Board also notes the importance of the Company’s dividend approach being attractive to new investors, which will help to support demand for its shares and to narrow the discount. Consequently, with effect from
The Company’s dividend policy will remain unchanged, and the Board will continue to focus on ensuring the sustainability of dividends and their future growth through investment in companies with strong balance sheets, solid management and sustainable business growth models. The Board’s intention is to make three dividend payments in September, December and March each year equal to a quarter of the previous year’s total dividend. It will then declare a final dividend for the full year (payable in June) reflecting the final amount required to ensure an appropriate level of full year dividend.
The Company has increased its annual dividend every year since 2003. The annualised increase in dividends paid across those 22 years equates to 10.6% and your Company has received the AIC accolade of ‘Dividend Hero’ for its consistent growth in dividends over that period.
Gearing
The Company had the following borrowing facilities in place: long-term fixed rate funding in the form of a £25 million senior unsecured fixed rate private placement notes issued in
It continues to be the Board’s intention that net gearing will not exceed 15% of the net assets of the Company at the time of the drawdown of the relevant borrowings. Under normal operating conditions it is envisaged that gearing will be within a range of 0%-15% of net assets. During the period, net gearing ranged between 5.5% to 10.4%. The Company’s net gearing stands at 7.4% of net assets as at
Management of share rating
During the period, the Company’s shares traded at an average discount to NAV (with debt at fair value) of 12.3%. The discount ranged between 11.5% and 13.4% and ended the period at 11.7%. For comparison, the AIC
There are many factors which influence the level of premium/discount at which a Company’s shares trade in the market, many of which are outside of the Board’s direct scope of control or influence; not least the pervasive selling we have witnessed since early 2022 which has depressed share prices in our asset class and acted to widen discounts. It is important to view the Company’s share rating and buy back activity in the wider market context, noting that the
Overall, we believe that the share buy back activity undertaken has helped reduce the volatility of our share rating and delivered NAV accretion. As we navigate more volatile and uncertain markets, your Board will continue to monitor the Company’s share rating and may deploy its powers to buyback the Company’s shares where it believes that it is in shareholders’ long-term best interests to do so. Shares are only bought back at a discount to NAV which ensures that these transactions are accretive to the NAV per share and enhance NAV returns for shareholders. As investor confidence in our sector returns we expect this approach to help us to achieve a narrowing discount to NAV.
Since the period end and as at the date of this report, the Company has bought back 1,086,000 shares into treasury for a total consideration of £14,274,000. The share buyback activity undertaken from
Evolution of the small-cap sector and changes to investment guidelines
The last few years have seen a number of economic and market trends impacting the investable universe for the
In addition, the Board has agreed with the Manager to increase the holding period for any stocks that are promoted into the
No single portfolio holding (excluding holdings in cash fund investments held for cash management purposes) will, on the date such holding is acquired by the Company, exceed 5% of the Company’s net asset value. This limit is unchanged, but the Board will remove from its investment objective the statement that it has a ‘general aim’ (which could be waived with the consent of the Board) that no investment would exceed 3% of the portfolio by value at the time of purchase. This will allow for somewhat greater portfolio concentration consistent with the available investment universe. The Board will, however, set out a general aim of investing in a portfolio of between 60 and 90 stocks.
These amendments do not represent a material change to the way the portfolio is being run or the investment objective; rather they seek to remove outdated restrictions that obfuscate the realities of the investable universe, as well as to introduce additional flexibility in volatile market conditions. The portfolio will remain substantially invested in small-cap companies within the benchmark index; any holdings that are off-benchmark will be in companies in the
Board composition
As mentioned in the Annual Report,
Outlook
Since the period end, and up until the close of business on
While acknowledging that performance has been challenged, your Board continues to work closely with the Manager to understand and address the causes of our performance shortfall. Despite the difficult market backdrop, the smaller company landscape in the
Your Board remains supportive of our Manager’s skills and resources, their focus on financially strong companies with innovative and disruptive business models and market leading offerings. Over time, these holdings should continue to offer exciting growth opportunities to long-term investors, and the changes we have implemented in respect of the investment guidelines as described above will provide additional flexibility for the Manager to navigate the challenging markets that we are facing. We will continue to consider other changes as circumstances develop in the future.
If shareholders would like to contact me, please write to
Chairman
Investment Manager’s report for the six months ended
Market review
The first half of this financial year has once again been a challenge for both the asset class and the relative performance of the Company. Companies and management teams are doing their best, and in many cases are delivering solid earnings, but share prices and valuations continue to struggle in the face of global and local market issues. Growth investing remains out of favour, smaller company investing equally so, whilst the performance of the market in general has been dominated by a narrow range of stocks and themes. On a global basis, 2025 has been a year of artificial intelligence (“AI”) winners or losers, at times it feels like there are no other categories, with only gold or crypto interjecting into the conversation.
At times like these it is important to understand the drivers of performance, and to ask ourselves whether our investment strategy is the right one. Why have we struggled to deliver the performance objectives that we hold ourselves to, and is our strategy still relevant? I will discuss the individual stock specific drivers of performance later, right now I will discuss the broader themes. Since the start of 2021 there has been a clear bifurcation in returns between “growth” and “value” investment strategies. Looking at the broad small-cap universe, the value orientated strategies have significantly outperformed growth. The normalisation of interest rates from financial crisis lows coupled with significant economic disruption have impacted the earnings outlook for many companies whilst at the same time investors have proved unwilling to place the same multiple on those earnings that they had in the latter part of the last decade. The focus on value strategies is evidenced by the poor performance of the active management sector in recent years. Indeed, in the last twelve months, only six of the forty- three funds in the broader sector have outperformed the benchmark. The explanation for this lies in the relatively narrow base of returns for the
Looking at each of these drivers in turn helps to understand some of the headwinds the strategy has faced. The Company has prioritised investment in profitable, well capitalised and growing companies in the continued belief that over the long term these disciplines produce the best returns. These priorities tend to make it difficult to find opportunities in the Resources sector where often companies have pre-production development assets that are difficult to analyse and require continued shareholder contributions for ethereal returns. We will invest in production assets (Ithaca, Hothschild Mining and Pan African Resources are all examples of portfolio companies) but in periods where commodity prices rally strongly, production assets tend to underperform development assets.
M&A is difficult to predict, by its very nature it is secretive. When analysing the activity of the last few months, other than a couple of examples (
Which leads neatly into valuation. It is my continued belief that the level of outflows seen in the
Today British Land trades at a c35% discount to Net Asset Value, Land Securities similarly. Whilst these large cap stocks are outside of our remit, they have the benefit of being listed for a long time, allowing us to compare valuations over an extended period. Further down the market cap, Great Portland, Shaftesbury and Workspace all trade at roughly a 40% discount. These valuations are significantly lower than where they traded through most of the last decade. Irrelevant you may say, the interest rate and economic backdrop were very different. Today’s valuations are also lower than the early part of this century, when
The housebuilding sector is similarly out of favour. From Crest Nicholson trading at 60% of book value to
I am conscious this analysis would sit more comfortably in the interim report of a value strategy, but both the property and housebuilding sectors provide a convenient lens through which to assess market sentiment. I could make similar claims for most sectors of the
Attractive valuation? What constitutes an “attractive” valuation is in the eye of the beholder.
Unemployment in the
Political stability? To say that
Exciting Opportunities? The continued de-equatisation of the
A willing investor base? Once the other conditions have been met, the final piece of the puzzle is having investors with assets that are willing to commit to the
In summary, the
Performance review
The previous section discussed why the asset class continues to struggle compared to large cap equities. Now it is time to turn to the performance of the Company. In the period under review the Company returned 2.9% versus the benchmark return of 9.9%. This is a disappointing performance, one that is more reflective of sector positioning than stock specific issues. Through the period under review, our stock specific disappointments have been relatively limited, but the portfolio’s exposure to property, construction, leisure and food companies has been far more damaging. These sectors have all been impacted by fears over the potential impact of the forthcoming budget on consumer confidence, employment and costs. To quantify this, the Consumer Goods sector detracted by 1.4% from relative performance. This was in part due to valuations for some holdings drifting despite results being in-line with forecasts. In addition, a bid for Bakkavor (by the portfolio holding Greencore Group) also hurt performance (as the stock is a constituent of the Benchmark Index, but was not held in the portfolio). The Consumer Services sector cost 1.6% on a relative basis, largely through the continued under-performance of the Media sector where we have maintained a modest overweight, (albeit a large proportion of this is through our position in Bloomsbury which is exposed to different drivers to the broader media sector). The Financials sector has been a headwind in the period, detracting from relative performance by 1.1%. One specific driver has been the recovery in some of the stocks which were impacted by the FCA’s investigation into the motor finance industry, coupled with a rally in some of the asset managers that have previously seen more extreme outflows. Frustratingly the biggest detractor in the Financials sector has been XPS Pensions, where the valuation has fallen despite an absence of any negative newsflow and strong earnings. XPS Pensions remains a significant position in the Company.
Turning to the stock specific drivers of performance, the largest single detractor in the period was ingredients company Treatt which has been impacted by a combination of and a weakening of US consumer confidence around the time of tariffs, leading to deferred orders, and high citrus prices forcing customers to look at product reformulation. Bid activity also detracted from performance. At the end of July, Brookfield announced an all-cash offer for Just Group. Frustratingly we had sold our position in Just Group in the face of a weakening market environment prior to the bid. Bloomsbury shares fell on the back of slightly reduced guidance for the coming year. The company highlighted weakness in the US academic publishing markets (a trend that has subsequently been referenced by others in the sector) as the driver for the lower earnings forecast. Academic publishing accounts for roughly a quarter of Bloomsbury’s revenue, so this development is not insignificant; however we believe the announcement of the next Sarah J Mass novel will be of far more importance to the group. The deterioration of sentiment towards domestic
Looking to the positive performers, Boku is an example of what can happen when the selling pressure passes. A victim of fund outflows in the preceding period, the shares have regained the lost ground simply by delivering on expectations. We continue to believe Boku’s enviable market position and relationships with major technology companies provide an attractive avenue into the growing local payments market. Oxford Biomedica’s share price has continued to react positively to the strategic pivot to becoming a
Activity
Portfolio activity has been relatively elevated as we have reflected some of the structural changes we see in the market into the portfolio. The largest new addition in the period came from the equity placing in
We have exited positions where we see a risk of sustained earnings pressure. Gamma Communications has historically been a large holding for the Company, however we have become concerned by both concerns over the health of their SME customer base coupled with the strategic rationale of the recent expansion into
Outlook
It is very easy to be negative. The geo-political situation is volatile, the economic outlook is unstable, there are significant structural and technological trends upending industries and western governments are weighed down by debt at the same time the requirements for defence, welfare and health continue to rise. From a
Twenty largest investments as at
|
Company |
Business activity |
Market value £’000 |
% of total portfolio |
| Boku | Digital payments company | 17,875 | 2.9 |
| XPS Pensions | Leading independent pensions consultancy and administration firm | 17,286 | 2.8 |
| Tatton Asset Management | Provider of discretionary fund management services to financial advisors | 16,949 | 2.7 |
| IntegraFin | Investment platform for financial advisers | 16,390 | 2.6 |
| Great Portland Estates | British property development and investment company | 15,631 | 2.5 |
| Greencore Group |
A leading manufacturer of convenience food in the |
14,877 | 2.4 |
|
|
Office fit-out, construction and urban regeneration services | 14,323 | 2.3 |
|
|
A |
14,273 | 2.3 |
| Serco Group | Public services across health, transport, immigration, defence, justice and citizen services | 13,601 | 2.2 |
|
|
Investment business that buys, improves and sells industrial and manufacturing businesses | 13,368 | 2.2 |
| Premier Foods |
|
12,633 | 2.0 |
|
|
Provider of software for customers working in the asset finance industry | 12,020 | 1.9 |
| Sigmaroc | Specialist limestone and quarried materials business | 11,868 | 1.9 |
| Chemring Group | Advanced technology products and services for the aerospace, defence and security markets | 10,878 | 1.8 |
| Young & Co’s Brewery – A Shares |
|
10,856 | 1.8 |
| PayPoint | Digital payments business | 10,824 | 1.8 |
|
|
Alternatives asset manager with strategies across private equity and private credit | 10,640 | 1.7 |
| AJ Bell |
|
10,132 | 1.6 |
| Sirius Real Estate |
Owner and operator of business parks, offices and industrial complexes in |
9,993 | 1.6 |
| Elementis | Speciality chemicals company | 9,837 | 1.6 |
| --------------- | --------------- | ||
| Twenty largest investments | 264,254 | 42.6 | |
| --------------- | --------------- | ||
| Remaining investments | 355,789 | 57.4 | |
| ========= | ========= | ||
| Total | 620,043 | 100.0 | |
| ========= | ========= |
Details of the full portfolio are available on the Company’s website at www.blackrock.com/uk/brsc .
Portfolio holdings in excess of 3% of issued share capital
At
|
Security |
% of share capital held |
| Tatton Asset Management | 3.9 |
| Luceco | 3.5 |
| Diaceutics | 3.1 |
| ========= |
Investment exposure as at
Investment size
| Number of investments | Market value of investments as % of portfolio | |
| £0m-£1m | 3 | 0.3 |
| £2m-£3m | 6 | 2.5 |
| £3m-£4m | 9 | 5.2 |
| £4m-£5m | 6 | 4.5 |
| £5m-£6m | 7 | 6.3 |
| £6m-£7m | 8 | 8.3 |
| £7m-£8m | 7 | 8.6 |
| £8m-£9m | 8 | 11.0 |
| £9m-£10m | 9 | 13.9 |
| £10m-£11m | 5 | 8.6 |
| £11m-£12m | 1 | 1.9 |
| £12m-£13m | 2 | 4.0 |
| £13m-£14m | 2 | 4.3 |
| £14m-£15m | 3 | 7.0 |
| £15m-£16m | 1 | 2.5 |
| £16m-£17m | 2 | 5.4 |
| £17m-£18m | 2 | 5.7 |
Source: BlackRock.
Analysis of portfolio value by sector (%)
| Company | Benchmark (Deutsche Numis Smaller Companies plus AIM (ex Investment Companies) Index) | |
| Energy | 2.7 | 5.2 |
| Basic Materials | 4.3 | 8.4 |
| Industrials | 33.4 | 25.1 |
| Consumer Discretionary | 10.0 | 15.0 |
| Health Care | 4.2 | 4.8 |
| Consumer Staples | 9.3 | 5.9 |
| Telecommunications | 0.9 | 2.1 |
| Financials | 23.6 | 16.2 |
| Real Estate | 6.6 | 7.1 |
| Technology | 3.9 | 7.4 |
| Utilities | 1.1 | 2.0 |
| Other | 0.0 | 0.8 |
Sources: BlackRock and LSEG Datastream.
Interim Management Report and Responsibility Statement
The Chairman’s Statement and the Investment Manager’s Report above give details of the important events which have occurred during the period and their impact on the financial statements.
Principal risks and uncertainties
The principal risks faced by the Company can be divided into various areas as follows:
- Investment performance
- Market
- Income/dividend
- Legal and compliance
- Operational
- Financial
- Marketing
The Board reported on the principal risks and uncertainties faced by the Company in the Annual Report and Financial Statements for the year ended
The Board and the Investment Manager continue to monitor investment performance in line with the Company’s investment objectives, and the operations of the Company and the publication of net asset values are continuing.
In the view of the Board, there have not been any changes to the fundamental nature of the principal risks and uncertainties since the previous report and these are equally applicable to the remaining six months of the financial year as they were to the six months under review.
Going concern
The Board is mindful of the risk that unforeseen or unprecedented events including (but not limited to) heightened geopolitical tensions such as the wars in
Related party disclosure and transactions with the AIFM and Investment Manager
Directors’ Responsibility Statement
The Disclosure Guidance and Transparency Rules (DTR) of the
The Directors confirm to the best of their knowledge and belief that:
– the condensed set of financial statements contained within the Half Yearly Financial Report has been prepared in accordance with the applicable
– the Interim Management Report together with the Chairman’s Statement and Investment Manager’s Report, include a fair review of the information required by 4.2.7R and 4.2.8R of the Financial Conduct Authority’s (FCA) Disclosure Guidance and Transparency Rules.
The Half Yearly Financial Report has not been audited or reviewed by the Company’s Auditor.
The Half Yearly Financial Report was approved by the Board on
for and on behalf of the Board
Income Statement for the six months ended
|
Six months ended 31 August 2025 (unaudited) |
Six months ended 31 August 2024 (unaudited) |
Year ended 28 February 2025 (audited) |
||||||||
|
Notes |
Revenue £’000 |
Capital £’000 |
Total £’000 |
Revenue £’000 |
Capital £’000 |
Total £’000 |
Revenue £’000 |
Capital £’000 |
Total £’000 |
|
| Gains/(losses) on investments held at fair value through profit or loss |
– |
4,083 |
4,083 |
– |
88,199 |
88,199 |
– |
(19,794) |
(19,794) |
|
| Gains/(losses) on foreign exchange | – | 17 | 17 | – | (7) | (7) | – | (3) | (3) | |
| Income from investments held at fair value through profit or loss |
3 |
11,660 |
– |
11,660 |
14,494 |
798 |
15,292 |
22,684 |
875 |
23,559 |
| Other income | 3 | 570 | – | 570 | – | – | – | 1 | – | 1 |
| --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | ||
| Total income/(loss) | 12,230 | 4,100 | 16,330 | 14,494 | 88,990 | 103,484 | 22,685 | (18,922) | 3,763 | |
| ========= | ========= | ========= | ========= | ========= | ========= | ========= | ========= | ========= | ||
| Expenses | ||||||||||
| Investment management fee | 4 | (498) | (1,495) | (1,993) | (615) | (1,845) | (2,460) | (1,153) | (3,458) | (4,611) |
| Other operating expenses | 5 | (459) | (14) | (473) | (510) | (14) | (524) | (940) | (25) | (965) |
| --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | ||
| Total operating expenses | (957) | (1,509) | (2,466) | (1,125) | (1,859) | (2,984) | (2,093) | (3,483) | (5,576) | |
| ========= | ========= | ========= | ========= | ========= | ========= | ========= | ========= | ========= | ||
| Net profit/(loss) on ordinary activities before finance costs and taxation |
11,273 |
2,591 |
13,864 |
13,369 |
87,131 |
100,500 |
20,592 |
(22,405) |
(1,813) |
|
| Finance costs | 6 | (238) | (714) | (952) | (332) | (900) | (1,232) | (627) | (1,781) | (2,408) |
| Net profit/(loss) on ordinary activities before taxation | 11,035 | 1,877 | 12,912 | 13,037 | 86,231 | 99,268 | 19,965 | (24,186) | (4,221) | |
| Taxation | (23) | – | (23) | (55) | – | (55) | (47) | – | (47) | |
| --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | ||
| Net profit/(loss) on ordinary activities after taxation | 11,012 | 1,877 | 12,889 | 12,982 | 86,231 | 99,213 | 19,918 | (24,186) | (4,268) | |
| ========= | ========= | ========= | ========= | ========= | ========= | ========= | ========= | ========= | ||
| Earnings/(loss) per ordinary share (pence) – basic and diluted | 8 |
25.77 |
4.39 |
30.16 |
27.54 |
182.93 |
210.47 |
42.53 |
(51.64) |
(9.11) |
| ========= | ========= | ========= | ========= | ========= | ========= | ========= | ========= | ========= | ||
The total columns of this statement represent the Company’s profit and loss account. The supplementary revenue and capital accounts are both prepared under guidance published by the
The net profit/(loss) for the period disclosed above represents the Company’s total comprehensive income/(loss).
Statement of Changes in Equity for the six months ended
|
Notes |
Called up share capital £’000 |
Share premium account £’000 |
Capital redemption reserve £’000 |
Capital reserves £’000 |
Revenue reserve £’000 |
Total £’000 |
|
|
For the six months ended |
|||||||
|
At |
12,498 | 51,980 | 1,982 | 529,771 | 18,548 | 614,779 | |
| Total comprehensive income: | |||||||
| Net profit for the period | – | – | – | 1,877 | 11,012 | 12,889 | |
| Transactions with owners, recorded directly to equity: | |||||||
| Ordinary shares repurchased into treasury | – | – | – | (27,577) | – | (27,577) | |
| Share repurchase costs | – | – | – | (185) | – | (185) | |
| Dividends paid1 | 7 | – | – | – | – | (12,285) | (12,285) |
| --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | ||
|
At |
12,498 | 51,980 | 1,982 | 503,886 | 17,275 | 587,621 | |
| ========= | ========= | ========= | ========= | ========= | ========= | ||
|
For the six months ended |
|||||||
|
At |
12,498 | 51,980 | 1,982 | 601,098 | 18,648 | 686,206 | |
| Total comprehensive income: | |||||||
| Net profit for the period | – | – | – | 86,231 | 12,982 | 99,213 | |
| Transactions with owners, recorded directly to equity: | |||||||
| Ordinary shares repurchased into treasury | – | – | – | (2,940) | – | (2,940) | |
| Share repurchase costs | – | – | – | (28) | – | (28) | |
| Dividends paid2 | 7 | – | – | – | – | (12,717) | (12,717) |
| --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | ||
|
At |
12,498 | 51,980 | 1,982 | 684,361 | 18,913 | 769,734 | |
| ========= | ========= | ========= | ========= | ========= | ========= | ||
|
For the year ended |
|||||||
|
At |
12,498 | 51,980 | 1,982 | 601,098 | 18,648 | 686,206 | |
| Total comprehensive (loss)/income: | |||||||
| Net (loss)/profit for the year | – | – | – | (24,186) | 19,918 | (4,268) | |
| Transactions with owners, recorded directly to equity: | |||||||
| Ordinary shares repurchased into treasury | – | – | – | (46,838) | – | (46,838) | |
| Share repurchase costs | – | – | – | (303) | – | (303) | |
| Dividends paid3 | 7 | – | – | – | – | (20,018) | (20,018) |
| --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | ||
|
At |
12,498 | 51,980 | 1,982 | 529,771 | 18,548 | 614,779 | |
| ========= | ========= | ========= | ========= | ========= | ========= |
1 Final dividend paid in respect of the year ended
2 Final dividend paid in respect of the year ended
3 Interim dividend paid in respect of the year ended
For information on the Company’s distributable reserves, please refer to note 12.
Balance Sheet as at
|
Notes |
31 August 2025 (unaudited) £’000 |
31 August 2024 (unaudited) £’000 |
28 February 2025 (audited) £’000 |
|
| Non current assets | ||||
| Investments held at fair value through profit or loss | 13 | 620,043 | 851,197 | 696,573 |
| Current assets | ||||
| Current tax assets | 105 | 132 | 84 | |
| Debtors | 3,842 | 4,958 | 9,738 | |
| Cash and cash equivalents – cash at bank | 40,458 | – | – | |
| --------------- | --------------- | --------------- | ||
| Total current assets | 44,405 | 5,090 | 9,822 | |
| ========= | ========= | ========= | ||
| Current liabilities | ||||
| Cash and cash equivalents – bank overdraft | (168) | (10,102) | (9,230) | |
| Creditors – amounts falling due within one year | (7,102) | (6,922) | (12,843) | |
| --------------- | --------------- | --------------- | ||
| Net current liabilities | 37,135 | (11,934) | (12,251) | |
| ========= | ========= | ========= | ||
| Total assets less current liabilities | 657,178 | 839,263 | 684,322 | |
| ========= | ========= | ========= | ||
| Creditors – amounts falling due after more than one year | 9, 10 | (69,557) | (69,529) | (69,543) |
| --------------- | --------------- | --------------- | ||
| Net assets | 587,621 | 769,734 | 614,779 | |
| ========= | ========= | ========= | ||
| Total equity | ||||
| Called up share capital | 11 | 12,498 | 12,498 | 12,498 |
| Share premium account | 51,980 | 51,980 | 51,980 | |
| Capital redemption reserve | 1,982 | 1,982 | 1,982 | |
| Capital reserves | 503,886 | 684,361 | 529,771 | |
| Revenue reserve | 17,275 | 18,913 | 18,548 | |
| --------------- | --------------- | --------------- | ||
| Total shareholders’ funds | 8 | 587,621 | 769,734 | 614,779 |
| --------------- | --------------- | --------------- | ||
| Net asset value per ordinary share (debt at par value) (pence) | 8 | 1,410.32 | 1,634.26 | 1,403.45 |
| ========= | ========= | ========= | ||
| Net asset value per ordinary share (debt at fair value) (pence) | 8 | 1,477.13 | 1,684.43 | 1,463.44 |
| ========= | ========= | ========= |
Statement of Cash Flows for the six months ended
|
Six months ended 31 August 2025 (unaudited) £’000 |
Six months ended 31 August 2024 (unaudited) £’000 |
Year ended 28 February 2025 (audited) £’000 |
|
| Operating activities | |||
| Net profit/(loss) on ordinary activities before taxation1 | 12,912 | 99,268 | (4,221) |
| Add back finance costs | 952 | 1,232 | 2,408 |
| (Gains)/losses on investments held at fair value through profit or loss | (4,083) | (88,199) | 19,794 |
| Net movement in foreign exchange | (17) | 7 | 3 |
| Sales of investments held at fair value through profit or loss | 332,624 | 211,755 | 541,426 |
| Purchase of investments held at fair value through profit or loss | (246,249) | (207,606) | (493,890) |
| Net amount for capital special dividends received | – | (798) | (875) |
| (Increase)/decrease in debtors | (820) | (1,273) | 348 |
| (Decrease)/increase in other creditors | (3,485) | 409 | 1,065 |
| Taxation on investment income | (23) | (55) | (47) |
| --------------- | --------------- | --------------- | |
| Net cash generated from operating activities | 91,811 | 14,740 | 66,011 |
| ========= | ========= | ========= | |
| Financing activities | |||
| Ordinary shares repurchased into treasury | (28,903) | (3,006) | (44,663) |
| Share repurchase costs | (185) | (28) | (303) |
| Interest paid | (935) | (1,213) | (2,383) |
| Dividends paid | (12,285) | (12,717) | (20,018) |
| --------------- | --------------- | --------------- | |
| Net cash used in financing activities | (42,308) | (16,964) | (67,367) |
| ========= | ========= | ========= | |
| Increase/(decrease) in cash and cash equivalents | 49,503 | (2,224) | (1,356) |
| Effect of foreign exchange rate changes | 17 | (7) | (3) |
| Cash and cash equivalents at the beginning of the period/year | (9,230) | (7,871) | (7,871) |
| --------------- | --------------- | --------------- | |
| Cash and cash equivalents at the end period/year | 40,290 | (10,102) | (9,230) |
| ========= | ========= | ========= | |
| Comprised of: | |||
| Cash at bank | 17 | – | – |
|
|
40,441 | – | – |
| Bank overdraft | (168) | (10,102) | (9,230) |
| --------------- | --------------- | --------------- | |
| 40,290 | (10,102) | (9,230) | |
| ========= | ========= | ========= |
1 Dividends and interest received in cash during the six months ended
2
Notes to the Financial Statements for the six months ended
1. Principal activity
The principal activity of the Company is that of an investment trust company within the meaning of Section 1158 of the Corporation Tax Act 2010.
2. Basis of preparation
The financial statements of the Company are prepared on a going concern basis in accordance with Financial Reporting Standard 104 Interim Financial Reporting (FRS 104) applicable in the
The accounting policies and estimation techniques applied for the condensed set of financial statements are as set out in the Company’s Annual Report and Financial Statements for the year ended
3. Income
|
Six months ended 31 August 2025 (unaudited) £’000 |
Six months ended 31 August 2024 (unaudited) £’000 |
Year ended 28 February 2025 (audited) £’000 |
|
| Investment income1: | |||
|
|
9,427 | 11,921 | 18,567 |
|
|
441 | 605 | 801 |
|
|
430 | 841 | 1,007 |
|
Dividends from |
367 | – | 493 |
| Overseas dividends | 560 | 1,049 | 1,514 |
| Overseas special dividends | 168 | 78 | – |
| Dividends from overseas REITs2 | 267 | – | 302 |
| --------------- | --------------- | --------------- | |
| Total investment income | 11,660 | 14,494 | 22,684 |
| ========= | ========= | ========= | |
| Other income: | |||
| Bank Interest | 15 | – | 1 |
|
Interest from |
555 | – | – |
| --------------- | --------------- | --------------- | |
| Total other income | 570 | – | 1 |
| --------------- | --------------- | --------------- | |
| Total | 12,230 | 14,494 | 22,685 |
| ========= | ========= | ========= |
1
2 REITs – real estate investment trusts.
Special dividends of £nil have been recognised in capital during the six months ended
Dividends and interest received in cash during the period amounted to £10,908,000 and £463,000 (six months ended
4. Investment management fee
|
Six months ended 31 August 2025 (unaudited) |
Six months ended 31 August 2024 (unaudited) |
Year ended 28 February 2025 (audited) |
|||||||
|
Revenue £’000 |
Capital £’000 |
Total £’000 |
Revenue £’000 |
Capital £’000 |
Total £’000 |
Revenue £’000 |
Capital £’000 |
Total £’000 |
|
| Investment management fee | 498 | 1,495 | 1,993 | 615 | 1,845 | 2,460 | 1,153 | 3,458 | 4,611 |
| --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | |
| Total | 498 | 1,495 | 1,993 | 615 | 1,845 | 2,460 | 1,153 | 3,458 | 4,611 |
| ========= | ========= | ========= | ========= | ========= | ========= | ========= | ========= | ========= | |
The investment management fee is based on a rate of 0.6% of the first £750 million of total assets (excluding current year income) less the current liabilities of the Company (the “Fee Asset Amount”), reducing to 0.5% above this level. The fee is calculated at the rate of one quarter of 0.6% of the Fee Asset Amount up to the initial threshold of £750 million, and one quarter of 0.5% of the Fee Asset Amount in excess thereof, at the end of each quarter. The investment management fee is allocated 25% to the revenue account and 75% to the capital account of the Income Statement.
5. Other operating expenses
|
Six months ended 31 August 2025 (unaudited) £’000 |
Six months ended 31 August 2024 (unaudited) £’000 |
Year ended 28 February 2025 (audited) £’000 |
|
| Allocated to revenue: | |||
| Custody fees | 4 | 5 | 9 |
| Depositary fees | 34 | 42 | 83 |
| Auditors’ remuneration | 30 | 29 | 52 |
| Registrar’s fee | 23 | 23 | 46 |
| Directors’ emoluments | 105 | 112 | 240 |
| Marketing fees | 59 | 136 | 195 |
| AIC fees | 12 | 11 | 22 |
| Bank charges | 12 | 12 | 24 |
| Broker fees | 26 | 18 | 23 |
| Stock exchange listings | 23 | 21 | 41 |
| Printing and postage fees | 27 | 24 | 39 |
| Legal fees | 10 | 9 | 43 |
| Prior year expenses written back1 | – | – | (11) |
| Other administrative costs | 94 | 68 | 134 |
| --------------- | --------------- | --------------- | |
| Total revenue expenses | 459 | 510 | 940 |
| ========= | ========= | ========= | |
| Allocated to capital: | |||
| Custody transaction charges2 | 14 | 14 | 25 |
| --------------- | --------------- | --------------- | |
| Total capital expenses | 14 | 14 | 25 |
| --------------- | --------------- | --------------- | |
| Total | 473 | 524 | 965 |
| ========= | ========= | ========= |
1 No expenses have been written back during the six months ended
2 For the six month period ended
The direct transaction costs incurred on the acquisition of investments amounted to £1,153,000 for the six months ended
6. Finance costs
|
Six months ended 31 August 2025 (unaudited) |
Six months ended 31 August 2024 (unaudited) |
Year ended 28 February 2025 (audited) |
|||||||
|
Revenue £’000 |
Capital £’000 |
Total £’000 |
Revenue £’000 |
Capital £’000 |
Total £’000 |
Revenue £’000 |
Capital £’000 |
Total £’000 |
|
| Interest on 2.74% loan note 2037 | 87 | 260 | 347 | 87 | 260 | 347 | 173 | 518 | 691 |
| Interest on 2.41% loan note 2044 | 60 | 182 | 242 | 60 | 182 | 242 | 121 | 362 | 483 |
| Interest on 2.47% loan note 2046 | 76 | 228 | 304 | 76 | 228 | 304 | 152 | 456 | 608 |
| Interest on bank overdraft | 11 | 34 | 45 | 105 | 220 | 325 | 173 | 425 | 598 |
| 2.74% Amortised loan note issue expenses | 2 | 5 | 7 | 2 | 5 | 7 | 4 | 10 | 14 |
| 2.41% Amortised loan note issue expenses | 1 | 2 | 3 | 1 | 2 | 3 | 2 | 5 | 7 |
| 2.47% Amortised loan note issue expenses | 1 | 3 | 4 | 1 | 3 | 4 | 2 | 5 | 7 |
| --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | --------------- | |
| Total | 238 | 714 | 952 | 332 | 900 | 1,232 | 627 | 1,781 | 2,408 |
| ========= | ========= | ========= | ========= | ========= | ========= | ========= | ========= | ========= | |
Finance costs have been allocated 25% to the revenue account and 75% to the capital account of the Income Statement.
7. Dividends
In accordance with FRS 102, Section 32 Events After the End of the Reporting Period, the interim dividend payable on the ordinary shares has not been included as a liability in the financial statements, as interim dividends are only recognised when they have been paid.
The Board has declared an interim dividend of 16.00p per share (
8. Returns and net asset value per share
Revenue earnings, capital earnings/(loss) and net asset value per share are shown below and have been calculated using the following:
|
Six months ended 31 August 2025 (unaudited) |
Six months ended 31 August 2024 (unaudited) |
Year ended 28 February 2025 (audited) |
|
| Revenue return attributable to ordinary shareholders (£’000) | 11,012 | 12,982 | 19,918 |
| Capital profit/(loss) attributable to ordinary shareholders (£’000) | 1,877 | 86,231 | (24,186) |
| --------------- | --------------- | --------------- | |
| Total profit/(loss) attributable to ordinary shareholders (£’000) | 12,889 | 99,213 | (4,268) |
| --------------- | --------------- | --------------- | |
| Total shareholders’ funds (£’000) | 587,621 | 769,734 | 614,779 |
| ========= | ========= | ========= | |
| The weighted average number of ordinary shares in issue during the period on which the earnings per ordinary share was calculated was: | 42,739,199 | 47,138,725 | 46,833,380 |
| The actual number of ordinary shares in issue at the end of each period on which the undiluted net asset value was calculated was: | 41,665,792 | 47,099,792 | 43,804,792 |
| Earnings per share | |||
| Revenue earnings per share (pence) – basic and diluted | 25.77 | 27.54 | 42.53 |
| Capital earnings/(loss) per share (pence) – basic and diluted | 4.39 | 182.93 | (51.64) |
| --------------- | --------------- | --------------- | |
| Total earnings/(loss) per share (pence) – basic and diluted | 30.16 | 210.47 | (9.11) |
| ========= | ========= | ========= |
|
As at 31 August 2025 (unaudited) |
As at 31 August 2024 (unaudited) |
As at 28 February 2025 (audited) |
|
| Net asset value per ordinary share (debt at par value) (pence) | 1,410.32 | 1,634.26 | 1,403.45 |
| Net asset value per ordinary share (debt at fair value) (pence) | 1,477.13 | 1,684.43 | 1,463.44 |
| Ordinary share price (pence) | 1,304.00 | 1,524.00 | 1,270.00 |
| ========= | ========= | ========= |
9. Creditors – amounts falling due after more than one year
|
As at 31 August 2025 (unaudited) £’000 |
As at 31 August 2024 (unaudited) £’000 |
As at 28 February 2025 (audited) £’000 |
|
| Amounts falling due after more than one year | |||
| 2.74% loan note 2037 | 25,000 | 25,000 | 25,000 |
| Unamortised loan note issue expenses | (161) | (166) | (168) |
| --------------- | --------------- | --------------- | |
| 24,839 | 24,834 | 24,832 | |
| ========= | ========= | ========= | |
| 2.41% loan note 2044 | 20,000 | 20,000 | 20,000 |
| Unamortised loan note issue expenses | (124) | (130) | (127) |
| --------------- | --------------- | --------------- | |
| 19,876 | 19,870 | 19,873 | |
| ========= | ========= | ========= | |
| 2.47% loan note 2046 | 25,000 | 25,000 | 25,000 |
| Unamortised loan note issue expenses | (158) | (175) | (162) |
| --------------- | --------------- | --------------- | |
| 24,842 | 24,825 | 24,838 | |
| ========= | ========= | ========= | |
| Total | 69,557 | 69,529 | 69,543 |
| ========= | ========= | ========= |
The fair value of the 2.74% loan note has been determined based on a comparative yield for
The first £25 million loan note was issued on
The £20 million loan note was issued on
The second £25 million loan note was issued on
The Company also has available an uncommitted overdraft facility of £60 million with
The Company has complied with all covenants during the period related to the loan and borrowings.
10. Reconciliation of liabilities arising from financing activities
|
Six months ended 31 August 2025 (unaudited) £’000 |
Six months ended 31 August 2024 (unaudited) £’000 |
Year ended 28 February 2025 (audited) £’000 |
|
| Debt arising from financing activities at beginning of period/year: | |||
| Cash at bank – bank overdraft | 9,230 | 7,899 | 7,899 |
| Loan notes | 69,543 | 69,515 | 69,515 |
| --------------- | --------------- | --------------- | |
| Total | 78,773 | 77,414 | 77,414 |
| ========= | ========= | ========= | |
| Cash flows: | |||
| Movement in bank overdraft | (9,062) | 2,203 | 1,331 |
| Non-cash flows: | |||
| Amortisation of loan note issue expenses | 14 | 14 | 28 |
| Debt arising from financing activities at end of period/year | |||
| Cash at bank – bank overdraft | 168 | 10,102 | 9,230 |
| Loan notes | 69,557 | 69,529 | 69,543 |
| --------------- | --------------- | --------------- | |
| Total | 69,725 | 79,631 | 78,773 |
| ========= | ========= | ========= |
11. Called up share capital
|
Ordinary shares in issue (number) |
shares (number) |
Total shares (number) |
Nominal value £’000 |
|
| Allotted, called up and fully paid share capital comprised: | ||||
| Ordinary shares of 25p each | ||||
|
At |
47,319,792 | 2,673,731 | 49,993,523 | 12,498 |
| Ordinary shares repurchased into treasury | (220,000) | 220,000 | – | – |
| --------------- | --------------- | --------------- | --------------- | |
|
At |
47,099,792 | 2,893,731 | 49,993,523 | 12,498 |
| Ordinary shares repurchased into treasury | (3,295,000) | 3,295,000 | – | – |
| --------------- | --------------- | --------------- | --------------- | |
|
At |
43,804,792 | 6,188,731 | 49,993,523 | 12,498 |
| Ordinary shares repurchased into treasury | (2,139,000) | 2,139,000 | – | – |
| --------------- | --------------- | --------------- | --------------- | |
|
At |
41,665,792 | 8,327,731 | 49,993,523 | 12,498 |
| ========= | ========= | ========= | ========= |
During the six months ended
Since
The ordinary shares (excluding any shares held in treasury) carry the right to receive any dividends and have one voting right per ordinary share. There are no restrictions on the voting rights of the ordinary shares or on the transfer of ordinary shares.
12. Reserves
The share premium account of £51,980,000 (
As at
13. Valuation of financial instruments
The Company’s investment activities expose it to the various types of risk which are associated with the financial instruments and markets in which it invests. The risks are substantially consistent with those disclosed in the previous annual financial statements.
Market risk arising from price risk
Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the market. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, climate change or other events could have a significant impact on the Company and its investments and could result in increased premiums or discounts to the Company’s net asset value.
Valuation of financial instruments
Financial assets and financial liabilities are either carried in the Balance Sheet at their fair value (investments) or at an amount which is a reasonable approximation of fair value (due from brokers, dividends and interest receivable, due to brokers, accruals, cash and cash equivalents and bank overdrafts). Section 34 of FRS 102 requires the Company to classify fair value measurements using a fair value hierarchy that reflects the significance of inputs used in making the measurements. The valuation techniques used by the Company are explained in the accounting policies note on page 91 of the Annual Report and Financial Statements for the year ended
Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset.
The fair value hierarchy has the following levels:
Level 1 – Quoted market price for identical instruments in active markets
A financial instrument is regarded as quoted in an active market if quoted prices are readily available from an exchange, dealer, broker, industry group, pricing service or regulatory agency and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The Company does not adjust the quoted price for these instruments.
Level 2 – Valuation techniques using observable inputs
This category includes instruments valued using quoted prices for similar instruments in markets that are considered less than active, or other valuation techniques where significant inputs are directly or indirectly observable from market data.
Level 3 – Valuation techniques using significant unobservable inputs
This category includes all instruments where the valuation technique includes inputs not based on market data and these inputs could have a significant impact on the instrument’s valuation.
This category also includes instruments that are valued based on quoted prices for similar instruments where significant entity determined adjustments or assumptions are required to reflect differences between the instruments and instruments for which there is no active market. The Investment Manager considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement.
Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability, including an assessment of the relevant risks including but not limited to credit risk, market risk, liquidity risk, business risk and sustainability risk. The determination of what constitutes ‘observable’ inputs requires significant judgement by the Investment Manager and these risks are adequately captured in the assumptions and inputs used in the measurement of Level 3 assets or liabilities.
Fair values of financial assets and financial liabilities
The table below is an analysis of the Company’s financial instruments measured at fair value at the balance sheet date.
|
Level 1 £’000 |
Level 2 £’000 |
Level 3 £’000 |
Total £’000 |
|
| Financial assets at fair value through profit or loss | ||||
|
Equity investments at |
620,043 | – | – | 620,043 |
|
Equity investments at |
851,197 | – | – | 851,197 |
|
Equity investments at |
694,356 | – | 2,217 | 696,573 |
The Company did not hold any Level 3 securities as at
A reconciliation of fair value measurement of Level 3 is set out below.
|
Six months ended 31 August 2025 (unaudited) £’000 |
Six months ended 31 August 2024 (unaudited) £’000 |
Year ended 28 February 2025 (audited) £’000 |
|
| Level 3 financial assets at fair value through profit or loss | |||
| Opening fair value | 2,217 | – | – |
| Additions at cost | – | – | 770 |
| Gain on investments included in gains on investments in the Income Statement | – | – | 1,447 |
| Assets transferred to Level 1 during the period | (2,217) | – | – |
| --------------- | --------------- | --------------- | |
| Closing balance | – | – | 2,217 |
| ========= | ========= | ========= |
As at
For exchange listed equity investments, the quoted price is the bid price. Substantially, all investments are valued based on unadjusted quoted market prices. Where such quoted prices are readily available in an active market, such prices are not required to be assessed or adjusted for any business risks, including climate change risk, in accordance with the fair value related requirements of the Company’s financial reporting framework.
14. Transactions with the Investment Manager and AIFM
The investment management fee payable for the six months ended
In addition to the above services, BIM (
During the period, the Manager pays the amounts due to the Directors. These fees are then reimbursed by the Company for the amounts paid on its behalf. As of
The Company had an investment in the
The ultimate holding company of the Manager and the Investment Manager is BlackRock, Inc., a company incorporated in
15. Related party disclosure
Directors’ emoluments
As at
As at
At the period end members of the Board held ordinary shares in the Company as set out below:
|
As at 31 August 2025 Ordinary shares |
As at 31 August 2024 Ordinary shares |
As at 28 February 2025 Ordinary shares |
|
|
|
3,544 | 3,544 | 3,544 |
|
|
542 | 491 | 531 |
|
|
2,500 | 2,500 | 2,500 |
|
|
988 | 988 | 988 |
| Dunke Afe | – | – | – |
|
|
n/a | 2,800 | 2,800 |
1
Significant holdings
The following investors are:
a. funds managed by the
b. investors (other than those listed in (a) above) who held more than 20% of the voting shares in issue in the Company and are, as a result, considered to be related parties to the Company (
|
Total % of shares held by Related BlackRock Funds |
Total % of shares held by affiliates of BlackRock, Inc. |
Number of who are not affiliates of BlackRock Group or BlackRock, Inc. |
|
|
As at |
5.9 | n/a | n/a |
|
As at |
5.9 | n/a | n/a |
|
As at |
6.1 | n/a | n/a |
16. Contingent liabilities
There were no contingent liabilities at
17. Publication of non-statutory accounts
The financial information contained in this Half Yearly Financial Report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The financial information for the six months ended
The information for the year ended
18. Annual results
The Board expects to announce the annual results for the year ending
Copies of the results announcement can be obtained from the Secretary on 020 7743 3000 or at
cosec@blackrock.com
. The Annual Report should be available by the beginning of
The Annual Report and Financial Statements will also be available on the
For further information, please contact:
Sarah Beynsberger, Director, Closed End Funds,
Tel: 020 7743 3000
Press Enquiries:
Tel: 020 7294 3620
E-mail:
BlackRockInvestmentTrusts@lansons.com or EdH@lansons.com
Release |