TIDMANW
RNS Number : 7061B
Aberdeen New Thai Inv Trust PLC
30 October 2009
?
ABERDEEN NEW THAI INVESTMENT TRUST PLC
HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 AUGUST 2009
The following is the unaudited Interim Board Report for the six months ended 31
August 2009.
INTERIM BOARD REPORT
Investment Objective
The investment objective of the Company is to provide Shareholders with a high
level of long-term, above average capital growth through investment in Thailand.
Investment Policy
The Company's assets are invested in a diversified portfolio of securities
(substantially in the form of equities or equity related securities such as
convertible securities and warrants) in companies spread across a range of
industries which are quoted on the Stock Exchange of Thailand ("SET") Index.
Background
During what proved to be an excellent six months for equity markets everywhere,
your Company's net asset value total return (in Sterling terms) was 33.0%,
compared to a rise of 46.2% in the benchmark SET Index. Your Company's share
price rose by 27.3% (including dividends reinvested), partially due to a
widening, from 14.1% to 18.1%, in the discount to net asset value.
The strong rally during the review period was the result of a collective
realisation that the world would avoid a widespread slump. In such an
environment it was weaker companies that had previously fallen the most that
outperformed. Your Manager, with its focus on stronger, well-managed companies,
accepts that there will occasionally be periods when underperformance of the
benchmark should be expected. The review period has been a particularly extreme
case of this, reflecting how pessimistic investors were earlier this year.
On 6 May 2009, the Board declared an increased annual dividend of 3.5p per
Ordinary share in respect of the year ended 28 February 2009 which was paid to
shareholders who were on the register on 2 July 2009. The increase of 27.3% on
the previous year (2008 - 2.75p) reflected the continuing strong earnings flow
from the investment portfolio. Notwithstanding the recent downturn your Company
has seen significant revenue returns and as at the period end held over GBP2.4
million in revenue reserves.
Overview
Thai equities underwent a strong rally during the period under review. The SET
Index rebounded by more than 40%, in line with the region generally, as an
appetite for risk returned amid growing optimism that the worst of the global
economic downturn had passed. We have now entered the stage where equities will
continue to rally because of economies' weakness rather than in spite of it and
monetary conditions will remain loose as a result. Paradoxically, the major risk
for markets now is that economies overheat, though we do not see this as a
serious risk in the near term.
According to stock exchange data, overseas investors bought a net 32.2 billion
baht of Thai stocks in the eight-month period between January and August 2009,
compared with net sales of 97.5 billion baht for the same period in 2008. The
volte-face in investor sentiment has been nothing short of dramatic. Initially,
worsening global economic indicators prompted fears of a widespread slump.
However, an increasing belief that unprecedented stimulatory measures worldwide,
both monetary and fiscal, would obviate a prolonged downturn allayed investors'
fears.
Thailand was among the export-oriented economies in the region which saw a
significant improvement in second-quarter GDP from the previous quarter, as
export declines eased. Such positive, or rather less negative, economic signals
have led to a recent improvement in consumer confidence. The baht weakened by
about 7% against sterling during the period; this was due in part to the central
bank's loosening of monetary policy which saw interest rates hit a five-year low
of 1.25% and also to the strength of sterling following its decline last year.
Meanwhile, expansionary fiscal policy has been employed to counter the decline
in private demand. The centrepiece of Prime Minister Abhisit's administration is
a three-year stimulus program worth 1.06 trillion baht, targeted at healthcare,
education and infrastructure projects and part financed by 700 billion baht in
new borrowing. However, the realisation of those plans is contingent on the
staying power of the administration, which is vulnerable to a highly changeable
political climate.
Not surprisingly, the domestic political scene remained as fractious as ever.
Initially, events mirrored those of last year, as supporters of Thaksin
Shinawatra fought against the legitimacy of Prime Minister Abhisit's election by
blockading his office and forcing the cancellation of a regional summit, which
led the government to declare a state of emergency. Later, their petition to
seek a royal pardon for Thaksin underscored the acute division in the political
landscape.
Portfolio
The underperformance of the portfolio for the period to 31 August 2009 was due
largely to the fact that weaker companies led the rally. Thus a number of the
portfolio's core holdings, such as Thai Reinsurance, Siam Makro, Amarin
Printing, Bangkok Insurance, Goodyear, Big C Supercenter and BEC World,
significantly lagged behind the index. All of these are steady, defensive
companies that tend to get left behind in rallies such as the one just
witnessed. However, the Company's borrowing, which equated to 6.1% of net asset
value as at 31 August 2009, enhanced performance during the period.
Notwithstanding the overall underperformance, your Manager is comfortable with
the existing holdings. The Manager has avoided stocks that are deemed to be
either highly cyclical or to have corporate governance issues. Instead, your
Manager prefers companies with sound, steady businesses run by proven management
teams.
Domestically-oriented stocks generally underperformed during the review period.
Holdings in retailers Siam Makro and Big C Supercenter lagged in the market
rally, though it should be noted that both companies have delivered robust
performances in the past several years. In the media and publishing sector,
Amarin Printing was hurt by lower advertising revenue, while BEC World's share
price was depressed by MCOT's renegotiation to raise its concession fee for TV
Channel 3. Nevertheless, both holdings remain well funded and have substantial
cash piles. Car tyre-maker Goodyear was hit by lower sales of its OEM and REM
tyres, while its margins were affected by a fire at one of its factories.
On an encouraging note, Hana Microelectronics was the top performer in the
portfolio. Its shares rebounded in the second quarter, thanks to a strong rise
in orders. Nevertheless, management remains cautious in its earnings outlook
because of uncertain economic prospects. Holdings in the construction materials
sector, such as Siam Cement and Siam City Cement, also held up well, supported
by government stimulus. In financials, lender Tisco Financial benefited from its
broadening business, while Kasikornbank, one of the largest local private banks,
gained on prospects of an economic recovery. Elsewhere, hopes of a pick up in
demand lifted vehicle lamp manufacturer Thai Stanley Electric's share price.
Portfolio transaction activity was minimal during the review period which is to
be expected given your Manager's long investment time horizon.
Subscription shares
Further to the Company's announcement on 21 September 2009, the Board will
publish shortly its proposals in relation to a bonus issue of Subscription
Shares to existing Shareholders. Included in the Circular, which will be issued
to Shareholders, will be a separate Letter from the Chairman which sets out the
details of the Board's proposals.
Outlook
Although earnings have exceeded forecasts it should be noted that expectations
were low to begin with. Stimulus measures have supported markets and the up-tick
in foreign capital inflows is encouraging, but much still hinges on the
government's ability to preserve fragile political stability and investor
confidence. In spite of the current market optimism, some short-term caution is
warranted given the rapid rise in global stock markets.
However, Thailand's government finances remain sound: year-to-date reserves
stand at US$132 billion, which should be a significant buttress to domestic
growth. While the Thai economy appears to be showing signs of improvement,
sustainability remains precarious, dependent on a broader recovery in global
trade. Thus in the medium-term, with the implementation of government spending
plans, the larger contribution to growth may come from domestic demand.
Thailand's economy and financial system do not have the same structural problems
relating to excessive leverage as in the West but very loose monetary policy,
combined with nagging deflationary pressures, foreshadow a degree of uncertainty
for the nation's long-term economic outlook.
Since the period end growing anxiety over King Bhumibol's health has been
reflected in the Thai stock market. At the age of 82, it is unsurprising that
the King's health, and the issues relating to a successor, remain an overhanging
concern for Thai investors.
Amid such challenging conditions, it will be the stronger, better-managed
companies, favoured by your Manager's investment style, which should outperform
in the long run. These tend to be found in domestic sectors, rather than in
highly competitive external sectors and comprise the bulk of your Company's
holdings. With your portfolio currently trading on a multiple of 15.1 times 2009
earnings, valuations are attractive, particularly in relation to other regional
markets. Your Company continues to post robust long-term performance numbers
with an excellent dividend track record and is one of the few closed-end funds
dedicated to giving investors access to the Thai market.
Principal risks and uncertainties
Investment in Thai equities involves a greater degree of risk than that usually
associated with investment in major securities markets. The securities which the
Company owns may be considered speculative because of the higher degree of risk.
The principal risks and uncertainties are detailed below. Other risks include:
(i) Performance risk: The performance of the portfolio relative to the Benchmark
is monitored closely by the
Board;
(ii) Discount volatility: The Company's shares may trade at a discount to its
underlying net asset value. The
Board monitors any requirement for
share buybacks on an ongoing basis; and
(iii)Regulatory risk: The Company operates in a complex regulatory environment
and faces a number of
regulatory risks. Breaches of regulations,
such as Section 842 of the Income and Corporation Taxes Act
1988,
the UKLA Listing Rules or Companies Act legislation, could lead to a number of
detrimental
outcomes and reputational damage. The Audit and
Management Engagement Committee monitors
compliance with
regulations by reviewing internal control reports from the Manager.
Market price of Ordinary Shares
The market price and the realisable value of the Ordinary shares are primarily
affected by the underlying net asset value attributable to each Ordinary share.
Other factors which may influence the market price include market conditions,
general investor sentiment and the interaction of supply and demand for the
Ordinary shares.
As such, the market value and the realisable value of the Ordinary shares may
fluctuate and vary considerably from the underlying net asset value of the
Ordinary shares and investors may not be able to realise the value of their
original investment.
Dividends
The Company will only pay a dividend on the Ordinary shares to the extent that
it has profits available for that purpose. The ability of the Company to pay a
dividend in respect of the Ordinary shares and any future dividend growth will
depend primarily on the level of income received from its investments.
Accordingly, the amount of the dividends paid to Shareholders may fluctuate.
Borrowings
Whilst the use of borrowings should enhance the total return on the Ordinary
shares where the return on the Company's underlying assets is rising and exceeds
the cost of borrowing, it will have the opposite effect where the underlying
return is less than the cost of borrowing, further reducing the total return on
the Ordinary shares. The Company currently utilises gearing in the form of bank
borrowings.
Market Risks
The Company's investments are subject to normal market fluctuations and the
risks inherent in the purchase, holding or selling of securities and there can
be no assurance that appreciation in the value of those investments will occur.
Political Risk
In common with stockmarkets in other emerging and less developed countries,
investments in Thailand are subject to a greater degree of political risk than
that with which investors might be familiar.
Foreign Exchange Risks
The Company accounts for its activities and reports its results in Pounds
Sterling ("Sterling") while investments are made and realised in Thai Baht; bank
borrowings are presently denominated in Sterling.
It is not the Company's present intention to engage in currency hedging,
although it reserves the right to do so. Accordingly, the movement of exchange
rates between Sterling, Thai Baht and other currencies in which the Company's
borrowings may be drawn down from time to time may have a material effect,
unfavourable as well as favourable, on the total return otherwise experienced on
the investments made by the Company.
Taxation and Exchange Controls
Any change in the Company's tax status or in taxation legislation (including the
tax treatment of dividends or other investment income received by the Company)
could affect the value of the investments held by the Company and the Company's
ability to provide returns to Shareholders or alter the post-tax returns to
Shareholders.
The Company may purchase investments that may be subject to exchange controls or
withholding taxes in the Thai jurisdiction. In the event that exchange controls
or withholding taxes are imposed with respect to any of the Company's
investments, the effect will generally be to reduce both the income received by
the Company from its investments and/or the capital value of the affected
investments.
Related Parties
Mr Hugh Young, a director of the Company, is also a director of the investment
manager, Aberdeen Asset Management Asia Limited.
Mr Peter Bristowe, a director of the Company, is also a director and shareholder
of Edison Investment Management Research Limited which supplies investor
relations and equity research services to the Company to the value of GBP10,000
per annum.
Statement of Directors' Responsibilities
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 Interim Financial Statements have been prepared in accordance with the
Accounting Standards Board's
statement "Half-Yearly Financial
Reports"; and
- the Interim Board Report includes a fair review of the information required by
4.2.7R and 4.2.8R of the
FSA's Disclosure and Transparency Rules.
For Aberdeen New Thai Investment Trust PLC
Keith Falconer
Chairman
30 October 2009
+--------------------------------------------------+----------------+--------------+
| Performance | Six months | Year ended |
| | ended | 28 February |
| | 31 August 2009 | 2009 |
+--------------------------------------------------+----------------+--------------+
| Total Return | | |
+--------------------------------------------------+----------------+--------------+
| (Capital return plus dividends reinvested) | | |
+--------------------------------------------------+----------------+--------------+
| Share price | +27.3% | -34.8% |
+--------------------------------------------------+----------------+--------------+
| Net asset value | +33.0% | -27.8% |
+--------------------------------------------------+----------------+--------------+
| Stock Exchange of Thailand ("SET") Index | +46.2% | -33.5% |
| (Sterling adjusted) | | |
+--------------------------------------------------+----------------+--------------+
| | | |
+--------------------------------------------------+----------------+--------------+
| Capital Return | | |
+--------------------------------------------------+----------------+--------------+
| Share price | +24.2% | -35.8% |
+--------------------------------------------------+----------------+--------------+
| Net asset value | +30.2% | -28.8% |
+--------------------------------------------------+----------------+--------------+
| Stock Exchange of Thailand ("SET") Index | +40.9% | -36.7% |
| (Sterling adjusted) | | |
+--------------------------------------------------+----------------+--------------+
| Source: AAM PLC/Fundamental Data | | |
+--------------------------------------------------+----------------+--------------+
+---------------------------------------------+------------+------------+------------+
| Financial Highlights | 31 August | 28 | % change |
| | 2009 | February | |
| | | 2009 | |
+---------------------------------------------+------------+------------+------------+
| Total assets (GBP'000) | 34,906 | 27,583 | +26.5 |
+---------------------------------------------+------------+------------+------------+
| Equity shareholders' funds (net assets) | 32,906 | 25,273 | +30.2 |
| (GBP'000) | | | |
+---------------------------------------------+------------+------------+------------+
| Share price (mid-market) | 149.00p | 120.00p | +24.2 |
+---------------------------------------------+------------+------------+------------+
| Net asset value per share (including | 181.85p | 139.67p | +30.2 |
| undistributed net revenue for period) | | | |
+---------------------------------------------+------------+------------+------------+
| Discount to net asset value | 18.1% | 14.1% | |
+---------------------------------------------+------------+------------+------------+
INCOME STATEMENT
+------------------------------------+-------+------------+------------+------------+
| | | Six months ended |
+------------------------------------+-------+--------------------------------------+
| | | 31 August 2009 |
+------------------------------------+-------+--------------------------------------+
| | | (unaudited) |
+------------------------------------+-------+--------------------------------------+
| | | Revenue | Capital | Total |
+------------------------------------+-------+------------+------------+------------+
| | Notes | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------+-------+------------+------------+------------+
| Gains/(losses) on investments | | - | 7,399 | 7,399 |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Income | 2 | 1,409 | - | 1,409 |
+------------------------------------+-------+------------+------------+------------+
| Investment management fee | | (150) | - | (150) |
+------------------------------------+-------+------------+------------+------------+
| Administrative expenses | | (126) | - | (126) |
+------------------------------------+-------+------------+------------+------------+
| Exchange gains/(losses) | | - | 3 | 3 |
+------------------------------------+-------+------------+------------+------------+
| | | _________ | _________ | _________ |
+------------------------------------+-------+------------+------------+------------+
| Net return before finance costs | | 1,133 | 7,402 | 8,535 |
| and taxation | | | | |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Interest payable and similar | | (21) | - | (21) |
| charges | | | | |
+------------------------------------+-------+------------+------------+------------+
| | | _________ | _________ | _________ |
+------------------------------------+-------+------------+------------+------------+
| Net return on ordinary activities | | 1,112 | 7,402 | 8,514 |
| before taxation | | | | |
+------------------------------------+-------+------------+------------+------------+
| | | | | |
+------------------------------------+-------+------------+------------+------------+
| Taxation on ordinary activities | 3 | (248) | - | (248) |
+------------------------------------+-------+------------+------------+------------+
| | | _________ | _________ | _________ |
+------------------------------------+-------+------------+------------+------------+
| Return on ordinary activities | | 864 | 7,402 | 8,266 |
| after taxation | | | | |
+------------------------------------+-------+------------+------------+------------+
| | | _________ | _________ | _________ |
+------------------------------------+-------+------------+------------+------------+
| Return per Ordinary share (pence) | 5 | 4.77 | 40.91 | 45.68 |
+------------------------------------+-------+------------+------------+------------+
| | | _________ | _________ | _________ |
+------------------------------------+-------+------------+------------+------------+
+------------------------------------------------------------------------------+
| The total column of this statement represents the profit and loss account of |
| the Company. |
+------------------------------------------------------------------------------+
| No Statement of Total Recognised Gains and Losses has been prepared as all |
| gains and losses are recognised in the Income Statement. |
+------------------------------------------------------------------------------+
| All revenue and capital items are derived from continuing operations. |
+------------------------------------------------------------------------------+
INCOME STATEMENT
+-------------------------------------+-------+------------+------------+-------------+
| | | Six months ended |
+-------------------------------------+-------+---------------------------------------+
| | | 31 August 2008 |
+-------------------------------------+-------+---------------------------------------+
| | | (unaudited) |
+-------------------------------------+-------+---------------------------------------+
| | | Revenue | Capital | Total |
+-------------------------------------+-------+------------+------------+-------------+
| | Notes | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+-------+------------+------------+-------------+
| Gains/(losses) on investments | | - | (4,422) | (4,422) |
+-------------------------------------+-------+------------+------------+-------------+
| | | | | |
+-------------------------------------+-------+------------+------------+-------------+
| Income | 2 | 1,504 | - | 1,504 |
+-------------------------------------+-------+------------+------------+-------------+
| Investment management fee | | (169) | - | (169) |
+-------------------------------------+-------+------------+------------+-------------+
| Administrative expenses | | (135) | - | (135) |
+-------------------------------------+-------+------------+------------+-------------+
| Exchange gains/(losses) | | - | (217) | (217) |
+-------------------------------------+-------+------------+------------+-------------+
| | | _________ | _________ | _________ |
+-------------------------------------+-------+------------+------------+-------------+
| Net return before finance costs and | | 1,200 | (4,639) | (3,439) |
| taxation | | | | |
+-------------------------------------+-------+------------+------------+-------------+
| | | | | |
+-------------------------------------+-------+------------+------------+-------------+
| Interest payable and similar | | (42) | - | (42) |
| charges | | | | |
+-------------------------------------+-------+------------+------------+-------------+
| | | _________ | _________ | _________ |
+-------------------------------------+-------+------------+------------+-------------+
| Net return on ordinary activities | | 1,158 | (4,639) | (3,481) |
| before taxation | | | | |
+-------------------------------------+-------+------------+------------+-------------+
| | | | | |
+-------------------------------------+-------+------------+------------+-------------+
| Taxation on ordinary activities | 3 | (326) | - | (326) |
+-------------------------------------+-------+------------+------------+-------------+
| | | _________ | _________ | _________ |
+-------------------------------------+-------+------------+------------+-------------+
| Return on ordinary activities after | | 832 | (4,639) | (3,807) |
| taxation | | | | |
+-------------------------------------+-------+------------+------------+-------------+
| | | _________ | _________ | _________ |
+-------------------------------------+-------+------------+------------+-------------+
| Return per Ordinary share (pence) | 5 | 4.60 | (25.64) | (21.04) |
+-------------------------------------+-------+------------+------------+-------------+
| | | _________ | _________ | _________ |
+-------------------------------------+-------+------------+------------+-------------+
+--------------------------------------------------------------------------------+
| The total column of this statement represents the profit and loss account of |
| the Company. |
+--------------------------------------------------------------------------------+
| No Statement of Total Recognised Gains and Losses has been prepared as all |
| gains and losses are recognised in the Income Statement. |
+--------------------------------------------------------------------------------+
| All revenue and capital items are derived from continuing operations. |
+--------------------------------------------------------------------------------+
INCOME STATEMENT
+-------------------------------------+-------+------------+-------------+------------+
| | | Year ended |
+-------------------------------------+-------+---------------------------------------+
| | | 28 February 2009 |
+-------------------------------------+-------+---------------------------------------+
| | | (audited) |
+-------------------------------------+-------+---------------------------------------+
| | | Revenue | Capital | Total |
+-------------------------------------+-------+------------+-------------+------------+
| | Notes | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+-------+------------+-------------+------------+
| Gains/(losses) on investments | | - | (10,205) | (10,205) |
+-------------------------------------+-------+------------+-------------+------------+
| | | | | |
+-------------------------------------+-------+------------+-------------+------------+
| Income | 2 | 1,845 | - | 1,845 |
+-------------------------------------+-------+------------+-------------+------------+
| Investment management fee | | (297) | - | (297) |
+-------------------------------------+-------+------------+-------------+------------+
| Administrative expenses | | (245) | - | (245) |
+-------------------------------------+-------+------------+-------------+------------+
| Exchange gains/(losses) | | - | (404) | (404) |
+-------------------------------------+-------+------------+-------------+------------+
| | | _________ | _________ | _________ |
+-------------------------------------+-------+------------+-------------+------------+
| Net return before finance costs and | | 1,303 | (10,609) | (9,306) |
| taxation | | | | |
+-------------------------------------+-------+------------+-------------+------------+
| | | | | |
+-------------------------------------+-------+------------+-------------+------------+
| Interest payable and similar | | (86) | - | (86) |
| charges | | | | |
+-------------------------------------+-------+------------+-------------+------------+
| | | _________ | _________ | _________ |
+-------------------------------------+-------+------------+-------------+------------+
| Net return on ordinary activities | | 1,217 | (10,609) | (9,392) |
| before taxation | | | | |
+-------------------------------------+-------+------------+-------------+------------+
| | | | | |
+-------------------------------------+-------+------------+-------------+------------+
| Taxation on ordinary activities | 3 | (338) | - | (338) |
+-------------------------------------+-------+------------+-------------+------------+
| | | _________ | _________ | _________ |
+-------------------------------------+-------+------------+-------------+------------+
| Return on ordinary activities after | | 879 | (10,609) | (9,730) |
| taxation | | | | |
+-------------------------------------+-------+------------+-------------+------------+
| | | _________ | _________ | _________ |
+-------------------------------------+-------+------------+-------------+------------+
| Return per Ordinary share (pence) | 5 | 4.86 | (58.63) | (53.77) |
+-------------------------------------+-------+------------+-------------+------------+
| | | _________ | _________ | _________ |
+-------------------------------------+-------+------------+-------------+------------+
+--------------------------------------------------------------------------------+
| The total column of this statement represents the profit and loss account of |
| the Company. |
+--------------------------------------------------------------------------------+
| No Statement of Total Recognised Gains and Losses has been prepared as all |
| gains and losses are recognised in the Income Statement. |
+--------------------------------------------------------------------------------+
| All revenue and capital items are derived from continuing operations. |
+--------------------------------------------------------------------------------+
BALANCE SHEET
+---------------------------------------+-------+-------------+-------------+------------+
| | | As at | As at | As at |
+---------------------------------------+-------+-------------+-------------+------------+
| | | 31 August | 31 August | 28 |
| | | 2009 | 2008 | February |
| | | | | 2009 |
+---------------------------------------+-------+-------------+-------------+------------+
| | | (unaudited) | (unaudited) | (audited) |
+---------------------------------------+-------+-------------+-------------+------------+
| | Notes | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------+-------+-------------+-------------+------------+
| Non-current assets | | | | |
+---------------------------------------+-------+-------------+-------------+------------+
| Investments at fair value through | | 34,645 | 33,596 | 27,657 |
| profit or loss | | | | |
+---------------------------------------+-------+-------------+-------------+------------+
| | | _________ | _________ | _________ |
+---------------------------------------+-------+-------------+-------------+------------+
| Current assets | | | | |
+---------------------------------------+-------+-------------+-------------+------------+
| Debtors | | 268 | 263 | 73 |
+---------------------------------------+-------+-------------+-------------+------------+
| Cash at bank and in hand | | 396 | 274 | 220 |
+---------------------------------------+-------+-------------+-------------+------------+
| | | _________ | _________ | _________ |
+---------------------------------------+-------+-------------+-------------+------------+
| | | 664 | 537 | 293 |
+---------------------------------------+-------+-------------+-------------+------------+
| | | _________ | _________ | _________ |
+---------------------------------------+-------+-------------+-------------+------------+
| Creditors: amounts falling due within | | | | |
| one year | | | | |
+---------------------------------------+-------+-------------+-------------+------------+
| Bank loans | | (2,000) | (2,467) | (2,300) |
+---------------------------------------+-------+-------------+-------------+------------+
| Other creditors | | (403) | (432) | (367) |
+---------------------------------------+-------+-------------+-------------+------------+
| | | _________ | _________ | _________ |
+---------------------------------------+-------+-------------+-------------+------------+
| | | (2,403) | (2,899) | (2,667) |
+---------------------------------------+-------+-------------+-------------+------------+
| | | _________ | _________ | _________ |
+---------------------------------------+-------+-------------+-------------+------------+
| Net current liabilities | | (1,739) | (2,362) | (2,374) |
+---------------------------------------+-------+-------------+-------------+------------+
| | | _________ | _________ | _________ |
+---------------------------------------+-------+-------------+-------------+------------+
| Total assets less current liabilities | | 32,906 | 31,234 | 25,283 |
+---------------------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------------------+-------+-------------+-------------+------------+
| Provision for liabilities and charges | | - | (39) | (10) |
+---------------------------------------+-------+-------------+-------------+------------+
| | | _________ | _________ | _________ |
+---------------------------------------+-------+-------------+-------------+------------+
| Net assets | | 32,906 | 31,195 | 25,273 |
+---------------------------------------+-------+-------------+-------------+------------+
| | | _________ | _________ | _________ |
+---------------------------------------+-------+-------------+-------------+------------+
| Capital and reserves | | | | |
+---------------------------------------+-------+-------------+-------------+------------+
| Called-up share capital | | 4,524 | 4,524 | 4,524 |
+---------------------------------------+-------+-------------+-------------+------------+
| Share premium account | | 13,058 | 13,058 | 13,058 |
+---------------------------------------+-------+-------------+-------------+------------+
| Capital redemption reserve | | 106 | 106 | 106 |
+---------------------------------------+-------+-------------+-------------+------------+
| Capital reserve | | 12,759 | 11,327 | 5,357 |
+---------------------------------------+-------+-------------+-------------+------------+
| Revenue reserve | | 2,459 | 2,180 | 2,228 |
+---------------------------------------+-------+-------------+-------------+------------+
| | | _________ | _________ | _________ |
+---------------------------------------+-------+-------------+-------------+------------+
| Equity Shareholders' funds | | 32,906 | 31,195 | 25,273 |
+---------------------------------------+-------+-------------+-------------+------------+
| | | _________ | _________ | _________ |
+---------------------------------------+-------+-------------+-------------+------------+
| Net asset value per Ordinary share | 8 | 181.85 | 172.39 | 139.67 |
| (pence) | | | | |
+---------------------------------------+-------+-------------+-------------+------------+
| | | _________ | _________ | _________ |
+---------------------------------------+-------+-------------+-------------+------------+
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| Six months ended 31 August | | | | | | | |
| 2009 (unaudited) | | | | | | | |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| | | | Share | Capital | | | |
| | | | | | | | |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| | | Share | premium | redemption | Capital | Revenue | |
| | | | | | | | |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| | | capital | account | reserve | reserve | reserve | Total |
| | | | | | | | |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| |Notes | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | | |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| Balance at 28 February 2009 | | 4,524 | 13,058 | 106 | 5,357 | 2,228 | 25,273 |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| Return on ordinary | | - | - | - | 7,402 | 864 | 8,266 |
| activities after taxation | | | | | | | |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| Dividend paid | 4 | - | - | - | - | (633) | (633) |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| | | _______ | _______ | _______ | _______ | _______ | _______ |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| Balance at 31 August 2009 | | 4,524 | 13,058 | 106 | 12,759 | 2,459 | 32,906 |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| | | _______ | _______ | _______ | _______ | _______ | _______ |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| | | | | | | | |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| Six months ended 31 August | | | | | | | |
| 2008 (unaudited) | | | | | | | |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| | | | 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 28 February 2008 | | 4,524 | 13,058 | 106 | 15,966 | 1,846 | 35,500 |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| Return on ordinary | | - | - | - | (4,639) | 832 | (3,807) |
| activities after taxation | | | | | | | |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| Dividend paid | 4 | - | - | - | - | (498) | (498) |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| | | _______ | _______ | _______ | _______ | _______ | _______ |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| Balance at 31 August 2008 | | 4,524 | 13,058 | 106 | 11,327 | 2,180 | 31,195 |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| | | _______ | _______ | _______ | _______ | _______ | _______ |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| | | | | | | | |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| Year ended 28 February 2009 | | | | | | | |
| (audited) | | | | | | | |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| | | | 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 28 February 2008 | | 4,524 | 13,058 | 106 | 15,966 | 1,846 | 35,500 |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| Return on ordinary | | - | - | - | (10,609) | 879 | (9,730) |
| activities after taxation | | | | | | | |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| Dividend paid | 4 | - | - | - | - | (497) | (497) |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| | | _______ | _______ | _______ | _______ | _______ | _______ |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| Balance at 28 February 2009 | | 4,524 | 13,058 | 106 | 5,357 | 2,228 | 25,273 |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
| | | _______ | _______ | _______ | _______ | _______ | _______ |
+------------------------------+-------+---------+---------+------------+-----------+---------+----------+
CASHFLOW STATEMENT
+------------------------------------------+--------------+--------------+-------------+
| | Six months | Six months | Year |
| | ended | ended | ended |
+------------------------------------------+--------------+--------------+-------------+
| | 31 August | 31 August | 28 February |
| | 2009 | 2008 | 2009 |
+------------------------------------------+--------------+--------------+-------------+
| | (unaudited) | (unaudited) | (audited) |
+------------------------------------------+--------------+--------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------+--------------+--------------+-------------+
| Net return on ordinary activities before | 8,535 | (3,439) | (9,306) |
| finance costs and taxation | | | |
+------------------------------------------+--------------+--------------+-------------+
| Adjustments for: | | | |
+------------------------------------------+--------------+--------------+-------------+
| (Gains)/losses on investments | (7,399) | 4,422 | 10,205 |
+------------------------------------------+--------------+--------------+-------------+
| Exchange (gains)/losses | (3) | 217 | 404 |
+------------------------------------------+--------------+--------------+-------------+
| Increase in accrued income | (218) | (263) | (55) |
+------------------------------------------+--------------+--------------+-------------+
| Decrease in other debtors | - | - | 3 |
+------------------------------------------+--------------+--------------+-------------+
| Decrease in other creditors | (24) | (42) | (39) |
+------------------------------------------+--------------+--------------+-------------+
| Overseas withholding tax suffered | (97) | (99) | - |
+------------------------------------------+--------------+--------------+-------------+
| Stock dividends included in investment | - | (4) | - |
| income | | | |
+------------------------------------------+--------------+--------------+-------------+
| | _________ | _________ | _________ |
+------------------------------------------+--------------+--------------+-------------+
| Net cash inflow from operating | 794 | 792 | 1,212 |
| activities | | | |
+------------------------------------------+--------------+--------------+-------------+
| Net cash outflow from servicing of | (20) | (32) | (89) |
| finance | | | |
+------------------------------------------+--------------+--------------+-------------+
| Net tax paid | - | - | (295) |
+------------------------------------------+--------------+--------------+-------------+
| Net cash inflow/(outflow) from financial | 332 | (464) | (233) |
| investment | | | |
+------------------------------------------+--------------+--------------+-------------+
| Equity dividend paid | (633) | (498) | (497) |
+------------------------------------------+--------------+--------------+-------------+
| | _________ | _________ | _________ |
+------------------------------------------+--------------+--------------+-------------+
| Net cash inflow/(outflow) before | 473 | (202) | 98 |
| financing | | | |
+------------------------------------------+--------------+--------------+-------------+
| Financing | | | |
+------------------------------------------+--------------+--------------+-------------+
| Repayment of loans | (300) | - | (455) |
+------------------------------------------+--------------+--------------+-------------+
| | _________ | _________ | _________ |
+------------------------------------------+--------------+--------------+-------------+
| Increase/(decrease) in cash | 173 | (202) | (357) |
+------------------------------------------+--------------+--------------+-------------+
| | _________ | _________ | _________ |
+------------------------------------------+--------------+--------------+-------------+
| Reconciliation of net cash flow to | | | |
| movements in net debt | | | |
+------------------------------------------+--------------+--------------+-------------+
| Increase/(decrease) in cash as above | 173 | (202) | (357) |
+------------------------------------------+--------------+--------------+-------------+
| Cash outflow from repayment of loans | 300 | - | 455 |
+------------------------------------------+--------------+--------------+-------------+
| | _________ | _________ | _________ |
+------------------------------------------+--------------+--------------+-------------+
| Change in net debt resulting from cash | 473 | (202) | 98 |
| flows | | | |
+------------------------------------------+--------------+--------------+-------------+
| Exchange movements | 3 | (217) | (404) |
+------------------------------------------+--------------+--------------+-------------+
| | _________ | _________ | _________ |
+------------------------------------------+--------------+--------------+-------------+
| Movement in net debt in the period | 476 | (419) | (306) |
+------------------------------------------+--------------+--------------+-------------+
| Opening net debt | (2,080) | (1,774) | (1,774) |
+------------------------------------------+--------------+--------------+-------------+
| | _________ | _________ | _________ |
+------------------------------------------+--------------+--------------+-------------+
| Closing net debt | (1,604) | (2,193) | (2,080) |
+------------------------------------------+--------------+--------------+-------------+
| | _________ | _________ | _________ |
+------------------------------------------+--------------+--------------+-------------+
| Represented by: | | | |
+------------------------------------------+--------------+--------------+-------------+
| Cash at bank and in hand | 396 | 274 | 220 |
+------------------------------------------+--------------+--------------+-------------+
| Debt falling due within one year | (2,000) | (2,467) | (2,300) |
+------------------------------------------+--------------+--------------+-------------+
| | _________ | _________ | _________ |
+------------------------------------------+--------------+--------------+-------------+
| | (1,604) | (2,193) | (2,080) |
+------------------------------------------+--------------+--------------+-------------+
| | _________ | _________ | _________ |
+------------------------------------------+--------------+--------------+-------------+
NOTES:
+-----+-----+-------------------------------------------------------------------------+
| 1. | Accounting policies |
+-----+-------------------------------------------------------------------------------+
| | (a) | Basis of accounting |
+-----+-----+-------------------------------------------------------------------------+
| | | The accounts have been prepared in accordance with applicable UK |
| | | Accounting Standards, with pronouncements on half yearly reporting |
| | | issued by the Accounting Standards Board and with the Statement of |
| | | Recommended Practice 'Financial Statements of Investment Trust |
| | | Companies and Venture Capital Trusts' issued in January 2009. The |
| | | adoption of the January 2009 SORP has no effect on the financial |
| | | statements of the Company, other than the requirement separately to |
| | | disclose capital reserves that relate to the revaluation of investments |
| | | held at the reporting date. These are disclosed in note 7. This new |
| | | requirement replaces the previous requirement to disclose the value of |
| | | the capital reserve that was unrealised. They have also been prepared |
| | | on the assumption that approval as an investment trust will continue to |
| | | be granted. The financial statements have been prepared on a going |
| | | concern basis. |
+-----+-----+-------------------------------------------------------------------------+
| | | |
+-----+-----+-------------------------------------------------------------------------+
| | | The financial statements and the net asset value per share figures have |
| | | been prepared in accordance with UK Generally Accepted Accounting |
| | | Practice (UK GAAP). |
+-----+-----+-------------------------------------------------------------------------+
| | | |
+-----+-----+-------------------------------------------------------------------------+
| | | The half yearly financial statements have been prepared using the same |
| | | accounting policies applied for the year ended 28 February 2009. |
+-----+-----+-------------------------------------------------------------------------+
| | | |
+-----+-----+-------------------------------------------------------------------------+
| | (b) | Dividends payable |
+-----+-----+-------------------------------------------------------------------------+
| | | Final dividends are recognised in the period in which they are paid. |
+-----+-----+-------------------------------------------------------------------------+
| | | |
+-----+-----+-------------------------------------------------------------------------+
| | (c) | Investments |
+-----+-----+-------------------------------------------------------------------------+
| | | In accordance with FRS29, all investments have been categorised as |
| | | Level 1 - quoted in an active market. |
+-----+-----+-------------------------------------------------------------------------+
+-----+-------------------------+------------------+------------------+------------------+
| | | Six months ended | Six months ended | Year ended |
+-----+-------------------------+------------------+------------------+------------------+
| | | 31 August 2009 | 31 August 2008 | 28 February 2009 |
+-----+-------------------------+------------------+------------------+------------------+
| 2. | Income | GBP'000 | GBP'000 | GBP'000 |
+-----+-------------------------+------------------+------------------+------------------+
| | Income from investments | | | |
+-----+-------------------------+------------------+------------------+------------------+
| | Overseas dividends | 1,408 | 1,479 | 1,815 |
+-----+-------------------------+------------------+------------------+------------------+
| | Stock dividends | - | 4 | 4 |
+-----+-------------------------+------------------+------------------+------------------+
| | | _________ | _________ | _________ |
+-----+-------------------------+------------------+------------------+------------------+
| | | 1,408 | 1,483 | 1,819 |
+-----+-------------------------+------------------+------------------+------------------+
| | | _________ | _________ | _________ |
+-----+-------------------------+------------------+------------------+------------------+
| | Other income | | | |
+-----+-------------------------+------------------+------------------+------------------+
| | Deposit interest | 1 | 7 | 10 |
+-----+-------------------------+------------------+------------------+------------------+
| | Stock lending | - | 14 | 16 |
+-----+-------------------------+------------------+------------------+------------------+
| | | _________ | _________ | _________ |
+-----+-------------------------+------------------+------------------+------------------+
| | | 1 | 21 | 26 |
+-----+-------------------------+------------------+------------------+------------------+
| | | _________ | _________ | _________ |
+-----+-------------------------+------------------+------------------+------------------+
| | Total income | 1,409 | 1,504 | 1,845 |
+-----+-------------------------+------------------+------------------+------------------+
| | | _________ | _________ | _________ |
+-----+-------------------------+------------------+------------------+------------------+
3.Taxation
Following changes in the Finance Bill 2009 dividends and other distributions
from foreign companies received on or after 1 July 2009 have largely been exempt
from UK corporation tax.
This change in legislation will enhance the revenue available for distribution
to Shareholders by cutting the UK Corporation tax charge currently suffered by
the Company. However, the Company continues to be subject to irrecoverable Thai
withholding tax of 10% on income received form underlying portfolio holdings.
+-----+-------------------------+-------------------+------------------+----------------+
| | | Six months ended | Six months ended | Year ended |
+-----+-------------------------+-------------------+------------------+----------------+
| | | 31 August 2009 | 31 August 2008 | 28 February |
| | | | | 2009 |
+-----+-------------------------+-------------------+------------------+----------------+
| 4. | Dividends | GBP'000 | GBP'000 | GBP'000 |
+-----+-------------------------+-------------------+------------------+----------------+
| | 2008 final dividend - | - | 498 | 498 |
| | 2.75p | | | |
+-----+-------------------------+-------------------+------------------+----------------+
| | 2009 final dividend - | 633 | - | - |
| | 3.50p | | | |
+-----+-------------------------+-------------------+------------------+----------------+
| | Unclaimed dividends | - | - | (1) |
| | refunded | | | |
+-----+-------------------------+-------------------+------------------+----------------+
| | | _________ | _________ | _________ |
+-----+-------------------------+-------------------+------------------+----------------+
| | | 633 | 498 | 497 |
+-----+-------------------------+-------------------+------------------+----------------+
| | | _________ | _________ | _________ |
+-----+-------------------------+-------------------+------------------+----------------+
+-----+-------------------------+-------------------+------------------+----------------+
| | | Six months ended | Six months ended | Year ended |
+-----+-------------------------+-------------------+------------------+----------------+
| | | 31 August 2009 | 31 August 2008 | 28 February |
| | | | | 2009 |
+-----+-------------------------+-------------------+------------------+----------------+
| 5. | Return per Ordinary | p | p | p |
| | share | | | |
+-----+-------------------------+-------------------+------------------+----------------+
| | Revenue return | 4.77 | 4.60 | 4.86 |
+-----+-------------------------+-------------------+------------------+----------------+
| | Capital return | 40.91 | (25.64) | (58.63) |
+-----+-------------------------+-------------------+------------------+----------------+
| | | _________ | _________ | _________ |
+-----+-------------------------+-------------------+------------------+----------------+
| | Total return | 45.68 | (21.04) | (53.77) |
+-----+-------------------------+-------------------+------------------+----------------+
| | | _________ | _________ | _________ |
+-----+-------------------------+-------------------+------------------+----------------+
| | | | | |
+-----+-------------------------+-------------------+------------------+----------------+
| | The return per share is based on the following figures: |
+-----+---------------------------------------------------------------------------------+
| | | | | |
+-----+-------------------------+-------------------+------------------+----------------+
| | | Six months ended | Six months ended | Year ended |
+-----+-------------------------+-------------------+------------------+----------------+
| | | 31 August 2009 | 31 August 2008 | 28 February |
| | | | | 2009 |
+-----+-------------------------+-------------------+------------------+----------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----+-------------------------+-------------------+------------------+----------------+
| | Revenue return | 864 | 832 | 879 |
+-----+-------------------------+-------------------+------------------+----------------+
| | Capital return | 7,402 | (4,639) | (10,609) |
+-----+-------------------------+-------------------+------------------+----------------+
| | | _________ | _________ | _________ |
+-----+-------------------------+-------------------+------------------+----------------+
| | Total return | 8,266 | (3,807) | (9,730) |
+-----+-------------------------+-------------------+------------------+----------------+
| | | _________ | _________ | _________ |
+-----+-------------------------+-------------------+------------------+----------------+
| | | | | |
+-----+-------------------------+-------------------+------------------+----------------+
| | Weighted average number | 18,095,420 | 18,095,420 | 18,095,420 |
| | of Ordinary shares in | | | |
| | issue | | | |
+-----+-------------------------+-------------------+------------------+----------------+
| | | ____________ | ____________ | ____________ |
+-----+-------------------------+-------------------+------------------+----------------+
+-----+-------------------------+-------------------+------------------+----------------+
| 6. | Transaction costs |
+-----+---------------------------------------------------------------------------------+
| | During the six months ended 31 August 2009 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 on |
| | investments in the Income Statement. The total costs were as follows: |
+-----+---------------------------------------------------------------------------------+
| | | | | |
+-----+-------------------------+-------------------+------------------+----------------+
| | | Six months ended | Six months ended | Year ended |
+-----+-------------------------+-------------------+------------------+----------------+
| | | 31 August 2009 | 31 August 2008 | 28 February |
| | | | | 2009 |
+-----+-------------------------+-------------------+------------------+----------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----+-------------------------+-------------------+------------------+----------------+
| | Purchases | 1 | 7 | 9 |
+-----+-------------------------+-------------------+------------------+----------------+
| | Sales | 1 | 3 | 4 |
+-----+-------------------------+-------------------+------------------+----------------+
| | | _________ | _________ | _________ |
+-----+-------------------------+-------------------+------------------+----------------+
| | | 2 | 10 | 13 |
+-----+-------------------------+-------------------+------------------+----------------+
| | | _________ | _________ | _________ |
+-----+-------------------------+-------------------+------------------+----------------+
+-----+------------------------------------------------------------------------------+
| 7. | Capital reserve |
+-----+------------------------------------------------------------------------------+
| | The capital reserve reflected in the Balance Sheet at 31 August 2009 |
| | includes gains of GBP9,457,000 (31 August 2008 - gains of GBP8,855,000; 28 |
| | February 2009 - gains of GBP2,703,000) which relate to the revaluation of |
| | investments held at the reporting date. |
+-----+------------------------------------------------------------------------------+
+-----+------------------------------------+--------------+--------------+--------------+
| | | As at | As at | As at |
+-----+------------------------------------+--------------+--------------+--------------+
| 8. | Net asset value per Ordinary share | 31 August | 31 August | 28 February |
| | | 2009 | 2008 | 2009 |
+-----+------------------------------------+--------------+--------------+--------------+
| | Attributable net assets (GBP'000) | 32,906 | 31,195 | 25,273 |
+-----+------------------------------------+--------------+--------------+--------------+
| | Number of Ordinary shares in issue | 18,095,420 | 18,095,420 | 18,095,420 |
+-----+------------------------------------+--------------+--------------+--------------+
| | Net asset value per Ordinary share | 181.85 | 172.39 | 139.67 |
| | (p){A} | | | |
+-----+------------------------------------+--------------+--------------+--------------+
| | |
+-----+---------------------------------------------------------------------------------+
| | {A} Calculated including undistributed net revenue for period |
+-----+------------------------------------+--------------+--------------+--------------+
+-----+------------------------------------------------------------------------------+
| 9. | In accordance with stated policy no interim dividend has been declared for |
| | the period (2008 - nil). |
+-----+------------------------------------------------------------------------------+
| | |
+-----+------------------------------------------------------------------------------+
+-----+------------------------------------------------------------------------------+
| 10. | 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 31 |
| | August 2009 and 31 August 2008 has not been reviewed or audited by the |
| | Company's independent auditors further to the Auditing Practices Board |
| | guidance on Review of Interim Financial Information. |
+-----+------------------------------------------------------------------------------+
| | |
+-----+------------------------------------------------------------------------------+
| | The information for the year ended 28 February 2009 has been extracted from |
| | the latest published audited financial statements which have been filed with |
| | the Registrar of Companies. The report of the auditors on those accounts |
| | contained no qualification or statement under Section 237 (2) or (3) of the |
| | Companies Act 1985. |
+-----+------------------------------------------------------------------------------+
+-----+------------------------------------------------------------------------------+
| 11. | This Half-Yearly Financial Report was approved by the Board on 30 October |
| | 2009. |
+-----+------------------------------------------------------------------------------+
+-----------------------------------------------------------------------------------+
| The Interim Report will shortly be available from the Company's website |
| website (www.newthai-trust.co.uk) and will be posted to shareholders in November |
| 2009. |
+-----------------------------------------------------------------------------------+
Please note that past performance is not necessarily a guide to the future and
that the value of investments and the income from them may fall as well as rise
and may be affected by exchange rate movements. Investors may not get back the
amount they originally invested.
For Aberdeen New Thai Investment Trust plc
Aberdeen Asset Management PLC, Secretary
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR WUGMPUUPBGAU