REG-Invesco Perp AiM VCT: Annual Financial Report
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Invesco Perpetual AiM VCT plc Annual Financial Report Announcement for the Financial Year Ended 31 May 2009 FINANCIAL INFORMATION AND PERFORMANCE STATISTICS Performance Statistics At At 31 May 31 May % 2009 2008 Change Net assets £'000 15,965 28,350 -43.7 Net asset value per share - total -34.7 return* Share price 27.5p 46.0p -40.2 Discount 25.1% 29.4% Returns per share Revenue return 0.2p (0.2)p Capital return (23.7)p (40.5)p Total return (23.5)p (40.7)p Total expense ratio 2.3% 2.2% Dividends Interim paid 2.0p 2.0p Final proposed 3.0p 3.0p Total 5.0p 5.0p * Source: Datastream Chairman's Statement A year ago, in my annual statement, I said that the year had been an extremely difficult one for financial markets in general and for your Company. If anything, the last 12 months have been even more testing, with the credit crunch leading to the collapse of businesses such as AIG, Lehman Brothers and a number of other financial institutions around the world. While the policy response by governments and central banks around the world has prevented the complete collapse of the financial system, the crisis has led to both the deepest recession since the nineteen thirties and to immense government borrowings. These factors and the continued high level of household sector indebtedness are likely to undermine the strength of any recovery in the UK for some time to come. Against this backdrop, it is not surprising that equities have performed badly over the year under review. Equally, with investors being so risk averse, it is to be expected that smaller and earlier stage companies have generally underperformed their longer established and better capitalised peers. The net asset value per ordinary share (`NAV') of the Company fell by 43.7%, which is clearly very disappointing. This compares to a fall of 49.2% by the FTSE AIM All-Share index. Dividend and Share Price The share price of the Company fell by 40.2% over the year, with the discount to NAV narrowing from 29.4% to 25.1%. This wide discount continues to be a disappointment. However, as the date of the continuation vote for the Company in 2011 approaches, the directors believe that the discount will narrow. It is proposed that a final dividend of 3p be paid on 23 October 2009 to shareholders on the register on 25 September 2009, bringing the total for the year to 5p per share. Following an application to the High Court, approval was given to cancel the Company's share premium account and transfer it to a distributable special reserve. Your Board is committed to paying 5p per share annually, at least until the continuation vote, if necessary drawing on distributable reserves to maintain the payout at that level. VCT dividends are tax free so an annual distribution of 5p per share equates to 8.3p for a higher rate tax payer; and when the new top rate of tax at 50% is introduced, this increases to 10p. Board As noted in my statement in the Half-Yearly Financial Report, David Norwood retired as a Director of the Company with effect from 31 December 2008 to pursue a career outside the business world. As I said at the time, the Board has been very grateful for the valuable contribution David has made since the inception of the Company. VAT on Management Fees Following lengthy discussions by the Company's Manager with HMRC, I am pleased to report that the Manager has successfully recovered, on the Company's behalf, a refund of £317,000 in respect of VAT suffered on management fees together with interest of £23,000, representing 0.78p per share on the NAV. Outlook Although markets have recently recovered strongly from their lows in March, and while the rate of decline in economic activity has slowed, it is unrealistic to expect that the economy will rebound rapidly. Likely cuts to government expenditure and tax rises after the election will ensure that consumer spending remains subdued; and rising unemployment and continuing high levels of household debt will act as a drag on consumer confidence. Nevertheless, despite the difficult economic background, your board continues to believe that there is potential upside in the Company's portfolio. As described more fully in the Investment Manager's Report, the investments are mainly in businesses which are not dependent on a strong economy in order to deliver good returns. I would therefore hope that the NAV will continue the recovery which we have seen since March. As the Company approaches the continuation vote in 2011, your Board will consider carefully what proposals to put forward to shareholders. The Annual General Meeting of the Company will be held at the offices of Invesco Asset Management Limited on 13 October 2009 at 11.30 a.m. I hope that as many shareholders as possible will be able to attend. This will be an opportunity to meet with the Directors and also hear the views of the Manager with the day-to-day responsibility of managing the Company's share portfolio. Julian Avery Chairman 8 September 2009 Manager's Report Introduction The last two years have been extremely disappointing and difficult ones for investors in equities and particularly those specialising in smaller companies and the AiM market. For example between July 2007 and March 2009 the FTSE AiM All-Share Index fell by 70%. Over the same period, the FTSE All-Share Index fell a little under 50%. Interestingly, over the ten years to 31 May, the return on the FTSE All-Share Index was a negative 22%, showing that this decade has been an unusually poor one for investing in equities. Historically, investing in equities after a long period of poor performance has proved far more profitable than investing at other times. Therefore, while extremely cautious on the economic outlook, I do expect good returns to be made from equities over the coming years. Portfolio The Company has for some time comfortably exceeded the 70% minimum in VCT qualifying investments; and therefore new investment activity during the year has been modest. The only new VCT qualifying investment made during the year was Managed Support Services (`MSS'). This business, previously called Worthington Nichol, has a new management team, who have had an excellent record of generating shareholder returns and intend to use MSS to acquire a large manufacturing business which needs turning around. Further VCT qualifying investments were made in four existing investee companies, Antenova, a manufacturer of innovative antennae for laptop computers; Cyan, a microchip supplier; Enfis, which makes energy efficient lighting and Byotrol, which manufactures disinfectants which prevent surfaces from harbouring germs. The most notable sales during the year were Eclipse Energy, one of the earliest unquoted investments made by the Company, which was sold to a Scandinavian utility at a good profit. The remainder of the holdings in Begbies Traynor, the insolvency business, was sold again generating strong returns for the Company. Some profits were taken on Healthcare Locums, which continues to be a large and important holding for the Company. Healthcare Locums was also one of the better performing stocks, with its share price increasing by 59% over the twelve months. The business is now the largest specialist healthcare recruitment business in the UK supplying doctors, social workers and allied health professionals. Innovision Research & Technology, a RFID chip supplier, also performed well, with its share price up over 50%. A number of companies performed badly during the year, either because of economic conditions, over optimism by management or other factors. Intercytex, a regenerative medicine business, fell sharply when its lead product failed in the latest clinical trial; Software Radio Technology, fell by over 90% when it was forced by the failure of a customer, to close a major part of the business. Hexagon Human Capital fell sharply in price as the stock market punished cyclical recruitment businesses which had taken on debt to expand before the downturn. Amongst the unquoted businesses A J Bell, the pension fund administrator, has continued to grow strongly. Subsequent to the year end, the Company sold part of its position at a healthy profit. Oxford Nanopore, a DNA sequencing business, made considerable technical progress and also signed a significant partnership agreement with Illumina Inc. The potential of this business remains very large. More disappointingly amongst the unquoted investments, since the year end, the Company's holding in SpinVox, the voicemail to text messaging business, was written down in value after the Company chose not to invest in a further funding round, which was dilutive to non-participating investors. The business has been put up for sale, and it is possible that, should a good sales price be achieved, the new valuation may be exceeded. Outlook I have been cautious about the economic outlook for some time and remain so. The portfolio reflects this caution. There is relatively little exposure to businesses which are consumer facing. Despite the poor economic backdrop, share prices generally represent good value. The portfolio consists of both stable, profitable, growing businesses and also a number of exciting businesses which have the potential to deliver substantial capital gains and therefore should be capable of generating good returns over the next few years. By 31 July 2009, the NAV per share of the Company had recovered some 22% from the March lows, and it is hoped that this recovery will continue. Andy Crossley Investment Manager 8 September 2009 Investments in Order of Valuation AT 31 MAY 2009 All investments are Ordinary Shares and quoted on AiM unless otherwise indicated. Cost Valuation % Net Company Nature of Business £'000s £'000s Assets Oxford Nanopore Healthcare, Equipment and 550 937 5.9 Technologies UQ Services Ilika Technologies UQ Materials Discovery 750 855 5.3 Healthcare Locums Recruitment Consultant 193 613 3.8 Energetix Alternative Energy Products 600 600 3.8 A J Bell UQ Financial Services 402 550 3.4 Cohort PQ Defence Technical Services 443 542 3.4 Inditherm Manufacturer of High 400 460 2.9 Technology Temperature Control Materials Landkom International NQ Food Producer/Processor 518 457 2.9 Just Retirement NQ Equity Release and Enhanced 813 455 2.8 Annuities Concateno Drug Testing 326 410 2.6 Enfis PQ Manufacturer of High Power 485 384 2.4 LEDs FDM IT Services 274 344 2.2 Research Now Internet Based Market 130 320 2.0 Research Brooks Macdonald Financial Services 150 316 2.0 Cyan Holdings PQ Semi-conductor 830 310 1.9 Mount Engineering Industrial Machinery 350 310 1.9 Cost Valuation % Net Company Nature of Business £'000s £'000s Assets Infrared Integrated Digital Recognition System 300 300 1.9 Systems UQ Tristel Infection Control in 244 297 1.9 Hospitals Hasgrove Marketing and PR 440 293 1.8 Consultancy System C Healthcare Healthcare Software 324 288 1.8 Proximagen Neuroscience Biotech 296 280 1.8 Kiotech International Pharmaceuticals 550 271 1.7 Antenova UQ High Performance Antennae 625 268 1.7 Brulines Beer Pump Monitors 323 263 1.6 Zamano Mobile Telecommunication 398 249 1.6 Services Innovision Research & RFID Chips 500 237 1.5 Technology Brainjuicer Online Market Research 216 236 1.5 DM Premium Rate Phone Based 357 228 1.4 Games Telephonetics Software and Computer 625 219 1.4 Services Managed Support Services Suppliers of Quality 150 206 1.3 Building Solutions Mission Marketing Regionally Based 750 206 1.3 Advertising Services Proactis Software and Computer 344 200 1.3 Services Publishing Technology Publishing Technology 442 199 1.2 Plant Impact Non-Toxic Fertiliser 167 189 1.2 Products Byotrol PQ Infection Control Products 545 173 1.1 Syntopix Drug Research 400 172 1.1 Shieldtech Manufacture of Detection 650 169 1.1 and Protection Equipment Intercytex PQ Research in Woundcare and 796 156 1.0 Aesthetic Medicine Getech PQ Oil Services 254 143 0.9 Mears Housing Maintenance and 140 139 0.9 Domiciliary Care FFastFill Application Services 182 137 0.9 Provider for Trading Sectorguard Security Services 300 129 0.8 Staffline Recruitment Blue Collar Recruitment 200 107 0.7 Neutrahealth Dietry Supplements 289 105 0.6 Plethora Solutions Pharmaceuticals 516 92 0.6 Sarantel PQ Antennae for Mobile Devices 412 86 0.5 Hexagon Human Capital Senior Management and 500 85 0.5 Executive Search Consultancy Brookwell NQ Value Realisation Fund 684 79 0.5 Petards Electronic Security 158 79 0.5 Products Oxford Catalysts Clean Fuels Research 250 78 0.5 Software Radio Technology Marine Radio Communications 1,153 77 0.5 SpinVox UQ Voice Mail Conversion to 759 76 0.5 Text Augean Hazardous Waste Management 300 68 0.4 Adept Telecom PQ Telecom Services 397 65 0.4 Invocas PQ Personal and Corporate Debt 202 49 0.3 Solutions Allergy Therapeutical Biotech Focussing on 195 46 0.3 Allergies Invu PQ Electronic Document 321 45 0.3 Management Win PQ Mobile Phone Communication 205 39 0.2 Services Sabien Technology Energy Efficient Boiler 400 38 0.2 Technology Datong High Performance 169 37 0.2 Surveillance Equipment Phorm Inc NQ Internet Advertising 67 37 0.2 Sanderson Information Technology 200 36 0.2 Sport Media NQ Newspaper Publisher 488 30 0.2 Synairgen Biotechnology 214 30 0.2 Angle Consulting 242 25 0.1 Amino Technologies Technology Hardware and 87 22 0.1 Equipment Minorplanet Systems Fleet Tracking Systems 250 18 0.1 All Ipo Financial Services 226 14 0.1 Expansys On-Line Retailer of 294 13 0.1 Wireless Equipment At UK Local Government 499 7 - Procurement Cost Valuation % Net Company Nature of Business £'000s £'000s Assets Advance Aim Value NQ Value Realisation Fund 72 2 - Vivomedica Medical Devices Company 151 2 - Hill Station NQ Ice Cream 1,020 - - Idmos Dental Diagnostics 900 - - Cantono IT Services 800 - - Silverjet Business Class Longhaul 616 - - Airline Micromissive Displays Electronic Equipment 580 - - Manufacturer Servocell Electronic Equipment 500 - - Radioscape UQ Digital Radio Technology 482 - - Appian Technology PQ Traffic Control Technology 419 - - Eneco UQ Energy 300 - - Homebuy UQ and NQ Electrical Goods Retailing 260 - - and Consumer Finance Ringprop Propellor Manufactoring 224 - - Axeon Semi Conductor Intellectual 203 - - Property Services Sanastro UQ Trade Publisher - Financial 200 - - Services Creative Education Pre-School Nursery Operator 200 - - Celoxica Design Sofware 198 - - Total Investments 34,334 14,997 93.9 Net current assets less 968 6.1 provisions Net assets 15,965 100.0 NQ: Non-qualifying investments PQ: Part qualifying investments UQ: Unquoted investments Related Party Transactions Invesco Asset Management Limited (`IAML'), a wholly owned subsidiary of Invesco Ltd, acts as Manager, Company Secretary and Administrator to the Company. Details of IAML's services and fees are given in note 3 and in the Report of the Directors in the Annual Financial Report. Full details of Directors' interests are set out in the Report of the Directors in the Annual Financial Report. There are no other related party transactions. Principal Risks and Uncertainties The Board has an ongoing process for identifying, evaluating and managing significant risks. This process is regularly reviewed by the Board and was in place throughout the period under review. The principal risk factors relating to the Company can be divided into the following areas: Investment Objective and Policy The Company's investment objective is described in the Report of the Directors in the Annual Financial Report. There can be no guarantee that the Company's investment objectives will be achieved. Investment in the Company should be regarded as long-term in nature. Market Movements and Portfolio Performance The Company's investment portfolio consists mainly of securities on AiM. The principal risk for investors in the Company is therefore a significant fall or a prolonged period of decline in the market relative to other forms of investment. Investment in AiM-traded and unquoted companies involves a higher degree of risk than investment in companies traded on the main market of the London Stock Exchange. In particular, smaller companies often have limited product lines, markets or financial resources and may be dependent for their management on a smaller number of key individuals. In addition, the market for securities in smaller companies is often less liquid than that for securities in larger companies, bringing with it potential difficulties in acquiring, valuing and disposing of such securities. Investments in AiM-traded companies and unquoted investments may be difficult to realise. Proper information for determining their value or the risks to which they are exposed may also not be available. Smaller companies are less likely to have multinational markets for their products or services than larger companies and, as a result, may be more exposed to national economic cycles rather than to global economic cycles. Other significant risks include consistent underperformance by the Manager or the market rating of the Company's shares failing to reflect net asset value performance. The performance of the Manager is carefully monitored by the Board, and the continuation of the mandate is reviewed each year. Regulatory and Tax Related The Company is subject to various laws and regulations under the Companies Acts 1985 and 2006, and the Income Tax Act 2007. Although the Board conducts the affairs of the Company so as to ensure VCT status is retained, there can be no guarantee that this status will be maintained. Following a loss of VCT status a shareholder will be taxed on dividends paid by the Company and a liability to capital gains tax may arise on any subsequent disposal of shares. Ordinary Shares The market price of shares in the Company may not be equal to its underlying net asset value and there is no certainty that any dividends will be paid. The value of an investment in the Company and the income derived from it may go down as well as up and an investor may not get back the amount invested. While it is the intention of the Directors to pay dividends to ordinary shareholders, the ability to do so will depend upon the level and timing of income and realised gains from securities, and on the amount of distributable reserves. STATEMENT OF DIRECTORS' RESPONSIBILITIES in respect of the preparation of the annual financial report Directors are responsible for preparing the annual financial report in accordance with applicable law and regulations. They have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for the period. In preparing accounts, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgments and estimates that are reasonable and prudent; and • state whether applicable Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts. The Directors are responsible for keeping adequate accounting records which are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and which enable them to ensure that the accounts comply with company law. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Under applicable law and regulations, the Directors are also responsible for preparing a Directors' Report (including a Business Review), a Directors' Remuneration Report and a Corporate Governance Statement that comply with that law and those regulations. The Directors of the Company, whose names are shown on page 9 of the Annual Financial Report, each confirm to the best of their knowledge that: • the accounts, which have been prepared in accordance with applicable accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and • this annual financial report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces. Julian Avery Chairman Signed on behalf of the Board of Directors 8 September 2009 INCOME STATEMENT for the year ended 31 MAY 2009 2008 Notes Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Loss on realisation of - (3,490) (3,490) - (1,256) (1,256) investments Loss on revaluation of - (6,852) (6,852) - (15,907) (15,907) investments Income 2 325 - 325 289 - 289 Investment management 3 (65) (194) (259) (157) (472) (629) fee VAT recovered on 3 79 238 317 - - - management fees Other expenses (236) (14) (250) (216) (17) (233) Return on ordinary 103 (10,312) (10,209) (84) (17,652) (17,736) activities before taxation Tax on ordinary - - - - - - activities Return on ordinary 103 (10,312) (10,209) (84) (17,652) (17,736) activities after tax for the financial year Return per share - b 4 0.2p (23.7)p (23.5)p (0.2)p (40.5)p (40.7)p asic The total column of this statement represents the Company's profit and loss account prepared in accordance with the accounting policies detailed in note 1 to the financial statements. The supplementary revenue and capital columns are presented for information purposes in accordance with the Statement of Recommended Practice issued by the Association of Investment Companies. All items in the above statement derive from continuing operations and the Company has no other gains or losses, therefore no statement of total recognised gains and losses is presented. No operations were acquired or discontinued in the year. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Share Capital Profit Share Premium Redemption Special andloss Capital Account Reserve Reserve Account Total Notes £'000 £'000 £'000 £'000 £'000 £'000 At 31 May 2007 4,363 19,543 14 20,185 4,261 48,366 Share buy backs (9) - 9 (85) - (85) Forfeiture of (1) (18) - - - (19) shares Dividends paid 5 - - - (2,176) - (2,176) Return for the year - - - - (17,736) (17,736) from the income statement At 31 May 2008 4,353 19,525 23 17,924 (13,475) 28,350 Cancellation of - (19,525) - 19,525 - - share premium Dividends paid 5 - - - (2,176) - (2,176) Return for the year - - - - (10,209) (10,209) from the income statement At 31 May 2009 4,353 - 23 35,273 (23,684) 15,965 Balance Sheet at 31 May Notes 2009 2008 £'000 £'000 Fixed assets Investments held at fair value 14,997 27,398 Current assets Debtors 211 111 Cash and short-term deposits 1,079 1,271 1,290 1,382 Creditors: amounts falling due within (154) (220) one year Net current assets 1,136 1,162 Total assets less current liabilities 16,133 28,560 Provisions Trail commission (149) (210) Deferred management fee (19) - Net assets 15,965 28,350 Capital and reserves Share capital 6 4,353 4,353 Share premium account 6 - 19,525 Capital redemption reserve 6 23 23 Special reserve 6 35,273 17,924 Profit and loss account 6 (23,684) (13,475) Total Shareholders' funds 15,965 28,350 Net asset value per share - basic 7 36.7p 65.1p Cash Flow Statement for the year ended 31 May 2009 2008 Notes £'000 £'000 Net cash inflow/(outflow) from 83 (748) operating activities Capital expenditure and financial 1,962 1,227 investment Equity dividends paid 5 (2,176) (2,176) Cash outflow before management of liquid resources and financing (131) (1,697) Financing (61) (108) Management of liquid resources 175 1,805 Decrease in cash (17) - Reconciliation of net cash flow to movement in net funds Decrease in cash (17) - Cash outflow from movement in liquid (175) (1,805) resources Movement in net funds in the year (192) (1,805) Net funds at beginning of year 1,271 3,076 Net funds at end of year 1,079 1,271 Notes to the Financial Statements 1. Accounting Policies a) Basis of Accounting (i) Accounting Standards Applied The financial statements have been prepared in accordance with applicable United Kingdom Accounting Standards and with the Statement of Recommended Practice (`SORP') `Financial Statements of Investment Trust Companies and Venture Capital Trusts', issued by the Association of Investment Companies in January 2009. (ii) Change in Presentation To comply with the SORP, the profit and loss account has been redesignated as the income statement. This presentational change has no effect on either the net assets or earnings of the Company. 2. Income 2009 2008 £'000 £'000 Income from investments UK dividends 245 198 Overseas dividends 56 88 301 286 Other income Interest on VAT recovered on 23 - management fees Deposit interest 1 3 Total income 325 289 3. Investment Management Fees 2009 2008 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Investment 65 194 259 137 413 550 management fee VAT thereon - - - 20 59 79 65 194 259 157 472 629 Details of the Investment Management Agreement are shown in the Report of the Directors. At 31 May 2009, £41,000 (2008: £101,000) was owed in respect of investment management fees. As is stated in the Report of the Directors, from 1 January 2009 20% of the management fee payable by the Company is deferred until the date of the 2011 AGM. The amount deferred is payable if total returns exceed 60p per share. £ 19,000 has been deferred but is included in the investment management fee for the year and is shown as a provision in the balance sheet. VAT recovered on management fees With effect from 1 October 2007, no VAT has been payable on management fees. An amount of £317,000 has been recognised in these accounts in respect of VAT recovered from HMRC on managements fees paid to IAML. This has been credited £ 79,000 to revenue and £238,000 to capital in the same proportion as originally charged in the profit and loss account. In addition, £23,000 of interest thereon has been credited to revenue. 4. Return per Share 2009 2008 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Return per share 0.2p (23.7)p (23.5)p (0.2)p (40.5)p (40.7)p - basic Basic revenue, capital and total returns per ordinary share are based on the respective net return on ordinary activities after tax and on 43,526,171 (2008: 43,554,330) shares being the weighted average number of shares in issue during the year. 5. Dividends Subject to shareholder approval at the forthcoming AGM, a final dividend of 3p per share will be paid on 23 October 2009 to shareholders on the register on 25 September 2009. 2009 2008 (a) Dividends paid in year: Rate £'000 Rate £'000 Final dividend in respect of the 3p 1,306 3p 1,306 previous year Interim dividend for the current 2p 870 2p 870 year 5p 2,176 5p 2,176 (b) Dividends declared in respect of the year: Interim 2p 870 2p 870 Final 3p 1,306 3p 1,306 5p 2,176 5p 2,176 6. Share Capital and Reserves 2009 2008 £'000 £'000 Authorised: 100,000,000 ordinary shares of 10p each 10,000 10,000 (2008: 100,000,000) Allotted, called-up and fully paid: 43,526,171 ordinary shares of 10p each 4,353 4,353 (2008: 43,526,171) On 5 February 2009 the Company successfully applied to the High Court to cancel the share premium account. Subsequently, the balance of £19,525,000 on this account was transferred to the special reserve, which is a distributable reserve. The capital redemption reserve maintains the equity share capital from the buyback and cancellation of shares; it, the share capital and the share premium account are non-distributable. The profit and loss account is a distributable account and arises from both capital and revenue items as shown in the following analysis: The profit and loss account is represented by: Profit Capital Revenue and Loss Account Account Account £'000 £'000 £'000 At 31 May 2008 (13,390) (85) (13,475) Movements on revaluation of investments (6,852) - (6,852) Loss on realisation of (3,490) - (3,490) investments VAT recovered on 238 - 238 management fees Expenses charged to (208) - (208) capital Revenue returns for the - 103 103 year At 31 May 2009 (23,702) 18 (23,684) 7. Net Asset Value per Ordinary Share The net asset value per ordinary share and the net assets attributable at the year end calculated in accordance with the Articles of Association were as follows: 2009 2008 Net Net Asset V Net Assets Asset V Net Assets alue alue per S Attributable per Share Attributable hare p £'000 p £'000 Ordinary shares - basic 36.7 15,965 65.1 28,350 Net asset value per ordinary share is based on net assets at the year end and on 43,526,171 (2008: 43,526,171) ordinary shares, being the number of ordinary shares in issue at the year end. This Announcement does not constitute the Company's statutory accounts. It is an abridged version of the audited Annual Report and Accounts of the Company for the year ended 31 May 2009. The opinion of the auditors on the 2009 Annual Report and Accounts is unqualified, and the auditors have not drawn attention to any matter, nor have they sought to make a statement under section 498 of the Companies Act 2006. Information relating to the year ended 31 May 2008 is taken from the audited Annual Report and Accounts for that year which have been delivered to the Registrar of Companies. The Annual Report and Accounts for 2009, once approved by shareholders, will be delivered to the Registrar in due course. The audited Annual Financial Report will be posted to shareholders shortly. Copies may be obtained during normal business hours from the Company's Registered Office, 30 Finsbury Square, London EC2A 1AG. A copy of the Annual Financial Report will be available shortly from Invesco Perpetual on the following website: www.invescoperpetual.co.uk/investmenttrusts The Annual General Meeting will be held at the Company's Registered Office on 13 October 2009 at 11.30am. By order of the Board Invesco Asset Management Limited, Secretaries 8 September 2009 END
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