Share Price InformationOpen Close
Key Information Document (KID)Open Close
UK reporting fund regimeOpen Close
Annual and Interim reportsOpen Close
- Interim Report June 2021
- Annual Report December 2020
- Interim Report June 2020
- Annual Report December 2019
- Interim Report June 2019
- Annual Report December 2018
- Interim Report June 2018
- Annual Report December 2017
- Interim Report June 2017
- Annual Report December 2016
- Interim Report June 2016
- Annual Report December 2015
- Interim Report June 2015
- Annual Report December 2014
- Interim Report June 2014
- Annual Report December 2013
- Interim Report June 2013
- Annual Report December 2012
- Interim Report June 2012
- Annual Report December 2011
- Interim Report June 2011
- Annual Report December 2010
- Interim Report June 2010
- Annual Report December 2009
- Interim Report June 2009
- Annual Report December 2008
- Interim Report June 2008
- Annual Report December 2007
- Interim Report June 2007
- Annual Report December 2006
- Interim Report June 2006
AGM and EGM NoticesOpen Close
Capital StructureOpen Close
The Company’s share capital comprises of Ordinary Shares.
75,000,000 Ordinary Shares of 1p each (the “Ordinary Shares”) were in issue following admission on 22 December 2005. 63 Ordinary Shares were allotted with effect from 21 May 2009 and 1,400 Ordinary Shares were allotted on 18 May 2010 in each case following the exercise of warrants. Warrants were issued on admission to shareholders on the basis of one Warrant for every five Ordinary Shares issued. The final exercise period for the Warrants ended on 25 May 2011, and all rights under unexercised warrants lapsed on 9 June 2011.
33,718,446 and 3,782,264 Ordinary Shares were allotted on 8 and 9 August 2016 respectively following the exercise of all Subscription Share Rights.
Subscription Share Rights to subscribe for one Ordinary Share at a fixed price of 61 pence per Subscription Share lapsed after 6 August 2016. Consequently on 8 August 2016 trading on AIM of Subscription Shares ceased and subsequently the Subscription Shares were redeemed and cancelled.
As at 31 December 2021, the Company has purchased 412,444 Ordinary Shares which are held in Treasury and allocated 15,608,872 Redemption Shares under its Redemption Facility. Consequently the total number of Ordinary Shares with voting rights in the Company is 96,480,857 (excluding Ordinary Shares held in Treasury and Redemption Shares). Each Ordinary Share carries one vote and ordinary shareholders are entitled to dividends when declared. Full details of the rights of ordinary shareholders are set out in the Admission Document. Shareholders should be aware that as the company is incorporated in Guernsey these rights may be different to the rights of shareholders in a UK incorporated company.
|Shareholder|| No. of Shares Held
(Pre Redemptions at 31 Dec 2021)
|Lazard Asset Management||23,650,047||21.9|
|City of London Investment Management||17,501,533||15.6|
|Hargreaves Lansdown (EO)||10,794,609||9.6|
|Interactive Investor (EO)||8,243,550||7.4|
|AJ Bell (EO)||3,640,372||3.3|
|Premier Miton Investors||3,528,000||3.2|
The directors and connected persons to the Investment Manager, Ocean Dial Asset Management Limited, held in aggregate 382,881 (0.3%) Ordinary Shares.
Official DocumentsOpen Close
Impact of Subscription SharesOpen Close
On 6 August 2014 the Company issued 37.5m Subscriptions Shares at nil cost on a 1:2 basis to ordinary shareholders who, at the time, held 75m Ordinary Shares. The Subscription Shares entitled the holder to acquire one Ordinary Share for each Subscription Share at a cost of 61p in August 2016.
Following the issue of Subscription Shares the headline NAV per share published by Bloomberg and other third party data providers was the Diluted NAV per share rather than the Basic NAV per share. Additionally the Investment Manager (IM) produced a Rebased NAV per share which the IM believes is the fairest representation of its performance across all periods excluding the dilutive effect of the issue of Subscription Shares. The reason for this, and the basis of calculating the Company’s NAVs is explained in this document.