News Column

Half-yearly Report

August 19, 2014

City Merchants High Yield Trust Limited Half-Yearly Financial Report for the Six Months to 30 June 2014 KEY FACTS City Merchants High Yield Trust Limited is a Jersey incorporated investment company listed on the London Stock Exchange. The Company commenced trading on 2 April 2012 as a successor company to City Merchants High Yield Trust plc. Objective of the Company The Company's investment objective is to seek to obtain both high income and capital growth from investment, predominantly in high-yielding fixed-interest securities. The Company seeks to provide a high level of dividend income relative to prevailing interest rates through investment in fixed-interest securities, various equity-like securities within fixed-income markets and equity-linked securities such as convertible bonds and in direct equities that have a high income yield. It also seeks to enhance total returns through capital appreciation generated by investments which have equity-related characteristics. Performance Statistics FOR SIX MONTHS TO FOR YEAR TO 30 JUN 2014 31 DEC 2013 Net Asset Value Total return +4.4% +13.3% Capital return +1.7% +7.5% Movement in share price* +3.5% +11.9% Dividend for the period 5p 10p Period End Information At 30 JUN 2014 At 31 DEC 2013 Net asset value per share 187.28p 184.12p Share price* 190.50p 184.00p (Premium)/discount per share (1.7%) 0.1% Gearing Gross gearing nil nil Net cash 6.0% 5.5% * Source: Thomson Reuters Datastream . INTERIM MANAGEMENT REPORT INCORPORATING THE CHAIRMAN'S STATEMENT Chairman's Statement I am pleased to report that the Company has continued to operate satisfactorily through the first half of 2014. In the six months to 30 June 2014, the total return net asset value was +4.4% which compares favourably with the average return of 4.1% from the funds in the Investment Management Association Sterling Strategic Bond sector. The Manager's Investment Report, which follows, provides some background on how this was achieved and how the portfolio is positioned. I commented in the last annual report that subsequent to the year end the Company's shares had begun to trade at a premium to net asset value (NAV). I am pleased to report that this has continued, indicating heightened demand for the Company's shares. Consequently the Company was able to issue 5,075,000 shares in the six months to 30 June 2014, at an average price of 187.87p, and a further 850,000 shares have been issued prior to the date of this report. Altogether, this represents approximately 11.1 million of capital raised so far this year. These shares were issued at a premium to NAV, which has enhanced net assets by approximately 85,000, in aggregate net of costs. The Company continues to produce an attractive level of income for shareholders and the first and second interim dividends for this year, each of 2.5p, are in line with our target of matching last year's total dividends. The Board believes the portfolio remains well positioned to continue to provide an attractive level of income for shareholders with some limited potential for capital appreciation. In order to comply with the Alternative Investment Fund Managers Directive (AIFMD) it has been necessary for the Company to make some new administrative arrangements: Your Board has appointed Invesco Fund Managers Limited (IFML) as the Company's Alternative Investment Fund Manager (AIFM), by way of a new investment management agreement between the Company and IFML that became effective on 22 July 2014. IFML is an affiliate of the Company's previous investment manager, Invesco Asset Management Limited (IAML) and has been authorised as an AIFM by the UK's Financial Conduct Authority. The previous investment management agreement between the Company and IAML has been terminated, although IAML continues to manage the Company's investment portfolio under delegated authority from IFML. The management fee and notice period remain unchanged. The Company has also appointed BNY Mellon Trust & Depositary (UK) Limited to act as the Company's depositary under the terms of a depositary agreement also dated 22 July 2014 and entered into between the Company, the AIFM and the Depositary. The Depositary has delegated safe keeping of the Company's investments to the Company's previous custodian, The Bank of New York Mellon (London Branch). It is not expected or intended that these new arrangements will result in any change to the way the Company's assets are invested. Clive Nicholson Chairman 19 August 2014 . Manager's Investment Report Market Background The high yield bond market achieved positive returns in the first half of the year. With inflation data lower than expected in the major developed markets, falling core government yields supported the wider market. Demand for income-bearing assets was strong. This helped high yield bonds to outperform both core government bonds and investment grade corporate bonds. Coming into 2014, it was a widely held view that government yields in the major developed markets would be pushed higher by improving economic growth and anticipation of monetary tightening. This has not happened. Instead, bond yields have fallen. US growth in the first quarter was negative, which surprised the market but was largely ascribed to the impact of severe winter weather, an effect that is expected to unwind quickly. Growth in the UK has not disappointed, with business sentiment, employment and retail sales data suggesting the recovery is continuing to strengthen. The eurozone economy, particularly in the earlier part of the period, also showed encouraging signs of growth. But the weakness of inflation has been a surprise. Headline CPI readings well below 2% have been recorded in the US and the UK, while in the eurozone the rate fell from 0.8% in January to just 0.5% in June. Combined with signs later in the reporting period that the eurozone recovery could weaken again, this low level of inflation was enough to prompt the European Central Bank to cut interest rates in June. The bank also announced a number of measures aimed at stimulating lending to the business and consumer sectors and made clear its preparedness to initiate a programme of outright asset purchases. Conversely, the strength of economic data in the UK and the US has led to increased anticipation of interest rate hikes in these economies. This bifurcation of monetary policy expectations across the major central banks has been an important influence on yields in recent weeks, with Bunds and other euro-denominated bonds extending their year-to-date rally while the yields of sterling and dollar-denominated bonds have risen. According to data from Merrill Lynch, the total return for European high yield bonds in the first half of 2014 was 2.2% (in sterling terms). This return was depressed by the appreciation in the value of the pound against the euro over the period. In local currency terms, the return was 5.5%. The aggregate yield for the sector fell 64bps to 4.43%. By comparison, sterling investment grade bonds returned 5.0% and Gilts returned 3.5%. Compared to preceding periods, there was little variance in returns across the sectors of the corporate bond market, with financials and non-financials roughly in line. High yield bond issuance has been strong throughout this period, as corporates have taken the opportunity offered by current market conditions to raise capital on relatively attractive terms. Barclays estimates there was 56.6 billion of European high yield supply in the first half of 2014, across all currencies. This is 48% higher than in the same period in 2013. Supply was boosted by the largest high yield offering ever, when Numericable and Altice together issued $10.7 billion to fund a leveraged buyout. Wind, the Italian telecom, raised a total of 1.75 billion across euro and dollar bonds. The order book for this deal was reported to be 10 billion. Defaults remain low. According to Moody's, the trailing 12 month global high yield default rate was 2.3% in May 2014, down from 2.5% in April 2014 and 2.8% in May 2013. Portfolio Strategy The net asset value of the Company ended June 2014 at 187.28p, up from 184.12p at the close of 2013, an increase of 1.7%. The Company paid a total dividend of 5p over the period, giving rise to a total return net asset value of 4.4%. The portfolio holds a core of high yield corporate bonds, focused on seasoned issuers that we consider to be default-remote. In addition, we have significant exposure to areas of the market which we believe still offer relatively attractive yield. Approximately one quarter of the portfolio is invested in bank capital, predominantly in the subordinated debt of large European banks. The valuations of these instruments have risen strongly but we think that this reflects the increased creditworthiness of a sector whose fundamentals have continued to improve. We also have holdings in hybrid capital instruments, across sectors including telecoms and utilities. We believe the subordination risk of these more junior debt instruments is attractive in the context of the companies' relatively strong balance sheets. We continue to seek opportunities to add yield to the portfolio where we consider that the balance of reward to risk is attractive. Outlook The high yield bond market has continued to deliver strong positive returns in recent quarters, but we have not seen the level of spread tightening that occurred in 2012 and 2013. In our opinion, the market is now fully valued and we see little potential for further capital appreciation. Yields and spreads are low by historical standards. We are seeking to provide an attractive level of income while focusing our portfolio on issuers with low default risk and on bonds where we think the balance of reward to risk remains relatively good. Invesco Asset Management Limited Manager Paul Read Paul Causer Rhys Davies Portfolio Managers Deputy Portfolio Manager 19 August 2014 . PRINCIPAL RISKS AND UNCERTAINTIES The principal risk factors relating to the Company can be summarised as follows: - Investment Objective - the success of the Company depends on the Portfolio Managers' ability to achieve the Company's investment objective. There is no guarantee that the Company's investment objective will be achieved or will provide the returns sought by the Company. - Investment Risk - global markets have been experiencing volatility, disruption and instability. Material changes affecting global capital markets may have a negative effect on the Company's business, financial condition and results of operations. The poor performance of any individual portfolio investment has a negative effect on the value of the portfolio and consequently the Net Asset Value (NAV) per share. A majority of the portfolio comprises high-yield fixed-interest securities - these are subject to credit, interest rate, liquidity and duration risks, and a significant proportion of these are non-investment grade securities. - Foreign Exchange Risk - the movement of exchange rates may have unfavourable or favourable impact on returns as the majority of the assets are non-sterling. - Dividends - the ability of the Company to pay dividends quarterly is dependent on the level and timing of receipt of income on its investments. - Ordinary Shares - the shares may trade at a discount to NAV and shareholders may be unable to realise their investments through the secondary market at NAV. The existence of a liquid market in the shares cannot be guaranteed. - Gearing of Returns through Borrowings - performance maybe geared by means of a bank credit facility. Whilst gearing will be used with the aim of enhancing returns on the portfolio when the value of the Company's assets is rising, it will have the opposite effect when the value is falling. There is no guarantee that any credit facility would be renewable at maturity on terms acceptable to the Company. - Resources: Reliance on Third Party Providers - failure by any service provider to carry out its obligations in accordance with the terms of its appointment could have a materially detrimental impact on the effective operation of the Company and on the ability of the Company to pursue its investment policy successfully. - Regulatory and Tax Related - whilst compliance with rules and regulations is closely monitored, breaches could affect returns to shareholders. Changes to regulation or to the Company's tax status or tax treatment might adversely affect the Company. - Derivatives - the Company may enter into derivative transactions for efficient portfolio management. Derivative instruments can be highly volatile and expose investors to a high risk of loss. In the view of the Board, these principal risks and uncertainties are as applicable to the remaining six months of the financial year as they were to the period under review. RELATED PARTIES AND TRANSACTIONS WITH THE MANAGER Note 20 of the 2013 annual financial report gives details of related party transactions and transactions with the Manager. The basis of these has not changed for the six months being reported. The 2013 annual financial report is available on the Manager's website at www.invescoperpetual.co.uk/ investmenttrusts. GOING CONCERN The financial statements are prepared on a going concern basis. The Directors consider that going concern is the appropriate basis as they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. In reaching this conclusion, the Directors have taken into account the Company's investment objective, its risk management policies, the diversified nature of its investment portfolio, the borrowing facility which can be used to meet short-term funding requirements, the liquidity of most of its investments which could be used to repay any borrowings in the event that the facility could not be renewed or replaced and the ability of the Company to meet all of its liabilities and ongoing expenses. BOND RATING ANALYSIS (STANDARD AND POOR'S RATINGS) The definitions of these ratings are set out on page 63 of the 2013 annual financial report. 30 JUN 2014 31 DEC 2013 Rating % OF CUMULATIVE % OF CUMULATIVE PORTFOLIO TOTAL % PORTFOLIO TOTAL % Investment Grade: AA+ 0.4 0.4 - - A- 3.9 4.3 1.2 1.2 BBB+ 6.2 10.5 4.6 5.8 BBB 6.8 17.3 7.0 12.8 BBB- 10.8 28.1 10.0 22.8 Non-investment Grade: BB+ 9.3 37.4 12.2 35.0 BB 9.3 46.7 8.5 43.5 BB- 11.7 58.4 6.0 49.5 B+ 8.2 66.6 9.8 59.3 B 8.3 74.9 11.6 70.9 B- 2.7 77.6 2.6 73.5 CCC+ 2.0 79.6 1.9 75.4 CCC 0.1 79.7 0.3 75.7 NR (including equity) 20.3 100.0 24.3 100.0 100.0 100.0 THIRTY LARGEST INVESTMENTS AT 30 JUNE 2014 MOODY MARKET /S&P COUNTRY OF VALUE % OF ISSUER/ISSUE RATING INDUSTRY INCORPORATION '000 PORTFOLIO Lloyds Banking Financials UK Group - Lloyds Bank & LBG Capital 7.875% Var NR/BB- 4,258 Perpetual 7% Var Perpetual NR/BB- 2,126 6.385% 12 May Baa3/BBB- 1,309 2020 7,693 5.79 Aviva & General Financials UK Accident 6.125% Perpetual Baa1/BBB 3,887 8.875% NR/NR 1,541 Preference 5,428 4.09 SociÉtÉ GenÉrale Financials France 8.875% FRN Ba2/BBB- 4,641 Perpetual 8.25% Perpetual Ba3/BB+ 229 7.875% FRN Ba3/BB+ 177 Perpetual 5,047 3.79 General Motors Consumer Goods USA Wts 10 Jul 2019 Equity 4,448 Wts 10 Jul 2016 Equity 495 4,943 3.71 Premier Farnell Industrials UK 89.2p NR/NR 4,142 3.11 Convertible Preference Credit Agricole Financials France 7.589% FRN Ba2/BBB- 2,394 Perpetual 7.5% Var NR/NR 958 Perpetual 8.125% FRN Ba2/BBB- 574 Perpetual 3,926 2.94 Telefonica Telecommunications Netherlands Europe 6.75% Perpetual Ba1/BB+ 2,226 5.875% Perpetual Ba1/BB+ 1,201 3,427 2.57 Standard Financials UK Chartered 5.125% 06 Jun A3/A- 1,848 2034 5.7% 26 Mar 2044 A3/A- 1,211 9.5% FRN A3/A- 302 Perpetual 3,361 2.52 Intesa Sanpaolo Financials Italy 8.375% FRN Ba3/BB 3,108 2.33 Perpetual Enterprise Inns Consumer Goods UK 6.5% 06 Dec 2018 NR/BB- 2,705 2.03 (SNR) Electricite De Utilities France France 6% Perpetual A3/BBB+ 1,382 5.875% Perpetual A3/BBB+ 1,039 2,421 1.82 UPC Consumer Services Germany 9.625% 01 Dec B3/B 1,719 2019 5.625% 15 Apr Ba3/BB- 699 2023 2,418 1.82 ENEL Utilities Italy 7.75% 10 Sep Ba1/BB+ 1,589 2075 6.625% 15 Sep Ba1/BB+ 796 2076 2,385 1.79 Barclays Financials UK 9.25% Perpetual Ba1/BBB- 1,193 6.625% 30 Mar Baa3/BBB 997 2022 2,190 1.64 Balfour Beatty Industrials UK 10.75p NR/NR 2,176 1.63 Convertible Preference Citigroup Financials USA 6.829% FRN 28 Ba1/BB+ 2,135 1.60 Jun 2067 Koninklijke KPN Telecommunications Netherlands 6.875% FRN 14 Ba2/BB 2,111 1.59 Mar 2073 REA Finance Consumer Goods Netherlands 9.5% 31 Dec NR/NR 2,090 1.57 2017 Gala Finance Consumer Services UK 1,917 1.44 8.875% 01 Sep B2/B+ 2018 Virgin Media Consumer Services UK Finance 8.875% 15 Oct B2/B 708 2019 6% 15 Apr 2021 Ba3/BB- 682 6.25% 28 Mar Ba3/BB- 510 2029 1,900 1.43 Catlin Financials USA Insurance 7.249% FRN NR/BBB+ 1,897 1.42 Perpetual Santos Finance Oil and Gas Australia 8.25% FRN 22 NR/BBB 1,838 1.38 Sep 2070 Obrascon Huarte Industrials Spain Lain 8.75% 15 Mar Ba3/NR 1,740 1.31 2018 Origin Energy Oil and Gas Australia 7.875% 16 Jun Ba1/BB+ 1,728 1.30 2071 BPCE Financials France 9% FRN Ba2/BBB- 1,666 1.25 Perpetual AXA Financials France 5.25% FRN 16 A3/BBB 900 Apr 2040 6.379% FRN Baa1/ 634 Perpetual BBB- 1,534 1.15 UniCredit Financials Luxembourg International Bank 8.125% FRN B1/BB 952 Perpetual 8.5925% FRN B1/BB 548 Perpetual 1,500 1.13 Standard Life Financials UK 6.75% Perpetual A3/A- 1,122 5.5% 04 Dec Baa2/BBB 368 2042 1,490 1.12 Commerzbank Financials Germany 7.75% 16 Mar Ba2/BB+ 993 2021 8.125% 19 Sep Ba2/BB+ 428 2023 1,421 1.07 Iron Mountain Support Services USA 6.75% 15 Oct B1/B 1,415 1.06 2018 81,752 61.40 Other 51,387 38.60 investments Total 133,139 100.00 investments . CONDENSED STATEMENT OF CHANGES IN EQUITY STATED CAPITAL REVENUE CAPITAL RESERVE RESERVE TOTAL '000 '000 '000 '000 FOR THE SIX MONTHS ENDED 30 JUNE 2014 At 31 December 2013 113,410 18,368 2,239 134,017 Net proceeds from issue of shares 9,479 - - 9,479 Total comprehensive income for the period - 2,541 3,512 6,053 Dividends paid - note 4 (98) - (3,634) (3,732) At 30 June 2014 122,791 20,909 2,117 145,817 FOR THE SIX MONTHS ENDED 30 JUNE 2013 At 31 December 2012 113,410 9,336 1,929 124,675 Total comprehensive income for the period - 2,970 3,807 6,777 Dividends paid - note 4 - - (3,640) (3,640) At 30 June 2013 113,410 12,306 2,096 127,812 FOR THE YEAR ENDED 31 DECEMBER 2013 At 31 December 2012 113,410 9,336 1,929 124,675 Total comprehensive income for the year - 9,032 7,589 16,621 Dividends paid - note 4 - - (7,279) (7,279) At 31 December 2013 113,410 18,368 2,239 134,017 . CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE FOR THE SIX MONTHS TO FOR THE SIX MONTHS TO YEAR ENDED 30 JUN 2014 30 JUN 2013 31 DEC 2013 REVENUE CAPITAL TOTAL REVENUE CAPITAL TOTAL TOTAL '000 '000 '000 '000 '000 '000 '000 Profit on - 1,153 1,153 - 5,034 5,034 10,272 investments held at fair value Exchange - (241) (241) - (51) (51) (500) differences Profit/(loss) on - 1,822 1,822 - (1,835) (1,835) (384) derivative financial instruments - currency hedges Income UK dividends 184 - 184 301 - 301 720 UK investment 1,421 - 1,421 1,508 - 1,508 2,987 income - interest Overseas 2,512 - 2,512 2,525 - 2,525 4,966 investment income - interest Overseas 8 - 8 4 - 4 11 dividends Deposit interest 1 - 1 1 - 1 2 4,126 2,734 6,860 4,339 3,148 7,487 18,074 Investment (346) (186) (532) (312) (168) (480) (972) management fee - note 2 Other expenses (188) - (188) (172) (1) (173) (362) Profit before 3,592 2,548 6,140 3,855 2,979 6,834 16,740 finance costs and taxation Finance costs (12) (7) (19) (16) (9) (25) (44) Profit before 3,580 2,541 6,121 3,839 2,970 6,809 16,696 tax Taxation (68) - (68) (32) - (32) (75) Profit after tax 3,512 2,541 6,053 3,807 2,970 6,777 16,621 Return per 4.7p 3.4p 8.1p 5.2p 4.1p 9.3p 22.8p ordinary share - note 5 The total column of this statement represents the Company's statement of comprehensive income, prepared in accordance with International Financial Reporting Standards. The profit after tax is the total comprehensive income. The supplementary revenue and capital columns are presented for information 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. No operations were acquired or discontinued in the period. . CONDENSED BALANCE SHEET Registered in Jersey No. 109714 AT AT AT 30 JUN 2014 30 JUN 2013 31 DEC 2013 '000 '000 '000 Non-current assets Investments held at fair value 133,139 121,685 123,775 through profit or loss Current assets Other receivables - accrued income 2,580 2,292 2,502 Amounts due from brokers 786 - 526 Derivative financial instruments - unrealised gain on forward 899 - 216 currency contracts Cash and cash equivalents 8,790 4,625 7,365 13,055 6,917 10,609 Total assets 146,194 128,602 134,384 Current liabilities Other payables (377) (329) (367) Amount due to brokers - (300) - Derivative financial instruments - unrealised loss on forward - (161) - currency contract (377) (790) (367) Net assets 145,817 127,812 134,017 Capital and reserves Stated capital - note 7 122,791 113,410 113,410 Capital reserve 20,909 12,306 18,368 Revenue reserve 2,117 2,096 2,239 Shareholders' funds 145,817 127,812 134,017 Net asset value per ordinary share - 187.28p 175.60p 184.12p note 6 . CONDENSED STATEMENT OF CASH FLOW SIX MONTHS TO SIX MONTHS TO YEAR TO 30 JUN 2014 30 JUN 2013 31 DEC 2013 '000 '000 '000 Cash flow from operating activities Profit before tax 6,121 6,809 16,696 Taxation (68) (32) (75) Adjustment for: Purchases of investments (42,388) (21,302) (30,182) Sales of investments 33,918 22,478 33,680 (8,470) 1,176 3,498 Profit on investments (1,153) (5,034) (10,272) Exchange differences 241 51 500 (Profit)/loss on derivative (683) 151 (226) financial instruments - currency hedges Finance costs 19 25 44 Operating cash flows before (3,993) 3,146 10,165 movements in working capital (Increase)/decrease in receivables (78) 115 (95) Increase/(decrease) in payables 10 (14) 24 Net cash flows from operating (4,061) 3,247 10,094 activities before and after tax Cash flow from financing activities Finance costs paid (20) (25) (44) Net proceeds from issue of shares 9,479 - - Equity dividends paid - note 4 (3,732) (3,640) (7,279) Net cash flows from financing 5,727 (3,665) (7,323) activities Net increase/(decrease) in cash 1,666 (418) 2,771 and cash equivalents Exchange differences (241) (51) (500) Cash and cash equivalents at the 7,365 5,094 5,094 beginning of the period Cash and cash equivalents at the 8,790 4,625 7,365 end of the period . NOTES TO THE INTERIM FINANCIAL RESULTS 1. Basis of Preparation The condensed financial statements have been prepared using the same accounting policies as those adopted in the 2013 annual financial report. They have been prepared on an historical cost basis, except for the measurements at fair value of investments and derivatives, and in accordance with the applicable International Financial Reporting Standards (IFRS) and interpretations issued by the International Financial Reporting Interpretations Committee as adopted by the European Union. Where presentational guidance set out in the Statement of Recommended Practice (SORP): Financial Statements of Investment Trust Companies and Venture Capital Trusts' is consistent with the requirements of IFRS, the Directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP. 2. Management Fee Investment management fees and finance costs are allocated 35% to capital and 65% to revenue. The management fee is payable quarterly in arrear and is equal to 0.1875% of the value of the Company's total assets under management less current liabilities at the end of each relevant quarter, plus a fixed amount of 24,000 per annum. 3. Taxation The Company is subject to Jersey income tax at the rate of 0% (2013: 0%). The overseas tax charge consists of irrecoverable withholding tax. 4. Dividends Paid SIX MONTHS TO SIX MONTHS TO YEAR TO 30 JUN 2014 30 JUN 2013 31 DEC 2013 PENCE '000 PENCE '000 PENCE '000 Interim in respect of 2.5 1,828 2.5 1,820 2.5 1,820 previous period First interim 2.5 1,904 2.5 1,820 2.5 1,820 Second interim - - - - 2.5 1,819 Third interim - - - - 2.5 1,820 5.0 3,732 5.0 3,640 10.0 7,279 0.125p of the dividends for the period have been paid from stated capital, representing accrued income attributable to the new shares at the time of issue (see note 7). A second interim dividend of 2.5p (2013: 2.5p) has been declared and will be paid 23 August 2014 to ordinary shareholders on the register on 25 July 2014. 5. Basis of Returns SIX MONTHS TO SIX MONTHS TO YEAR TO 30 JUN 2014 30 JUN 2013 31 DEC 2013 Profit after tax: Revenue 3,512,000 3,807,000 7,589,000 Capital 2,541,000 2,970,000 9,032,000 Total 6,053,000 6,777,000 16,621,000 Weighted average number of shares in 75,185,220 72,786,327 72,786,327 issue during the period 6. Basis of Net Asset Value per Ordinary Share AT AT AT 30 JUN 2014 30 JUN 2013 31 DEC 2013 Shareholders' funds 145,817,000 127,812,000 134,017,000 Number of shares in issue at the period 77,861,327 72,786,327 72,786,327 end 7. Stated Capital, including Movements SIX MONTHS TO SIX MONTHS TO YEAR TO 30 JUN 2014 30 JUN 2013 31 DEC 2013 Stated capital: Brought forward 113,410,000 113,410,000 113,410,000 Net issue proceeds 9,479,000 - - Dividend Paid from stated capital (98,000) - - Carried forward 122,791,000 113,410,000 113,410,000 Number of ordinary shares: Brought forward 72,786,327 72,786,327 72,786,327 Issued in period 5,075,000 - - Carried forward 77,861,327 72,786,327 72,786,327 Per share: - average issue price 187.87p - - - average net proceeds 186.78p - - Of the net issue proceeds of 9,479,000, an aggregate amount of 98,000 represented the accrued income element of the net asset value attributed to the new shares. Subsequent to the period end 850,000 shares have been issued at an average price of 189.17p. 8. Status of Half-yearly Financial Report The financial information contained in this half-yearly report, which has not been reviewed or audited, does not constitute statutory accounts as defined in Article 104 of Companies (Jersey) Law 1991. The financial information for the half year ended 30 June 2013 and the half year ended 30 June 2014 have not been audited. The figures and financial information for the year ended 31 December 2013 are extracted and abridged from the latest published accounts and do not constitute the statutory accounts for that year. By order of the Board R&H Fund Services (Jersey) Limited Company Secretary 19 August 2014 . DIRECTORS' RESPONSIBILITY STATEMENT in respect of the preparation of the half-yearly financial report. The Directors are responsible for preparing the financial report, using accounting policies consistent with applicable law and International Financial Reporting Standards. The Directors confirm that to the best of their knowledge: - the condensed set of financial statements contained within the half-yearly financial report have been prepared in accordance with International Accounting Standards 34 `Interim Financial Reporting'; - the interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R of the FCA's Disclosure and Transparency Rules; and - the interim management report includes a fair review of the information required on related party transactions. The half-yearly financial report has not been audited or reviewed by the Company's auditor. Signed on behalf of the Board of Directors. Clive Nicholson Chairman 19 August 2014 END The content and accuracy of news releases published on this site and/or distributed by PR Newswire or its partners are the sole responsibility of the originating company or organisation. Whilst every effort is made to ensure the accuracy of our services, such releases are not actively monitored or reviewed by PR Newswire or its partners and under no circumstances shall PR Newswire or its partners be liable for any loss or damage resulting from the use of such information. All information should be checked prior to publication.




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