26/10/2014 14:57:06 Free Membership Login

CAPITAL GEARING TRUST PLC - Half-yearly Report

Date : 11/12/2012 @ 11:11PM
Source : PR Newswire (US)
Stock : Capital Gearing (CGT)
Quote : 3202.0  -32.0 (-0.99%) @ 9:05PM
Capital Gearing share price Chart

CAPITAL GEARING TRUST PLC - Half-yearly Report

Capital Gearing (LSE:CGT)
Historical Stock Chart

2 Years : From Oct 2012 to Oct 2014

Click Here for more Capital Gearing Charts.
CAPITAL GEARING TRUST PLC - Half-yearly Report
                        CAPITAL GEARING TRUST P.L.C.

               Announcement of the Half-Year Financial Report 
                   for the six months ended 5 October 2012

Interim Management Report

Chairman's Overview

Against a mixed half-year trading period for world financial markets, I am able to report that as at 5 October 2012 the net asset value per share increased to an all-time reported high of 2,978.2p. The rise in NAV of 2.7% since 5 April 2012 compares to a 3.0% increase in the FTSE All-Share Index and a 2.1% rise in the FTSE Equity Investment Instruments Index. The relatively modest movements of the indices between reporting periods mask the volatility in equity markets which saw sharp falls in the Spring followed by a sustained recovery. The portfolio continues to be positioned to deliver absolute returns for investors, with capital protection being of equal importance as long-term capital growth.

Investment Review

The portfolio was little changed over the period and remains broadly spread and defensively positioned. The largest allocation was to inflation linked bonds which benefited from falling real yields in all highly rated developed markets. French index linked performed particularly strongly and the position was sold down in its entirety. France benefited both from the general lowering of real yields but also from technical factors; as downgraded Italian debt was removed from a number of key debt indices, index tracker funds were forced to buy French bonds pushing the prices markedly higher.

Some of the proceeds from the French sales were reinvested into UK index linked bonds which had a relatively muted period. The reason for the relative underperformance of the UK has been the uncertainty around the future construction of the Retail Price Index (`RPI'), the inflation index to which UK index linked bonds are attached. Whilst there is a range of potential outcomes, it seems likely that the RPI construction will become materially closer to the Consumer Price Index (`CPI') construction. This change would result in an annual reduction in measure inflation accruals of 0.6% - 0.9%, thus reducing the value of the bonds. The final decision has not yet been made; however, prices have adjusted materially and in our view now incorporate the worst case scenario. Whilst it is hard to quantify with any precision, this change has probably reduced the fund returns over the period by greater than 0.5%.

Relative to broader equity markets, the investment trust holdings performed well, due to corporate actions in a number of our larger holdings. The strongest performer was Investors in Global Real Estate Limited, a property fund, which announced a change in discount policy leading to a strong share price performance. Absolute Return Trust plc, the hedge fund of funds, also announced its move to managed wind down leading to a material narrowing of the discount. TR Property Sigma Investment Trust plc announced its intention to merge back into the larger TR Property Investment Trust plc, leading to a marked price rise and improved liquidity. Finally, Private Equity Investor plc, the liquidating fund of venture capital funds, repurchased c. 17% of its outstanding shares in a tender well above carrying value. These events illustrate that there continue to be interesting special situations available in the investment trust market despite the high valuation of the underlying assets, typically equities.

Zero dividend preference shares, convertible bonds and gold all contributed to fund performance, delivering modest but steady gains.

Investment Outlook

The world economy has slowed and the outlook is cloudy. The best performing country is the US which is enjoying growth of roughly 2%, supported by a functioning banking system and competitive currency. Furthermore, with house prices back to reasonable levels against incomes and servicing costs, but now rising moderately, residential construction could support the economy as it recovers to its long term average of 4.5% of GDP from current levels of 2.5% of GDP. The process will be slow, however; household deleveraging has a long way to go to achieve sustainable levels of debt. Technology, too, favours the US as shale oil and gas offer the prospect of energy independence and new techniques such as additive manufacturing boost an existing trend of industrial production returning to the US from overseas. The greatest head wind for the US arises from its fiscal deficit. Even if the `fiscal cliff', which automatically reduces the deficit by 4% at a stroke and would probably cause renewed recession, is avoided at the last minute, a programme of deficit reduction will have to be put in place. The proposals of Bowles-Simpson may be a starting place. That will constrain growth going forward to low levels. In part, of course, current growth arises from aggressive printing by the Federal Reserve which has ballooned its balance sheet which, in practical terms, will be difficult to deflate. The outlook for inflation therefore remains alarming.

The rest of the world is in less good shape. The Eurozone faces a prolonged period of stagnation as the South struggles with a non-functioning banking system. The Euro may possibly hold together, but only if the ECB prints money so liberally that inflation increases in the core countries to a level that is probably unacceptable to Germany. Indeed, the choice for the Northern countries is only as to how they will not be repaid: devaluation, as the Euro changes membership; default as countries actually repudiate debt - a long tradition in Greece; or debasement - a long tradition in several countries, notably Italy.

China also looks problematic; if 7-7.5% GDP growth, the level suggested by most economists, is achieved, at least 4% of that will be derived from investment. Considering that investment is already at a dangerous level of 50% of GDP, the imbalances in China will continue, made worse by the suggestion that much of the capital expanded is mal-invested. This stores up trouble going forward, not least for the financial system.

The UK, meanwhile, continues to stagnate, partly under the influence of the Eurozone difficulties and partly from the ongoing deleveraging of the household and banking sectors. As in the US, monetary policy is exceptionally accommodative and the intellectual atmosphere suggests that this will continue.

Against that background, inflation looks to be the greatest threat to shareholders' wealth. Timing is uncertain, but even in the short term, inflation is more persistent than forecasters using models of output gaps and wages have expected. Food, in particular, is unhelpful. The portfolio therefore remains heavily exposed to high quality index linked bonds.

Equities still look risky on measures of long term values and earnings momentum has faded to a current level of zero. Equity yields are high relative to bonds, but low relative to history; the printing of money is at least working in its objective of boosting equity markets. That effect may well continue, but the danger of further earnings disappointments as fiscal consolidations are sustained throughout the world, combines with rich valuations to keep our exposure modest.

The performance of the conventional bonds has been great, but yields now are at levels that suggest little scope for further appreciation. Credit quality is deteriorating in France and Germany as they are sucked into greater mutualisation of Eurozone debt. Consequently, all the nominal bonds in the portfolio, including zero dividend preference shares, are relatively short in duration and are either in Sterling or Swiss Francs.

Reform of the investment trust movement proceeds and the consequences for discounts have been helpful; there still looks to be plenty of opportunity in that sphere. With luck, the very low potential real returns generally offered to investors will not mean that the trust cannot make some moderate headway.

Issue of Shares

As stated in our Annual Report, the Board operates an informal discount/premium control mechanism in order to help satisfy market supply and demand imbalances. In accordance with the authority given to Directors at the 2012 Annual General Meeting, 2,000 Ordinary Shares were issued on 26 September 2012 at a price of £33.9572, representing a 15% premium to the prevailing net asset value.

Principal Risks and Uncertainties

The principal risks and uncertainties facing the Company were explained in detail within the Annual Report issued in May 2012. The Directors are not aware of any new risks or uncertainties and those stated within the Annual Report continue to be the same for the Company and its investors for the period under review and moving forward.

Related Party Transactions

Details of related party transactions are contained in the Annual Report issued in May 2012. There have been no material changes in the nature and type of the related party transactions as stated within the Annual Report.

Going Concern

The Directors believe that the Company is well placed to manage its business risks in the foreseeable future. The Directors consider that the Company has adequate resources, an appropriate financial structure and suitable arrangements in place to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Statement of Directors' Responsibilities

Each of the Directors confirm that, to the best of their knowledge:

(a) the condensed set of financial statements has been prepared in accordance with the Accounting Standards Board's statement `Half-Yearly Financial Reports';

(b) the Interim Management Report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.7R (indication of important events during the first six months of the financial year and description of principal risks and uncertainties for the remaining six months of the financial year); and

(c) the Interim Management Report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).

The condensed set of financial statements are published on the Company's website, www.capitalgearingtrust.com, which is a website maintained by TMF Corporate Secretarial Services Limited. The Directors are responsible for the maintenance and integrity of the Company's corporate website and financial information included within the website. The work carried out by the Auditors does not involve consideration of these matters and, accordingly, the Auditors accept no responsibility for changes that may occur to the financial statements following their initial presentation on the website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

For and on behalf of the Board

Mr T R Pattison
Chairman
12 November 2012



Distribution of Investment Funds
at 5 October 2012

Distribution of Investment Funds of £86,958,000 (5 April 2012: £84,510,000)

                                                   5 October 5 April
                           North                        2012    2012
                      UK America  Europe Elsewhere     Total   Total
                       %       %       %         %         %       %
Investment Trust
Assets:
 
Ordinary shares     12.0     4.4     1.7       5.9      24.0    25.4
Zero dividend       16.2       -       -         -      16.2    13.9
preference
shares
Other Assets:
Index linked         9.5    24.9     8.8       2.0      45.2    46.9
Fixed interest       5.1       -     5.3         -      10.4    11.3
Cash                 4.2       -       -         -       4.2     2.5
                    47.0    29.3    15.8       7.9     100.0   100.0



Major Investments of the Company
at 5 October 2012

Market value greater than £500,000


                                                              5 October
                                                                   2012
                                                                  £'000

Investment Trust Ordinary Shares:


North Atlantic Smaller Companies                                  2,379
ETFS Metal Securities (physical gold)                             1,842
Advance Developing Markets                                        1,460
Mithras Investment Trust                                          1,088
Prospect Japan Fund                                               1,045
TR Property Investment Trust Sigma                                  949
Renewable Energy Generation                                         946
Strategic Equity Capital                                            928
Jupiter Green Investment Trust                                      910
Investors in Global Real Estate                                     865
Absolute Return Trust                                               837
Private Equity Investor                                             812
Invesco Perpetual Select Trust                                      516
Japan Residential Investment Trust                                  512
Aurora Investment Trust                                             501
Other (33 investments)                                            5,227
 
                                                                 20,817
 
Investment Trust Zero
Dividend Preference Shares:

M&G High Income Investment Trust                                  2,172
EW&PO Finance                                                     2,117
Aberforth Geared Income Trust                                     1,446
Utilico Finance 2012                                              1,403
JP Morgan Private Equity                                          1,110
Electra Private Equity                                            1,095
Premier Energy & Water Trust                                        884
JP Morgan Income & Capital Trust                                    879
F&C Private Equity                                                  813
Utilico Finance 2016                                                747
Jupiter Second Split Trust                                          667
Other (3 investments)                                               766
 
                                                                 14,099
 
Index Linked Securities:

USA Treasury 1.75% 2028                                           5,114
USA Treasury 2.0% 2026                                            4,690
UK Treasury 1.25% 2027                                            3,866
UK Treasury 0.125% 2029                                           3,590
USA Treasury 1.375% 2018                                          3,406
Sweden (Kingdom of) 0.5% 2017                                     2,676
USA Treasury 0.625% 2021                                          2,673
Sweden (Kingdom of) 3.5% 2028                                     2,462
Japan (Govt of) 1.4% 2018                                         1,749
Germany (Federal Republic) 0.1% 2023                              1,699
USA Treasury 3.625% 2028                                          1,401
Canada (Govt of) 4.0% 2031                                        1,170
USA Treasury 2.375% 2027                                          1,123
USA Treasury 1.125% 2021                                            962
UK Treasury 1.875% 2022                                             823
Sweden (Kingdom of) 4.0% 2020                                       805
USA Treasury 1.375% 2020                                            786
Other (2 investments)                                               288
 
                                                                 39,283
 
Fixed Interest Securities:

Switzerland (Govt of) 3.0% 2018                                   3,836
The Cayenne Trust 3.25%
Convertible Unsecured Loan Stock 2016                               800
City Natural Resources 3.5%
Convertible Unsecured Loan Stock 2018                               661
SVG Capital 8.25% Convertible 2016                                  618
Aberdeen Asian Smaller
Companies Investment Trust 3.5% 2019                                563
Other (9 investments)                                             2,590
 
                                                                  9,068
 
Total investments                                                83,267
Cash held by the custodian                                        
awaiting investment                                               3,691
Total investment funds                                           86,958


Independent Review Report to Capital Gearing Trust p.l.c.

Introduction

We have been engaged by the Company to review the condensed set of financial statements in the Half-Year Financial Report for the six months ended 5 October 2012, which comprises the Income Statement, Statement of Total Recognised Gains and Losses, Reconciliation of Movements in Shareholders' Funds, Balance Sheet, Cash Flow Statement and related notes. We have read the other information contained in the Half-Year Financial Report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Directors' responsibilities

The Half-Year Financial Report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the Half-Year Financial Report in accordance with the Disclosure and Transparency Rules of the UK's Financial Services Authority.

As disclosed in note 1, the annual financial statements of the Company are prepared in accordance with applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice). The condensed set of financial statements included in this Half-Year Financial Report has been prepared in accordance with the statement `Half-Yearly Financial Reports' issued by the UK Accounting Standards Board.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the Half-Year Financial Report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the Disclosure and Transparency Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, `Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the Half-Year Financial Report for the six months ended 5 October 2012 is not prepared, in all material respects, in accordance with the statement `Half-Yearly Financial Reports' issued by the UK Accounting Standards Board and the Disclosure and Transparency Rules of the UK's Financial Services Authority.

PricewaterhouseCoopers LLP
Chartered Accountants
Belfast

12 November 2012



Income Statement (unaudited)
for the six months ended 5 October 2012

                           (unaudited)             (unaudited)               (audited)
                        6 months ended          6 months ended              Year ended
                        5 October 2012          5 October 2011            5 April 2012

                Revenue Capital  Total Revenue Capital   Total Revenue Capital   Total
                  £'000   £'000  £'000   £'000   £'000   £'000   £'000   £'000   £'000
 
Net gains on          
investments           -   3,336  3,336       -   4,033   4,033       -   7,206   7,206
Exchange
(losses)/gains        -    (498)  (498)      -   1,154   1,154       -      (7)     (7)
Investment
income              
(note 2)            541       -    541     703       -     703   1,325       -   1,325
 
Gross return        541   2,838  3,379     703   5,187   5,890   1,325   7,199   8,524
 
Investment

management fee (147) (220) (367) (138) (208) (346) (282) (422) (704) Transaction

           
costs                 -     (28)   (28)      -     (31)    (31)      -     (53)    (53)
Other expenses     (172)      -   (172)   (182)      -    (182)   (371)      -    (371)
Net return on
ordinary 
activities 
before tax          222   2,590  2,812     383   4,948   5,331     672   6,724   7,396
Tax on ordinary
activities
(note 7)             21      21     42     (50)     42      (8)   (125)     84     (41)
Net return
attributable to     
equity
shareholders        243   2,611  2,854     333   4,990   5,323     547   6,808   7,355
Return per
Ordinary Share    
(note 3)          8.32p  89.42p 97.74p  11.51p 172.46p 183.97p  18.82p 234.24p 253.06p



The total column of this statement is the Income Statement of the Company. The revenue return and capital return columns are supplementary to this and are prepared under guidance issued by the Association of Investment Companies.

All revenue and capital items in the above statement derive from continuing operations.

Statement of Total Recognised Gains and Losses (unaudited) for the six months ended 5 October 2012

                                                  (unaudited)  (unaudited) (audited)
                                                     6 months     6 months      Year
                                                        ended        ended        to
                                                    5 October    5 October   5 April
                                                         2012         2011      2012
                                                        £'000        £'000     £'000
 

Net return attributable to equity shareholders 2,854 5,323 7,355

Total gains and losses recognised for the period 2,854 5,323 7,355

Reconciliation of Movements in Shareholders' Funds (unaudited) for the six months ended 5 October 2012


                                                   Capital     Capital
                     Called                        reserve     reserve
                         up   Share    Capital  arising on  arising on
                      share premium redemption investments investments Revenue
                    capital account    reserve        held        sold reserve  Total
                      £'000   £'000      £'000       £'000       £'000   £'000  £'000
 
Balance at 6 April      730  11,862         16       7,442      62,872   1,715 84,637
2012
Issue of shares           -      68          -           -           -       -     68
(note 8)
Exchange (losses)         -       -          -        (655)        157       -   (498)
/ gains on
investments
Net gains on              -       -          -           -       1,436       -  1,436
realisation of
investments
Net increase in           -       -          -       1,900           -       -  1,900
unrealised
appreciation
Transfer on               -       -          -        (151)        151       -      -
disposal of
investments
Transaction costs         -       -          -         (24)         (4)      -    (28)
Costs charged to          -       -          -           -        (220)      -   (220)
capital
Tax on costs              -       -          -           -          21       -     21
charged to capital
Net revenue for           -       -          -           -           -     243    243
the period
Total                   730  11,930         16       8,512      64,413   1,958 87,559
Dividends (note 4)        -       -          -           -           -    (540)  (540)
Balance at 5            730  11,930         16       8,512      64,413   1,418 87,019
October 2012

for the six months ended 5 October 2011


                                                   Capital     Capital
                     Called                        reserve     reserve
                         up   Share    Capital  arising on  arising on
                      share premium redemption investments investments Revenue
                    capital account    reserve        held        sold reserve  Total
                      £'000   £'000      £'000       £'000       £'000   £'000  £'000
 
Balance at 6 April      712   9,621         16      10,686      52,820   1,695 75,550
2011
Issue of shares          18   2,241          -           -           -       -  2,259
(note 8)
Exchange gains on         -       -          -         967         187       -  1,154
investments
Net gains on              -       -          -           -       4,661       -  4,661
realisation of            
investments
Net decrease in           -       -          -        (628)          -       -   (628)
unrealised
appreciation
Transfer on               -       -          -      (1,838)      1,838       -      -
disposal of
investments
Transaction costs         -       -          -         (21)        (10)      -    (31)
Costs charged to          -       -          -           -        (208)      -   (208)
capital
Tax on costs              -       -          -           -          42       -     42
charged to capital
Net revenue for           -       -          -           -           -     333    333
the period
Total                   730  11,862         16       9,166      59,330   2,028 83,132
Dividends (note 4)        -       -          -           -           -    (527)  (527)
Balance at 5            730  11,862         16       9,166      59,330   1,501 82,605
October 2011



Balance Sheet (unaudited)
at 5 October 2012

                                    (unaudited) (unaudited) (audited)
                                      5 October   5 October   5 April
                                           2012        2011      2012
                                          £'000       £'000     £'000
 
Fixed assets
Listed investments                       83,267      80,583    82,418
 
Current assets
Debtors                                   4,017       2,252     2,426
Cash at bank                                 21          43        27
                                          4,038       2,295     2,453
Creditors: amounts falling due             (286)       (273)     (234)
within one year
 
Net current assets                        3,752       2,022     2,219
 
Net assets                               87,019      82,605    84,637
 
Capital and reserves
Called up share capital                     730         730       730
Share premium account                    11,930      11,862    11,862
Capital redemption reserve                   16          16        16
Capital reserve arising on                8,512       9,166     7,442
investments held
Capital reserve arising on               64,413      59,330    62,872
investments sold
Revenue reserve                           1,418       1,501     1,715
 

Total equity shareholders' funds 87,019 82,605 84,637

Net asset value per Ordinary Share 2,978.2p 2,829.0p 2,898.6p

The Half-Year Financial Report for the six months ended 5 October 2012 was approved by the Board of Directors on 12 November 2012 and signed on its behalf by:


Mr T R Pattison
Chairman
12 November 2012



Cash Flow Statement (unaudited)
for the six months ended 5 October 2012

                                              (unaudited) (unaudited) (audited)
                                                 6 months    6 months      Year
                                                    ended       ended     ended
                                                5 October   5 October   5 April
                                                     2012        2011      2012
                                                    £'000       £'000     £'000
 
Net cash inflow from operating activities              61         131       350

(note 5)

 
Foreign tax received / (paid) on investment            42           -       (41)

income

 
Capital expenditure and financial investment
Payments to acquire investments                    (7,166)    (18,741)  (35,239)
Receipts from sale of investments                   9,127      15,754    32,407
                                                    1,961      (2,987)   (2,832)
 
Equity dividends paid (note 4)                       (540)       (527)     (527)
 
Management of liquid resources
Change in cash held by the custodian awaiting      (1,598)        408        59
investment
Financing
Issue of ordinary share capital (note 8)               68       2,259     2,259
Decrease in cash (note 6)                              (6)       (716)     (732)



Notes to the Financial Statements

1 Accounting policies

The financial information for the six months to 5 October 2012 and 5 October 2011, and year ended 5 April 2012 has been prepared under the historical cost convention, modified to include the revaluation of investments and in accordance with Accounting Standards applicable in the UK, pronouncements on interim reporting issued by the UK Accounting Standards Board and the Statement of Recommended Practice for Investment Trusts issued in January 2009 by the Association of Investment Companies. The half-year financial statements have been prepared on the basis of the accounting policies set out in the financial statements for the year ended 5 April 2012.


2 Investment income

                                      6 months to 6 months to  Year to
                                        5 October   5 October  5 April
                                             2012        2011     2012
                                            £'000       £'000    £'000
Income from investments
Income from UK bonds                          136          97      208

Income from UK equity and non-equity 120 134 277 investments Interest from overseas bonds

                  284         471      838
                                              540         702    1,323
Deposit interest                                1           1        2
Total income                                  541         703    1,325

3 Return per Ordinary Share

The calculation of return per Ordinary Share is based on results after tax divided by the weighted average number of shares in issue during the period of 2,920,015 (2011: 2,893,376).


The revenue, capital and total return per Ordinary Share is shown on the
Income Statement.


4 Dividends

                                      6 months to 6 months to  Year to
                                        5 October   5 October  5 April
                                             2012        2011     2012

Pence per share                             18.5p       18.5p    18.5p
Total cost                               £540,000    £527,000 £527,000

5 Reconciliation of net revenue before finance costs and taxation to net cash inflow from operating activities

                                      6 months to 6 months to  Year to
                                        5 October   5 October  5 April
                                             2012        2011     2012
                                            £'000       £'000    £'000

Net revenue before finance costs and          222         383      672
taxation
Investment management fee charged to         (220)       (208)    (422)
capital
Increase in creditors                          52          46       14
Decrease/(increase) in prepayments              7         (90)      86
and accrued income
Net cash inflow from operating                 61         131      350

activities

6 Reconciliation of net cash flow to movement in net funds

                                      6 months to 6 months to  Year to
                                        5 October   5 October  5 April
                                             2012        2011     2012
                                            £'000       £'000    £'000

Net funds at the beginning of the              27         759      759

period

Decrease in cash for the period                (6)       (716)    (732)
Net funds at the end of the period             21          43       27


7 Taxation

Capital returns and dividend income are not subject to corporation tax within an investment trust company. A provision for corporation tax arises from the excess of unfranked investment income over management expenses. During the period a refund of £42,000 of withholding tax in relation to prior periods was received from the Swiss tax authorities. This refund has been credited to the income statement.

8 Issue of Ordinary Shares

During the period the Company issued 2,000 Ordinary Shares for a consideration of £68,000 (2011:

72,000 Ordinary Shares for a consideration of £2,259,000).

9 General information

The financial information contained in this Half-Year Financial Report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the half-years ended 5 October 2011 and 5 October 2012 has been reviewed but not audited by the Company's Auditors. The abridged financial information for the year ended 5 April 2012 has been extracted from the Company's statutory accounts for that year, which have been filed with the Registrar of Companies. The report of the Auditors on those accounts was unqualified and did not contain a statement under either Section 498(2) or Section 498(3) of the Companies Act 2006.

A copy of this announcement and other documents of the Company are available on the Company's website at www.capitalgearingtrust.com. A pdf copy of the printed Half-Year Financial Report, for posting to shareholders, will also be available shortly on the website.

Copyright r 12 PR Newswire



Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE and AMEX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

1 site:2 in 141026 14:57