TIDMBCI
RNS Number : 5006T
BMO Capital & Income Inv Tst PLC
25 November 2021
BMO CAPITAL AND INCOME INVESTMENT TRUST PLC
Audited Statement of Results for the year ended 30 September
2021
LEI: 21380052ETTRKV2A6Y19
25 November 2021
BMO Capital and Income Investment Trust PLC ("BCI" / "the
Company") today announces its results for the year ended 30
September 2021.
-- BCI's Net Asset Value ("NAV") total return for the year was
+37.8%, outperforming the FTSE All-Share Index (the "Benchmark")
which returned +27.9% for the same period.
-- Very pleasingly, Net Asset Value total return is ahead of the
Benchmark over 1, 3, 5, 10, 20 years and since launch in 1992.
-- BCI will pay a fourth interim dividend of 3.75 pence per
share to bring the total for the year to 11.60 pence per share, an
increase of 0.9%.
-- This is the 28th consecutive year of increased payments
maintaining the Company's status as an AIC Dividend Hero.
The Chairman, Jonathan Cartwright, said:
"This year we experienced the recovery of equity markets
following the COVID-19 related collapse the previous year and I am
pleased to report that the performance of your Company was
strong.
Whilst the future is always uncertain, it certainly feels at
present as though there are more issues of potential concern than
usual. Globally, supply chains are under enormous pressure, energy
prices are soaring and more general inflationary pressure is
building. Central Banks are talking about reducing Quantitative
Easing and increasing interest rates.
On the other hand, there are clearly opportunities to grasp.
Your investment Manager sees opportunities to invest in companies
generating good returns despite the circumstances and this combined
with UK stock market valuations that do not appear too demanding
give confidence that we should again be able to secure our
objective of long-term capital and income growth for
Shareholders."
Chairman's Statement
It is fair to say that my second year as Chairman has been very
different from the first. This year we experienced the recovery of
equity markets following the COVID-19 related collapse the previous
year and I am pleased to report that the performance of your
Company was strong. The Fund Manager's Review in the Annual Report
gives more detail on the movements of the UK equity market and our
investment portfolio, but the headlines are all encouraging.
Over the year to 30 September 2021, the Net Asset Value (NAV)
per share total return (including all income) rose by 37.8% and the
share price total return (including the dividends paid) was close
behind rising by 35.5%. Both of these were comfortably ahead of the
FTSE All-Share Index (the Index), our benchmark, which rose 27.9%.
After a difficult year in 2020, the strength of these results
restores your Company's record as being ahead of its benchmark over
the short, medium and long-term.
Over five years to 30 September 2021, the Company's NAV per
share and share price total returns were +41.4% and +35.7%
respectively, while the comparable figure for the Index was +29.8%.
Normally, it might be considered somewhat irrelevant to quote
long-term performance figures as there is not often such lengthy
continuity in a specific investment manager's input. However as
your investment manager, Julian Cane, is now in his 25th year of
looking after this Company's assets it does seem appropriate and
relevant. Over the 20 years to 30 September 2021, the Company's NAV
per share and share price total returns were +292.9% and +327.7%
respectively. These compare directly to the total return from the
FTSE All-Share of +249.0% and I take this opportunity to thank
Julian, not only for his very successful stewardship of the
Company's portfolio since launch, but also for his continuing
management and advice regarding the Company's portfolio.
Revenue, Earnings and Dividends
A look at the revenue and earnings for the year shows very
strong rates of growth, but this would be a misrepresentation of
the longer-term situation. At the start of the COVID-19 pandemic
many companies stopped paying or reduced their dividends and as
dividends from investee companies make up the portfolio's income,
this led to a sharp reduction in revenue for your Company. In the
year to 30 September 2020 the Company's own earnings per share fell
36.4% so in that context an increase of 26.6% to 10.56 pence per
share to 30 September 2021 was positive, but only a partial
rebound.
The Fund Manager's Review gives more information on the timing
and rate of recovery in dividend flows from the equity market, but,
barring further material disruptions, we should be well past the
point of maximum dividend pressure.
With these results, we are announcing the intention to pay a
fourth quarterly dividend of 3.75 pence per share. This will be
paid on 16 December 2021 to Shareholders on the register on 3
December 2021. The ex-dividend date is 2 December 2021. Together
with the three dividends already paid for this financial year, this
takes the total dividend for the year to 11.6 pence per share, an
increase of 0.9% compared to last year.
Your Board took the decision last year and this to increase
dividend payments to our Shareholders despite the fall in our
earnings and we have drawn on our substantial Revenue Reserve in
order to do so. The Revenue Reserve is the surplus of earnings over
dividend payments we have accumulated over the life-time of the
Company and is a distinguishing feature of investment trusts as
compared to open-ended investment vehicles. A key purpose of the
Revenue Reserve is to support dividend payments when, for whatever
reason, there is a shortfall in earnings. The Board repeats the
assurance that it is very willing to use the Reserve when
appropriate and necessary to support the payment of an increased
dividend.
The shortfall in earnings for the year to 30 September 2021
relative to the dividends paid and proposed in respect of the year
is 1.04 pence per share, a reduction of over 67% compared to the
shortfall in the previous year. This is a clear indication of an
underlying improvement. Revenue reserves have been used to support
2021 dividend payments, as they were in 2020. However, this year
only GBP1.1m was required to cover dividends paid in the year and
the Company had revenue reserves of GBP10.7m at the year end.
We remain proud to be an AIC Dividend Hero as we have increased
our dividend every year since launch in 1992. It is very much our
intention to continue to extend this record.
Share Rating
Over the last year, the share price has on average traded at a
discount to the underlying NAV per share. As noted in the interim
report, it is impossible to ascribe this precisely to any
particular reason, but the rating on your shares remains
consistently better than that of the majority of its peers in the
UK Equity Income sector.
As the Board has consistently stated, it does not think it is in
Shareholders' interest that the shares of the Company should become
too detached from the underlying NAV per share. In order to put
these words into action, over the last year the Company has both
bought back its own shares and issued new shares. The share
purchases were on two separate occasions in March when the discount
was threatening to widen further. A total of 150,000 shares were
bought at a discount of 4.1% to the underlying NAV per share and
put into treasury. We sold shares on four separate occasions,
totalling 729,754 shares, all at a premium of 1.7% to the
underlying NAV per share; this included re-selling from treasury in
April the 150,000 shares that had been bought in March. From these
transactions, it appears there is still net demand for your
Company's shares and this in turn should help to keep the share
price close to the NAV per share.
The Board will again be asking at the Annual General Meeting for
Shareholders to give authority for the issue of shares at a premium
and also to buy back shares at a discount. This will assist the
Company in keeping its share price closely linked to the NAV per
share and also helps to provide liquidity to Shareholders and
potential investors over and beyond what may be available from
traditional market makers.
Costs
Your Company is efficiently run with a cost of running the
Company expressed as a percentage of average net assets of 0.59%.
We believe this is amongst the most competitive in the peer group
and represents very good value for Shareholders. The most
significant cost incurred is the fee paid to the Investment Manager
for its services; this is fixed as a percentage of the size of the
assets of your Company.
Balance Sheet and Gearing
During the year, following a competitive tendering process, we
renewed and extended our loan facility with Scotiabank. The Company
now has potential to borrow up to GBP40m, an increase from GBP30m
previously. Given the rise in our net assets, this gives us the
ability to keep gearing levels at a similar percentage as before,
if wanted. Through most of the first six months under review, we
borrowed GBP20m and increased this to GBP25m under the new
facility. At the year end the gearing level was 6.5%, a little
lower than 7.1% at the start of the year.
Responsible Investment
By contrast to the sudden fashionable rush for all things
Environmental, Social and Governance (ESG) related, the Board and
BMO GAM have long recognised the importance of the highest
standards of ESG practice in assessing investments and BMO GAM has
one of the largest and longest established teams in the City
dedicated to ESG. There is a detailed report on pages 24 to 27 of
the Annual Report which explains BMO GAM's ESG policies, how these
are implemented in the management of the portfolio as well as its
engagement with our investee companies. It is clear this area is
becoming increasingly important and the Board fully supports BMO
GAM in its actions on your Company's behalf.
AGM
The 2021 Annual General Meeting (AGM) of the Company was held on
16 February 2021. Due to travel and gathering restrictions arising
from the COVID-19 pandemic, Shareholders were not able to attend
physically. However, Shareholders were able to view online a
presentation by our Fund Manager Julian Cane and participate in a
live question and answer session with him and me. I would like to
thank those Shareholders who participated.
I am pleased to report that it is anticipated that our 2022 AGM
will revert to our normal practices. The AGM will be held at the
London Offices of the Manager, Exchange House, Primrose Street,
London, EC2A 2NY on Thursday 10 March 2022 at 12.30pm and will
include a presentation from Julian on the Company and its
investment portfolio.
We do strongly advise all Shareholders to consider their own
personal circumstances before attending the AGM in person. For
Shareholders who choose not to attend, any questions they may have
regarding the resolutions proposed at the AGM or the performance of
the Company can be directed to a dedicated email account,
bciagm@bmogam.com, by Thursday 3 March 2022. We will endeavour to
ensure that all such questions are fully addressed during the
meeting. In addition, the meeting will be recorded and will be
available to view on the Company's website,
www.bmocapitalandincome.com shortly thereafter.
To ensure that your votes will count, I would encourage all
Shareholders that cannot attend in person to complete and submit
their Form of Proxy or Form of Direction in advance of the AGM.
I do however note that as the situation with regard to the
COVID-19 pandemic remains uncertain, if circumstances were to
change prior to 10 March 2022 and laws or regulations no longer
permitted physical attendance, the Company will communicate to
Shareholders any changes to arrangements by a London Stock Exchange
announcement and through updates to the Company's website detailed
above.
Ownership of the Manager
On 12 April 2021 BMO announced that it had reached an agreement
to sell its asset management business in Europe, the Middle East
and Africa to Columbia Threadneedle, the global asset management
business of Ameriprise Financial, Inc. This acquisition completed
on 8 November 2021.
During this acquisition process the Board has sought and
received confirmation from senior management at Columbia
Threadneedle of the importance of maintaining stability and
continuity of the teams which presently support your Company. The
Board welcomes these assurances and will ensure that Shareholders
are kept informed of developments as this new relationship
develops.
Outlook
Whilst the future is always uncertain, it certainly feels at
present as though there are more issues of potential concern than
usual notwithstanding the initial success of the UK Government's
COVID-19 vaccine rollout. At the time of writing, the rate of new
COVID-19 infections appears to have abated somewhat in the UK.
However, as we are seeing in Europe, the possibility of
restrictions being reimposed cannot be ruled out. After the success
of the vaccination programmes to date, this would clearly be a
retrograde step for social and economic reasons and would not
appear to be built into market forecasts.
Globally, supply chains are under enormous pressure, energy
prices are soaring and more general inflationary pressure is
building. Central Banks are talking about reducing Quantitative
Easing and increasing interest rates, while at the same time
government debt has risen substantially. None of these points would
normally be expected to improve investors' confidence and they
certainly give grounds for some caution.
On the other hand, there are clearly opportunities to grasp. It
seems likely that supply chain issues will abate, albeit in an
uncertain timeframe, thus reducing some inflationary pressure. It
also seems unlikely that interest rates will be increased
significantly over the short term as there is little logic in
trying to stem 'cost-push' inflation by raising interest rates.
Having anticipated that conditions would have returned closer to
previous normality by now, it is disappointing that has not fully
happened, but it surely leaves some recovery potential to come.
Your investment Manager sees opportunities to invest in companies
generating good returns despite the circumstances and this combined
with UK stock market valuations that do not appear too demanding
give confidence that we should again be able to secure our
objective of long-term capital and income growth for
Shareholders.
Jonathan Cartwright
Chairman
24 November 2021
Principal Risks and Future Prospects
The principal risks together with their mitigations are set out
below. The Board's processes for monitoring them and identifying
emerging risks are set out on pages 46 to 47 and in note 21 of the
Report & Accounts.
Since the beginning of 2020 the global economy has suffered
considerable disruption due to the effects of the COVID-19
pandemic. The Directors continue to review the key risk register
for the Company which identifies the risks that the Company is
exposed to, the controls in place and the actions being taken to
mitigate them.
The principal risks identified as most relevant to the
assessment of the Company's future prospects and viability are
detailed below.
-- Risk description : Unfavourable markets or asset allocation,
sector and stock selection and use of gearing and derivatives are
inappropriate giving rise to investment underperformance as well as
impacting capacity to pay dividends.
No change in overall risk during the year.
Mitigation : The portfolio of quoted securities is diversified
and the Company's structure enables it to take a long-term view.
Investment policy, performance, revenue and gearing are reviewed at
each Board meeting. The Manager's Performance and Risk Oversight
team provides independent oversight on investment risk management.
The Board regularly considers operating costs along with underlying
dividend income and the implications for the dividend payment
capacity of the Company taking into account revenue reserves.
-- Risk description : Errors, fraud or control failures at
service providers or loss of data through increasing cyber threats
or business continuity failure could damage reputation or
investors' interests or result in losses.
No change in overall risk during the year.
Mitigation : The Board receives regular control reports from the
Manager covering risk and compliance including oversight of third
party service providers. The Board has access to the Manager's Risk
Manager and requires any significant issues directly relevant to
the Company to be reported immediately. The Depositary is
specifically liable for loss of any of the Company's securities and
cash held in custody.
-- Risk description: Inappropriate business or marketing
strategy particularly in relation to investor needs or sentiment
giving rise to a share price discount to NAV per share.
No change in overall risk during the year.
Mitigation: To gauge investor sentiment, the Board holds a
Shareholder satisfaction survey which is conducted every five years
ahead of a vote on whether the Company should continue. The Board
holds a separate annual meeting to consider the Company's strategy
and performance together with opportunities and threats to its
business. The appointment of the Manager is also reviewed annually
in terms of sustainable long-term growth in capital and income
which includes the growing recognition of the importance of the
application of high standards of ESG practice. Share buybacks can
be employed to help moderate discount volatility, while share
issues can be made when the shares are trading at a premium. At
each Board meeting the Directors receive an update on the marketing
activities undertaken by the Manager. This includes details of the
level of maturing Child Trust Funds and the decisions, if any,
taken by their holders. The Company's Broker provides periodic
updates to the Board relating to the Company's trading in the wider
market.
Five Year Horizon
Through a series of connected stress tests ranging from moderate
to extreme scenarios and based on historical information, but
forward looking over the five years commencing 1 October 2021, the
Board assessed the risks of:
-- potential illiquidity of the Company's portfolio;
-- the effects of any substantial future falls in investment
values and income receipts on the ability to repay and re-negotiate
borrowings;
-- potential breaches of loan covenants, the maintenance of
dividend payments and retention of investors; and
-- the potential need for extensive share buybacks in the event
of share price volatility and a move to a wide discount.
In accordance with the UK Code, the Directors have assessed the
future prospects of the Company over the coming five years. Based
on this assessment, and in the context of the Company's business
model, strategy and operational arrangements, the Board has a
reasonable expectation that the Company will be able to continue in
operation and meet its liabilities as they fall due over the five
year period ending November 2026. For this reason, the Board also
considers it appropriate to continue adopting the going concern
basis in preparing these financial statements.
Statement of Directors' Responsibilities
In accordance with Chapter 4 of the Disclosure Guidance and
Transparency Rules the Directors confirm, that to the best of their
knowledge:
-- the financial statements, prepared in accordance with
applicable accounting standards give a true and fair view of the
assets, liabilities, financial position and profit of the
Company;
-- the Strategic 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 they face; and
-- the annual report and financial statements, taken as a whole,
are fair, balanced and understandable and provide the information
necessary for Shareholders to assess the Company's position and
performance, business model and strategy.
On behalf of the Board
Jonathan Cartwright
Chairman
24 November 2021
Income Statement
for the year ended 30 September 2021 2020
Revenue Capital Total Revenue Capital Total
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
---------------------------------------------- --------- --------- --------- --------- --------- ---------
Gains/(losses) on investments - 89,657 89,657 - (79,247) (79,247)
Foreign exchange (losses)/gains (4) 13 9 2 (25) (23)
Income 12,697 58 12,755 10,097 938 11,035
Management fee (721) (721) (1,442) (609) (609) (1,218)
Other expenses (535) (2) (537) (583) (2) (585)
---------------------------------------------- --------- --------- --------- --------- --------- ---------
Net return before finance costs and taxation 11,437 89,005 100,442 8,907 (78,945) (70,038)
Finance costs (114) (114) (228) (141) (141) (282)
---------------------------------------------- --------- --------- --------- --------- --------- ---------
Net return before taxation 11,323 88,891 100,214 8,766 (79,086) (70,320)
Taxation (13) - (13) (8) - (8)
---------------------------------------------- --------- --------- --------- --------- --------- ---------
Net return attributable to Shareholders 11,310 88,891 100,201 8,758 (79,086) (70,328)
---------------------------------------------- --------- --------- --------- --------- --------- ---------
Earnings per share - basic and diluted 10.56p 82.95p 93.51p 8.34p (75.33p) (66.99p)
---------------------------------------------- --------- --------- --------- --------- --------- ---------
The total column of this statement is the profit and loss
account of the Company. The revenue return and capital return
columns are supplementary to this and are prepared under guidance
published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from
continuing operations.
A statement of Comprehensive Income is not required as all gains
and losses of the Company have been reflected in the above
statement.
Statement of Changes in Equity
for the year ended
30 September 2021
Share Capital Total
Share premium redemption Special Capital Revenue Shareholders'
capital account reserve reserve reserve reserve funds
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
------------------------- --------- --------- ----------- --------- --------- --------- --------------
Balance at 30 September
2020 26,677 139,814 4,146 4,434 79,475 11,849 266,395
Movements during the
year
ended 30 September
2021
Dividends paid - - - - - (12,424) (12,424)
Ordinary shares issued 145 1,549 - - - - 1,694
Ordinary shares issued
from
treasury - 29 - 443 - - 472
Ordinary shares bought
back
and held in treasury - - - (445) - - (445)
Costs relating to
broker - (18) - - - - (18)
Net return attributable
to
Shareholders - - - - 88,891 11,310 100,201
------------------------- --------- --------- ----------- --------- --------- --------- --------------
Balance at 30 September
2021 26,822 141,374 4,146 4,432 168,366 10,735 355,875
------------------------- --------- --------- ----------- --------- --------- --------- --------------
for the year ended
30 September 2020
Share Capital Total
Share premium redemption Special Capital Revenue Shareholders'
capital account reserve reserve reserve reserve Funds
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
--------------------------- --------- --------- ----------- --------- --------- --------- --------------
Balance at 30 September
2019 25,696 130,197 4,146 4,434 158,561 15,115 338,149
Movements during the
year
ended 30 September
2020
Dividends paid - - - - - (12,024) (12,024)
Ordinary shares issued 981 9,648 - - - - 10,629
Costs relating to
broker - (31) - - - - (31)
Net return attributable
to
Shareholders - - - - (79,086) 8,758 (70,328)
--------------------------- --------- --------- ----------- --------- --------- --------- --------------
Balance at 30 September
2020 26,677 139,814 4,146 4,434 79,475 11,849 266,395
--------------------------- --------- --------- ----------- --------- --------- --------- --------------
Balance Sheet
at 30 September 2021 2020
GBP'000s GBP'000s
------------------------------------------------ --------- ---------
Fixed assets
Investments 378,420 284,843
------------------------------------------------ --------- ---------
Current assets
Debtors 1,087 731
Cash and cash equivalents 1,813 1,183
------------------------------------------------ --------- ---------
Total current assets 2,900 1,914
------------------------------------------------ --------- ---------
Current liabilities
Creditors: amounts falling due within one year (445) (362)
Bank Loan (25,000) (20,000)
------------------------------------------------ --------- ---------
Total current liabilities (25,445) (20,362)
------------------------------------------------ --------- ---------
Net current liabilities (22,545) (18,448)
------------------------------------------------ --------- ---------
Total assets less current liabilities 355,875 266,395
------------------------------------------------ --------- ---------
Capital and reserves
Share capital 26,822 26,677
Share premium account 141,374 139,814
Capital redemption reserve 4,146 4,146
Special reserve 4,432 4,434
Capital reserve 168,366 79,475
Revenue reserve 10,735 11,849
------------------------------------------------ --------- ---------
Total Shareholders' funds 355,875 266,395
------------------------------------------------ --------- ---------
Net asset value per ordinary share - pence 331.70 249.65
------------------------------------------------ --------- ---------
Statement of Cash Flows
for the year ended 30 September 2021 2020
GBP'000s GBP'000s
--------------------------------------------- ---------- ----------
Cash flows from operating activities before
dividends received and interest (2,038) (1,111)
Dividends received 12,279 10,649
Interest received 15 11
Interest paid (227) (282)
--------------------------------------------- ---------- ----------
Cash flows from operating activities 10,029 9,267
--------------------------------------------- ---------- ----------
Investing activities
Purchase of investments (42,713) (48,257)
Sale of investments 39,028 27,395
Other capital charges (2) (2)
--------------------------------------------- ---------- ----------
Cash flows from investing activities (3,687) (20,864)
--------------------------------------------- ---------- ----------
Cash flows before financing activities 6,342 (11,597)
--------------------------------------------- ---------- ----------
Financing activities
Equity dividends paid (12,424) (12,024)
Net proceeds from issuance of new shares 1,694 10,629
Net proceeds from issuance of shares held 472 -
in treasury
Costs associated with the issue of new
shares (18) (31)
Cost of shares bought back and held in (445) -
treasury
Drawdown of bank loan 5,000 10,000
Cash flows from financing activities (5,721) 8,574
--------------------------------------------- ---------- ----------
Net movement in cash and cash equivalents 621 (3,023)
Cash and cash equivalents at the beginning
of the year 1,183 4,229
Effect of movement in foreign exchange 9 (23)
--------------------------------------------- ---------- ----------
Cash and cash equivalents at the end of
the year 1,813 1,183
--------------------------------------------- ---------- ----------
Represented by:
Cash at bank 3 43
Short term deposits 1,810 1,140
--------------------------------------------- ---------- ----------
1,813 1,183
============================================= ========== ==========
Notes
1 Return per ordinary share
Revenue return
The revenue return per share of 10.56p (2020: 8.34p) is based on
the revenue return attributable to Shareholders of GBP11,310,000
profit (2020: GBP8,758,000 profit).
Capital return
The capital return per share of 82.95p (2020: -75.33p) is based
on the capital return attributable to Shareholders of GBP88,891,000
profit (2020: GBP79,086,000 loss).
Total return
The total return per share of 93.51p (2020: -66.99p) is based on
the total return attributable to Shareholders of GBP100,201,000
profit (2020: GBP70,328,000 loss).
Weighted average ordinary shares in issue
The returns per share are based on a weighted average of
107,151,511 (2020: 104,977,759) ordinary shares in issue during the
year.
2 Dividends
The Directors have declared a fourth interim dividend in respect
of the year ended 30 September 2021 of 3.75 pence per share,
payable on 16 December 2021 to all Shareholders on the register at
close of business on 3 December 2021, ex-dividend 2 December
2021.
3 Financial risk management
The Company is an investment company, listed on the London Stock
Exchange, and conducts its affairs so as to qualify in the United
Kingdom ("UK") as an investment trust under the provisions of
section 1158 of the Corporation Tax Act. In so qualifying, the
Company is exempted in the UK from corporation tax on capital gains
on its portfolio of investments.
The Company's investment objective is to secure long-term
capital and income growth from a portfolio consisting mainly of
FTSE All-Share companies. The Company can also have exposure to
leading overseas companies, with the value of the non-UK portfolio
not exceeding 10% of the Company's gross assets. In pursuing this
objective, the Company is exposed to financial risks which could
result in a reduction of either or both of the value of the net
assets and the profits available for distribution by way of
dividend. These financial risks are principally related to the
market (currency movements, interest rate changes and security
price movements), liquidity and credit. The Board, together with
the Manager, is responsible for the Company's risk management.
The full details of financial risks are contained in note 21 of
the Report and Accounts.
4 Annual general meeting
The 2022 Annual General Meeting ("AGM") of the Company will be
held at 12.30pm on Thursday 10 March 2022 at Exchange House,
Primrose Street, London EC2A 2NY.
We do strongly advise all Shareholders to consider their own
personal circumstances before attending the AGM in person. For
Shareholders who choose not to attend, any questions they may have
regarding the resolutions proposed at the AGM or the performance of
the Company can be directed to a special email account,
bciagm@bmogam.com, by Thursday 3 March 2022. We will endeavour to
ensure that all such questions are fully addressed during the
meeting. In addition, the meeting will be recorded and will be
available to view on the Company's website,
www.bmocapitalandincome.com shortly thereafter .
To ensure that your votes will count we would encourage all
Shareholders that cannot attend in person to complete and submit
their Form of Proxy or Form of Direction in advance of the AGM.
However please note that as the situation with regard to the
COVID-19 pandemic remains uncertain, if circumstances were to
change prior to 10 March 2022 and laws or regulations no longer
permitted physical attendance, the Company will communicate to
Shareholders any changes to arrangements by a London Stock Exchange
announcement and through updates to the Company's website detailed
above.
5 Report and accounts
The report and accounts for the year ended 30 September 2021
will be posted to Shareholders and made available on the website
www.bmocapitalandincome.com shortly. Copies may also be obtained by
mailing the Company's registered office, Exchange House, Primrose
Street, London EC2A 2NY.
By order of the Board
BMO Investment Business Limited, Secretary
24 November 2021
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