TIDMMWY
RNS Number : 6852F
Mid Wynd Inter Inv Trust PLC
22 February 2018
Mid Wynd International Investment Trust PLC (the 'Company')
Half-Yearly Financial Report (unaudited) for the six months
ended 31 December 2017
This announcement contains regulated information
Chairman's statement
Performance
Over the six months to 31 December 2017 the capital return of
the Company's net asset value per share increased by 8.5% to 477.3
pence per share. This compares with the capital return of 5.9% from
the MSCI All Country World Index. On a total return basis, with
dividends assumed to be reinvested, the return was 8.6% compared
with the index return of 6.8%. Since Artemis' appointment, as
investment manager on 1 May 2014, the net asset value has increased
by 82.5%, on a total return basis, against the Index's total return
of 66.3%.
During the period the share price rose by 11.1% to 489.4 pence
per share and at 31 December 2017 stood at a premium of 2.5% to net
asset value.
Revenue account and dividend
For the six months ended 31 December 2017 the Company had a
revenue return of 3.05 pence per share. An interim dividend of 1.80
pence per share will be paid on 5 April 2018 to shareholders on the
register on 9 March 2018, with an ex-dividend date of 8 March 2018.
This represents an increase of 5.9% on last year's interim dividend
of 1.70 pence.
Share capital
The Company's Share Issuance Programme, announced in May last
year, continues in effect until May 2018, enabling the directors to
make periodic issues of shares to manage demand for the Company's
shares. Under this programme, the Company issued a further 360,000
shares raising GBP1.7 million in the six months to 31 December
2017.
In the period from 1 January 2018 to 15 February 2018, 560,000
new shares have been issued to meet demand for the Company's shares
in the market, raising a further GBP2.8 million.
Borrowings
The Company's three year, US$16 million revolving credit
facility with Scotiabank matured on 19 February 2018. Following a
review, the Company signed an agreement with Scotiabank for a $30
million multi-currency revolving credit facility for a three year
period to February 2021. This facility provides the Company with
the flexibility to draw amounts, up to a maximum of $30 million,
depending on the Investment Manager's view on markets and
investment opportunities.
Outlook
The six months to the end of December has been another strong
period for markets. The year ahead is likely to see reduced support
for bond markets from Central Banks, especially the US Federal
Reserve. However, this is against a background of excellent global
growth, lower US corporate taxes and, to date, modest inflationary
pressures. The portfolio contains companies with strong balance
sheets, many of which have positive cash positions. If markets
become more volatile it is expected the Company should perform well
in comparison.
Regulation
Shareholders may be aware that new regulations, the Packaged
Retail and Insurance-based Investment Products ("PRIIPs")
Regulations, came into effect from 1 January 2018. Under these
regulations, the Investment Manager, as PRIIP manufacturer, is
required to prepare and publish a key information document ("KID")
in respect of the Company to help potential investors understand
the nature, risk and costs of this product and to allow comparison
with others.
The content of the KID is highly prescriptive, both in terms of
the assumptions underlying projected future returns under
prescribed scenarios and the limited scope to provide further
explanation of the content. Shareholders should note that the
procedures for calculating the risks, costs and potential returns
are prescribed by law and that expected performance returns cannot
be guaranteed. It should not necessarily be assumed that past
performance is a guide to future performance.
The directors believe that potential investors in the Company
should use the KID in conjunction with other documentation produced
by the Company, including the annual report and monthly factsheet,
which is published on the Company's webpage www.midwynd.co.uk
Keep up-to-date
Shareholders can keep up to date with developments between
formal reports by visiting midwynd.co.uk, where you will find
information on the Company and a factsheet that is updated each
month. In addition, the Board is always keen to hear from
shareholders. Should you wish to, you can e-mail me at
midwyndchairman@artemisfunds.com.
Malcolm Scott
Chairman
22 February 2018
Investment Manager's review
Review of period
The last six months saw global equities continue to perform
well. Global growth strengthened in almost all regions and
confidence measures rose leading to greater investment by
companies. To date, this high rate of global growth has provoked
very little inflation - much less than the market expected. Most of
our investments have seen strong growth in underlying cash flows,
justifying the rise in share prices.
Performance
The Company performed well despite our cautious stance. The
Automation theme has performed particularly well. Overall, the
Company's capital value rose by 8.5% during the period and a
dividend of 1.80 pence per share has been declared. This compares
with the 5.9% capital return in the MSCI All Country World Index in
sterling terms over the period.
The Company is principally invested in companies outside the UK
and so Sterling's strength over the period, rising 3.7%, reduced
returns. On the other hand, the share price premium to asset value
rose a little, leaving the shares 11.1% higher over the period.
Five largest stock contributors
Contribution
Company Theme (%)
------------------------------ ------------------------- ------------
Daifuku Automation 1.1
Yaskawa Automation 0.8
Avery Dennison Emerging Market Consumer 0.4
Airports of Thailand Tourism 0.3
World Wrestling Entertainment Media Content 0.3
Five largest stock detractors
Contribution
Company Theme (%)
------------------ ---------------- ------------
Boston Scientific Healthcare (0.5)
Premier Inc Healthcare (0.4)
Equifax Online Services (0.4)
Dufry Tourism (0.3)
Priceline Tourism (0.3)
Artemis' investment process
Our aim is to identify areas of commercial growth around the
world and invest in companies that trade on attractive valuations
and give the Company exposure to this growth. We select high
quality companies, with proven profitability and high levels of
cash generation, preferring businesses with strong balance sheets
and those that have established strong barriers to entry. Such
companies sometimes lag equity markets when they recover, but they
protect capital well when economic conditions become more testing.
Over time, we have found this investment approach gives a solid
framework to deliver consistent returns to investors.
Current investment themes
Automation (18.0% of investments) - The year has seen a sharp
increase in industrial investment and automation broadened in a
range of new industries. As robots become more nimble and better
controlled, production of light goods such as smartphones, sports
shoes and cameras is increasingly automated, broadening demand for
robots from being dominated by heavy manufacturing such as the
automotive industry. Also, the quality and consistency of automated
processes can be greater than a similar process with human
intervention - even in areas such as keyhole surgery. When a
leading company in any manufacturing sector increases their use of
automation, that seems to provoke their competitors to follow suit
or risk losing competitiveness.
This seems to underpin revenue growth for our investments in
this theme over the years ahead. That said, valuations have already
risen very sharply and this theme is already rather more
fashionable than when we first invested in the Spring of last
year.
Online Services (13.5% of investments) - Over the last six
months we have taken profits in a few of our larger holdings -
selling all of Amazon.com and Facebook. As these companies have
become very large, we question whether their very high revenue
growth is as high quality as in earlier years. We believe that
share prices are supported, in the long-run, by cash profits rather
than revenues and in these cases we feel that the market has placed
these companies on very demanding valuations despite their cash
profitability being unclear. As ever, we prefer to be safe rather
than sorry and, having made very good profits in these investments,
have decided to move on.
One of our other investments in this area, Equifax, America's
largest credit checking bureau, suffered a large data breach. This
was especially annoying for us as we had met the company's
management beforehand and had specifically asked them about their
data security standards. When the breach became apparent we sold
the entire holding, taking a loss. Events like this remind us that
no amount of research diligence protects investors from some risks
to capital. This is why we limit the size of individual holdings to
three percent of assets or less.
Emerging Market Consumer (12.7% of investments) - Emerging
markets have continued to fare well and our modest exposure again
gave good returns. Fears about a financial collapse in China proved
hollow - how many times has that been the case? Meanwhile Prime
Minister Modi's reforms in India seem to be driving a boom and
there are signs that corruption is becoming slightly less of a
hurdle to progress.
Retiree Spending Power (5.6% of investments) - Many of the
demographic challenges in developed markets are now recognised.
However, China now faces a huge ageing population, while the
workforce grows only modestly due to the one-child policy of the
1980s. Currently 10% of Chinese people are over 65, by 2035 that
portion will be 28%. This is driving automation - see above - but
also a rapidly growing savings industry. Our investments in China
Life Insurance and AIA Group have benefited from this growth.
Tourism (11.9% of investments) - Our tourism theme had a better
period following its modest performance earlier in the year.
Chinese tourist numbers have been particularly strong, leading to
passenger growth through our airport holdings in China, Japan and
Thailand.
Healthcare Costs (10.0% of investments) - having failed to
replace Obamacare with something better, the Republican
administration in the USA has left many facing rising health
insurance premiums. Our main investments in the larger US private
health insurance companies grow by providing a range of different
levels of care at different price points and bulk-purchase some
healthcare products to provide reasonable value for money. These
shares have performed very well as they fill the gap left from the
policies adopted.
Boston Scientific had a poor half year as one of their new
products was slow to receive launch approval.
Scientific Equipment (6.9% of investments) - Another aspect of
companies increasing investment levels has been demand for
scientific equipment - from the healthcare, food and academic
sectors. All of our main investments have performed reasonably
well.
Media Content (10.1% of investments) - Broadband broadcasting
allows companies such as Netflix and Amazon.com to reach consumers
worldwide, avoiding local transmission restrictions. This leads to
a sharp increase in competition. Netflix spent $6bn on making
programmes last year and seems to have sold these to their
subscribers for rather less than that - no wonder their subscriber
numbers are strong - giving people product below cost is often
popular.
However, this makes life challenging for investors in other
production companies and we have sold our long standing investment
in Walt Disney. We are now concentrating on the companies which
provide broadband access to the internet, especially those in
emerging markets where fixed broadband lines are seldom
available.
High Quality Assets (11.3% of investments) - As strong global
growth helps most of the investments in the portfolio grow their
cash flows, the risk of inflation is always present and this part
of the portfolio contains investments which may benefit from a
modest rise in inflation without suffering from higher interest
rates. We hold large banks in the US and Japan which would prefer
higher short-term rates and would thrive if the yield curve also
steepened. We also have investments in US railroads which benefit
from more vigorous US domestic growth and could raise freight rates
were inflation to return.
Thematic attribution
Contribution
Theme (%)
-------------------------------------- ------------
Automation 2.8
Online Services 2.2
Emerging Market Consumer 1.2
High Quality Assets & Bank Regulation 1.2
Retiree Spending Power 0.6
Scientific Equipment 0.6
Media Content 0.6
Tourism 0.4
Healthcare Costs (0.2)
Regional attribution
Contribution
Region (%)
--------------- ------------
Japan 1.7
Europe 0.3
Emerging 0.1
Developed Asia (0.1)
North America (0.1)
UK (0.2)
Outlook
US interest rates have started rising, though much more slowly
than expected. The world seems set for a year of vigorous economic
growth next year in almost every region. There is an argument that
growth in a modern economy comes from investment in intangible
assets - software, patents, data - more than tangible assets -
plant and equipment. This could partly explain why the US economy
which has been growing steadily since 2009 does not seem to be
suffering from supply constraints. However, if this is the case and
inflation returns, interest rates may have to rise more vigorously
to contain it.
We find the best growth opportunities the further we travel from
London. Commercial investment levels are rising and most listed
companies have very strong balance sheets.
We note some areas of stretched valuations in the market -
perhaps some are holding internet stocks for fear of missing out.
However, we also continue to find good growth stocks on modest
valuations in less fashionable areas. As long as we can continue to
identify these and invest in growth without taking excessive risks,
we should be able to continue to reap reasonable returns for our
shareholders.
Simon Edelsten, Alex Illingworth & Rosanna Burcheri
Investment Managers
Responsibility statement of the Directors in respect of the
Half-Yearly Financial Report
The Directors confirm that to the best of their knowledge, in
respect of the Half-Yearly Financial Report for the six months
ended 31 December 2017:
-- the condensed set of financial statements has been prepared
in accordance with Financial Reporting Standard ('FRS') 104:
'Interim Financial Reporting';
-- having considered the expected cash flows and operational
costs of the Company for the 18 months from the period end, the
Directors are satisfied that the Company has adequate resources to
continue in operational existence for the foreseeable future. For
this reason, the going concern basis of accounting continues to be
used in the preparation of the Half-Yearly Financial Report;
-- the Chairman's statement to shareholders and Investment
Manager's review includes a fair review of the information required
by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency
Rules, being an indication of the important events that have
occurred during the first six months of the financial year and
their impact on the financial statements; and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency
Rules, being related party transactions that have taken place in
the first six months of the current financial year and that have
materially affected the financial position or performance of the
entity during that period, and any changes in the related party
transactions described in the last annual report that could do
so.
The Half-Yearly Financial Report for the six months ended 31
December 2017 was approved by the Board and the above
responsibility statement has been signed on its behalf by:
Malcolm Scott
Chairman
22 February 2018
Condensed statement of comprehensive income
For the six months For the six months
ended ended For the year ended
31 December 2017 31 December 2016 30 June 2017
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ ------- -------- -------- ------- -------- -------- ------- -------- --------
Gains on investments - 11,469 11,469 - 13,862 13,862 - 22,932 22,932
Currency gains/(losses) - 238 238 - (372) (372) - (496) (496)
Income 1,331 - 1,331 759 - 759 2,230 - 2,230
Investment
management
fee (95) (284) (379) (76) (228) (304) (160) (480) (640)
Other expenses (107) (3) (110) (94) (10) (104) (195) (12) (207)
------------------------ ------- -------- -------- ------- -------- -------- ------- -------- --------
Net return
before finance
costs and taxation 1,129 11,420 12,549 589 13,252 13,841 1,875 21,944 23,819
------------------------ ------- -------- -------- ------- -------- -------- ------- -------- --------
Finance costs
of borrowings (17) (51) (68) (15) (45) (60) (29) (89) (118)
Net return
on ordinary
activities
before taxation 1,112 11,369 12,481 574 13,207 13,781 1,846 21,855 23,701
------------------------ ------- -------- -------- ------- -------- -------- ------- -------- --------
Taxation on
ordinary activities (114) - (114) (78) - (78) (193) - (193)
------------------------ ------- -------- -------- ------- -------- -------- ------- -------- --------
Net return
on ordinary
activities
after taxation 998 11,369 12,367 496 13,207 13,703 1,653 21,855 23,508
------------------------ ------- -------- -------- ------- -------- -------- ------- -------- --------
Net return
per ordinary
share 3.05p 34.80p 37.85p 1.66p 44.13p 45.79p 5.41p 71.56p 76.97p
------------------------ ------- -------- -------- ------- -------- -------- ------- -------- --------
The total column of this statement is the profit and loss
account of the Company.
All revenue and capital items in this statement derive from
continuing operations. No operations were acquired or discontinued
during the period.
The return for the period disclosed above represents the
Company's total comprehensive income.
Condensed statement of financial position
As at As at As at
31 December 31 December
2017 2016 30 June 2017
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
--------------------------------- ------------ ------------ -------------
Non current assets
Investments held at fair
value through profit or
loss 161,315 128,886 142,655
--------------------------------- ------------ ------------ -------------
Current assets
Debtors 313 168 900
Cash and cash equivalents 825 5,800 3,819
--------------------------------- ------------ ------------ -------------
1,138 5,968 4,719
--------------------------------- ------------ ------------ -------------
Creditors
Amounts falling due within
one year (5,462) (9,327) (4,316)
--------------------------------- ------------ ------------ -------------
Net current (liabilities)/assets (4,324) (3,359) 403
--------------------------------- ------------ ------------ -------------
Total net assets 156,991 125,527 143,058
--------------------------------- ------------ ------------ -------------
Capital and reserves
Called up share capital 1,645 1,520 1,627
Capital redemption reserve 16 16 16
Share premium 30,816 20,087 29,144
Capital reserve 122,184 102,167 110,815
Revenue reserve 2,330 1,737 1,456
--------------------------------- ------------ ------------ -------------
Shareholders' funds 156,991 125,527 143,058
--------------------------------- ------------ ------------ -------------
Net asset value per ordinary
share 477.30p 412.89p 439.75p
--------------------------------- ------------ ------------ -------------
Condensed statement of changes in equity
For the six months ended 31 December 2017 (unaudited)
Capital
Share redemption Share Capital Revenue Shareholders'
capital reserve premium reserve(1,2) reserve(2) funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------ -------- ----------- -------- ------------- ----------- -------------
Shareholders' funds at
1 July 2017 1,627 16 29,144 110,815 1,456 143,058
Net return on ordinary activities after
taxation - - - 11,369 998 12,367
Issue of new shares 18 - 1,671 - - 1,689
Reduction to expense related to listing of
shares - - 1 - - 1
Dividend paid - - - - (124) (124)
------------------------------------------ -------- ----------- -------- ------------- ----------- -------------
Shareholders' funds at 31 December 2017 1,645 16 30,816 122,184 2,330 156,991
------------------------------------------ -------- ----------- -------- ------------- ----------- -------------
For the six months ended 31 December 2016 (unaudited)
Capital
Share redemption Share Capital Revenue Shareholders'
capital reserve premium reserve(1,2) reserve(2) funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------ -------- ----------- -------- ------------- ----------- -------------
Shareholders' funds at
1 July 2016 1,456 16 15,205 88,851 2,098 107,626
Net return on ordinary activities after
taxation - - - 13,207 496 13,703
Transfer of prior year expenses related to
issue of the prospectus - - (109) 109 - -
Expenses related to issue of the
prospectus - - (2) - - (2)
Expense related to listing of shares - - (21) - - (21)
Issue of new shares 64 - 5,014 - - 5,078
Dividend paid - - - - (857) (857)
------------------------------------------ -------- ----------- -------- ------------- ----------- -------------
Shareholders' funds at 31 December 2016 1,520 16 20,087 102,167 1,737 125,527
------------------------------------------ -------- ----------- -------- ------------- ----------- -------------
For the year ended 30 June 2017 (audited)
Capital
Share redemption Share Capital Revenue Shareholders'
capital reserve premium reserve(1,2) reserve(2) funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------ -------- ----------- -------- ------------- ----------- -------------
Shareholders' funds at
1 July 2016 1,456 16 15,205 88,851 2,098 107,626
Net return on ordinary activities after
taxation - - - 21,855 1,653 23,508
Issue of new shares 171 - 14,313 - - 14,484
Transfer of prior year expenses related to
issue of the prospectus - - (109) 109 - -
Expense related to listing of shares - - (23) - - (23)
Expense related to placing and issue of
new shares - - (242) - - (242)
Dividends paid - - - - (2,295) (2,295)
------------------------------------------ -------- ----------- -------- ------------- ----------- -------------
Shareholders' funds at 30 June 2017 1,627 16 29,144 110,815 1,456 143,058
------------------------------------------ -------- ----------- -------- ------------- ----------- -------------
(1) Capital reserve as at 31 December 2017 includes unrealised
gains of GBP21,919,000 (31 December 2016: GBP15,799,000; 30 June
2017: GBP19,689,000).
(2) These reserves form the distributable reserves of the Company.
Condensed statement of cash flows
For the six For the six
months ended months ended For the year ended
31 December 2017 31 December 2016 30 June 2017
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------------------------------------ ----------------- ----------------- ------------------
Cash used in operations 573 556 1,494
Interest received 15 12 32
Interest paid (68) (60) (118)
------------------------------------------------------------ ----------------- ----------------- ------------------
Net cash generated from operating activities 520 508 1,408
------------------------------------------------------------ ----------------- ----------------- ------------------
Cash flow from investing activities
Purchase of investments (83,481) (96,707) (188,105)
Sale of investments 77,039 90,066 176,013
Realised currency gains/(losses) 30 270 (250)
------------------------------------------------------------ ----------------- ----------------- ------------------
Net cash used in investing activities (6,412) (6,371) (12,342)
------------------------------------------------------------ ----------------- ----------------- ------------------
Cash flow from financing activities
Issue of new shares 1,689 5,078 14,484
Drawdown/(repayment) of credit facility 1,533 3,205 (1,835)
Expenses related to issue of the prospectus (202) (5) (5)
Expense related to listing of shares - (21) (23)
Dividends paid (124) (857) (2,295)
------------------------------------------------------------ ----------------- ----------------- ------------------
Net cash generated from financing activities 2,896 7,400 10,326
------------------------------------------------------------ ----------------- ----------------- ------------------
Net (decrease)/increase in cash and cash equivalents (2,996) 1,537 (608)
------------------------------------------------------------ ----------------- ----------------- ------------------
Cash and cash equivalents at start of the period 3,819 4,427 4,427
(Decrease)/increase in cash in the period (2,996) 1,537 (608)
Unrealised currency gains/(losses) on cash and cash
equivalents 2 (164) -
------------------------------------------------------------ ----------------- ----------------- ------------------
Cash and cash equivalents at end of the period 825 5,800 3,819
------------------------------------------------------------ ----------------- ----------------- ------------------
Notes to the Half-Yearly Financial Report
1 Accounting policies
The condensed financial statements for the six months to 31
December 2017 comprise the statements set out above together with
the related notes below. The financial statements have been
prepared in accordance with the Company's accounting policies as
set out in the Annual Financial Report for the year ended 30 June
2017 and are presented in accordance with the Companies Act 2006
(the 'Act'), FRS 104 and the requirements of the Statement of
Recommended Practice 'Financial Statements of Investment Trust
Companies and Venture Capital Trusts' ('SORP') issued by the
Association of Investment Companies (the 'AIC') in November 2014
and updated in January 2017.
The financial information contained within this Half-yearly
Financial Report does not constitute statutory accounts as defined
in sections 434 to 436 of the Act. The financial information for
the year ended 30 June 2017 has been extracted from the statutory
accounts which have been filed with the Registrar of Companies. The
Auditors' report on those accounts was not qualified and did not
contain statements under sections 498(2) or (3) of the Act.
2 Return per share
Return per share has been calculated based on the weighted
average number of ordinary shares in issue for the six months ended
31 December 2017 being 32,668,713 (31 December 2016: 29,929,531; 30
June 2017: 30,542,647).
3 Dividend
An interim dividend for the six months ended 31 December 2017 of
1.80 pence per ordinary share (31 December 2016: 1.70 pence) has
been declared. This dividend will be paid on 5 April 2018 to those
shareholders on the register at close of business on 9 March
2018.
4 Borrowing facilities
The Company has entered into a three year US$16 million
revolving credit facility with Scotiabank, of which US$ 7.0 million
(GBP5.2 million) was drawn down at 31 December 2017 (31 December
2016: US$11.3 million (GBP9.1 million); 30 June 2017: US$5.0
million (GBP3.8 million)). This is recognised in amounts falling
due within one year in the condensed statement of financial
position. Interest is charged at variable rates equivalent to 0.9%
over the US Dollar London interbank market rate. The interest rate
as at 31 December 2017 was 2.452130% (31 December 2016: 1.644%; 30
June 2017: 2.116110%).
On 19 February 2018 the above credit facility with Scotiabank
matured. The Company subsequently entered into a three year US$30
million multi-currency revolving credit facility with
Scotiabank.
5 Fair value hierarchy
All investments are designated at fair value through profit or
loss on initial recognition in accordance with FRS 102. The
following table provides an analysis of these investments based on
the fair value hierarchy as described below which reflects the
reliability and significance of the information used to measure
their fair value.
The disclosure is split into the following categories:
Level 1 - Investments with unadjusted quoted prices in an active
market;
Level 2 - Investments whose fair value is based on inputs other
than quoted prices that are either directly or indirectly
observable;
Level 3 - Investments whose fair value is based on inputs that
are unobservable (i.e. for which market data is unavailable).
31 December 31 December 30 June
2017 2016 2017
GBP'000 GBP'000 GBP'000
--------------------------- ----------- ----------- --------
Level 1 161,315 128,886 142,575
Level 2 - - 80
--------------------------- ----------- ----------- --------
Total value of investments 161,315 128,886 142,655
--------------------------- ----------- ----------- --------
6 Share capital
As at 31 December 2017 there were 32,891,416 ordinary shares in
issue (31 December 2016: 30,401,952; 30 June 2017: 32,531,416).
In the six months ended 31 December 2017 360,000 ordinary shares
were allotted with total proceeds of GBP1,689,000 (six months ended
31 December 2016: 1,290,116 ordinary shares were allotted with
total proceeds of GBP5,078,000; year ended 30 June 2017: 3,419,580
ordinary shares were allotted with total proceeds of
GBP14,484,000).
There are no ordinary shares held in treasury.
7 Related party transactions
There were no related party transactions during the period.
8 Transactions with the Investment Manager
The investment management fee payable to Artemis Fund Managers
Limited for the six months ended 31 December 2017 was GBP379,000
(31 December 2016: GBP304,000; 30 June 2017: GBP640,000) of which
GBP193,000 was outstanding at the period end (31 December 2016:
GBP155,000; 30 June 2017: GBP173,000).
9 Principal risks and uncertainties
Pursuant to DTR 4.2.7R of the Disclosure Guidance and
Transparency Rules, the principal risks faced by the Company
include general market risk, regulatory, operational, financial and
gearing risks.
These risks, which have not materially changed since the Annual
Financial Report for the year ended 30 June 2017, and the way in
which they are managed, are described in more detail in the Annual
Financial Report which is available at midwynd.co.uk
Copies of the Half-Yearly Financial Report will be posted to
shareholders shortly and may also be obtained from the Company's
website at midwynd.co.uk.
For further information, please contact:
Artemis Fund Managers Limited
Company Secretary
Telephone number: 0131 225 7300
22 February 2018
This information is provided by RNS
The company news service from the London Stock Exchange
END
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