FINANCIAL AND PERFORMANCE HIGHLIGHTS OBJECTIVE To provide Shareholders with long-term returns through capital and income growth by investing predominantly in a portfolio of UK listed companies. POLICY Phoenix Asset Management Partners Limited (Phoenix) was appointed Investment Manager on 28 January 2016. Phoenix currently seeks to achieve the Objective by investing, primarily, in a portfolio of UK listed equities. The portfolio will remain relatively concentrated. The exact number of individual holdings will vary over time but typically the portfolio will consist of 15 to 20 holdings. The Investment Policy of the Company can be found below. BENCHMARK DIVIDEND The Board proposes to pay a final dividend of 0.55p per Ordinary Share (2019: 4.5p) to be paid on 2 July 2021 to Shareholders who appear on the register as at 11 June 2021, with an ex-dividend date of 10 June 2021. During the year the Company s revenue
1. Net debt is the total value of loan notes, loans (including notional exposure to CFDs and Total Return Swap) less cash as a proportion of net asset value. 2. Dividends per share are the dividends in respect of the financial year ended 31 March 2021. An interim dividend of 5.20p was paid in January 2021. A final dividend of 9.00p (2020: 8.80p) will be paid on 4 August 2021 to shareholders on the register on 18 June 2021. 3. The NAV Total Return for the year is calculated by reinvesting the dividends in the assets of the Company from the relevant ex-dividend date. Dividends are deemed to be reinvested on the ex-dividend date as this is the protocol used by the Company s benchmark and other indices.
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 31ST MARCH 2021 Legal Entity Identifier: 5493006R74BNJSJKCB17 Performance and the Company s Improved Rating In the six months to 31st March 2021 the Company s return to shareholders was +19.9%, representing a significant outperformance of the Company s benchmark index, the MSCI All Countries Asia ex Japan Index, which returned +14.1%. The net asset value ( NAV ) return was +17.8% (all figures are on a total return basis). The Company s strong performance alongside the attractive yield has fueled ongoing demand for the Company s shares, particularly from retail investors, with such investors now holding just under 45% of the Company s share capital; having represented circa. 26% of the register in September 2016. This demand has resulted in the Company s shares trading consistently at or close to a premium to NAV over the reporting period, with the Company s shares ending