Share Issuance Authority

The Board refers to the notice of the thirteenth annual general meeting of the Company to be held at Exchange House, Primrose Street, London, EC2A 2NY on 22 November 2017 at 12 noon (the "AGM") which was sent to shareholders on 29 September 2017.  As part of the business to be proposed at the AGM, Resolution 12 would give the Directors the necessary authority to either issue new shares or sell shares in treasury on a non pre-emptive basis up to an aggregate nominal amount of £481,411 (being equivalent to 20 per cent. of the issued ordinary share capital as at the date of the notice of the AGM).  Notwithstanding the level of authority being sought at the AGM, following consultation with shareholder voting bodies, the Board undertakes not to issue or sell more than 10 per cent. of the current issued share capital on a non pre-emptive basis without seeking further approval from shareholders.   

As stated in the annual report and accounts, the Directors will only issue new shares pursuant to this authority if they consider it to be in the interest of shareholders. Under no circumstances should this result in a dilution to net asset value per share.

Enquiries:
Northern Trust International Fund Administration Services (Guernsey) Limited
The Company Secretary
Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 3QL
 
Tel: 01481 745001
Fax: 01481 745051

Peter Lowe
Scott Macrae
F&C Investment Business Ltd
Tel: 0207 628 8000
Fax: 0131 225 2375