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MITON WORLDWIDE GROWTH INVESTMENT TRUST PLC - Half-yearly Report
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PR Newswire
London, December 11
MITON WORLDWIDE GROWTH INVESTMENT TRUST PLC
Half-Yearly Report for the period ended 31 October 2014
Miton Worldwide Growth Investment Trust PLC ("the Company") is an investment
trust which was launched on 6 April 2004.
CAPITAL STRUCTURE
The Company's share capital consists of Ordinary shares of 1p each, with one
vote per share.
The number of shares in issue as at 31 October 2014 and the date of this report
was 25,279,985, none of which were held in Treasury.
INVESTMENT OBJECTIVE
The objective of the Company is to outperform 3 month LIBOR plus 2% over the
longer term, principally through exploiting inefficiencies in the pricing of
closed-end funds. This objective is intended to reflect the Company's aim of
providing a better return to shareholders over the longer term than they would
get by merely placing money on deposit.
The benchmark in the investment objective is a target only and should not be
treated as a guarantee of performance of the Company or its portfolio.
INVESTMENT POLICY
The Company invests in closed-end investment funds traded on the London Stock
Exchange's Main Market, but has the flexibility to invest in investment funds
listed or dealt on other recognised stock exchanges, in unlisted closed-end
funds (including, but not limited to, funds traded on AIM) and in open-ended
investment funds. The funds in which the Company invests may include all types
of investment trusts, companies and funds established onshore or offshore. The
Company has the flexibility to invest in any class of security issued by
investment funds including, without limitation, equity, debt, warrants or other
convertible securities. In addition, the Company may invest in other
securities, such as non-investment fund debt, if deemed to be appropriate to
produce the desired returns to shareholders.
The Company is unrestricted in the number of funds it holds. However, at the
time of acquisition, no investment will have an aggregated value totalling more
than 15% of the gross assets of the Company. Furthermore, the Company will not
invest more than 10%, in aggregate, of the value of its gross assets at the
time of acquisition in other listed closed-end investment funds, although this
restriction does not apply to investments in any such funds which themselves
have stated investment policies to invest no more than 15% of their gross
assets in other listed closed-end investment funds. In addition, the Company
will not invest more than 25%, in aggregate, of the value of its gross assets
at the time of acquisition in open-ended funds.
There are no prescriptive limits on allocation of assets in terms of asset
class or geography, save that, in order to maintain classification within the
AIC Global Growth sector, no more than 80% of the Company's gross assets can be
held in any one geographical region.
There are no limits imposed on the size of hedging contracts, save that their
aggregated value will not exceed 20% of the portfolio's gross assets at the
time they are entered into.
The Board permits borrowings of up to 20% of the Company's net asset value
(measured at the time new borrowings are incurred).
The Company's investment objective may lead, on occasions, to a significant
amount of cash or near cash being held.
REVIEW OF THE PERIOD
Over the period, the Company's net asset value increased by 1.43% and the share
price increased by 1.00% (capital return).
During the period, the shares traded between a 7.24% and a 12.41% discount,
ending the period on an 11.08% discount (source: Bloomberg).
As at 31 October 2014, the Company had short-term borrowings of £3,000,000.
FINANCIAL HIGHLIGHTS
31 October 2014 30 April 2014
Net asset value per Ordinary share (including
revenue reserves) 169.82p 167.43p
Net asset value per Ordinary share (excluding
all revenue reserves) 170.68p 168.46p
Share price (mid) 151.00p 149.50p
Discount to net asset value 11.08% 10.71%
Total net assets (after deduction of
borrowings) £42.93m £42.33m
Total borrowings £3.00m £3.00m
Ongoing charges 1.17% 1.26%
Total Return Performance to 31 October 2014
6 months 1 year Since launch
% % %
Net asset value* 1.4 1.1 74.5
Share price (mid)** 1.0 -0.2 51.0
MSCI World Index in Sterling** 7.9 9.1 125.5
FTSE All-Share Index** -1.6 1.0 125.9
Sterling 3 month LIBOR +2%*** 1.3 2.6 64.1
Sources: * Based on initial NAV of 97.33p (after launch expenses).
** Bloomberg. Net income reinvested GBP. *** Miton Asset Management Limited
(Sterling 3 month LIBOR +2% at the beginning of the accounting period).
INTERIM MANAGEMENT REPORT
for the period ended 31 October 2014
Throughout the first half of our financial year, markets continued to be driven
by the actions of central bankers. The indices were stable until towards the
end of September, when they lost altitude rapidly before recovering. It is
likely that this was caused by the well-flagged ending of quantitative easing
in the United States. Equities are quite fully valued, so any threat to the
constant stream of liquidity will cause the market to hit an air pocket. The
sell-off convinced the Japanese, and more recently Mr Draghi, to step into the
void left by the Americans. It is yet to be seen whether developing as well as
developed economies will get drawn into unconventional monetary policy. Our net
asset value moved slightly higher from 167.43p to 169.82p, a gain of 1.43%.
During the corresponding period, the FTSE 100 Index fell 3.44% in capital terms
and the MSCI World Index in Sterling rose 6.77%. The dramatic differential
between the two indices can be explained by the rapid appreciation of the
dollar following the reduction in stimulus. In local currency terms, the
MSCI World Index edged 1.21% higher.
The main drivers behind our portfolio's progress were our investments in Japan
and India, most notably Aberdeen Japan Investment Trust and India Capital
Growth Fund. These positions fit our "less worse" theme. In Japan, companies
have in the past not necessarily been managed with the ambition of driving
earnings per share growth. In India, the economy has suffered from bureaucratic
logjams and political paralysis. In both of these equity markets, embedded
profitability is being released, whereas in the UK and US efficiency gains are
close to being fully exhausted.
Our exposure to Chinese property proved highly volatile. This is still the most
hated asset class in the world according to some commentators. There are
undeniably concerns over excesses in the residential markets of secondary and
tertiary cities on the mainland. However, there are pockets of stability, such
as Macanese residential and prime commercial property in Shanghai. In both
cases, we have been able to gain exposure through closed ended funds which
trade at an extreme discount. Forterra Trust's share price declined alarmingly
during the period. However, post the reporting period, they recovered rapidly
following a takeover bid from its managers. We view the approach as
opportunistic as it only offers an exit price of less than half the net asset
value. In Macau, the local casino stocks were notably weak, as revenues dropped
as a result of Chinese anti-corruption measures. Nevertheless, another six
casinos are under construction and are due for completion within two years. It
is estimated that 12,000 staff will be required by these new operations. There
are only 6,000 unemployed in the former Portuguese colony, so employees will
have to be imported, putting more pressure on the local residential market and
boosting demand for Macau Property Opportunities Fund's apartments.
We enjoyed a mixed experience within our UK property holdings. Birmingham
specialist, Real Estate Investors, made solid progress and additionally paid a
healthy dividend. Conversely, the share price of Alpha Real Trust drifted. The
company has evolved from an Indian specialist into a property debt fund. It has
become rather overlooked due to a lack of marketing, and at the end of October
languished at 47.0p compared to the latest available net asset value, as at
30 September 2014, of 108.3p, despite offering a healthy yield at that level.
Following a hugely successful capital raising phase, there continues to be a
lot of cash looking for a home within the private equity sector. This has
created a sellers' market, and has made investment trusts with mature existing
portfolios highly attractive. It is likely that their historic valuations
understate the price that their portfolios could now realise. We continue to
focus on Pantheon International Participations and F&C Private Equity.
The main detractor from performance has been our exposure to resources. Whilst
this is a modest proportion of our portfolio, the declines have been
significant. New City Energy, an oil specialist, has particularly suffered.
Contrary to our initial expectations given the instability in the Middle East,
the crude price has been weak. In the event, production increased as local
frictions actually exacerbated the need for short-term cash. We have put a toe
into the water and bought some junior mining specialists, such as Praetorian
Resources and Global Resources Investment Trust. They own holdings which
control promising undeveloped deposits. These are now valued at nominal levels
as investors assume that these companies will never attract the capital
required to turn promising assets into a mine. Given that the mining giants
have slashed their capital expenditure and their own exploration operations,
future developments will come from already discovered prospects. At this stage
in the cycle, the returns for providers of capital who prove to be the
catalysts in getting such projects off the drawing board will be substantial.
Looking forward, the global financial system has now enjoyed the benefit of
emergency interest rates since 2008. We suspect that we will not see any policy
change this side of the US and UK elections. Therefore, we will continue to
live in a world of spectacular misallocation of capital a little longer.
Investing in this climate is akin to picking up pennies in front of a
steamroller. The upside is rather limited, the downside is not. Nevertheless,
there is likely to be time to fill one's pockets by picking up a few more coins
before retreating to safety. The portfolio has only a modest exposure to
mainstream investments. We have continued to build existing positions where we
have conviction that the situation offers more than just the ability to bob up
and down with the direction of markets. We remain fully invested.
The market for closed end funds has been dislocated by the evolution of the
private client broking community into vast wealth management chains. This has
created greater opportunities for us to exploit inefficiencies. The fact that
the Company is itself a closed ended fund provides a competitive advantage.
Liquidity in smaller and medium-sized trusts has become more challenging. An
investment trust's portfolio does not live under the threat of having to sell
assets at inopportune moments, and the managers can acquire unloved assets safe
in the knowledge that they can retain the position until the situation has
properly played out.
Nick Greenwood
Miton Asset Management Limited
11 December 2014
RISK MANAGEMENT
The principal risks facing the Company are substantially unchanged since the
date of the Annual Report for the year ended 30 April 2014 and continue to be
as set out in that report.
Risks faced by the Company include, but are not limited to, investment activity
and strategy risk (including asset allocation, discount risk and liquidity),
financial risk (including gearing, hedging, currency risk, market risk, credit
risk, currency risk and interest rate risk), discount volatility, the risk of
outsourcing to third parties, and compliance with section 1158 of the
Corporation Tax Act 2010.
RESPONSIBILITY STATEMENT
The Directors confirm that to the best of their knowledge:
• the condensed set of financial statements has been prepared in accordance
with the Statement on Half-Yearly Financial Reports issued by the UK Accounting
Standards Board and gives a true and fair view of the assets, liabilities and
financial position of the Company; and
• the Half-Yearly Report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the condensed set of 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 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 Company during the period, and any changes in the
related-party transactions described in the last Annual Report that could do
so.
Anthony Townsend
Chairman
11 December 2014
CONDENSED INCOME STATEMENT (unaudited)
for the period ended 31 October 2014
Six months to Six months to Year ended
31 October 2014 31 October 2013 30 April 2014
(audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on
investments
at fair
value
through
profit or
loss 5 - 565 565 - 2,622 2,622 - 2,409 2,409
Income 4 328 - 328 210 - 210 595 - 595
Investment
management
fee (97) - (97) (92) - (92) (188) - (188)
Exchange
losses on
capital
items - (4) (4) - (1) (1) - (4) (4)
Other
expenses (158) - (158) (146) - (146) (334) - (334)
Return on
ordinary
activities
before
finance
costs and
taxation 73 561 634 (28) 2,621 2,593 73 2,405 2,478
Finance
costs
Interest
payable (30) - (30) (12) - (12) (36) - (36)
Return on
ordinary
activities
before and
after
taxation 43 561 604 (40) 2,621 2,581 37 2,405 2,442
Return per
Ordinary
share pence pence pence pence pence pence pence pence pence
Basic and
diluted 0.17 2.22 2.39 (0.16) 10.37 10.21 0.15 9.51 9.66
The revenue and capital returns per Ordinary share are based on 25,279,985
shares, being the weighted average number of Ordinary shares in issue in the
six months to 31 October 2014 (six months to 31 October 2013: 25,279,985
shares; year ended 30 April 2014: 25,279,985 shares).
The total column of this statement is the profit and loss account of the
Company. The supplementary revenue and capital columns are prepared under
guidance issued by the Association of Investment Companies' Statement of
Recommended Practice.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.
There are no recognised gains or losses other than those passing through the
Income Statement and as a consequence no Statement of Total Recognised Gains
and Losses has been presented.
The notes form an integral part of these financial statements.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (unaudited)
For the period ended 31 October 2014
Capital Share
Share redemption premium Special Capital Revenue
capital reserve account reserve reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Six months to
31 October 2014
At 30 April 2014 252 60 16,727 10,008 15,540 (261) 42,326
Net return for the
period - - - - 561 43 604
Balance at
31 October 2014 252 60 16,727 10,008 16,101 (218) 42,930
Six months to
31 October 2013
At 30 April 2013 252 60 16,727 10,008 13,135 (298) 39,884
Net return for the
period - - - - 2,621 (40) 2,581
Balance at
31 October 2013 252 60 16,727 10,008 15,756 (338) 42,465
Year ended
30 April 2014
(audited)
Balance at
30 April 2013 252 60 16,727 10,008 13,135 (298) 39,884
Net return for the
year - - - - 2,405 37 2,442
Balance at
30 April 2014 252 60 16,727 10,008 15,540 (261) 42,326
The notes form an integral part of these financial statements.
BALANCE SHEET (unaudited)
As at 31 October 2014
As at 31 October As at 31 October As at 30 April
2014 2013 2014
(audited)
£'000 £'000 £'000
Fixed assets
Investments held at fair
value through profit or loss 44,091 41,831 41,107
Current assets
Debtors and prepayments 30 120 244
Cash and short-term deposits 2,908 1,896 4,095
2,938 2,016 4,339
Creditors: amounts falling
due within one year
Bank loan (3,000) (1,000) (3,000)
Other creditors (1,099) (382) (120)
(4,099) (1,382) (3,120)
Net current assets (1,161) 634 1,219
Net assets 42,930 42,465 42,326
Share capital and reserves
Share capital 252 252 252
Capital redemption reserve 60 60 60
Share premium account 16,727 16,727 16,727
Special reserve 10,008 10,008 10,008
Capital reserve 16,101 15,756 15,540
Revenue reserve (218) (338) (261)
Equity shareholders' funds 42,930 42,465 42,326
pence pence pence
Net asset value per Ordinary share 169.82 167.98 167.43
Number of Ordinary shares
used for the calculation of
the net asset value 25,279,985 25,279,985 25,279,985
The notes form an integral part of these financial statements.
CASH FLOW STATEMENT (unaudited)
for the period ended 31 October 2014
Note Six months to Six months to Year ended
31 October 2014 31 October 2013 30 April 2014
(audited)
£'000 £'000 £'000
Net cash inflow/
(outflow) from
operating activities 7 54 (12) 144
Servicing of finance
Interest paid (30) - (42)
Capital expenditure
and financial
investment
Purchases of
investments (7,262) (9,727) (16,375)
Sales of investments 6,055 9,035 15,771
Exchange losses on
settlement (3) - -
Net cash outflow from
capital expenditure
and financial
investment (1,210) (692) (604)
Net cash outflow
before financing (1,186) (704) (502)
Financing
Revolving credit
facility drawndown - - 2,000
Net cash inflow from
financing - - 2,000
(Decrease)/increase
in cash 8 (1,186) (704) 1,498
The notes form an integral part of these financial statements.
NOTES
1. Accounting policies
The financial statements are prepared under the historical cost convention as
modified by the revaluation of fixed asset investments and in accordance with
UK applicable accounting standards and the Statement of Recommended Practice
regarding the Financial Statements of Investment Trust Companies and Venture
Capital Trusts ("SORP") issued by the Association of Investment Companies in
January 2009. All of the Company's activities are continuing.
The financial statements have been prepared in accordance with the accounting
policies set out in the statutory financial statements for the year ended
30 April 2014.
2. Financial information
The above financial information does not constitute full statutory financial
statements as defined in Section 434 of the Companies Act 2006. The financial
information for the six months ended 31 October 2014 and 31 October 2013 has
not been audited or reviewed.
The information for the year ended 30 April 2014 has been extracted from the
latest published audited financial statements. Those statutory financial
statements have been filed with the Registrar of Companies and included the
report of the auditors which was unqualified and did not contain a statement
under Sections 498(2) or (3) of the Companies Act 2006.
3. Going concern
After making enquiries, and having reviewed the portfolio, balance sheet and
projected income and expenditure for the next 12 months, the Directors have a
reasonable expectation that the Company has adequate resources to continue in
operation for the foreseeable future. The Directors have therefore adopted the
going concern basis in preparing these financial statements.
4. Income
Six months to Six months to Year ended
31 October 2014 31 October 2013 30 April 2014
£'000 £'000 £'000
Income from investments
UK dividend income 244 144 329
Unfranked dividend income 76 56 248
Fixed interest income 8 8 16
328 208 593
Other income
Bank interest receivable - 2 2
Total income 328 210 595
5. Gains on investments
Six months to Six months to Year ended
31 October 2014 31 October 2013 30 April 2014
£'000 £'000 £'000
Gains on sales of investments 1,080 2,455 3,958
Movement in investment holding
gains (515) 167 (1,549)
565 2,622 2,409
6. Tax credit/charge on ordinary activities
The tax charge for the half-year is £nil (31 October 2013: £nil; 30 April 2014: £nil)
based on an estimated effective tax rate of 0% for the year ending 30 April 2015.
The estimated effective tax rate is 0% as investment gains are exempt from capital
gains tax owing to the Company's status as an investment trust. As stated in the
audited statutory financial statements, at 30 April 2014 the Company had surplus
excess management expenses of £4,602,000 that are available to offset future taxable
revenue and therefore there is no liability to corporation tax during the six months
to 31 October 2014 (31 October 2013: £nil; 30 April 2014: £nil).
7. Reconciliation of net return before finance costs and taxation to net cash
outflow from operating activities
Six months to Six months to Year ended
31 October 2014 31 October 2013 30 April 2014
£'000 £'000 £'000
Net return before finance costs
and taxation 634 2,593 2,478
Gains on investments (565) (2,622) (2,409)
Exchange losses on capital items 4 1 4
(Increase)/decrease in creditors
and accruals (34) (9) 52
Decrease in debtors and accrued
income 15 25 19
Net cash inflow/(outflow) from
operating activities 54 (12) 144
8. Reconciliation of net cash flow to net funds
Six months to Six months to Year ended
31 October 2014 31 October 2013 30 April 2014
£'000 £'000 £'000
Opening net funds 1,095 1,601 1,601
(Decrease)/increase in cash in
period (1,186) (704) 1,498
Revolving credit facility
drawdown - - (2,000)
Exchange losses (1) (1) (4)
Closing net funds (92) 896 1,095
Foreign
At 30 Cash exchange At 31
April 2014 flows movement October 2014
£'000 £'000 £'000 £'000
Net funds are comprised as
follows:
Cash and short-term deposits 4,095 (1,186) (1) 2,908
Debt due within one year (3,000) - - (3,000)
1,095 (1,186) (1) (92)
9. Related party transactions
Under the Listing Rules, the Manager is regarded as a related party of the
Company. Under the AIC SORP issued in January 2009, the Investment Manager is
not considered to be a related party of the Company. The amounts paid to the
Manager are shown in the Income Statement.
10. Bank loan
The bank loan with The Royal Bank of Scotland is a £7,000,000 revolving credit
facility and bears interest at the rate of 1.35% over LIBOR on any drawn down
balance and 0.6% on any undrawn balance. The facility may be drawn down in
Sterling or other `optional' currencies as approved by the lender.
The bank loan facility contains covenants which require that net borrowings
will not at any time exceed 25% of the adjusted net asset value, which shall at
all times be equal to or greater than £20,000,000. If the Company breaches
either covenant, then it is required to notify the Bank of any default and the
steps being taken to remedy it.
At 31 October 2014, the Company had drawn down £3,000,000 under the facility.
The facility will mature on 31 January 2016.
PORTFOLIO VALUATION AS AT 31 OCTOBER 2014
Fair value
valuation % of
Type of security £'000 portfolio
India Capital Growth Fund Ordinary 2,204 5.00
Establishment Investment Trust (The) Ordinary 2.175 4.93
Taliesin Property Fund Ordinary 2,042 4.63
Macau Property Opportunities Fund Ordinary 1,960 4.45
Real Estate Investors Ordinary 1,903 4.32
Alternative Asset Opportunities Preference 1,721 3.90
JPMorgan Japanese Smaller Companies
Investment Trust Ordinary 1,530 3.47
Phaunos Timber Fund (The) Ordinary 1,455 3.30
Martin Currie Pacific Trust Ordinary 1,307 2.96
Aurora Investment Trust Ordinary 1,280 2.90
Forterra Trust Ordinary 1,245 2.82
Henderson Value Trust Ordinary 1,242 2.82
Marwyn Value Investors Ordinary 1,174 2.66
Aberdeen Japan Investment Trust Ordinary 1,124 2.55
Pacific Alliance China Land Ordinary 1,074 2.44
Japan Residential Investment Company Ordinary 1,068 2.42
Juridica Investments Ordinary 1,004 2.28
Pantheon International
Participations Redeemable 999 2.27
Jupiter Second Split Trust Ordinary 991 2.25
Alpha Real Trust Ordinary 963 2.18
RENN Universal Growth Investment
Trust Ordinary 958 2.17
Pantheon International
Participations Ordinary 954 2.16
EPE Special Opportunities Ordinary 920 2.09
Geiger Counter Ordinary 913 2.07
Rights & Issues Investment Trust Capital 823 1.87
Graphite Enterprise Trust Ordinary 716 1.62
New Star Investment Trust Ordinary 715 1.62
JPMorgan Japanese Investment Trust Ordinary 712 1.61
Private Equity Investor Ordinary 702 1.59
Prospect Japan Fund Ordinary 666 1.51
New City Energy Ordinary 574 1.30
Invesco Perpetual Japan Fund Open Ended Fund 532 1.21
European Investment Trust (The) Ordinary 512 1.16
Eredene Capital Ordinary 495 1.12
Baker Steel Resources Trust Ordinary 441 1.00
F&C Private Equity Ordinary 422 0.96
Aseana Properties Ordinary 417 0.95
Seneca Global Income & Growth Trust Ordinary 393 0.89
Origo Partners Ordinary 362 0.82
Cambium Global Timberland Ordinary 348 0.79
Chelverton Growth Trust Ordinary 323 0.73
Terra Catalyst Fund Ordinary 262 0.59
JPMorgan Private Equity Ordinary 256 0.58
Camper & Nicholsons Marina
Investments Ordinary 250 0.57
St Peter Port Capital Ordinary 248 0.56
New India Investment Trust Ordinary 214 0.49
Rights & Issues Investment Trust Income 210 0.48
EPE Special Opportunities 7.5%
31/12/15 Convertible Loan Notes 202 0.46
Better Capital PCC Ordinary 147 0.33
JPMorgan Income and Growth
Investment Trust Ordinary 140 0.32
Global Fixed Income Realisation Ordinary 101 0.23
Reconstruction Capital II Ordinary 96 0.22
Aurora Russia Ordinary 87 0.20
Auctus Growth Ordinary 83 0.19
Infrastructure India Ordinary 77 0.17
India Capital Growth Fund Subscription 69 0.16
International Oil and Gas Technology Preference 67 0.15
Dexion Absolute Ordinary 64 0.15
Global Resources Investment Trust Ordinary 61 0.14
Praetorian Resources Ordinary 49 0.11
BlackRock Absolute Return Strategies Ordinary 33 0.07
Tau Capital Ordinary 16 0.04
Total 44,091 100.00
SHAREHOLDER INFORMATION
Share dealing
Shares can be traded through a stockbroker or other authorised intermediary.
The Company's Ordinary shares are traded on the London Stock Exchange.
The Company's shares are fully qualifying investments for Individual Savings
Accounts ("ISAs").
Share register enquires
The register for the Ordinary shares is maintained by Capita Asset Services. In
the event of queries regarding your holding, please contact the Registrar on
0871 664 0300 (calls cost 10p per minute plus network extras; lines are open
9.00am to 5.30pm, Monday to Friday) (from outside the UK: +44 (0) 208 639 3399)
or email: ssd@capitaregistrars.com. Changes of name and/or address must be
notified in writing to the Registrar: Shareholder Services, Capita Asset
Services, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU, or via the
shareholder portal at www.capitashareportal.com.
Share capital and net asset value information
Ordinary 1p shares 25,279,985
SEDOL number 3436594
ISIN number GB0034365949
Bloomberg symbol MWGT
The Company releases its net asset value per Ordinary share to the London Stock
Exchange on a daily basis.
Website: www.mitongroup.com/mwgt
Share prices
The mid-market prices are quoted daily in the Financial Times under 'Investment
Companies'.
Annual and Half-Yearly Reports
Copies of the Annual and Half-Yearly Reports are available from the Company
Secretary on 01392 412122 and are available on the Company's website.
Investment Manager: Miton Asset Management Limited
The Company's Investment Manager is Miton Asset Management Limited, a wholly
owned subsidiary of Miton Group plc. Miton Group is listed on the AIM market
for smaller and growing companies.
As at 30 June 2014, the Group had £2.64 billion of assets under management.
In order to comply with the Alternative Investment Fund Manager's Directive
("AIFMD"), the Company's previous investment management agreement with Miton
Asset Management Limited was terminated, and the Company appointed PSigma Unit
Trust Managers Limited as its Alternative Investment Fund Manager ("AIFM") with
effect from 22 July 2014. Miton Asset Management Limited has been appointed by
the AIFM as investment manager to the Company pursuant to a delegation
agreement. Subsequent to this appointment, PSigma Unit Trust Managers has
changed its name to Miton Trust Managers Limited. There has been no change to
the fee structure or the portfolio management arrangements as a result of these
changes.
Investor updates in the form of monthly factsheets are available from the
Company's website, www.mitongroup.com/mwgt.
Association of Investment Companies
The Company is a member of the Association of Investment Companies.
DIRECTORS AND ADVISERS
Directors (all non-executive) Registrar and Transfer Office
Anthony Townsend (Chairman) Capita Asset Services
James Fox The Registry
Michael Phillips 34 Beckenham Road
Hugh van Cutsem Beckenham
Kent BR3 4TU
All of:
Beaufort House
51 New North Road
Exeter EX4 4EP
Company Secretary and Registered Stockbroker and Financial Adviser
Office
Capita Sinclair Henderson Limited Cantor Fitzgerald Europe
Beaufort House One America Square
51 New North Road 3rd Floor
Exeter EX4 4EP 17 Crosswall
Tel: 01392 412 122 London EC3N 2LS
Investment Manager Banker and Custodian
Miton Asset Management Limited Bank of New York Mellon
51 Moorgate One Canada Square
London EC2R 6BH London E14 5AL
Website: www.mitongroup.com
Tel: 0118 338 4033
Alternative Investment Fund Manager Depositary
Miton Trust Managers Limited BNY Mellon Trust & Depositary (UK) Limited
51 Moorgate 160 Queen Victoria Street
London EC2R 6BH London EC4V 4LA
Independent Auditor
Grant Thornton UK LLP
30 Finsbury Square
London EC2P 2YU
Miton Worldwide Growth Investment Trust plc
An investment company as defined under Section 833 of the Companies Act 2006
Registered in England and Wales No.5020752
END
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accessible from hyperlinks on this announcement (or any other website) is
incorporated into, or forms part of, this announcement.
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