CAPITAL GEARING TRUST P.L · CAPITAL GEARING TRUST P.L.C HALF-YEAR FINANCIAL REPORT 2009 3...

Half-Year Financial ReportFor the six months ended 5 October 2009

CAPITAL GEARING TRUST P.L.C

216349 Capital Gearing Interim Cov 12/11/09 11:18 Page i

Investment Objective

To achieve capital growth in absolute terms principally through investment in quoted closedended and other collective investment vehicles, invested in equities or property, with awillingness to hold cash, bonds, index linked securities and commodities when appropriate.

Contents

1-3 Interim Management Report

4 Independent Auditors’ Review Report

5 Distribution of Investment Funds

6-7 Major Investments of the Company

8-13 Financial Statements (unaudited)

8-9 Income Statement

8 Statement of Total Recognised Gains and Losses

10-11 Reconciliation of Movements in Shareholders’ Funds

12 Balance Sheet

13 Cash Flow Statement

14-15 Notes to the Financial Statements

16 Shareholder Information

Directory

The Company is a member of the Association of Investment Companies.

Information disclaimerThis Half-Year Financial Report is produced for members of the Company with the purpose of providing them withinformation relating to the Company and its financial results for the period under review. This report contains subjectiveopinion, analysis and forward looking statements which, by their very nature involve uncertainty. Events beyond thecontrol of the Directors and the Company may affect actual results which may therefore differ to those indicated withinthis report. Past performance is no guarantee of future performance. Market and currency fluctuations may occurwhich may in turn have an impact on the Company’s underlying investments. Investments are not guaranteed and youmay not get back the amount you originally invested. The Directors and the Company take no responsibility for mattersoutside of their control.

216349 Capital Gearing Interim Cov 12/11/09 11:18 Page ii

CAPITAL GEARING TRUST P.L.C HALF-YEAR FINANCIAL REPORT 2009 1

Chairman’s OverviewOver the six months to 5 October 2009, the net asset value per share rose by 10.8% to a recordhigh of 2,355.8p. The principal objective of achieving an absolute return has therefore been met.

Assisted by the accommodative monetary polices being adopted by central banks in the wake oflast year’s banking crisis, investors’ appetite for risk increased during the period under review.This has led to an exceptionally strong recovery in equity markets, albeit from a low base. It isworth noting that even after a 25.8% rise since 5 April 2009, the FTSE All-Share Index remainsover 25% below its peak.

Bearing in mind that it is our aim to preserve as well as to grow the assets of the Company wewill continue to adopt a cautious investment approach and therefore not attempt to chaserelative returns against any asset class if this might compromise our principal objective.

Investment ReviewThe allocation to equities was modest throughout, ending at roughly 25%, but at least that partof the portfolio significantly outperformed the market, with the UK investment trusts up by 38%and those in the US, Europe, Japan and the Emerging Markets all performing better than that.Less happy was the index-linked bond exposure in the US. The US Dollar fell by 7.7% againstSterling and the TIPS themselves rose by only a little over 5%. The conventional bonds in Europeand the short index-linked in the UK rose by 4% and 5% respectively. The zero dividendpreference shares, two of which are quasi-equity, rose by 16%. Ecofin Power & Water issuedsome attractive zero preference shares, in which the Company participated.

Restructurings were relatively rare in the period, though tenders were accepted in CeresAgriculture, Directors Dealing Investment Trust (which has just announced a further tender) andPrinciple Capital. Glasgow Income and Active Capital were re-organised. Other trusts, such asHenderson Global Property, saw a dramatic shrinkage in their discount and the Company was ableto reduce its holding. As a general comment, though, corporate governance in investment trustswith respect to discounts did not improve, despite better underlying liquidity removing the onereasonable excuse for inaction.

Investment OutlookInvestors are offered a rather unappetising menu. For the cautious, cash yields less than inflationin Sterling, the Euro and the US Dollar. In the UK, short index-linked gilts have negative real yields,even before tax, and conventional gilts combine low yields with significant risks to capital value.Retail investors have responded by buying equities and property, both for yield and someprotection against inflation. Meanwhile, institutional investors have seen their cash flows boostedby Bank of England printing that has led to a net redemption of gilts at a time of huge fiscaldeficits. The only countervailing force has been rights issues and these have so far beencomfortably absorbed; there are many more to come, though, starting with £13.5 billion forLloyds Bank.

The fundamentals for equities have improved since the first quarter, notably in the stabilisation ofthe financial system. In addition, corporate profits have held up reasonably well, with a fall of 30%looking to be a trough in the US and the UK. This has been partly a result of aggressive cost-cutting; partly that pricing power has been stronger than expected. Corporate profits willimprove from here, with easy comparisons, but the consensus expectations of 20% growth foreach of the next three years look stretched against a background of a continuing extendedbalance sheet recession characterised by a fading stimulus cycle in 2010.

Interim Management Report

216349 Capital Gearing pp01-13 12/11/09 11:28 Page 1

However, the tightening fiscal policy that seems inevitable in the US and the UK will ensure thatmonetary policy will remain accommodative for a long time – maybe until 2012 or later.Otherwise both economies could relapse into a deflationary recession. Real interest rates willtherefore be very low at the short end of the interest rate curve and can continue to diminishfurther out. That should provide a favourable background to index-linked bonds (outside the UK)and to conventional bonds in Germany and Switzerland, where inflation is less threatening than inthe US and the UK.

The delayed implementation of exit strategies by the Federal Reserve and the Bank of Englandmeans that monetary policy might boost equities still further, but it is dangerous to buy stocks ina liquidity driven market that is significantly overpriced. On long term measures such as ‘q’-replacement cost – and the cyclically adjusted PER, equities do now look expensive. Furtherevidence of optimism lies in the price of Real Estate Investment Trusts, which trade on a 10-20%premium to NAV. For the long term, there is little temptation to increase the allocation toequities at these levels.

Principal Risks and UncertaintiesThe principal risks and uncertainties facing the Company were explained in detail within theAnnual Report issued in May 2009, and they continue to be the same for the Company and itsinvestors for the period under review and moving forward.

AIFM DirectiveNew rules proposed by the European Council’s Alternative Investment Fund Managers (AIFM)Directive (the ‘Directive’) released earlier this year call for further regulation of AlternativeInvestment Funds, a classification that will include investment trusts.

Our trade body, the Association of Investment Companies (‘AIC’) have expressed concern thatthe proposals will increase compliance burdens and reduce investment companies’ commercialflexibility and are, therefore, lobbying UK and EU policy makers to amend the rules in order tolesson their negative impact. The Directive is currently still in draft format, with the publicationof amendments expected by Easter 2010 and full implementation estimated by the AIC to occurin 2012.

The Board is following the progress of the Directive closely and will keep shareholders informedof the ongoing consultations as they develop, through the regular financial reports that theCompany publishes.

Related Party TransactionsDetails of related party transactions are contained in the Annual Report issued in May 2009. Therehave been no further related party transactions and there have been no material changes in thenature and type of the related party transactions as stated within the Annual Report.

2 CAPITAL GEARING TRUST P.L.C HALF-YEAR FINANCIAL REPORT 2009

Interim Management Report (continued)



Statement of Directors’ ResponsibilitiesEach of the Directors confirm that, to the best of their knowledge:

(a) The condensed set of financial statements has been prepared in accordance with theAccounting Standards Board’s statement ‘Half-Yearly Financial Reports’;

(b) The Interim Management Report includes a fair review of the information required byDisclosure and Transparency Rule 4.2.7R (indication of important events during the firstsix months of the financial year and description of principal risks and uncertainties for theremaining six months of the financial year); and

(c) The Interim Management Report includes a fair review of the information required byDisclosure and Transparency Rule 4.2.8R (disclosure of related party transactions and changestherein).

The condensed set of financial statements are published on the Company’s website,www.capitalgearingtrust.com, which is a website maintained by TMF Corporate Secretarial ServicesLimited. The Directors are responsible for the maintenance and integrity of the Company’scorporate website and financial information included within the website. Legislation in the UKgoverning the preparation and dissemination of financial statements may differ from legislationin other jurisdictions.

For and on behalf of the Board

Mr T R PattisonChairman

5 November 2009

Interim Management Report (continued)


IntroductionWe have been engaged by the Company to review the condensed set of financial statements inthe Half-Year Financial Report for the six months ended 5 October 2009, which comprises theIncome Statement, Statement of Total Recognised Gains and Losses, Reconciliation of Movementsin Shareholders’ Funds, Balance Sheet, Cash Flow Statement and related notes. We have read theother information contained in the Half-Year Financial Report and considered whether it containsany apparent misstatements or material inconsistencies with the information in the condensedset of financial statements.

Directors’ responsibilitiesThe Half-Year Financial Report is the responsibility of, and has been approved by, the Directors.The Directors are responsible for preparing the Half-Year Financial Report in accordance with theDisclosure and Transparency Rules of the UK’s Financial Services Authority.

As disclosed in note 1, the annual financial statements are prepared in accordance with UKAccounting Standards (UK Generally Accepted Accounting Practice). The condensed set of financialstatements included in this Half-Year Financial Report has been prepared in accordance withpronouncements on half-yearly financial reports issued by the UK Accounting Standards Board.

Our responsibilityOur responsibility is to express to the Company a conclusion on the condensed set of financialstatements in the Half-Year Financial Report based on our review. This report, including theconclusion, has been prepared for and only for the Company for the purpose of the Disclosureand Transparency Rules of the Financial Services Authority and for no other purpose. We do not,in producing this report, accept or assume responsibility for any other purpose or to any otherperson to whom this report is shown or into whose hands it may come save where expresslyagreed by our prior consent in writing.

Scope of reviewWe conducted our review in accordance with International Standard on Review Engagements(UK and Ireland) 2410, ‘Review of Interim Financial Information Performed by the IndependentAuditor of the Entity’ issued by the Auditing Practices Board for use in the UK. A review of interimfinancial information consists of making enquiries, primarily of persons responsible for financialand accounting matters, and applying analytical and other review procedures. A review issubstantially less in scope than an audit conducted in accordance with International Standards onAuditing (UK and Ireland) and consequently does not enable us to obtain assurance that we wouldbecome aware of all significant matters that might be identified in an audit. Accordingly, we donot express an audit opinion.

ConclusionBased on our review, nothing has come to our attention that causes us to believe that thecondensed set of financial statements in the Half-Year Financial Report for the six months ended5 October 2009 is not prepared, in all material respects, in accordance with the Statement‘Half-Yearly Financial Reports’ issued by the UK Accounting Standards Board and the Disclosureand Transparency Rules of the UK’s Financial Services Authority.

PricewaterhouseCoopers LLPChartered AccountantsBelfast, 5 November 2009


Independent Review Report to Capital Gearing Trust p.l.c



Distribution of Investment Funds of £65,319,000 (5 April 2009: £58,617,000)

5 October 5 AprilNorth 2009 2009

UK America Europe Elsewhere Total Total% % % % % %

Investment Trust assets:Ordinary shares 11.2 2.5 3.3 4.1 21.1 16.0Endowment funds 3.3 – – – 3.3 3.6Zero dividend preference shares 12.8 – – – 12.8 10.7

Other assets:Fixed interest 2.8 – 24.7 – 27.5 32.3Index linked 11.5 18.0 1.1 – 30.6 33.8Floating interest 0.7 – – – 0.7 1.8Cash 4.0 – – – 4.0 1.8

46.3 20.5 29.1 4.1 100.0 100.0

Distribution of Investment Fundsat 5 October 2009



Market value greater than £500,0005 October

2009£’000

Investment Trust Ordinary Shares and Endowment Funds:Allianz Dresdner 2nd Endowment Policy Trust 2009 1,678North Atlantic Smaller Companies 1,255London & St Lawrence Investment Company 935TR Property Investment Trust Sigma 895Oryx International Growth Fund 590ETFS Metal Securities Ltd (gold) 517Other (53 investments) 10,068

15,938

Investment Trust Zero Dividend Preference Shares:Utilico Finance Ltd 2012 1,642Premier Energy & Water Trust 1,300EW&PO Finance Plc 1,218EPIC Securities 962Utilico Finance Ltd 2016 526Other (10 investments) 2,737

8,385

Major Investments of the Companyat 5 October 2009



Market value greater than £500,000 (continued)5 October

2009£’000

Index-Linked Securities and Fixed Interest:Treasury 2.5% Index Linked 2013 4,291Switzerland (Govt of) 2% Bonds 2014 4,099Switzerland (Govt of) 3% Bonds 2018 3,301France (Govt of) 5.5% OAT 2029 3,278Germany (Federal Republic) 4.75% Bonds 2028 3,050USA Treasury 2% Index Linked Bonds 2016 2,760USA Treasury 1.375% Index Linked Bonds 2018 2,741USA Treasury 2% Index Linked Bonds 2026 2,057USA Treasury 0.625% Index Linked Bonds 2013 1,632Treasury 2.5% Index Linked 2011 1,203Treasury 1.25% Index Linked 2017 1,164Germany (Federal Republic) 4.75% Bonds 2034 1,134USA Treasury 3.625% Index Linked Bonds 2028 1,037Canada (Govt of) 4% Index Linked 2031 1,036Treasury 2.5% Index Linked 2016 879The Cayenne Trust 3.25% Convertible Unsecured Loan Stock 2011 768Germany (Federal Republic) 4% Bonds 2037 699Sweden (Kingdom of) 3.5% Index Linked Bonds 2028 692Switzerland (Govt of) 2.5% Bonds 2036 591Other (6 investments) 1,537

37,949

Floating interest:Smith & Williamson Investment Funds (cash) 451

Total investments 62,723

Amounts due from brokers, on deposit 2,596

Total investment funds 65,319

Major Investments of the Company (continued)at 5 October 2009



(unaudited)6 months ended

5 October 2009Revenue Capital Total

£’000 £’000 £’000

Net gains/(losses) on investments – 7,349 7,349Exchange (losses)/gains – (530) (530)Investment income (note 2) 713 – 713

Gross return/(loss) 713 6,819 7,532

Investment management fee (79) (185) (264)VAT refund on investment management fee – – –Transaction costs – (33) (33)Other expenses (154) – (154)

Net return/(loss) on ordinary activities before tax 480 6,601 7,081Tax on ordinary activities (66) 39 (27)

Net return/(loss) attributable to equity shareholders 414 6,640 7,054

Return/(loss) per Ordinary Share (note 3) 14.81p 237.58p 252.39p

The total column of this statement is the Income Statement of the Company. The revenue return andcapital return columns are supplementary to this and are prepared under guidance issued by theAssociation of Investment Companies.

All revenue and capital items in the above statement derive from continuing operations.

Statement of Total Recognised Gains andLosses (unaudited)for the six months ended 5 October 2009

(unaudited) (unaudited) (audited)6 months 6 months Year

ended ended to5 October 5 October 5 April

2009 2008 2009£’000 £’000 £’000

Net return/(loss) attributable to equity shareholders 7,054 (1,936) 433

Total gains and losses recognised for the period 7,054 (1,936) 433

Income Statement (unaudited)for the six months ended 5 October 2009



(unaudited) (audited)6 months ended Year ended5 October 2008 5 April 2009

Revenue Capital Total Revenue Capital Total£’000 £’000 £’000 £’000 £’000 £’000

– (2,618) (2,618) – (4,566) (4,566)– 204 204 – 4,293 4,293

679 – 679 1,417 – 1,417

679 (2,414) (1,735) 1,417 (273) 1,144

(72) (169) (241) (147) (344) (491)92 216 308 101 237 338

– (37) (37) – (75) (75)(192) – (192) (357) – (357)

507 (2,404) (1,897) 1,014 (455) 559(80) 41 (39) (218) 92 (126)

427 (2,363) (1,936) 796 (363) 433

15.28p (84.55)p (69.27)p 28.48p (12.99)p 15.49p



Capital Capitalreserve reserve

Called up Share Capital arising on arising onshare premium redemption investments investments Revenue

capital reserve reserve held sold reserve Total£’000 £’000 £’000 £’000 £’000 £’000 £’000

Balance at 6 April 2009 699 8,114 16 3,247 45,614 1,714 59,404

Exchange losseson investments – – – (530) – – (530)

Net gains on realisation of investments – – – – 2,156 – 2,156

Net increase in unrealised appreciation – – – 5,193 – – 5,193

Transfer on disposalof investments – – – 1,444 (1,444) – –

Transaction costs – – – (28) (5) – (33)Costs charged to

capital – – – – (185) – (185)VAT refund – – – – – – –Tax on costs

charged to capital – – – – 39 – 39Net revenue for

the period – – – – – 414 414

Total 699 8,114 16 9,326 46,175 2,128 66,458

Dividends (note 4) – – – – – (615) (615)

Balance at 5 October 2009 699 8,114 16 9,326 46,175 1,513 65,843

Reconciliation of Movements inShareholders’ Funds (unaudited)for the six months ended 5 October 2009



Capital Capitalreserve reserve

Called up Share Capital arising on arising onshare premium redemption investments investments Revenue

capital reserve reserve held sold reserve Total£’000 £’000 £’000 £’000 £’000 £’000 £’000

Balance at 6 April 2008 699 8,114 16 8,009 41,215 1,379 59,432

Exchange gainson investments – – – 125 79 – 204

Net gains on realisation of investments – – – – 1,588 – 1,588

Net decrease in unrealised appreciation – – – (4,206) – – (4,206)

Transfer on disposal of investments – – – (292) 292 – –

Transaction costs – – – (32) (5) – (37)Costs charged to

capital – – – – (169) – (169)VAT refund – – – – 216 – 216Tax on costs

charged to capital – – – – 41 – 41Net revenue for

the period – – – – – 427 427

Total 699 8,114 16 3,604 43,257 1,806 57,496

Dividends (note 4) – – – – – (461) (461)

Balance at 5 October 2008 699 8,114 16 3,604 43,257 1,345 57,035

for the six months ended 5 October 2008



(unaudited) (unaudited) (audited)5 October 5 October 5 April

2009 2008 2009£’000 £’000 £’000

Fixed AssetsListed investments 62,723 53,910 57,550

Current AssetsDebtors 3,051 3,032 1,525Cash at bank 401 368 634

3,452 3,400 2,159Creditors: amounts falling due within one year (332) (275) (305)

Net current assets 3,120 3,125 1,854

Net assets 65,843 57,035 59,404

Capital and ReservesCalled up share capital 699 699 699Share premium account 8,114 8,114 8,114Capital redemption reserve 16 16 16Capital reserve arising on investments held 9,326 3,604 3,247Capital reserve arising on investments sold 46,175 43,257 45,614Revenue reserve 1,513 1,345 1,714

Total equity shareholders’ funds 65,843 57,035 59,404

Net asset value per Ordinary Share 2,355.8p 2,040.7p 2,125.4p

The Half-Year Financial Report for the six months ended 5 October 2009 was approved by theBoard of Directors on 5 November 2009 and signed on its behalf by:

Mr T R PattisonChairman

5 November 2009

Balance Sheet (unaudited)at 5 October 2009



(unaudited) (unaudited) (audited)6 months 6 months Year

ended ended ended5 October 5 October 5 April

2009 2008 2009£’000 £’000 £’000

Net cash inflow from operating activities (note 5) 296 283 942

Foreign tax paid on investment income – – (60)

Capital expenditure and financial investment

Payments to acquire investments (5,624) (9,357) (24,013)

Receipts from sale of investments 7,238 7,848 20,966

1,614 (1,509) (3,047)

Equity dividends paid (615) (461) (461)

Management of liquid resources

Change in cash held by custodians awaiting investment (1,528) 1,816 3,021

(Decrease)/increase in cash (note 6) (233) 129 395

Cash Flow Statement (unaudited)for the six months ended 5 October 2009



1 Accounting Policies

The financial information for the six months to 5 October 2009 and 5 October 2008 has beenprepared under the historical cost convention, modified to include the revaluation ofinvestments and in accordance with Accounting Standards applicable in the UK,pronouncements on interim reporting issued by the UK Accounting Standards Board and theStatement of Recommended Practice for Investment Trusts issued in January 2009 by theAssociation of Investment Companies (the ‘AIC’). The half-year financial statements have beenprepared on the basis of the accounting policies set out in the financial statements for the yearended 5 April 2009.

2 Investment Income6 months to 6 months to Year to

5 October 5 October 5 April2009 2008 2009

£’000 £’000 £’000

Income from investmentsIncome from UK bonds 158 95 265Income from UK equity and non-equity investments 171 124 241Overseas interest 383 402 836

712 621 1,342Deposit interest 1 58 75

Total income 713 679 1,417

3 Return/(loss) per Ordinary Share

The calculation of return per Ordinary Share is based on results after tax divided by the weightedaverage number of shares in issue during the period of 2,794,906 (2008: 2,794,906).

The revenue, capital and total return/(loss) per Ordinary Share is shown on the Income Statement.

4 Dividends6 months to 6 months to Year to


Pence per share 22.0p 16.50p 16.50pTotal cost £615,000 £461,000 £461,000

Notes to the Financial Statements


5 Reconciliation of net revenue before finance costs and taxation to net cash inflowfrom operating activities

6 months to 6 months to Year to5 October 5 October 5 April

2009 2008 2009£’000 £’000 £’000

Net revenue before finance costs and taxation 480 507 1,014Investment management fee charged to capital (185) (169) (344)VAT refund credited to capital – 216 237Decrease in accrued income 3 31 11Increase in creditors – 20 23(Increase)/decrease in debtors (2) (322) 1

Net cash inflow from operating activities 296 283 942

6 Reconciliation of net cash flow to movement in net funds6 months to 6 months to Year to


£’000 £’000 £’000

Net funds at beginning of the period 634 239 239(Decrease)/increase in cash for the period (233) 129 395

Net funds at the end of the period 401 368 634

7 Taxation

Capital returns and dividend income are not subject to corporation tax within an investment trustcompany. The provision for corporation tax arises from the excess of unfranked investmentincome over management expenses and tax losses brought forward.

8 Comparative information

The financial information contained in this Half-Year Financial Report does not constitute statutoryaccounts as defined in Section 434 of the Companies Act 2006. The financial information for thehalf-years ended 5 October 2008 and 5 October 2009 has not been audited by the Company’sauditors. The abridged financial information for the year ended 5 April 2009 has been extractedfrom the Company’s statutory accounts for that year, which have been filed with the Registrar ofCompanies. The report of the auditors on those accounts was unqualified and did not contain astatement under either Section 498(2) or Section 498(3) of the Companies Act 2006.


Notes to the Financial Statements(continued)



Financial Reporting Copies of the Company’s Annual and Half-Year FinancialReports and Interim Management Statements may beobtained from the Company Secretary and electroniccopies can be accessed on the Company’s website www.capitalgearingtrust.com

Contacting the Board Any shareholders wishing to communicate directly with theBoard should do so via the Company Secretary

Capital Gains Tax As at 31 March 1982 the adjusted value for Capital Gains Taxpurposes of the 25p Ordinary Shares was 21.25p

Financial Calendar (guide) Annual Results MayAnnual General Meeting JulyDividend payment date JulyHalf-Year Financial Report NovemberInterim Management June-August &Statements December-February

Frequency of NAV publication Monthly

How to invest Via your bank, stockbroker or other financial adviser

Sources of further information Company’s Website www.capitalgearingtrust.comFinancial Times www.ft.comAIC www.theaic.co.uk

Share identification codes SEDOL: 0173861BLOOMBERG: CGT:LNFT: CGT:LSEISIN: GB0001738615EPIC: CGT

Substantial Shareholdings The Disclosure and Transparency Rules require shareholdersof the Company to simultaneously inform the Companyand the Financial Services Authority (the ‘FSA’) of changesto major holdings in the Company’s shares within two trading days of the change.

For further information, please visit the FSA’s website:www.fsa.gov.uk/pages/doing/ukla/company/notifications/index.shtml

Disability Act Copies of this and other documents issued by theCompany can be made available in a variety of formats,including Braille, audio type or larger type as appropriate.You can contact the Registrar to the Company, CapitaRegistrars, which has installed telephones to allow speechand hearing-impaired people who have their owntelephone to contact them directly without the need foran intermediate operator. For this service please call020 8639 2062. Specially trained operators are availableduring normal business hours to answer your queries.Alternatively, if you prefer to go through a ‘typetalk’operator (provided by the RNID) you should dial 18001followed by the number you wish to dial.

Shareholder Information


Printed by Perivan Financial Limited 216349

Registered Office Waterfront Plaza, 8 Laganbank RoadBelfast BT1 3LR

Registered Number NI 005574

Company Secretary TMF Nominees Limited400 Capability GreenLuton LU1 3AETelephone: 01582 439 200 Fax: 01582 439 207E-mail: [email protected]

Registrar Capita RegistrarsNorthern House, Woodsome ParkFenay Bridge, HuddersfieldWest Yorkshire HD8 0LA Telephone: 0871 664 0300*From outside the UK: +44 20 8639 3399 Fax: 020 8639 2342E-mail: [email protected]: www.capitaregistrars.com

*Calls from BT landlines cost 10p/minute plus networkextras, calls from other networks and mobiles may varylines are open 8.30 a.m. – 5.30 p.m., Mon-Fri

Investment Manager CG Asset Management Limited25 MoorgateLondon EC2R 6AY

Portfolio Manager Smith & Williamson Investment Management Limited25 MoorgateLondon EC2R 6AY

Bankers Northern Bank LimitedDonegall Square NorthBelfast BT1 6LT

Auditors PricewaterhouseCoopers LLPWaterfront Plaza8 Laganbank RoadBelfast BT1 3LR

Corporate Stockbrokers JP Morgan Cazenove20 MoorgateLondon EC2R 6DA

Directory

216349 Capital Gearing Interim Cov 12/11/09 11:18 Page iii

Capital Gearing Trust p.l.cWaterfront Plaza8 Laganbank RoadBelfast BT1 3LR

www.capitalgearingtrust.com

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CAPITAL GEARING TRUST P.L · CAPITAL GEARING TRUST P.L.C HALF-YEAR FINANCIAL REPORT 2009 3...

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