M&G HIGH INCOME INVESTMENT TRUST P.L.C

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "M&G HIGH INCOME INVESTMENT TRUST P.L.C"

Transcription

1 This document is issued by M&G Securities Limited as the alternative investment fund manager (AIFM) of M&G High Income Investment Trust PLC (the "Company") solely in order to make certain information available to investors in the Company before they invest, in accordance with the requirements of the FCA Rules implementing the EU Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (the "AIFM Directive") in the United Kingdom. It is made available to investors in the Company at For investors purchasing shares via the M&G ISA, this document should be read in conjunction with the Key Features for M&G High Income Investment Trust PLC document, which is included in the Important Information for Investors document also available at M&G HIGH INCOME INVESTMENT TRUST P.L.C (incorporated in England and Wales under the Companies Act 1985 No and registered as an investment company under Section 833 of the Companies Act 2006) INVESTOR DISCLOSURE DOCUMENT Regulatory status of the Company IMPORTANT INFORMATION M&G High Income Investment Trust PLC is an 'alternative investment fund' ("AIF") for the purposes of the AIFM Directive. The Company has appointed M&G Securities Limited to act as its AIFM. M&G Securities Limited is authorised and regulated by the United Kingdom Financial Conduct Authority as a 'full-scope' UK AIFM and the Company is an 'externally-managed AIF' for the purposes of the AIFM Directive. The Company's shares are listed on the premium segment of the Official List of the UK Listing Authority and are admitted to trading on the main market of the London Stock Exchange. The Company is subject to its articles of association, the Listing Rules, the Disclosure and Transparency Rules, the UK Corporate Governance Code and the Companies Act The provisions of the Company's articles of association are binding on the Company and its shareholders. The articles of association set out the respective rights and restrictions attaching to the Company's shares. These rights and restrictions apply equally to all shareholders. All shareholders are entitled to the benefit of, and are bound by and are deemed to have notice of, the Company's articles of association. The Company's articles of association are governed by the law of England and Wales. Limited purpose of this document This document is not being issued for any purpose other than to make certain, required regulatory disclosures to investors and, except to the extent required under applicable law and regulations, the Company, the AIFM and their directors will not be responsible to persons (including the Company's shareholders) for their use of this document. This document does not constitute, and may not be used for the purposes of, an offer or solicitation to buy or sell, or otherwise undertake investment activity in relation to, the Company's shares. This document is not a prospectus and it is not intended to be an invitation or inducement to any person to engage in any investment activity. This document may not include (and it is not intended to include) all the information which investors and their professional advisers may require for the purpose of making an informed decision in relation to an investment in the Company and its shares.

2 2 For investors purchasing shares via the M&G ISA, this document should be read in conjunction with the Key Features for M&G High Income Investment Trust PLC document, which is included in the Important Information for Investors document available at No advice The Company, the AIFM and their directors are not advising any person in relation to any investment or other transaction involving shares in the Company. Recipients must not treat the contents of this document or any subsequent communications from the Company, or any of its affiliates, officers, directors, employees or agents, as advice relating to financial, investment, taxation, accounting, legal, regulatory or any other matters. Prospective investors must rely on their own professional advisers, including their own legal advisers and accountants, as to legal, tax, accounting, regulatory, investment or any other related matters concerning the Company and an investment in shares. Potential investors in the Company's shares should consult their stockbroker, bank manager, solicitor, accountant or other financial adviser before investing in the Company. Overseas investors The distribution of this document in certain jurisdictions may be restricted and accordingly persons into whose possession this document comes are required to inform themselves about and to observe such restrictions. The shares have not been, and will not be, registered under the United States Securities Act of 1933 (as amended) or under any of the relevant securities laws of Canada, Australia or Japan. Accordingly, the shares may not (unless an exemption from such Act or such laws is available) be offered, sold or delivered, directly or indirectly, in or into the USA, Canada, Australia or Japan. The Company is not registered under the United States Investment Company Act of 1940 (as amended) and investors are not entitled to the benefits of such Act. Prospective investors must inform themselves as to (a) the legal requirements within their own countries for the purchase, holding, transfer or other disposal of shares; (b) any foreign exchange restrictions applicable to the purchase, holding, transfer or other disposal of shares which they might encounter; and (c) the income and other tax consequences which may apply in their own countries as a result of the purchase, holding, transfer or other disposal of shares.

3 3 THE COMPANY Investment Objective The Company s investment objective is to achieve an above average and increasing income over the 20 year life of the Company*, while at the same time seeking to achieve capital growth. * As an investment company with a limited life, the Company will wind-up on or immediately prior to 17 March Investment Policy and Strategy The Company intends to achieve its investment objective through the following asset allocation policies: to maintain a portfolio comprising mainly high yielding ordinary shares of UK incorporated companies listed on the London Stock Exchange; to invest a significant portion of the portfolio in companies outside the FTSE 100 Index, typically between 10 per cent. and 25 per cent. of the portfolio, but at any one time such shares shall represent between 5 per cent. and 35 per cent. of the portfolio; to allow for a small proportion of the portfolio to be made up of convertible and other fixed income securities, typically around 15 per cent. of the portfolio and not exceeding 30 per cent. of the portfolio; and to invest in unquoted securities suitable for the Company s investment style, but such investments will not exceed 1 per cent. of the portfolio. Further, the Company has the following risk diversification policies: the sector weightings for the Company s equities portfolio will not usually deviate from those of the FTSE 100 Index by more than 10 per cent. but during periods of exceptional volatility this deviation may increase (whether inadvertently or advertently) by up to 5 per cent.; the equities portfolio will usually comprise between 60 and 120 holdings; the fixed income portfolio may include both corporate bonds and gilts and all or part of the exposure to these asset classes may be gained through holdings in collective investment schemes. Holdings of corporate bonds within the fixed income portfolio will be diversified by issuer, maturity, coupon, credit ratings and industrial sector; the Company would not expect its portfolio weighting in any one stock to exceed 10 per cent., except as a result of market movement and in any event such weighting shall not exceed 15 per cent.; the Company will not invest in any securities issued by split capital investment trusts or split capital investment companies; and the Company will also not invest more than 15 per cent. of its gross assets in other listed investment companies (including listed investment trusts). The Directors have regard to the social responsibilities of the companies in the portfolio of investments but place no restriction on the scope of the AIFM with respect to its remit other than achieving above average returns in line with the investment policy. Lastly, the Company intends to conduct its affairs so as to achieve and maintain approved investment trust status in the UK. Investment restrictions and guidelines If and for so long as required by the Listing Rules of the UKLA in relation to closed-ended investment companies, the Company has adopted the following investment and other restrictions:

4 4 1. the Company will at all times, invest and manage its assets in a way which is consistent with its object of spreading investment risk and in accordance with its published investment policy; 2. the Company will not conduct any trading activity which is significant in the context of the Company (or, if applicable, its group as a whole); and 3. not more than 15 per cent. in aggregate of the value of the total assets of the Company at the time the investment is made will be invested in other closed-ended investment funds which are listed on the Official List. In order to maintain its status as an investment trust pursuant to Sections 1158 to 1165 of the Corporation Tax Act 2010 the Company is required to operate under certain constraints. Loss of such status would result in capital gains becoming subject to UK corporation tax. These restrictions include the following limits on investments and operations: 1. no investment in any one company may exceed 15 per cent. of the value of the Company s total investments at the time of investment; 2. the Company may not retain (in respect of any accounting period) an amount which is greater than 15 per cent. of the income it derives from shares and securities; 3. at least 70 per cent. of the Company s gross income must be derived from shares and securities (including gilts); and 4. the Company may not distribute capital profits by way of dividend. In the event of any material breach of the investment restrictions applicable to the Company, Shareholders will be informed of the actions to be taken by the AIFM through an announcement via a Regulatory Information Service. After a period of consultation, on 9 December 2010 the UK Government set out proposals to reform and modernise the tax rules for investment trusts and, in particular, the restrictions imposed by Sections 1158 to 1165 of the Corporation Tax Act Draft legislation (which will be in the form of regulations) is not yet available, however stated aims of the reform are to remove unnecessary restrictions on the commercial activities of investment trusts and reduce costs to business. If implemented as currently proposed the amendments would, inter alia, remove the requirement that at least 70 per cent. of the Company s gross income is derived from shares and securities, permit the Company to retain up to 15 per cent. of its income in any one year measured by reference to total income rather than income from shares and securities and replace the 15 per cent. investment restriction with a more purposive spread of risk condition, modelled on provisions in the Listing Rules. Leverage The Company s investment policy does not permit it to gear its investment portfolio to enhance investment performance. Any change to this policy would represent a material change to the published investment policy which, as detailed in the section headed Changes to the Company's investment policy below would, under the Listing Rules, require the Company to seek shareholder approval. The Company s investment policy does not include gearing the portfolio but the company does however have Zero Dividend Preference and Income shares in issue which, by nature of their predetermined capital entitlements, are of a geared nature. Changes to the Company's investment policy As a closed-ended investment company whose shares are admitted to the Official List under Chapter 15 of the Listing Rules, the Company is required to obtain the prior approval of shareholders to any material change to the published investment policy. Accordingly, the Company will not make any material change to its published investment policy without the approval of its shareholders by ordinary resolution. The Company will announce any such change through a Regulatory Information Service. The Company's published investment policy is set out in the section entitled 'Investment policy' above.

5 5 Any change in investment strategy or investment policy which does not amount to a material change to the published investment policy may be made by the Company without shareholder approval. The AIFM ADMINISTRATION AND MANAGEMENT OF THE COMPANY The Company has appointed M&G Securities Limited as its AIFM with responsibility for the investment management of the Company, including portfolio management and risk management. M&G Securities Limited will act as the AIFM for the purposes of the AIFM Directive. M&G Securities Limited is a private company limited by shares and incorporated in England and Wales under the Companies Acts 1862 to 1900 on 12 November 1906 with company number The AIFM is authorised and regulated by the FCA in the conduct of its investment business in the United Kingdom and is entered on the FCA's register under number The AIFM is authorised by the FCA as a full scope AIFM. Subject to the FCA Rules and the AIFM Directive the AIFM may delegate (and authorise its delegate to sub-delegate) its duties as investment manager. The AIFM has delegated portfolio management to M&G Investment Management Limited (MAGIM). MAGIM has the authority to make investment decisions on behalf of the Company and the AIFM. Notwithstanding this delegation the AIFM will remain responsible for the proper performance of the portfolio management and risk management. The AIFM charges a fee based on the mid-market value of the Company s total assets less its current liabilities. Current liabilities does not include amounts due to any class of Shareholders on a winding up of the Company. The fee is as follows: 1% on the first 75 million 0.9% on the next 125 million 0.8% on the excess over 200 million The Depositary The AIFM has appointed National Westminster Bank Plc as the Depositary of the Company. The Depositary is a public company limited by shares incorporated in England and Wales. Subject to the FCA Rules and the AIFM Directive, the Depositary is responsible for the safekeeping of the property entrusted to it and has a duty to take reasonable care to ensure that the Company is managed in accordance with the provisions of the FCA rules, the AIFM Directive and the articles of association of the Company relating to the pricing of, and dealing in, shares of the Company and to the income of the Company. The Depositary is authorised by the PRA and regulated by the PRA and the FCA in the conduct of its investment business in the United Kingdom. The Depositary has not entered into any arrangement contractually to discharge itself of liability in accordance with Article 21(13) of the AIFM Directive. The Company or AIFM will notify shareholders of any changes with respect to the discharge by the Depositary of its liability in accordance with Article 21(13) through a Regulatory Information Service. The Depositary has appointed State Street Bank and Trust Company to act as custodian of the property of the Company. The Depositary receives for its own account a fixed fee of 30,000 per annum. In addition to the fee stated above, the Depositary shall also be entitled to receive transaction and custody charges relating to the transaction handling and safekeeping of the Company's assets as follows: Item Range Transaction Charges 4 to 75. Custody Charges % to 0.40% per annum.

6 6 This rate can be varied from time to time in accordance with the FCA Regulations. The Auditor The Auditor of the Company is currently PricewaterhouseCoopers LLP. Subject to Shareholder approval, Ernst & Young LLP will be appointed with effect from the Company s next AGM on 2 September The Auditor shall, with respect to the assets of the Company, carry out its duties in accordance with all applicable laws, rules and regulations, including the audit of the accounting information contained in the annual report of the Company. The Registrar The Registrar of the Company is Equiniti Limited, a private limited company incorporated in England and Wales with registered number , whose registered office is at Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA The duties of the registrar include: maintenance of the register of shareholders; certifying and registering transfers; dealing with routine correspondence from shareholders, the United Kingdom Listing Authority, CRESTCo and the Registrar of Companies; and maintaining dividend mandates and shareholder legal documentation. The fees charged by the registrar are based on the number of shareholders on the register of members and the number of transfers that take place among other factors. Conflicts of Interest The AIFM, the Depositary and MAGIM are or may be involved in other financial, investment and professional activities which may, on occasion, cause conflicts of interest in the management of the Company. In addition, the Company may enter into transactions at arm's length with companies in the same group as the AIFM. The Depositary may, from time to time, act as depositary of other funds. Each of the parties will, to the extent of their ability and in compliance with the FCA Regulations, ensure that the performance of their respective duties will not be impaired by any such involvement. Annual Reports and Financial Statements SHAREHOLDER INFORMATION Copies of the Company's latest annual and interim reports are available on request from the Registrar or via The Company will include within the Company s Annual Report and Financial Statements information on, amongst other things details of any changes to the Company s policy on leverage described above. Publication of Net Asset Value The latest net asset value (NAV) per share or unit of the Company may be accessed via

7 7 Valuation Policy The NAV per Share of each Share class will be calculated each business day by the AIFM. The Company s listed investments are valued on a mid-price basis at 12 noon. Where trading in the securities of an investee company is suspended, the investment is valued at the Board s estimate of its net realisable value. Any unlisted investments are valued by the AIFM. In making their valuations, the AIFM will take into account, where appropriate, latest dealing prices, valuations from reliable sources, asset values and other relevant factors. Historical performance of the Company Details of the Company's historic financial performance can be accessed at and are also provided in the Company's annual reports and accounts. Investors should note that past performance of the Company is not necessarily indicative of future performance. Investors may not get back the amount invested. Purchases and sales of shares by investors The Company's shares are admitted to the Official List of the UKLA and to trading on the main market of the London Stock Exchange. Accordingly, the Company's shares may be purchased and sold on the main market of the London Stock Exchange. The Company's shares are not redeemable. While the Company will typically have shareholder authority to buy back shares, shareholders do not have the right to have their shares purchased by the Company. Units held via the M&G ISA can be bought and sold on any business day. Please refer to the Important Information for Investors document for details of buying and selling the units via the M&G ISA. Fair treatment of investors Procedures, arrangements and policies have been put in place by the AIFM to ensure compliance with the principles of fair treatment of investors. The principles of treating investors fairly include, but are not limited to: 1. acting in the best interests of the Company and investors; 2. executing the investment decisions taken for the account of the Company in accordance with the objectives, the investment policy and the risk profile of the Company; 3. ensuring that the interests of any group of investors are not placed above the interests of any other group of investors; 4. ensuring that fair, correct and transparent pricing models and valuation systems are used for the Company; 5. preventing undue costs being charged to investors; 6. taking all reasonable steps to avoid conflicts of interests and, when they cannot be avoided, identifying, managing, monitoring and, where applicable, disclosing those conflicts of interest to prevent them from adversely affecting the interests of Shareholders; and 7. recognising and dealing with complaints fairly. No investor has a right to obtain preferential treatment in relation to their investment in the Company and the Company does not give preferential treatment to any investors.

8 8 Rights against service providers~ Investors will only be able to exercise their rights directly against the Company and the Manager and will not have any direct rights against the service providers of the Company appointed from time to time. RISK FACTORS General Investment in the Company should not be regarded as short term in nature. There can be no guarantee that any appreciation in the value of the Company s assets will occur or that the investment objective of the Company will be achieved. Investors may not get back the full amount invested. The price of Shares and any income from them may go down as well as up. Changes in general economic conditions including, for example, interest rates, rates of inflation, the availability of credit, industry conditions, competition, political and diplomatic events and trends, tax legislation and other factors can substantially and adversely affect corporate profitability, the performance of equity investments and the Company s prospects. These changes can adversely affect the prospects for dividends, particularly those paid by high yielding shares. A reduction in the Company s dividend income may result in a reduction in the dividends payable by the Company. Performance risk Investment performance may not meet the Company s objective as a result of falling markets, reduced dividend income or poor relative performance and the Shares may become unattractive to investors leading to a fall in share price and also a widening of the discount against NAV. Liquidity in the underlying portfolio may become constrained which could inhibit or delay the AIFM s or MAGIM's ability to implement investment decisions. To control risk, the AIFM and MAGIM monitor the portfolio s composition and exposure relative to the FTSE All-Share Index. Subject to income constraints, the AIFM and MAGIM keep the sector and individual stock variances within reasonable levels and normally keep cash balances to a minimum. Foreign exchange risk The Company may invest in the shares of companies which are denominated or traded in currencies other than sterling and/or whose operations are conducted in currencies other than sterling. The Company may therefore have an exposure to foreign exchange risk as a result of changes, both unfavourable and favourable, in exchange rates between those currencies and sterling. Foreign exchange risk may increase the volatility of the NAV per Share and as some companies declare dividends in currencies other than sterling the volatility of the Company s sterling income may increase. The Company does not have a policy of hedging or otherwise seeking to mitigate foreign exchange risk but reserves the right to do so from time to time. Risk factors specific to investment trusts The Company is an investment trust. Investment trusts aim to generate returns for shareholders by investing in other companies. As an investment trust may invest in a range of different companies, sectors and geographic regions, it may represent a method for investors to gain a diversified investment exposure. However, prospective investors should be aware of certain factors which apply to the

9 9 Company and to investment trusts generally. Discounts The price of shares in an investment trust is principally determined by the interaction of supply and demand for such shares in the market as well as the net asset value per share. The share price can therefore fluctuate and may generally represent a discount to the net asset value per share. This discount is itself variable as conditions for supply and demand change. This can mean that the share price can fall when the net asset value per share rises, or vice versa. The Company will seek to reduce the level and volatility of the discount to NAV at which the Shares trade by repurchasing Shares when it is considered in the best interests of Shareholders to do so. It may either cancel such shares immediately or hold them in Treasury for sale or cancellation at a later date. However, there can be no guarantee that this strategy will be successful. Liquidity Market liquidity in the shares of investment trusts is frequently limited. Zero Dividend Shares Although the Zero Dividend Shares are entitled to pence per share on the winding up of the Company, prospective investors should note that there is no guarantee that there will be sufficient assets available to cover this entitlement. Income Shares Income Shares are entitled to all the net revenue earned however whilst it is the Company s objective to achieve an above average and increasing income over the life of the Company this cannot be guaranteed as it will depend on dividend growth in the Company s underlying investment portfolio. On winding-up, holders of Income Shares will be entitled to a return of capital of 70 pence per share, subject to the prior entitlement of the Zero Dividend Preference Shareholders, plus any balance standing to the revenue reserve. This means that a large proportion of their value lies in the future dividend stream of the Company however this cannot be guaranteed as it will depend on dividend growth in the Company s underlying investment portfolio. There is no guarantee that there will be sufficient assets available to cover the final entitlement of 70 pence per Share. Capital Shares The entitlement of the Capital Shares on winding-up ranks behind that of the Zero Dividend Shares and the Income Shares. The primary investment objective of the Company is to achieve an above average and increasing income over the life of the Company. The NAV and price performance of the Capital Shares during the life of the Company are likely to represent an amplification of the market movement of the underlying investment portfolio of the Company and they will therefore be particularly volatile. Package Units Each Package Unit comprises one Zero Dividend Share, one Income Share and one Capital Share. The dividend payments in relation to the Package Units are subject to the same risk factors as apply to the Income Shares. Income and Growth Units Each Income & Growth Unit comprises one Income Share and one Capital Share. The dividend payments in relation to the Income & Growth Units are subject to the same risk factors as apply to the Income Shares. The capital return is subject to the same risk factors as the Capital Shares.

10 10 Accounting policies The Company prepares its accounts in accordance with UK GAAP (UK generally accepted accounting practice) and the SORP (Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts). Both UK GAAP and the SORP are subject to change and this may have an effect on the Company s calculation of NAV and the dividends payable and could adversely affect shareholders. Investment trust status The Board and the AIFM monitor compliance with Sections 1158 to 1165 of the Corporation Tax Act 2010 in order to ensure that the Company maintains its investment trust status. Loss of such status would result in the Company s capital gains becoming subject to UK corporation tax. Taxation Representations in this document concerning the taxation of Shareholders and the Company are based on current UK tax legislation and published HMRC practice as at the date of this document. These are, in principle, subject to change (possibly with retrospective effect) and prospective investors should be aware that such changes may affect the Company s ability to generate returns for Shareholders and/or the taxation of such returns to Shareholders. If you are in any doubt as to your tax position you should consult an appropriate independent professional adviser. RISK MANAGEMENT The AIFM employs a risk management process which enables it to identify, measure, manage and monitor at any time the relevant risks of the positions to which the Company is or may be exposed and their contribution to the overall risk profile of the Company and which includes the use of appropriate stress testing procedures. The Company will periodically disclose the current risk profile of the Company to investors. The Company will make this disclosure in the Annual Report and Financial Statements, or more frequently at its discretion. Further information regarding the risk management process and liquidity management systems and procedures, including the measures used to manage the most relevant risks to which the Company is or could be exposed, can be found in the Risk Management Process Policy which is available upon request from the AIFM. Risk management systems The Company will periodically disclose to investors the risk management systems which the AIFM employs to manage the risks which are most relevant to it. The Company will make this disclosure in the Annual Report and Financial Statements available to investors or more frequently at its discretion. Liquidity risk management The AIFM has a liquidity management policy in relation to the Company which is intended to ensure that the Company's investment portfolio maintains a level of liquidity which is appropriate to the Company's obligations. This policy involves an assessment by the AIFM of the prices or values at which it expects to be able to liquidate its assets over varying hypothetical periods in varying market conditions, taking into account the sensitivity of particular assets to particular market risks and other relevant factors. Shares in the Company are not redeemable and shareholders do not have the right to require their shares to be purchased by the Company. Accordingly, the liquidity management policy ensures that the

11 11 Company's investment portfolio is sufficiently liquid to meet the following principal obligations: the Company's operating and financing expenses: in practice, these expenses are typically covered by dividends received from the Company's investments; and the possible need to repay borrowings at short notice, which would require to be met by the sale of assets. The liquidity management policy is reviewed and updated, as required, on at least an annual basis. Investors will be notified in the event of any material changes being made to the liquidity management systems and procedures or where any new arrangements for managing the Company's liquidity are introduced. The Company will periodically disclose to investors the percentage of the Company's assets which are subject to special arrangements arising from their illiquid nature. The Company will make this disclosure in the Annual Report and Financial Statements, or more frequently at its discretion. Professional liability risks The AIFM holds sufficient own funds to cover professional liability risks. Amendment to this Document The information contained in this document will be reviewed and updated (as necessary) at least annually.

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED This document is issued by Standard Life Investments Property Income Trust Limited (the "Company") and is made available by Standard Life Investments (Corporate Funds) Limited (the AIFM ) solely in order

More information

The Scottish Investment Trust PLC

The Scottish Investment Trust PLC The Scottish Investment Trust PLC INVESTOR DISCLOSURE DOCUMENT This document is issued by SIT Savings Limited (the Manager ) as alternative investment fund manager for The Scottish Investment Trust PLC

More information

AIFMD investor information document Temple Bar Investment Trust PLC

AIFMD investor information document Temple Bar Investment Trust PLC AIFMD investor information document Temple Bar Investment Trust PLC Temple Bar Investment Trust PLC (the Company ) was incorporated in 1926 with the registered number 214601. The Company carries on business

More information

The Scottish American Investment Company P.L.C.

The Scottish American Investment Company P.L.C. This document is issued by Baillie Gifford & Co Limited (the Manager ) in order to make certain particular information available to investors in the Alternative Investment Fund (the Company ) noted below

More information

STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC

STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC This document is issued by Standard Life European Private Equity Trust PLC (the "Company") and is made available by SL Capital Partners LLP (the AIFM ) solely in order to make certain particular information

More information

EDISTON PROPERTY INVESTMENT COMPANY PLC

EDISTON PROPERTY INVESTMENT COMPANY PLC E095\001\EH5977615.4 This document is issued by Ediston Investment Services Limited as alternative investment fund manager of Ediston Property Investment Company plc (the "Company") solely in order to

More information

CONTENTS. Page. Important Information 3. Introduction to Alliance Trust PLC 5. Investment Policy & Strategy 7. Risk Management 11

CONTENTS. Page. Important Information 3. Introduction to Alliance Trust PLC 5. Investment Policy & Strategy 7. Risk Management 11 INVESTOR DISCLOSURE DOCUMENT February 2016 This document is issued by Alliance Trust Investments (the AIFM ) solely in order to make certain particular information available to investors in Alliance Trust

More information

The Mercantile Investment Trust plc

The Mercantile Investment Trust plc NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART OUTSIDE THE UNITED KINGDOM This document is issued by JPMorgan Funds Limited (the Manager or the AIFM ) solely

More information

UK Commercial Property Trust Limited

UK Commercial Property Trust Limited U028\001\EH5708673.1 This document is issued by Ignis Fund Managers Limited (as alternative fund manager of UK Commercial Property Trust Limited (the "Company")) solely in order to make certain particular

More information

JPMorgan Emerging Markets Investment Trust plc

JPMorgan Emerging Markets Investment Trust plc D021\096\EH5580960.1 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART OUTSIDE THE UNITED KINGDOM This document is issued by JPMorgan Funds Limited (the Manager

More information

ACORN INCOME FUND LIMITED

ACORN INCOME FUND LIMITED ACORN INCOME FUND LIMITED (a company incorporated and registered in Guernsey with registered number 34778) Directors: Helen Green (Non-executive Chairman) Nigel Ward (Non-executive Director) David Warr

More information

Article 23/FUND 3.2.2R Disclosures

Article 23/FUND 3.2.2R Disclosures Article 23/ Disclosures Phoenix Asset Management Partners Ltd. is authorised and regulated by the Financial Conduct Authority (FCA) 64 66 Glentham Road London SW13 9JJ +44 (0) 208 600 0100 phoenix@pamp.co.uk

More information

Issue of New Shares including an Initial Placing and a Placing Programme

Issue of New Shares including an Initial Placing and a Placing Programme This document comprises a prospectus relating to Aurora Investment Trust plc (the "Company") prepared in accordance with the Prospectus Rules and Listing Rules of the UK Listing Authority made under section

More information

AIFMD Article 23 Supplemental Disclosure

AIFMD Article 23 Supplemental Disclosure AIFMD Article 23 Supplemental Disclosure Alternative Investment Fund Managers Directive The EU Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (the "AIFMD") entered into force on

More information

Baronsmead VCT 2 plc. Prospectus

Baronsmead VCT 2 plc. Prospectus Baronsmead VCT 2 plc (to be renamed Baronsmead Venture Trust plc) Prospectus Issue of up to 85 million New Shares in connection with the recommended proposals for the merger with Baronsmead VCT plc and

More information

OCTOPUS ECLIPSE VCT PLC

OCTOPUS ECLIPSE VCT PLC THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt about the action to be taken, you should immediately consult your bank manager, stockbroker, solicitor, accountant

More information

Strategic Equity Capital plc

Strategic Equity Capital plc THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to what action you should take you are recommended to seek your own financial advice immediately from an independent

More information

Transact Guide to Investment Risks

Transact Guide to Investment Risks Integrated Financial Arrangements plc Transact Guide to Investment Risks Integrated Financial Arrangements plc A firm authorised and regulated by the Financial Conduct Authority INTRODUCTION Transact operates

More information

JPMorgan Senior Secured Loan Fund Limited

JPMorgan Senior Secured Loan Fund Limited D021\096\EH5580960.1 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART OUTSIDE THE UNITED KINGDOM This document is issued by JPMorgan Funds Limited (the Manager

More information

PREMIER ENERGY AND WATER TRUST PLC (Incorporated in England and Wales with company no. 04897881)

PREMIER ENERGY AND WATER TRUST PLC (Incorporated in England and Wales with company no. 04897881) THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to what action you should take you are recommended to seek your own financial advice immediately from an independent

More information

POLAR CAPITAL GLOBAL FINANCIALS TRUST PLC

POLAR CAPITAL GLOBAL FINANCIALS TRUST PLC THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to what action you should take you are recommended to seek your own financial advice immediately from an independent

More information

CHAPTER 16 INVESTMENT ENTITIES

CHAPTER 16 INVESTMENT ENTITIES CHAPTER 16 INVESTMENT ENTITIES Introduction 16.1 This Chapter sets out the requirements for the listing of the securities of investment entities, which include investment companies, unit trusts, closed-end

More information

Schroders Investment Trust ISA

Schroders Investment Trust ISA April 2016 Key Features of the Schroders Investment Trust ISA The Financial Conduct Authority is the independent financial services regulator. It requires us, Schroders, to give you this important information

More information

Baronsmead VCT 3 top-up offer

Baronsmead VCT 3 top-up offer Baronsmead VCT 3 top-up offer Offer Open to Existing Baronsmead VCT 3 & Baronsmead VCT 4 Shareholders Only How to apply and benefit from the Clubfinance discount Due to the limited capacity of the Baronsmead

More information

England and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014]

England and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014] England and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014] Contact Greg Scott, Partner Memery Crystal LLP gscott@memercrystal.com 1 Contents Page SCOPE OF THIS REPORT... 3 GENERAL

More information

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 Contents INTRODUCTION... 2 SECTION A ADMISSION... 3 A1: Eligibility for admission... 3 A2: Procedure for admission... 4 SECTION B CONTINUING

More information

The Listing Rules REITS REAL ESTATE INVESTMENT TRUSTS. Chris Luck, Nabarro LLP. Property Investment from a wider perspective.

The Listing Rules REITS REAL ESTATE INVESTMENT TRUSTS. Chris Luck, Nabarro LLP. Property Investment from a wider perspective. REITS REAL ESTATE INVESTMENT TRUSTS The Listing Rules Chris Luck, Nabarro LLP As at 1 April 2008, 18 companies have either converted to or have listed as UK-REITS. This article considers how to convert

More information

SHAREVIEW. Your guide. to tax planning for your Sharesave maturity. Keeping it simple

SHAREVIEW. Your guide. to tax planning for your Sharesave maturity. Keeping it simple SHAREVIEW Your guide to tax planning for your Sharesave maturity Keeping it simple Typically, when a Sharesave contract matures and the options are exercised, no tax liability is incurred at that stage.

More information

The issue by Octopus Apollo VCT plc of Scheme Shares in connection with the acquisition of the assets and liabilities of Octopus VCT plc

The issue by Octopus Apollo VCT plc of Scheme Shares in connection with the acquisition of the assets and liabilities of Octopus VCT plc 24 October 2014 Octopus Apollo VCT plc The issue by Octopus Apollo VCT plc of Scheme Shares in connection with the acquisition of the assets and liabilities of Octopus VCT plc Offer for Subscription by

More information

Annex XV, 1.4. Annex III, 6.1, 6.2. Annex I, 1.1, 1.2 Annex III, 1.1, 1.2. Annex I, 5.1.1 Annex 1, 5.1.2 Annex III, 5.1.2 Annex III, 5.3.

Annex XV, 1.4. Annex III, 6.1, 6.2. Annex I, 1.1, 1.2 Annex III, 1.1, 1.2. Annex I, 5.1.1 Annex 1, 5.1.2 Annex III, 5.1.2 Annex III, 5.3. THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take or the contents of this document, you are recommended to seek your own independent

More information

Northern 3 VCT PLC. Half-yearly financial report 30 September 2014

Northern 3 VCT PLC. Half-yearly financial report 30 September 2014 Northern 3 VCT PLC Half-yearly financial report 30 September 2014 2014 Northern 3 VCT PLC is a Venture Capital Trust (VCT) managed by NVM Private Equity Limited. It invests mainly in unquoted venture capital

More information

Key features of the M&S Investment ISA and Investment Plan

Key features of the M&S Investment ISA and Investment Plan M&S INVESTMENT ISA AND INVESTMENT PLAN Key features of the M&S Investment ISA and Investment Plan INTRODUCING THE HSBC WORLD SELECTION PORTFOLIOS The Financial Conduct Authority is the independent financial

More information

MERCHANT NAVY OFFICERS PENSION FUND STATEMENT OF INVESTMENT PRINCIPLES

MERCHANT NAVY OFFICERS PENSION FUND STATEMENT OF INVESTMENT PRINCIPLES MERCHANT NAVY OFFICERS PENSION FUND STATEMENT OF INVESTMENT PRINCIPLES Introduction The main purpose of the MNOPF is the provision of pensions for Officers in the British Merchant Navy on retirement at

More information

HUME EUROPEAN OPPORTUNITIES FUND. SUPPLEMENT TO THE PROSPECTUS FOR EUROPEAN WEALTH INVESTMENT FUND plc

HUME EUROPEAN OPPORTUNITIES FUND. SUPPLEMENT TO THE PROSPECTUS FOR EUROPEAN WEALTH INVESTMENT FUND plc HUME EUROPEAN OPPORTUNITIES FUND SUPPLEMENT TO THE PROSPECTUS FOR EUROPEAN WEALTH INVESTMENT FUND plc This document supplements the current prospectus for European Wealth Investment Fund plc (the Company)

More information

Invesco Perpetual Investment Trust ISA and Savings Scheme Key Features and Terms & Conditions

Invesco Perpetual Investment Trust ISA and Savings Scheme Key Features and Terms & Conditions Invesco Perpetual Investment Trust ISA and Savings Scheme Key Features and Terms & Conditions Key Features of the Invesco Perpetual Investment Trust ISA and Savings Scheme The Financial Conduct Authority

More information

with an over-allotment facility for up to a further 10 million of B Ordinary Shares

with an over-allotment facility for up to a further 10 million of B Ordinary Shares Offer for Subscription for up to 15 million of B Ordinary Shares with an over-allotment facility for up to a further 10 million of B Ordinary Shares is part of THIS DOCUMENT IS IMPORTANT AND REQUIRES

More information

Whitehaven Equity Income Fund

Whitehaven Equity Income Fund Whitehaven Equity Income Fund ARSN: 166 733 133 Product Disclosure Statement Dated 6 January 2014 Whitehaven Private Portfolios Ltd Investment Manager and Responsible Entity ABN 64 109 808 577; AFSL 300878

More information

RIT Capital Partners plc Shareholder Disclosure Document January 2015

RIT Capital Partners plc Shareholder Disclosure Document January 2015 RIT Capital Partners plc Shareholder Disclosure Document January 2015 This document is intended to provide shareholders with specific information required by the FCA and ESMA in accordance with the Alternative

More information

EXCHANGE Traded Funds

EXCHANGE Traded Funds EXCHANGE TRADED FUNDS EXCHANGE Traded Funds Guide to listing on the Cayman Islands Stock Exchange Contents Introduction... 3 What CSX has to offer... 4 The listing process... 6 Conditions for listing...

More information

CANACCORD GENUITY INVESTMENT FUNDS PLC. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND

CANACCORD GENUITY INVESTMENT FUNDS PLC. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND CANACCORD GENUITY INVESTMENT FUNDS PLC Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND This Supplement contains specific information in relation to CGWM

More information

SUPPLEMENT Davy Strategic Global Equity Fund

SUPPLEMENT Davy Strategic Global Equity Fund Davy Funds p.l.c. An open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability in Ireland under the Companies Acts 1963

More information

State Street Global Equity Fund ARSN 162 547 784 APIR SST0050AU

State Street Global Equity Fund ARSN 162 547 784 APIR SST0050AU Product Disclosure Statement State Street Global Equity Fund ARSN 162 547 784 APIR SST0050AU Issued 6 October 2015 by State Street Global Advisors, Australia Services Limited ABN 16 108 671 441, AFSL 274900

More information

Foreign & Colonial Investment Trust PLC

Foreign & Colonial Investment Trust PLC Foreign & Colonial Investment Trust PLC INVESTOR DISCLOSURE DOCUMENT IMPORTANT INFORMATION Regulatory and legal status of the Company Foreign & Colonial Investment Trust PLC (the Company ) is an 'alternative

More information

CGWM Total Return Bond Fund

CGWM Total Return Bond Fund To us there are no foreign markets. TM CGWM Total Return Bond Fund Supplement dated 6 October 2015 to the Prospectus dated 6 October 2015 This Supplement contains specific information in relation to the

More information

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and their securities offered under this Annual Information Form are

More information

6-Year USD Call Spread Notes on the 5 Year USD Swap Rate

6-Year USD Call Spread Notes on the 5 Year USD Swap Rate 6-Year USD Call Spread Notes on the 5 Year USD Swap Rate - NON-US INVESTORS ONLY - - PRIVATE PLACEMENT ONLY - NO PUBLIC DISTRIBUTION - Final Termsheet as of November 2, 2015 (Version 2.00) All material

More information

Acorn Income Fund Limited

Acorn Income Fund Limited Proof 3: 8.5.13 THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the contents of this document or as to the action you should take, you are recommended to

More information

BT Balanced Equity Income Fund

BT Balanced Equity Income Fund BT Balanced Equity Income Fund Product Disclosure Statement (PDS) Issued 26 September 2012 Contents 1 About BT Investment Management (RE) Limited 2 How the BT Balanced Equity Income Fund works 3 Benefits

More information

Section N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013. Cambridge University Endowment Fund

Section N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013. Cambridge University Endowment Fund Section N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013 Cambridge University Endowment Fund Reports and financial statements 30 June 2013 IMPORTANT NOTICE The Cambridge

More information

Risks of Investments explained

Risks of Investments explained Risks of Investments explained Member of the London Stock Exchange .Introduction Killik & Co is committed to developing a clear and shared understanding of risk with its clients. The categories of risk

More information

INFORMATION. Investment objective

INFORMATION. Investment objective KEY INVESTOR INFORMATION The City of London Investment Trust plc ISIN: GB0001990497 (as at 30 June 2016) This Key Investor Information Document ( KIID ) provides you with information about this Company.

More information

Investment Trust ISA and Savings Scheme Key features

Investment Trust ISA and Savings Scheme Key features Investment Trust ISA and Savings Scheme Key features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is a financial services regulator. It requires

More information

Scrip Dividend Scheme Terms and Conditions

Scrip Dividend Scheme Terms and Conditions Scrip Dividend Scheme Terms and Conditions If you are in any doubt about the action you should take with this document, you should immediately consult an appropriate independent advisor duly authorised

More information

Westmount Energy Limited

Westmount Energy Limited THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the contents of this document or the action you should take, you should immediately consult your stockbroker,

More information

Global Value Fund Limited A.B.N. 90 168 653 521. Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015

Global Value Fund Limited A.B.N. 90 168 653 521. Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015 A.B.N. 90 168 653 521 Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015 Appendix 4E - Preliminary Financial Report For the year ended 30 June 2015 Preliminary Report This preliminary

More information

Chapter 21 INVESTMENT VEHICLES INVESTMENT COMPANIES. General

Chapter 21 INVESTMENT VEHICLES INVESTMENT COMPANIES. General Chapter 21 INVESTMENT VEHICLES CHAPTER 21 INVESTMENT COMPANIES General 21.01 The Exchange Listing Rules apply as much to issues of equity securities or debt securities by investment companies as they do

More information

CGWM Bond Fund. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014. Investment Objective. Investment Policy.

CGWM Bond Fund. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014. Investment Objective. Investment Policy. CGWM Bond Fund To us there are no foreign markets. TM Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 This Supplement contains specific information in relation to the CGWM Bond

More information

Schedule of Allowable Investments

Schedule of Allowable Investments Schedule of Allowable Investments for the Suffolk Life MasterSIPP This document is part of a set, all of which should be read together. Key Features Your Personal Illustration Schedule of Fees Schedule

More information

BLACKSTONE ALTERNATIVE INVESTMENT FUNDS PLC. (the Company ) An umbrella fund with segregated liability between sub-funds, and its sub-fund

BLACKSTONE ALTERNATIVE INVESTMENT FUNDS PLC. (the Company ) An umbrella fund with segregated liability between sub-funds, and its sub-fund BLACKSTONE ALTERNATIVE INVESTMENT FUNDS PLC (the Company ) An umbrella fund with segregated liability between sub-funds, and its sub-fund (the Fund ) SUPPLEMENT FOR UNITED KINGDOM INVESTORS This Supplement

More information

Acorn Income Fund Limited

Acorn Income Fund Limited THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the contents of this document or as to the action you should take, you are recommended to immediately seek

More information

Prospectus of CF Canada Life Investments Fund (An open-ended investment company incorporated with limited liability and registered in England and

Prospectus of CF Canada Life Investments Fund (An open-ended investment company incorporated with limited liability and registered in England and Prospectus of CF Canada Life Investments Fund (An open-ended investment company incorporated with limited liability and registered in England and Wales under registered number IC000941) (A UCITS Scheme)

More information

INITIAL PLACING AND OFFER OF UP TO 150 MILLION ORDINARY SHARES AT 100 PENCE PER ORDINARY SHARE TO RAISE UP TO 150 MILLION AND A PLACING PROGRAMME

INITIAL PLACING AND OFFER OF UP TO 150 MILLION ORDINARY SHARES AT 100 PENCE PER ORDINARY SHARE TO RAISE UP TO 150 MILLION AND A PLACING PROGRAMME THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to what action you should take you are recommended to seek your own financial advice immediately from an independent

More information

AIFMD means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, as amended.

AIFMD means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, as amended. Glossary Accounting Period means the annual accounting period for the Company ending on 31 December in each calendar year. The first annual accounting period will end on 31 December 2015. Acts means the

More information

Jupiter Merlin International Equities Portfolio

Jupiter Merlin International Equities Portfolio Jupiter Merlin Funds Jupiter Merlin International Equities Portfolio Jupiter Asset Management Limited Product Key Facts April 2016 Product Key Facts This statement provides you with key information about

More information

Before you accept the Terms and Conditions and engage in our Services, it is important that you read these Risk Warnings.

Before you accept the Terms and Conditions and engage in our Services, it is important that you read these Risk Warnings. Important information Investment Risk Warnings Before you accept the Terms and Conditions and engage in our Services, it is important that you read these Risk Warnings. Definitions used in these Risk Warnings

More information

Simplified Prospectus as at 1 January 2012. Threadneedle Investment Funds III ICVC Retail Class

Simplified Prospectus as at 1 January 2012. Threadneedle Investment Funds III ICVC Retail Class Simplified Prospectus as at 1 January 2012 Threadneedle Investment Funds III ICVC Retail Class Threadneedle Investment Funds III ICVC Retail Simplified Prospectus 1 Contents 1. INTRODUCTION 2 2. FUND INFORMATION

More information

SUPPLEMENT Davy Cautious Growth Fund

SUPPLEMENT Davy Cautious Growth Fund Davy Funds p.l.c. An open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability in Ireland under the Companies Acts 1963

More information

Investment Bond. Funds key features. This is an important document. Please keep it safe for future reference.

Investment Bond. Funds key features. This is an important document. Please keep it safe for future reference. Investment Bond Funds key features. This is an important document. Please keep it safe for future reference. 2 WHAT ARE THE FUNDS KEY FEATURES? This document is part of the information we provide you to

More information

SSgA Qualified Trust. SSgA LDI Leveraged UK Real Rate Swap 2030 Fund SUPPLEMENT NO. 22 DATED: 30 APRIL 2015 MANAGER

SSgA Qualified Trust. SSgA LDI Leveraged UK Real Rate Swap 2030 Fund SUPPLEMENT NO. 22 DATED: 30 APRIL 2015 MANAGER The Directors of the Manager of the Trust whose names appear under the section Trust and Management Information - The Manager in the Prospectus are the persons responsible for the information contained

More information

3I INFRASTRUCTURE LIMITED (THE COMPANY ) PLACING AND OPEN OFFER OF 108,132,277 NEW ORDINARY SHARES AT 106 PENCE PER NEW ORDINARY SHARE

3I INFRASTRUCTURE LIMITED (THE COMPANY ) PLACING AND OPEN OFFER OF 108,132,277 NEW ORDINARY SHARES AT 106 PENCE PER NEW ORDINARY SHARE NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR AUSTRALIA 3I INFRASTRUCTURE LIMITED

More information

KEY FEATURES. AVI ISA, AVI Share Plan, British Empire Trust plc

KEY FEATURES. AVI ISA, AVI Share Plan, British Empire Trust plc KEY FEATURES AVI ISA, AVI Share Plan, British Empire Trust plc KEY FEATURES INTRODUCTION YOUR INVESTMENT IMPORTANT - RISK FACTORS YOUR QUESTIONS ANSWERED HOW WILL CHARGES AND EXPENSES AFFECT MY INVESTMENT?

More information

IMPORTANT: IF YOU ARE IN ANY DOUBT ABOUT THE CONTENTS OF THIS PROSPECTUS YOU SHOULD CONSULT YOUR PROFESSIONAL ADVISER.

IMPORTANT: IF YOU ARE IN ANY DOUBT ABOUT THE CONTENTS OF THIS PROSPECTUS YOU SHOULD CONSULT YOUR PROFESSIONAL ADVISER. Prospectus of CF Prudential Investment Funds (1) ( An open-ended investment company incorporated with limited liability and registered in England and Wales under registered number IC508) IMPORTANT: IF

More information

The BT Dividend investment plan A convenient, easy and cost effective way to grow your BT shareholding

The BT Dividend investment plan A convenient, easy and cost effective way to grow your BT shareholding The BT Dividend investment plan A convenient, easy and cost effective way to grow your BT shareholding April 2016 1 CONTENTS IMPORTANT INFORMATION 2 INTRODUCTION 3 ABOUT THE PLAN 4 CONTACTS 10 PLAN TERMS

More information

GLG INVESTMENTS PLC GLG GLOBAL CONVERTIBLE UCITS FUND SIMPLIFIED PROSPECTUS 6 February 2009

GLG INVESTMENTS PLC GLG GLOBAL CONVERTIBLE UCITS FUND SIMPLIFIED PROSPECTUS 6 February 2009 GLG INVESTMENTS PLC GLG GLOBAL CONVERTIBLE UCITS FUND SIMPLIFIED PROSPECTUS 6 February 2009 This simplified prospectus contains key information in relation to GLG Global Convertible UCITS Fund (the Portfolio

More information

LAZARD GLOBAL ACTIVE FUNDS PUBLIC LIMITED COMPANY LAZARD PAN EUROPEAN EQUITY FUND. SIMPLIFIED PROSPECTUS DATE 27 August 2009

LAZARD GLOBAL ACTIVE FUNDS PUBLIC LIMITED COMPANY LAZARD PAN EUROPEAN EQUITY FUND. SIMPLIFIED PROSPECTUS DATE 27 August 2009 LAZARD GLOBAL ACTIVE FUNDS PUBLIC LIMITED COMPANY LAZARD PAN EUROPEAN EQUITY FUND SIMPLIFIED PROSPECTUS DATE 27 August 2009 This Simplified Prospectus contains key information in relation to the Lazard

More information

ETFs for private investors

ETFs for private investors ETFs for private investors Simple products. Sophisticated strategies. ETFs Exchange Traded Funds (ETFs) are instruments which track an index. Indices can be country or region specific and based on emerging

More information

Product Key Facts. PineBridge Global Funds PineBridge Global Emerging Markets Bond Fund. 22 December 2014

Product Key Facts. PineBridge Global Funds PineBridge Global Emerging Markets Bond Fund. 22 December 2014 Issuer: PineBridge Investments Ireland Limited Product Key Facts PineBridge Global Funds PineBridge Global Emerging Markets Bond Fund 22 December 2014 This statement provides you with key information about

More information

HICL INFRASTRUCTURE COMPANY LIMITED

HICL INFRASTRUCTURE COMPANY LIMITED THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the contents of this document or the action that you should take, you should seek your own personal financial

More information

QUICK GUIDE TO ISAs 2014/2015

QUICK GUIDE TO ISAs 2014/2015 INDIVIDUAL SAVINGS ACCOUNTS 2014/2015 An Individual Savings Account (ISA) is not an investment in its own right rather it is a type of account that can be used to undertake tax-advantageous investment.

More information

HSBC Specialist Funds Limited. Short Duration Fixed Income Fund Supplement 2 November 2015

HSBC Specialist Funds Limited. Short Duration Fixed Income Fund Supplement 2 November 2015 HSBC Specialist Funds Limited Short Duration Fixed Income Fund Supplement 2 November 2015 HSBC Specialist Funds Limited Short Duration Fixed Income Fund Supplement 2 November 2015 This document (the Short

More information

FORESIGHT VCT PLC. (Registered in England and Wales under number 03421340) MERGER PROSPECTUS

FORESIGHT VCT PLC. (Registered in England and Wales under number 03421340) MERGER PROSPECTUS THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF YOU ARE IN ANY DOUBT ABOUT WHAT ACTION YOU SHOULD TAKE, YOU ARE RECOMMENDED TO SEEK YOUR OWN FINANCIAL ADVICE IMMEDIATELY FROM YOUR

More information

LAND SECURITIES GROUP PLC (incorporated and registered in England and Wales under the Companies Act 1985 with registered number 4369054)

LAND SECURITIES GROUP PLC (incorporated and registered in England and Wales under the Companies Act 1985 with registered number 4369054) THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you are recommended to seek immediately your own personal financial advice from

More information

Terms of Business. 03 March 2014. Authorised and regulated by the Financial Conduct Authority

Terms of Business. 03 March 2014. Authorised and regulated by the Financial Conduct Authority Terms of Business 03 March 2014 Authorised and regulated by the Financial Conduct Authority Our Particulars The full name of our firm is Winterflood Securities Limited ( Wins ) The address of our registered

More information

CITIFIRST PRODUCT PROGRAMME. Citibank International plc. Arranger

CITIFIRST PRODUCT PROGRAMME. Citibank International plc. Arranger CITIFIRST PRODUCT PROGRAMME Citibank International plc Arranger Citigroup Global Markets Limited BASE PROSPECTUS FOR THE ISSUANCE OF SECURITIES THIS DOCUMENT COMPRISES A BASE PROSPECTUS FOR THE PURPOSES

More information

Draft FATCA Regulations. Submission from the Association of Investment Companies

Draft FATCA Regulations. Submission from the Association of Investment Companies Draft FATCA Regulations Submission from the Association of Investment Companies Overview The Association of Investment Companies (AIC) welcomes the opportunity to comment on the draft FATCA regulations.

More information

EVLI SWEDEN EQUITY INDEX FUND

EVLI SWEDEN EQUITY INDEX FUND EVLI SWEDEN EQUITY INDEX FUND FUND-SPECIFIC RULES The fund rules consist of fund-specific rules and common rules based on the UCITS IV Directive. 1 The Fund The name of the mutual fund will be Sijoitusrahasto

More information

ISA and Investment Funds Key Features

ISA and Investment Funds Key Features ISA and Investment Funds Key Features From Standard Life through Standard Life Client Management This is an important document. Please read it and keep for future reference. The Financial Conduct Authority

More information

Issue of up to 12,291,832 New Shares in aggregate

Issue of up to 12,291,832 New Shares in aggregate This document comprises a prospectus relating to Baillie Gifford Shin Nippon PLC (the "Company") prepared in accordance with the Prospectus Rules and Listing Rules of the UK Listing Authority made under

More information

Min. Investment Class A Units Initial: USD 1,000 Additional: USD 250

Min. Investment Class A Units Initial: USD 1,000 Additional: USD 250 Issuer: PineBridge Investments Ireland Limited Product Key Facts PineBridge Global Funds PineBridge Global Emerging Markets Bond Fund 22 February 2013 This statement provides you with key information about

More information

Unicorn Investment Funds. Open-Ended Investment Company. Supplementary Information Document

Unicorn Investment Funds. Open-Ended Investment Company. Supplementary Information Document Unicorn Investment Funds Open-Ended Investment Company Supplementary Information Document This document is dated 29 June 2015 Issued by Unicorn Asset Management Limited (Unicorn) Unicorn is authorised

More information

IMPORTANT: IF YOU ARE IN ANY DOUBT ABOUT THE CONTENTS OF THIS PROSPECTUS YOU SHOULD CONSULT YOUR PROFESSIONAL ADVISER.

IMPORTANT: IF YOU ARE IN ANY DOUBT ABOUT THE CONTENTS OF THIS PROSPECTUS YOU SHOULD CONSULT YOUR PROFESSIONAL ADVISER. Prospectus of CF Miton Investment Funds (An open-ended investment company incorporated with limited liability and registered in England and Wales under registered number IC000320) IMPORTANT: IF YOU ARE

More information

ASIAN CITRUS HOLDINGS LIMITED (Incorporated and registered in Bermuda, registered number 33747)

ASIAN CITRUS HOLDINGS LIMITED (Incorporated and registered in Bermuda, registered number 33747) THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the contents of this document or the action you should take, you should immediately seek your own personal

More information

IC000342) IMPORTANT: IF YOU ARE IN ANY DOUBT ABOUT THE CONTENTS OF THIS PROSPECTUS YOU SHOULD CONSULT YOUR PROFESSIONAL ADVISER.

IC000342) IMPORTANT: IF YOU ARE IN ANY DOUBT ABOUT THE CONTENTS OF THIS PROSPECTUS YOU SHOULD CONSULT YOUR PROFESSIONAL ADVISER. Prospectus of CF Seneca Investment Funds (formerly known as CF Miton Investment Funds 2) (An open-ended investment company incorporated with limited liability and registered in England and Wales under

More information

Schroder UK Property Fund

Schroder UK Property Fund For professional investors only. Not suitable for retail clients. Schroder UK Property Fund www.schroders.com/spf Schroder Unit Trusts Limited. 31 Gresham Street, London EC2V 7QA. Registered No. 04191730

More information

db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus

db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to db x-trackers S&P 500 UCITS ETF (DR) (the Fund ), a sub-fund of Concept Fund Solutions

More information

RISK DISCLOSURE STATEMENT

RISK DISCLOSURE STATEMENT RISK DISCLOSURE STATEMENT You should note that there are significant risks inherent in investing in certain financial instruments and in certain markets. Investment in derivatives, futures, options and

More information

THREADNEEDLE NAVIGATOR INDIVIDUAL SAVINGS ACCOUNT (STOCKS AND SHARES COMPONENT) Terms and Conditions

THREADNEEDLE NAVIGATOR INDIVIDUAL SAVINGS ACCOUNT (STOCKS AND SHARES COMPONENT) Terms and Conditions THREADNEEDLE NAVIGATOR INDIVIDUAL SAVINGS ACCOUNT (STOCKS AND SHARES COMPONENT) Terms and Conditions threadneedle.com Contents 1. Definitions... 1 2. Our agreement with you... 2 3. Eligibility... 2 4.

More information

Magellan Global Fund. Product Disclosure Statement 16 June 2014. Contents. Contact Details ARSN 126 366 961 APIR MGE0001AU

Magellan Global Fund. Product Disclosure Statement 16 June 2014. Contents. Contact Details ARSN 126 366 961 APIR MGE0001AU Magellan Global Fund ARSN 126 366 961 APIR MGE0001AU Product Disclosure Statement 16 June 2014 Issued by Magellan Asset Management Limited ABN 31 120 593 946, AFS Licence No. 304 301 Contents 1. About

More information

Merrion Investment Trust (the Trust ) Merrion Technology Fund Series II SUPPLEMENT TO PROSPECTUS

Merrion Investment Trust (the Trust ) Merrion Technology Fund Series II SUPPLEMENT TO PROSPECTUS Merrion Investment Trust (the Trust ) An umbrella unit trust authorised pursuant to the Unit Trusts Act 1990 Merrion Technology Fund Series II (the Sub-Fund ) SUPPLEMENT TO PROSPECTUS 30 September 2015

More information

Act on the Management of Alternative Investment Funds

Act on the Management of Alternative Investment Funds FINANSTILSYNET Norway Translation March 2015 This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend. Act on the

More information