REG - Aberdeen New Dawn IT - Half-year Report <Origin Href="QuoteRef">ABD.L</Origin> - Part 2

Abrdn New Dawn Investment TrustAnnouncement

22/12/2016 07:10

- Part 2: For the preceding part double click  ID:nRSV5361Sa 

                                                                                                                                                                                                                                                                                                                                                   31 October 2016   31 October 2015   
                                                                                                                                                                                                                                                                                                                                                       £'000             £'000             
     Purchases                                                                                                                                                                                                                                                                                                                                         26                11                
     Sales                                                                                                                                                                                                                                                                                                                                             39                7                 
                                                                                                                                                                                                                                                                                                                                                       __________        __________        
                                                                                                                                                                                                                                                                                                                                                       65                18                
                                                                                                                                                                                                                                                                                                                                                       __________        __________        
 
 
 9.  Fair value hierarchy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
     FRS 102 requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The Company has early adopted 'Amendments to FRS 102 - Fair Value Hierarchy Disclosures', issued by the Financial Reporting Council in March 2016. This has not resulted in any reclassifications in levelling and the prior year comparative has been disclosed under the new hierarchy. The fair value hierarchy has the following classifications: 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
     Level 1: unadjusted quoted prices in an active market for identical assets or liabilities that the entity can access at the measurement date.                                                                                                                                                                                                                                                                                                                                                                                  
     Level 2: inputs other than quoted prices included within Level 1 that are observable (ie developed using market data) for the asset or liability, either directly or indirectly.                                                                                                                                                                                                                                                                                                                                               
     Level 3: inputs are unobservable (ie for which market data is unavailable) for the asset or liability.                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
     The financial assets and liabilities measured at fair value in the Condensed Statement of Financial Position at the reporting date have all been identified as Level 1 (30 April 2016 - same).                                                                                                                                                                                                                                                                                                                                 
 
 
 10.  Related party transactions and transactions with the Manager                                                                                                                                                                                                                                                                                                                                                   
      Mr H Young is a director of Aberdeen Asset Management PLC, of which Aberdeen Fund Managers Limited ("AFML") is a subsidiary. Management, promotional activities and secretarial and administration services are provided to the Company by AFML.                                                                                                                                                               
                                                                                                                                                                                                                                                                                                                                                                                                                     
      With effect from 1 July 2016, the Board and the Manager agreed a new rate for calculating the Company's management fees payable to AFML. The management fee is payable monthly in arrears based on an annual amount of 0.85%, previously 1%, of the net asset value of the Company valued monthly, with the following provisions for commonly managed funds from which the Manager receives a management fee:  
      - the Company's investments in Aberdeen Global - Indian Equity Fund, Aberdeen Asian Smaller Companies Investment Trust and New India Investment Trust are excluded from the calculation of the investment management fee. The total value of such commonly managed funds at the period end was £39,945,000 (2015 - £34,002,000).                                                                               
      - the Company receives a rebate from the Manager for the amount of fees in excess of 0.85%, previously 1%, of net assets charged by the Manager for any applicable commonly managed fund.                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                     
      During the period £804,000 (2015 - £866,000) of management fees were paid and payable, with a balance of £271,000 (2015 - £262,000) being payable to AFML at the period end. Management fees are charged 50% to revenue and 50% to capital.                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                     
      The promotional activities fee is based on a current annual amount of £158,000 (2015 - £225,000), payable quarterly in arrears. During the period £79,000 (2015 - £112,500) of fees were paid and payable, with a balance of £53,000 being payable to AFML at the period end (2015 - £98,000 payable).                                                                                                         
 
 
 11.  Segmental information                                                                                                                                                                                                                                                                       
      The Company is engaged in a single segment of business, which is to invest in equity securities. All of the Company's activities are interrelated, and each activity is dependent on the others. Accordingly, all significant operating decisions are based on the Company as one segment.  
 
 
 12.  The financial information contained in this Half-Yearly Report does not constitute statutory accounts as defined in Sections 434-436 of the Companies Act 2006. The financial information for the six months ended 31 October 2016 and 31 October 2015 has not been audited by the Company's external auditor.                                            
                                                                                                                                                                                                                                                                                                                                                                
      The financial information for the year ended 30 April 2016 has been extracted from the latest published audited financial statements which have been filed with the Registrar of Companies. The report of the Independent Auditor on those accounts contained no qualification or statement under Section 498 (2), (3) or (4) of the Companies Act 2006.  
 
 
 13.  This Half-Yearly Financial Report was approved by the Board on 21 December 2016.  
 
 
The Half-yearly Report and Accounts will be posted to shareholders in December
2016. Copies may be obtained during normal business hours from the Secretary,
Aberdeen Asset Management PLC, 40 Princes Street, Edinburgh EH2 2BY or from
the Company's website, www.newdawn-trust.co.uk*. 
 
By order of the Board 
 
Aberdeen Asset Management PLC 
 
Company Secretary 
 
21 December 2016 
 
* Neither the Company's website nor the content of any website accessible from
hyperlinks on it (or any other website) is (or is deemed to be) incorporated
into, or forms (or is deemed to form) part of this announcement. 
 
This information is provided by RNS
The company news service from the London Stock Exchange