Bankers Investment - Annual Financial Report
18/01/2024 07:00
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RNS Number : 0709A Bankers Investment Trust PLC 18 January 2024
LEGAL ENTITY IDENTIFIER: 213800B9YWXL3X1VMZ69
THE BANKERS INVESTMENT TRUST PLC
Financial results for the year ended 31 October 2023
This announcement contains regulated information
PERFORMANCE HIGHLIGHTS (1, 2)
31 October 2023 31 October 2022
Net Asset Value per ordinary share
- With debt at par 108.0p 105.1p
- With debt at fair value 111.0p 105.0p
Share price at year end(3) 93.5p 96.6p
Dividend per share for year(4) 2.56p 2.328p
Dividend growth 10.0% 7.0%
(Discount)/premium at year end(5) (13.4%) (8.1%)
Net (gearing)/cash at year end(6) (7.1%) (5.4%)
Ongoing Charge for year 0.50% 0.50%
LONG TERM TRACK RECORD TO 31 OCTOBER 2023
1 year 3 years 5 years 10 years 15 years
% % % % %
Capital return(7)
Net asset value(8) 2.8 10.9 25.2 85.6 215.2
Share price -3.2 -4.6 12.0 61.2 206.6
FTSE World Index(9) 3.3 27.5 41.7 66.3 173.1
Total Return(10)
Net Asset Value(8) 5.2 17.9 39.2 132.7 354.9
Share price -0.7 1.9 25.1 103.7 352.5
FTSE World Index(9) 5.7 35.8 58.4 119.5 331.9
Dividend increase 10.0 18.8 29.8 81.2 131.5
Consumer Price Index 4.6 21.1 23.7 33.2 53.6
( )
(1) A glossary of terms can be found in the Annual Report
(2) The alternative performance measures can be found in the Annual Report
(3) Share price is the mid-market closing price
(4) This represents the four ordinary dividends recommended or paid for the year
(see the Annual Report for more details)
(5) Based on the mid-market closing price with debt at par
(6) Net (gearing)/cash calculated in accordance with the gearing definition in the
alternative performance measures in the Annual
Report
(7) Capital return excludes all dividends
(8) The net asset values shown for the periods up to 15 years include debt at fair
value, whereas for 15 years it is shown with debt
at par value
(9) For the 5, 10 and 15 years, this is a composite of the FTSE World Index and
the FTSE All-Share Index
(10) Total return assumes dividends reinvested
Sources: Morningstar Direct, Janus Henderson, LSEG Datastream
CHAIR'S STATEMENT
Dear shareholder
Performance
Throughout the year economists worldwide have predicted a recession in the
western world caused principally by sharply rising interest rates. The real
data have shown a more robust picture with employment remaining near historic
highs, inflation falling and, particularly in the US, healthy economic
activity. The arrival this year of ChatGPT bringing to the fore generative
Artificial Intelligence ('AI') was a seminal moment in the free usage of AI.
Your Company has delivered a net asset value total return over the year ended
31 October 2023 of 5.2% (2022: -11.3%) just narrowly underperforming the FTSE
World Index total return of 5.7% (2022: -2.8%) and a share price total return
of -0.7% (2022: -13.4%). Over the year, performance relative to the AIC Global
peer group placed Bankers at eight position on share price total return
performance out of 13 comparable trusts and similarly sixth position out of 13
on net asset value total return.
The principal reason for poor performance against the benchmark over three
years was on account of our comparatively low exposure (40% vs 68% in the
benchmark) to the US market and in particular the largest technology companies
which now dominate the US market. Often called the 'Magnificent Seven'
(Microsoft, Apple, Amazon, Alphabet, Meta, Nvidia and Tesla), these stocks
collectively increased in value by 64% during the twelve months to the end of
October 2023. This was in stark comparison to the performance of the remaining
493 stocks in the US S&P 500 index, which barely moved, combined only
increasing in value by +0.5% in the year.
The Asian and Chinese portfolios underperformed partially due to the late
lifting of Covid restrictions and in China in particular due to the continued
weakness in the property market impacting consumer sentiment. European and
Japanese portfolios performed well and the UK portfolio made a modest
contribution.
The Board has long set a twin objective to grow capital and dividends. The US
market is increasingly dominated by zero yielding stocks, which is causing
problems for income investors, with five of the Magnificent Seven not paying a
dividend. We therefore only own two of these seven companies. Other funds and
in particular some in our peer group hold all seven and this is reflected in
their performance this year. Our investment style has long focussed on those
growth stocks that pay dividends. The size and scale of these companies that
probably have little prospect of paying a dividend now means we need to be
more flexible with revenue reserves to enable a broader investment pool.
However, history has taught us we must be careful of not being blind to
valuation, that the technology space is disruptive and has previously been
vulnerable to over-exuberance.
The Fund Managers' report contains more detailed information regarding
performance, together with market commentary.
Borrowings
The £15 million 8% Debenture Stock matured on 31 October 2023 and was repaid
in full. The Company continues to have longer term debt in the form of the
loan notes which were issued in 2015 and 2021 at lower interest rates than the
debenture stock. Following repayment of the debenture, the Company's overall
cost of borrowing has fallen to 2.7%, in line with the dividend yield on the
portfolio. The Company has historically only fair valued the debenture in the
published daily net asset value but having reviewed best practice and that of
our peer group, daily fair value net asset values will be published
incorporating a revaluation of the loan notes based on equivalent dated
government bond yields plus a margin.
Revenue, dividends and share buybacks
Revenue earnings per share of 2.72p (2022: 2.34p) exceeded expectations for
the year and has enabled a greater increase in the dividend than the Board had
forecast this time last year. One of the Company's key objectives is to
achieve long-term dividend growth in excess of inflation, measured by the UK
Consumer Price Index ('CPI'). This objective has been challenging in recent
years but inflation has now started to moderate and CPI rose by 4.6% for the
year to 31 October 2023 (2022: 11.1%).
The Board is therefore recommending a final quarterly dividend of 0.66p per
share, resulting in total dividends per share for the year of 2.56p (2022:
2.328p), an increase over last year of 10%. The final dividend will be paid on
29 February 2024 to shareholders on the register of members at the close of
business on 26 January 2024. This will be the Company's 57th successive year
of annual dividend growth.
For the current financial year, the Board expects to recommend dividend growth
of at least 5%, which would equate to a full year dividend of 2.69p per share.
In common with the investment trust sector, the Company's shares have traded
at a wide discount to net asset value but we have taken advantage of this
opportunity to buyback shares from the market. This activity is beneficial to
ongoing shareholders, as shares are only purchased when the Company's shares
are trading at a discount thereby enhancing shareholder value; in this last
year increasing the net asset value by 0.5%. A total of 60,618,929 shares were
bought back in the year ended 31 October 2023 (2022: 18,219,870 shares were
repurchased). The Company will continue to buyback shares to be held in
treasury as appropriate.
The Board and Manager
Ankush Nandra, joined the Board on 1 September 2023 and is Chair of the
renamed Audit and Risk Assurance Committee. His appointment increases the
diversity and skill set of the Board. Ankush is a qualified accountant with
extensive financial management and accounting experience gained through
several roles in industry. He has over 20 years' experience mainly in the
pharmaceutical industry. He is currently Vice President Finance and Chief
Financial Officer (CFO) International Region and Enabling Units at
AstraZeneca.
Julian Chillingworth, our Senior Independent Director, who joined the Board in
2015 is to retire at the conclusion of the 2024 Annual General Meeting when he
will have served for nine years. I would like to take this opportunity to
thank Julian for his outstanding contribution and commitment to Bankers and
his wise counsel during his long association with the Company.
To ensure a greater focus on marketing the Company, the Board has established
a Marketing Committee, which is chaired by Hannah Philp. The role of the
Committee will be to support and scrutinise the increased marketing efforts of
the Manager.
Recently our Deputy Fund Manager, Mike Kerley, has indicated he will be
retiring in 2024 and in due course a replacement will be announced. The Board
would like to thank Mike for his contribution to the Company since taking on
the Asian Pacific portfolio in 2006. Sat Duhra, who has worked alongside Mike
for the past eleven years, will be taking over the portfolio management of the
Asian Pacific portfolio.
Annual General Meeting ('AGM')
The Company's AGM is scheduled to take place at 12 noon on Thursday, 22
February 2024 at the offices of Janus Henderson Investors at 201 Bishopsgate,
London EC2M 3AE and I very much look forward to welcoming you. Light
refreshments will be served. All voting will be on a poll and therefore we
would ask that you submit your proxy votes in advance of the meeting.
If you are unable to attend in person, you can watch the meeting live on the
internet by visiting www.janushenderson.com/trustslive
(http://www.janushenderson.com/trustslive) . If you have any questions about
the Annual Report, the Company's performance over the year, the investment
portfolio or any other matter relevant to the Company, please write to us via
email at ITSecretariat@janushenderson.com in advance of the AGM.
Outlook
A key element will be to attract new investors who have yet to learn the
benefits of long-term investing in a Company such as Bankers Investment Trust,
with an established record of dividend and capital growth over generations of
shareholders. This will be achieved by greater focus on potential retail
investors through a variety of channels including advertisements in
publications and an enhanced website.
The Fund Manager is currently reviewing portfolio construction in the light of
the low exposure in particular to US non-yielding stocks. This includes
assessing how the Company's revenue reserves and the investment trust
structure can better serve the ability to pay a progressive dividend and yet
invest in a wider range of stocks.
Now that inflation is moderating, there is an expectation that interest rates
in western markets will be cut in 2024. It remains to be seen whether central
banks can engineer a soft landing, not impacting growth while reducing
inflation.
Equity markets have been driven higher by a small set of companies supported
by investors' enthusiasm for the transformative power of generative AI. In the
rush to invest in the US and these few leaders, the vast bulk of quoted
companies are trading on undemanding valuations and look attractively priced
for patient investors, like ourselves.
Simon Miller
Chair
17 January 2024
Fund Manager's Report
This year has seen a titanic battle between rising interest rates and, at
least initially, stubbornly high inflation. Central banks have few tools to
reduce inflation other than by raising interest rates, which drains cash from
the economy through the higher cost of mortgages and loans. A major challenge
is that not all consumers or companies are affected in the same way.
Pensioners with cash deposits have benefitted from higher rates, whilst
younger mortgagees on variable rates faced a sharp rise in payments. There is
also a one to two-year lag as fixed term lending gradually rolls over. It is
difficult to tell whether the recent moderation in inflation is simply down to
supply bottlenecks easing rather than higher rates reducing demand. For the
past year G7 economies in general have worn higher interest rates rather well
since there has not been much economic growth but neither has there been a
recession nor a significant increase in unemployment. The reasons behind this
perfect slowdown are down to increased government spending, propping up
investment into reshoring supply chains. In addition, consumers have
benefitted from high demand for workers driving wage growth while they also
are dipping into their savings, which were boosted by Covid payments, all
helping to maintain their confidence and ability to spend. The former can keep
going as long as investors support record government debt issuance but
spending savings is finite.
The global bond markets have experienced a bear market as yields have
increased to reflect the increase in interest rates and their initially modest
impact on inflation. Meanwhile equity markets recovered from the lows in 2022
when many investors worried about a recession which never materialised.
However, on more careful examination of the global indices, it is clear that
relatively few stocks are driving forward the level of the indices. These key
companies, now named the Magnificent Seven, rather than FAANG, comprise the
largest technology companies listed in the US (Microsoft, Apple, Amazon, Meta,
Nvidia, Alphabet and Tesla). Since the launch of the launch of ChatGPT in
November 2022, they have caught the imagination of investors. The advent of
computer systems so powerful that they can replicate human thought through
generative Artificial Intelligence ('AI') lit the touchpaper on the share
price of any companies involved in AI.
These seven companies now comprise over 30% of the US market valuation and
nearly 20% of our benchmark the FTSE World Index. Our belief in the long-term
attractiveness of companies that pay a dividend is being tested by the
continued performance of these seven companies, only two of which pay
shareholders a dividend. The valuation of the Magnificent Seven is high, an
average of 32x price to earnings ratio (P/E), compared to a P/E of 19x for the
rest of the US market. Cutting costs and raising margins through charging
higher prices supported the earnings this year for these companies but their
revenues will need to increase rapidly on the back of selling AI. We are still
at an early point in the adoption of AI and there remains a large degree of
uncertainty in terms of evaluating the risks, opportunities and even potential
regulation of the technology.
The contribution to performance from asset allocation was positive this year
despite having a lower percentage of assets in North America compared to the
index. Japan has been a standout performer with corporate profits surprising
positively and improving corporate governance leading to greater returns for
shareholders. Although the Japanese Yen weakened, this helped many of the
exporters and local returns more than offset the translation reduction into
sterling. The allocation to Europe also benefitted performance as share prices
bounced from an oversold position in 2022 and the anticipated recession was
narrowly avoided. Stock selection was more challenging in the year,
principally in North America where we only owned 2 of the Magnificent Seven
companies referenced above. The impact of not owning Nvidia has alone reduced
performance of the total portfolio by 1.50% relative to the benchmark. Stock
selection was positive in Europe, UK and Japan as quality and defensively
positioned businesses performed better than the market. In the Pacific and
China, consumer orientated companies, which comprise the bulk of our
investments in these regions, performed very well at the start of the year as
China reopened from Covid restrictions. However, the positive effects of
freedom to move around soon gave way to fears of a property market crash which
dampened consumer spending. The Company's net asset value total return was
0.5% behind the benchmark over the year, as the benefits of Japan, Europe and
the UK just failed to offset the disappointing Chinese equity market and
limited exposure to the highly valued US technology sector.
I have rarely seen markets so narrowly focussed on a few winners where the
decision to own one or two stocks has meant the difference in under or
outperforming the index. The last time this occurred was at the height of the
(technology-media-telecoms) bubble, led by Vodafone in the UK, which did not
end well for them and now they trade nearly 80% down from their peak in 2000.
In the last decade the proportion of our benchmark represented by zero
yielding stocks has risen from under 10% to 20%. This year we have seen
performance impacted by not owning zero dividend yielding stocks and we are
reviewing how to deliver progressive dividend growth while allowing greater
investment into zero yielding companies. Outside the large technology stocks,
it is apparent that investor demand for equities is weak. Market flows have
been impacted by the opportunity cost to investors of owning cash, yielding a
risk free 5%. This opportunity cost is impacting demand for equities generally
across the world and is likely to remain a negative until interest rates are
meaningfully cut from their current levels.
Environmental, social and governance factors
As mentioned in previous reports, we do not exclude sectors or stocks purely
for environmental, social and governance ('ESG') reasons, as we feel
ultimately that excluding them will not lead to improvements in their
behaviour. Our preferred strategy is through engagement with company
management to encourage change and invest in safer or more environmentally
sustainable processes. A sample of some of the engagement that Janus Henderson
conducted on our behalf last year is listed in the Annual Report.
Our favoured measure of the environmental impact of the portfolio is its
Carbon Intensity, which calculates the absolute carbon emissions divided by
the revenues generated by the companies. We consider this measure useful in
comparing companies, as it is less volatile than others and should reduce if
companies find ways to be more efficient in how they produce goods or operate.
At the year-end we had a carbon intensity 37% lower than the benchmark. This
is principally due to a lower exposure to utilities, materials and energy
compared to the benchmark. However, the exposure to energy has increased in
the year as there are now clearer and more realistic investment plans from the
oil majors, however we remain below the benchmark weight due to uncertainty
over the future demand for oil.
The collection of data relating to ESG factors has clearly improved in recent
years, although understanding the assumptions behind various figures can be
challenging. Companies continue advancing the quality and scope of this data
which now gives us the confidence to publish a TCFD report in 2024, giving
greater detail of the portfolio company's environmental impact and expanding
on other governance and social factors.
Income
The level of investment income from the portfolio increased by 7% over the
year, driven by a continuation of special dividends and underlying growing
dividends. Inflation has had a positive impact on some companies who can pass
on higher prices and grow their margins. The US portfolio grew its dividends
by 57% year on year through an increased allocation of the total portfolio and
stock selection favouring strongly growing dividend payers. Europe and the
Pacific were negatively impacted by a lower proportion of financials and the
lack of economic growth. China also saw a decrease in dividends as we sought
out more defensively orientated companies in healthcare and alternative energy
providers which yield less than the market.
The outlook for income is largely dependent on economic growth improving,
which might be challenging in the coming year unless interest rates are
materially reduced. We are endeavouring to favour companies that have the
scope to raise the proportion of profits they pay out and are well positioned
compared to their competitors. The repayment of the 2023 debenture also saves
the Company £1.2m annually in interest costs which should allow more of the
investment income to be distributed to shareholders.
Gearing
The Company's £15 million 8% debenture was repaid at the end of the financial
year, which will reduce the Company's overall average borrowing cost to 2.7%;
the next loan stock is not due for repayment until 2035. The current
outstanding loan stock issuance results in a maximum gross gearing of 9.3% at
the year-end. If the cash balances are netted off, then net gearing at the
year-end was 7.1%. We view our default geared position as being close to the
maximum gross gearing with a small cash balance to manage transitioning
between trades. To determine whether we fully gear the Company, or hold
tactical cash, we have a number of statistics such as excess money supply, the
rate of corporate profit growth and valuations relative to historical levels
that we review. We have maintained a fairly full level of gearing this year,
which has been beneficial, but in the latter part of the year have started to
raise cash, reducing net gearing. The key indicator of global excess money
supply has turned negative, impacted by rising interest rates and increased
bond sales from central banks.
Outlook
Leading indicators for the global economy continue to point to fading growth,
and in particular a contraction in Europe where money supply is negative and
the highest interest rates starting to bite. The more positive news is that
the valuation of most stocks appears to be now factoring in a mild recession.
Forecasts for profit growth are modest with the exception of the companies
associated with the Artificial Intelligence boom, where the bubble continues
to inflate. The declining inflation numbers are also good news but it is hard
to judge when central banks will start cutting rates as inflation approaches
or subsides below their 2% targets. We feel that inflation could surprise on
the downside as China is now in outright deflation and, barring an energy
crisis, most goods and services are in surplus.
As we look forward, employment is key to the direction of both the economy
and, importantly, sentiment. So far into this interest rate cycle employment
has held up very well, as many companies remember recent times when labour was
hard to find so are consequently reluctant to shed labour as the economy
slows. The market consensus view has swung towards a soft landing scenario led
by the US, in which interest rates are cut in the early summer of 2024 and
provide the stimulus to offset fading demand. We are a little more cautious as
this type of soft landing has rarely been engineered successfully by central
banks and we expect some overshoot to the downside.
US companies increasingly see share buybacks as their preferred method to
return cash to investors and less companies in the US now pay dividends. We
have undoubtedly missed some opportunities in the US market through our
preference for dividend paying companies. We intend to widen our focus in the
coming year although we will maintain our preference for cash generative
companies with well defended market positions. Our stock selection seeks to
avoid the overvalued and under invested companies, prioritising higher quality
and lower geared companies, offering earnings resilience. Now that the cost of
capital and debt is no longer close to zero, companies need to generate proper
returns to justify their valuations, and our investment process aims to seek
out these opportunities.
Alex Crooke
Fund Manager
17 January 2024
MANAGING OUR RISKS
The Board, with the assistance of Janus Henderson, has carried out a robust
assessment of the principal risks and uncertainties including emerging risks
facing the Company that would threaten its business model, future performance,
solvency, liquidity or reputation.
The Board regularly considers the principal risks facing the Company and has
drawn up a register of these risks. The Board has put in place a schedule of
investment limits and restrictions, appropriate to the Company's investment
objective and policy, in order to mitigate these risks as far as practicable.
The Board monitors the Manager, its other service providers and the internal
and external environments in which the Company operates to identify new and
emerging risks. Any new or emerging risks that are identified and that are
considered to be of significance are included in the Company's risk register
together with any mitigating actions required.
The Board pro-actively monitors all of these factors and has a strong focus on
continuing to educate itself about any relevant issues. Details of how the
Board monitors the services provided by Janus Henderson and its other
suppliers, and the key elements designed to provide effective internal
control, are explained further in the internal controls section of the
Corporate Governance Statement in the Annual Report. Further details of the
Company's exposure to market risk (including market price risk, currency risk
and interest rate risk), liquidity risk and credit and counterparty risk and
how they are managed are contained in the Annual Report.
The Board's policy on risk management has not materially changed during the
course of the reporting period and up to the date of the Annual Report.
The principal risks which have been identified and the steps taken by the
Board to mitigate these are as follows:
Risk Trend Mitigation
Investment activity and performance risks
An inappropriate investment strategy (for example, in terms of asset ↑ The Board monitors investment
allocation or the level of gearing) may result in underperformance against the
Company's benchmark index and the companies in its peer group. performance at each Board meeting
and regularly reviews the extent of the
Investment performance, over an extended period of time, may be impacted by Company's borrowings.
either external (political, financial shock, pandemic, climate change) or
internal factors (poor stock selection), leading to shareholders voting to
wind up the Company.
The Board receives regular updates on professional and retail investor
activity from the Manager and its brokers to inform themselves of investor
sentiment and how the Company is perceived in the market.
Portfolio and market risks
Although the Company invests almost entirely in securities that are listed on ↑ The Fund Manager seeks to maintain a diversified portfolio to mitigate
recognised markets, share prices may move rapidly. The companies in which against this risk. The Board regularly reviews the portfolio, investment
investments are made may operate unsuccessfully or fail entirely. A fall in activity and
the market value of the Company's portfolio would have an adverse effect on
shareholders' funds. The risks associated with a global pandemic and other performance.
health emergencies are considered within portfolio and market risks, a
grouping which has been extended to cover risks relating to heightened
political and military tensions and inflationary pressures. This is likely to
impact share prices of investments in the portfolio, to the extent not already
factored into current prices.
Tax, legal and regulatory risks
A breach of section 1158/9 of the Corporation Tax Act 2010 could lead to the ↔ Janus Henderson has been contracted to provide investment, company
loss of investment trust status, resulting in capital gains realised within secretarial, administration and accounting services through qualified
the portfolio being subject to corporation tax. A breach of the FCA's Rules professionals.
could result in suspension of the Company's shares, while a breach of the
Companies Act could lead to criminal proceedings. All breaches could result in
financial or reputational damage. The Company must also ensure compliance
with the Listing Rules of the New Zealand Stock Exchange. The Board receives internal control reports produced by Janus Henderson on a
quarterly basis, which confirm tax, legal and regulatory compliance both in
the UK and New Zealand.
Financial risks
By its nature as an investment trust, the Company's business activities are ↔ The Company has a diversified portfolio which comprises mainly investments in
exposed to market risk (including market price risk, currency risk and large and medium-sized companies and mitigates the Company's exposure to
interest rate risk), liquidity risk and credit and counterparty risk. liquidity risk.
The Company minimises the risk of a counterparty failing to deliver securities
or cash by dealing through organisations that have undergone rigorous due
diligence by Janus Henderson. Further information on the mitigation of
financial risks is included in note 16 in the Annual Report.
Operational and cyber risks
Disruption to, or failure of, Janus Henderson's accounting, dealing or payment ↑ The Board monitors the services provided by Janus Henderson, the Depositary
systems or the Depositary's records could prevent the accurate reporting and and its other service providers and receives reports on the key elements in
monitoring of the Company's financial position. The Company is also exposed place, including cyber attacks and information security, to provide effective
to the operational and cyber risks that one or more of its service providers internal control.
may not provide the required level of service or that Artificial Intelligence
Risks associated with climate change Please refer to Investment activity and performance risks above and the
Environmental, Social and Governance Matters section in the Annual Report for
Risk that investee companies within the Company's portfolio fail to respond to ↑ further details.
the pressures of the growing climate emergency and fail to limit their carbon
footprint to regulated targets, resulting in reduced investor demand for their
shares and falling fair values.
THE COMPANY'S VIABILITY
The UK Corporate Governance Code requires the Board to assess the future
prospects for the Company, and to report on the assessment within the Annual
Report.
The Board considered that certain characteristics of the Company's business
model and strategy were relevant to this assessment:
· The Company's investment objective, strategy and policy, which are subject to
regular Board monitoring, mean that the Company is normally invested in
readily realisable, listed securities and that the level of borrowings is
restricted.
· The Company is a closed-end investment company and therefore does not suffer
from the liquidity issues arising from unexpected redemptions. Without
pressure to sell, the Fund Manager has been able to rebalance tactically the
portfolio to take advantage of recovering markets.
Also relevant were a number of aspects of the Company's operational
arrangements:
· The Company retains title to all assets held by the Custodian under the terms
of formal agreements with the Custodian and Depositary.
· Long-term borrowing is in place, being the £50 million 3.68% loan notes 2035,
£37 million 2.28% loan notes 2045 and €44 million 1.67% loan notes 2041,
which are also subject to formal agreements, including financial covenants
with which the Company complied in full during the year. The value of
long-term borrowing is relatively small in comparison to the value of net
assets, being 9.4% (2022: 10.2%).
· Short-term borrowing of £20 million with SMBC Bank International plc. The
facility was not drawn down at the year-end and expires in February 2024.
· Revenue and expenditure forecasts are reviewed by the Directors at each Board
meeting.
· The Company's ongoing charge is amongst the lowest of actively managed
equities funds.
· Cash is held with approved banks.
In addition, the Directors carried out a robust assessment of the principal
risks and uncertainties which could threaten the Company's business model,
including future performance, liquidity and solvency. These risks, including
their mitigations and processes for monitoring them, are set out in the Annual
Report.
The principal risks identified as relevant to the viability assessment were
those relating to investment portfolio performance and its effect on the net
asset value, share price and dividends, and threats to security over the
Company's assets. The Board took into account the liquidity of the Company's
portfolio, the existence of the long-term fixed rate borrowings, the effects
of any significant future falls in investment values and income receipts on
the ability to repay and re-negotiate borrowings, growing dividend payments,
the desire to retain investors and the potential need for share buy-backs. The
Directors assess viability over five year rolling periods, taking account of
foreseeable severe but plausible scenarios having reviewed a five-year
cash-flow forecast and sensitivity analysis, reflecting the potential impact
of the principal risks as a whole, to support its deliberations. The Directors
believe that a rolling five-year period best balances the Company's long-term
objective, its financial flexibility and scope with the difficulty in
forecasting economic conditions affecting the Company and its shareholders.
Based on their assessment, and in the context of the Company's business model,
strategy and operational arrangements set out above, the Directors have a
reasonable expectation that the Company is able to continue in operation and
meet its liabilities as they fall due over the five-year period to 31 October
2028.
RELATED PARTY TRANSACTIONS
The Company's transactions with related parties in the year were with its
Directors and Janus Henderson. There were no material transactions between the
Company and its Directors during the year other than the amounts paid to them
in respect of Directors' remuneration for which there were no outstanding
amounts payable at the year end. In relation to the provision of services by
the Manager, other than fees payable by the Company in the ordinary course of
business and the provision of marketing services, there were no transactions
with the Manager affecting the financial position of the Company during the
year. More details on transactions with the Manager, including amounts
outstanding at the year end, are given in note 24 in the Annual Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES UNDER DISCLOSURE GUIDANCE AND
TRANSPARENCY RULE 4.1.12
Each of the Directors, who are listed in the Annual Report, confirms that, to
the best of his or her knowledge:
· the financial statements, which have been prepared in accordance with
UK-adopted International Accounting Standards on a going concern basis, give a
true and fair view of the assets, liabilities, financial position and profit
of the Company; and
· the Strategic Report in the Annual Report and financial statements include a
fair review of the development and performance of the business and the
position of the Company, together with a description of the principal risks
and uncertainties that it faces.
For and on behalf of the Board
Simon Miller
Chair
17 January 2024
Also relevant were a number of aspects of the Company's operational
arrangements:
· The Company retains title to all assets held by the Custodian under the terms
of formal agreements with the Custodian and Depositary.
· Long-term borrowing is in place, being the £50 million 3.68% loan notes 2035,
£37 million 2.28% loan notes 2045 and €44 million 1.67% loan notes 2041,
which are also subject to formal agreements, including financial covenants
with which the Company complied in full during the year. The value of
long-term borrowing is relatively small in comparison to the value of net
assets, being 9.4% (2022: 10.2%).
· Short-term borrowing of £20 million with SMBC Bank International plc. The
facility was not drawn down at the year-end and expires in February 2024.
· Revenue and expenditure forecasts are reviewed by the Directors at each Board
meeting.
· The Company's ongoing charge is amongst the lowest of actively managed
equities funds.
· Cash is held with approved banks.
In addition, the Directors carried out a robust assessment of the principal
risks and uncertainties which could threaten the Company's business model,
including future performance, liquidity and solvency. These risks, including
their mitigations and processes for monitoring them, are set out in the Annual
Report.
The principal risks identified as relevant to the viability assessment were
those relating to investment portfolio performance and its effect on the net
asset value, share price and dividends, and threats to security over the
Company's assets. The Board took into account the liquidity of the Company's
portfolio, the existence of the long-term fixed rate borrowings, the effects
of any significant future falls in investment values and income receipts on
the ability to repay and re-negotiate borrowings, growing dividend payments,
the desire to retain investors and the potential need for share buy-backs. The
Directors assess viability over five year rolling periods, taking account of
foreseeable severe but plausible scenarios having reviewed a five-year
cash-flow forecast and sensitivity analysis, reflecting the potential impact
of the principal risks as a whole, to support its deliberations. The Directors
believe that a rolling five-year period best balances the Company's long-term
objective, its financial flexibility and scope with the difficulty in
forecasting economic conditions affecting the Company and its shareholders.
Based on their assessment, and in the context of the Company's business model,
strategy and operational arrangements set out above, the Directors have a
reasonable expectation that the Company is able to continue in operation and
meet its liabilities as they fall due over the five-year period to 31 October
2028.
RELATED PARTY TRANSACTIONS
The Company's transactions with related parties in the year were with its
Directors and Janus Henderson. There were no material transactions between the
Company and its Directors during the year other than the amounts paid to them
in respect of Directors' remuneration for which there were no outstanding
amounts payable at the year end. In relation to the provision of services by
the Manager, other than fees payable by the Company in the ordinary course of
business and the provision of marketing services, there were no transactions
with the Manager affecting the financial position of the Company during the
year. More details on transactions with the Manager, including amounts
outstanding at the year end, are given in note 24 in the Annual Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES UNDER DISCLOSURE GUIDANCE AND
TRANSPARENCY RULE 4.1.12
Each of the Directors, who are listed in the Annual Report, confirms that, to
the best of his or her knowledge:
·
the financial statements, which have been prepared in accordance with
UK-adopted International Accounting Standards on a going concern basis, give a
true and fair view of the assets, liabilities, financial position and profit
of the Company; and
·
the Strategic Report in the Annual Report and financial statements include a
fair review of the development and performance of the business and the
position of the Company, together with a description of the principal risks
and uncertainties that it faces.
For and on behalf of the Board
Simon Miller
Chair
17 January 2024
STATEMENT OF COMPREHENSIVE INCOME
Year-ended Year-ended
31 October 2023 31 October 2022
(Audited) (Audited)
Revenue Capital Total Revenue Capital Total
return return return return return return
£'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on investments held at fair value through profit and loss - 37,376 37,376 - (202,031) (202,031)
Investment income (note 2) 40,439 - 40,439 37,814 - 37,814
Other operating income 1,326 - 1,326 394 - 394
(note 3)
----------- ------------ ------------ --------- ------------ --------------
Total income 41,765 37,376 79,141 38,208 (202,031) (163,823)
----------- ------------ ------------ --------- ------------ --------------
Expenses
Management fees (1,790) (4,176) (5,966) (1,905) (4,446) (6,351)
(note 4)
Other expenses (note 5) (970) - (970) (1,364) - (1,364)
--------- --------- --------- --------- --------- ---------
Profit/(loss) before finance costs and taxation 39,005 33,200 72,205 34,939 (206,477) (171,538)
Finance costs (note 6) (1,376) (3,211) (4,587) (1,346) (3,141) (4,487)
--------- ------------ ------------ --------- ------------ ------------
Profit/(loss) before taxation 37,629 29,989 67,618 33,593 (209,618) (176,025)
--------- ---------- --------- --------- ---------- ----------
Taxation (note 7) (3,061) - (3,061) (3,001) (145) (3,146)
--------- ---------- --------- --------- ---------- ----------
Profit/(loss) for the year and total comprehensive income 34,568 29,989 64,557 30,592 (209,763) (179,171)
====== ======= ======= ====== ======= =======
Earnings per ordinary share - basic and diluted (note 8) 2.72p 2.35p 5.07p 2.34p (16.04p) (13.70p)
====== ======= ======= ====== ======= =======
The total columns of this statement represent the Statement of Comprehensive
Income, prepared in accordance with UK-adopted International Accounting
Standards. The revenue return and capital return columns are supplementary to
this and are prepared under guidance published by the Association of
Investment Companies.
Statement of CHANGES IN EQUITY
Year ended 31 October 2023
Called-up Share premium Capital redemption Other capital Revenue reserve Total
share capital account reserve reserves £'000 £'000
£'000 £'000 £'000 £'000
Total equity at 32,878 159,797 12,489 1,115,343 40,159 1,360,666
1 November 2022
Total comprehensive income:
- Profit for the year - - - 29,989 34,568 64,557
Transactions with owners, recorded directly to equity:
- Buyback of shares to treasury (note 9) - - - (60,484) - (60,484)
Ordinary dividends paid (note 11) - - - - (31,216) (31,216)
---------- ---------- ----------- ------------- ---------- -------------
Total equity at 32,878 159,797 12,489 1,084,848 43,511 1,333,523
31 October 2023
====== ====== ====== ======= ====== ========
Year ended 31 October 2022
Called-up Share premium Capital redemption Other capital Revenue reserve Total
share capital account reserve reserves £'000 £'000
£'000 £'000 £'000 £'000
Total equity at 32,827 159,797 12,540 1,343,631 38,589 1,587,384
1 November 2021
Total comprehensive income:
- (Loss)/profit for the year - - - (209,763) 30,592 (179,171)
Transactions with owners, recorded directly to equity:
- Buyback of shares to treasury (note 9) 51 - (51) (18,525) - (18,525)
Ordinary dividends paid (note 11) - - - - (29,022) (29,022)
---------- ---------- ----------- ------------- ---------- -------------
Total equity at 32,878 159,797 12,489 1,115,343 40,159 1,360,666
31 October 2022
====== ====== ====== ======== ====== =======
STATEMENT OF FINANCIAL POSITION
At 31 October 2023 At 31 October 2022
£'000 £'000
Non-current assets
Investments held at fair value through profit or loss 1,428,787 1,433,728
-------------- --------------
Current assets
Investments held at fair value through profit or loss 13,116 1
Other receivables 19,001 4,497
Cash and cash equivalents 14,525 65,871
-------------- --------------
46,642 70,369
-------------- --------------
Total assets 1,475,429 1,504,097
-------------- --------------
Current liabilities
Other payables (17,006) (4,151)
Debenture stock - (15,000)
-------------- --------------
(17,006) (19,151)
-------------- --------------
Total assets less current liabilities 1,458,423 1,484,946
-------------- --------------
Non-current liabilities
Unsecured loan notes (124,900) (124,280)
-------------- ------------
(124,900) (124,280)
-------------- -------------
Net assets 1,333,523 1,360,666
======== ========
Equity attributable to equity shareholders
Share capital (note 9) 32,878 32,878
Share premium account 159,797 159,797
Capital redemption reserve 12,489 12,489
Retained earnings:
Other capital reserves 1,084,848 1,115,343
Revenue reserve 43,511 40,159
-------------- --------------
Total equity 1,333,523 1,360,666
======== ========
Net asset value per ordinary share (note 10) 108.0p 105.1p
======== ========
The financial statements in the Annual Report were approved by the Board of
Directors on 17 January 2024.
Cash Flow STATEMENT
Reconciliation of profit before taxation to net cash flow from operating Year ended Year ended
activities
31 October 31 October
2023 2022
£'000 £'000
Operating activities
Profit/(loss) before taxation 67,618 (176,025)
Less: (gain)/loss on investments held at fair value through profit or loss (37,376) 202,031
Purchases of investments (830,071) (419,661)
Sales of investments 872,865 476,954
Purchases of current asset investments (80,700) (17,498)
Sales of current asset investments 67,585 26,095
Increase in securities purchased for future settlement 12,119 1,602
(Increase)/decrease in other receivables (58) 1
Decrease in other payables (169) (1,479)
Increase in accrued income (14,217) (257)
Add back interest payable ('finance costs') 4,587 4,487
----------- -----------
Net cash inflow from operating activities before interest and taxation 62,183 96,250
----------- -----------
Interest paid (4,525) (4,503)
Taxation on investment income (3,290) (3,766)
----------- -----------
Net cash inflow from operating activities 54,368 87,981
----------- -----------
Financing activities
Equity dividends paid (net of refund of unclaimed distributions) (31,216) (29,022)
Redemption of debenture (15,000) -
Share buybacks (59,579) (18,207)
------------- -------------
Net cash (outflow)/inflow from financing activities (105,795) (47,229)
------------- -------------
(Decrease)/increase in cash (51,427) 40,752
Cash and cash equivalents at the start of the year 65,871 25,429
Exchange movements 81 (310)
------------- -------------
Cash and cash equivalents at the end of the year 14,525 65,871
======= =======
In accordance with IAS 7.31 cash inflow from dividends was £36,225,000 (2022:
£34,030,000) and cash inflows from interest was £1,349,000 (2022:
£245,000).
NOTES TO THE FINANCIAL STATEMENTS
1a. Accounting policies
The Bankers Investment Trust PLC is a company incorporated and domiciled in
the United Kingdom under the Companies Act 2006. The financial statements of
the Company for the year ended 31 October 2023 have been prepared in
accordance with UK-adopted International Accounting Standards.
The financial statements have been prepared on a going concern basis and on
the historical cost basis, except for the revaluation of certain financial
instruments held at fair value through profit or loss. The principal
accounting policies adopted are set out in the Annual Report. These policies
have been applied consistently throughout the year. Where presentational
guidance set out in the Statement of Recommended Practice ('the SORP') for
investment companies issued by the Association of Investment Companies ('the
AIC') amended in July 2022 is consistent with the requirements of UK-adopted
International Accounting Standards, the Directors have sought to prepare the
financial statements on a basis consistent with the recommendations of the
SORP.
In line with UK-adopted International Accounting Standards, investments are
valued at fair value which are quoted prices in active markets and therefore
reflect participants' view of climate change risk.
1b. Going concern
In reviewing viability (see Annual Report) and going concern, the Directors
have considered, among other things, cash flow forecasts, a review of covenant
compliance including the headroom above the most restrictive covenants and an
assessment of the liquidity of the portfolio and the impact of the war in
Ukraine and Gaza-Israel conflict. The assets of the Company consist mainly of
securities that are listed and readily realisable.
Thus, after making due enquiry, the Directors believe that the Company has
adequate financial resources to meet its financial obligations, including the
repayment of any borrowings, and to continue in operational existence for at
least 12 months from the date of approval of the financial statements.
Accordingly, the Directors continue to adopt the going concern basis in
preparing the financial statements.
2. Investment income 2023 2022
£'000 £'000
UK dividend income - listed 9,308 10,349
UK dividend income - special dividends - 288
Overseas dividend income - listed 30,205 26,291
Overseas dividend income - special dividends 702 659
Property income distributions 224 227
----------- -----------
40,439 37,814
====== ======
Analysis of investment income by geographical region:
UK 9,780 9,402
Europe (ex UK) 6,915 7,735
North America 10,866 6,909
Japan 4,275 3,723
Pacific (ex Japan and China) 6,805 7,362
China 1,798 2,683
----------- -----------
40,439 37,814
====== ======
3. Other operating income 2023 2022
£'000 £'000
Bank interest 1,311 344
Stock lending revenue - 48
Other income 15 2
-------- --------
1,326 394
===== =====
2023 2022
4. Management fees Revenue Capital Total Revenue Capital Total
return return return return return return
£'000 £'000 £'000 £'000 £'000 £'000
Investment Management 1,790 4,176 5,966 1,905 4,446 6,351
-------- -------- -------- ------- -------- --------
1,790 4,176 5,966 1,905 4,446 6,351
===== ===== ===== ==== ===== =====
A summary of the terms of the management agreement is given in the Business
Model in the Annual Report.
5. Other expenses 2023 2022
£'000 £'000
Directors' fees and expenses (see Annual Report) 206 141
Auditors' remuneration - for audit services 52 45
Auditors' remuneration - for non-audit services(1) - 3
Expenses payable to Janus Henderson (relating to marketing services) 68 138
Bank/custody charges 259 287
Depositary fees 53 54
Registrar fees 64 72
AIC subscriptions 21 21
Printing expenses 60 36
Legal fees(2) (175) 184
Listing fees 109 119
Irrecoverable VAT 14 19
Loan arrangement & non-utilisation fees 80 76
Other expenses 159 169
----------- -----------
970 1,364
====== ======
The compensation payable to key management personnel in respect of short term
employment benefits was £206,000 (2022: £141,000) which relates wholly to
the fees and expenses payable to the Directors in respect of the year.
1 Non-audit services relate to the provision of a debenture covenant compliant
certificate. The debenture was repaid on 31 October 2023
2 Following the judgment of the supreme court hearing in November 2021, which
was in favour of HMRC, the Company withdrew its claims in respect of
Manufactured Overseas Dividends. The Company expected to incur legal costs to
close this case at an estimate of £150,000 and this was included in the prior
year expenses. Subsequently, the legal fees did not crystalise and have been
written back to the account.
2023 2022
6. Finance Costs Revenue Capital Total Revenue return Capital Total return
return return return £'000 return £'000
£'000 £'000 £'000 £'000
Interest on bank overdrafts - 1 1 - 1 1
Interest on debenture repayable:
- less than one year 360 840 1,200 360 840 1,200
Interest on unsecured loan notes repayable:
- after five years(1) 1,016 2,370 3,386 986 2,300 3,286
--------- --------- --------- --------- --------- ---------
1,376 3,211 4,587 1,346 3,141 4,487
===== ===== ===== ===== ===== =====
(1) Includes amortisation of issue costs and will therefore vary from year to
year
2023 2022
Revenue return Capital Total Revenue return Capital Total
£'000 return return £'000 return return
7. Taxation £'000 £'000 £'000 £'000
a) Analysis of the tax charge for the year
Overseas tax suffered 3,322 - 3,322 3,637 145 3,782
Overseas tax reclaimable (261) - (261) (636) - (636)
-------- -------- -------- -------- -------- --------
Total tax charge for the year 3,061 - 3,061 3,001 145 3,146
===== ===== ===== ===== ===== =====
b) Factors affecting the tax charge for the year
The differences are explained below:
2023 2022
Revenue return Capital Total return Revenue return Capital Total
£'000 return £'000 £'000 return return
£'000 £'000 £'000
Profit/(loss) before taxation 37,629 29,989 67,618 33,593 (209,618) (176,025)
Corporation tax for the year at 22.50%(1) (2022: 19.00%) 8,467 6,747 15,214 6,383 (39,827) (33,444)
Non-taxable UK dividends (1,972) - (1,972) (2,020) - (2,020)
Overseas income and non-taxable scrip dividends (6,717) - (6,717) (4,869) - (4,869)
Overseas withholding tax suffered 3,061 - 3,061 3,001 145 3,146
Excess management expenses and loan relationships 182 1,572 1,754 374 1,152 1,526
Interest capping restriction 40 90 130 132 290 422
Capital gains not subject to tax - (8,409) (8,409) - 38,385 38,385
-------- -------- -------- -------- -------- --------
3,061 - 3,061 3,001 145 3,146
===== ===== ===== ===== ===== =====
( )
(1) Seven months at the new rate of 25% and five months at previous rate of
19%
c) Provision for deferred taxation
No provision for deferred taxation has been made in the current year or in the
prior year.
The Company has not provided for deferred tax on capital gains or losses
arising on the revaluation or disposal of investments as it is exempt from tax
on these items because of its status as an investment trust, which it intends
to maintain for the foreseeable future.
d) Factors that may affect future tax charges
The Company can offset management fees, other administrative expenses and
interest costs against taxable income to eliminate any tax charge on such
income. The tax legislation refers to these as management expenses (management
fees and other administrative expenses) and non-trade loan relationship
deficits (interest costs) and these are captured together under the heading
'Excess management expenses and loan relationships' in the table above. Where
these are not fully utilised, they can be carried forward to future years. As
the Company is unlikely to generate future taxable profits to utilise these
amounts, the Company cannot recognise an asset to reflect them, but must still
disclose the deferred tax amount carried forward arising from any unutilised
amounts.
Consequently, the Company has not recognised a deferred tax asset totalling
£21,687,000 (2022: £19,730,000) arising as a result of having unutilised
management expenses and unutilised non-trade loan relationship deficits
totalling £86,749,000 (2022: £78,749,000) and based on the prospective tax
rate of 25% (2022: 25%).
8. Earnings/(loss) per ordinary share
The total earnings per ordinary share is based on the net profit attributable
to the ordinary shares of £64,557,000 (2022: loss of £179,171,000) and on
1,272,116,196 ordinary shares (2022: 1,307,589,615), being the weighted
average number of shares in issue, excluding shares held in treasury, during
the year.
The total earnings can be further analysed as follows:
2023 2022
£'000 £'000
Revenue profit 34,568 30,592
Capital profit/(loss) 29,989 (209,763)
------------------- -------------------
Profit/(loss) for the year 64,557 (179,171)
------------------- -------------------
Weighted average number of ordinary shares 1,272,116,196 1,307,589,615
------------------- -------------------
Revenue earnings per ordinary share 2.72p 2.34p
Capital earnings/(loss) per ordinary share 2.35p (16.04p)
------------------ ------------------
Earnings/(loss) per ordinary share 5.07p (13.70p)
========== ==========
The Company does not have any dilutive securities therefore basic and diluted
earnings are the same.
9. Called up share capital
Number of Number of Total number Nominal value
shares held in treasury shares entitled of shares of shares
to dividend in issue
£'000
Ordinary shares
At 1 November 2022 20,251,624 1,294,851,206 1,315,102,830 32,878
Buyback of ordinary shares 60,618,929 (60,618,929) - -
--------------- ------------------- ------------------- -----------
At 31 October 2023 80,870,553 1,234,232,277 1,315,102,830 32,878
========= =========== =========== ======
During the year no new shares were issued and 60,618,929 shares were bought
back into treasury for a net payment of £60,484,000.
Number of Number of Total number Nominal value
shares held in treasury shares entitled of shares of shares in issue
to dividend £'000
Ordinary shares
At 1 November 2021 2,031,754 1,313,071,076 1,315,102,830 32,827
Buyback of ordinary shares at 18,219,870 (18,219,870) - 51(1)
31 October 2022
----------------- -------------------- -------------------- -----------
20,251,624 1,294,851,206 1,315,102,830 32,878
--------------- -------------------- -------------------- -----------
(1) The nominal value of the share buybacks which were held in treasury during
the year to 31 October 2021 was transferred to the capital redemption reserve
but should have remained in share capital. This transfer of £51,000 has been
reversed in the prior period.
In the year ended 31 October 2022, no new shares were issued and 18,219,870
shares were bought back into treasury for a net payment of £18,525,000.
Since the year end, the Company has not issued any shares, and 13,225,970
shares have been bought back into treasury for a net payment of £13,238,307.
10. Net asset value per ordinary share
The net asset value per ordinary share is based on net assets attributable to
ordinary shares of £1,333,523,000 (2022: £1,360,666,000) and on
1,234,232,277 ordinary shares in issue at 31 October 2023 (2022:
1,294,851,206), excluding shares held in treasury. The Company has no
securities in issue that could dilute the net asset value per ordinary share.
The movements during the year in net assets attributable to the ordinary
shares were as follows:
2023 2022
£'000 £'000
Net assets attributable to ordinary shares at start of year 1,360,666 1,587,384
Total net profit/(loss) on ordinary activities after taxation 64,557 (179,171)
Buyback of ordinary shares (60,484) (18,525)
Dividends paid (31,216) (29,022)
------------- -------------
Net assets attributable to ordinary shares at end of year 1,333,523 1,360,666
======== ========
11. Dividend
A final dividend of 0.66p per share (2022: 0.60p), if approved by shareholders
at the Annual General Meeting, will be paid on 29 February 2024 to
shareholders on the register on 26 January 2024. The shares go ex-dividend on
25 January 2024. This final dividend, together with the three interim
dividends already paid brings the total dividend for the year to 2.56p (2022:
2.328p) per share.
12. 2023 Financial Information
The figures and financial information for the year ended 31 October 2023 are
extracted from the Company's annual financial statements for that year and do
not constitute statutory accounts. The Company's annual financial statements
for the year to 31 October 2023 have been audited but have not yet been
delivered to the Registrar of Companies. The Auditor's report on the 2023
annual financial statements was unqualified, did not include a reference to
any matter to which the Auditor drew attention without qualifying the report,
and did not contain any statements under Section 498 of the Companies Act
2006.
13. 2022 Financial Information
The figures and financial information for the year ended 31 October 2022 are
compiled from an extract of the published accounts for that year and do not
constitute statutory accounts. Those accounts have been delivered to the
Registrar of Companies and included the report of the Auditor which was
unqualified and did not contain a statement under Sections 498(2) or 498(3) of
the Companies Act 2006.
14. Annual Report
The Annual Report will be posted to shareholders in January 2024 and will be
available at www.bankersinvestmenttrust.com
(http://www.bankersinvestmenttrust.com) or in hard copy from the Corporate
Secretary at the Company's registered office, 201 Bishopsgate, London, EC2M
3AE.
15. Annual General Meeting ('AGM')
The AGM will be held at 12 noon on Thursday, 22 February 2024 at the Company's
registered office, 201 Bishopsgate, London, EC2M 3AE. The Notice of Meeting
will be sent to shareholders with the Annual Report.
16. General information
Company Status
The Company is a UK domiciled investment trust company with registered number
00026351.
SEDOL/ISIN number: BN4NDR3/GB00BN4NDR39
London Stock Exchange (TIDM) Code: BNKR
Global Intermediary Identification Number (GIIN): L5YVFP.99999.SL.826
Legal Entity Identifier (LEI): 213800B9YWXL3X1VMZ69
Registered Office
201 Bishopsgate, London, EC2M 3AE.
Company Registration Number
UK: 00026351
NZ: 645360
Directors
The Directors of the Company are Simon Miller (Chair), Julian Chillingworth
(Senior Independent Director), Ankush Nandra (Audit and Risk Assurance
Committee Chair), Richard West, Charlotte Valeur and Hannah Philp (Marketing
Committee Chair).
Corporate Secretary
Janus Henderson Secretarial Services UK Limited, represented by Wendy King,
FCG.
Website
Details of the Company's share price and net asset value, together with
general information about the Company, monthly factsheets and data, copies of
announcements, reports and details of general meetings can be found at
www.bankersinvestmenttrust.com (http://www.bankersinvestmenttrust.com) .
For further information please contact:
Alex Crooke Simon Miller
Fund Manager Chair
Janus Henderson Investors The Bankers Investment Trust PLC
Telephone: 020 7818 4447 Telephone: 020 7818 4233
Dan Howe Harriet Hall
Head of Investment Trusts Investment Trust PR Director
Janus Henderson Investors Janus Henderson Investors
Telephone: 020 7818 4458 Telephone: 020 7818 2919
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) are
incorporated into, or form part of, this announcement.
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