CT UK Cap & Inc inv - Annual Results and Quarterly Dividend Announcement
30/11/2023 07:00
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RNS Number : 1155V CT UK Capital and Income Investment 30 November 2023
CT UK CAPITAL AND INCOME INVESTMENT TRUST PLC
Audited Statement of Results for the year ended 30 September 2023
LEI: 21380052ETTRKV2A6Y19
30 November 2023
CT UK Capital and Income Investment Trust PLC ("CTUK" / (the "Company") today
announces its results for the year ended 30 September 2023.
· Net Asset Value ("NAV") per share total return of 13.1%, compared
to the FTSE All-Share Index (our "Benchmark") total return of 13.8% and Share
Price total return of 10.9%.
· The Board is pleased to declare a fourth quarterly dividend of
3.90p per share ((1)). Together with the three dividends already paid for this
financial year, this takes the total dividend for the year to 12.15p per
share, an increase of 3.0% compared to last year. This provides Shareholders
with an annual dividend yield of 4.1% ((2)).
· This is the 30(th) consecutive year of increased annual dividend
payments, maintaining the Company's status as an AIC Dividend Hero.
(1) The fourth interim dividend will be paid on 18 December 2023 to
Shareholders on the register on 8 December 2023. The ex-dividend date is 7
December 2023.
(2) Calculated as the total of the four most recent quarterly dividends
declared divided by the period end share price.
The Chair, Jane Lewis, said:
"Today, the Company is pleased to declare its 30(th) consecutive annual
dividend increase. The Company is proud to be one of the AIC's Dividend
Heroes and we believe that this long term dividend record provides evidence
for the success of our steady, incremental approach.
The NAV total return for the year was 13.1%. This performance over the last 12
months was helped by strong returns from a number of cyclically sensitive
companies as the economy proved to be more stable than some had feared, but
the rise in interest rates had a detrimental impact on others. Against this
difficult background, valuations in the UK stock market in general, and our
portfolio in particular, are attractive."
Chair's Statement
I am pleased to write to you with my first report as Chair following the
retirement of Jonathan Cartwright on 1 July 2023. Jonathan joined the Board in
2019 and became Chair in 2020. We thank him for his leadership and guidance
throughout his tenure.
Total Return - The Company offers a reliable income while at the same time
seeking to grow the size of your investment
After the political turmoil of the previous year with three Prime Ministers
and four Chancellors, Russia's invasion of Ukraine and then the unsettling
Mini-Budget from the Truss/Kwarteng administration, the year under review was
much more stable. This helped to provide a more positive background against
which the UK stock market was able to record a strong return of +13.8% for the
FTSE All-Share Index (the "Index"). Having been ahead of the Index at our half
yearly stage and through Spring, the total return of our Net Asset Value
("NAV") of 13.1% was modestly behind the Index at our year end.
The Fund Manager's Review in the Annual Report contains greater analysis of
performance and the companies identified with strong, sustainable foundations
to deliver profitable growth into the future.
During the year, the transition to a new period of higher interest rates and
bond yields brought about some apparently contradictory moves in the
portfolio. Our performance over the last twelve months was helped by strong
returns from a number of cyclically sensitive companies, such as the
housebuilder Vistry and kitchen manufacturer and seller Howden Joinery, as the
economy proved to be more stable than some had feared, but the rise in
interest rates had a negative impact on others, such as the specialist bank
OSB, property owner LXi REIT and brick manufacturer Forterra.
Our financial year end three years ago was close to the bottom of the equity
market, driven by fears over the impact of COVID-19. Our recovery from that
low point was initially much stronger even than that of the Index, but we
subsequently lost relative performance in the latter stages, most notably
during Russia's initial invasion of Ukraine and the Truss/Kwarteng
administration period. Performance of the Index during the three year period
has been driven largely by some of the very biggest stocks, in particular
Shell (which rose 207.5% with an average weight in the FTSE All-Share Index of
6.1%) and HSBC (+145.2% with an average weight in the Index of 4.3%). Partly
by virtue of their size and international exposure, these companies have been
seen as quite defensive and therefore more resilient than the average UK
company in difficult conditions. Our portfolio had only a relatively small
investment in Shell and nothing in HSBC, so compared to the Index these
positions were detrimental to our performance. Over three years, our NAV total
return of 35.5% lagged that of the Index, which returned 39.8%.
Looking at longer term performance, we are ahead of the benchmark over both 10
and 25 years, with our performance in more stable or rising markets
outweighing the more challenging periods. This is evidence that our investment
process and its attention to long term fundamentals does generate attractive
investment returns, an important component of which is our track record of
annual dividend growth.
Income Growth - The Company has increased its dividend every year since it was
launched, through the market's ups and downs
During the year, in addition to rebounding capital values, the increase in
dividends from our investee companies led to growth in our revenue return per
share of 10.2%. This is encouraging as it is clearly a strong rate of growth
for any one year. In these more inflationary times, companies with pricing
power for their services and products should be able to raise their prices,
protect their profits and pay increased dividends. In this way, they should be
able to provide some cover against inflation for their shareholders.
With these results, the Board is declaring a dividend for our fourth quarter
of 3.9 pence per share to give a total for the year of 12.15p. Over one year,
this is a rate of growth for our dividend of 3.0%, which compares to the
Consumer Price Index ("CPI") of 6.7% and growth in the implied dividend from
the FTSE All-Share Index of 9.1%. While our dividend growth may lag these two
comparators in the short term, there are echoes of Aesop's Fable of the
Tortoise and the Hare as we, the Tortoise, aim to grow our dividend each and
every year - and have done so over our 30 years since launch. So, while the
Index, the Hare, may grow its dividend rapidly some years, there are other
periods (such as during COVID-19 and in response to the Global Financial
Crisis) when the dividend from the market is cut sharply.
Our long term dividend record provides evidence for the success of our steady,
incremental approach. Over 30 years, our dividend has grown 257.4%, providing
considerably greater growth than either CPI at 103.7% or the FTSE All-Share
Index at 169.7%. In addition to our dividend growing faster than the dividend
from the Index over the long term, our dividend yield as at the financial year
end was 4.1%, which is above the yield from the Index of 3.8%.
Translating these figures to compound annual rates of growth, over 30 years we
have grown our dividend by a rate of 4.3%, compared to 2.4% for CPI and 3.4%
for the FTSE All-Share Index.
In addition to our dividend growing faster than the dividend from the Index
over the long term, our dividend yield as at the financial year end was 4.1%,
which is above the yield from the Index of 3.8%.
We are proud to be one of the Association of Investment Companies' ("AIC")
Dividend Heroes as we have increased our dividend every year since launch in
1992. It remains firmly our intention to continue to extend this record and
the recovering strength of our Revenue Reserve of £12.3 million or 11.8 pence
per share gives us considerable confidence that this will be achievable.
Share Price discount to NAV
The Board has long believed it is in Shareholders' interests that the
Company's shares should not trade at a price that is too detached from the
underlying NAV per share. In order to try to create the right conditions for
this, the Company has the ability to buy back its own shares if the price
stands at a discount compared to the underlying NAV per share and to issue its
own shares if the price is at a premium. In total during the year, the Company
bought back almost 2.5 million shares at an average discount of 4.1% and
issued 75,000 shares at an intraday premium of 1.7%.
Over the year the shares traded on average at a discount of 3.1% to the
underlying NAV, with the share price trading in a range between being in line
with the NAV and a 6.0% discount.
At the forthcoming Annual General Meeting, the Board will again ask
Shareholders to renew its authority to issues shares at a premium and buy back
at a discount. This will assist the Company in continuing to protect the
discount to NAV at which the shares may trade.
Gearing
Throughout the year we have borrowed additional money to invest in our
portfolio, with the amount borrowed ranging from £24 million to £29 million.
This is decided on an assessment of the returns available from the portfolio
and individual investments in comparison with the cost of borrowing. Our
interest costs for the borrowing are linked to short term interest rates, so
with the increases in the Bank of England Base Rate, these have been
increasing during the course of the year. Overall, the cost of our borrowing
was lower than the returns achieved from the portfolio so gearing has been
advantageous for shareholders.
Costs
One of our objectives is to run your Company as efficiently as possible. This
year there was an increase in the ratio of ongoing charges which was a
combination of two effects. First, although the management fee was lower
(reflecting the fact that assets were on average lower across the last four
quarter ends than the previous year), other expenses did rise. While total
recurring expenses rose 4.6%, this was lower than CPI for the year. Secondly,
average daily net assets were lower year on year. This reflects the timing of
market movements and also the impact of share buy backs reducing the size of
the Company. The cost ratio at 0.66%, although a little higher than the
previous eight years, still remains at a very competitive level.
ESG
Consideration of Environmental, Social and Governance ("ESG") issues have long
been an important part of the investment process of your investment manager,
which has one of the largest and longest established teams dedicated to ESG
issues. There is a detailed commentary on pages 24 to 27 of the Annual Report
which explains Columbia Threadneedle's ESG policies, how these are implemented
with respect to management of the investment portfolio, and its engagement
with our investee companies.
Directorate Change
The Board recognises the value in both attracting fresh talent and the
maintenance of continuity and accordingly a plan has been developed to ensure
an orderly succession as Directors retire.
As part of this plan, at the Annual General Meeting to be held on 7 March
2024, Tim Scholefield, the Company's Senior Independent Director will retire
from the Board. Tim has served as a Director since November 2014. I wish to
place on record the Board's appreciation for his support and guidance
throughout his tenure and to thank him for his contribution to the Company's
success. Upon his retirement Nicky McCabe will be appointed Senior Independent
Director.
With Tim Scholefield's forthcoming retirement, a search company was
commissioned to find a replacement. Following this selection process, the
Board is pleased to announce that Christopher Metcalfe, will be appointed to
the Board and its committees with effect from 8 March 2024.
Christopher is Chairman of Martin Currie Global Portfolio Trust plc and the
Senior Independent Non Executive Director of JP Morgan US Smaller Companies
Investment Trust plc. He has extensive equity fund management and investment
trust experience having previously worked in senior positions at Newton
Investment Management, Schroder Investment Management and Henderson
Administration Group.
AGM
The Annual General Meeting ("AGM") will be held at 12.30pm on 7 March 2024 at
the offices of Columbia Threadneedle Investments, Cannon Place, 78 Cannon
Street, London, EC4N 6AG. This will be followed by a presentation by our
manager, Julian Cane, on the Company and its investment portfolio.
For Shareholders who are unable to attend, any questions they may have
regarding the resolutions proposed at the AGM or the performance of the
Company can be directed to a dedicated email account,
ctukagm@columbiathreadneedle.com, by Thursday 29 February 2024. We will
endeavour, in so far as reasonably practicable, to address all such questions
at the meeting. In addition, the meeting will be recorded and will be
available to view on the Company's website, www.ctcapitalandincome.co.uk
shortly thereafter.
To ensure that your votes will count, I would encourage all Shareholders
especially those that cannot attend in person to complete and submit their
Form of Proxy or Form of Direction in advance of the AGM.
Outlook
The immediate economic background is far from promising with growth expected
to be at only very pedestrian levels in the UK and many other developed
economies, but as we have seen over the last year and many years in the past,
it would be wrong to believe that stock market performance is linked too
closely to domestic economic growth. On a more positive front, inflation and
interest rates are widely expected to fall and this should be supportive of
markets.
Over the next twelve months, the UK is likely to have another General Election
and most probably, on present polling, to face a change in government. It
seems though, whichever political party is in power, that the government of
the day will be fairly heavily constrained in the actions it can take by a
range of factors. Moreover, it is far from just the UK that is facing
elections as it is estimated that 2024 will be the biggest election year in
history with more than 40% of the world's population having the chance to cast
a ballot.
There have been a number of substantial challenges for the UK and
international economies and stock markets to face in recent years, most
obviously the impact of COVID-19, Russia's invasion of Ukraine, rising
inflation and interest rates. Since our financial year end, Hamas's attack on
Israel has increased the chance of war in the Middle East, while China,
experiencing rapid economic deterioration of its own, has ongoing aspirations
with regard to Taiwan.
Against this somewhat uncertain and difficult background we remain confident
that valuations in our portfolio are attractive and with a combination of its
dividend generating capacity and our revenue reserve we will strive to extend
our record of dividend growth into the future.
Jane Lewis
Chair
29 November 2023
Principal Risks and Future Prospects
The principal risks together with their mitigations are set out below. The
Board's processes for monitoring them and identifying emerging risks are set
out on page 51 and in note 21 of the Annual Report & Accounts.
The global economy continues to suffer considerable disruption due to the
effects of the war in Ukraine, recent events in Israel and Gaza and
inflationary pressures.
The Directors continue to review the key risk register for the Company which
identifies the risks that the Company is exposed to, the controls in place and
the actions being taken to mitigate them.
The principal risks identified as most relevant to the assessment of the
Company's future prospects and viability are detailed below.
· Market and Political Risks
Risk description: Macroeconomic and geopolitical risk including rising
international tensions arising from the war in Ukraine, dispute in the South
China Sea and recent events in Israel and Gaza.
Increase in overall risk during the year.
Mitigation: The Company has a clearly defined and approved strategy which
is reviewed and approved on an annual basis. The Board can hold additional
board meetings at short notice to discuss the impact of significant changes in
the macroeconomic and geopolitical environment. The Company maintains a
portfolio of diversified stocks.
Forward looking stress tests ranging from moderate to extreme scenarios are
provided by the Manager to the Board to support the Five-Year Horizon
Statement.
· Investment Performance Risk
Risk description: Unfavourable markets or asset allocation, sector and stock
selection and use of gearing and derivatives are inappropriate giving rise to
investment underperformance as well as impacting capacity to pay dividends.
No change in overall risk during the year.
Mitigation: The portfolio of quoted securities is diversified and the
Company's structure enables it to take a long-term view notwithstanding the
current market volatility. Investment policy, performance, revenue and gearing
are reviewed at each Board meeting. The Manager's Investment Risk team
provides independent oversight on investment risk management. The Board
regularly considers operating costs along with underlying dividend income and
the implications for the dividend payment capacity of the Company taking into
account revenue reserves. The Company had no derivative exposure during the
year.
· Cyber, Legal and Regulatory Risk
Risk description: Errors, fraud or control failures at service providers or
loss of data through increasing cyber threats or business continuity failure
could damage reputation or investors' interests or result in losses.
No change in overall risk during the year.
Mitigation: The Board receives regular control reports from the Manager
covering risk and compliance including oversight of third party service
providers. The Board has access to the Manager's Risk Manager and requires any
significant issues directly relevant to the Company to be reported
immediately. The Depositary is specifically liable for loss of any of the
Company's securities and cash held in custody.
· Product Strategy Risk
Risk description: Inappropriate business or marketing strategy particularly
in relation to investor needs or sentiment giving rise to a share price
discount to NAV per share.
No change in overall risk during the year.
Mitigation: To gauge investor sentiment, the Board holds an investor
satisfaction survey which is conducted every five years ahead of a vote on
whether the Company should continue. The Board holds a separate annual meeting
to consider the Company's strategy and performance together with opportunities
and threats to its business. The appointment of the Manager is also reviewed
annually in terms of sustainable long-term growth in capital and income, which
includes the growing recognition of the importance of the application of high
standards of ESG practice. Share buybacks can be employed to help moderate
discount volatility, while share issues can be made when the shares are
trading at a premium. At each Board meeting the Directors receive an update on
the marketing activities undertaken by the Manager. This includes details of
the level of maturing Child Trust Funds and the decisions, if any, taken by
their holders. The Company's Broker provides periodic updates to the Board
relating to the Company's trading in the wider market.
Through a series of connected stress tests ranging from moderate to extreme
scenarios and based on historical information, but forward looking over the
five years commencing 1 October 2023, the Board assessed the risks of:
· potential illiquidity of the Company's portfolio;
· the effects of any substantial future falls in investment values
and income receipts on the ability to repay and re-negotiate borrowings;
· potential breaches of loan covenants, the maintenance of dividend
payments and retention of investors; and
· the potential need for extensive share buybacks in the event of
share price volatility and a move to a wide discount.
Five Year Horizon
In accordance with the UK Code, the Directors have assessed the future
prospects of the Company over the coming five years. Based on this assessment,
and in the context of the Company's business model, strategy and operational
arrangements, the Board has a reasonable expectation that the Company will be
able to continue in operation and meet its liabilities as they fall due over
the five year period ending November 2028. For this reason, the Board also
considers it appropriate to continue adopting the going concern basis in
preparing these financial statements.
Statement of Directors' Responsibilities
In accordance with Chapter 4 of the Disclosure Guidance and Transparency
Rules, each of the Directors listed on page 36 of the Annual Report confirm to
the best of their knowledge that:
· the financial statements, prepared in accordance with applicable
accounting standards give a true and fair view of the assets, liabilities,
financial position and profit of the Company;
· the Strategic report includes 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 they face; and
· the Annual Report and financial statements, taken as a whole, are
fair, balanced and understandable and provide the information necessary for
Shareholders to assess the Company's position and performance, business model
and strategy.
On behalf of the Board
Jane Lewis
Chair
29 November 2023
Income Statement
for the year ended 30 September 2023 2022
Revenue Capital Total Revenue Capital Total
£'000s £'000s £'000s £'000s £'000s £'000s
Gains/(losses) on investments - 25,619 25,619 - (57,259) (57,259)
Foreign exchange (losses)/gains (4) 4 - (1) - (1)
Income 16,179 - 16,179 14,495 - 14,495
Management fee (693) (693) (1,386) (714) (714) (1,428)
Other expenses (742) (1) (743) (680) (1) (681)
Net return before finance costs and taxation 14,740 24,929 39,669 13,100 (57,974) (44,874)
Finance costs (662) (662) (1,324) (192) (192) (384)
Net return before taxation 14,078 24,267 38,345 12,908 (58,166) (45,258)
Taxation (22) - (22) (18) - (18)
Net return attributable to Shareholders 14,056 24,267 38,323 12,890 (58,166) (45,276)
Return per share - basic and diluted 13.26p 22.89p 36.15p 12.03p (54.29p) (42.26p)
The total column of this statement is the profit and loss account of the
Company. The revenue return and capital return columns are supplementary to
this and are prepared under guidance published by the Association of
Investment Companies.
All revenue and capital items in the above statement derive from continuing
operations.
A statement of Comprehensive Income is not required as all gains and losses of
the Company have been reflected in the above statement.
Statement of Changes in Equity
for the year ended
30 September 2023
Share Capital Total
Share premium redemption Special Capital Revenue Shareholders'
capital account reserve reserve reserve reserve funds
£'000s £'000s £'000s £'000s £'000s £'000s £'000s
Balance at 30 September 2022 26,822 141,380 4,146 2,642 110,200 11,093 296,283
Movements during the year
ended 30 September 2023:
Dividends paid - - - - - (12,819) (12,819)
Ordinary shares issued from - - - 224 - - 224
Treasury
Ordinary shares bought back - - - (2,866) (4,380) - (7,246)
and held in treasury
Costs relating to broker - (13) - - (5) - (18)
Net return attributable to 24,267 14,056 38,323
Shareholders - - - -
Balance at 30 September 2023 26,822 141,367 4,146 - 130,082 12,330 314,747
for the year ended
30 September 2022
Share Capital Total
Share Premium redemption Special Capital Revenue Shareholders'
capital Account reserve reserve reserve reserve Funds
£'000s £'000s £'000s £'000s £'000s £'000s £'000s
Balance at 30 September 2021 26,822 141,374 4,146 4,432 168,366 10,735 355,875
Movements during the year
ended 30 September 2022:
Dividends paid - - - - - (12,532) (12,532)
Ordinary shares issued from - 21 - 568 - - 589
treasury
Ordinary shares bought back - - - (2,358) - - (2,358)
and held in treasury
Costs relating to broker - (15) - - - - (15)
Net return attributable to (58,166) 12,890 (45,276)
Shareholders - - - -
Balance at 30 September 2022 26,822 141,380 4,146 2,642 110,200 11,093 296,283
Balance Sheet
at 30 September 2023 2022
£'000s £'000s
Fixed assets
Investments 336,112 318,796
Current assets
Debtors 2,833 5,106
Cash and cash equivalents 2,378 906
Total current assets 5,211 6,012
Current liabilities
Creditors: amounts falling due within one year (1,576) (4,525)
Bank Loan (25,000) (24,000)
Total current liabilities (26,576) (28,525)
Net current liabilities (21,365) (22,513)
Total assets less current liabilities 314,747 296,283
Capital and reserves
Share capital 26,822 26,822
Share premium account 141,367 141,380
Capital redemption reserve 4,146 4,146
Special reserve - 2,642
Capital reserve 130,082 110,200
Revenue reserve 12,330 11,093
Total Shareholders' funds 314,747 296,283
Net asset value per ordinary share - pence 301.67 277.66
Statement of Cash Flows
for the year ended 30 September 2023 2022
£'000s £'000s
Cash flows from operating activities before dividends and interest (2,162) (2,241)
Dividends received 15,777 14,133
Interest received 91 9
Interest paid (1,298) (376)
Cash flows from operating activities 12,408 11,525
Investing activities
Purchase of investments (20,000) (22,303)
Sale of investments 27,924 25,189
Other capital charges (1) (1)
Cash flows from investing activities 7,923 2,885
Cash flows before financing activities 20,331 14,410
Financing activities
Equity dividends paid (12,819) (12,532)
Net proceeds from issuance of shares held in treasury 224 589
Broker costs associated with share issues and buybacks (18) (15)
Cost of shares bought back and held in treasury (7,246) (2,358)
Drawdown / (repayment) of bank loan 1,000 (1,000)
Cash flows from financing activities (18,859) (15,316)
Net movement in cash and cash equivalents 1,472 (906)
Cash and cash equivalents at the beginning of the year 906 1,813
Effect of movement in foreign exchange - (1)
Cash and cash equivalents at the end of the year 2,378 906
Represented by:
Cash at bank 88 36
Short-term deposits 2,290 870
2,378 906
Notes
1 Return per ordinary share
Revenue return
The revenue return per share of 13.26p (2022: 12.03p) is based on the revenue
return attributable to Shareholders of £14,056,000 profit (2022: £12,890,000
profit).
Capital return
The capital return per share of 22.89p (2022: -54.29p) is based on the capital
return attributable to Shareholders of £24,267,000 profit (2022: £58,166,000
loss).
Total return
The total return per share of 36.15p (2022: -42.26p) is based on the total
return attributable to Shareholders of £38,323,000 profit (2022: £45,276,000
loss).
Weighted average ordinary shares in issue
The returns per share are based on a weighted average of 106,023,426 (2022:
107,131,967) ordinary shares in issue during the year.
2 Dividends
The Directors have declared a fourth interim dividend in respect of the year
ended 30 September 2023 of 3.90 pence per share, payable on 18 December 2023
to all Shareholders on the register at close of business on 8 December 2023,
ex-dividend 7 December 2023.
3 Financial risk management
The Company is an investment company, listed on the London Stock Exchange, and
conducts its affairs so as to qualify in the United Kingdom ("UK") as an
investment trust under the provisions of section 1158 of the Corporation Tax
Act. In so qualifying, the Company is exempted in the UK from corporation tax
on capital gains on its portfolio of investments.
The Company's investment objective is to secure long-term capital and income
growth from a portfolio consisting mainly of FTSE All-Share companies. The
Company can also have exposure to overseas companies, with the value of the
non-UK portfolio not exceeding 10% of the Company's gross assets. In pursuing
this objective, the Company is exposed to financial risks which could result
in a reduction of either or both of the value of the net assets and the
profits available for distribution by way of dividend. These financial risks
are principally related to the market (currency movements, interest rate
changes and security price movements), liquidity and credit. The Board,
together with the Manager, is responsible for the Company's risk management.
The full details of financial risks are contained in note 21 of the Report and
Accounts.
4 Annual General meeting
The 2024 Annual General Meeting ("AGM") of the Company will be held at 12.30pm
on Thursday 7 March 2024 at the offices of Columbia Threadneedle Investments,
Cannon Place, 78 Cannon Street, London EC4N 6AG. This will be followed by a
presentation by our manager Julian Cane on the Company and its investment
portfolio.
For Shareholders who are unable to attend, any questions they may have
regarding the resolutions proposed at the AGM or the
performance of the Company can be directed to a dedicated email account,
ctukagm@columbiathreadneedle.com, by Thursday 29 February 2024. We will
endeavour, in so far as reasonably practicable, to address all such questions
at the meeting. In addition, the meeting will be recorded and will be
available to view on the Company's website, www.ctukcapitalandincome.com
shortly thereafter.
To ensure that your votes will count we would encourage all Shareholders that
cannot attend in person to complete and submit their Form of Proxy or Form of
Direction in advance of the AGM.
5 Report and accounts
The report and accounts for the year ended 30 September 2023 will be posted to
Shareholders and made available on the website www.ctcapitalandincome.co.uk
shortly. Copies may also be obtained by mailing the Company's registered
office, Cannon Place, 78 Cannon Street, London EC4N 6AG.
By order of the Board
Columbia Threadneedle Investment Business Limited, Secretary
29 November 2023
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