REG - CT UK Cap & Inc inv - Annual Results and Fourth Quarter Dividend
04/12/2025 07:00
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RNS Number : 1415K CT UK Capital and Income Investment 04 December 2025
CT UK CAPITAL AND INCOME INVESTMENT TRUST PLC
Audited Statement of Results for the year ended 30 September 2025
LEI: 21380052ETTRKV2A6Y19
4 December 2025
CT UK Capital and Income Investment Trust PLC ("CTUK" / the "Company") today
announces its results for the year ended 30 September 2025.
· The Board is pleased to declare a fourth quarterly dividend of
4.15p per share ((1)). Together with the three dividends already paid for this
financial year, this takes the total dividend for the year to 13.00p per
share, an increase of 4.0% compared to last year. This provides Shareholders
with an annual dividend yield of 3.9% ((2)).
· This is the 32(nd) consecutive year of increased annual dividend
payments, maintaining the Company's status as an AIC Dividend Hero. An
investment of £1,000 at launch in 1992 has generated £2,631 of dividends
compared with £1,145 from the FTSE All-Share Index ("the Benchmark").
· Net Asset Value ("NAV") per share total return of 5.9%, compared
to the Benchmark total return of 16.2% and Share Price total return of 4.9%.
· Julian Cane, the Company's long serving Fund Manager will step
down with effect from 1 January 2026. He will be succeeded by Dominic
Younger. Dominic, who joined Columbia Threadneedle in 2013, is a fund
manager on the UK Equities team and has worked alongside Julian managing the
firm's UK Equity Income strategies since 2021.
(1) The fourth interim dividend will be paid on 31 December 2025 to
Shareholders on the register on 12 December 2025. The ex-dividend date is 11
December 2025.
(2) Calculated as the total of the four most recent quarterly dividends
declared divided by the period end share price.
The Chair, Nicky McCabe, said:
"The Company's long-term income delivery for Shareholders remains compelling:
£1,000 invested in 1992 has generated £2,631 in dividends, compared to
£1,145 from the FTSE All-Share. The Board recognises that Shareholders want
the Company to continue to pay reliable and increasing dividends. It remains
firmly our intention to continue to build on this record of dividend growth."
Chair's Statement
Dear Shareholder,
I am pleased to write to you as Chair, having taken over from Jane Lewis on
her retirement from the Board at the Annual General Meeting earlier this
year. I would like to thank Jane for her hard work, enthusiasm and wise
insight during her time as Chair and for her tenure on the Board before that.
Income Level and Growth - 32 consecutive years of dividend increases, an above
inflation dividend payout, resulting in a yield of 3.9%
This is the 32(nd) year that the Board is declaring an increased dividend for
the Company. Our fourth quarter dividend will be 4.15 pence per share,
resulting in a dividend of 13.0 pence for the full year. As a consequence, the
Company's shares will yield 3.9%. Our annual dividend has increased by 4.0%,
ahead of the rate of CPI for the year to September of 3.8%.
The fourth quarter dividend of 4.15 pence per share will be paid on 31
December 2025 to Shareholders on the register on 12 December 2025. The
ex-dividend date will be 11 December 2025.
The Company's long-term income delivery for Shareholders remains compelling:
£1,000 invested in 1992 has generated £2,631 in dividends, compared to
£1,145 from the FTSE All-Share. The Board recognises that Shareholders want
the Company to continue to pay reliable and increasing dividends. It remains
firmly our intention to continue to build on this record of dividend growth,
which is supported both by the strength of our Revenue Reserve and now our
former Share Premium Account - more on this below. Together, these two
reserves amount to almost £152 million, compared to the cost last year of our
dividend of £12.6 million.
To that end, following the approval by Shareholders at this year's Annual
General Meeting ("AGM"), the Company successfully completed a court process to
cancel the Company's sizeable share premium account on 4 July 2025.
Converting the Share Premium Account to a distributable reserve has provided
us with the significant pool of reserves to fund dividends, share buybacks and
other returns of capital, as described above.
Why was this important? In recent years, the UK stock market has become a
more challenging place from which to generate steady and growing income.
There are two reasons for this. First, companies have become less tied to
the principle of maintaining and growing their dividends. Computershare, who
looks after the shareholder registers of 900 UK companies, states that
dividends for the third quarter of 2025 were down 1.4% year on year and
forecasts that total UK dividends for 2025 will fall by 2.3%. Secondly, many
companies are increasingly returning capital to shareholders via share
buy-backs sometimes as a replacement to dividends. It is estimated that 160
UK companies are now running share buy-back programmes.
Against this background, our income from investments increased by 3.0% during
the year, a creditable result. The increase in net revenue to Shareholders
on a per share basis, after reduced borrowing costs and fewer shares in issue,
was 8.5%.
Review of the Last Year: A strategic mid-cap orientation, with a focus on high
quality companies
The UK stock market rose considerably over the last year, well ahead of the
rate of economic growth and inflation. However, in a similar way to the
Magnificent Seven in the US market, the gains in the UK market were largely
concentrated in a small number of large cap stocks. This has proven to be a
difficult background for our Fund Manager, as he has always had a strategic
mid-cap orientation. Whilst the share prices of many of the very largest UK
companies rose strongly - the FTSE All-Share Index rose by 16.2% - the FTSE
Mid 250 index and FTSE Smaller Companies Index have risen by a more modest
8.1% and 8.9% respectively. By comparison, our Net Asset Value ("NAV") per
share and our share price rose by 5.9% and 4.9% respectively. While an
absolute rise for our Shareholders, this is clearly a disappointing result
versus the overall UK market. We did have a strongly positive year for
absolute and relative returns for the year to 30 September 2024, but our
underperformance this year inevitably impacts our long-term record as well.
As many of you know, one of the oldest adages in investing is that time in the
market is more important than trying to time the market. Many of our
Shareholders have been with us since inception, and I thank you for investing
with us. The team at Columbia Threadneedle Investments have seen many
investment cycles since our launch, and have considerable experience
navigating difficult conditions, not least the boom in the share prices of
Technology, Media and Telecommunication (TMT) companies during the late 1990s,
the Global Financial Crisis of 2007-09 and the impact of Covid. Each of
those produced volatility in share prices and initially disappointing returns
for Shareholders, but with firm conviction and a dedication to the investment
process on each occasion there was a subsequent strong recovery in absolute
and relative performance. The team will be working hard to achieve that and
the Fund Manager's Review in the Annual Report & Accounts discusses the
year's market conditions and provides a greater analysis of performance and
attribution of returns.
Alongside this, the Board is working with Columbia Threadneedle Investments to
enhance our marketing to existing and new Shareholders. In particular, we will
be looking to broaden our appeal to people who invest for the long term via
the retail platforms. To that end, we have a broad mix of skills on the Board
to work with the Manager, on behalf of our Shareholders.
Fund Manager Succession
Our long-serving Fund Manager, Julian Cane, will step down from managing the
Company with effect from 1 January 2026 and will be succeeded by Dominic
Younger.
Julian has been the Company's Fund Manager for a remarkable 28 years. During
this period the NAV total return of the Company has been 535% and the share
price total return 567%, both outperforming the Benchmark FTSE All-Share Index
which returned 528%. Alongside this, the Company's annual dividend increased
189%, compared to 123% for the FTSE All-Share Index and 100% for the rate of
CPI. In recognition of the 32 consecutive years of increased annual
dividends the Company is an AIC Dividend Hero and there are only 13 investment
trusts with a longer record of annual dividend increases. The Board would like
to record its thanks to Julian for his commitment to the long-term success of
the Company and wishes him well for the future. Julian will remain with
Columbia Threadneedle Investments as a senior member of the UK Equity team,
ensuring a smooth handover of responsibilities.
Dominic Younger, who joined Columbia Threadneedle Investments in 2013, is a
fund manager on the UK Equities team and has worked alongside Julian managing
the firm's UK Equity Income strategies since 2021. Dominic is currently lead
portfolio manager of the CT UK Monthly Income Fund and the CT Monthly Extra
Income Fund. Dominic holds a BA (Hons) in History from Newcastle University.
He also holds the Chartered Financial Analyst designation and the Investment
Management Certificate.
The Board looks forward to working with Dominic and the wider Columbia
Threadneedle Investments team.
The Company's investment policy and objective will remain unchanged.
Share Price discount to NAV
During the year, the share price has traded from Net Asset Value per share to
a discount of 5%, with the shares in a narrower range of 3% to 5% for over six
months of the year. The Board is keen to make sure the share price does not
trade at prices that are too detached from the underlying NAV per share and
the Company can buy-back its own shares (if the discount between the share
price and the NAV per share is too great) and to issue shares (if they are
trading at a sufficient premium to the NAV).
Our share buy-back programme was active throughout the year and bought back a
total of 4.2 million shares at an average discount of 4.1%. This is very
similar to the amount bought back in the previous year. Buying back these
shares added 0.2% to the NAV.
At the forthcoming AGM, the Board will again ask Shareholders to renew its
authorities to issue shares at a premium and buy-back at a discount. This
should assist the Board in continuing to protect the discount to NAV at which
the Company's shares may trade.
Gearing
Throughout the year, we have borrowed funds to invest in our portfolio. The
amounts borrowed were reduced from £28 million to £15 million at year-end,
as funds were raised by reducing a number of stocks, and taking a slightly
more cautious view of investment markets.
Costs
The Board aims to run the Company as efficiently as possible, and our cost
ratio remains competitive at 0.66% of net assets. Expenses rose over the
year in absolute terms, but remained steady as a percentage of average net
assets. Paying for portfolio management is the Company's largest expense and
this is directly related to the value of the assets. Although NAV per share
increased during the year, total assets decreased as a result of share
buy-backs and our reduction in gearing.
ESG
Consideration of Environmental, Social and Governance ("ESG") issues has long
been an integral part of the investment process for our investment manager,
and Columbia Threadneedle Investments has one of the largest and
longest-established teams dedicated to such issues. There is a detailed
commentary on pages 28 to 31 of the Annual Report & Accounts which
explains Columbia Threadneedle Investment's ESG policies and how these have
been implemented within our portfolio.
Directorate Change
At the AGM in March 2025 it was announced that following Jane's departure,
John Blowers would join the Board. John has experience of direct to consumer
marketing through his time as a former marketing and managing director at
interactive investor, and has a deep investment trust knowledge. We look
forward to John working with Dunke, a fellow board member, on widening our
appeal to new and existing personal Shareholders.
AGM
We would be delighted if you could join us at the AGM to be held at 12.30pm on
5 March 2026 at the offices of Columbia Threadneedle Investments, Cannon
Place, 78 Cannon Street, London, EC4N 6AG. This will be followed by a
presentation by Dominic Younger, 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 26 February 2026. We will
endeavour to address as many of these questions at the meeting as possible. In
addition, the meeting will be recorded and will be available to view on the
Company's website, www.ctcapitalandincome.co.uk shortly thereafter.
In addition, the AGM and Fund Manager presentation will be broadcast live on
the Investor Meet Company platform. This broadcast is open to all existing and
potential Shareholders to view. Questions can be submitted pre-event via the
Investor Meet Company dashboard up until 9.00am on 4 March 2026. Investors can
sign up to Investor Meet Company for free and add to meet CT UK Capital and
Income Investment Trust plc via
https://www.investormeetcompany.com/ct-uk-capital-and-income-investment-trust-plc/register-investor
(https://www.investormeetcompany.com/ct-uk-capital-and-income-investment-trust-plc/register-investor)
. Investors who already follow CT UK Capital and Income Investment Trust plc
on the Investor Meet Company platform will automatically be invited.
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
Although the immediate economic, political and geopolitical situations
continue to appear challenging, as we have repeatedly seen, these situations
often do not have a great bearing on stock market returns. There is
certainly scope for improvement and any positive change could be well received
by the UK stock market.
UK inflation is now widely expected to have peaked, and this should allow the
Bank of England to make further interest rate cuts over the next 12 months or
so, allowing UK interest rates to get closer to the rates seen in Europe.
The recent Budget has been well received by bond markets and this in turn may
help to reduce bond yields, by lowering the additional premium demanded by
holders of UK Government bonds compared to European sovereign bonds. Lower
interest rates and bond yields should provide support both to the UK economy
and also to the UK stock market.
Although at the headline level the UK stock market has performed well over the
last year, the concentration of these returns amongst a small number of
companies has left many other companies trading at attractive valuations.
There seems little doubt that there is considerable opportunity in the UK
stock market, but the negative sentiment around the UK economy has attached
itself to much of the stock market, leading to uncertainty holding back
greater strength from a wide number of companies.
The Board considers your Company is well placed to continue to deliver further
dividend growth and to take advantage of opportunities within the UK stock
market to deliver attractive returns to Shareholders in future. I would like
to thank Shareholders for their continuing support and we look forward to
introducing you to Dominic Younger at our AGM.
Nicky McCabe
Chair
3 December 2025
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 32 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, events in the Middle East and the uncertainty surrounding the
imposition of US trade tariffs.
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.
Emerging risks represent new information which could significantly change how
an existing risk is perceived, but where the impact or likelihood remains
uncertain.
Future Prospects
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 2025, 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 renegotiate
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.
The Board also took into consideration the perceived viability of its
principal service providers, potential effects of anticipated regulatory
changes and the potential threat from competition. The Board's conclusions are
set out under the Five Year Horizon Statement on page 34 of the Annual Report
& Accounts. A five year period is considered to be a reasonable time frame
for measuring and assessing medium to long term investment performance. A five
year period has also been selected as the shares may not be suitable for
investors intending to hold them for less than that period.
Principal Risks
· Market and Political Risk
Risk description: Macroeconomic and geopolitical risk including rising
international tensions arising from the war in Ukraine, events in the Middle
East and the uncertainty surrounding the imposition of US trade tariffs.
No change in residual 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 management and use of cash and gearing are inappropriate giving
rise to investment underperformance as well as impacting capacity to pay
dividends.
No change in residual 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.
· Legal, Regulatory and Governance Risks
Risk description: To maintain its investment trust status, the Company is
required to comply with Section 1158 of the UK Corporation Taxes Act. The
Company is also required to comply with UK company law, is subject to the
requirements of the AIFMD and the relevant regulations of the London Stock
Exchange and the Financial Conduct Authority.
No change in residual risk during the year.
Mitigation: The Board receives regular control reports from the Manager
covering risk and compliance. 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. Columbia
Threadneedle Investment Business Limited is employed to provide corporate
governance services.
· 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 residual 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. The appointment of the Manager is also
reviewed annually. 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. The Company's Broker provides
periodic updates to the Board relating to the Company's trading in the wider
market.
· Cyber Risk
Risk description: Theft of Company and customer assets or data.
No change in residual risk during the year.
Mitigation: The Manager has an Information Security team with the objective to
protect its clients from malicious external attacks.
Supervision of the Manager's third-party service providers, including State
Street and SS&C, is maintained by Columbia Threadneedle Investments and
includes assurances regarding IT security and cyber-attack prevention.
· Third Party Service Provider Risk
Risk description: Errors, fraud or control failures at service providers or
business continuity failure could damage reputation or investors' interests or
result in losses.
No change in residual 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.
Five Year Horizon
In accordance with the UK Corporate Governance 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 December 2030.
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 pages 40 and 41 of the Annual Report
& Accounts 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
Nicky McCabe
Chair
3 December 2025
Income Statement
for the year ended 30 September 2025 2024
Revenue Capital Total Revenue Capital Total
£'000s £'000s £'000s £'000s £'000s £'000s
Gains on investments - 8,209 8,209 - 45,656 45,656
Foreign exchange gains/(losses) 6 (54) (48) (3) (32) (35)
Income 14,104 - 14,104 13,813 28 13,841
Management fee (702) (702) (1,404) (735) (735) (1,470)
Other expenses (881) (1) (882) (806) (1) (807)
Net return before finance costs and taxation 12,527 7,452 19,979 12,269 44,916 57,185
Finance costs (536) (536) (1,072) (802) (802) (1,604)
Net return before taxation 11,991 6,916 18,907 11,467 44,114 55,581
Taxation (38) - (38) (28) - (28)
Net return attributable to Shareholders 11,953 6,916 18,869 11,439 44,114 55,553
Return per share - basic and diluted 12.13p 7.03p 19.16p 11.18p 43.12p 54.30p
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. There is no other
comprehensive income.
Statement of Changes in Equity
for the year ended
30 September 2025
Share Capital Total
Share premium Distributable redemption Special Capital Revenue Shareholders'
capital account Reserve reserve reserve reserve reserve funds
£'000s £'000s £'000s £'000s £'000s £'000s £'000s £'000s
Balance at 30 September 2024 26,822 141,367 - 4,146 - 160,600 11,059 343,994
Movements during the year
ended 30 September 2025:
Dividends paid - - - - - - (12,569) (12,569)
Ordinary shares bought back - - - - (13,965) - (13,965)
and held in treasury -
Costs relating to broker -
- - - - (10) - (10)
Share premium cancellation - (141,367) - - - - -
141,367
Net return attributable to - 6,916 11,953 18,869
Shareholders - - - -
Balance at 30 September 2025 26,822 - 4,146 - 153,541 10,443 336,319
141,367
for the year ended
30 September 2024
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 2023 26,822 141,367 4,146 - 130,082 12,330 314,747
Movements during the year
ended 30 September 2024:
Dividends paid - - - - - (12,710) (12,710)
Ordinary shares bought back - - - - (13,586) - (13,586)
and held in treasury
Costs relating to broker - - - - (10) - (10)
Net return attributable to - 44,114 11,439 55,553
Shareholders - - -
Balance at 30 September 2024 26,822 141,367 4,146 - 160,600 11,059 343,994
Balance Sheet
at 30 September 2025 2024
£'000s £'000s
Fixed assets
Investments 348,455 370,968
Current assets
Debtors 1,181 1,312
Cash at bank 2,235 319
Total current assets 3,416 1,631
Current liabilities
Creditors: amounts falling due within one year (552) (605)
Bank Loan (15,000) (28,000)
Total current liabilities (15,552) (28,605)
Net current liabilities (12,136) (26,974)
Total assets less current liabilities 336,319 343,994
Capital and reserves
Share capital 26,822 26,822
Share premium account - 141,367
Distributable Reserve 141,367 -
Capital redemption reserve 4,146 4,146
Special reserve - -
Capital reserve 153,541 160,600
Revenue reserve 10,443 11,059
Total Shareholders' funds 336,319 343,994
Net asset value per ordinary share - pence 350.92 343.84
Statement of Cash Flows
for the year ended 30 September 2025 2024
£'000s £'000s
(2,422) (2,273)
Cash flows from operating activities before dividends and interest
Dividends received 14,010 13,910
Interest received 172 283
Interest paid (1,083) (1,603)
Cash flows from operating activities 10,677 10,317
Investing activities
Purchase of investments (19,647) (21,121)
Sale of investments 50,479 32,087
Other capital charges (1) (1)
Cash flows from investing activities 30,831 10,965
Cash flows before financing activities 41,508 21,282
Financing activities
Equity dividends paid (12,569) (12,710)
Broker costs associated with share issues and buybacks (10) (10)
Cost of shares bought back and held in treasury (13,965) (13,586)
Drawdown of bank loan 5,000 28,000
Repayment of bank loan (18,000) (25,000)
Cash flows from financing activities (39,544) (23,306)
Net movement in cash and cash equivalents 1,964 (2,024)
Cash and cash equivalents at the beginning of the year 319 2,378
Effect of movement in foreign exchange (48) (35)
Cash and cash equivalents at the end of the year 2,235 319
Represented by:
Cash at bank 35 29
Short term deposits 2,200 290
2,235 319
Notes
1 Return per ordinary share
Revenue return
The revenue return per share of 12.13p (2024: 11.18p) is based on the revenue
return attributable to Shareholders of £11,953,000 profit (2024: £11,439,000
profit).
Capital return
The capital return per share of 7.03p (2024: 43.12p) is based on the capital
return attributable to Shareholders of £6,916,000 profit (2024: £44,114,000
profit).
Total return
The total return per share of 19.16p (2024: 54.30p) is based on the total
return attributable to Shareholders of £18,869,000 profit (2024: £55,553,000
profit).
Weighted average ordinary shares in issue
The returns per share are based on a weighted average of 98,502,817 (2024:
102,309,411) 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 2025 of 4.15 pence per share, payable on 31 December 2025
to all Shareholders on the register at close of business on 12 December 2025,
ex-dividend 11 December 2025.
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 Annual
Report & Accounts.
4 Annual General meeting
The 2026 Annual General Meeting ("AGM") of the Company will be held at 12.30pm
on Thursday 5 March 2026 at the offices of Columbia Threadneedle Investments,
Cannon Place, 78 Cannon Street, London EC4N 6AG. This will be followed by a
presentation by Dominic Younger 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 26 February 2026. 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.
In addition, the AGM and Fund Manager presentation will be broadcast live on
the Investor Meet Company platform. This broadcast is open to all existing and
potential Shareholders to view. Questions can be submitted pre-event via the
Investor Meet Company dashboard up until 9.00am on 4 March 2026. Investors can
sign up to Investor Meet Company for free and add to meet CT UK Capital and
Income Investment Trust plc via
https://www.investormeetcompany.com/ct-uk-capital-and-income-investment-trust-plc/register-investor
(https://www.investormeetcompany.com/ct-uk-capital-and-income-investment-trust-plc/register-investor)
. Investors who already follow CT UK Capital and Income Investment Trust plc
on the Investor Meet Company platform will automatically be invited.
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 2025 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
3 December 2025
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