REG - Lowland Inv. Co. - Annual Financial Report
09/12/2025 07:00
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RNS Number : 7273K Lowland Investment Co PLC 09 December 2025
LOWLAND INVESTMENT COMPANY PLC
ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
This announcement contains regulated information.
INVESTMENT OBJECTIVE
The Company aims to give shareholders a higher than average return with growth
of both capital and income over the medium to long term, by investing in a
broad spread of predominantly UK companies. The Company measures its
performance against the FTSE All-Share Index.
INVESTMENT POLICY
Asset Allocation
The Company invests in a combination of large, medium and smaller companies
listed predominantly in the UK. We are not constrained by the weightings of
any index; we limit risk by running a diversified portfolio, which is
constructed on a bottom-up, stock-picking basis. In normal circumstances up to
half the portfolio is invested in FTSE 100 companies; the remainder is divided
between small and medium-sized companies. The Manager may also invest a
maximum of 15% in other listed trusts.
Dividend
The Company aims to pay a progressive dividend, with each quarterly dividend
equal to or greater than its previous equivalent.
Gearing
The Board believes that debt in a closed-end fund is a valuable source of
long-term outperformance, and therefore the Company will usually be geared. At
the point of drawing down debt, gearing will not exceed 20% of the portfolio
valuation. Borrowing will be a mixture of short and long-dated debt, depending
on relative attractiveness of rates.
Key Data at 30 September
2025 2024
· Net Asset Value ('NAV') Total Return(1,8) 20.8% 16.3%
· Benchmark Total Return(2) 16.2% 13.4%
· Growth in Dividend 3.1% 2.8%
· Dividend for the Year(3) 6.625p 6.425p
Year ended Year ended
30 September 30 September
2025 2024
NAV per share at year end (debt at par)(4) 165.8p 144.2p
NAV per share at year end (debt at fair value)(4,8) 168.6p 146.1p
Share price at year end(5) 150.5p 127.0p
Market capitalisation £331m £343m
Dividend per share(3) 6.625p 6.425p
Ongoing charge(8) 0.71% 0.66%
Dividend yield(6,8) 4.4% 5.1%
Gearing at year end(8) 11.5% 11.0%
Discount at year end(7,8) 10.7% 13.1%
AIC UK Equity Income sector - average discount at year end 3.0% 5.0%
(1) NAV per share total return (including dividends reinvested) with debt at fair
value
(2) FTSE All-Share Index (including dividends reinvested)
(3) Includes the final dividend of 1.70p per ordinary share for the year ended 30
September 2025 that will be put to shareholders for approval at the AGM on 28
January 2026
(4) NAV per share for both figures is before deduction of the third interim
dividend paid in October of each year
(5) Mid-market closing price
(6) Based on dividends paid and payable in respect of the financial year and the
share price at year end
(7) Calculated using year end fair value NAVs including current year revenue
(8) Alternative Performance Measure
Sources: Morningstar Direct, Janus Henderson, Factset
Historical Performance
Total return performance 1 year 3 years 5 years 10 years 25 years
to 30 September 2025 % % % % %
Net asset value(1,4) 20.8 64.4 111.6 94.4 721.8
Share price(4) 24.4 67.6 114.9 85.8 855.7
FTSE All-Share Index 16.2 50.0 84.1 118.3 298.2
AIC UK Equity Income sector - NAV 13.3 47.9 83.6 102.7 457.8
AIC UK Equity Income sector - share price 15.5 47.6 87.4 94.5 552.2
Source: Morningstar Direct. All performance on a total return basis
Year ended Dividend per Total Net revenue Total net Net asset Share price
30 September ordinary return/(loss) return per assets in value per per ordinary
share in per ordinary ordinary £'000 ordinary share in
pence(2) share in share in share in pence(2)
pence(2) pence(2) pence(2)
2015 4.100 1.18 4.64 354,563 131.8 128.7
2016 4.500 15.64 4.77 386,910 143.2 133.7
2017 4.900 24.32 4.91 439,896 162.8 150.4
2018 5.400 4.74 5.86 438,934 162.5 151.5
2019 5.950 (13.87) 6.80 385,904 142.8 128.0
2020 6.000 (33.69) 3.38 278,653 103.1 91.4
2021 6.025 48.79 4.27 394,285 145.9 131.5
2022 6.100 (24.00) 6.10 313,036 115.9 104.5
2023 6.250 19.54 6.71 349,345 129.3 113.0
2024 6.425 21.30 6.29 389,633 144.2 127.0
2025 6.625(3) 23.99 6.73 364,635 165.8 150.5
(1) NAV per share total return (including dividends reinvested) with debt at fair
value (except 25 years, which is debt at par)
(2) Comparative numbers for 2015 to 2021 have been restated to reflect the ten for
one share split which took place on 7 February 2022
(3) Includes the final dividend of 1.70p per ordinary share for the year ended 30
September 2025 that will be put to shareholders for approval at the AGM on 28
January 2026
(4) Alternative Performance Measure
CHAIR'S STATEMENT
Performance
I am pleased to report that Lowland has delivered another year of strong
performance, building on the momentum of the past two years. Over the twelve
months to the end of September 2025, the Company achieved a total return on
net asset value ('NAV') of 20.8%, significantly outperforming its benchmark,
the FTSE All-Share Index, which rose by 16.2% over the same period, and the
AIC UK Equity Income sector, which rose by 13.3%. The share price return was
even higher, at 24.4%, reflecting a narrowing of the discount over the course
of the year. In comparison, the Deutsche Numis Smaller Companies Plus AIM
(excluding investment companies) Index rose by 8.3%.
The longer-term performance is now looking increasingly healthy, with the
Company outperforming the FTSE All-Share over 3 and 5 years, albeit continuing
to lag over 10 years. The performance over 25 years demonstrates the
robustness of the investment process, with both the NAV and share price
returns substantially outperforming the benchmark (721.8% and 855.7%
respectively compared to 298.2%).
Performance was driven primarily by strong stock selection, particularly among
the largest companies, with standout contributions from HSBC, Barclays and
Standard Chartered. At the other end of the scale, the smaller AIM-listed
companies also performed well, boosted by takeovers of two of them. The
portfolio as a whole saw five takeovers over the course of the year, as
foreign and private investors took advantage of the UK market's modest ratings
and solid fundamentals. While this boosts short-term performance, the net
effect is a depletion in both size and quality of the UK stock market. It is
disappointing that stock market investors still do not appear to appreciate
this value, and the UK market therefore continues to shrink and lose
successful companies. Aside from the takeover candidates, there continued to
be a lack of interest in mid and small-cap UK companies.
The performance of the revenue account, which reflects dividend income, was
more muted, but still produced encouraging growth of 7%. As noted in the Fund
Managers' Report, companies are increasingly using share buybacks rather than
dividends to return capital to shareholders, although those that do pay
dividends have generally posted useful increases. The use of gearing has
enhanced performance, as has the share buyback (see Fund Managers' Report).
Dividends
The Company is proposing a final dividend of 1.70p per share. If approved at
the AGM, this will mean a full year dividend of 6.625p, a 3.1% increase year
on year. This dividend is fully covered by earnings per share of 6.73p during
the year. The Board remains committed to maintaining the Company's quarterly
progressive dividend.
Gearing
The Board sees the ability to deploy gearing as one of the key advantages of
the investment trust structure. Lowland has both a £30m fixed term note at
3.15% (due in 2037) and a revolving credit facility of £40m. Gearing was
little changed during the year, ending at 11.5% compared to the prior year end
figure of 11.0%. Gearing was predominantly within a low to mid teens range
during the year, a reflection of the Fund Managers' view that there remain
considerable valuation opportunities in UK equities.
Ongoing Charges
Ongoing charges for the year were slightly higher than the previous year at
0.71% (2024: 0.66%), predominantly due to an increase in marketing spend in
the year. The Board believes it is important for the Company to be promoted to
a new generation of investment trust buyers in order to stimulate demand for
the shares and ultimately narrow the discount.
Discount
While the Board continues to believe that a formal discount control mechanism
would not be in shareholders' interests, we believe that there are occasions
when share buybacks can be of use and have acted accordingly this year. During
the financial year, 50.2m shares were bought back. The shares varied between a
discount of 6.5% and 12.5%, ending the year at 10.7%.
The Board
This year marked my first as Chair of Lowland, following my appointment at the
2025 AGM and the handover from Robbie Robertson. I would like to take this
opportunity to thank Robbie for his many years of outstanding leadership. His
strategic guidance, steady stewardship, and commitment to building a strong,
supportive, and genuinely diverse Board have been invaluable. We continue to
review our Board succession planning regularly to ensure we maintain a healthy
balance of experience and fresh perspectives.
Contact with Shareholders
The Board and I are always pleased to hear from shareholders. Please contact
me with comments or questions via ITSecretariat@janushenderson.com
(mailto:ITSecretariat@janushenderson.com) or sign up for updates on Lowland by
using the QR code on the inside front cover of the Annual Report.
Annual General Meeting
The AGM will be held at the offices of Janus Henderson on Wednesday, 28
January 2026 at 12.30pm. Full details of the business to be conducted at the
meeting are set out in the Notice of Meeting which is included at the end of
the Annual Report. Our Fund Managers, James Henderson and Laura Foll, will be
making a presentation to shareholders. The Board and Fund Managers always
welcome the opportunity to hear from shareholders, and we encourage as many as
possible to attend.
Outlook
As ever, there are reasons to remain cautious about the outlook. The UK
continues to face relatively high inflation, rising taxes and a sluggish
economic environment. Geopolitical uncertainty persists, and the full impact
of tariffs is yet to be determined. Nonetheless, despite strong performance
over the last twelve months, the UK equity market continues to trade at a
discount to international markets, in particular the US. The portfolio of
companies held by Lowland trades at a discount to the broader UK market, and
Lowland's shares themselves trade at a discount to its NAV. This valuation is
further underpinned by a growing dividend, with the shares currently yielding
approximately 4.4%. The Board believes that the Company's shares represent an
attractive proposition to investors.
Helena Vinnicombe
Chair
8 December 2025
FUND MANAGERS' REPORT
1 year 3 years 5 years 10 years 25 years
% % % % %
Lowland NAV 20.8 64.4 111.6 94.4 721.8
Lowland share price 24.4 67.6 114.9 85.8 855.7
FTSE All-Share 16.2 50.0 84.1 118.3 298.2
Source: Morningstar Direct, Janus Henderson. All figures shown on a total
return basis
Overview
The returns from the portfolio and more broadly from UK equities have been
strong, despite the challenging economic background with minimal economic
growth. Simply put, UK companies quoted on the London Stock Exchange are not a
proxy for the UK economy but are often vibrant, well-managed businesses with
leadership teams adept at managing different market conditions. At times
investors can forget this and shy away from UK companies because of perceived
macroeconomic concerns. This presents opportunities for a contrarian, patient
investor. Patience has sometimes been needed with our approach in recent
years; we have bought sound businesses with undemanding valuations but the
share price has often remained subdued. Some of this patience has been
rewarded over the last year, particularly in the larger companies. The
improved short-term performance has lifted the three and five year returns,
notably relative to the FTSE All-Share Index.
As well as the upward move in the share price of some of the larger companies,
particularly the financials, the pick-up in corporate activity has helped the
portfolio. It came as no surprise that takeovers of lowly priced UK
businesses, particularly by US companies, would be a feature. An example of
this was the pawnbroker, H&T - a long-term holding of Lowland - which was
taken over by the US lender FirstCash at a reasonable premium.
In spite of the strong returns over the last year, the valuations on UK
equities are, by historical standards, at relatively low levels and the
portfolio has in aggregate a valuation considerably below the benchmark index.
The dividend yield appears secure and is expected to keep growing as the
underlying UK companies have in recent years reduced their debt levels and
increased their dividend cover. This puts them in a robust position.
During the year we bought back 50.2m shares. This has enhanced the NAV per
share by just over 1% and will, over the course of a full financial year,
benefit Lowland's earnings and therefore the dividend growth potential.
However, shrinking the number of shares in issue is not a long-term solution
for the Company. The lack of investor interest which has resulted in the need
for the buybacks can be addressed by continued strong performance and
increased marketing stressing the benefit of Lowland for potential investors'
savings.
Performance Attribution
The Company's outperformance of its FTSE All-Share benchmark during the year
was predominantly driven by the holdings in the largest UK companies that sit
within the FTSE 100 Index. Within this, positive stock selection was driven by
the financials sector, with a number of banks and insurers performing well.
There was also positive stock selection on AIM (comparing the second and
fourth columns of the table below), driven by holdings such as Renold and
Serica Energy. Within the FTSE 250 and FTSE SmallCap Indices, stock selection
was negative, driven by holdings exposed to weaker areas of domestic economic
activity such as building materials producers Ibstock and Marshalls, and
free-to-air broadcaster STV.
Lowland weighting Lowland total FTSE All-Share weighting Index
% return % total return
% %
FTSE 100 47.6 32.3 87.0 17.5
FTSE 250 23.6 4.6 11.5 8.2
FTSE SmallCap 12.0 (4.7) 1.5 8.9
FTSE AIM All-Share 10.6 12.7 - 7.9
Weights for Lowland and for the FTSE All-Share Index are shown as at the
financial year end. Note the weights for Lowland do not add up to 100%, as the
small overseas weight and the FTSE Fledgling Index are not shown here. Lowland
portfolio returns are shown ex cash
Taken in aggregate and as shown in the waterfall chart below, stock selection
was positive during the year, as was the contribution from gearing. The size
allocation of the portfolio (in other words holding more than the benchmark in
smaller companies) acted as a drag on relative performance, with all smaller
company indices producing good absolute returns but underperforming the FTSE
100.
http://www.rns-pdf.londonstockexchange.com/rns/7273K_1-2025-12-8.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7273K_1-2025-12-8.pdf)
Turning to stock specifics, four of the top ten absolute contributors to
performance were banks, as the return to a 'normal' interest rate environment
allowed them to generate substantially improved returns (much of which were
distributed to shareholders via dividends and share buybacks), while loan
losses remained subdued. Outside of banks, the holding in Babcock was a good
performer, as it benefited from the expectation of growing European defence
spending as well as improved operating performance. Takeovers were also a
theme, with pawnbroker H&T, industrial chain producer Renold and overseas
consumer lender International Personal Finance all receiving takeover
approaches.
http://www.rns-pdf.londonstockexchange.com/rns/7273K_2-2025-12-8.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7273K_2-2025-12-8.pdf)
Among the detractors, the majority were cyclical businesses operating in
challenging end markets. Free-to-air broadcaster STV, for example, saw a
deterioration in its advertising backdrop which led to a substantial drop in
earnings. When business confidence falters, it is often TV advertising budgets
that are the first to be cut. Having met with the company management team and
new chairman, we are confident the company is looking to address its cost base
in response to the difficult circumstances. While the end markets of Marshalls
(which makes building materials) are clearly different to STV, there are some
parallels in the challenges they are facing. In this case, consumer confidence
is lacklustre and therefore consumers are deferring areas of discretionary
spend (such as a new patio). As with STV, the company is doing what it can to
offset the challenges (for example reducing costs and complexity).
The top ten absolute contributors to performance at the stock level were:
Company name Contribution to Share price total
absolute return return
% %
1. HSBC +2.2 +65.6
2. Barclays +1.8 +73.6
3. Standard Chartered +1.8 +85.6
4. Babcock +1.7 +183.8
5. Aviva +1.2 +51.6
6. International Personal Finance +1.0 +56.3
7. H&T +1.0 +72.2*
8. Renold +0.9 +52.3
9. M&G +0.9 +33.4
10. NatWest +0.9 +60.0
* Period 30 September 2024 to 14 August 2025, when the company was taken over
The top ten absolute detractors from performance at the stock level were:
Contribution to Share price total
Company name absolute return return
% %
1. STV -0.9 -51.8
2. Conduit -0.7 -28.6
3. Marshalls -0.6 -44.2
4. Workspace -0.5 -34.7
5. Midwich -0.4 -40.7
6. Morgan Advanced Materials -0.4 -15.7
7. Ricardo -0.3 -0.1
8. Headlam -0.3 -59.9
9. Speedy Hire -0.3 -27.9
10. Churchill China -0.3 -53.2
Portfolio Activity
Takeover activity has meant a certain amount of cash coming in to help finance
the share buybacks. The announced takeovers of Epwin and H&T brought in
proceeds, while the likely increase in defence expenditure meant the share
price of Babcock rose, allowing us to reduce the holding at historically high
prices. The holding in Marks & Spencer was reduced as some of the recovery
in the company's fortunes was priced into the shares. It was a similar story
with Tesco where we reduced the holding after a period of share price
strength.
We refreshed the portfolio through purchases of companies of all market cap
sizes. Examples include Vesuvius, a producer of consumables for the steel
industry, and Segro, the industrial property company. We will keep adding to a
diverse list of companies of all sizes that are fundamentally good value and
selling those where we believe the future prospects are discounted.
Portfolio Valuation
Since the Company was launched in the early 1960s, Lowland has invested across
the breadth of the UK market (in small, medium and large companies). These
smaller, more domestic businesses continue to see their valuations penalised
relative to larger, majority overseas earners. For this reason, Lowland
continues to trade at a valuation discount to the broader UK equity market,
with a 12-month historic P/E on the portfolio of 12.1x as at 30 September
2025, compared to 13.8x for the FTSE All-Share.
Dividends
It was pleasing to see a recovery in revenue return per share to 6.73p this
year, covering the proposed total dividend of 6.625p, after the modest fall
last year. We spoke in the report last year about the growing tendency for UK
companies to buy back shares. This year has seen a continuation of that trend,
with even a number of the smaller companies held choosing to initiate share
buybacks in preference to dividend distributions.
For Lowland, the impact has been that special dividends as a proportion of
overall investment income have been on a declining trend in recent years and
this year totalled just 4% of overall investment income. If we compare this to
a decade ago, in 2015 special dividends totalled 14% of investment income.
This trend does not overly concern us so long as share buybacks are a use of
genuinely surplus capital, rather than crowding out spend that could be used
for longer-term earnings growth potential, such as capex. Broadly, where we
see companies buying back shares, it tends to be company boards responding to
the perceived undervaluation of their shares, so we could feasibly see the
trend reverse in a more buoyant backdrop for UK equity valuations (it was
encouraging to see Next suspend its buyback for precisely this reason).
Outlook
Analysts' consensus forecasts suggest that earnings from the underlying
companies in the portfolio are expected to grow at around 9%. The earnings
growth will probably result in the same sort of level of dividend growth.
Lowland will benefit from fewer shares in issue and this helps to underpin the
dividend growth going forward.
There are plenty of challenges facing the UK. A further reduction in interest
rates is needed in order to stimulate broader economic activity. Should rates
decline, we would expect this to be reflected across the yield curve, with the
30-year gilt yield falling from its current level of 5.2%. This would likely
benefit companies whose asset valuations are linked to long-term yields -
particularly high-quality property firms such as British Land and Shaftesbury.
In anticipation of this, we have been increasing our exposure to the property
sector. Additionally, we have added to the holdings in building materials
companies. These businesses are well-positioned to benefit from any uptick in
construction and infrastructure activity, given their high operational
gearing. Historically, analysts have tended to underestimate the earnings
potential of such firms during periods of recovery, and we believe current
forecasts may similarly undervalue their growth prospects.
Economic growth has the potential to alleviate many of the prevailing concerns
surrounding the UK. As activity picks up, tax revenues will improve and
therefore the Government's fiscal position will not look as dire as currently
suggested. Productivity, which remains subdued, is likely to recover as
turnover increases and capital investment begins to flow through the economy.
This should help lift some of the current gloom. In the midst of a normal
economic cycle, despondency is always greatest somewhere near the bottom.
Therefore we are taking advantage of the closed-end structure by having a
reasonable level of debt. We continue to add exposure to UK domestic companies
whose valuations, in our view, significantly undervalue their underlying
strengths and earnings potential.
James Henderson and Laura Foll
Fund Managers
8 December 2025
Twenty Largest Holdings as at 30 September 2025
The stocks in the portfolio are a diverse mix of businesses operating
in a wide range of end markets.
Rank Company % of Approx. market cap Valuation 2025
2025 portfolio £'000
(2024)
1 (1) HSBC 4.3 £180bn 17,555
The global bank provides international banking and financial services. The
diversity of the countries it operates in as well as its exposure to faster
growing economies make it well placed.
2 (6) Barclays 2.6 £53bn 10,439
The company has a strong retail and corporate lending franchise combined with
an investment bank. Higher interest rates and improved returns in its
investment bank could allow a period of better returns generation that in our
view is not reflected in the current valuation.
3 (3) BP 2.6 £67bn 10,430
A vertically integrated oil and gas business. At the current oil price it
remains highly cash generative, much of which is being returned to
shareholders via an attractive dividend yield and ongoing share buybacks.
4 (11) M&G 2.5 £6bn 10,120
The company is a financial services provider that was spun out of Prudential
in 2019, providing insurance and asset management services. The capital
generation of the group allows sizeable returns to shareholders via dividends.
5 (8) GSK 2.5 £64bn 9,979
A global pharmaceutical company, which is among the market leaders in areas
such as HIV and vaccines. The shares trade at a low valuation compared to the
broader sector and over time we can see a route to substantial sales and
earnings growth.
6 (5) Shell 2.5 £154bn 9,922
A vertically integrated oil and gas company. At the current oil price the
company is capable of generating substantial amounts of free cash flow. This
cash is being allocated partly to shareholders (via a growing dividend and
share buybacks) and partly to investing in the necessary transition away from
fossil fuels.
7 (4) Aviva 2.2 £21bn 9,050
This company provides a wide range of insurance and financial services. Under
the current CEO, the company has simplified the business, with future earnings
growth likely to come from synergies as a result of its acquisition of Direct
Line.
8 (12) FBD(1) 2.1 £500m 8,691
The company is an Irish insurer with a focus on insurance coverage for the
agricultural sector. It is a disciplined underwriter with a history of good
returns generation and pays an attractive dividend yield.
9 (13) International Personal Finance 2.1 £471m 8,630
The company offers small unsecured cash loans to people who often are not
being served by the major banks. They operate in the developing markets of
Central and Eastern Europe and Mexico. The company has had a bid approach that
may or may not lead to an offer for the company.
10 (16) Phoenix 1.9 £6bn 7,866
The company operates primarily in the UK and specialises in taking over and
managing closed life insurance and pension funds.
11 (2) Standard Chartered 1.8 £33bn 7,161
A global bank providing international banking and financial services, with a
particular focus on emerging markets. The position provides geographic
diversification for the portfolio as well as being positively exposed to
higher global interest rates.
12 (9) Irish Continental(1) 1.7 £801m 7,135
The group provides passenger transport, roll-on and roll-off freight transport
and container services between Ireland, the United Kingdom and Continental
Europe. It is a well managed business operating in a duopolistic industry.
13 (15) National Grid 1.7 £53bn 7,124
The company is a regulated utility providing electricity and gas distribution
in the UK and US. It is investing heavily in the UK electricity network ahead
of the energy transition, providing a route to future earnings growth as it
generates a return on these investments. The shares pay an attractive dividend
yield.
14 (*) Serica Energy(2) 1.7 £777m 6,909
The company explores for oil and natural gas. They operate primarily in the UK
and Indonesia. They have recently announced a proposed acquisition of BP's 32%
stake in the Culzean field in the North Sea, which is currently the UK's
largest producing gas field.
15 (*) Senior 1.7 £833m 6,737
The aerospace parts manufacturer is on many of the major programs, especially
with Boeing. As well as the civil side, the company provides parts for defence
aerospace projects. Both sides are seeing growing order books.
16 (*) Renold(2) 1.6 £183m 6,477
The company manufactures heavy chain in various countries. It has recently
been bid for and, after a small increase to the bid, the offer has been
accepted.
17 (*) IMI 1.6 £6bn 6,368
The company is a specialist designer and manufacturer of components such as
valves for use across a range of end markets, including transportation,
energy, industrial and life sciences. Under the current management team they
have made progress improving group margins and organic growth.
18 (*) Prudential 1.5 £28bn 6,246
The company is a global provider of insurance products with a particular
presence in Asia. The company has a long potential pathway of earnings growth
as it expands further into Asia and Africa.
19 (18) Rio Tinto 1.5 £84bn 6,109
The company is one of the world's largest mining businesses with a particular
focus on iron ore, aluminium and copper. Its mines are well positioned on the
cost curve, often at the lowest cost quartile globally, meaning that it can
continue to be highly cash generative despite volatile commodity prices. This
cash generation combined with a strong balance sheet has resulted in an
attractive dividend yield.
20 (*) Land Securities 1.5 £4bn 6,106
The company is an owner and developer of commercial property, spanning
predominantly central London offices and shopping centres. The shares trade at
a substantial discount to book value despite encouraging levels of rental
growth.
41.6 169,054
At 30 September 2025 these investments totalled £169,054,000 or 41.6% of the portfolio.
*Not in the top 20 largest investments last year
1. Overseas listed stock (Ireland)
2. AIM stock
MANAGING RISKS
The Board, with the assistance of the Manager, has carried out a robust
assessment of the principal risks and uncertainties, including emerging risks,
facing the Company. The assessment took into account those risks that would
threaten its business model, future performance, solvency or liquidity and
reputation. The Board regularly considers the principal risks facing the
Company and has drawn up a matrix of risks. The Board has put in place a
schedule of investment limits and restrictions, appropriate to the Company's
investment objective and policy.
The principal risks which have been identified and the steps taken by the
Board to mitigate these are set out in the table below. The principal
financial risks are detailed in note 14 to the financial statements in the
Annual Report. 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.
Principal risks Mitigating measure
Market, geopolitical, macroeconomic or environmental conditions cause a The Fund Managers maintain close oversight of the Company's portfolio, and in
material fall in market value particular its gearing levels and the performance of investee companies.
Regular stress testing of the revenue account under different scenarios for
Global conflicts and changes in the international political landscape, dividends is carried out. The Board monitors volatility, and holds a regular
including the introduction of trade tariffs, have heightened tensions across dialogue with the Fund Managers to understand the impact on the Company's
the world, and significantly increased volatility in equity markets. portfolio.
Macroeconomic conditions in the UK have led to increased volatility in the UK
equity market.
The potential impact of further global health crises on the Company's
investments and its direct and indirect effects, including the effect on the
global economy.
Investment activity and strategy risk The Board manages these risks by ensuring a diversification of investments and
a regular review of the extent of borrowings. Janus Henderson operates in
An inappropriate investment strategy, failure to take account of climate risk accordance with investment limits and restrictions determined by the Board,
impacts on the portfolio, or poor execution, for example, in terms of asset which includes limits on the extent to which borrowings may be employed.
allocation or level of gearing, may result in underperformance against the
Company's benchmark index and the companies in its peer group, and also in the
Company's shares trading on a wider discount to the NAV per share. A hostile
shareholder may seek to take control of the Company in order to further its The Board reviews the investment limits and restrictions on a regular basis
own objectives, which may not be in accordance with those of the wider and the Manager confirms adherence to them every month. Janus Henderson
shareholder group. provides the Board with management information, including performance data and
reports and shareholder analyses.
The Board monitors the implementation and results of the investment process
with the Fund Managers at each Board meeting and monitors risk factors,
including ESG factors in relation to climate risk, in respect of the
portfolio.
Investment strategy is reviewed at each meeting.
Portfolio and market price The Board reviews the portfolio at the five Board meetings held each year and
receives regular reports from the Company's broker. A detailed liquidity
Although the Company invests almost entirely in securities that are listed on report is considered on a regular basis.
recognised markets, share prices may move rapidly. The companies in which
investments are made may operate unsuccessfully, or fail entirely. A fall in
the market value of the Company's portfolio would have an adverse effect on
equity shareholders' funds. The Fund Managers closely monitor the portfolio between meetings and mitigate
this risk through diversification of investments. The Fund Managers
periodically present the Company's investment strategy in respect of current
market conditions. Performance relative to the FTSE All-Share Index, and other
UK equity income trusts is also monitored.
Dividend income The Board reviews income forecasts at each meeting. The Company has revenue
reserves of £9.7m (before payment of the third interim and final dividend)
A reduction in dividend income could adversely affect the Company's dividend and distributable capital reserves of £243.3m.
record.
Financial risk The Company minimises the risk of a counterparty failing to deliver securities
or cash by dealing through organisations that have undergone rigorous due
The financial risks faced by the Company include market price risk, interest diligence by Janus Henderson. The Company holds its liquid funds almost
rate risk, liquidity risk, currency risk and credit and counterparty risk. entirely in interest-bearing bank accounts in the UK or on short-term deposit.
This, together with a diversified portfolio which comprises mainly investments
in large and medium-sized listed companies, mitigates the Company's exposure
to liquidity risk. Currency risk is mitigated by the low exposure to overseas
stocks. Please also see note 14 to the financial statements in the Annual
Report.
Gearing risk At the point of drawing down debt, gearing will not exceed 20% of the
portfolio valuation.
In the event of a significant or prolonged fall in equity markets, gearing
would exacerbate the effect of the falling market on the Company's NAV per
share and, consequently, its share price.
The Company minimises the risk by the regular monitoring of the levels of the
Company's borrowings in accordance with the agreed limits. The Company
confirms adherence to the covenants of the loan facilities on a monthly basis.
Tax and regulatory The Manager provides its services, inter alia, through suitably qualified
professionals and the Board receives internal control reports produced by the
Changes in the tax and regulatory environment could adversely affect the Manager on a quarterly basis, which confirm legal and regulatory compliance.
Company's financial performance, including the return on equity. The Fund Managers also consider tax and regulatory change in their monitoring
of the Company's underlying investments.
A breach of Section 1158/9 could lead to a loss of investment trust status,
resulting in capital gains realised within the portfolio being subject to
corporation tax. A breach of the UK Listing Rules could result in suspension
of the Company's shares, while a breach of the Companies Act 2006 could lead
to criminal proceedings, or financial or reputational damage.
Operational The Board monitors the services provided by the Manager and its other
suppliers and receives reports on the key elements in place to provide
Disruption to, or failure of, the Manager's or its administrator's (BNP effective internal control.
Paribas) accounting, dealing or payment systems or the Depositary's records
could prevent the accurate reporting and monitoring of the Company's financial
position. Cyber crime could lead to loss of confidential data. The Company is
also exposed to the operational risk that one or more of its suppliers may not Cyber security is closely monitored and the Audit and Risk Committee receives
provide the required level of service. an annual presentation from Janus Henderson's Chief Information Security
Officer.
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.
Emerging Risks
In addition to the principal risks facing the Company, the Board also
regularly considers potential emerging risks, which are defined as potential
trends, sudden events or changing risks which are characterised by a high
degree of uncertainty in terms of the probability of them happening and the
possible effects on the Company. Should an emerging risk become sufficiently
clear, it may be moved to a principal risk.
The Board has not identified any emerging risks which are not already
encompassed within the existing principal risks.
VIABILITY STATEMENT
The Company is a long-term investor; as such, the Board believes it is
appropriate to assess the Company's viability over a five-year period in
recognition of its long-term horizon and what the Directors believe to be
investors' horizons, taking account of the Company's current position and the
potential impact of the principal and emerging risks and uncertainties as
documented above. The Directors have completed their assessment for the year
under review and report as set out below.
The assessment has considered the impact of the likelihood of the principal
and emerging risks and uncertainties facing the Company, in particular
investment strategy and performance against benchmark, whether from asset
allocation or the level of gearing, and market risk, including climate risk,
in severe but plausible scenarios, and the effectiveness of any mitigating
controls in place.
The Board has reviewed three additional model scenarios which evaluate the
impact on the revenue forecast and reserves. These range from a worst case
scenario which includes a 10% reduction in income and net assets, through to a
scenario where there is no income growth and no reduction in income or net
assets. Increasing dividends to shareholders could continue under all three
scenarios, although the Company would need to use its capital reserves in some
cases. None of the results of the scenarios used would therefore threaten the
viability of the Company.
The Board has taken into account the liquidity of the portfolio and the
gearing in place when considering the viability of the Company over the next
five years and its ability to meet liabilities as they fall due. This included
consideration of the duration of the Company's loan facilities and how a
breach of the loan facility covenants could impact on the Company's liquidity,
NAV and share price.
The Board does not expect there to be any significant change in the current
principal risks and adequacy of the mitigating controls in place. Also, the
Directors do not envisage any change in strategy or objectives or any events
that would prevent the Company from continuing to operate over that period as
the Company's assets are liquid, its commitments are limited and the Company
intends to continue to operate as an investment trust. Only a substantial
financial crisis affecting the global economy could have an impact on this
assessment.
In coming to this conclusion, the Directors have considered the ongoing impact
of global conflicts and changes in the international political landscape, in
particular the impact on income and the Company's ability to meet its
investment objective. The Board does not believe that these will have a
long-term impact on the viability of the Company and its ability to continue
in operation, notwithstanding the short-term uncertainty it has caused in the
markets.
Based on this assessment, the Directors have a reasonable expectation that the
Company will be able to continue in operation and meet its liabilities as they
fall due over the next five-year period.
The Directors have also concluded that the Company has adequate resources to
continue in operational existence until 31 December 2026, which is a period of
at least 12 months from the date of approval of these financial statements,
and it is therefore appropriate to prepare these financial statements on a
going concern basis.
RELATED PARTY TRANSACTIONS
The Company's current related parties are its Directors and Janus Henderson.
There have been no material transactions between the Company and its Directors
during the year. The fees and expenses paid to Directors are set out in the
Annual Report. There were no outstanding amounts payable at the year end.
In relation to the provision of services by Janus Henderson, other than fees
payable by the Company in the ordinary course of business and the provision of
marketing services, there have been no material transactions with Janus
Henderson affecting the financial position of the Company during the year
under review. More details on transactions with Janus Henderson, including
amounts outstanding at the year end, are given in note 20 in the Annual
Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
In accordance with Disclosure Guidance and Transparency Rule 4.1.12, each of
the Directors, who are listed below, confirms that, to the best of their
knowledge:
· the Company's financial statements, which have been prepared in
accordance with UK Accounting Standards and applicable law give a true and
fair view of the assets, liabilities, financial position and return of the
Company; and
· the Strategic Report, Report of the Directors 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.
On behalf of the Board
Helena Vinnicombe
Chair
8 December 2025
INCOME STATEMENT
Year ended Year ended
30 September 2025 30 September 2024
Revenue Capital Revenue Capital
return return Total return return Total
£'000 £'000 £'000 £'000 £'000 £'000
Gains on investments held at fair value through profit or loss (note 2) - 44,018 44,018 - 42,550 42,550
Income from investments (note 3) 19,075 - 19,075 19,666 - 19,666
Other interest receivable and similar income (note 4) 166 - 166 160 - 160
Gross revenue and capital gains 19,241 44,018 63,259 19,826 42,550 62,376
Management fee (882) (881) (1,763) (867) (868) (1,735)
Administrative expenses (893) - (893) (802) - (802)
Net return before finance costs and taxation 17,466 43,137 60,603 18,157 41,682 59,839
Finance costs (1,011) (1,011) (2,022) (1,115) (1,115) (2,230)
Net return before taxation 16,455 42,126 58,581 17,042 40,567 57,609
Taxation on net return (23) - (23) (37) - (37)
Net return after taxation 16,432 42,126 58,558 17,005 40,567 57,572
Return per ordinary share - basic and diluted 6.73p 17.26p 23.99p 6.29p 15.01p 21.30p
The total columns of this statement represent 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. The Company had no other comprehensive
income. The net return is both the profit for the year and the total
comprehensive income.
STATEMENT OF CHANGES IN EQUITY
Called up Share Capital Other
share premium redemption capital Revenue
Year ended capital account reserve reserves reserve Total
30 September 2025 £'000 £'000 £'000 £'000 £'000 shareholders'
funds
£'000
At 1 October 2024 6,755 61,619 1,007 310,618 9,634 389,633
Net return after taxation - - - 42,126 16,432 58,558
Buyback of shares for treasury - - - (67,212) - (67,212)
Third interim dividend (1.6p) for the year ended 30 September 2024 paid 31 - - - - (4,323) (4,323)
October 2024
Final dividend (1.625p) for the year ended 30 September 2024 paid 31 January - - - - (4,391) (4,391)
2025
First interim dividend (1.625p) for the year ended 30 September 2025 paid - - - - (3,916) (3,916)
30 April 2025
Second interim dividend (1.65p) for the year ended 30 September 2025 paid - - - - (3,736) (3,736)
31 July 2025
Return of unclaimed dividends - - - - 22 22
6,755 61,619 1,007 285,532 9,722 364,635
At 30 September 2025
Called up share capital £'000 Share premium account £'000 Capital redemption reserve Other capital reserves £'000
£'000 Revenue
Year ended reserve Total
30 September 2024 £'000 shareholders'
funds
£'000
At 1 October 2023 6,755 61,619 1,007 270,051 9,913 349,345
Net return after taxation - - - 40,567 17,005 57,572
Third interim dividend (1.6p) for the year ended 30 September 2023 paid 31 - - - - (4,323) (4,323)
October 2023
Final dividend (1.6p) for the year ended 30 September 2023 paid 31 January - - - - (4,323) (4,323)
2024
First interim dividend (1.6p) for the year ended 30 September 2024 paid 30 - - - - (4,323) (4,323)
April 2024
Second interim dividend (1.6p) for the year ended 30 September 2024 paid - - - - (4,323) (4,323)
31 July 2024
Return of unclaimed dividends - - - - 8 8
At 30 September 2024 6,755 61,619 1,007 310,618 9,634 389,633
STATEMENT OF FINANCIAL POSITION
As at As at
30 September 30 September
2025 2024
£'000 £'000
Fixed assets
Investments held at fair value through profit or loss:
Listed at market value on the main market 309,334 318,802
Listed at market value on AIM 36,150 55,176
Listed at market value overseas 15,623 19,969
Unlisted 2,264 2,277
Investments on loan 43,193 36,393
406,564 432,617
Current assets
Debtors 2,045 2,428
Cash at bank 5,471 5,161
7,516 7,589
Creditors: amounts falling due within one year (19,609) (20,749)
Net current liabilities (12,093) (13,160)
Total assets less current liabilities 394,471 419,457
Creditors: amounts falling due after one year (29,836) (29,824)
Net assets 364,635 389,633
Capital and reserves
Called up share capital 6,755 6,755
Share premium account 61,619 61,619
Capital redemption reserve 1,007 1,007
Other capital reserves 285,532 310,618
Revenue reserve 9,722 9,634
Total shareholders' funds 364,635 389,633
Net asset value per ordinary share - basic and diluted 165.8p 144.2p
STATEMENT OF CASH FLOWS
Year ended Year ended
30 September 2025 30 September 2024
£'000 £'000
Cash flows from operating activities
Net return before taxation 58,581 57,609
Add back: finance costs 2,022 2,230
Gains on investments held at fair value through profit or loss (44,018) (42,550)
Withholding tax on dividends (deducted at source)/reclaimed (23) 16
Decrease in other debtors 383 324
(Decrease)/increase in other creditors (347) 541
Net cash inflow from operating activities 16,598 18,170
Cash flows from investing activities
Purchase of investments (40,618) (78,497)
Sale of investments 110,591 80,668
Net cash inflow from investing activities 69,973 2,171
Cash flows from financing activities
Equity dividends paid (net of refund of unclaimed distributions and reclaimed (16,344) (17,284)
distributions)
Share buybacks for treasury (67,212) -
Loans drawn down 40,436 37,736
Loans repaid (41,035) (36,378)
Interest paid (2,109) (2,177)
Net cash outflow from financing activities (86,264) (18,103)
Net increase in cash and cash equivalents 307 2,238
Cash and cash equivalents at start of year 5,161 2,926
Effect of foreign exchange rates 3 (3)
Cash and cash equivalents at end of year 5,471 5,161
Comprising:
Cash at bank 5,471 5,161
5,471 5,161
Cash inflow from dividends net of taxation was £19,464,000 (2024:
£19,961,000) and interest received was £97,000 (2024: £75,000)
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting Policies
a) Basis of preparation
The Company is a registered investment company as defined in Section 833 of
the Companies Act 2006 and is incorporated in the United Kingdom. It operates
in the United Kingdom and is registered at 201 Bishopsgate, London EC2M 3AE.
The financial statements have been prepared in accordance with the Companies
Act 2006, FRS 102 - The Financial Reporting Standard applicable in the UK and
Republic of Ireland and with the Statement of Recommended Practice: Financial
Statements of Investment Trust Companies and Venture Capital Trusts ('the
SORP') issued in July 2022 by the Association of Investment Companies.
The principal accounting policies applied in the presentation of these
financial statements are set out in the Annual Report. These policies have
been consistently applied to all the years presented.
The financial statements have been prepared under the historical cost basis
except for the measurement of fair value of investments. In applying FRS 102,
financial instruments have been accounted for in accordance with Sections 11
and 12 of the standard. All of the Company's operations are of a continuing
nature.
b) Going concern
The Directors have considered the liquidity of the portfolio and concluded
that the assets of the Company consist of securities that are readily
realisable. They have also considered the impact of global conflicts and
changes in the international political landscape including revenue
forecasting, and a review of covenant compliance including the headroom above
the most restrictive covenants. They have concluded that they are able to meet
their financial obligations as they fall due until 31 December 2026, which is
a period of at least twelve months from the date of approval of these
financial statements. Having assessed these factors, the principal risks and
other matters discussed in connection with the viability statement, the
Directors considered it appropriate to adopt the going concern basis of
accounting in preparing the financial statements.
2. Gains on Investments held at Fair Value through Profit or Loss 2025 2024
£'000 £'000
Gains on the sale of investments based on historical cost 20,215 8,158
Revaluation (gains)/losses recognised in previous years (19,353) (5,289)
Gains on investments sold in the year based on carrying value at previous 862 2,869
Statement of Financial Position date
Revaluation gains on investments held at 30 September 43,153 39,684
Exchange gains/(losses) 3 (3)
44,018 42,550
3. Income from Investments 2025 2024
£'000 £'000
UK dividends:
Listed investments 16,577 16,441
Unlisted 28 -
Property income dividends 681 731
17,286 17,172
Non UK dividends:
Overseas dividend income 1,789 2,494
1,789 2,494
19,075 19,666
4. Other Interest Receivable and Similar Income 2025 2024
£'000 £'000
Stock lending commission 62 74
Income from underwriting 9 8
Bank interest 95 78
166 160
Stock lending commission has been shown net of brokerage fees of £16,000
(2024: £19,000)
5. Management Fee 2025 2024
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Management fee 882 881 1,763 867 868 1,735
A description of the basis for calculating the management fee is given in the
Strategic Report and further detailed in note 20 in the Annual Report.
6. Return per Ordinary Share - Basic and Diluted
The return per ordinary share is based on the net return attributable to the
ordinary shares of £58,558,000 (2024: net return of £57,572,000) and on
244,072,942 ordinary shares (2024: 270,185,650), being the weighted average
number of ordinary shares in issue during the year excluding treasury shares.
The return per ordinary share can be further analysed between revenue and
capital, as below.
2025 2024
£'000 £'000
Net revenue return 16,432 17,005
Net capital return 42,126 40,567
Net total return 58,558 57,572
Weighted average number of ordinary shares in issue during the year 244,072,942 270,185,650
2025 2024
Pence Pence
Revenue return per ordinary share 6.73 6.29
Capital return per ordinary share 17.26 15.01
Total return per ordinary share 23.99 21.30
The Company does not have any dilutive securities, therefore the basic and
diluted returns per share are the same.
7. Dividends Paid and Payable on the Ordinary Shares
Dividends on ordinary shares Record date Payment date 2025 2024
£'000 £'000
Third interim dividend (1.6p) for the year ended 30 September 2023 29 September 2023 31 October 2023 - 4,323
Final dividend (1.6p) for the year ended 29 December 2023 31 January 2024 - 4,323
30 September 2023
First interim dividend (1.6p) for the year ended 30 September 2024 12 April 2024 30 April 2024 - 4,323
Second interim dividend (1.6p) for the year ended 30 September 2024 28 June 2024 31 July 2024 - 4,323
Third interim dividend (1.6p) for the year ended 30 September 2024 27 September 2024 31 October 2024 4,323 -
Final dividend (1.625p) for the year ended 30 September 2024 27 December 2024 31 January 2025 4,391 -
First interim dividend (1.625p) for the year ended 30 September 2025 4 April 2025 30 April 2025 3,916 -
Second interim dividend (1.65p) for the year ended 30 September 2025 27 June 2025 31 July 2025 3,736 -
Return of unclaimed dividends (22) (8)
16,344 17,284
The third interim dividend and the final dividend for the year ended 30
September 2025 have not been included as a liability in these financial
statements. The total dividends payable in respect of the financial year,
which form the basis of the retention test under Section 1158 of the
Corporation Tax Act 2010, are set out below.
2025
£'000
Revenue available for distribution by way of dividend for the year 16,432
First interim dividend (1.625p) for the year ended 30 September 2025 (3,916)
Second interim dividend (1.65p) for the year ended 30 September 2025 (3,736)
Third interim dividend (1.65p) for the year ended 30 September 2025 (3,630)
Final dividend (1.70p) for the year ended 30 September 2025 (based on (3,740)
219,972,265 ordinary shares in issue at 5 December 2025)
Transfer to reserves 1,140(1)
1. The residual will be transferred to the revenue reserve (2024: £355,000
transferred from the revenue reserve)
8. Called Up Share Capital Number of Number of Total number Nominal
shares shares of shares value of
entitled to held in shares
dividend treasury £'000
At 1 October 2024 270,185,650 - 270,185,650 6,755
Buyback of shares for treasury (50,213,385) 50,213,385 - -
At 30 September 2025 219,972,265 50,213,385 270,185,650 6,755
Number of Number of Total number Nominal
shares shares of shares value of
entitled to held in shares
dividend treasury £'000
At 30 September 2024 and 2023 270,185,650 - 270,185,650 6,755
During the year 50,213,385 shares were bought back into treasury (2024: nil)
for a net payment of £67,212,000 (2024: £nil). No shares were allotted
during the year (2024: nil).
9. Net Asset Value per Ordinary Share
The net asset value per ordinary share of 165.8p (2024: 144.2p) is based on
the net assets attributable to the ordinary shares of £364,635,000 (2024:
£389,633,000) and on 219,972,265 (2024: 270,185,650) shares in issue on 30
September 2025, excluding treasury
shares.
The movements during the year of the assets attributable to the ordinary
shares were as follows:
2025 2024
£'000 £'000
Total net assets at start of year 389,633 349,345
Total net return after taxation 58,558 57,572
Net dividends paid in the year:
Ordinary shares (16,344) (17,284)
Buyback of shares for treasury (67,212) -
Net assets attributable to the ordinary shares at 30 September 364,635 389,633
10. Post Balance Sheet Event
Subsequent to the year end, the bank loan facility was renewed for a further
12 months and is due to expire on 23 October 2026.
11. 2025 Financial Information
The figures and financial information for the year ended 30 September 2025 are
extracted from the Company's annual financial statements for that period and
do not constitute statutory accounts. The Company's annual financial
statements for the year to 30 September 2025 have been audited but have not
yet been delivered to the Registrar of Companies. The Independent Auditor's
Report on the 2025 annual financial statements was unqualified, did not
include reference to any matter to which the Auditor drew attention without
qualifying the report, and did not contain any statements under Sections
498(2) or 498(3) of the Companies Act 2006.
12. 2024 Financial Information
The figures and financial information for the year ended 30 September 2024 are
extracted from the Company's annual financial statements for that period and
do not constitute statutory accounts. The Company's annual financial
statements for the year to 30 September 2024 have been audited and filed with
the Registrar of Companies. The Independent Auditor's Report on the 2024
annual financial statements was unqualified, did not include reference to any
matter to which the Auditor drew attention without qualifying the report, and
did not contain any statements under Sections 498(2) or 498(3) of the
Companies Act 2006.
13. Dividend
The final dividend, if approved by the shareholders at the Annual General
Meeting, of 1.70p per ordinary share will be paid on 30 January 2026 to
shareholders on the register of members at the close of business on 30
December 2025. This will take the total dividends for the year to 6.625p
(2024: 6.425p). The Company's shares will be traded ex-dividend on 29 December
2025.
14. Annual Report
The Annual Report will be posted to shareholders in December 2025 and will be
available on the Company's website (www.lowlandinvestment.com
(http://www.lowlandinvestment.com) ).
15. Annual General Meeting
The Annual General Meeting will be held on Wednesday, 28 January 2026 at
12.30pm at 201 Bishopsgate, London EC2M 3AE. Instructions for attending the
meeting in person or virtually, and details of resolutions to be put to the
AGM, are included in the Notice of AGM in the Annual Report and will be
available at www.lowlandinvestment.com (http://www.lowlandinvestment.com) . If
shareholders would like to submit any questions in advance of the AGM, they
are welcome to send these to the corporate secretary at
itsecretariat@janushenderson.com (mailto:itsecretariat@janushenderson.com) .
16. General Information
Company Status
Lowland Investment Company plc is a UK domiciled investment trust company.
ISIN number / SEDOL: ordinary shares: GB00BNXGHS27 / BNXGHS2
London Stock Exchange (TIDM) Code: LWI
Global Intermediary Identification Number (GIIN): 2KBHLK.99999.SL826
Legal Entity Identifier (LEI): 2138008RHG5363FEHV19
Company Registration Number
670489
Registered Office
201 Bishopsgate, London EC2M 3AE
Directors and Secretary
The Directors of the Company are Helena Vinnicombe (Chair), Gaynor Coley
(Audit and Risk Committee Chair), Duncan Budge, Mark Lam and Thomas Walker.
The Corporate Secretary is Janus Henderson Secretarial Services UK Limited,
represented by Sally Porter, ACG.
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.lowlandinvestment.com (http://www.lowlandinvestment.com) .
For further information please contact:
James Henderson and Laura Foll
Fund Managers
Lowland Investment Company plc
Telephone: 020 7818 4370 / 6364
Dan Howe
Head of Investment Trusts
Janus Henderson Investors
Telephone: 020 7818 1818
Harriet Hall
PR Director, Investment Trusts
Janus Henderson Investors
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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