REG-Temple Bar Inv.Tst: Annual Financial Report
23/03/2023 07:15
Temple Bar Investment Trust Plc
Full Year Results for the year ended 31 December 2022
Temple Bar Investment Trust Plc (the “Company”) is pleased to present its
full year results for the year ended 31 December 2022.
The Company’s Annual Report & Financial Statements for the year ended 31
December 2022 is also being published in hard copy format and an electronic
copy will shortly be available to download from the Company’s website
https://www.templebarinvestments.co.uk/.
Please click on the following link to view the
document: https://mma.prnewswire.com/media/2038521/TBIT_RA22_1_17_clean.pdf
Summary of Results
2022 £000 2021 £000 % change
Assets as at 31 December
Net assets 726,346 797,083 (8.9)
Ordinary shares
Net asset value per share with debt at book value (7) 228.54p 241.72p (5.5)
Net asset value per share with debt at market value (1,2,7) 233.52p 240.35p (2.8)
Share price (7) 220.50p 221.60p (0.5)
Discount with debt at market value (1) 5.6% 7.8%
Revenue for the year ended 31 December
Revenue return attributable to ordinary shareholders 30,550 23,737 28.7
Revenue return per ordinary share (7) 9.38p 7.11p 31.9
Dividends per ordinary share (1,7) 9.35p 7.90p 18.4
Capital for the year ended 31 December
Capital return attributable to ordinary shareholders (46,519) 133,039
Capital return attributable per ordinary share (7) (14.29)p 39.87p
Net gearing with debt at book value (1,4) 7.2% 6.5%
Ongoing charges (1,5) 0.54% 0.48%
Total returns for the year to 31 December 2022
Return on net assets (1,3) (2.0)
Return on gross assets (1,3) (1.5)
Return on share price (1,3) 3.6
FTSE All-Share Index (6) 0.3
Change in Retail Price Index over year 13.4
1. Alternative Performance Measures – See glossary in the full annual report
for definition and more information.
2. Debt market value is calculated based on unobservable input, see note 22 in
the full annual report for the net assets with debt at market value.
3. Source: Morningstar.
4. Defined as Company’s borrowings less cash and cash equivalents (including
gilts) divided by investments expressed as a percentage.
5. Defined as the total of the investment management fee and administrative
expenses divided by the average cum income net asset value throughout the
year.
6. Source: Redwheel, trading name of RWC Asset Management LLP from January
2022.
7. Comparative periods have been restated for the sub-division of each
ordinary share into 5 new ordinary shares, approved at the AGM held on 10 May
2022 and completed on 13 May 2022.
Benchmark Capital Structure
Performance is measured against the FTSE All-Share Index. Ordinary shares 334,363,825
Total Assets Less Current Liabilities £801,053,000 4.05% private placement loan 2028 £50,000,000
Total Equity* £726,346,000 2.99% private placement loan 2047 £25,000,000
Market Capitalisation £700,798,000
* With loan stocks at book value.
Chairman’s Statement
Review
In the year under review, the Company's NAV total return was (2.0%), which
compares to the total return on the benchmark FTSE All-Share index of 0.3%.
More pleasingly, the share price total return was 3.6% as the discount
narrowed over the year to finish at 5.6%. Since Redwheel took over the
management of the Company at the end of October 2020, the NAV total return to
the end of 2022 has been 57.7% compared with 39.0% for the benchmark, a
significant outperformance. Although annual metrics are important, the Board
would always prefer to take a longer-term view of performance.
The Board continued with its active share buyback policy, purchasing
10,896,039 shares for a total consideration of £25.9m. These buybacks not
only have the effect of stabilising the supply/demand balance but are also
accretive to the NAV.
Portfolio
Portfolio turnover was again low this year at 7.2% (2021: 6.6%) with the
managers being generally satisfied with the positioning of the portfolio.
Further details can be found in the Manager’s Report below.
Dividend
As detailed in the interim report, the Company's income account has been more
robust than expected. As a result, the Board is recommending a total dividend
of 9.35p per share, an increase of 18.4% over the 2021 level. The dividend is
fully covered by earnings and the Board is confident that the dividend will
increase from this level over time.
Gearing
At the year end, the Company's net gearing was 7.2% and the level has been
relatively stable since more exposure was deployed by the Investment Manager
in the Spring, having reduced the level at the outset of 2022 as market
volatility increased.
Purpose and Culture
The purpose of the Company is to deliver long-term returns for shareholders
from a diversified portfolio of investments. These investments will primarily
be UK listed.
As an investment trust, the Company has no employees, but the culture of the
Board is to promote strong governance and a long-term investment outlook with
an emphasis on investing in businesses that can deliver value to shareholders
over an extended time horizon. Therefore, the Board asks the Company’s
Investment Manager to invest in stocks that fulfil the traditional metrics of
the value style and possess a business model that is resilient in the long
term.
Environmental, Social & Governance (“ESG”) Issues
In September, the Board attended an Away Day at the offices of Redwheel, with
a broad agenda covering ESG matters in relation to the management of the
portfolio. The Board heard from representatives of Redwheel’s Investment,
Sustainability, Compliance and Product Teams, with a particular focus on how
stewardship is used by the Investment Manager to influence positively investee
companies and how ESG-related factors are incorporated into investment
research, stock selection, and portfolio management processes.
The Board continues to embrace the concept of active stewardship, asking the
Investment Manager to monitor, evaluate and actively engage with investee
companies with the aim of preserving or adding value to the portfolio.
Further, with need for a collaborative approach becoming ever more pressing,
if the situation warrants it, the Board encourages the Investment Manager to
liaise with other investors when engaging with investee companies. The
Investment Manager reports back to the Board regularly on these matters.
The Board
As mentioned in last year’s Statement, Charles Cade joined the Board in
March. After the year end, the Board appointed Carolyn Sims as a Non-Executive
Director and member of the Audit and Risk, Management Engagement and
Nomination Committees. The Board is very pleased to welcome Carolyn, who
brings a wealth of expertise and experience which will be invaluable. I will
be standing down as Chairman at the upcoming AGM and Richard Wyatt will
succeed me. The Company will be in good hands after my departure.
Annual General Meeting (“AGM”)
The AGM this year will be held at 25 Southampton Buildings, London WC2A 1AL on
9 May 2023 at 12:30pm. Like last year, shareholders are welcome to attend in
person where you will be able to hear a presentation from the Portfolio
Managers Nick Purves and Ian Lance and to meet the Board of Directors.
Shareholders unable to attend in person are invited to submit their form of
proxy in advance by 12:30pm on 4 May at the latest.
Outlook
Although the UK market performed better than many overseas markets, valuations
still look reasonable. The Company's managers are optimistic that further
progress can be made and that the portfolio is well positioned. The Board
shares this optimism.
Arthur Copple
Chairman
22 March 2023
Investment Approach
A classic approach to value investing
The Portfolio Managers Nick Purves and Ian Lance are long-term intrinsic value
investors who believe that short-term sentiment amongst many market
participants causes them to overreact to news which has little or no impact on
the long-run value of a business. This overreaction causes share prices to
diverge from the intrinsic value of the underlying business and provides an
opportunity for long-term investors to purchase shares at less than their true
value. In the long term the share price tends to move closer to the intrinsic
value of the business and this creates excess returns for investors who
purchased shares at low valuations. The team forms a view of a company’s
long-run profit potential and makes balance sheet adjustments to assess
intrinsic value. They use their experience and knowledge of companies and
sectors to identify those companies that are more likely to recover and
improve in the future.
Identifying quality and avoiding value traps
Some value strategies simply apply mechanistic measures to identify
undervalued stocks but this can lead to investing in businesses that are in
structural decline; they may be cheap but their potential to recover is
limited. Instead, the Portfolio Managers ‘intrinsic value’ approach aims
to identify under-valued, yet good, quality companies with strong cash flows
and robust balance sheets. The Investment Manager puts a strong emphasis on
financial strength because it gives them the confidence that a company can
survive through a prolonged period of lower profitability caused by
company-specific issues, or an unexpected downturn in the economy.
As Temple Bar’s Investment Manager, Redwheel aims to avoid lower-quality
stocks or so called ‘value traps’ by monitoring companies against three
different types of risk:
* Valuation – extrapolating favourable trends and paying more than the
intrinsic value of the business (e.g. avoiding a situation where something is
positively impacting a company’s share price in the short term but that
isn’t sustainable longer term);
* Earnings – the risk that the earnings of the Company decline for cyclical
or secular reasons (e.g. the industry or sector that the business operates in
is itself in cyclical or long-term decline);
* Environmental, Social or Governance – unethical or neglectful behaviour by
a company in one of these areas can harm those who invest as well as the
environment or society in which a company is located. We believe that applying
ESG best practices, such as consideration of environmental and product safety,
workplace diversity and strong corporate governance can contribute to
long-term investment returns while mitigating risks.
Redwheel have set out some of the key factors it considers when seeking to
uncover the most compelling value opportunities:
Consider probabilities and payoffs Enhance, don't drift Simple but not easy Cycles, cycles, cycles Be contrarian but not mindless contrarian
No matter the research, there are always surprises, positive and negative. Think best and worst case scenarios. If we think a share price could go to zero, but has 400% upside in another, there is probably a case for investing. Discipline is key to value investing –stick to your philosophy, you’re here for the long run. Always look to improve and adapt as things change. Buying shares for less than their worth then selling when the value has been realised is easy to Profits and share prices are impacted by cycles such as credit, commodity and business. An investor’s overreaction can throw up opportunities. An advantage lies in knowing which cycles impact an investment and where we are in that cycle. Investors love to buy what everyone else hates. But having respect for what the market is saying is key. Eagerly buying shares being sold in companies with too much debt, or declining profits, can prove costly and mindlessly contrarian.
understand. But most don’t invest this way due to a lack of ‘sticking with it’. Value investing is
tricky – we are hard-wired to conform – but can be rewarding.
10 PILLARS OF VALUE INVESTING Ian Lance and Nick Purves believe value investing is making a comeback. Here is why from their 30 years’ experience in these markets.
Don't buy rubbish Bargains are rare, make the most of them Adopt an absolute return mindset Be patient, be long term There is no single correct method
Recently the market has become fixated with quality and growth. Quality and growth are intrinsic to a business' value. We’ve had success when high quality businesses have been questioned by the market, resulting in low value entry. It’s unlikely that you’re going to buy a business trading at half its intrinsic value. However, a company or an industry will suffer a drawdown at some stage, which may present an opportunity to buy at a good value. Value investing is a risk averse strategy born out of a reaction to the Great Depression. By buying a A struggling, out-of-favour business is unlikely to turn around the day after you invest. It’s more likely that things continue to get worse, so we try to be patient, allowing for profitability to improve and for the market to recognise it. Our typical holding period is at least five Value investing relies on estimating the intrinsic worth of a business. Our experience tells us to be flexible, by adjusting earnings for cyclicality, and to recognise the positive (hidden value), and the negative (e.g. pension fund deficit), on a balance sheet.
dollar of value for 50 cents, you build in a ‘margin of safety’ in case the economy and/or the stock years.
market suffer. Value investors see risk as the risk of permanent capital impairment, so, invest with
this at top of mind.
Investment Manager’s Report
Our investment approach has always been to seek out fundamentally sound
businesses which by virtue of their market positions can grow their profits
over the long term, but where for one reason or another the shares are
modestly valued. This may be because the Company is underperforming its
longer-term potential or because of a lack of interest or neglect. Either way,
a low starting valuation looks to ensure that shareholders benefit fully from
improved profit growth, whilst often in the meantime drawing an attractive
income. Companies with low valuations also have a greater potential to re-rate
as investor perceptions improve, further adding to investment returns. All
investors should remember the lesson of stock market history which is that
starting valuation has proven to be the best predictor of investment return
over time.
We are long term investors, who recognise the importance of keeping
transaction costs to a minimum. At times of major stock market dislocation,
such as that which we saw when COVID first struck in 2020, we will rotate
portfolios more aggressively to try and take advantage of other investors’
willingness to sell reasonable businesses at knock down prices. More normally
however, shareholders should expect that portfolio turnover will be low. This
was the case in 2022 and accordingly, we established no new positions in the
year. We did, however, utilise the gearing available to the Trust to increase
position sizes in a number of particularly undervalued holdings.
2022 was a difficult year for investors, as equity and bond markets had to
contend with high inflation, rising interest rates and the added uncertainty
caused by the invasion of Ukraine. Investors in the UK were also exposed to
significant political instability with the arrival and departure of the Liz
Truss Government in the Autumn.
It is worth reflecting on the speed with which interest rates have risen in
2022. At the beginning of the year, Central Banks were taking the view that
inflation was a ‘transitory’ phenomenon. Accordingly, the Bank of England
base rate and the US Federal Funds target rate were both set at just 0.25%. As
we enter 2023, those rates are 3.5% and 4.5% respectively and the word
‘transitory’ has been dropped. The tighter monetary backdrop is likely to
push many economies into recession (some are likely to already be in one) as
defined by falling real economic output, although elevated inflation is likely
to ensure that economies continue to grow in nominal terms. Given the size of
the interest rate moves and the darkening economic outlook, it is not a
surprise perhaps that equity markets struggled in 2022.
Within the markets, the companies that fared relatively well were the more
defensive names whose profits will likely be less affected by an economic
downturn, the Energy and Materials sectors and Banks. The Energy and Materials
sectors have benefited from elevated commodity prices, brought about by
continuing strong demand and the invasion of Ukraine, whilst Banks have
benefited from rising interest rates which lead to higher margins on bank
lending. The companies that particularly struggled were those where growth
expectations are high as their profits are often far into the future and their
valuations are therefore disproportionately impacted by a rise in interest
rate assumptions, and those where operating leverage is high and revenues are
most exposed to a consumer led economic downturn.
Given its high exposure to the Energy and Materials sectors and an
under-weighting towards high growth technology sectors, the UK market fared
relatively well in 2022, delivering a small positive total return. The Company
portfolio delivered a small negative return over the period, although this
masks a large disparity in the performance of some of the individual names.
The Company's holdings in the Energy sector (BP, Shell and Total Energies),
Pearson, Centrica and Standard Chartered all delivered strong returns, with
each stock adding between 1.5% and 3.0% to the portfolio return. Conversely,
the portfolio’s holdings in International Distribution Services (formally
Royal Mail Group), Marks & Spencer and Currys all declined markedly as
investors attempted to factor in the deteriorating economic outlook. Each
stock detracted between 2% and 4% from portfolio return.
The share prices of the three energy companies performed well on the back of
rising oil and gas prices caused by the effects of the war in Ukraine coupled
with a muted supply response; itself caused by several years of under
investment in bringing new resources to the market. We cannot predict the path
of future oil and gas prices, but would make the observation that demand for
fossil fuels is strong today and is likely to remain so for many years at a
time when many companies in the sector have severely curtailed investment.
This provides the set up for continued strength in energy prices at a time
when the share prices to levels of all three companies continue to discount
commodity prices that are much below where we are today. By way of
illustration, according to their own sensitivity analysis, BP, Shell and Total
Energies are valued on price to earnings ratios of around 10x assuming a $60
Brent oil price. Oil prices at the time of writing are around $80 per barrel,
and we therefore take the view that there is a considerable margin of safety
built into the share prices of the companies. Centrica likewise delivered
strong returns in the year, benefitting from high gas and electricity prices
and significant consolidation in energy supply markets following the demise of
a number of its competitors.
Pearson has struggled for some time with the transition from physical print
textbooks to a digital offering in its North American Higher Education
business and although this journey has proven to be protracted and damaging to
group profitability, we continue to believe that educational publishing is an
attractive business offering the prospect of healthy returns. The company’s
share price performed well in the year prompted by two separate bid approaches
from the private equity firm, Apollo, and evidence that the company has again
returned to revenue growth. Although both Apollo bids were rejected by the
management team as undervaluing the company and therefore came to nothing, the
approach highlighted the potential undervaluation in the company’s shares.
Standard Chartered has been a beneficiary of rising interest rates, which in
turn should lead to higher income growth and thereby help the bank achieve its
2024 10% Return on Equity target. Although the large increase in interest
rates that we have seen could lead to credit stresses and increased loan loss
provisions, the bank has been significantly de-risked over the last few years
and lending standards are now much improved. It is possible and maybe even
likely therefore that credit provisions will not need to be increased
significantly from current levels. If the company is successful in hitting its
financial targets for 2024, its shares would be valued by the stock market at
less than seven times its annual profits. In January 2023, it was announced
that First Abu Dhabi Bank had evaluated the idea of making a bid for the
company and whilst again it came to nothing, it serves to highlight the
strategic value of the company’s geographic footprint and its attractive
valuation.
At International Distribution Services, a normalisation of parcel volumes post
COVID, coupled with an inability to make productivity improvements in the UK
(as a result of poor labour relations) has meant that its UK business, Royal
Mail, is expected to lose money in the current financial year. The company
continues to negotiate with the unions but has made it clear that any agreed
pay deal needs to be accompanied by an improvement to outdated working
practices. It has also said that it will not allow its international business,
GLS, to destroy shareholder value by continuing to fund the UK business, and,
if necessary, will separate the two companies to prevent value leakage. GLS is
a parcel only business (no letters), with a non-unionised work-force, whose
standalone value is greater than the stock market valuation of the entire
group. The stock market has therefore placed a substantial negative valuation
on Royal Mail, even though it is the leader in the UK parcels market and has
significant surplus property that can be sold off over time. Any formal
separation should throw a spotlight onto the very significant under valuation
of the group’s shares.
Marks & Spencer fell on investor fears that the cost-of-living crisis will
result in falling consumer spending and lower profitability. The food
retailers generally (Marks & Spencer derives two thirds of its revenues from
food) are going through a difficult period, with likely worse to come as they
struggle to recover all their input cost increases without damaging sales
volumes. However, our view is that this has already been more than factored
into the Marks & Spencer share price. The shares are valued on a historic
price earnings ratio of 7x at a time when we believe that there are many
positive changes happening at the company. The company sells almost 40% of its
clothing online (where it is number 2 in the UK by market share) and
store-based clothing sales now account for just 20% of the group total, whilst
in food the company continues to take market share. The company management
target a level of operating performance in line with peers in the sector,
which if they were able to achieve would result in further significant growth
in earnings and a price earnings ratio of less than 6x at today’s share
price.
Currys, the electrical retailer, is struggling with a difficult economic
backdrop and as a low margin, operationally geared business is sensitive to
relatively small declines in sales volumes. Accordingly, profit expectations
have been significantly downgraded since the Summer. Although electrical
retailing is a competitive business, the company is well managed and occupies
the number one or two position in the UK and the Nordics. Although there is
further downside risk to short term profit forecasts, the company is valued at
less than 8x 2022/23 earnings, with the potential for a significant profit
recovery as and when trading conditions improve.
For some time now, UK equities have traded at a meaningful discount to other
stock markets. It is difficult to be sure as to why this is, although
uncertainty surrounding Brexit and the recent political instability will have
likely played a part. Whilst many are taking a dim view of UK economic
prospects, it is important to remember that we buy companies and not economies
and the companies in which the Company is invested are strong, conservatively
run businesses with good balance sheets and capable management teams. In
addition, many of them generate most of their profits overseas with the result
that any fall in the value of the pound leads to higher sterling profits. In
total we estimate that more than 50% of the Company's portfolio profits are
generated outside the UK.
The result of this negative sentiment towards the UK however is that UK listed
stocks are valued at a significant discount to their overseas listed peers for
no other reason than they happen to be listed in the UK. For example, Shell is
valued at just 5x 2022 estimated earnings, whereas the US listed Exxon Mobil
is valued at 8x. In banking, Barclays is valued at just 0.6x the value of its
shareholder equity, whereas the US investment banks are valued at around 1x.
As a result of what we see as an unjustified UK discount, the UK equity market
offers an attractive dividend yield, and many UK listed companies are today
priced to give their shareholders superior long term investment returns.
Ian Lance and Nick Purves
Redwheel
22 March 2023
Portfolio of Investments
As at 31 December 2022
Company Industry Place of primary listing Valuation £000 % of portfolio
BP Oil & Gas UK 69,554 8.8
1 BP PLC is an oil and petrochemicals company. The company explores for and produces oil and natural gas, refines, markets, and supplies petroleum products, generates solar energy, and manufactures and markets chemicals
Royal Dutch Shell Oil & Gas UK 56,361 7.2
2 Shell PLC, through subsidiaries, explores, produces, and refines petroleum. The company produces fuels, chemicals, and lubricants. Shell owns and operates gasoline filling stations worldwide.
Centrica Utilities UK 47,438 6.0
3 Centrica PLC operates as an integrated energy company offering a wide range of home and business energy solutions. The company sources, generates, processes, stores, trades, saves, and supplies energy and provides a range of related services.
Pearson Consumer Services UK 47,176 6.0
4 Pearson PLC provides education products and services to institutions, governments, and individual learners in various countries. The company offers test development, processing, and scoring services and a range of education services including teacher development, educational software, and system-wide solutions, as well as owns and operates schools.
Standard Chartered Financials UK 44,790 5.7
5 Standard Chartered PLC is an international banking group operating principally in Asia, Africa, and the Middle East. The company offers its products and services in the personal, consumer, corporate, institutional and treasury areas.
NatWest Group Financials UK 44,543 5.7
6 NatWest Group PLC operates as a banking and financial services company. The Bank provides personal and business banking, consumer loans, asset and invoice finances, commercial and residential mortgages, credit cards, and financial planning services, as well as life, personal, and income protection insurance.
Anglo American Basic Materials UK 42,969 5.5
7 Anglo American PLC is a global mining company. The company’s mining portfolio includes bulk commodities including iron ore, manganese, and metallurgical coal, base metals including copper and nickel and precious metals and minerals including platinum and diamonds.
TotalEnergies Oil & Gas France 41,987 5.3
8 TotalEnergies SE operates as an energy company. The company produces, transports, and supplies crude oil, natural gas, and low carbon electricity, as well as refines petrochemical products. TotalEnergies owns and manages gasoline filling stations worldwide.
Marks & Spencer Group Consumer Services UK 39,598 5.0
9 Marks & Spencer Group PLC operates a chain of retail stores. The company sells consumer goods and food products, as well as men’s, women’s, and children’s clothing and sportswear.
ITV Consumer Services UK 36,638 4.6
10 TV PLC provides broadcasting services. The company produces and distributes content on multiple platforms. ITV serves customers in the United Kingdom.
Top Ten Investments 471,054 59.8
11 International Distributions Services PLC (formally Royal Mail Group) Industrials UK 34,569 4.4
12 WPP Consumer Services UK 31,091 4.0
13 Aviva Financials UK 27,045 3.4
14 Barclays Financials UK 22,641 2.9
15 Citigroup Financials USA 19,049 2.4
16 HP Technology USA 18,220 2.3
17 Currys Consumer Services UK 17,461 2.2
18 Vodafone Group Telecommunications UK 16,096 2.1
19 Forterra Industrials UK 15,010 1.9
20 Kingfisher Consumer Services UK 14,261 1.8
Top 20 Investments 686,497 87.2
21 BT Group Telecommunications UK 12,944 1.6
22 Newmont Basic Materials USA 12,800 1.6
23 CK Hutchison Holdings Industrials Hong Kong 12,350 1.6
24 Capita Industrials UK 12,146 1.5
25 Honda Motor Consumer Goods Japan 11,434 1.4
26 easyJet Consumer Services UK 10,349 1.3
27 Barrick Gold Basic Materials Canada 9,919 1.3
28 Continental Consumer Goods Germany 6,720 0.8
29 Sprott Physical Silver Trust Financials USA 5,925 0.8
30 Vitesco Technologies Group Consumer Goods Germany 1,379 0.2
Total Equity Investments 782,463 99.3
Short-dated UK T-Bills 5,170 0.7
Total Valuation of Portfolio 787,633 100.0
Portfolio Distribution
As at 31 December 2022
Industry Temple Bar % FTSE All-Share %
1 Consumer Services 24.6 16.7
2 Oil & Gas 21.0 11.2
3 Financials 20.5 26.4
4 Industrials 9.2 10.3
5 Basic Materials 8.2 10.5
6 Utilities 5.9 3.5
7 Telecommunications 3.6 2.8
8 Consumer Goods 2.4 6.3
9 Technology 2.3 1.5
10 Healthcare – 10.8
Total Equities 97.7 100.0
11 Fixed Interest 0.6
12 Cash 1.7
100.0
Notice of Annual General Meeting (“AGM)
Notice is hereby given that the 97(th) AGM of the Company will be held on
Tuesday, 9 May 2023 at 12.30pm. The AGM will be held at 25 Southampton
Buildings, London, WC2A 1AL. The formal Notice of AGM can be found within the
full Annual Report.
National Storage Mechanism
A copy of the Annual Report & Financial Statements will shortly be submitted
to the National Storage Mechanism (‘‘NSM’’) and will be available for
inspection at the NSM, which is situated at:
https://data.fca.org.uk/a/nsm/nationalstoragemechanism.
END
Neither the contents of the Company’s website nor the contents of any
website accessible from hyperlinks on this announcement (or any other website)
is incorporated into, or forms part of, this announcement.
LEI: 213800O8EAP4SG5JD323
Copyright (c) 2023 PR Newswire Association,LLC. All Rights ReservedRecent news on Temple Bar Investment Trust
See all newsREG-Temple Bar Investment Trust Plc: Net Asset Value(s)
AnnouncementREG-Temple Bar Investment Trust Plc: Sale of Shares From Treasury
AnnouncementREG-Temple Bar Investment Trust Plc: Monthly Fact Sheet as at 31 October 2025
AnnouncementREG-Temple Bar Investment Trust Plc: Net Asset Value(s)
AnnouncementREG-Temple Bar Investment Trust Plc: Third Interim Dividend
Announcement