Capital Structure
Capital Structure at 14 October 2011
|
Outstanding |
LSE Code |
BSX Code |
|
|
Ordinary Shares |
215,528,793 |
UEM |
UTILEMU |
|
Bank facility |
£25,000,000 |
— |
— |
The Company's Ordinary Shares are listed on the Official List and admitted to trading on the London Stock Exchange.
Ordinary Shares
75,022,239 Ordinary Shares of 10p each were in issue following admission on 20 July 2005. On 14 July 2006, C Shares (issued in May 2006) were converted into Ordinary Shares at a ratio of 0.89516615 Ordinary Shares per C Share (based on the relative NAVs of the two classes of shares at 30 June 2006). This resulted in the further issuance of 89,516,516 Ordinary Shares.
On 14 March 2008, the C Shares (issued in December 2007) were converted into Ordinary Shares at a ratio of 0.5546 Ordinary shares per C Share (based on the relative NAVs of the two classes of shares at 29 Feburary 2008). This resulted in the further issuance of 47,141,000 Ordinary Shares.
An additional 138,421 shares have been issued and allocated to the Company's Directors in accordance with their fee entitlements as detailed in the Company's admission document, 1,301,992 shares have been issued to Ingot Capital Management Pty Limited in respect of performance fees and 2,437,555 shares have been issued following the exercise of warrants on exercise dates to 31 January 2010. A further 312,391 shares have been issued following the exercise of S Shares on exercise dates to 31 January 2010.
On 1 April 2009, the Company bought back 250,000 shares, which were subsequently cancelled. 900,000 shares were bought back and cancelled in September 2009, a further 900,000 were bought back and cancelled in December 2009, 10,525,000 were bought back and cancelled during March 2010 and 1,500,885 were bought back and cancelled during June 2010. 23,381,822 shares were issued in August 2010 relating to the exercise of Warrants and S Shares. Post this, a total of 2,056,143 shares were bought back and cancelled by the Company, with a further purchase and cancellation of 2,610,579 shares later in that month. A further 1,754,800 shares were bought back and cancelled between September and December 2010. 3,243,441 shares have been bought back and cancelled between January 2011 and May 2011.
Borrowing and gearing policy
The Company may, from time to time, use bank borrowings for short-term liquidity purposes. In addition, the Directors may gear the Company by borrowing on a longer term basis for investment purposes. Borrowings at the time of drawdown must not result in gearing (being total borrowings measured against Gross Assets) exceeding 25 per cent.. Borrowings will be drawn down in Sterling, US Dollars or any currency for which there is a corresponding asset within the Company's portfolio (at the time of draw down the value drawn must not exceed the value of the corresponding asset in the portfolio).
The Company has a £25.0m multi-currency facility with Bank of Scotland until 31 March 2012.
Duration of the Company
The Company has an indefinite life but a continuation resolution will be proposed at the Annual General Meeting to be held in 2016 and at every fifth annual general meeting thereafter.
Substantial Share Interests
The Company is aware, as at 27 June 2011, of the following holdings of 3% and over of its Ordinary Share capital.
|
Ordinary Shares held |
% held |
|
|
Utilico Limited |
59,259,303 |
27.09% |
|
F&C Asset Management plc |
21,125,452 |
9.66% |
|
Rensburg Sheppards Investment Management Limited* |
16,939,569 |
7.74% |
|
Lazard Asset Management LLP |
13,270,859 |
6.07% |
|
Rathbone Brothers PLC |
10,728,364 |
4.90% |
|
J O Hambro Investment Management Ltd |
8,861,315 |
4.05% |
|
Smith & Williamson Holdings Limited |
8,616,029 |
3.94% |
|
Sarasin & Partners LLP |
7,380,200 |
3.37% |
* Client holdings registered in the name of Nominee companies 100% owned by Rensburg Sheppards Investment Management Limited.
