Dividend On 25 May 2012, F&C paid a dividend of 2.0 pence per share to shareholders on the register at 30 March 2012, of which the Company was one. The Company's Board, in turn, declared a dividend on 6 June 2012 of 1.9 pence per share which was paid on 18 July 2012 to shareholders on the register at 15 June 2012. Net Asset Value At 30 June 2012, the net asset value attributable to shareholders of the Company was £111,992,161 or 114.99 pence per share. The Company's net asset value was based on the closing price of 83.00 pence as at 29 June 2012 for the shares of F&C. We look forward to updating you on further developments at the time of the annual results. Ian Brindle, Chairman
3 Aug '12
Half-Yearly Report and Consolidated Financial Statements For the period from 1 January 2012 to 30 June 2012 CHAIRMAN'S STATEMENT Our investment in F&C Asset Management plc (''F&C'') continues to progress following the announcement of the results of F&C's second phase of the strategic review on 15 May 2012. At 30 June 2012, we held an economic interest relating to 116,191,738 ordinary shares, or 21.41% of the outstanding shares in F&C, through a holding of 19.99% in ordinary shares and the balance in total return equity swaps. As at 30 June 2012 our investment cost basis, net of dividends received from F&C and gross gains realised on contracts for difference in prior periods, was £69,385,222, or 59.72 pence per share. As at the date of this letter our economic exposure to F&C remains unchanged. During the first half of 2012 the Company's investment subsidiary, SIGA, LP, also made purchases of shares in the Company. The shares were trading at a material discount to the market value of their net assets, which consisted substantially of cash and shares in F&C. As at 30 June 2012 SIGA, LP held 7,604,903 ordinary shares, or 7.24% of the outstanding shares in the Company. The shares remain outstanding and available for sale by SIGA, LP. However, for accounting purposes these shares are reflected as treasury shares in the Company's consolidated financial statements.
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