Discount Control

A discount policy was introduced with effect from the conclusion of the AGM held on 14 January 2010. This policy is to ensure that the Ordinary shares trade at close to net asset value through a combination of share buy-backs and the issue of new Ordinary shares at a premium to net asset value where demand exceeds supply.

The Directors will continue to seek the renewal of the Company’s authority to buy back Ordinary shares annually and at other times should this prove necessary.  Purchases of Ordinary shares will only be made through the market for cash at prices below the prevailing net asset value of the Ordinary share.  The Directors will be authorised to cancel any Ordinary shares purchased under such authority or to hold them in Treasury.

The Directors will continue to seek the renewal of the Company’s authority to issue shares but will only do so when they believe it is advantageous to the Company’s shareholders and for the purposes of operating the Company’s discount policy.  In no circumstances would such issue of new shares result in a dilution of the net asset value per share.