Pacific Assets Trust plc - Half-year Report
(the “Company”)
Unaudited Half Year Report
for the six months ended
Financial Highlights
As at As at
31 July 31 January
2024 2024 % change
Share price 386.0p 349.0p 10.6%
Net asset value per share 421.8p 384.3p 9.8%
Discount of share price to net asset value per share 8.5% 9.2%
Market capitalisation £466.9m £422.1m 10.6%
Shareholders’ funds £510.1m £464.8m 9.8%
Six months to One year to
31 July Six months to 31 January
2024 31 July 2023 2024
Share price (total return)*^ 11.8% 3.7% (1.9)%
Net asset value per share (total 10.8% 0.3% (1.3)%
return)*^
CPI + 6%1 4.5% 6.5% 10.4%
MSCI All Country Asia ex Japan Index 14.9% (3.3%) (10.5%)
(total return, sterling adjusted)*
Average discount of share price to net 10.4% 6.5% 6.4%
asset value per share^
Ongoing charges^ 1.1% 1.1% 1.1%
* Source: Morningstar.
^ Alternative Performance Measure (see Glossary).
1
Year ended Year ended
31 January 31 January
Dividends 2024 2023
Final dividend per share 4.0p 2.3p
Chair’s Statement
Return
I am pleased to report that the net asset value total return for the six months ended 31 July was 10.8% (2023: 0.3%).
Over longer periods, we assess our investment return against the
In addition, while the increase in the net asset value per share in the first half of the Company’s financial year represents an attractive absolute return, it is below the peer group average return of 12.9% and the total return (sterling adjusted) of the MSCI All Country Asia Pacific ex Japan Index of 14.9%.
The Company’s high exposure to
The returns from Indian companies were partially offset by an increase in the Company’s provision for Indian capital gains tax, due in part to the higher valuations of the companies as well as an increase in the rate of capital gains tax in
The Company’s principal detractors were primarily companies based in, or economically exposed to,
Further analysis of the Company’s performance and its portfolio positioning can be found in the Portfolio Manager’s Review.
Share Price Performance
The Company’s shares traded at an average discount of 10.4% during the period. This compares to the average discount of 10.5% at which the Company’s (closed-ended) peers traded and the average discount of 14.7% across the investment trust sector as a whole (excluding 3i). The share price total return of 11.8% exceeded the Company’s net asset return of 10.8%, reflecting a slight narrowing of the share price discount compared with the start of the period.
In its efforts to improve demand for the Company’s shares, the Board, advised by the
The Board has also continued to actively debate the circumstances in which the Company will buy back shares in the market. The Board has been conscious that share buybacks have their drawbacks and may be of limited effectiveness, but we are prepared to take action when the discount widens materially. No shares were bought back during the period under review, however, the Company repurchased shares in the market in September. At the date of this report, the Company had bought back 35,000 shares, at a total cost of £131k and at an average discount of 12.9%.
Sustainability Labels
In our last annual report, I said that the Board would take some time to assess whether it would be beneficial to propose to shareholders material changes to the Company’s published investment objective and policy in order to utilise a sustainable investment label under the
The Board has now had a chance to consider the
There will be no change to Stewart Investors’ approach to managing the Company’s portfolio: they will continue to follow the philosophy and approach that they have developed over the past three decades. However, as things stand, the Company will not apply a label under
It is worth noting that the requirements and approach of the
The Board, the AIFM and the Portfolio Manager will continue to monitor developments in this area.
The Board
During the period, and as previously announced,
On 22 July we announced the appointment of
The Outlook
As inflation in the
Chair
Portfolio Manager’s Review
Performance
Although we are satisfied with the Company’s performance over the past six months, we believe shareholders are best served by our focus remaining on the long term. Over short periods stock prices are driven by sentiment, but over the long run they are driven by business performance and growth. As stewards of shareholders’ capital, our time and effort are spent focused on curating a portfolio of companies we believe will be worth substantially more in a decade’s time.
The stark divergence between the performance of the Company’s holdings in
A significant proportion of our time this year has therefore been spent re-assessing the long-term prospects for the Chinese businesses owned by the Company. In this, we have tried to balance our inclination to buy from fearful sellers, with a recognition of the serious struggles
The outcome of our review process so far has been additions to companies where we maintain our conviction in their long-term prospects and sales where the external environment has made assessment of their future difficult. The number of businesses owned in
The majority of these exits have been from businesses in the healthcare industry. We believe demand will grow for medical products from China’s ageing population, but we believe that there is a lack of alignment between profit making healthcare companies and the government’s need to limit healthcare spending. We have seen the government intervene increasingly to push down prices. This means that despite their quality, it is hard for us to have any confidence on how much profit these companies will be permitted to make in a decade’s time.
Transactions
We aim to build resilient portfolios of high-quality companies with diversified streams of cash flows, which have the ability to grow in value over the long term. High-quality companies at reasonable valuations tend not to come along too often. In the absence of such opportunities, we are comfortable long-term owners of investee companies. Accordingly, the turnover figures on a new names basis tends to be in the low teens which is roughly in-line with our investment horizon of at least five years.
Complete Sales
The sale of
Amoy Diagnostics
(
Vinda International
(
We sold
WuXi Biologics
(
We also sold
DBH Finance
(
New Additions
During the period, the Company purchased
ESAB India
(
The Company initiated a position in
Samsung C&T
(
Taiwanese fabless chip designer,
Mediatek
(
We re-purchased
Techtronic Industries
(
Other Notable Changes
We remain vigilant on the position sizes of the Company’s largest holdings following a period of continued strong performance and trimmed each of the top three positions:
Contributors & Detractors
The top ten contributors to the Company’s performance were largely comprised of Indian businesses and companies related to semiconductors. Mahindra & Mahindra, the Company’s largest investment, continued to grow strongly in its core auto business whilst investing in its tractors and farm equipment franchise. Companies within the
Companies listed in and with economic exposure to
Outlook
There is never a time when investors are confronted with a risk-free horizon. The most vivid macroeconomic risks the Company faces today are the continued woes faced by China’s economy, but we are keenly aware that the greatest threats to markets are typically not those that are easily identifiable ahead of time.
We are focussed on owning businesses set to benefit from the attractive tailwinds in the Asian region, but which also have the strong stewardship and conservatism required to emerge stronger from the inevitable periods of macroeconomic trouble that they will face. An outcome of this approach is the Company track record of outperforming the vast majority of down markets whilst compounding long term returns alongside its portfolio companies.
Portfolio Manager
Contribution by Investment
Contribution by investment for the six months ended
Top 10 contributors to and detractors from absolute performance (%)
Top 10 Contributors % Mahindra & Mahindra 3.8 CG Power & Industrial Solutions 2.3 Voltronic Power 0.9 Taiwan Semiconductor Manufacturing Company 0.8 Triveni Turbine 0.8 Chroma ATE 0.7Cholamandalam Financial Holdings 0.6 Philippine Seven 0.6 Marico 0.6 Oversea-Chinese Banking Corporation 0.5
Bottom 10 Detractors Koh Young Technology -0.6 Shenzhen Inovance Technology -0.6 Airtac International Group -0.5 Wuxi Biologics -0.2 Advanced Energy Solution -0.2 PT Telkom Indonesia -0.2 Yifeng Pharmacy Chain -0.2 PT Unilever Indonesia -0.2 Cyient -0.1 Unicharm -0.1
Portfolio Valuation
as at
Val’n % Total
Company Country Sector £’000 Assets
Mahindra & Mahindra India Consumer Discretionary 34,919 6.9%
CG Power & Industrial India Industrials 21,135 4.2%
Solutions
Samsung Electronics South Korea Information Technology 20,387 4.0%
Tube Investments of India India Consumer Discretionary 20,241 4.0%
Voltronic Power Technology Taiwan Industrials 16,994 3.4%
Oversea-Chinese Banking Singapore Financials 16,718 3.3%
Corporation
Cholamandalam Financial India Financials 14,882 3.0%
Holdings
Midea China Consumer Discretionary 13,609 2.7%
Taiwan Semiconductor Taiwan Information Technology 13,546 2.7%
Manufacturing
Shanthi Gears India Industrials 13,218 2.6%
Top 10 Investments 185,649 36.8%
Hoya Corporation Japan Health Care 12,840 2.5%
ELGI Equipments India Industrials 11,794 2.3%
HDFC Bank India Financials 11,526 2.3%
Shenzhen Inovance Technology China Industrials 11,467 2.3%
MediaTek Taiwan Information Technology 11,079 2.2%
Marico India Consumer Staples 10,893 2.2%
Triveni Turbine India Industrials 10,157 2.0%
Chroma Taiwan Information Technology 10,126 2.0%
Unicharm Japan Consumer Staples 9,703 1.9%
Bank OCBC NISP Indonesia Financials 9,316 1.9%
Top 20 Investments 294,550 58.4%
Info Edge India India Communication Services 8,653 1.7%
Techtronic Industries Hong Kong Industrials 8,569 1.7%
Delta Electronics Taiwan Information Technology 8,109 1.6%
Airtac International Taiwan Industrials 7,414 1.5%
Samsung Biologics South Korea Health Care 7,414 1.5%
Philippine Seven Philippines Consumer Staples 7,224 1.4%
Selamat Sempurna Indonesia Consumer Discretionary 7,158 1.4%
Sheng Siong Singapore Consumer Staples 6,705 1.3%
Tata Consumer Products India Consumer Staples 6,435 1.3%
Aavas Financiers India Financials 6,425 1.3%
Top 30 Investments 368,656 73.1%
Humanica Thailand Industrials 6,391 1.3%
Tata Communications India Communication Services 6,218 1.2%
Advantech Taiwan Information Technology 6,112 1.2%
Kalbe Farma Indonesia Health Care 6,084 1.2%
Dr. Lal PathLabs India Health Care 6,008 1.2%
Samsung C&T South Korea Industrials 5,881 1.2%
Godrej Consumer Products India Consumer Staples 5,630 1.1%
Tech Mahindra India Information Technology 5,624 1.1%
Vitrox Malaysia Information Technology 5,390 1.1%
Koh Young Technology South Korea Information Technology 4,952 1.0%
Top 40 Investments 426,946 84.7%
Tata Consultancy Services India Information Technology 4,934 1.0%
Dr. Reddy's Laboratories India Health Care 4,857 1.0%
Cyient India Information Technology 4,788 1.0%
Dabur India India Consumer Staples 4,648 0.9%
Tarsons Products India Health Care 4,155 0.8%
IndiaMART InterMESH India Industrials 3,964 0.8%
Industri Jamu dan Farmasi Indonesia Consumer Staples 3,752 0.7%
Sido Muncul
Advanced Energy Solution Taiwan Industrials 3,741 0.7%
Uni-Charm Indonesia Indonesia Consumer Staples 3,720 0.7%
Zhejiang Supor China Consumer Discretionary 3,584 0.7%
Top 50 Investments 469,089 93.0%
Vitasoy International Hong Kong Consumer Staples 3,514 0.7%
RBL Bank India Financials 3,331 0.7%
Glodon Company China Information Technology 3,121 0.6%
Hangzhou Robam China Consumer Discretionary 3,098 0.6%
ESAB India India Industrials 2,916 0.6%
Kasikornbank Thailand Financials 2,791 0.6%
Marico Bangladesh Bangladesh Consumer Staples 2,661 0.5%
Syngene International India Health Care 2,612 0.5%
Unilever Indonesia Indonesia Consumer Staples 2,599 0.5%
Silergy Taiwan Information Technology 2,160 0.4%
Tokyo Electron Japan Information Technology 2,086 0.4%
Centre Testing International China Industrials 1,899 0.4%
Yifeng Pharmacy Chain China Consumer Staples 1,826 0.3%
Pentamaster International Malaysia Information Technology 899 0.2%
Total Investment 504,602 100.0%
Financial Statements
Income Statement
for the six months ended
(Unaudited) (Unaudited)
Six months ended Six months ended
31 July 2024 31 July 2023
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Gains on investments – 56,740 56,740 – 3,112 3,112
Exchange differences on – (181) (181) – (976) (976)
currency balances
Investment Income 6,771 – 6,771 5,784 – 5,784
Portfolio Management and AIFM (596) (1,789) (2,385) (561) (1,682) (2,243)
fees (note 2)
Other expenses (364) – (364) (386) – (386)
Return before taxation 5,811 54,770 60,581 4,837 454 5,291
Taxation (860) (9,555) (10,415) (772) (3,243) (4,015)
Return/(loss) after taxation 4,951 45,215 50,166 4,065 (2,789) 1,276
Return/(loss) per ordinary 4.1p 37.4p 41.5p 3.4p (2.3)p 1.1p
share(note 3)
The Total column of this statement represents the Company’s Income Statement.
The Revenue and Capital columns are supplementary to this and are both prepared under guidance published by the
All revenue and capital items in the Income Statement derive from continuing operations.
The Company had no recognised gains or losses other than those declared in the Income Statement.
All of the return and total comprehensive income for the period is attributable to the shareholders of the Company.
Statement of Changes in Equity
for the six months ended
Ordinary Capital
Share Special Capital Revenue
Share Redemption
Capital premium reserve reserve reserve reserve Total
Note £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 31 January 15,120 8,811 1,648 14,572 415,270 9,398 464,819
2024
Return after – – – – 45,215 4,951 50,166
taxation
Ordinary 4 – – – – – (4,838) (4,838)
dividends paid
At 31 July 2024 15,120 8,811 1,648 14,572 460,485 9,511 510,147
At 31 January 15,120 8,811 1,648 14,572 426,502 7,009 473,662
2023
(Loss)/return – – – – (2,789) 4,065 1,276
after taxation
Ordinary 4 – – – – – (2,782) (2,782)
dividends paid
At 31 July 2023 15,120 8,811 1,648 14,572 423,713 8,292 472,156
Statement of Financial Position
as at
(Unaudited) (Audited)
As at As at
31 July 31 January
2024 2024
£’000 £’000
Fixed assets
Investments (note 5) 504,602 470,109
Current assets
Debtors 1,303 1,032
Cash and cash equivalents 22,631 6,191
23,934 7,223
Creditors(amounts falling due within one year) (1,382) (1,307)
Net current assets 22,552 5,916
Non-current liabilities
Provisions (note 6) (17,007) (11,206)
Net assets 510,147 464,819
Capital and reserves
Share capital 15,120 15,120
Share premium account 8,811 8,811
Capital redemption reserve 1,648 1,648
Special reserve 14,572 14,572
Capital reserve 460,485 415,270
Revenue reserve 9,511 9,398
Equity shareholders’ funds 510,147 464,819
Net asset value per ordinary share(note 7) 421.8p 384.3p
Notes to the Financial Statements
1. Basis of preparation
The condensed financial statements for the six months to
Going Concern
The Board has considered a detailed assessment of the Company’s ability to meets its liabilities as they fall due, including modelling the effects of substantial falls in markets and significant reductions in market liquidity on the Company’s assets and liabilities. In light of the results of these tests, the Company’s cash balances, the liquidity of the Company’s investments and the absence of any gearing, the Directors are satisfied that the Company has adequate financial resources to continue in operation for at least the next 12 months from the date of approval of these financial statements and that, accordingly, it is appropriate to adopt the going concern basis in preparing these financial statements.
Fair value
Under FRS 102 and FRS 104 investments have been classified using the following fair value hierarchy: Level 1 – Quoted prices in active markets.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data), either directly or indirectly.
Level 3 – Inputs are unobservable (i.e. for which market data is unavailable).
All of the Company’s investments fall into Level 1 for the periods reported.
2. Portfolio Management and AIFM fees*
(Unaudited) (Unaudited)
Six months ended Six months ended
31 July 2024 31 July 2023
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Portfolio management fee – Stewart 529 1,588 2,117 498 1,493 1,991
Investors
AIFM fee – Frostrow 67 201 268 63 189 252
596 1,789 2,385 561 1,682 2,243
* Please refer to the most recent annual report for more details of the management fee structure.
3. Return per ordinary share
The total return per ordinary share is based on the return attributable to shareholders of £50,166,000 (six
months ended
The revenue return per ordinary share is calculated by dividing the revenue return attributable to shareholders of £4,951,000 (six months ended
The capital return per ordinary share is calculated by dividing the capital return attributable to shareholders of £45,215,000 (six months ended
4. Dividends
(Unaudited) (Unaudited)
Six months Six months
ended ended
31 July 31 July
2024 2023
Amounts recognised as distributions in the period:
Previous year’s final dividend of 4.0p (2023: final 4,838 2,782
dividend of 2.3p)
5. Investments
Six months to Year to
31 July 31 July 31 January
2024 2023 2024
Investments
Cost at start of period 352,944 320,883 320,883
Investment holding gains at start of period 117,165 153,516 153,516
Valuation at start of period 470,109 474,399 474,399
Purchases at cost 55,677 28,800 84,889
Disposal proceeds (77,924) (43,226) (87,161)
Losses/gains on investments 56,740 3,112 (2,018)
Valuation at end of period 504,602 463,085 470,109
Cost at end of period 353,193 322,473 352,944
Investment holdings gains at end of period 151,409 140,612 117,165
Valuation at end of period 504,602 463,085 470,109
The Company received £77,924,000 (period to
During the period the Company incurred transaction costs on purchases of £66,000 (period to
6. Provision
As an investment trust, the Company is generally not subject to
The provision at
The capital tax charge shown in the Income Statement results primarily from the movements on this provision.
7. Net asset value per ordinary share
The net asset value per ordinary share is based on the net assets attributable to shareholders of £510,147,000 (
8. 2024 accounts
These are not statutory accounts in terms of Section 434 of the Companies Act 2006 and are unaudited. Statutory accounts for the year to
Earnings for the first six months should not be taken as a guide to the results for the full year.
Interim Management Report
Principal Risks and Uncertainties
The Company’s principal area of risk relates to its investment activity and strategy, including currency risk in respect of the markets in which it invests. Other risks faced by the Company include financial, strategic and operational risks. These risks and the way in which they are managed are described in more detail under the heading Risk Management within the Strategic Report in the Company’s Annual Report for the year ended
The Board, the AIFM and the Portfolio Manager discuss and identify emerging risks as part of the risk identification process and have considered, amongst other things, the effects of global supply chain disruption, increasing water scarcity, the development of artificial intelligence, and the rise of ‘post-truth’ politics on the Company’s performance.
Related Party Transactions
During the first six months of the current financial year no material transactions with related parties have taken place which have affected the financial position or the performance of the Company during the period.
Going Concern
The Directors believe, having considered the Company’s investment objective, risk management policies, capital management policies and procedures, and the nature of the portfolio (including its liquidity) and its expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. In addition, there are no material uncertainties pertaining to the Company that would prevent its continued operational existence for at least 12 months from the date of the approval of this half-yearly report. For these reasons, the Directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.
Directors’ Responsibilities
The Board confirms that, to the best of the Directors’ knowledge:
(i) the condensed set of financial statements contained within the Half Year Report has been prepared in accordance with Financial Reporting Standard 104 (Interim Financial Reporting); and
(ii) the Half Year Report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.
This Half Year Report has not been audited or reviewed by an auditor.
This Half Year Report contains certain forward-looking statements. These statements are made by the Directors in good faith based on the information available to them up to the date of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.
For and on behalf of the Board
Chair
Glossary of Terms
AIFMD
The Alternative Investment Fund Managers Directive (the “Directive”) is a European Union Directive that entered into force on
Where an entity falls within the scope of the Directive, it must appoint a single
Alternative Performance Measures (“APMs”)
Measures that are not specifically defined under International Financial Reporting Standards, but which the Board of Directors views as particularly relevant for investment trust companies and which it uses to assess the Company’s performance. Definitions of the terms used and the basis of calculation are set out in this Glossary and the APMs are indicated with a caret (^).
Average Discount^
The average share price for the period divided by the average net asset value for the period and expressed as a percentage (%).
Six months to Six months to Year to
31 July 31 July 31 January
2024 2023 2024
Average Discount pence pence pence
Average share price for the period 366.9 362.9 363.1
Average net asset value for the period 409.5 388.1 388.0
Average Discount 10.4% 6.5% 6.4%
Bottom Up Approach
An investment approach that focuses on the analysis of individual stocks rather than the significance of macroeconomic factors.
Net Asset Value (“NAV”) Per Share
The value of the Company’s assets, principally investments made in other companies and cash held in the Company’s bank accounts, minus any liabilities and divided by the number of shares in issue. The net asset value is often expressed in pence per share and it may also be described as ‘shareholders’ funds’ per share. The net asset value per share is unlikely to be the same as the share price, which is the price at which the Company’s shares can be bought or sold by an investor. The share price is determined by the relationship between the demand for and supply of the shares.
NAV Per Share Total Return^
The theoretical total return on shareholders’ funds per share, reflecting the change in net asset value, assuming that dividends paid to shareholders were reinvested at net asset value at the time the shares were quoted ex-dividend. A way of measuring investment management performance of investment trusts which is not affected by movements in the share price.
Six months to Six months to Year to
31 July 2024 31 July 2023 31 January 2024
NAV Total Return pence pence pence
Opening NAV per share 384.3 391.6 391.6
Increase/(decrease) in NAV 41.5 1.0 (5.0)
Dividend paid (4.0) (2.3) (2.3)
Closing NAV 421.8 390.3 384.3
Increase/(decrease) in NAV 10.8% 0.3% (1.3)%
Impact of reinvested dividends 0.0% 0.0% 0.0%
NAV Per Share 10.8% 0.3% (1.3)%
Total Return
Ongoing Charges^
Ongoing charges are calculated by taking the Company’s annualised operating expenses excluding finance costs, taxation and exceptional items, and expressing them as a percentage of the average daily net asset value of the Company over the period. The costs of buying and selling investments are excluded, as are interest costs, taxation, costs of buying back or issuing shares and other non-recurring costs. These items are excluded because if included, they could distort the understanding of the Company’s performance for the period and the comparability between periods.
Six months to Six months to Year to
Ongoing Charges 31 July 2024 31 July 2023 31 January 2024
£’000 £’000 £’000
Total Operating Expenses 2,749 2,629 5,287
Average Net Assets 495,059 469,886 469,515
Ongoing Charges 1.1%* 1.1%* 1.1%
*Annualised.
Performance Objective
The Company’s performance objective is to provide shareholders with a net asset value per share total return in excess of the
Company NAV
Per Share CPI + 6%
Performance Objective Total Return (annualised)
(annualised) (%)
(%)
One year to 31 July 2024 9.1% 8.3%
Three years to 31 July 2024 6.2% 12.9%
Five years to 31 July 2024 7.7% 10.8%
Ten years to 31 July 2024 9.9% 9.3%
Share Price Discount (or Premium) to the NAV Per Share^
A description of the difference between the share price and the net asset value per share. The size of the discount or premium is calculated by subtracting the share price from the net asset value per share and is usually expressed as a percentage (%) of the net asset value per share. If the share price is higher than the net asset value per share, the result is a premium. If the share price is lower than the net asset value per share, the shares are trading at a discount.
Share Price Total Return^
Share price total return to a shareholder, on a last traded price to a last traded price basis, assuming that all dividends received were reinvested, without transaction costs, into the shares of the Company at the time the shares were quoted ex-dividend.
Six months Six months Year to
to 31 July 2024 to 31 July 2023 31 January 2024
Share Price Total Return pence pence pence
Opening share price 349.0 358.0 358.0
Increase/(decrease) in share 41.0 13.3 (6.7)
price
Dividend paid (4.0) (2.3) (2.3)
Closing share price 386.0 369.0 349.0
Increase/(decrease) in share 11.8% 3.7% (1.9)%
price
Impact of reinvested dividends 0.0% 0.0% 0.0%
Share Price Total Return 11.8% 3.7% (1.9)%
Volatility
A measure of the range of possible returns for a given security or market index.
A copy of the Half Year Report has been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The Half Year Report will also shortly be available on the Company's website at www.pacific-assets.co.uk where up to date information on the Company, including NAV, share prices and fact sheets, can also be found.
ENDS
For further information please contact:
Company Secretary
020 3709 8734
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) is incorporated into or forms part of this announcement.
