The Group's principal activity is that of an Investment Trust. The objective of the Group is to achieve capital appreciation through investments listed mainly on the London Stock Exchange. The Group is an Investment Company within the meaning of Section 266 of the Companies Act 1985. The Group has been approved by the HM Revenue and Customs as an Investment Trust for the purposes of Section 842 of the Income and Corporation Taxes Act 1988 for the year ended 28-Feb-2007. Investment management services are provided by Mars Asset Management Ltd for a fee calculated at the rate of 0.75% per annum of the Group's total assets, payable monthly in arrears. The agreement is terminable by twelve months' notice.
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