The Company's principal activity is that of an Investment Trust. The objective of the Company is to increase capital and grow income in order to deliver real dividend growth. The Company is an Investment Company within the meaning of Section 833 of the Companies Act 2006. The Company 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 31-Dec-2007. Investment management services are provided by Baillie Gifford & Co for a fee of 0.45% of total assets less current liabilities, excluding the property portfolio, calculated on a quarterly basis. The agreement is terminable on a three months' notice.
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