The Company's principal activity is that of an Investment Trust. The objective of the Company is to achieve long term capital growth by investment in the United Kingdom quoted smaller companies. 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 30-Jun-2008. Investment management services are provided by Standard Life Investments Ltd for a fee of 0.8% per annum of the invested assets, after deducting current liabilities but including any bank loan, and 0.2% per annum uninvested cash or cash equivalents of the Company. The agreement is terminable by either party on not less than one year's notice.
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