Information studies st louis cardinals memorabilia regarding theCompany's cardinals baseball tickets indicates risk management is shown in note 24 to the financial statements.PerformanceThe results for the year and the net revenue are set out in the ConsolidatedIncome Statement.The net asset value ("NAV") per Ordinary share at 31 March 2009 was 444.91pcompared to 875.75p at 31 March 2008.The Board reviews performance by reference, inter alia, to a number of keyperformance indicators, including:- asset performance;- peer group performance;- discount management;- financial position;- total expense ratio; and- dividend policy.However, the key measure of success for shareholders is the growth in the NAVand the share price of the Company. The Directors consider that there is nosingle appropriate benchmark of the Company's performance since none isclosely connected with the makeup of the portfolio. However, the movement ofthe NAV is reviewed against the movement of the ISEQ Index, the Davy Mid-CapIndex, the FTSE All-Share Index, the Hoare Govett Smaller Companies Index (exInvestment Companies) and the FTSE Europe ex UK Index to provide acomprehensive review of the Company's performance against competitors, as theBoard is conscious that shareholders have alternative markets in which toinvest.The NAV per share fell by 49.2% in the year under review (2008: a decrease of13.5%) compared with a sterling adjusted decrease in the ISEQ Index of 58.7%(2008: a decrease of 22.6%). The mid-market price of the Company's Ordinaryshares fell by 55.0% (2008: a fall of 22.2%). Positive contributors toperformance included the Company's investments in CRH and Ryanair, whichshowed considerable resilience even as the broad stock market fell backsharply. Net cash balances, which were held through most of the year, alsobenefitted returns.
Conversely, investments in Fyffes and Smurfit Kappa Groupdetracted from returns.It is also relevant to consider performance over a longer period st louis cardinals . TheCompany's investment policy was varied in 2002 to allow the inclusion in theportfolio of the largest quoted companies in the investment universe;previously they had been excluded stl cardinals . In the period since 31 March 2002, the NAVper share has increased by 75.4% compared with a decrease in the ISEQ Index of36.0% and an increase in the Davy Mid-Cap Index of 25.6% st louis cardinals photo . Over the sameperiod, the FTSE All-Share Index decreased by 22.4%, with the Hoare GovettSmaller Companies Index down 3.5% and the FTSE Europe ex UK Index down 5.3%.The mid-market price of the Company's Ordinary shares increased by 56.2% overthis periodFor more information regarding the Company's performance, please refer to theChairman's Statement, the Manager's Review and the financial statistics.Financial PositionThe Company's net assets at 31 March 2009 amounted to £48.8 million, comparedwith £113.7 million at 31 March 2008 st louis cardinals shop . £10.7 million of this reduction resultedfrom the buy-back of shares. All of the Company's investments are listed onrecognised exchanges and are realisable in normal market conditions.There were no borrowings at 31 March 2009.Share CapitalAt the year end the Company's issued share capital comprised 10,968,342Ordinary shares, none of which were held in Treasury (2008: 12,987,542 andzero respectively).
At general meetings of the Company, the holders of theOrdinary shares are entitled to one vote for every share held.During the year 2,019,200 shares were bought back for cancellation at pricesranging from 314.99p to 770.00p per share (excluding expenses) at discounts toNAV (including current period revenue) of between 7.52% and 24.31% andrepresenting 15.55% of the shares in issue on 1 April 2008 st louis cardinals sweatshirt . Since 31 March2009, no further shares have been bought back for cancellation.No shares were issued during the year, but the Directors favour increasing thenumber of shares in issue if this can be achieved at prices that will notdilute the interests of existing shareholders st louis cardinals dvd . Increasing the size of theCompany could improve the liquidity of its shares in the market and woulddilute the impact of fixed costs.Discount ManagementAt the year end, the Company's share price stood at a discount of 21.6% to NAVcompared with a discount of 11.5% a year ago st louis cardinals throw . During the year, the discountranged from 5.95% to 23.33% (using the NAV including current period revenue).The Board has been willing to buy stock for cancellation, or to be held inTreasury, and during the year shares purchased have been cancelled st louis cardinals watch . This hadthe dual benefits of increasing short-term demand for the Company's shares andresulting in a modest uplift in the NAV. The Company will continue, as andwhen appropriate, to exercise its powers to buy back shares.Dividends and Total Expense RatioThe net revenue return for the year, after expenses and taxation, amounted to£1,541,000, compared with a net revenue return of £144,000 for the previousyear.
£1,074,000 of this year's increase arises from the recovery during theyear of VAT paid on past management fees, together with related interest st louis cardinals caps . TheCompany's total expense ratio to average net assets ("TER") for the year was2.3% (excluding the VAT recovery but reflecting the effect of costs on asignificantly reduced portfolio value) (2008: 1.5%) st louis cardinals lamp . The Directors arerecommending a final dividend for the year of 1.27p per share (2008: 1.06p).In addition, a special dividend of 10.88p primarily relating to the VATrecovery is also being proposed cardinals baseball tickets . These dividends will be paid, if approved, on21 September 2009 to shareholders on the register on 21 August 2009.Corporate Social Responsibility and Socially Responsible InvestmentThe Company has no employees and the Board is comprised entirely ofnon-executive Directors stl cardinals . As an investment trust, the Company has no directimpact on the environment.
In carrying out its activities and in relationshipswith suppliers and the community, the Company aims to conduct itselfresponsibly, ethically and fairly.The Company has delegated responsibility for making and holding investments tothe Manager st louis cardinals sweatshirts . The Company's policy is that, subject to an overridingrequirement to pursue the best financial interests of the Company and itsshareholders, the Manager should take account of social, environmental andethical factors.Principal Risks and UncertaintiesThe principal risks and the Company's policies for managing these risks andthe policy and practice with regard to financial instruments are summarised innote 24 to the financial statements.The following additional risks and uncertainties have been identified and arediscussed below, with an outline of how the Board recognises and seeks tocontrol these risks.Poor Company and Market PerformanceSince the Company is an investment company, returns to shareholders dependupon the performance of the companies and the stock markets in which itinvests st louis cardinals photo . Until recently the trend had been positive for some time, but, asexperienced in recent unsettled markets, this can change over time.Consequently, there is potential for the Company to suffer periods of low ornegative returns st louis cardinals shop . Investment risk is spread by holding a diversified portfolioof approximately 40 holdings . In accordance with the Listing Rules, the Board,acting in its capacity as the management engagement committee, reviewsperformance and the continuing engagement of the Manager on an ongoing basis.The basis of the Board's reappointment of the Manager is explained below.Limited Investment UniverseThe scale of the Irish and Northern Irish economies is relatively modest whencompared to those of the Eurozone or the UK. The Company has a limiteduniverse of stocks within which it can invest, with the largest holdingstending to be between 3% and 15% of the value of the portfolio. The Company istherefore subject to the uncertainties relating to a relatively small numberof holdings, including the risks of volatility.
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