British & American Investment Trust : Reporting Dpcument
May 23, 2023
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British & American
Investment Trust PLC
Report and accounts
31 December 2022
British & American Investment Trust PLC
As at 31 December 2022
Investment Policy
To invest predominantly in investment trusts and other leading UK and US-quoted companies to achieve a balance of income and growth.
Ten largest security holdings (excluding subsidiaries)
Name
Sector
%
Geron Corporation (USA)
Biomedical
16.96
Lineage Cell Therapeutics (USA)
Biotechnology
10.53
Dunedin Income Growth
Investment Trust
9.93
Aberdeen Diversified Inc&Growth
Investment Trust
3.49
Relief Therapeutics (Switzerland)
Healthcare
0.35
AgeX (USA)
Biotechnology
0.35
ADVFN
Other Financial
0.31
Vodafone
Telecommunications
0.07
Proteome Sciences
Pharmaceuticals
0.03
Northwest Biotherapeutics (USA)
Biotechnology
0.02
42.04
Country Exposure
Country
£m
%
UK
1.8
32.9
USA
3.8
67.1
Total investments (exc. subsidiaries)
5.6
100.0
Value (dividends reinvested) of £100 invested in ordinary shares (source: AIC)
£
1 year
101.6
3 year
68.9
5 year
61.0
SHARE PRICE (dividends reinvested) 5 YEAR SUMMARY
180.00
DECEMBER 2017=100
160.00
140.00
120.00
100.00
80.00
60.00
40.00
20.00
0.00
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
SHARE PRICE PER SHARE
FTSE ALL SHARE INDEX - TOTAL RETURN
Salient Facts
Launch Date
1996
Management
Self-managed
Year/Interim End
31 December/30 June
Capital Structure
25,000,000 Ordinary Shares
of £1 (listed);
10,000,000 Convertible
Preference Shares
of £1 (unlisted)
Number of Holdings
15
Net Assets (£m)
7.1
Yield
7.3%
Dividend Dates
Interim dividend - December
Final dividend - June
Share price (p)
24.0
NAV/share (p)
20 (diluted)
Premium
18.5% (diluted)
Ongoing charges
9.8%
Sedol Code
0065311
ISIN Code
GB000065311
Status
Eligible to be held in an ISA or Savings Scheme.
Contact
British & American Investment Trust PLC
Wessex House
1 Chesham Street
London SW1X 8ND
Tel: 020 7201 3100
Fax: 020 7201 3101
Website: www.baitgroup.co.uk
Registered in England. Registered number 00433137 VAT Reg. No. 241 1621 10
NET DIVIDENDS PER ORDINARY SHARE 10 YEARS RECORD AND PROPOSED 2022
7.000
6.000
5.000
4.000
3.000
2.000
1.000
0.000
2013201420152016201720182019202020212022
INTERIM
FINAL
British & American Investment Trust PLC
Annual Report and Accounts
for the year ended 31 December 2022
Registered number: 00433137
Contents
Page
Directors and officials
1
Biographical details of directors and investment policy
2
Strategic report including:
Chairman's statement
3
Managing Director's report
5
Financial highlights
10
Net asset and dividend growth
11
Distribution of investments and cash
12
Investment portfolio
13
Five year record
14
Business review
15
Directors' report
22
Statement of directors' responsibilities
26
Independent auditor's report
27
Income statement
36
Statement of changes in equity
37
Balance sheet
38
Cash flow statement
39
Notes to the financial statements
40
Statement of Corporate Governance
61
Directors' remuneration report
70
Notice of meeting
75
BRITISH & AMERICAN INVESTMENT TRUST PLC
Directors and officials
Directors
David G Seligman (Chairman)
Jonathan C Woolf (Managing Director)
Dominic G Dreyfus (Non-executive and Chairman of the Audit Committee until 7 February 2022) Alex Tamlyn (Non-executive, acting Chairman of the Audit Committee until 31 May 2022)
Julia Le Blan (Non-executive and Chair of the Audit Committee from 1 June 2022)
Secretariat and registered office
KJ Williams ACA (Secretary)
M Silverov (Deputy Secretary)
Wessex House
1 Chesham Street
London SW1X 8ND
Registrars
Neville Registrars Limited
Neville House
Steelpark Road
Halesowen
B62 8HD
Bankers
Metro Bank PLC
One Southampton Row
London
WC1B 5HA
Credit Suisse AG
Client Management UHNWI UK
WEHW
Talacker 16
8001 Zurich
Switzerland
Auditors
Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX
BRITISH & AMERICAN INVESTMENT TRUST PLC 1
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Disclaimer
British and American Investment Trust plc published this content on 24 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2023 15:14:09 UTC.
British & American Investment Trust PLC is a self-managed investment trust company. The Company invests in investment trusts and other United Kingdom and United States-quoted companies. The Companyâs investment portfolio includes Lineage Cell Therapeutics (USA), Dunedin Income Growth, Geron Corporation (USA), Aberdeen Diversified Income & Growth, Relief Therapeutics (Switzerland), AgeX (USA), Audioboom Group, ADVFN, Braemar Shipping Services and Electra Private Equity. The Company's invests sectors include biotechnology, investment trust, biomedical, healthcare, media, semiconductors and telecommunications.