Corporate Governance and Regulatory News
International Biotechnology Trust plcInternational Biotechnology Trust plc
Key Company Facts
The Company’s investment objective is to achieve long-term capital growth by investing in biotechnology and other life sciences companies.
Inception date
6 May 1994
Year end
31 August
AGM
December
Dividend
4% of NAV p.a. bi-annually
Distribution frequency
Semi-annually (January and August)
Independent Board of Directors
The Board determines and monitors the Trust's investment objective and policy, and considers its future strategic direction: being collectively responsible for the long-term success of the Trust.
Corporate calendar
Half Year End | 28 February |
Announcement of Half Year Results | May |
Year End | 31 August |
Announcement of Final Results | November |
AGM | December |
Regulatory news
Subscribe to receive regulatory updates
Shareholder Relations and Voting
International Biotechnology Trust plc recognises that maintaining good relationships with and actively engaging with both its institutional and retail investors is vital to its long term prospects. International Biotechnology Trust is committed to forging excellent relationships with current and potential investors.
Dialogue between investors and the Board is encouraged, via the Annual General Meeting or through the broker and/or the Investment Manager. The Annual General Meeting is usually held in December, and the Annual Report is sent to investors at least 20 days beforehand.
Details of proxy votes received in respect of each resolution are made available to shareholders at the meeting and are published on this website following the meeting.
International Biotechnology Trust plc - Key Risks
Capital risk / distribution policy: As the Company intends to pay dividends regardless of its performance, a dividend may represent a return of part of the amount you invested.
Concentration risk: The Company's investments may be concentrated in a limited number of geographical regions, industry sectors, markets and/or individual positions. This may result in large changes in the value of the Company, both up or down.
Currency risk: The Company may lose value as a result of movements in foreign exchange rates, otherwise known as currency rates.
Gearing risk: The Company may borrow money to make further investments, this is known as gearing. Gearing will increase returns if the value of the investments purchased increase by more than the cost of borrowing, or reduce returns if they fail to do so. In falling markets, the whole of the value in that such investments could be lost, which would result in losses to the Company.
IBOR risk: The transition of the financial markets away from the use of interbank offered rates (IBORs) to alternative reference interest rates may impact the valuation of certain holdings and disrupt liquidity in certain instruments. This may impact the investment performance of the Company.
Liquidity risk: The price of shares in the Company is determined by market supply and demand, and this may be different to the net asset value of the Company. In difficult market conditions, investors may not be able to find a buyer for their shares or may not get back the amount that they originally invested. Certain investments of the Company, in particular the unquoted investments, may be less liquid and more difficult to value. In difficult market conditions, the Company may not be able to sell an investment for full value or at all and this could affect performance of the Company.
Market risk: The value of investments can go up and down and an investor may not get back the amount initially invested.
Operational risk: Operational processes, including those related to the safekeeping of assets, may fail. This may result in losses to the Company.
Performance risk: Investment objectives express an intended result but there is no guarantee that such a result will be achieved. Depending on market conditions and the macro economic environment, investment objectives may become more difficult to achieve.
Share price risk: The price of shares in the Company is determined by market supply and demand, and this may be different to the net asset value of the Company. This means the price may be volatile, meaning the price may go up and down to a greater extent in response to changes in demand.
Smaller companies risk: Smaller companies generally carry greater liquidity risk than larger companies, meaning they are harder to buy and sell, and they may also fluctuate in value to a greater extent.
Valuation risk: The valuation of some investments held by the Company may be performed on a less frequent basis than the valuation of the Company itself. In addition, it may be difficult to find appropriate pricing references for these investments. This difficulty may have an impact on the valuation of the Company and could lead to more volatility in the share price of the Company, meaning the price may go up and down to a greater extent.