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Welcome to

Capital Gearing Trust p.l.c

Our investment objective is to achieve capital growth in absolute terms principally through investment in quoted closed ended and other collective investment vehicles, invested in equities or property, with a willingness to hold cash, index linked securities and commodies bonds when appropriate.




Introduction
The Company was incorporated in Northern Ireland on 3 May 1963 and listed on the London Stock Exchange on 13 February 1973.

The Company operates as an Investment Trust and is self-managed, with investment management carried out by CG Asset Management Limited.

The Company is a member of the Association of Investment Companies


Continuation of the Trust
Shareholders were given the opportunity to realise their investment in the Company, at a price that fairly reflected the underlying net asset value of their investment, in the Autumn of 2008. It is intended that shareholders will be given the same opportunity in 2015.

However, the Chairman would like to reassure shareholders that providing there is sufficient ongoing support, the Company will continue in its present form after 2015.



  

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New rules proposed by the European Council's Alternative Investment Fund Managers (AIFM) Directive (the “Directive”) released in 2009 call for further regulation of Alternative Investment Funds, a classification that will include investment trusts.

The Association of Investment Companies (the “AIC”) has expressed concern that the proposals will increase compliance burdens and reduce investment companies’ commercial flexibility and is, therefore, lobbying UK and EU policy makers to amend the rules in order to lesson their negative impact.

The Board, in support of the views of the AIC, has sent a letter to relevant members of the European Council lobbying against the Directive. The Board would invite shareholders to support this action by sending similar correspondence to the European regulators. Further information on the Directive can be found on the AIC website, a link for which can be found on the Contact Us page.