Reports and accounts

Extract from the Chairman’s Statement 2019

This report covers the period from 1 October 2018 to 30 September 2019.

The financial year to September 2019 was a challenging period and our investments were buffeted by the effects of the US-China trade war, unrest in Hong Kong, slowing global economic growth and the fear of recession. Closer to home, the continuing uncertainty over Brexit has affected the economy and the stock market. The shares hit a low point on Christmas Eve before staging a substantial recovery in the first quarter of 2019. Overall, the recovery continued into the second half of our financial year, albeit again with some volatility, and we ended the financial year with the NAV total return showing a modest gain over 12 months.

Susan Noble, Chairman

Electronic Address For Receipt Of Proxies

The Companies Act 2006 (as amended) requires AVI Global to provide an electronic address for the receipt of any document or information relating to proxies for a general meeting.

For these purposes, documents relating to proxies include:

• appointment of a proxy
• any document necessary to show the validity of, or otherwise relating to, the appointment of the proxy
• notice of the termination of a proxy’s authority.

The Annual General Meeting (“AGM”) takes place each year in December. You will receive a Proxy Form prior to the AGM taking place, should you wish to appoint a proxy to vote at the AGM in accordance with your directions you will need to complete the Proxy Form and submit the same via post or via email to the Registrars at Proxy.Votes@equiniti.com.

Please ensure that that all identification numbers and any information completed by you on the Proxy Form is clearly legible, otherwise the Form may be rejected and your proxy instructions will not be accepted.

* Net Liquidity is: the fixed income investments less the Debenture (at par value) plus or minus the net current assets/(liabilities), divided by the net assets of the Company.