TIDMECIT 
 
RNS Number : 7755G 
Eclectic Investment Company PLC 
05 February 2010 
 

                  ECLECTIC INVESTMENT TRUST PLC (the Company) 
 
The below is extracted from the Company's unaudited Half Year Report for the 
period ended 30 November 2009 which is available for viewing and downloading on 
the website of the Company:www.eclecticinvest.com 
 
 
OBJECTIVE OF THE COMPANY 
 
Our objective is to maximise shareholder value by investing in a portfolio of 
securities anywhere in the world. 
 
Over the period Eclectic's net assets rose by 35.4% and the Ordinary share price 
rose by 100%. 
 
 
 
SUMMARY OF UNAUDITED RESULTS 
 
+-------------------------------+----------------+-----------+---------+ 
|                               |      Half year |      Year |       % | 
|                               |       ended 30 |     ended |  change | 
|                               |  November 2009 |    31 May |         | 
|                               |                |      2009 |         | 
+-------------------------------+----------------+-----------+---------+ 
| Basic net asset value per     |         98.6p  |    72.8p  |   35.4  | 
| Ordinary share                |                |           |         | 
+-------------------------------+----------------+-----------+---------+ 
| Ordinary share price          |         95.0p  |    47.5p  |  100.0  | 
+-------------------------------+----------------+-----------+---------+ 
| Discount                      |          3.7%  |    34.8%  |      -  | 
+-------------------------------+----------------+-----------+---------+ 
| Total earnings per Ordinary   |         26.3p  |  (93.1)p  |      -  | 
| share                         |                |           |         | 
+-------------------------------+----------------+-----------+---------+ 
| Net assets                    |      GBP17.5m  | GBP12.9m  |    35.4 | 
+-------------------------------+----------------+-----------+---------+ 
| Gross assets*                 |      GBP20.5m  | GBP14.1m  |   45.5  | 
+-------------------------------+----------------+-----------+---------+ 
| Bank loans and overdrafts     |       GBP3.0m  |  GBP1.2m  |  157.4  | 
+-------------------------------+----------------+-----------+---------+ 
| Gearing on net assets         |         17.1%  |     9.0%  |      -  | 
+-------------------------------+----------------+-----------+---------+ 
| *  Gross assets exclude bank  |                |           |         | 
| loans and overdrafts          |                |           |         | 
+-------------------------------+----------------+-----------+---------+ 
 
 
 
 
  CHAIRMAN'S STATEMENT 
+------------------------------------------------------------------------+ 
|                                                                        | 
| The first six months of this financial year have been encouraging,     | 
| with your Company's net asset value rising strongly by 35.4%.  This    | 
| reflects the good performance of our portfolio relative to the         | 
| increase over the same period in the Company's benchmark index of 5.9% | 
| and the increase in the FTSE All Share index of 19.2%.  This           | 
| performance has also been reflected in the share price of the Ordinary | 
| shares which has increased by 100% with the discount to net asset      | 
| value narrowing to 3.7% from 34.8% at the last year end.               | 
|                                                                        | 
| This interim period has also seen the implementation of the proposals  | 
| outlined in the last annual report and approved by Shareholders at the | 
| AGM in October 2009.  The Company is now an investment company quoted  | 
| on the Alternative Investment Market ("AIM").   As we reiterated at    | 
| that time, the Board continues to believe that the size of the Company | 
| is below the optimal level and will continue to monitor the capital    | 
| structure and strategy for the Company's future.                       | 
|                                                                        | 
| The total value of investments in the Company has risen by 35.1% to    | 
| GBP15.5m, reflecting the increase in asset value and the rise in       | 
| gearing to GBP3.0m.  The gearing on net assets was low at 17.1% at the | 
| interim date, a conservative level of leverage.  The approach to       | 
| hedging of markets and currencies has remained cautious.               | 
|                                                                        | 
| The number of investments in the portfolio has risen from 38 at the    | 
| year end to 47 which illustrates the ongoing development and           | 
| diversification of the portfolio.  Similarly, the concentration in the | 
| ten largest investments fell to 60.8% from 72.6% of gross assets.      | 
|                                                                        | 
| While we are encouraged by the recovery in value shown in the          | 
| Company's assets, there are still uncertainties in the outlook for the | 
| economic and investment future.  Recovery has come to a number of      | 
| markets and we are, in the main, optimistic.  The Company has a solid  | 
| portfolio, albeit still relatively focused and concentrated, and low   | 
| gearing so is well based to take advantage of value opportunities and  | 
| withstand further possible downturns.                                  | 
|                                                                        | 
| Anthony Bushell                                                        | 
| Chairman                                                               | 
| 5 February 2010                                                        | 
+------------------------------------------------------------------------+ 
 
 
 
  INVESTMENT MANAGER'S REPORT 
+------------------------------------------------------------------------+ 
|                                                                        | 
| Portfolio Review                                                       | 
|                                                                        | 
| The value of the investment portfolio rose by 31.5% to GBP15.5m; gross | 
| assets were GBP20.5m, up 45.5% on the previous year end.               | 
|                                                                        | 
| Trust Company remains the largest single investment, at GBP6.6m (up    | 
| 38.8% on 31 May 2009), accounting for 32.2% of gross assets.  Its      | 
| share price has risen by 29.1% over the interim period, and the        | 
| investment value has also benefited from the strengthening of the      | 
| Australian dollar.  Although the results for Trust Company's first     | 
| half year of 2009 to 31 August reflected the challenging operating     | 
| conditions in financial markets, with no gearing, strong operating     | 
| cash-flow and a liquid underlying financial position, the company is   | 
| well placed to benefit from improving equity markets.  The new CEO,    | 
| appointed in 2009, has undertaken a strategic review identifying       | 
| significant growth opportunities and the results for 2010 are expected | 
| to be at the upper end of forecasts.                                   | 
|                                                                        | 
| eBet rose to the second largest holding at GBP1.4m, 6.9% of gross      | 
| assets, as a result of the 42.0% rise in the share price and the       | 
| strength of the Australian dollar.  eBet is continuing to focus on     | 
| building recurring revenues and its half year report to 30 June 2009   | 
| showed growth in net profit arising from a strategic acquisition and   | 
| cost cutting.                                                          | 
|                                                                        | 
| Resolute Mining is the third largest holding.  During the interim      | 
| period we sold our holding of the ordinary shares and part of our      | 
| convertible shares holding, at a net profit over book cost of GBP0.5m. | 
| In the second half of 2009 Resolute announced a A$44m capital raising  | 
| to finance a debt restructure and working capital for the development  | 
| of mining projects.  The convertible share price rose by 54% during    | 
| the period under review.                                               | 
|                                                                        | 
| The only new holding in the top ten during the period was, CQS Rig     | 
| Finance Fund, which was the fourth largest holding at GBP0.7m.  This   | 
| company is a closed end Guernsey investment company focusing primarily | 
| on debt instruments to finance construction, modification, and         | 
| refurbishment of rigs and other infrastructure/equipment used in       | 
| offshore exploration and production of oil and natural gas.  At 30     | 
| November 2009, CQS Rig had a net asset value per share of 16.94p, and  | 
| the shares are trading at a discount of 38% to net asset value.        | 
|                                                                        | 
| Argus Group has risen to the fifth largest holding, benefitting from a | 
| 41.8% rise in the share price.  Argus is Bermuda's largest insurance   | 
| company providing a range of insurance, retirement and financial       | 
| services to businesses and individuals.  The results for the 6 months  | 
| to 30 September 2009 showed a return to profitability with earnings of | 
| B$12.2m against a corresponding loss of B$42m, largely arising from    | 
| the growth in investment values in the global recovery and a           | 
| maintained dividend.  The company remains strongly capitalised with    | 
| the underlying businesses reporting solid results, and a reduction in  | 
| operating costs an ongoing focus.                                      | 
|                                                                        | 
| North Atlantic Smaller Companies Investment Trust continues to trade   | 
| at a significant discount of 44.8% to net asset value at the interim   | 
| date.  The share price has risen by 9% in this period.                 | 
|                                                                        | 
| The investments in the Indian banking sector have continued to         | 
| perform.  During the period we sold the investment in Dhanalakshmi     | 
| Bank at a profit over book cost.  We also have taken some profits from | 
| our holdings in South Indian Bank and City Union Bank, although these  | 
| still remain in our top ten holdings.  Total profit realised from      | 
| these transactions was GBP0.3m over book cost.                         | 
|                                                                        | 
| The investment in F&C Asset Management subordinated bonds has seen     | 
| value growth of 28.2% over the period and is yielding 10.3% at the     | 
| current price.                                                         | 
|                                                                        | 
| Bank of NT Butterfield has had a difficult period with the share price | 
| declining by 30.4%, reflecting the difficult conditions in financial   | 
| markets.                                                               | 
|                                                                        | 
| During the six months, total sales of investments were GBP3.9m at a    | 
| book profit of GBP1.2m and purchases of investments totalled GBP3.2m.  | 
|                                                                        | 
| Balance Sheet and Financial Gearing                                    | 
|                                                                        | 
| At the interim date the level of bank debt and overdrafts was GBP3.0m, | 
| representing gearing on net assets of 17.1%, still a modest level of   | 
| leverage.                                                              | 
|                                                                        | 
| The cash and cash equivalents on the balance sheet was mainly offset   | 
| by derivative liabilities.                                             | 
|                                                                        | 
| Hedging Strategy                                                       | 
|                                                                        | 
| The Investment Manager has continued to manage the modest hedging      | 
| programme with a view to maximising protection.                        | 
|                                                                        | 
| Return                                                                 | 
|                                                                        | 
| The consolidated profit for the period on the revenue account was      | 
| GBP0.2m and on the capital account was GBP4.5m, a total return of      | 
| GBP4.7m.                                                               | 
|                                                                        | 
| Outlook                                                                | 
|                                                                        | 
| Many world markets have seen some recovery in recent months, however   | 
| we remain cautious and still consider the outlook has uncertainties.   | 
| The Company continues its low gearing strategy to protect values and   | 
| preserve capital while seeking value opportunities for investment.     | 
| The steps to develop and balance the portfolio continue.               | 
|                                                                        | 
| The investments in financial market companies have performed well over | 
| this period and we will continue to identify sectors and instruments   | 
| offering attractive characteristics for investment.                    | 
|                                                                        | 
| Ingot Capital Management Pty Ltd                                       | 
| Investment Manager                                                     | 
| 5 February 2010                                                        | 
|                                                                        | 
+------------------------------------------------------------------------+ 
 
CONSOLIDATED INCOME STATEMENT 
 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
|                  |          Half-year          |        Half-year ended        |          Year ended           | 
|                  |            ended            |                               |                               | 
+------------------+-----------------------------+-------------------------------+-------------------------------+ 
|                  |        30 November          |       30 November 2008        |          31 May 2009          | 
|                  |            2009             |                               |                               | 
+------------------+-----------------------------+-------------------------------+-------------------------------+ 
|                  |        (Unaudited)          |          (Unaudited)          |          (Audited)            | 
+------------------+-----------------------------+-------------------------------+-------------------------------+ 
|                  | Revenue | Capital |   Total | Revenue |  Capital |    Total | Revenue |  Capital |    Total | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
|                  | GBP'000 | GBP'000 | GBP'000 | GBP'000 |  GBP'000 |  GBP'000 | GBP'000 |  GBP'000 |  GBP'000 | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
| Income           |         |         |         |         |          |          |         |          |          | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
| Investment       |     446 |       - |     446 |     339 |    1,167 |    1,506 |     760 |    1,172 |    1,932 | 
| income (see note |         |         |         |         |          |          |         |          |          | 
| 2)               |         |         |         |         |          |          |         |          |          | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
| Other income     |       7 |       - |       7 |       7 |        - |        7 |      40 |        - |       40 | 
| (see note 2)     |         |         |         |         |          |          |         |          |          | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
| Gains/(losses)   |         |         |         |         |          |          |         |          |          | 
| on investments   |         |         |         |         |          |          |         |          |          | 
| designated at    |         |         |         |         |          |          |         |          |          | 
| fair value       |         |         |         |         |          |          |         |          |          | 
| through profit   |         |         |         |         |          |          |         |          |          | 
| or loss:         |         |         |         |         |          |          |         |          |          | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
| Non current      |       - |   4,425 |   4,425 |       - | (14,190) | (14,190) |       - | (15,794) | (15,794) | 
| assets           |         |         |         |         |          |          |         |          |          | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
| Gains/(losses)   |         |         |         |         |          |          |         |          |          | 
| on current       |         |         |         |         |          |          |         |          |          | 
| assets held at   |         |         |         |         |          |          |         |          |          | 
| fair value       |         |         |         |         |          |          |         |          |          | 
| through profit   |         |         |         |         |          |          |         |          |          | 
| or loss:         |         |         |         |         |          |          |         |          |          | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
|    Derivatives   |       - |     683 |     683 |       - |  (2,082) |  (2,082) |       - |  (2,939) |  (2,939) | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
| Exchange         |       - |   (554) |   (554) |       - |       65 |       65 |       - |      814 |      814 | 
| (losses)/gains   |         |         |         |         |          |          |         |          |          | 
| on currency      |         |         |         |         |          |          |         |          |          | 
| balances         |         |         |         |         |          |          |         |          |          | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
|                  |     473 |   4,554 |   5,027 |     346 | (15,040) | (14,694) |     800 | (16,747) | (15,947) | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
| Expenses         |         |         |         |         |          |          |         |          |          | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
| Investment       |    (35) |       - |    (35) |    (48) |        - |     (48) |    (62) |        - |     (62) | 
| management fee   |         |         |         |         |          |          |         |          |          | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
| Other expenses   |   (200) |    (76) |   (276) |   (235) |      (1) |    (236) |   (415) |      (6) |    (421) | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
| Finance costs    |    (51) |       - |    (51) |   (257) |        - |    (257) |   (341) |        - |    (341) | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
|                  |   (286) |    (76) |   (362) |   (540) |      (1) |    (542) |   (818) |      (6) |    (824) | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
|                  |         |         |         |         |          |          |         |          |          | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
| Profit/(loss)    |     187 |   4,478 |   4,665 |   (194) | (15,041) | (15,235) |    (18) | (16,753) | (16,771) | 
| before tax       |         |         |         |         |          |          |         |          |          | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
| Taxation         |     (4) |       - |     (4) |     149 |    (192) |     (43) |     124 |    (188) |     (64) | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
| Profit/(loss)    |     183 |   4,478 |   4,661 |    (45) | (15,233) | (15,278) |     106 | (16,941) | (16,835) | 
| for the period   |         |         |         |         |          |          |         |          |          | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
| Earnings per     |   1.03p |  25.27p |  26.30p | (0.25)p | (83.56)p | (83.81)p |   0.58p | (93.69)p | (93.11)p | 
| Ordinary share   |         |         |         |         |          |          |         |          |          | 
| (see note 4)     |         |         |         |         |          |          |         |          |          | 
+------------------+---------+---------+---------+---------+----------+----------+---------+----------+----------+ 
 
+--------------------------------------------------------------------------------+ 
| The Company does not have any income or expense that is not included in profit | 
| for the year.  Accordingly, the "Profit for the year" is also the "Total       | 
| comprehensive income for the year" as defined in IAS 1 (revised) and no        | 
| separate Statement of consolidated Income has been presented.                  | 
|                                                                                | 
| The total column of this statement is the profit and loss account of the       | 
| Company.  The supplementary Revenue and Capital columns are both prepared      | 
| under guidance published by the Association of Investment Companies.  All      | 
| revenue and capital items in the above statement derive from continuing        | 
| operations.  No operations were acquired or discontinued in the year.          | 
|                                                                                | 
| A statement of total Recognised Gains and Losses is not required as all gains  | 
| and losses of the Company have been reflected in the above statement.          | 
+--------------------------------------------------------------------------------+ 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
 
   For the half-year ended 30 November 2009 (Unaudited) 
+---------------------+----------+---------+------------+---------+---------+---------+ 
|                     | Ordinary |  Share  |    Capital | Capital | Revenue |   Total | 
|                     |    share | premium |            |         | reserve | GBP'000 | 
|                     |  capital | GBP'000 | redemption | reserve | GBP'000 |         | 
|                     |  GBP'000 |         |            | GBP'000 |         |         | 
|                     |          |         |    reserve |         |         |         | 
|                     |          |         |    GBP'000 |         |         |         | 
+---------------------+----------+---------+------------+---------+---------+---------+ 
|                     |          |         |            |         |         |         | 
+---------------------+----------+---------+------------+---------+---------+---------+ 
| At 31 May 2009      |    4,430 |  7,049  |       627  |   2,773 | (1,977) |  12,902 | 
+---------------------+----------+---------+------------+---------+---------+---------+ 
| Profit for the      |        - |       - |          - |   4,478 |     183 |   4,661 | 
| period              |          |         |            |         |         |         | 
+---------------------+----------+---------+------------+---------+---------+---------+ 
| Ordinary dividend   |        - |       - |          - |       - |    (89) |    (89) | 
| paid                |          |         |            |         |         |         | 
+---------------------+----------+---------+------------+---------+---------+---------+ 
| At 30 November 2009 |   4,430  |  7,049  |       627  |   7,251 | (1,883) |  17,474 | 
+---------------------+----------+---------+------------+---------+---------+---------+ 
For the half-year ended 30 November 2008 (Unaudited) 
+---------------------+----------+---------+------------+----------+---------+----------+ 
|                     | Ordinary |  Share  |    Capital |  Capital | Revenue |    Total | 
|                     |    share | premium |            |          | reserve |  GBP'000 | 
|                     |  capital | GBP'000 | redemption |  reserve | GBP'000 |          | 
|                     |  GBP'000 |         |            |  GBP'000 |         |          | 
|                     |          |         |    reserve |          |         |          | 
|                     |          |         |    GBP'000 |          |         |          | 
+---------------------+----------+---------+------------+----------+---------+----------+ 
|                     |          |         |            |          |         |          | 
+---------------------+----------+---------+------------+----------+---------+----------+ 
| At 31 May 2008      |    4,557 |  7,049  |       500  |   19,918 | (1,946) |   30,078 | 
+---------------------+----------+---------+------------+----------+---------+----------+ 
| Loss for the period |        - |       - |          - | (15,233) |    (45) | (15,278) | 
+---------------------+----------+---------+------------+----------+---------+----------+ 
| Ordinary dividend   |        - |       - |          - |        - |   (137) |    (137) | 
| paid                |          |         |            |          |         |          | 
+---------------------+----------+---------+------------+----------+---------+----------+ 
| At 30 November 2008 |   4,557  |  7,049  |       500  |    4,685 | (2,128) |   14,663 | 
+---------------------+----------+---------+------------+----------+---------+----------+ 
 
For the year ended 31 May 2009 (Audited) 
+---------------------+----------+---------+------------+----------+---------+----------+ 
|                     | Ordinary |  Share  |    Capital |  Capital | Revenue |    Total | 
|                     |    share | premium |            |          | reserve |  GBP'000 | 
|                     |  capital | GBP'000 | redemption |  reserve | GBP'000 |          | 
|                     |  GBP'000 |         |            |  GBP'000 |         |          | 
|                     |          |         |    reserve |          |         |          | 
|                     |          |         |    GBP'000 |          |         |          | 
+---------------------+----------+---------+------------+----------+---------+----------+ 
|                     |          |         |            |          |         |          | 
+---------------------+----------+---------+------------+----------+---------+----------+ 
| At 31 May 2008      |    4,557 |  7,049  |       500  |   19,918 | (1,946) |   30,078 | 
+---------------------+----------+---------+------------+----------+---------+----------+ 
| Loss/(profit) for   |        - |       - |          - | (16,941) |     106 | (16,835) | 
| the period          |          |         |            |          |         |          | 
+---------------------+----------+---------+------------+----------+---------+----------+ 
| Share buyback 6     |     (27) |       - |         27 |     (44) |       - |     (44) | 
| February 2009       |          |         |            |          |         |          | 
+---------------------+----------+---------+------------+----------+---------+----------+ 
| Share buyback 18    |    (100) |       - |        100 |    (160) |       - |    (160) | 
| February 2009       |          |         |            |          |         |          | 
+---------------------+----------+---------+------------+----------+---------+----------+ 
| Ordinary dividend   |        - |       - |          - |        - |   (137) |    (137) | 
| paid                |          |         |            |          |         |          | 
+---------------------+----------+---------+------------+----------+---------+----------+ 
| At 31 May 2009      |   4,430  |  7,049  |       627  |    2,773 | (1,977) |   12,902 | 
+---------------------+----------+---------+------------+----------+---------+----------+ 
 
 
CONSOLIDATED BALANCE SHEET 
+-----------------------------------------+-------------+-------------+------------+ 
|                                         |          30 |          30 |     31 May | 
|                                         |    November |    November |       2009 | 
|                                         |        2009 |        2008 |  (Audited) | 
|                                         | (Unaudited) | (Unaudited) |            | 
|                                         |             |             |            | 
+-----------------------------------------+-------------+-------------+------------+ 
|                                              GBP'000  |    GBP'000  |   GBP'000  | 
+-------------------------------------------------------+-------------+------------+ 
| Non current assets                                    |             |            | 
+-------------------------------------------------------+-------------+------------+ 
| Investments designated at fair value    |     15,521  |     14,034  |    11,801  | 
| through profit or loss                  |             |             |            | 
+-----------------------------------------+-------------+-------------+------------+ 
| Current assets                          |             |             |            | 
+-----------------------------------------+-------------+-------------+------------+ 
| Investments designated at fair value    |          2  |          2  |         2  | 
| through profit or loss                  |             |             |            | 
+-----------------------------------------+-------------+-------------+------------+ 
| Derivatives held at fair value through  |        397  |        168  |       488  | 
| profit or loss                          |             |             |            | 
+-----------------------------------------+-------------+-------------+------------+ 
| Other receivables                       |      2,421  |        396  |       129  | 
+-----------------------------------------+-------------+-------------+------------+ 
| Cash and cash equivalents               |      2,821  |      5,647  |     7,241  | 
+-----------------------------------------+-------------+-------------+------------+ 
|                                         |      5,641  |      6,213  |     7,860  | 
+-----------------------------------------+-------------+-------------+------------+ 
| Total assets                            |     21,162  |     20,247  |    19,661  | 
+-----------------------------------------+-------------+-------------+------------+ 
|                                         |             |             |            | 
+-----------------------------------------+-------------+-------------+------------+ 
| Current liabilities                     |             |             |            | 
+-----------------------------------------+-------------+-------------+------------+ 
| Derivatives held at fair value through  |      (602)  |    (4,252)  |   (5,051)  | 
| profit or loss                          |             |             |            | 
+-----------------------------------------+-------------+-------------+------------+ 
| Other payables                          |      (103)  |      (188)  |     (549)  | 
+-----------------------------------------+-------------+-------------+------------+ 
| Bank loans and overdrafts               |    (2,983)  |    (1,144)  |   (1,159)  | 
+-----------------------------------------+-------------+-------------+------------+ 
|                                         |    (3,688)  |    (5,584)  |   (6,759)  | 
+-----------------------------------------+-------------+-------------+------------+ 
| Net assets                              |     17,474  |     14,663  |    12,902  | 
+-----------------------------------------+-------------+-------------+------------+ 
|                                         |             |             |            | 
+-----------------------------------------+-------------+-------------+------------+ 
| Equity attributable to equity           |             |             |            | 
| shareholders                            |             |             |            | 
+-----------------------------------------+-------------+-------------+------------+ 
| Ordinary share capital                  |      4,430  |      4,557  |     4,430  | 
+-----------------------------------------+-------------+-------------+------------+ 
| Share premium                           |      7,049  |      7,049  |     7,049  | 
+-----------------------------------------+-------------+-------------+------------+ 
| Capital redemption reserve              |        627  |        500  |       500  | 
+-----------------------------------------+-------------+-------------+------------+ 
| Capital reserve                         |      7,251  |      4,685  |     2,773  | 
+-----------------------------------------+-------------+-------------+------------+ 
| Revenue reserve                         |    (1,883)  |    (2,128)  |   (1,977)  | 
+-----------------------------------------+-------------+-------------+------------+ 
| Total equity                            |     17,474  |     14,663  |    12,902  | 
+-----------------------------------------+-------------+-------------+------------+ 
| Net Asset Value per Ordinary share      |     98.61p  |     80.44p  |    72.81p  | 
| (see note 3)                            |             |             |            | 
+-----------------------------------------+-------------+-------------+------------+ 
CONSOLIDATED CASH FLOW STATEMENT 
+----------------------------------------+-------------+-------------+-------------+ 
|                                        |   Half-year |   Half-year |  Year ended | 
|                                        |    ended 30 |    ended 30 | 31 May 2009 | 
|                                        |    November |    November |   (Audited) | 
|                                        |        2009 |        2008 |    GBP'000  | 
|                                        | (Unaudited) | (Unaudited) |             | 
|                                        |     GBP'000 |     GBP'000 |             | 
+----------------------------------------+-------------+-------------+-------------+ 
| Cash (outflow)/inflow from operating   |             |             |             | 
| activities                             |             |             |             | 
+----------------------------------------+-------------+-------------+-------------+ 
| Profit/(loss) before taxation          |      4,665  |   (15,235)  |   (16,771)  | 
+----------------------------------------+-------------+-------------+-------------+ 
| (Gains)/losses on investments          |     (4,425) |      14,190 |      15,794 | 
| designated at fair value through       |             |             |             | 
| profit or loss                         |             |             |             | 
+----------------------------------------+-------------+-------------+-------------+ 
| Exchange losses/(gain) on currency     |         554 |        (65) |       (814) | 
| balances                               |             |             |             | 
+----------------------------------------+-------------+-------------+-------------+ 
| (Increase)/decrease in debtors         |     (2,143) |       3,937 |       3,645 | 
+----------------------------------------+-------------+-------------+-------------+ 
| (Increase)/decrease in accrued income  |        (52) |        (87) |         157 | 
+----------------------------------------+-------------+-------------+-------------+ 
| (Decrease)/increase in creditors       |     (4,461) |       (227) |         498 | 
+----------------------------------------+-------------+-------------+-------------+ 
| Taxation                               |         (9) |        (38) |        (64) | 
+----------------------------------------+-------------+-------------+-------------+ 
| Net cash (outflow)/inflow from         |     (5,871) |       2,475 |       2,445 | 
| operating activities                   |             |             |             | 
+----------------------------------------+-------------+-------------+-------------+ 
| Investing activities                   |             |             |             | 
+----------------------------------------+-------------+-------------+-------------+ 
| Purchases of investments               |     (3,601) |    (3,120)  |    (5,564)  | 
+----------------------------------------+-------------+-------------+-------------+ 
| Sales of investments                   |       3,871 |       5,132 |       8,640 | 
+----------------------------------------+-------------+-------------+-------------+ 
| Net cash inflow from investing         |        270  |       2,012 |       3,076 | 
| activities                             |             |             |             | 
+----------------------------------------+-------------+-------------+-------------+ 
| Net cash (outflow)/inflow before       |     (5,601) |       4,487 |       5,521 | 
| financing                              |             |             |             | 
+----------------------------------------+-------------+-------------+-------------+ 
| Net cash inflow/(outflow) from         |      1,595  |     (4,656) |     (5,302) | 
| financing activities                   |             |             |             | 
+----------------------------------------+-------------+-------------+-------------+ 
| (Decrease)/increase in cash and cash   |    (4,006)  |      (169)  |         219 | 
| equivalents                            |             |             |             | 
+----------------------------------------+-------------+-------------+-------------+ 
| Exchange movements                     |       (529) |       (720) |         486 | 
+----------------------------------------+-------------+-------------+-------------+ 
| Change in cash and cash equivalents    |     (4,535) |      (889)  |         705 | 
+----------------------------------------+-------------+-------------+-------------+ 
| Cash and cash equivalents at beginning |       7,241 |      6,536  |       6,536 | 
| of period                              |             |             |             | 
+----------------------------------------+-------------+-------------+-------------+ 
| Cash and cash equivalents at end of    |       2,706 |       5,647 |       7,241 | 
| period                                 |             |             |             | 
+----------------------------------------+-------------+-------------+-------------+ 
|                                        |             |             |             | 
+----------------------------------------+-------------+-------------+-------------+ 
| Represented by                         |             |             |             | 
+----------------------------------------+-------------+-------------+-------------+ 
| Cash at bank                           |       2,821 |      5,647  |       7,241 | 
+----------------------------------------+-------------+-------------+-------------+ 
| Bank overdrafts                        |       (115) |           - |           - | 
+----------------------------------------+-------------+-------------+-------------+ 
| Cash and cash equivalents at end of    |       2,706 |       5,647 |       7,241 | 
| period                                 |             |             |             | 
+----------------------------------------+-------------+-------------+-------------+ 
 
 
+------------------------------------------------------------------------------+ 
| NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS                     | 
| 1. Accounting policies                                                       | 
| The condensed consolidated financial statements of the Group for the         | 
| half-year ended 30 November 2009 have been prepared on a basis consistent    | 
| with the accounting policies adopted by the Company in its statutory         | 
| accounts for the year ended 31 May 2009.                                     | 
|                                                                              | 
| The condensed consolidated financial statements of the Group have been       | 
| prepared in accordance with International Financial Reporting Standards      | 
| ("IFRS").  These comprise standards and interpretations approved by the      | 
| International Accounting Standards Board ("IASB"), together with             | 
| interpretations of the International Accounting Standards and Standing       | 
| Interpretations Committee approved by the International Accounting Standards | 
| Committee ("IASC") that remain in effect, to the extent that IFRS have been  | 
| adopted by the European Union.                                               | 
|                                                                              | 
| Where presentational guidance set out in the Statement of Recommended        | 
| Practice "Financial Statements of Investment Companies" (the "SORP") issued  | 
| by The Association of Investment Companies in January 2009 is consistent     | 
| with the requirements of IFRS, the Directors have sought to prepare the      | 
| financial statements on a basis compliant with the recommendations of the    | 
| SORP for consistency of presentation with previous financial statements.     | 
|                                                                              | 
| The financial information for the year ended 31 May 2009 included in this    | 
| half-year report has been taken from the Company's full accounts, which for  | 
| the year to 31 May 2009 carried an unqualified audit report, did not include | 
| statements under Section 498 (2) or (3) of the Companies Act 2006, and have  | 
| been filed with the Registrar of Companies.                                  | 
|                                                                              | 
| The Income Statement includes the results of the Company, its wholly-owned   | 
| subsidiary undertaking, Eclectic Stocks Limited and the 'C' shares of Global | 
| Equity Risk Protection Limited and, together with the Consolidated Statement | 
| of Changes in Equity, Consolidated Balance Sheet and Consolidated Cash Flow  | 
| Statement at 30 November 2009 are unaudited and do not constitute full       | 
| statutory accounts within the meaning of Section 434 of the Companies Act    | 
| 2006.                                                                        | 
|                                                                              | 
| This Half Year Report has not been reviewed by the Company's auditors, Grant | 
| Thornton UK LLP.                                                             | 
+------------------------------------------------------------------------------+ 
 
2. Income 
+-------------------------------------+------------+-------------+------------+ 
|                                 Half-year ended  |   Half-year | Year ended | 
|                                                  |       ended |            | 
+--------------------------------------------------+-------------+------------+ 
|                                 30 November 2009 | 30 November |     31 May | 
|                                                  |        2008 |       2009 | 
+--------------------------------------------------+-------------+------------+ 
|                                     (Unaudited)  | (Unaudited) | (Audited)  | 
|                                                  |             |            | 
+--------------------------------------------------+-------------+------------+ 
|                                         GBP'000  |    GBP'000  |   GBP'000  | 
+--------------------------------------------------+-------------+------------+ 
| Overseas investment income          |       297  |      1,379  |     1,691  | 
+-------------------------------------+------------+-------------+------------+ 
| UK investment income                |        19  |         53  |        53  | 
+-------------------------------------+------------+-------------+------------+ 
| Overseas fixed interest income      |        100 |          74 |        188 | 
+-------------------------------------+------------+-------------+------------+ 
| UK Fixed interest income            |        50  |          -  |         -  | 
+-------------------------------------+------------+-------------+------------+ 
| Deposit interest                    |         7  |          7  |        22  | 
+-------------------------------------+------------+-------------+------------+ 
| Underwriting commission             |          - |           - |         18 | 
+-------------------------------------+------------+-------------+------------+ 
|                                     |       473  |      1,513  |     1,972  | 
+-------------------------------------+------------+-------------+------------+ 
 
+-------------------------------------+---------------+---------------+---------------+ 
| 3. Net Asset Value per Ordinary share               |               |               | 
+-----------------------------------------------------+---------------+---------------+ 
|                                     |            30 |   30 November |       31 May  | 
|                                     |      November |               |               | 
+-------------------------------------+---------------+---------------+---------------+ 
|                                     |         2009  |         2008  |         2009  | 
+-------------------------------------+---------------+---------------+---------------+ 
|                                     |   (Unaudited) |   (Unaudited) |    (Audited)  | 
|                                     |               |               |               | 
+-------------------------------------+---------------+---------------+---------------+ 
| Consolidated Net Asset Values       | GBP17,474,000 | GBP14,663,000 | GBP12,902,000 | 
| attributable                        |               |               |               | 
+-------------------------------------+---------------+---------------+---------------+ 
| Ordinary shares in issue at the     |   17,719,502  |   18,229,502  |   17,719,502  | 
| period end                          |               |               |               | 
+-------------------------------------+---------------+---------------+---------------+ 
| Net Asset Value per Ordinary share  |       98.61p  |       80.44p  |       72.81p  | 
+-------------------------------------+---------------+---------------+---------------+ 
 
+--------------------------------------+--------------+-----------------+-----+-----------+ 
| 4. Earnings per Ordinary share                                              |           | 
+-----------------------------------------------------------------------------+-----------+ 
|                                    Half-year ended  |       Half-year |     Year ended  | 
|                                                     |           ended |                 | 
+-----------------------------------------------------+-----------------+-----------------+ 
|                                    30 November 2009 |     30 November |     31 May 2009 | 
|                                                     |            2008 |                 | 
+-----------------------------------------------------+-----------------+-----------------+ 
|                                        (Unaudited)  |     (Unaudited) |      (Audited)  | 
|                                                     |                 |                 | 
+-----------------------------------------------------+-----------------+-----------------+ 
| Total earnings per Ordinary share                   |                                   | 
+-----------------------------------------------------+-----------------------------------+ 
| Total return                         | GBP4,661,000 | GBP(15,278,000) | GBP(16,835,000) | 
|                                      |              |                 |                 | 
+--------------------------------------+--------------+-----------------+-----------------+ 
| Weighted average number of Ordinary  |  17,719,502  |     18,229,502  |     18,081,968  | 
| shares in issue during the period    |              |                 |                 | 
+--------------------------------------+--------------+-----------------+-----------------+ 
| Total earnings per Ordinary share    |    (26.30)p  |       (83.81)p  |       (93.11)p  | 
+--------------------------------------+--------------+-----------------+-----------------+ 
|                                      |              |                 |     |           | 
+--------------------------------------+--------------+-----------------+-----+-----------+ 
 
+-------------------------------------+--------------+-----------------+-----------------+ 
| The total earnings per Ordinary share detailed above can be further                    | 
| analysed between                                                                       | 
| revenue and capital, as below:                                                         | 
|                                                                                        | 
+----------------------------------------------------------------------------------------+ 
| Revenue earnings per Ordinary share                                  |                 | 
+----------------------------------------------------------------------+-----------------+ 
| Revenue return                      |   GBP183,000 |    GBP(45,000)  |      GBP106,000 | 
|                                     |              |                 |                 | 
+-------------------------------------+--------------+-----------------+-----------------+ 
| Weighted average number of Ordinary |  17,719,502  |     18,229,502  |     18,081,968  | 
| shares in issue during the period   |              |                 |                 | 
+-------------------------------------+--------------+-----------------+-----------------+ 
| Revenue earnings per Ordinary share |       1.03p  |        (0.25)p  |          0.58p  | 
|                                     |              |                 |                 | 
+-------------------------------------+--------------+-----------------+-----------------+ 
|                                                                      |                 | 
| Capital earnings per Ordinary share                                  |                 | 
+----------------------------------------------------------------------+-----------------+ 
| Capital return                      | GBP4,478,000 | GBP(15,233,000) | GBP(16,941,000) | 
|                                     |              |                 |                 | 
+-------------------------------------+--------------+-----------------+-----------------+ 
| Weighted average number of Ordinary |  17,719,502  |     18,229,502  |     18,081,968  | 
| shares in issue during the period   |              |                 |                 | 
+-------------------------------------+--------------+-----------------+-----------------+ 
| Capital earnings per Ordinary share |      25.27p  |       (83.56)p  |       (93.69)p  | 
|                                     |              |                 |                 | 
+-------------------------------------+--------------+-----------------+-----------------+ 
 
 
+------------------------------------------------------------------------------+ 
| Investing Policy                                                             | 
|                                                                              | 
| The Company looks to identify and invest in investments where the underlying | 
| value is not reflected in market price.  This perceived undervaluation may   | 
| arise from any number of factors including technological, market motivation, | 
| prospective financial engineering opportunities, competition or shareholder  | 
| apathy.                                                                      | 
|                                                                              | 
| The Company aims to maximise value for shareholders by holding a relatively  | 
| concentrated portfolio of securities and by investing in instruments         | 
| appropriate to respective investments.                                       | 
|                                                                              | 
| The portfolio is focused on absolute performance.                            | 
|                                                                              | 
| The Company's investing policy is flexible and permits the Investment        | 
| Manager to make investments worldwide across all sectors and in a variety of | 
| financial instruments.  Thus the Company may invest in shares, bonds,        | 
| convertibles and other types of securities where suitable opportunities      | 
| arise.  It may also invest in unlisted securities where the attractiveness   | 
| of the investment justifies the risks and lower liquidity associated with    | 
| such investments, subject to unlisted securities not exceeding in aggregate  | 
| 30 per cent. of the Company's gross assets.                                  | 
|                                                                              | 
| The investing policy is not compelled to focus on any country, sector or     | 
| industry.  The Investment Manager seeks to maintain and enhance              | 
| diversification within the portfolio by investing in a range of sectors,     | 
| markets and instruments as attractive opportunities arise.  The allocation   | 
| of assets between sectors, markets and instruments will depend on market     | 
| conditions and the judgement of the Investment Manager and the Board of      | 
| Directors as to what is in the best interests of the Company and             | 
| shareholders and so the proportions of the portfolio invested in individual  | 
| situations, sectors or markets will be flexible.  As such, not more than 30  | 
| per cent. of the Company's gross assets shall be invested in the securities  | 
| of any one company or group at the time the investment is made, however this | 
| restriction will not apply in relation to the holding of shares in Trust     | 
| Company Limited.                                                             | 
|                                                                              | 
| The Company may use bank debt, derivative instruments such as contracts for  | 
| difference, financial futures, options and warrants to enhance its           | 
| investment performance.  It may, from time to time, seek actively to protect | 
| the portfolio and balance sheet from major corrections by the use of foreign | 
| currency hedges, interest rate hedges, stock market put options and similar  | 
| instruments.  Furthermore, the Company looks to invest in instruments that   | 
| provide additional protection such as convertible notes.                     | 
|                                                                              | 
| The Company has the ability to use bank debt to provide long term structural | 
| gearing which will be restricted to 100 per cent. of its net assets, however | 
| the Board may adopt a lower limit in line with the prevailing level of       | 
| market risk and the risk associated with each investment on a case by case   | 
| basis.                                                                       | 
|                                                                              | 
|                                                                              | 
| Availability of Report                                                       | 
|                                                                              | 
| Printed copies of this Half Year Report for the period ended 30 November     | 
| 2009 will shortly be sent to shareholders.  A soft copy of the Half Year     | 
| Report is available for viewing and downloading, in accordance with AIM Rule | 
| 26, on the Company's web site at:  http://www.eclecticinvest.com             | 
|                                                                              | 
| Hard copies of the Half Year Report can be obtained from the office of the   | 
| Company Secretary:                                                           | 
| Phoenix Administration Services Limited,  Springfield Lodge,  Colchester     | 
| Road,  Chelmsford,  Essex,  CM2 5PW                                          | 
| (T)  01245 398950   (e)  pfsinfo@phoenixfundservices.com                     | 
|                                                                              | 
| Nominated Adviser  -  Arbuthnot Securities     020 7012 2000                 | 
| Alastair Moreton                                                             | 
| Hannah Pearce                                                                | 
|                                                                              | 
+------------------------------------------------------------------------------+ 
|                                                                              | 
+------------------------------------------------------------------------------+ 
 
Phoenix Administration Services Limited 
Company Secretary 
5 February 2010 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IR FMGGZKKNGGZM 
 

Eclectic Inv Co (LSE:ECIT)
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