Interim Management Statement
January 15 2010 - 11:49AM
UK Regulatory
TIDMADU
RNS Number : 6695F
Advance UK Trust PLC
15 January 2010
Advance UK Trust PLC ("The Company")
Interim Management Statement
For the four months ended 31 December 2009
This interim statement covers the period from the 1 September 2009 to 31
December 2009. It is the first interim management statement from the Company in
the year to 31 August 2010, as required by the UK Listing Authority's Disclosure
and Transparency Rule 4.3.
The Company's investment objective is:-
"To achieve returns for shareholders in excess of the FTSE All-Share Index."
The Investment approach is:-
"To invest, usually at a discount to net asset value, in a portfolio of funds."
As at 31 December 2009:
NAV per share 172.0p
Share price 156p
Total net assets GBP 48.5m
Performance
For the 4 Months ended 31 December 2009:
+-----------------------------------------------+--------------------+
| Advance UK Trust PLC Net Asset Value per | +9.8% |
| share | |
+-----------------------------------------------+--------------------+
| Advance UK Trust PLC share price | +13.9% |
+-----------------------------------------------+--------------------+
| FTSE All-Share Index | +9.5% |
+-----------------------------------------------+--------------------+
LONG TERM PERFORMANCE TABLES
+--------------------+---------+---------+---------+---------+---------+
| Cumulative: | 1 Month | 3 | 1 Year | 3 Years | 5 Years |
| | | Months | | | |
+--------------------+---------+---------+---------+---------+---------+
| Net Asset Value | +1.4% | +1.3% | +45.4% | -24.9% | +10.8 |
+--------------------+---------+---------+---------+---------+---------+
| Share Price | +3.9% | +7.2% | +45.1% | -28.4% | +9.7 |
+--------------------+---------+---------+---------+---------+---------+
| FTSE All-Share | +4.2% | +4.8% | +25.0% | -14.3% | +14.5 |
| Index | | | | | |
+--------------------+---------+---------+---------+---------+---------+
+--------------------+----------+----------+----------+----------+----------+
| Discrete: | 2009 | 2008 | 2007 | 2006 | 2005 |
+--------------------+----------+----------+----------+----------+----------+
| Net Asset Value | +45.4% | -44.7% | -6.2% | 16.4% | 26.8% |
+--------------------+----------+----------+----------+----------+----------+
| Share Price | +45.1% | -45.7% | -9.2% | 18.2% | 29.7% |
+--------------------+----------+----------+----------+----------+----------+
| FTSE All-Share | +25.0% | -32.8% | 2.0% | 13.2% | 18.1% |
| Index | | | | | |
+--------------------+----------+----------+----------+----------+----------+
Notes:
1. Net Asset Value has been measured excluding current financial year revenue
items.
2. All of the above returns are capital returns.
3. Source: Progressive European Markets Limited
During the period a dividend of 2.4 pence per share was declared. The dividend
was paid on 23 December 2009.
The Company held its Annual General Meeting on 16 December 2009; the resolution
to continue the company for a further three years was not passed. Failure to
pass the continuation vote requires the Directors to convene a general meeting
within three months to liquidate the Company. The Chairman made a statement
following the Annual General Meeting which said, inter alia, that "The Directors
may choose to put alternative proposals to shareholders in advance of the
general meeting. When considering suitable proposals the Directors will be
mindful that any proposal should treat all shareholders equally."
Following the meeting, we took immediate steps to start liquidating the
portfolio with the result that we were holding substantial cash balances over
the second half of December while the market was rising. We will be making no
new investments and will consider sensible bids for our remaining holdings. Cash
will be held on deposit or invested in short term treasury bills.
We requisitioned meetings in Henderson Private Equity - where we are asking the
Board to come up with proposals to narrow their discount - and Infrastructure
India - where we plan to change the Board.
Top ten holdings at 31 December 2009
+---------------------------+------------+---------+
| Marwyn Value | 2,900 | 7.5% |
+---------------------------+------------+---------+
| Infrastructure India | 2,256 | 5.8% |
+---------------------------+------------+---------+
| Witan | 2,223 | 5.7% |
+---------------------------+------------+---------+
| Dexion Absolute | 1,750 | 4.5% |
+---------------------------+------------+---------+
| Eurovestech | 1,691 | 4.4% |
+---------------------------+------------+---------+
| Framlington Innovative | 1,606 | 4.1% |
+---------------------------+------------+---------+
| Asset Management | 1,550 | 4.0% |
+---------------------------+------------+---------+
| BlackRock Absolute GBP | 1,522 | 3.9% |
+---------------------------+------------+---------+
| Ceres Agriculture | 1,462 | 3.8% |
+---------------------------+------------+---------+
| Montanaro European | 1,380 | 3.5% |
| Smaller | | |
+---------------------------+------------+---------+
| | 18,340 | 47.2% |
+---------------------------+------------+---------+
| Other | 20,546 | 52.8% |
+---------------------------+------------+---------+
| Total holdings (ex cash) | 38,886 | 100.0% |
+---------------------------+------------+---------+
| | | |
+---------------------------+------------+---------+
| Cash | 9,648 | |
+---------------------------+------------+---------+
This Interim Management Statement will be available on www.pro-asset.com. For
further information contact Carlos Horner, Progressive Group Marketing Director
on 020 7566 5580 or info@pro-asset.com
15 January 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
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