TIDMAOT 
 
ANGLO & OVERSEAS PLC 
 
INTERIM MANAGEMENT STATEMENT FOR THE THREE MONTHS TO 30 APRIL 2010 
 
The Board of Anglo & Overseas Plc (the "Company") announces its Interim 
Management Statement for the period from 1 February 2010 to 30 April 2010 (the 
"period"). This statement is required by the UK Listing Authority's Disclosure 
and Transparency Rules and should not be relied upon for any other purpose. 
 
Objective 
 
The objective of Anglo & Overseas Plc is to provide shareholders with above 
average returns over the longer term through both capital appreciation and 
income growth. 
 
Review of the Period 
 
Results 
 
During the period the net asset value per share increased by 5.3% from 110.08p 
to 115.94p. The net asset value total return (including the interim dividend of 
0.84p) was 6.0%. Although the Company's portfolio is not managed with reference 
to any stock market index your Board continues to believe it is useful for 
comparative purposes to highlight the performance of the Company against market 
indices. In the period the total return from the FTSE All-Share Index was 8.8% 
and from the FTSE All-World ex UK Index was 13.6%. The average total return 
from these two indices was 11.3%. 
 
Share Price and Discount 
 
During the period the share price rose by 2.4% from 95.25p to 97.50p. As a 
consequence of the share price increase being lower than the rise in the net 
asset value, the share price discount to net asset value increased from 13.5% 
to 15.9%. 
 
Your Board continues to believe that the shares of your Company should trade in 
a relatively narrow range around net asset value and as a consequence it 
continues to operate an active share buy back policy. During the period the 
Company repurchased 330,000 shares which were placed into treasury. The total 
cost of these repurchases was GBP322,000. The total number of shares held in 
treasury at 30 April 2010 was 10,057,438 shares, representing 12.1% of the 
total number of shares in issue of 83,275,319 shares. The total number of 
shares in circulation as at 30 April 2010 was 73,217,881 shares. 
 
There have been no further transactions in the Company's own shares since 30 
April 2010. 
 
Dividend 
 
The Company paid an interim dividend of 0.84p per share in respect of the year 
to 31 July 2010. This was paid on 30 April 2010 to shareholders on the register 
as at 9 April 2010. The ex-dividend date was 7 April 2010. 
 
Investment Outlook 
 
During the period there was a recovery in economic growth worldwide, 
particularly in emerging economies, and this benefited equity markets, despite 
increasing concerns in Europe, particularly Greece, of sovereign debt default. 
 
Economic recovery has been partially stimulated by inventory rebuilding from 
low levels. However the principal stimulus has been from additional government 
spending which has resulted in substantial fiscal deficits. These fiscal 
deficits will have to be reduced and will act as a constraint on economic 
growth going forward, particularly when the expenditure and tax consequences of 
government action begin to take effect. 
 
Following the rise in share prices during the period and their subsequent 
decline following the period end, when Eurozone debt concerns reignited, stock 
markets globally offer reasonable value when compared with other asset classes 
such as cash and bonds. 
 
The substantial valuation gaps between defensive and cyclical stocks, which 
prompted a major shift in portfolio structure eighteen months ago, no longer 
exist and future changes in the portfolio in the near future are more likely to 
be of a stock specific nature. 
 
FINANCIAL SUMMARY 
 
                                     30 April  31 January     % Change 
                                         2010        2010 
 
Net asset value per share              115.94p     110.08p       +5.3% 
 
Share price                             97.5p       95.25p       +2.4% 
 
Share price discount to net asset       15.9%       13.5% 
value 
 
Net assets                              GBP84.9m      GBP81.0m 
 
Past performance is not a guide to future performance. 
 
The Directors are not aware of any significant event or transactions which have 
occurred between 30 April 2010 and the date of publication of this statement 
which have had a material impact on the financial position of the Company. 
 
15 June 2010 
 
 
Enquiries: 
 
Sandy Nairn 
Kenneth Greig 
Edinburgh Partners Limited, 12 Charlotte Square, Edinburgh EH2 4DJ 
Tel: 0131 270 3800 
 
Registered Office of the Company: 
 
Beaufort House, 51 New North Road, Exeter EX4 4EP 
 
 
 
END
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