Interim Management Statement
November 22 2010 - 8:15AM
UK Regulatory
TIDMAOT
ANGLO & OVERSEAS PLC
INTERIM MANAGEMENT STATEMENT FOR THE THREE MONTHS TO 31 OCTOBER 2010
The Board of Anglo & Overseas Plc (the "Company") announces its Interim
Management Statement for the period from 1 August 2010 to 31 October 2010. 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
The net asset value total return for the Company in the three months to 31
October 2010 was 5.6%. 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 9.0% and from the FTSE All-World ex UK Index was 7.3%. The average
total return from these two indices was 8.1%.
Share Price and Discount
During the period the share price rose by 4.1% from 96.50p to 100.50p. 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 12.4%
to 13.6%.
During the period the Company did not repurchase any shares. The total number
of shares in treasury at 31 October 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 31 October 2010 was 73,217,881 shares.
There have been no transactions in the Company's own shares since 31 October
2010.
Dividend
At the Annual General Meeting of the Company held on 19 November 2010
shareholders approved a final dividend of 2.16p for the year to 31 July 2010.
This will be paid on 30 November 2010 to shareholders on the register as at the
close of business on 5 November 2010. The ex-dividend date was 3 November 2010.
Investment Outlook
Overall global equity markets achieved positive returns during the period under
review reversing the negative returns of the previous quarter when concerns
about government deficits were most pronounced. We continue to believe that
there will be a relatively slow recovery in economic growth worldwide,
particularly in developed economies. However, with a stock market where
sentiment can swing rapidly, this can provide opportunities for investors with
a long-term investment strategy to acquire stocks at attractive valuations. As
a consequence we have continued to remain relatively fully invested.
FINANCIAL SUMMARY
31 October 2010 31 July 2010 % Change
Net asset value per share 116.35p 110.13p 5.6%
(including income)
Share price 100.50p 96.50p 4.1%
Share price discount to net 13.6% 12.4%
asset value
Net assets GBP85.2m GBP80.6m
Past performance is not a guide to future performance.
The Directors are not aware of any significant event or transactions which have
occurred between 31 October 2010 and the date of publication of this statement
which have had a material impact on the financial position of the Company.
22 November 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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