Interim Management Statement
October 20 2009 - 6:45AM
UK Regulatory
TIDMECIT
RNS Number : 0835B
Eclectic Investment Trust PLC
20 October 2009
ECLECTIC INVESTMENT TRUST PLC
Interim Management Statement
for the period 1 June 2009 to 30 September 2009
Investment Objective
The investment objective of the Company is to maximise shareholder value by
investing in a portfolio of securities anywhere in the world.
Interim Management Review
Performance
In the period since the year end date, 31 May 2009 to 30 September, Eclectic's
NAV rose 22.2% outperforming the FTSE All Share Index which rose 17% in the same
period.
Gross assets less current liabilities (excluding bank debt) increased to
GBP18.3m (GBP14.1m at 31 May 2009) up 29.8%.
The ordinary share price rose by 57.9% over the period, to 75.0p, a discount of
14.8% to the net asset value of 88.0p.
Portfolio
There were no notable transactions during the period
Financing
At 30 September 2009 the bank debt was GBP2.7m drawn on a GBP3.0m loan facility
with RBS although net bank debt was significantly less.
Material events
On 18 September 2009 the Company issued a Circular to Shareholders in connection
with proposals to replace the Articles of Association, cancel the Company's
listing on the Official List and move to a trading on AIM and, as a consequence
if the proposals are approved at the forthcoming Annual General Meeting to
change the name of the Company to Eclectic Investment Company plc.
Ten Largest Holdings
+--------------------------------+------------------+
| | % of gross |
| | assets |
+--------------------------------+------------------+
| Trust Company Limited | 32.3% |
+--------------------------------+------------------+
| eBet Limited | 8.1% |
+--------------------------------+------------------+
| Resolute Mining | 7.1% |
+--------------------------------+------------------+
| South Indian Bank | 3.8% |
+--------------------------------+------------------+
| Argus Group | 3.8% |
+--------------------------------+------------------+
| City Union Bank | 3.3% |
+--------------------------------+------------------+
| North Atlantic Small Cos Inv | 3.2% |
| Trst | |
+--------------------------------+------------------+
| Dhanalakshmi Bank | 2.2% |
+--------------------------------+------------------+
| Bank of N.T Butterfield | 2.2% |
+--------------------------------+------------------+
| F&C Asset Management 6.75% | 1.8% |
+--------------------------------+------------------+
| Ten Largest Holdings | 67.8% |
+--------------------------------+------------------+
Outlook
Global economies continued to recover led by China. The investment by China in
infrastructure assets has led to a recovery in the mining and manufacturing
industries around the world. In the developed economies quantitative easing has
resulted in increased stability. These factors have underpinned the equity
markets confidence and a strong share market performance has been seen across
the world.
Eclectic's investment managers are cautiously optimistic. The world's economies
are recovering. The low interest rate environment should lead to continued
underpinning of assets, and in particular equity markets. Caution centres around
the eventual reduction of fiscal stimulus by governments and tightening of
monetary policy by central banks, and its impact on the real economy and the
bond markets. Exchange rates remain one of the biggest challenges for investors.
Other information
Year End: 31 May
Investment Manager: Ingot Capital Management Pty Limited.
Directors: A F Bushell - Chairman, P I Burrows, B C Hervey, W J McLeland
Secretary, Administrator and Registered Office: Phoenix Administration Services
Limited, Springfield Lodge, Colchester Road, Chelmsford CM2 5PW
(Tel: 01245 398950 Fax: 01245 398551)
The Company's shares are listed on the London Stock Exchange
Further information is available from the Company's website:
www.eclecticinvest.com.
20 October 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
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