RenUniv Gwth InTrust Interim Management Statement
January 31 2013 - 6:12AM
UK Regulatory
TIDMRUG
RENN UNIVERSAL GROWTH INVESTMENT TRUST PLC
Interim Management Statement
for the three month period from 1 October 2012 to 31 December 2012
The Board of RENN Universal Growth Investment Trust PLC ("the Company") is
pleased to present the Company's Interim Management Statement.
Investment objective
The objective of the Company is to achieve capital growth and to outperform its
benchmark, the Russell 2000 Index.
Investments are made primarily in securities issued by companies listed, quoted
or domiciled in the US and Canada. These securities include, inter alia,
privately placed common stock, preferred stock, convertible debentures and
warrants, and may also include securities traded on an exchange. The companies
in which investments are made would generally be regarded as belonging to the
category of companies with `micro' stock capitalisations at the time of
purchase, typically those companies with market capitalisations below
$1 billion. From time to time, the Company also invests in securities in unlisted
US companies with similar characteristics. Although there are no limits set by
the Board on the proportion which may be invested in unlisted securities, it is
expected that such exposure will not exceed 25% over a prolonged period.
The full text of the investment policy can be found in the Company's 2012
annual report and accounts, which is available at:
http://www.renaissanceusgrowth.com.
Financial highlights: Performance
31 December 30 September % change
2012 2012
Net assets
Sterling GBP 49,919,000 51,872,000 (3.8)
US Dollar 81,143,000 83,763,000 (3.1)
Number of Ordinary shares 17,466,884 17,622,916 (0.9)
Net asset value
Pence per share 285.79p 294.34p (2.9)
US cents per share 464.55c 475.31c (2.3)
Mid Market price 221.00p 227.50p (2.9)
Discount to NAV 22.67% 22.71% 0.04
Russell 2000 Index (Total Return)
US Dollar 3,902.37 3,831.33 1.9
Sterling adjusted 2,402.64 2,371.90 1.3
S&P 500 Index (Total Return)
US Dollar 2,504.44 2,513.93 (0.4)
Sterling adjusted 1,541.95 1,556.32 (0.9)
Financial highlights: Summary of net assets
31 December 30 September % change
2012 2012
GBP'000 GBP'000
Listed portfolio holdings 24,673 27,769 (11.1)
Unlisted unquoted portfolio 19,673 19,621 0.3
holdings
Other unlisted portfolio holdings 1,029 552 86.4
Time value of warrants 4 17 (76.5)
Cash at bank 4,879 4,354 12.1
Net current assets 42 (90) 146.7
Total net assets 50,300 52,223 (3.7)
Provision for liabilities and (381) (351) (8.5)
charges
Net assets 49,919 51,872 (3.8)
Review of the period
The Company's half yearly results were released on 27 November 2012.
During the quarter, the Company repurchased 156,032 Ordinary shares for
cancellation at a cost of GBP346,000. No Ordinary shares were repurchased to be
held in Treasury for the quarter to 31 December 2012.
NAV performance
The NAV decreased from 294.34p on 30 September 2012 to 285.79p on
31 December 2012 resulting in a three month decline of 2.9% against the Russell
2000 increase (in Sterling terms) of 1.3%.
Largest holdings
As at 31 December 2012, the Company's three largest holdings were AnchorFree,
Cover-All Technologies and iSatori.
AnchorFree is the world's only free ad-supported virtual private network
enabling users to access all internet content anonymously and securely from any
location in the world. Cover-All Technologies is a leader in developing
sophisticated software solutions primarily for the property and casualty
insurance industry. iSatori develops and sells nutritional products in the
performance, weight loss and energy markets worldwide.
Top ten holdings as at 31 December 2012
Company Name Sector Value % of Net
Assets
$000
AnchorFree* Wireless Communications 27,613 34.0
Cover-All Technologies Information Technology 9,467 11.7
iSatori Personal Products 7,977 9.8
Plures Technologies Semiconductors 6,520 8.0
Points International Internet Software 4,456 5.5
Bovie Medical Corporation Healthcare Services 3,872 4.8
Flamel Technologies Pharmaceuticals 2,424 3.0
Hollysys Automation Electronic Equipment 2,406 3.0
Technologies
Titan Machinery Trading Companies & 1,235 1.5
Distributors
Cantel Medical Corporation Healthcare Equipment 1,130 1.4
* unquoted holding - held at valuation as at 31 March 2012.
Subsequent events
Since 31 December 2012, RENN Universal has repurchased a total of 28,905 of the
Company's own shares for cancellation at a total cost of GBP67,000. Other than
these buybacks, the Board is not aware of any significant events or
transactions which have occurred since 31 December 2012 and the date of
publication of this statement which would have a material effect on the
financial position of the Company.
31 January 2013
Neither the content of RENN Universal Growth Investment Trust PLC's website nor
the contents of any website accessible from hyperlinks on the website (or any
website) is incorporated into, or forms part of this announcement.
END
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