RUG Renn Universal

 
TIDMRUG 
 
RENN UNIVERSAL GROWTH INVESTMENT TRUST PLC 
 
                         Interim Management Statement 
 
         for the three month period from 1 April 2013 to 30 June 2013 
 
The Board of RENN Universal Growth Investment Trust PLC ("the Company") is 
pleased to present the Company's Interim Management Statement. 
 
Following approval by shareholders at the General Meeting held on 17 April 
2013, the Company's investment objective and policy were updated. The current 
investment objective and policy are set out below: 
 
Investment objective 
 
To conduct an orderly realisation of the assets of the Company, to be effected 
in a manner that seeks to achieve a balance between returning cash to 
shareholders promptly and maximising the value of the Company's portfolio. 
 
Investment policy 
 
The Company's investments will be realised in an orderly manner (that is, with 
a view to achieving a balance between returning cash to shareholders promptly 
and maximising the value of the Company's portfolio). 
 
The Company may not make any new investments save that (a) subject to Board 
approval, further investment may be made into existing investments in order to 
preserve the value of such investments; and (b) realised cash may be invested 
in liquid cash-equivalent securities, denominated in Sterling, including 
short-dated corporate bonds, government bonds, cash funds, or bank cash 
deposits pending its return to shareholders in accordance with the Company's 
investment objective. 
 
No more than 10% of the Company's total assets may be invested in any single 
cash equivalent instrument or placed on deposit with any single institution 
except that this limit does not apply to investment in government bonds, which 
shall be unconstrained. 
 
The Company may not employ gearing. 
 
The Company will continue to comply with the restrictions imposed by the 
Listing Rules in force from time to time. 
 
Financial highlights: Performance 
 
                                   30 June 2013      31 March 2013    % change 
 
Net assets 
 
Sterling                             58,294,000      57,252,000            1.8 
US Dollar                            88,414,000      86,934,000            1.7 
Number of Ordinary shares            17,437,979      17,437,979            0.0 
 
Net asset value 
 
Pence per share                          334.29          328.32            1.8 
US cents per share                       507.02          498.54            1.7 
Mid market price                         241.50          234.50            3.0 
Discount to NAV                           27.76%          28.58%          0.82 
 
Russell 2000 Index (Total Return) 
 
US Dollar                              4,521.24        4,385.95            3.1 
Sterling adjusted                      2,977.44        2,887.58            3.1 
 
S&P 500 Index (Total Return) 
 
US Dollar                              2,850.66        2,770.05            2.9 
Sterling adjusted                      1,877.29        1,823.72            2.9 
 
 
Financial highlights: Summary of net assets 
 
                                    30 June 2013   31 March 2013      % change 
                                           GBP'000           GBP'000 
 
Listed portfolio holdings                 29,445          31,304          (5.9) 
Unlisted unquoted portfolio 
holdings                                  18,206          18,185           0.1 
Other unlisted portfolio holdings          5,717           3,914          46.1 
Time value of warrants                         -               1        (100.0) 
Cash at bank                               5,100           4,181          22.0 
Net current assets                           305             110         177.3 
Total net assets                          58,773          57,695           1.9 
Provision for liabilities and 
charges                                     (479)           (443)         (8.1) 
Net assets                                58,294          57,252           1.8 
 
Review of the period 
 
The Company's annual results were released on 14 June 2013. 
 
During the quarter, no Ordinary shares were repurchased by the Company for 
cancellation or to be held in Treasury. 
 
In line with the Company's new investment objective to conduct an orderly 
realisation of the assets of the Company, in the quarter under review the 
Company has disposed of its holdings in Cogo, Hollysys Automation Technologies, 
Plastec Technologies, SGOCO Technology and ZAGG for combined proceeds of 
$4.466m. 
 
The Company has also invested, after Board approval, a further $2.122m in 
Plures Technologies. 
 
NAV performance 
 
The NAV increased from 328.32p on 31 March 2013 to 334.29p on 30 June 2013 
resulting in a three month increase of 1.8% against the Russell 2000 increase 
(in Sterling terms) of 3.1%. 
 
Largest holdings 
 
As at 30 June 2013, 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 30 June 2013 
 
                                                                       % of Net 
Company Name                Sector                             Value     Assets 
                                                               $'000 
 
AnchorFree*                 Wireless Communications           27,613       31.2 
Cover-All Technologies      Information Technology            10,612       12.0 
iSatori                     Personal Products                  9,227       10.4 
Points International        Internet Software                  8,612        9.7 
Plures Technologies         Semiconductors                     8,216        9.3 
Flamel Technologies         Pharmaceuticals                    4,910        5.6 
Bovie Medical Corporation   Healthcare Services                4,720        5.3 
DXP Enterprises             Trading Companies & 
                            Distributors                       1,398        1.6 
Cantel Medical Corporation  Healthcare Equipment               1,287        1.5 
Titan Machinery             Trading Companies & 
                            Distributors                         982        1.1 
 
* unquoted holding - held at valuation as at 31 March 2013. 
 
Subsequent events 
 
Since 30 June 2013, the Company has received proceeds of $1.044m for Pipeline 
Data 14% debenture (approximately 61% of par). The carrying value as at 30 June 
2013 was $0.597m (35% of par). The Company's holding in Sinohub has been 
written off following the revoking of its registration by The Securities and 
Exchange Commission, pursuant to Section 12(j) of the Securities Exchange Act 
of 1934. 
 
The cash at bank with the Company as at 30 July 2013 was GBP5.689m. 
 
The Company has not repurchased any of the Company's own shares for 
cancellation or to be held in Treasury. Other than those stated, the Board is 
not aware of any other significant events or transactions which have occurred 
since 30 June 2013 and the date of publication of this statement which would 
have a material effect on the financial position of the Company. 
 
31 July 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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