Interim Management Statement (7065D)
18 Mai 2012 - 7:07PM
UK Regulatory
TIDMUKT
RNS Number : 7065D
UK Select Trust Limited
18 May 2012
UK Select Trust Limited (the "Fund")
Interim Management Statement
This interim management statement ("IMS") covers the period from
1 January 2012 up to the date of publication of this IMS (the
"Period"), unless otherwise specified. It has been produced for the
sole purpose of providing the information to the Company's
shareholders in accordance with the requirements of the UK Listing
Authority's Disclosure and Transparency Rules. It should not be
relied upon by any other party or for any other purpose.
Investment Objective
To provide a total return to shareholders in excess of that of
the FTSE All-Share index and pay a progressive dividend.
Share Price and NAV Performance*
31 March 31 December % movement
2012 2011
---------------------------- ---------- ------------ -------------------------
Ordinary Shares
---------------------------- ---------- ------------ -------------------------
NAV (p) 151.13p 142.08p +6.37%
---------------------------- ---------- ------------ -------------------------
Share Price (p) 126.0p 120.0p +5.00%
---------------------------- ---------- ------------ -------------------------
Discount (%) 16.63% 15.54%
---------------------------- ---------- ------------ -------------------------
Total net assets (GBP'000) GBP30,970 GBP29,471 +5.09%
---------------------------- ---------- ------------ -------------------------
FTSE All-Share Index 3,002.78 2,857.88 +5.07%
---------------------------- ---------- ------------ -------------------------
*Past performance is not a guide to future performance. The
value of an investment and any income from it is not guaranteed and
can go up and down depending on investment performance.
The Fund had a strong quarter, outperforming its benchmark by
3.19%. The largest contributor to performance was the holding in
Indus Gas, the owner of gas assets in Western India, shares in
which outperformed the wider market by close to 40%. Indus Gas is
presently expected to provide an update on its reserves and
resources in 2012.
After a share price fall in January on the reversal of a
previously positive court decision, the Investment Manager added to
the Fund's holding in Essar Energy. Fund performance then benefited
as Essar outperformed the wider market by almost 50% during
March.
Limited exposure to the banking sector weighed on performance as
the banks rallied strongly on the back of the announcement of the
second tranche of the long term refinancing operations.
Financial Position
The Investment Manager continued to populate the Fund with
conviction "buy" ideas, adding to holdings in Essar Energy,
Invensys and DS Smith and building a new position in Imperial
Tobacco. These transactions were financed by profit taking in Indus
Gas and by selling the holdings in Smiths Group and RSA Insurance.
The Fund remains overweight in the pharmaceutical sector but the
Investment Manager switched its preferred exposure from
GlaxoSmithKline to AstraZeneca.
Gearing
Although the Company has a borrowing facility of GBP2,000,000,
it did not utilise any borrowings during the Period.
Material Events
As announced on 16 April 2012, the Company has received notice
from the Company's Investment Manager, Scottish Widows Investment
Partnership Limited ("SWIP"), to terminate the investment
management agreement. SWIP has confirmed that it will continue to
manage the Company for the duration of the notice period (being six
months, expiring on 18 October 2012) or such shorter period as SWIP
and the Board may agree. The Board, with its advisers, Canaccord
Genuity Limited, is considering appropriate arrangements for the
Company going forward and will make a further announcement in due
course.
There were no other significant events or transactions which
have occurred during the Period which would have a material impact
on the Company.
Dividend
A second interim dividend of 3.15p per share was declared by the
Board of Directors on 29 March 2012 for the year ended 31 December
2011, payable on 25 May 2012. Shares were marked ex-dividend on 11
April 2012 and the record date for the interim dividend was 13
April 2012. This, together with the first interim dividend of 0.95
pence per Ordinary Share (2010: first interim dividend 0.9 pence),
makes a total of 4.1 pence for the year (2010: 3.9 pence).
Material Transactions
On 16 January 2012, 250,000 shares were bought back and placed
in treasury, at a price of 119.0 pence per share.
Top 10 Holdings
Company % of net assets % of net assets
as at 31 March as at 31 December
2012 2011
------------------------- ---------------- -------------------
AstraZeneca PLC 7.13% 4.71%
------------------------- ---------------- -------------------
Resolution Limited 5.99% 5.40%
------------------------- ---------------- -------------------
KSK Power Ventur PLC 5.66% 3.79%
------------------------- ---------------- -------------------
Indus Gas Limited 5.52% 6.70%
------------------------- ---------------- -------------------
BP PLC 5.14% 8.67%
------------------------- ---------------- -------------------
Essar Energy PLC 5.08% 1.39%
------------------------- ---------------- -------------------
Reed Elsevier PLC 4.89% 6.52%
------------------------- ---------------- -------------------
DS Smith PLC 4.73% 1.69%
------------------------- ---------------- -------------------
Berkeley Group Holdings 3.47% 4.32%
------------------------- ---------------- -------------------
iEnergizer Limited 3.41% 2.67%
------------------------- ---------------- -------------------
Further information
Further information regarding the Company, including factsheets,
can be found at the investment manager's website www.swip.com.
Enquiries:
Secretary
Kleinwort Benson (Channel Islands) Fund Services Limited
Telephone 01481 710607
This information is provided by RNS
The company news service from the London Stock Exchange
END
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