Half-yearly Report
MONTANARO UK Smaller Companies Investment Trust PLC
Half-Yearly Report 2009
The Montanaro UK Smaller Companies Investment Trust PLC ("MUSCIT") was launched
in March 1995 and is listed on the London Stock Exchange.
Investment Objective
MUSCIT's investment objective is capital appreciation (rather than income)
achieved by investing in small quoted companies listed on the London Stock
Exchange or traded on the Alternative Investment Market ("AIM") and to achieve
relative outperformance of its benchmark, the FTSE SmallCap (excluding
investment companies) Index ("SmallCap").
No unquoted investments are permitted.
Investment Policy
The Company seeks to achieve its investment objective by investing in a
portfolio of quoted UK Smaller Companies. At the time of initial investment, a
potential investee company must be profitable and smaller than the largest
constituent of the HGSC Index, which represents the smallest 10% of the UK
Stock Market by value. At the start of 2009, this was any company below £911
million in size. The Manager focuses on the smaller end of this Index.
In order to manage risk the Manager will normally limit any one holding to a
maximum of 5% of the Company's investments. The portfolio weightings of every
stock are closely monitored to ensure they reflect the underlying liquidity of
the particular company. The Company's AIM exposure is also closely monitored by
the Board and is limited to 30% of total investments with Board approval
required for exposure to be above 25%.
The Manager is focused on identifying high quality niche companies operating in
growth markets. This typically leads the Manager to invest in companies that
enjoy high barriers to entry, a sustainable competitive advantage and strong
management teams. The portfolio is therefore constructed on a "bottom up" basis
and there are no sectoral constraints placed on the Manager.
The Board, in consultation with the Manager, is responsible for determining the
gearing strategy for the Company. Gearing is used to enhance returns when the
timing is considered appropriate. The Company currently has a credit facility
of £15 million through ING Bank. The Board has agreed to limit borrowings to
25% of shareholders' funds.
Investment Philosophy
Over the long-term SmallCap equities deliver superior returns relative to
LargeCap equities. The shortage of objective, detailed SmallCap research is a
primary cause of continuing inefficiency in the asset class. The Manager can
exploit this inefficiency by devoting its significant in-house analytical
resource to both proprietary idea generation and proprietary research.
The Manager believes that a conservative, long-term approach to investing in
high quality companies will deliver superior returns and has developed its own
screening and valuation tools to help identify companies which are not only of
the highest quality but also undervalued. Key to success is emphasis on
management quality, first hand research and meetings with management, as well
as experience and commonsense.
Highlights
for the 6 months to 30 September 2009
Results
> Net Asset Value ("NAV"): +41.7% (£93 million)
> Gross assets: +46.5% (£104 million)
> Share price: +47.7%
> FTSE SmallCap (ex investment companies) Index: +75.6%
> Total borrowings drawn down: £10 million
As at As at
30 September 31 March
2009 2009
NAV per ordinary share 277.67p 195.94p
Ordinary share price 226.00p 153.00p
NAV Performance Vs SmallCap
(to 30 September 2009)
6 months 3 years 5 years Since
inception
March 1995
% % % %
NAV (excluding 45.5 (9.0) 51.1 178.3
current period
revenue)
SmallCap Index 75.6 (26.5) (0.4) 49.5
(Underperformance)/ (30.1) 17.5 51.5 128.8
outperformance
Capital Structure
As at 30 September 2009 the Company had 33,475,958 Ordinary shares of 10p each
in issue (none of which were held in Treasury)
Manager's Review
Performance
Over the six months ended 30 September 2009, the Company's net asset value
(NAV) rose 41.7%, underperforming its benchmark, the FTSE SmallCap (excluding
investment companies) Index ("SmallCap"), which rose 75.6%.
From the launch of the Company in March 1995 to the end of September 2009, the
NAV has increased 178.3% compared to the 49.5% by the SmallCap.
Important Events
Following approval by shareholders at the Annual General Meeting on 31 July
2009, a final dividend of 6.85p per Ordinary share was paid on 14 August 2009
to shareholders on the register at the close of business on 26 June 2009. As a
result of the refund of VAT received on past managerial fees, this dividend
included a non-recurring element of 1.99p per Ordinary share.
On 5 June 2009 Roger Cuming, who is Head of Investments at Reliance Mutual,
joined the Board.
Following nine years of outstanding service to the Trust, Antony Hardy stood
down at this year's AGM. He has been replaced by Michael Moule as Audit
Committee Chairman.
The Company started the period with £5 million drawn down from its £15 million
facility with ING. During August, the decision was taken to draw down a further
£5 million. As at the end of September the Company had £10 million of
borrowings invested in the market, leaving gearing at 10%. This move increases
the structural risk of the Trust at the margin.
The First Half has been a strong period of revenue generation for the Company.
As a function of its focus on high quality profitable businesses with sound
balance sheets, the Company's underlying investments have, despite the
challenging economic environment, continued to generate strong underlying
cashflow. This has been reflected in conservative increases in dividend
payments and meant the Company has been largely immune from the dividend cuts
that have been seen across our benchmark. The Board has taken the decision to
make an Interim dividend payment of 3p which will be paid on 18 December 2009
to shareholders on the register as at 27 November 2009.
After the period end the Investment Management contract was novated from
Montanaro Investment Managers Limited to Montanaro Asset Management Limited.
This does not affect the day-to-day management of the Company or the terms on
which it is managed.
Review
What a difference six months makes! It is now clear that markets hit their low
in March 2009 and since then the appetite for risk has markedly increased.
Credit spreads have narrowed; emerging markets have rallied; and, most
relevantly for us, interest in smaller companies has surged. Investors have
been prepared to look through the current economic malaise, encouraged by the
fact that economic data was no longer surprising on the downside and that
expansive stimulus packages could provide the catalyst for recovery.
In no other asset class has this dramatic improvement in sentiment been clearer
than in smaller companies. Our benchmark is up 76% in the last six months. A
lack of liquidity has helped exaggerate the extent of the rise as marginal
sellers disappeared, fearful of missing out on some of the spectacular returns
that were being enjoyed. By way of contrast the FTSE All-Share was up 33%.
April represented the height of the market's euphoria. Our benchmark rose a
record 31%, comfortably eclipsing the previous best monthly return of 13% seen
in November 2001. While we were delighted by the absolute returns, and the fact
SmallCap was outperforming LargeCap, our relative performance was both
disappointing and painful. The Company's strong absolute returns of 42% were
overshadowed by relative underperformance of 34%.
This underperformance is no surprise as the market has been firmly focused on
chasing names not compatible with our investment process. As a function of the
terrible bear market and the FTSE's policy of reshuffling the constituents of
its UK Indices every quarter, the SmallCap Index became increasingly populated
by low quality names burdened by both operational and financial challenges. As
sentiment improved it began to look possible that balance sheets could be
repaired. Not only were banks becoming more accommodating, but the equity
markets were opening up to a round of heavily discounted rights issues and
placings.
Some eye-watering returns were seen within our benchmark as companies' ongoing
viability was reappraised. At the start of March 2009 many companies were being
priced for receivership. As the prospects of lifelines being granted to them
increased there was what some have termed a "dash to trash". The performance of
Avis Europe, the car hire company, was not untypical. In the year to 28
February 2009 the shares fell almost 90% as the company reported a rapid
deterioration in its end markets and concern mounted over the €1.1 billion of
debt and the associated banking covenants. At 9 March 2009 the shares were 3.5p
and the company had a market capitalisation of just over £30 million. By
mid-September the shares were over 38p and the company was promoted to the FTSE
250.
This market bias towards such recovery names was also seen in the early stages
of the bull market in 2003. We relatively underperformed for a number of months
during that period. However, as the market's focus shifted to quality names we
enjoyed three years of excellent absolute and relative returns. In the meantime
we believe it crucial to remain focused on our tried and tested investment
process and philosophy and have maintained our focus on high quality,
profitable companies with good business models and sound balance sheets.
One positive driver of performance during the first half was the return of
Mergers and Acquisitions ("M&A") activity following a period of inactivity
since summer 2008. Your portfolio has historically enjoyed a high level of
takeover activity, with our focus on companies with strong niche market
positions, unique assets and skills, as well as high barriers to entry, proving
attractive to trade buyers and private equity alike. In the first half we
enjoyed two takeovers in the form of BPP (education specialist) and Venture
Productions (natural gas explorer and producer). Additionally, Care UK
(healthcare) received a takeover approach from a private equity company at the
end of September. The takeover of BPP was the most material to the portfolio,
with an American group paying a 70% premium. With the SmallCap Index still
trading below book value we anticipate M&A activity to continue in the second
half.
Reinvesting the proceeds from these takeovers, coupled with the increase in the
level of gearing, resulted in a busy period of portfolio management.
Capitalising on the numerous pricing anomalies we identified did at times prove
challenging due to liquidity constraints. However, it paid to be patient and as
liquidity improved we have increased our exposure to the market through the
draw down of a further £5 million from our facility with ING as stated earlier
in the report. We found particular value among the lower end of the SmallCap
Index and on AIM, which were the most neglected areas during the bear market.
There were a number of strong performances from individual holdings in the
first half. The most material contribution to performance was Hargreaves
Services, a provider of support services to the energy sector. The shares rose
80% as the company delivered impressive results and encouraging newsflow from
its coal product division. Other strong performances were registered by Kewill
(software), Scott Wilson (consultant engineer) and Senior (aerospace and
automotive engineer). These companies' share prices all more than doubled over
the six months under review as they benefited from an improvement in sentiment
towards their more cyclical businesses.
Outlook
We remain optimistic about the prospects for small companies in the second
half. After a period of uncertainty, earnings expectations have adjusted to
more realistic levels. With the benefits of cost cutting beginning to come
through and visibility of revenues gradually returning, there is scope for
operational gearing to drive upgrades as the year draws to a close. Together
with the pick up in M&A these should support both valuation levels and
sentiment.
Despite the improving macro-economic outlook, challenges remain and
stock-picking skills will continue to be crucial. With unemployment heading
towards three million we remain cautious on consumer facing sectors. We are
also well aware of the extreme pressures on public spending. With the fiscal
deficit continuing to rise, this source of revenue will no longer be as
resilient as it once was. The continuing uncertainty over possible cuts will
undermine sentiment towards some of the companies most dependent on Government
spending.
It is our firm belief that the very best companies will emerge from this
downturn stronger. The competitive environment will have improved as weaker
players exit the market, creating excellent prospects for the survivors to
increase market share. Our team of nine analysts continue to work hard to
identify the best of these opportunities.
Dan Harlow
Montanaro Asset Management Limited
25 November 2009
Fifty Largest Holdings
as at 30 September 2009
Holding Sector Value % of Market
cap
£'000 portfolio £m
Hargreaves Services PLC Support Services 3,093 3.1 202
Fisher (James) & Sons PLC Industrial 2,907 2.9 250
Transportation
Dignity PLC General Retailers 2,497 2.5 371
Latchways PLC Support Services 2,261 2.2 72
Hill & Smith Holdings PLC Industrial Engineering 2,246 2.2 237
Dechra Pharmaceuticals PLC Pharmaceuticals and 2,228 2.2 281
Biotechnology
Ricardo PLC Support Services 2,223 2.2 133
NCC Group PLC Software and Computer 2,184 2.2 141
Services
Brewin Dolphin PLC General Financials 2,097 2.1 352
Barr (AG) PLC Beverages 2,017 2.0 315
Ten Largest Holdings 23,753 23.6
eaga PLC Support Services 1,965 1.9 364
Domino Printing Sciences PLC Electronic and 1,949 1.9 318
Electrical Equipment
Chloride Group PLC Electronic and 1,930 1.9 476
Electrical Equipment
Albemarle and Bond Holdings General Financials 1,895 1.9 132
PLC
James Halstead PLC Construction and 1,870 1.9 241
Materials
Wilmington Group PLC Media 1,862 1.8 112
Kewill PLC Software and Computer 1,838 1.8 84
Services
Carclo PLC Chemicals 1,787 1.8 53
Mears Group PLC Support Services 1,759 1.7 217
Chemring Group PLC Aerospace and Defence 1,711 1.7 863
Victrex PLC Chemicals 1,698 1.7 635
Domino's Pizza UK & IRL PLC Travel and Leisure 1,671 1.7 476
Goals Soccer Centres PLC Travel and Leisure 1,661 1.6 104
Phoenix IT Group PLC Software and Computer 1,627 1.6 170
Services
Booker Group PLC Food and Drug Retailers 1,568 1.6 615
Rensburg Sheppards PLC General Financials 1,567 1.6 283
Consort Medical PLC Health Care Equipment 1,562 1.5 124
and Services
Holidaybreak PLC Travel and Leisure 1,537 1.5 212
Scott Wilson Group PLC Support Services 1,523 1.5 78
Caretech Holdings PLC Health Care Equipment 1,508 1.5 178
and Services
Thirty Largest Holdings 58,241 57.7
M.P. Evans Group PLC Food Producers 1,488 1.5 174
Croda International PLC Chemicals 1,476 1.5 893
TR Property Investment Trust Real Estate 1,469 1.5 92
PLC Sigma
Microgen PLC Software and Computer 1,469 1.5 64
Services
UK Mail Group PLC Industrial 1,460 1.4 162
Transportation
Brammer PLC Support Services 1,429 1.4 93
Care UK PLC Health Care Equipment 1,419 1.4 231
and Services
Mothercare PLC General Retailers 1,414 1.4 496
VP Group PLC Support Services 1,368 1.4 79
Dialight PLC Electronic and 1,365 1.4 51
Electrical Equipment
Devro PLC Food Producers 1,360 1.3 221
Education Development PLC Support Services 1,356 1.3 73
Mucklow (A&J) Group PLC Real Estate 1,316 1.3 178
Senior PLC Aerospace and Defence 1,307 1.3 247
Vertu Motors PLC General Retailers 1,279 1.3 84
The Stanley Gibbons Group PLC General Retailers 1,260 1.2 36
Cineworld Group PLC Travel and Leisure 1,165 1.2 229
Genus PLC Pharmaceuticals and 1,148 1.1 409
Biotechnology
BSS Group PLC Support Services 1,143 1.1 360
DTZ Holdings PLC Real Estate 1,071 1.1 264
Fifty Largest Holdings 85,003 84.3
Interim Management Report and Responsibility Statement
Interim Management Report
The important events that have occurred during the period under review are
detailed in the Manager's Review. The key factors influencing the financial
statements are also set out in the Manager's Review.
The principal risks and uncertainties for the remaining six months of the
financial year are reviewed in the Outlook section of the Manager's Review. The
Company actively monitors its counterparty exposures and has been particularly
vigilant during the period.
Under the Listing Rules the Manager is regarded as a related party of the
Company. The amounts paid to the Manager during the period, were £440,000 (30
September 2008: £556,000; year to 31 March 2009: £920,000). At 30 September
2009, the amount due to Montanaro Asset Management Limited, included in
creditors was £111,000. However, the existence of an independent Board of
Directors demonstrates that the Company is free to pursue its own financial and
operating policies, and therefore in terms of FRS 8 "Related Party
Transactions" the Manager is not considered a related party.
Responsibility Statement
The Directors confirm that to the best of their knowledge:
• the condensed set of financial statements has been prepared in accordance
with the Statement on Half-Yearly Financial Reports issued by the UK Accounting
Standards Board;
• the interim management report includes a fair review of the information
required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements;
and a description of the principal risks and uncertainties for the remaining
six months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during that period; and any changes in the related
party transactions described in the last annual report that could do so.
This Half-Yearly Report was approved by the Board of Directors on 25 November
2009 and the above responsibility statement was signed on its behalf by David
Gamble, Chairman.
Income Statement (unaudited)
for the 6 months to 30 September 2009
6 months to 30 September 6 months to 30 September Year to 31 March 2009
2009 2008
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/ - 28,788 28,788 - (14,906) (14,906) - (37,641) (37,641)
(losses) on
investments
designated at
fair value
through
profit or
loss
Dividends and 1,560 - 1,560 1,597 - 1,597 2,855 - 2,855
interest
Management (220) (220) (440) (278) (278) (556) 26 (61) (35)
fee*
Management - - - - - - - 247 247
performance
fee*
Other income 4 - 4 3 - 3 184 - 184
Other (176) - (176) (177) - (177) (334) - (334)
expenses
Net return/ 1,168 28,568 29,736 1,145 (15,184) (14,039) 2,731 (37,455) (34,724)
(deficit)
before
finance costs
and taxation
Interest (42) (42) (84) (190) (191) (381) (266) (266) (532)
payable and
similar
charges
Net return 1,126 28,526 29,652 955 (15,375) (14,420) 2,465 (37,721) (35,256)
before
taxation
Taxation - - - - - - - - -
Net return 1,126 28,526 29,652 955 (15,375) (14,420) 2,465 (37,721) (35,256)
after
taxation
Return per 3.37 85.21 88.58 2.84 (45.81) (42.97) 7.36 (112.54) (105.18)
ordinary
share (pence)
*The Management fee for the year to 31 March 2009 is net of a VAT refund of £
885,000 split between Revenue (£486,000) and Capital (£399,000). The Management
performance fee for the year to 31 March 2009 is a VAT refund of £247,000
resulting from prior year fees.
The total column of this statement is the profit and loss account of the
Company. The supplementary revenue and capital columns are presented under
guidance issued by the Association of Investment Companies (AIC).
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.
No Statement of Total Recognised Gains and Losses has been prepared as all such
gains and losses are shown in the Income Statement.
Reconciliation of Movements in Shareholders' Funds (unaudited)
for the 6 months to 30 September 2009
Called-up Share Capital Special Capital Revenue Own Total
share premium redemption reserve reserve reserve shares equity
capital account reserve held in shareholders
Treasury funds
6 months to £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
30 September
2009
As at 1 3,348 19,307 1,362 4,642 33,448 3,485 - 65,592
April 2009
Fair value - - - - 28,788 - - 28,788
movement of
investments
Costs - - - - (262) - - (262)
allocated to
capital
Net revenue - - - - - 1,126 - 1,126
for the
period
Dividends - - - - - (2,293) - (2,293)
paid in
period
As at 30 3,348 19,307 1,362 4,642 61,974 2,318 - 92,951
September
2009
6 months to
30 September
2008
As at 1 3,545 19,307 1,165 9,451 71,169 2,247 (4,501) 102,383
April 2008
Fair value - - - - (14,906) - - (14,906)
movement of
investments
Costs - - - - (469) - - (469)
allocated to
capital
Shares (15) - 15 (308) - - - (308)
purchased
for
cancellation
Net revenue - - - - - 955 - 955
for the
period
Dividends - - - - - (1,227) - (1,227)
paid in
period
As at 30 3,530 19,307 1,180 9,143 55,794 1,975 (4,501) 86,428
September
2008
Year to 31
March 2009
As at 1 3,545 19,307 1,165 9,451 71,169 2,247 (4,501) 102,383
April 2008
Fair value - - - - (37,641) - - (37,641)
movement of
investments
Costs - - - - (80) - - (80)
allocated to
capital
Shares (14) - 14 (308) - - - (308)
purchased
for
cancellation
Treasury (183) - 183 (4,501) - - 4,501 -
shares
cancelled
Net revenue - - - - - 2,465 - 2,465
for the year
Dividends - - - - - (1,227) - (1,227)
paid in the
year
As at 31 3,348 19,307 1,362 4,642 33,448 3,485 - 65,592
March 2009
Balance Sheet (unaudited)
as at 30 September 2009
As at As at As at
30 September 30 September 31 March
2009 2008 2009
£'000 £'000 £'000
Fixed assets
Investments designated at fair value 100,858 88,518 64,207
through profit and loss
Current assets
Debtors 2,131 336 344
Cash at bank 609 2,770 6,167
2,740 3,106 6,511
Creditors: amounts falling due
within one year
Other creditors (647) (196) (126)
Revolving credit facility (10,000) (5,000) (5,000)
(10,647) (5,196) (5,126)
Net current liabilities (7,907) (2,090) 1,385
Total assets less current 92,951 86,428 65,592
liabilities
Net assets 92,951 86,428 65,592
Share capital and reserves
Called-up share capital 3,348 3,530 3,348
Share premium account 19,307 19,307 19,307
Capital redemption reserve 1,362 1,180 1,362
Special reserve 4,642 9,143 4,642
Capital reserves 61,974 55,794 33,448
Revenue reserve 2,318 1,975 3,485
Own shares held in Treasury - (4,501) -
Total equity shareholders' funds 92,951 86,428 65,592
Net asset value per ordinary share 277.67p 258.18p 195.94p
Summarised Statement of Cash Flows (unaudited)
as at 30 September 2009
As at As at As at
30 September 30 September 31 March
2009 2008 2009
£'000 £'000 £'000
Net cash inflow from operating 1,049 936 2,982
activities
Servicing of finance
- Interest and similar charges paid (86) (488) (686)
Net cash outflow from servicing of (86) (488) (686)
finance
Capital expenditure and financial
investment
- Purchases of investments (23,758) (8,267) (14,400)
- Sales of investments 14,530 10,881 18,563
Net cash (outflow)/inflow from (9,228) 2,614 4,163
capital expenditure and financial
investment
Equity dividends paid (2,293) (1,227) (1,227)
Net cash (outflow)/inflow before (10,558) 1,835 5,232
financing
Financing
- Proceeds of short-term credit 5,000 - -
facility
- Repayment of short-term credit - (10,000) (10,000)
facility
- Ordinary shares purchased for - (308) (308)
cancellation
- Ordinary shares purchased for - - -
Treasury
Net cash inflow/(outflow) from 5,000 (10,308) (10,308)
financing
Decrease in cash (5,558) (8,473) (5,076)
Notes to the Financial Statements
as at 30 September 2009
1 Financial information
The financial information contained in this report does not constitute full
statutory accounts as defined in section 434 of the Companies Act 2006. The
comparative financial information for the year ended 31 March 2009 does not
constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985. The financial information for the six months ended 30
September 2009 and 30 September 2008 has not been audited or reviewed by the
Company Auditor pursuant to the Auditing Practices Board guidance on such
reviews.
The information for the year ended 31 March 2009 has been extracted from the
latest published audited financial statements, which have been filed with the
Registrar of Companies. The Report of the Auditors on those financial
statements was unqualified and did not contain a statement under section 237(2)
or (3) of the Companies Act 1985.
The financial statements are prepared on the basis of the accounting policies
set out in note 1 of the annual financial statements for the year ended 31
March 2009.
2 Tax credit/charge on ordinary activities
The tax charge for the half-year is nil (30 September 2008: nil; 31 March 2009:
nil) based on an estimated effective tax rate of 0% for the year ending 31
March 2009. The estimated effective tax rate is 0% as investment gains are
exempt from tax owing to the Company's status as an Investment Trust and there
is expected to be an excess of management expenses over taxable income.
3 Reconciliation of net return before finance costs and taxation to net cash
inflow from operating activities
6 months to 6 months to Year to
30 September 30 September 31 March
2009 2008 2009
£'000 £'000 £'000
Net return before finance costs and 1,168 1,145 2,731
taxation
Management fee charged to capital (220) (278) (460)
VAT reclaim on Investment Management - - 646
Fees charged to capital
Increase/(decrease) in creditors 37 (22) (45)
Decrease in prepayments and accrued 64 91 110
income
Net cash inflow from operating 1,049 936 2,982
activities
4 Reconciliation of net cash flows to movements in net debt
6 months to 6 months to Year to
30 September 30 September 31 March
2009 2008 2009
£'000 £'000 £'000
Decrease in cash in the period (5,558) (8,473) (5,076)
Proceeds of credit facility (5,000) - -
Repayment of credit facility - 10,000 10,000
Movement in net debt (10,558) 1,527 4,924
Net debt at beginning of period 1,167 (3,757) (3,757)
Net debt at end of period (9,391) (2,230) 1,167
5 Analysis of net debt
As at As at
1 April 30 September
2009 Cash flows 2009
£'000 £'000 £'000
Cash at bank 6,167 (5,558) 609
Debt due in one year (5,000) (5,000) (10,000)
1,167 (10,558) (9,391)
Directors
David Gamble (Chairman)
Christopher Jones
Michael Moule
Laurence Petar
Roger Cuming
Advisers
Manager Bankers
Montanaro Asset Management Limited HSBC International
53 Threadneedle Street PO Box 181
London EC2R 8AR 27-32 Poultry
Tel: 020 7448 8600 London EC2P 2BX
Fax: 020 7448 8601 ING Bank N.V.
www.montanaro.co.uk London Branch
info@montanaro.co.uk 60 London Wall
London EC2M 5TQ
Company Secretary, Administrator and Auditor
Registered Office
KPMG Audit Plc
Capita Sinclair Henderson Limited
100 Temple Street
Trading as Capita Financial Group-
Bristol BS1 6AG
Specialist Fund Services
Solicitors
Beaufort House
Norton Rose LLP
51 New North Road
3 More London Riverside
Exeter EX4 4EP
London SE1 2AQ
Tel: 01392 412 122
Fax: 01392 253 282
Registrars Corporate Broker
Capita Registrars Winterflood Securities Limited
Shareholder Services Department The Atrium Building
The Registry Cannon Bridge
34 Beckenham Road 25 Dowgate Hill
Beckenham London EC4R 2GA
Kent BR3 4TU Montanaro UK Smaller Companies
Investment Trust PLC
Tel: 0871 664 0300
Registered in England and Wales No.
(calls will cost 10p per minute 3004101
plus network charges) An investment company as defined under
Section 833 of the
Fax: 020 639 2342
Companies Act 2006.
ssd@capitaregistrars.com
Website: www.montanarouksmaller.co.uk
www.capitaregistrars.com
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