Interim Management Statement

RNS Number : 8509B

Standard Life UK Small.Co's Tst PLC

03 November 2009

 



Standard Life UK Smaller Companies Trust plc

Interim Management Statement

Three months ended 30 September 2009

To the members of Standard Life UK Smaller Companies Trust plc ('the Company')

This Interim Management Statement ('IMS') has been produced solely to provide additional information to shareholders as a body to meet the relevant 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.

This IMS relates to the period from 1 July 2009 to 30 September 2009 and contains information that covers this period, and up to the date of publication of this IMS, unless otherwise specified.

Investment objective

The objective of Standard Life UK Smaller Companies Trust plc is to achieve long term capital growth by investment in UK quoted smaller companies.

Benchmark

Extended Hoare Govett Smaller Companies Index (excluding Investment Trusts).

Material events

Following shareholder approval at the Annual General Meeting held on 13 October 2009, a final dividend of 1.10 pence per Ordinary share was paid on 16 October 2009 to shareholders on the register as at 18 September 2009. The ex-dividend date was 16 September 2009.

Shareholders also gave approval for the Company to cancel the share premium account and the capital redemption reserve in connection with the twice-yearly tender offer facility which is to begin in July 2010.

Largest Ten holdings and Transactions in Period

Ranking as at 30 September 2009	Transaction in period	Ranking as at 30 June 2009	Investment	Market Value at 30 September 2009 (£)	%
1	Sale	2	Abcam	3,135,567	3.7
2	-	1	ASOS	3,064,947	3.6
3	-	-	Computacenter	3,041,900	3.6
4	-	5	Domino's Pizza	2,834,021	3.4
5	Purchase	10	Paddy Power	2,721,358	3.2
6	-	3	Telecom Plus	2,323,727	2.8
7	-	-	Hargreaves Lansdown	2,283,200	2.7
8	-	-	Telecity Group	2,163,324	2.6
9	-	9	JD Sports Fashion	2,159,240	2.6
10	-	8	Chemring Group	2,103,258	2.5
			Assets in largest ten holdings		30.7

Net assets breakdown as at 30 September 2009

	%
Consumer Services	26.7
Technology	17.8
Industrials	15.5
Financials	14.2
Consumer Goods	11.0
Healthcare	9.5
Basic Materials	3.6
Telecoms	2.8
Oil & Gas	2.3
Utilities	0.9
Cash	-4.3
Total	100.0

General description of Company's financial position and performance as at 30 September 2009

Gross Assets	£88.7m
Share Price	116.5p
Net Asset Value	130.98p
Discount	11.0%
Yield (net) *	1.37%
Current equity gearing *	4.0%

* The levels of yield and gearing change daily.

Source: Standard Life Investments.

Cumulative performance - as at 30 September 2009

	1 year (%)	2 years (%)	3 years (%)	4 years (%)	5 years (%)
Share price	16.5	-1.5	11.0	51.3	107.1
Net asset value	8.8	-4.3	6.6	39.7	85.1
Benchmark index#	23.1	-16.7	-10.0	7.7	34.7

*Total Return; Net Income Reinvested, GBP; the percentage growth figures are calculated over periods to 30 September 2009 and exclude retained revenue.

# Extended Hoare Govett Smaller Companies Index (excluding Investment Companies)

Source: Standard Life Investments and Thomson Datastream

The Board is not aware of any significant events or transactions which have occurred between 30 September 2009 and the date of publication of this IMS, other than those referred to above, which would have a material impact on the financial position of the Company. 

For the Manager's current Investment Review & Outlook, please refer to the latest Quarterly Update which is available via the Company's website, www.standardlifeinvestments.com/its

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise. Investors may not get back the amount they originally invested.

For Standard Life UK Smaller Companies Trust plc

Aberdeen Asset Management PLC, Secretaries

3 November 2009

 

END

 

 

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