Interim Management Statement

RNS Number : 9084M

Schroder UK Growth Fund PLC

21 September 2012

 

SCHRODER UK GROWTH FUND PLC

Interim Management Statement for the Quarter Ended 31 July 2012

Investment Objective

The Company's principal investment objective is to achieve capital growth predominantly from investment in UK equities, with the aim of providing a total return in excess of the FTSE All-Share Index.

Annual General Meeting

The Annual General Meeting of the Company was held on 31 July 2012 with all resolutions being passed by shareholders.

Company Statistics as at 31 July 2012

Gross assets	£236.5 million
Net Asset Value per Ordinary share (cum income)	131.47p
Share price	124.00p
Discount (to ex income net asset value)	5.16%
Number of portfolio holdings	37
Net effective gearing	9.9%
Yield	2.8%

% Cumulative Performance to 31 July 2012 (Total Return Basis)

Performance over	3m	6m	1yr	3yr
Share Price	(0.4)	2.1	(0.6)	39.8
Net Asset Value	(3.1)	0.6	(1.6)	40.7
FTSE All-Share Index	(1.0)	1.9	0.4	37.7

Source for all performance data: Morningstar

Portfolio Information as at 31 July 2012

Ten Largest Holdings

Stock Name	Sector Classification	Market Value (£)	% of Net Asset Value
GlaxoSmithKline	Healthcare	12,369,249	5.8
Royal Dutch Shell	Oil & Gas	10,259,362	4.9
Tate & Lyle	Consumer Goods	9,217,407	4.4
Debenhams	Consumer Services	8,471,721	4.0
BG Group	Oil & Gas	8,263,791	3.9
Virgin Media	Telecommunications	8,192,492	3.9
Legal & General	Financials	8,180,126	3.9
Rolls-Royce	Industrials	7,802,096	3.7
Taylor Wimpey	Consumer Goods	7,638,235	3.6
Drax	Utilities	7,444,534	3.5

Sector Allocation

Sector

Percentage of Net Asset Value

Financials	30.9
Consumer Services	25.2
Basic Materials	11.6
Consumer Goods	9.0
Industrials	7.3
Oil & Gas	7.1
Health Care	6.3
Technology	6.1
Utilities	5.5
Telecommunications	2.2
Other net liabilities	(11.2)

Changes to Share Capital during the Quarter Ended 31 July 2012 and Upon Exercise of Subscription Shares

During the quarter ended 31 July 2012, the Company repurchased 550,000 Ordinary shares for cancellation. As a result there were 160,873,790 Ordinary shares of 25p each in issue at 31 July 2012. The holders of the 21,393,197 Subscription shares outstanding had their final opportunity to exercise those shares on 31 July 2012 (the quarter end date) at a price of 129p.

Since the period end, 43,394 Ordinary shares were issued following the exercise of conversion rights of a number of Subscription shareholders. Following this issue, a total of 160,917,184 Ordinary shares of 25p were in issue.  A total of 21,349,803  Subscription shares remained unexercised following the final subscription date of 31 July 2012 and their listing has been suspended.  The Company will  make arrangements for the cancellation of the listing of the Subscription shares in due course.

Material Events or Transactions

There have been no other material events or transactions that have taken place between 31 May 2012 and the date of publication of this Statement.

Company Information as at 31 July 2012

SEDOL Code	0791348
Sector	Equity Investment Instruments
Launch Date	25 April 1994
Financial Year End	30 April
Next Dividend Payment	January 2013

Enquiries:

Jonathan McGuire

Schroder Investment Management Limited

Company Secretary

Tel: [phone]

 21 September 2012

 

END

 

 

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