Interim Management Statement

RNS Number : 0140Y

Polar Capital Technology Trust PLC

23 February 2012

 



Polar Capital Technology Trust plc Interim Management Statement for the 3 months to 31 January 2012 (unaudited)

The Board of Polar Capital Technology Trust plc (the "Company") is pleased to announce its interim management statement which relates to the period from 31 October 2011 to 31 January 2012 and contains information that covers this period and up to the date of publication of this statement unless otherwise specified. Investment objective The investment objective of Polar Capital Technology Trust PLC is to maximise long-term capital growth through investing in a diversified portfolio of technology companies around the world. Material Events in the period Share Capital Changes in the share capital in the period to 31 October 2011 and up to 23 February 2012: Ordinary Shares Subscription Shares In issue at 31 October 2011 127,730,248 25,275,954 Conversion of subscription shares on I November 2011 and  3 January 2012 +3,291 -3,291 In issue at 31 January  2011 127,733,539 25,272,663 Conversion of subscription shares on 1 February 2012 +4,371 -4,371 In issue at 23 February 2012 127,737,910 25,268,292 Latest  Total Voting Rights As at 31 January 2012, Polar Capital Technology Trust plc's share capital consisted of 127,733,539 ordinary shares of 25 pence each and 25,272,663 subscription shares of 1 pence each. Each ordinary share carries one vote while the subscription shares have no voting rights. Therefore as at 31 January 2012, the total number of voting rights was 127,733,539. No shares were held in Treasury. Latest NAVs The unaudited, undiluted NAV per share on 22 February 2012 was 392.11p (including current year deficit). Performance Performance over the period is shown below.

	31 January 2012		31 October  2011
Share Price (p)	350.10		353.50
NAV (undiluted) per Share (p)	368.16		350.46
Discount  / (Premium)%	4.91		(0.87)
Total Investments (£m)	470.00		448.00
AIC Gross Gearing Ratio (%)*	107.00		107.00
AIC Net Gearing Ratio (%)*	97.00		95.00
*Gearing calculations are exclusive of current year Revenue/Loss.

Performance (%) to 31 January 2012	6 Months	1Year		5 years
Share Price	0.37	-6.37		45.72
NAV (undiluted) per Share	4.98	-0.45		50.61
Dow Jones World Technology Index	6.02	0.00		44.15
Portfolio
Geographical Breakdown (%)	31 January 2012		31 October 2011
North America	70.9		69.6
Asia	13.6		13.5
Europe	7.3		7.6
Japan	5.0		4.5
Cash & Equivalents	3.2		4.8
Sector Breakdown (%)	31 January 2012		31 October  2011
Software	22.2		23.9
Semiconductors	21.4		21.7
Computers & peripherals	19.2		17.1
Comms Equipment	14.3		14.9
Internet software & Services	10.0		9.6
IT Services	6.0		6.7
Electronic equipment, instruments & components	4.0		4.1
Office electronics	1.0		1.1
Machinery	0.9		0.2
Internet & cataloge retail	0.8		0.5
Other	0.2		0.2

Top Ten Holdings (%)	31 January 2012		31 October 2011
Apple	11.3		9.3
Google	4.7		5.1
Microsoft	4.1		3.5
Samsung Electronics	3.8		3.8
Oracle	2.9		4.1
Qualcomm	2.8		2.6
International Business Machines	2.7		3.3
Cisco Systems	2.5		2.2
Intel	2.4		1.9
Taiwan Semicon Manufacturing	2.2		2.1
Subscription Share Information Each Subscription Share entitles the holder to subscribe for one Ordinary Share at the applicable Subscription Price by 5.00 p.m. on the last Business Day of each month between the last Business Day in March 2011 and the last Business Day in March 2014, after which the Subscription Rights will lapse. The Subscription Prices are as follows: • if the subscription rights are exercised on any day between and including the last Business Day in March 2011 and the last Business Day in March 2012, 401p per Ordinary Share; • if the subscription rights are exercised on any day between and including 1 April 2012 and the last Business Day in March 2014, 478p per ordinary share
General Information:
For further information please visit the company's website where monthly fact sheets for the Company are available.  www.polarcapitaltechnologytrust.co.uk. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the company's website (or any other website) is incorporated into, or forms part of, this announcement. The net asset value of the Company's ordinary shares are calculated daily and can be viewed on the London Stock Exchange website at www.londonstockexchange.com This interim management statement 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 for any other purpose.

 

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