Interim Management Statement

RNS Number : 5930N

Polar Capital Technology Trust PLC

01 October 2012

 



Polar Capital Technology Trust plc Unaudited Interim Management Statement for the period to 30 September 2012 including information up to the date of publication of this statement. Issued on 1 October  2012

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 30 September 2012 [and up to 1 October 2012] Ordinary Shares Subscription Shares In issue at 30 April 2012 128,208,023 24,798,179 Conversion of subscription shares between 30 April 2012 and 30 September 2012 in to ordinary shares 242 -242 In issue at 30 September 2012 128,208,265 24,797,937 Conversion of subscription shares on 1 October 2012 in to ordinary shares 11,655 -11,655 In issue at 1 October 2012 128,219,920 24,768,282 Latest  Total Voting Rights As at 30 September 2012, Polar Capital Technology Trust plc's share capital consisted of 128,208,265 ordinary shares of 25 pence each and 24,797,937 subscription shares of 1 pence each. Each ordinary share carries one vote while the subscription shares have no voting rights. Therefore as at 30 September 2012, the total number of voting rights was 128,208,265. No shares were held in Treasury. Following the issue of 11,655ordinary shares on 1 October 2012 the share capital of Polar Capital Technology Trust consisted of 128,219,920 ordinary shares of 25 pence each and 24,768,282 subscription shares of 1 pence each. ANNUAL GENERAL MEETING The Annual General Meeting was held on 4 September 2012 and all resolutions were passed on a show of hands. The AGM presentation and proxy votes can be viewed on the Company's website. The business of the AGM is set out in the Notice of Meeting and a copy of this is available from the Company's website. In accordance with Listing Rule 9.6.2, copies of resolutions 13 (New Investment Policy) and 14 (New Articles of Association), being the resolutions passed at the annual general meeting other than those concerning ordinary business, have been submitted to the National Storage Mechanism and are available for inspection at www.Hemscott.Com/nsm.do  Copies of resolutions 14, 15, 16 and 17 having been passed as special resolutions have been submitted to Companies House. Latest NAVs The unaudited, undiluted NAV per share on 28 September 2012 was 393.42p (including current year deficit). Performance Performance over the period from 30 April 2011 to 31 August 2011 is shown below. The end of September performance data will be published in the September factsheet, which should be available from the Company's website on 15 October 2012.

	31 August  2012	30 April  2012
Share Price (p)	391.30	387.00
NAV per Share (p)	390.35	392.74
Premium / (Discount) (%)	0.24	(1.46)
Total Investments (£m)	500	504
AIC Gross Gearing Ratio (%)*	106.00	106.00
AIC Net Gearing Ratio (%)*	95.00	97.00
*Gearing calculations are exclusive of current year Revenue/Loss.

Performance (%)	6 Months	1Year		5 years
Share Price	0.72	21.18		74.49
NAV per Share	-0.10	20.54		62.48
Dow Jones World Technology Index	-0.27	20.09		42.42
Geographical Breakdown (%)	31 August  2012	30 April  2012
North America	72.6	71.9
Asia	10.7	12.2
Europe	6.7	6.2
Japan	2.7	4.3
Middle East	2.1	2.3
Cash & Equivalents	5.2	3.0
Sector Breakdown (%)	31 August  2012	30 April  2012
Software	24.5	22.3
Semiconductors	20.8	20.1
Computing	19.3	19.3
Comms Equipment	13.0	13.8
Internet / Consumer	11.6	10.3
Services	5.4	6.3
Electronic Components	2.5	3.4
Internet & Catalog retail	1.0	1.7
Machinery	0.6	0.8
Office Electronics	0.4	0.9
Building Products	0.3	0.3
Commercial Services/Supplies	0.3	-
Healthcare	0.2	0.4
Other	0.1	0.1
Telecoms / Media	-	0.1
Top Ten Holdings (%)	31 August  2012	30 April  2012
Apple	13.2	12.1
Google	5.1	4.6
Microsoft	4.6	4.6
Samsung Electronics	3.4	3.9
International Business Machines	2.9	3.0
Qualcomm	2.7	2.7
Oracle	2.5	2.3
Intel Com	2.3	2.7
Taiwan Semicon Manufacturing	2.0	2.2
Cisco Systems	1.9	2.2
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 Price for subscription rights exercised on any day between and including 1 April 2012 and the last Business Day in March 2014, is 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.polarcapitaltechnologytrustplc.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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