Interim Management Statement

RNS Number : 2935A

Schroder UK Mid Cap Fund PLC

28 January 2011

 



SCHRODER UK MID CAP FUND PLC

Interim Management Statement for the Quarter Ended 31 December 2010

The Board of Schroder UK Mid & Small Cap Fund Plc ("the Company") is pleased to announce its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 October 2010 to 31 December 2010.

Investment Objective

As detailed below, a change in the Company's investment objective was approved by shareholders at a General Meeting held on 26 January 2011. The Company's revised investment objective is to invest in mid cap equities, with the aim of providing a total return in excess of the FTSE Mid 250 Index (ex Investment Companies).

Material Events or Transactions

General Meeting/Change to Investment Objective and Policy and Company Name

A General Meeting of the Company was held on 26 January 2011 at which resolutions proposing the adoption of a revised investment objective and policy and a change in the Company's name to Schroder UK Mid Cap Fund plc were duly passed. Full details of the resolutions put to the General Meeting and the Company's revised investment objective and policy, together with the rational behind such revisions, are set out in a Circular to shareholders dated 30 December 2010, which is available to download from the Company's website, www.schroderukmidandsmallcapfund.com.

A Certificate of Incorporation on Change of Name has been issued by the Registrar of Companies and the change of name of the Company to Schroder UK Mid Cap Fund plc is effective from 26 January 2011. The Company's website address will be amended to reflect the change of name and details of the new address will be released when it goes live. The Company's shares now trade on the London Stock Exchange under the new name. The Company's London Stock Exchange TIDM code (ticker), "SCP" remains unchanged.

Annual General Meeting/Directorate Changes

The Annual General Meeting of the Company was held on 26 January 2011. All resolutions set out in the Notice of Meeting were duly passed by shareholders, including the election of two new Directors, Mr Robert Rickman and Mr Eric Sanderson.

Mr Robert Rickman, aged 53, is a founding partner of the Rockley Group, making and managing technology based investments worldwide and particularly in China. He is an independent non-executive director of AIM-listed Cambium Global Timberlands Ltd and of the Close Brothers trading companies. From 2001 until 2007 he was a Director and latterly Chairman of the AIM-listed Highland Timber PLC. Mr Rickman was a director of telecoms and datacoms equipment manufacturer Bookham Technology PLC from 1994 to 2004, during which time the company was listed on the LSE and NASDAQ. He is currently chairman of the property and finance committee of Modern Art Oxford.

Mr Eric Sanderson, aged 59, is a Chartered Accountant and a Banker and was Chief Executive of British Linen Bank from 1989 to 1998 and a member of the Management Board of Bank of Scotland in his role as Head of Group Treasury Operations from 1997 to 1999. He was also formerly Chairman of MyTravel Group PLC and of Dunedin Fund Managers Limited and has held a number of non-executive Board positions. He is presently Chairman of MWB Group Holdings PLC, Chairman of the Court of The University of Dundee and a non-executive director of First Milk Limited, where he is also Chairman of the Audit Committee.

Also as part of the refreshment of the Board, Mr Malcolm Coubrough retired as a Director of the Company at the Annual General Meeting and did not seek re-election. The Directors extend their gratitude for the invaluable contribution that Malcolm has made to the success of the Company over the last 13 years.

There have been no other material events or transactions that have taken place in respect of the Company between 1 October 2010 and the date of publication of this Statement.

Final Dividend for the year ended 30 September 2010

A final dividend of 5.83p net per share for the year ended 30 September 2010 is payable on 31 January 2011 to shareholders on the register on 14 January 2011.

Company Statistics as at 31 December 2010

Net Assets	£108.7m
Net Asset Value per Ordinary Share (ex Income)	293.68p
Share Price	246.00p
Discount (ex Income)	16.24%
Number of Portfolio Holdings	77
Gearing	2.7%
Yield	2.4

Cumulative Performance to 31 December 2010 (%)

Performance over	3 months	6 months	1 year
Share Price (Total Return)	9.1	28.1	35.5
Net Asset Value (Total Return)	9.8	28.1	28.4
FTSE All Share ex-ITs ex-FTSE 100 Total Return Index	10.2	25.3	27.1

Data Source: Fundamental Data

Portfolio Information as at 31 December 2010

Ten Largest Holdings

Stock Name	Sector Classification	Market Value (£)	% of NAV
Elementis	Basic Materials	3,348,000	3.02
Premier Oil	Oil & Gas	3,299,700	2.95
John Wood Group	Oil & Gas	2,790,000	2.49
Travis Perkins	Industrials	2,358,870	2.11
Domino Printing	Industrials	2,275,000	2.03
ITE Group	Consumer Services	2,269,800	2.03
Ashtead Group	Industrials	2,245,100	2.01
Kier Group	Industrials	2,128,713	1.90
Millennium & Copthorne Hotels	Consumer Services	2,075,141	1.85
Dechra Pharmaceuticals	Healthcare	2,063,485	1.84

Sector Allocation

Sector		% of NAV
Industrials	38.83
Consumer Services	16.76
Oil & Gas	11.27
Consumer Goods	9.29
Financials	7.98
Basic Materials	7.12
Technology	6.91
Healthcare	3.52
Telecommunications	1.02
Other Net Liabilities	(2.70)

Changes to Share Capital during the Quarter Ended 31 December 2010

There were no changes to the Company's share capital during the quarter. There remain a total of 36,143,690 ordinary shares of 25p each in issue, each carrying one voting right. No shares are held in treasury.

Company Information as at 31 December 2010

SEDOL Code	0610841
Sector	Equity Investment Instruments
Launch Date	25 April 1994
Financial Year End	30 September
Next Dividend Payment  Date	31 January 2011

Enquiries:

Louise Richard

Schroder Investment Management Limited

Company Secretary

Tel: [phone]

28 January 2011

 

END

 

 

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