Interim Management Statement

RNS Number : 8177X

Scottish Oriental Smlr Co Tst PLC

16 January 2014

 

The Scottish Oriental Smaller Companies Trust PLC

Interim Management Statement

For the Four Month Period from 31 August 2013 to 31 December 2013

Investment Objective

Scottish Oriental aims to achieve long term capital growth by investing in smaller Asian quoted companies with market capitalisations under US$1,500m, or the equivalent thereof, at the time of first investment.  Asia is deemed to include the Indian subcontinent but excludes Japan and Australasia.

Performance Summary

	As at  31 December  2013	As at 31 August 2013	Movement
Net asset value per share ("NAV")	798.25p	787.25p	1.4%
Share price	782.50p	733.75p	6.6%
Discount to NAV	(2.0%)	(6.8%)	-
Shares in issue	31,643,650	31,643,650	-
Shareholders' funds	£252.6m	£249.1m	1.4%
Market capitalisation	£247.6m	£232.2m	6.6%

# The information provided above is based on unaudited, capital only figures.

Period Review and Material Events

Scottish Oriental's net asset value rose by 1.4% over the period compared to rises of 1.9% in the MSCI AC Asia ex Japan Index and 1.2% in the MSCI AC Asia ex Japan Small Cap Index, respectively.

During the period, the Trust increased its exposure to India from 13.4% to 19.3% of net asset value. The share price rose by 6.6% to 782.50p as a result of a much narrower discount to net asset value prevailing at the end of the calendar year.

On 27 December 2013 the Company announced that its auditor, Chiene + Tait, had resigned having taken a strategic decision to pull out of the audit of listed companies. The Company is seeking a replacement auditor and a further announcement will be made in due course.

Additional Information

Up to date NAV and share price information is available from the Company's website www.scottishoriental.co.uk.

For further information please contact Fraser Wood at First State Investments by telephone [phone]) or email ([e-mail])

 

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