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UK Select Trust Ld (UKT)

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Thursday 16 September, 2004

UK Select Trust Ld

Interim Results and Dividend

UK Select Trust Limited
16 September 2004


Stock Exchange Announcement

The unaudited figures for the six months to 30 June 2004 have been drawn up
under The Statement of Recommended Practice for Investment Trusts and have been
prepared on the basis of the accounting policies set out in the company's annual
financial statements for the year ended 31 December 2003.

Statement of Total Return of the Company

The unaudited results below cover the six months ended 30 June 2004

               Six months ended 30 June    Six months ended 30 June     Year ended 31 December
                         2004                        2003                        2003
                       unaudited                   unaudited                   audited
               Revenue   Capital   Total   Revenue   Capital   Total   Revenue   Capital   Total
                 £'000     £'000   £'000     £'000     £'000   £'000     £'000     £'000   £'000

on investments       -      (585)   (585)        -     2,792   2,792         -     6,761   6,761

Income             928         -     928       819         -     819     1,500         -   1,500

management fee     (27)      (82)   (109)      (24)      (70)    (94)      (67)     (203)   (270)

expenses         *(171)      (13)   (184)     (111)      (13)   (124)     (245)      (25)   (270)
               --------   ------- -------   -------   ------- -------   -------   ------- -------

Net return         
before finance
costs              730      (680)     50       684     2,709   3,393     1,188     6,533   7,721

payable            (32)      (95)   (127)      (30)      (90)   (120)      (58)     (175)   (233)
               --------   ------- -------   -------   ------- -------   -------   ------- -------
Return on
for the
taxation           698      (775)    (77)      654     2,619   3,273     1,130     6,358   7,488

Taxation            (1)        -      (1)       (6)        -      (6)        -         -       -
               --------   ------- -------   -------   ------- -------   -------   ------- -------
Return on
for the
period after
taxation          697       (775)    (78)      648     2,619   3,267     1,130     6,358   7,488

dividend of
0.83p            (319)         -    (319)     (351)        -    (351)   (1,190)        -  (1,190)

Transfer to /      
from reserves      378      (775)   (397)      297     2,619   2,916       (60)    6,358   6,298
                =======   ======= =======   ======   =======  =======   =======  ======= =======

Return per        
share             1.67p    (1.85)p (0.18)p    1.54p     6.24p   7.78p     2.69p    15.11p  17.80p
                =======   ======= =======   ======   =======  =======   =======  ======= =======

* Includes £60,000 fees and expenses relating to Extraordinary General Meeting.

Balance sheet
At 30 June 2004
                                      30 June       30 June     31 December
                                         2004          2003            2003
                                    unaudited     unaudited         audited
                                        £'000         £'000           £'000

Investments at market value            41,024        39,180          43,727
Net current assets/(liabilities)         (212)        1,034            (400)

Creditors: amounts falling due
after more than one year               (5,200)       (5,200)         (5,200)
                                       -------       -------        --------
Net assets                             35,612        35,014          38,127
                                       -------       -------        --------

Equity shareholders' funds
Called up share capital                 3,955         4,235           4,203
Capital reserves                       28,255        27,398          30,900
Revenue reserve                         3,402         3,381           3,024
                                       -------       -------        --------
                                       35,612        35,014          38,127
                                       -------       -------        --------

Net assets per 10p ordinary             
share                                   90.04p        82.70p          90.71p
                                       -------       -------        --------

At  30  June  2004

                                       Share       Capital     Capital          Capital   Revenue       Total
                                     premium    redemption   reserve -        reserve -   reserve    reserves
                                                   reserve    realised       unrealised
                                       £'000         £'000       £'000            £'000     £'000       £'000

At 1 January 2004                      4,742         2,104      20,998            3,056     3,024      33,924
Shares repurchased during the
   period                                  -           271     (2,305)                -         -     (2,034)
Realised gains on disposals
   of investments                          -             -       2,154                -         -       2,154
Decrease in unrealised
   appreciation                            -             -           -          (2,739)         -     (2,739)
Investment management fee
   attributable to capital                 -             -        (78)                -         -        (78)
Other expenses attributable
to capital                                 -             -        (17)                -         -        (17)
Loan interest attributable to
   capital                                 -             -        (95)                -         -        (95)
Premium arising on share
- 2003 final dividend                    164             -           -                -         -         164
Retained revenue                           -             -           -                        378         378
                                      ======        ======      ======           ======    ======      ======
At 30 June 2004                        4,906         2,375      20,657              317     3,402      31,657
                                      ======        ======      ======           ======    ======      ======

The Directors have decided to declare an interim dividend of 0.83p (2003: 0.83p)
for the year ending 31 December 2004 to ordinary shareholders who are registered
at the close of business on 24 September 2004.

The Directors propose that ordinary shareholders should be offered the right to
elect to receive new ordinary shares in lieu of the cash final dividend.

Shares will go ex-dividend on 22 September 2004 and the record date will be 24
September 2004.

The interim dividend will be payable on 24 November 2004.

                      This information is provided by RNS
            The company news service from the London Stock Exchange