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UK Select Trust Ld (UKT)

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Thursday 15 September, 2005

UK Select Trust Ld

Interim Results & Dividend

UK Select Trust Limited
15 September 2005

                            UK SELECT TRUST LIMITED

The unaudited figures for the six months to 30 June 2005 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 2004.

Statement of Total Return of The Company
The unaudited results below cover the six months ended 30 June 2005

                 Six months ended         Six months ended        Year ended      
                    30-Jun-05                30-Jun-04             31-Dec-04      
                    unaudited                unaudited              audited       
             Revenue Capital   Total  Revenue  Capital  Total  Revenue  Capital   Total                      
               £'000   £'000   £'000    £'000    £'000  £'000    £'000    £'000   £'000
Gains/             -   3,796   3,796        -    (585)      -    2,165    2,165      
Income           887       -     887      928        -    928    1,536        -   1,536
Investment      (28)    (85)   (113)     (27)     (82)  (109)     (52)    (156)   (208)
Other          (131)     (9)   (140)    (171)     (13)  (184)    (294)     (33)   (327)
               -----   -----   -----    -----    -----  -----    -----    -----   -----
Net return       728   3,702   4,430      730    (680)     50    1,190    1,976   3,166
Interest        (37)   (111)   (148)     (32)     (95)  (127)     (68)    (202)   (270)
               -----   -----   -----    -----    -----  -----    -----    -----   -----
Return on                                                                   
for the                                                                     
taxation         691   3,591   4,282      698    (775)   (77)    1,122    1,774   2,896
Taxation           -       -       -      (1)        -    (1)      (5)        -     (5)
               -----   -----   -----    -----    -----  -----    -----    -----   -----
Return on                                                                   
for the                                                                     
taxation         691   3,591   4,282      697    (775)   (78)    1,117    1,774   2,891
Interim            -       -       -    (319)        -  (319)  (1,125)        - (1,125)
               -----   -----   -----    -----    -----  -----    -----    -----   -----
Transfer         691   3,591   4,282      378    (775)  (397)      (8)    1,774  1,766
to/( from)             
               -----   -----   -----    -----    -----  -----    -----    -----   -----
Return per     1.80p   9.34p  11.14p    1.67p  (1.85p) (0.18p)   2.77p    4.39p  7.16p 
               -----   -----   -----    -----    -----  -----    -----    -----   -----

Balance sheet                                                               
At 30 June 2005                                                             
                                          30-Jun-05    30-Jun-04    31-Dec-04 
                                          unaudited    unaudited      audited 
                                              £'000        £'000        £'000 

  Investments at market value                45,749       41,024       42,277 
  Net current assets/(liabilities)              279        (212)        (101)  
  Creditors: amounts falling due after                                        
  more than one year                        (5,200)      (5,200)      (5,200)  
                                               ----         ----         ---- 
  Net assets                                 40,828       35,612       36,976 
                                               ----         ----         ---- 
  Equity shareholders' funds                                                  
  Called up share capital                     3,812        3,955        3,858 
  Capital reserves                           33,309       28,255       30,102 
  Revenue reserve                             3,707        3,402        3,016 
                                               ----         ----         ---- 
                                             40,828       35,612       36,976 
                                               ----         ----         ---- 
  Net assets per 10p ordinary share         107.09p       90.04p       95.84p 
                                               ----         ----         ---- 
  At 30 June 2005                                                                        

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

  At 1           4,965       2,482    20,134       2,521     3,016     33,118 
  January 2005                                                                        
  during the                                                                  
  period             -          69     (634)           -         -      (565)  
  gains on                                                                    
  disposals of       -           -     2,581           -         -      2,581 
  Decrease in                                                                 
  appreciation       -           -         -       1,215         -      1,215 
  attributable       -           -      (85)           -         -       (85)  
  to capital                                                                  
  to capital         -           -       (9)           -         -        (9)  
  Loan interest                                                                    
  to capital         -           -     (111)           -         -      (111)  
  arising on                                                                  
  2004 final       181           -         -           -         -        181 
  Retained           -           -         -           -       691        691 
                 =====       =====     =====      ======     =====      ===== 
  At 30 June     5,146       2,551    21,876       3,736     3,707     37,016 
                 =====       =====   ======        =====     =====      ===== 

Please note that in accordance with FRS 21 (events after the balance sheet date)
- dividends paid by the Company are accounted for in the period in which the
Company is liable to pay them.

Previously, the Company accrued dividends in the period in which the net
revenue, to which those dividends related, was accounted for.

The Directors have decided to declare an interim dividend of 0.85p (2004: 0.83p)
for the year ending 31 December 2005 to ordinary shareholders who are registered
at the close of business on 23 September 2005.

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 21 September 2005 and the record date will be 23
September 2005.

The interim dividend will be payable on 22 November 2005.

Chairman's statement

Review of Performance

UK Select Trust Limited produced a net asset value total return of 12.17% for
the six months ended 30th June 2005, which compares favourably with a total
return of 8.21% for the FTSE All-Share Index.  This excellent performance was
attributable to a combination of strong stock selection and the positive impact
of the Company's gearing into a rising equity market.  The more significant
contributors to performance are discussed in the Manager's report.

The Board is declaring an interim dividend of 0.85p.

Share price and discount

The share price recorded an increase of 8.6% during the period.  The discount at
which your shares trade relative to their net asset value stood at 10.2% at the
end of the interim period.


The investment manager retained a positive stance towards the UK equity market
during the first half of the year and this was reflected in the Company's
gearing level of 9.2% over the period.  Following further strength in equities
since the interim period end the Company's gearing level has been reduced to 5%.

Future of the Company

On 31 August 2005 Elm Grove (Caymans), Ltd announced that its offer for your
Company had lapsed, having received insufficient acceptances.  As a result it is
the Board's intention to implement the tender offer proposals detailed in the
circular to shareholders of 4 August 2005.  The Board's proposals will be
conditional upon the passing of the appropriate resolutions at an EGM and upon
at least 30 per cent of the Company's Shares being tendered.  It is expected
that these proposals will be posted to shareholders during the course of October

Manager's Report

The UK stock market continued to make steady progress through the first half of
the year supported by generally supportive corporate results combined with
buoyant levels of merger and acquisition activity.  A number of companies
surprised the market with significant dividend increases, reflecting the current
strength of corporate finances.  In addition, many companies reaffirmed their
intention to return excess capital to shareholders via share buybacks and
special dividends.  Bid speculation and activity further enlivened the market,
particularly amongst mid-cap stocks, with the Trust's holdings in Aggregate
Industries and Britannic subject to takeover approaches during the period.

After pausing for breath during March and April, markets started to climb again
during May and June, taking the FTSE 100 index to a three-year high.  While
confidence has clearly returned to equity markets during the first half of 2005
there remain lingering concerns about economic growth and in particular whether
the current slowdown in consumer spending can be reversed.  This has been
reflected in sector movements over the past six months.  Defensive stocks that
enjoy comparatively reliable earnings have been amongst the best performers,
including utilities, tobacco and pharmaceuticals, while sectors that are
economically sensitive have lagged the wider market's returns.  In particular,
the share prices of retail stocks have come under pressure as evidence continues
to emerge that consumers are reining in their spending.  This was reflected in a
string of profit warnings from well known high street names during the period.

The portfolio has been well positioned to take advantage of these economic and
market trends during the first half.  Of particular note, the takeover of
Aggregate Industries by rival Swiss cement producer Holcim was a major
contributor to the performance of the portfolio, as this was one of the Trust's
larger holdings.  Other major contributors to the performance of the Trust
included the holding in Chesnara, the closed life assurance business, which was
purchased on a dividend yield of 11.5% and delivered excellent results during
the period.  The holding in BG Group benefited from the continuing rise in
energy prices, whilst the company's unique set of assets increasingly make it a
likely candidate to take part in future industry consolidation.

One of the largest negative contributors to performance was Yell Group, whose
share price fell sharply on the announcement by the Office of Fair Trading that
it had commissioned an investigation into the UK telephone directories market on
concerns that there was insufficient competition.  However, we remain positive
on the stock and the company has subsequently issued a strong set of final
results and completed the acquisition of US directories company, TransWestern.

Activity within the portfolio included increasing exposure to the resources
sector where companies are receiving strong earnings upgrades as a result of
rising commodity prices, yet many stocks still trade at a discount to the value
of their assets.  Purchases included Xstrata and Hardy Oil & Gas.  Other new
holdings included Britannic, Gyrus, Creston, Burberry and MFI.  The Trust's
positions in, Hanson, Gallaher and Reuters were sold.

The Company's portfolio continues to be shaped by rigorous fundamental research
at the stock level.  At present, this translates into overweight positions
within the construction, support services and telecoms sectors and underweight
positions in utilities, beverages and food producers, where valuations are not
as compelling.

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