Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

 Information  X 
Enter a valid email address

TR European Growth (TRG)

  Print      Mail a friend       Annual reports

Friday 25 April, 2008

TR European Growth

Interim Management Statement

TR European Growth Trust PLC
25 April 2008



25 APRIL 2008

                          TR EUROPEAN GROWTH TRUST PLC

                          Interim Management Statement

           Review of the period from 1 January 2008 to 31 March 2008


The directors confirm the following material events and transactions which have
occurred since the Company's half year end on 31 December 2007.

Portfolio:  during the period, the number of holdings decreased from 85 to 83.
New purchases in the quarter included OHL, the Spanish construction and
concessions business with a large exposure to Latin America, Autogrill, the
Italian concessions company, providing food, beverage and retail services to
travellers and Puma, the German sports apparel business. We completely sold out
of our holding in Poweo, the French company involved in power generation and

Gearing:  gearing at the end of the quarter was 4% (at 31 December 2007: 1%).

Discount:  the share price discount to net asset value at 31 March 2008 was 9.3%
(31 December 2007: 10.0%).

Share Capital:  during the quarter the Company bought back 2,395,000 ordinary
shares at a cost of £10.4m.

The directors are not aware of any other significant events or transactions up
to the date of this report which would have a material impact on the financial
position of the Company.


Total Return Performance at 31 March 2008
                                                                      1 year       3 years       5 years
Share Price                                                           -10.5%         66.6%        331.6%
Net Asset Value per ordinary share                                     -9.3%         67.7%        273.6%
Benchmark *  +                                                         -6.0%         67.3%        232.1%
Average European Smaller Investment Trust Net Asset Value

                                                                       -8.1%         73.5%        270.5%

Sources:  AIC Services Limited /  * Datastream /

+ these figures show the performance of the Company's current benchmark, a blend
of 50% of the return of the HSBC Smaller Europe (ex UK) Index and 50% of the
return of the S&P/Citigroup EMI Europe (ex UK) Index (both expressed in
sterling), which was adopted from 1 July 2004

Financial Position (in accordance with the AIC formula, ie excluding current
financial year revenue items)

                                                        at 31 March 2008              at 31 December 2007
Total assets                                                       £363m                            £405m
Net asset value                                                   465.6p                           519.7p
Ordinary share price                                              423.0p                           467.8p
Discount                                                            9.3%                            10.0%
Gearing                                                             4.0%                             1.0%

Top 10 Investments           % of total assets
                                   at 31 March

Lundin Petroleum                           3.3
Temenos Group                              3.2
Gerresheimer                               2.7
Tanganyika Oil                             2.7
Seadrill                                   2.4
Puma                                       2.2
Velcan Energy                              2.1
OHL                                        2.1
Lundin Mining                              2.1
RGI International                          2.0
Top 10 Investments              % of total assets
                                   at 31 December

Turkiye Halk Bank                             3.6
Fortis                                        3.2
STS Group                                     2.6
Temenos Group                                 2.6
Gerresheimer                                  2.6
Lundin Mining                                 2.4
Selcuk Ecza Deposu                            2.3
Velcan Energy                                 2.2
Givaudan                                      2.1
Urals Energy                                  2.1

Geographic Breakdown                                 % at 31 March 2008              % at 31 December 2007
Austria                                                             4.3                                4.0
Belgium                                                             2.3                                3.7
Bulgaria                                                            1.1                                1.1
Denmark                                                             1.5                                1.3
Finland                                                             4.0                                3.1
France                                                             13.7                               15.9
Germany                                                            12.6                               11.1
Greece                                                              3.1                                5.5
Italy                                                               7.4                                6.2
Kazakhstan                                                          1.9                                1.7
Netherlands                                                         9.1                                8.5
Norway                                                              5.7                                5.7
Portugal                                                            0.1                                0.9
Romania                                                             0.8                                1.4
Russia                                                              5.6                                5.8
Spain                                                               3.4                                1.4
Sweden                                                              8.0                                5.6
Switzerland                                                         5.8                                5.6
Turkey                                                              3.9                                5.9
Other                                                               5.7                                5.6

Sector Breakdown                                      % at 31 March 2008            % at 31 December 2007
Basic Materials                                                      9.6                             10.3
Consumer Goods                                                       9.3                              8.6
Consumer Services                                                    3.4                              2.2
Financials                                                          19.5                             22.6
Health Care                                                          4.5                              5.1
Industrials                                                         22.5                             21.5
Oil & Gas                                                           20.0                             15.8
Technology                                                           9.1                              9.2
Utilities                                                            2.1                              4.7

The objective of TR European Growth Trust PLC is to invest predominantly in
smaller and medium sized companies in Europe (excluding the UK).  The Manager is
Henderson Global Investors Limited.   Further information on the Company,
including up to date NAV and share price information, can be found at

Audley Twiston-Davies


For further information, please contact:

Stephen Peak                                            James de Sausmarez

Fund Manager                                            Head of Investment Trusts

TR European Growth Trust PLC                            Henderson Global Investors

Telephone: 020 7818 4334                                Telephone: 020 7818 3349

Sarah Gibbons-Cook

Investor Relations and PR Manager

Henderson Global Investors

Telephone: 020 7818 3198

                                    - ENDS -

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