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Sgr & Frdlndr AIM 3 (VICT)

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Friday 07 November, 2008

Sgr & Frdlndr AIM 3

Interim Management Statement

RNS Number : 7538H
Singer & Friedlander AIM 3 VCT PLC
07 November 2008
 







Introduction


This is the Interim Management Statement from the Board under the Disclosure and Transparency Rules. 

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Material Events plus financial implications


Shareholders may be aware that Kaupthing Singer & Friedlander Limited, the parent company of the Trust's Manager, Singer & Friedlander Investment Management Limited (SFIM) was placed into Administration on 8 October 2008. Subsequently, as announced on 21 October 2008, Williams de Broë Limited, a subsidiary of Evolution Group plc, acquired the business of SFIM. The Board has received assurances that as a consequence the security of the cash and other assets of the Trust has been unaffected. Whilst Williams de Broë Limited are currently fulfilling SFIM's management obligations to the Trust the Board continues to keep the management of the Trust under review and will make a further announcement if any decision to change manager is made.


The Board does not consider that there are any other material events giving rise to financial implications that are not covered in the following sections.


Material transactions plus financial implications


Since our Interim Results for the period to 31 July 2008 the market, in particular the AIM, has become even more illiquid. Activity has therefore been limited although we have seen the successful takeover of IT training company Xpertise at a significant premium to the previously prevailing price and providing a further boost to our cash balances which at 31 October stood at some £2 million (inclusive of the benefit of the VAT refund as mentioned in the Interim Results of approximately £700,000). Additionally, we have approximately £5.6m invested in UK government securities providing further liquid resource should it be required. We have also made two modest follow on investments in Avingtrans and Tasty during the period.


We have not purchased any more of the Trust's own shares during this period. The current discount at which we are prepared to repurchase shares is set at 20%.


Change in Net Asset Value


Since our Interim Report for the 6 months to 31 July 2008 announced on 17 September 2008 the company's NAV has declined from 62.51p to 50.95p as at 31 October. This reflects the fall in markets, particularly the AIM, over that period as well as the adjustment due to the 0.5 pence per share Interim Dividend. The decline as a percentage is 18.5% whilst the AIM Index has fallen by 46%, albeit that the latter included natural resources companies in which we are unable to invest.


The Trust's NAV is calculated weekly and reported in the Financial Times.




Portfolio Movements


Top ten equity holdings



Percentage of Portfolio

Aero Inventory

6.5%

Synergy Healthcare

4.6%

U4EA Pref Shares

4.3%

Tikit Group

3.0%

Glisten

2.9%

Mediwatch

2.7%

Connaught

2.6%

Flexbenefits Group

2.3%

Tanfield Group

2.3%

Expertise Group

2.0%




Significant additions during the period                    Significant disposals during the period



AIM Quoted Companies


£000's



AIM Quoted Companies


£000's

Avingtrans

85


Xpertise

1,303

Tasty

75





















For further information contact:

Andrew Banks on 020 3205 5703


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