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TR European Growth (TRG)

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Monday 02 November, 2009

TR European Growth

Interim Management Statement

RNS Number : 8009B
TR European Growth Trust PLC
02 November 2009
 



TR EUROPEAN GROWTH TRUST PLC


HENDERSON GLOBAL INVESTORS 


2 November 2009



TR EUROPEAN GROWTH TRUST PLC


Interim Management Statement 

Review of the period from 1 July 2009 to 30 September 2009




MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD


The directors confirm the following material events and transactions which have occurred during the period from the Company's year end on 30 June 2009 to 30 September 2009.



Portfolio:  during the period there was net investment of £6.4m.  New holdings included Fresenius, the German healthcare group, Vallourec, the French producer of seamless steel tubes, and Unibail-Rodamco, the French commercial property group.


Gearing:  the Company had no borrowings at the end of the quarter (June 2009: nil).


Dividends:  following shareholder approval at the Annual General Meeting held today, a final dividend of 3.20p per ordinary Share and a special dividend of 2.30p per ordinary Share, in respect of the year ended 30 June 2009, will be paid on 13 November 2009 to holders registered on 9 October 2009.


Discount:  the share price discount to net asset value at 30 September 2009 was 10.0% (30 June 20099.3%).


Share capital: during the quarter the Company bought back 1,245,697 ordinary shares at a cost of £4m.


Tender offer:  on 17 July 2009 the Company announced that it would hold a tender offer to buy back up to 10% of the Company's share capital. A further announcement was made on 30 September 2009 setting out the details of the tender offer. The results of the tender offer will be made in a separate announcement to be released on 3 November 2009.


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.  




PERFORMANCE AND FINANCIAL HIGHLIGHTS


Financial Position

at 30 September 2009

at 30 June 2009

Net assets

£268m

£215m

Net asset value

423.92p

334.08p

Ordinary share price

381.50p

303.00p

Discount

10.0%

9.3%


  


Total Return Performance at 30 September 2009

3 months

1 year

3 years

5 years

Share Price

+25.9

+30.6

+6.3

+99.6

Net Asset Value per ordinary share

+28.4

+27.3

+2.3

+92.9

Benchmark Net Asset Value * †

+33.8

+25.9

+13.0

+98.8

Average European Smaller Investment Trust Net Asset Value

+28.6

+20.7

+4.7

+104.0


Sources: AIC Information Services Limited /      * Datastream

† these figures show the performance of the Company's 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)




THE PORTFOLIO


Top 10 Investments 

% of portfolio

at 30 September 2009

Selçuk Ecza Deposu

3.9

OHL

3.5

21 Centrale Partners III

3.2

Hochtief

2.8

BrainLAB

2.8

Wavin

2.7

Sampo

2.5

Temenos

2.4

UBS

2.3

Vallourec

2.3

Top 10 Investments 

% of portfolio

at 30 June 2009

Selçuk Ecza Deposu

4.5

21 Centrale Partners III

4.0

BrainLAB

3.5

Temenos

3.3

OHL

3.2

Binckbank

2.9

Sampo

2.8

UBS

2.7

ArcelorMittal

2.6

Enagas

2.5




 

Geographic Breakdown

% at 30 September 2009

% at 30 June 2009

Austria

3.9

4.0

Belgium

1.8

1.9

Bulgaria

0.5

0.6

Denmark

1.3

2.1

Finland

3.0

5.2

France

18.4

16.3

Germany

17.9

14.4

Greece

1.5

2.3

Italy

5.2

5.9

Kazakhstan

2.9

3.4

Luxembourg

2.3

2.6

Netherlands

9.6

7.4

Norway

1.8

1.5

Romania

0.5

0.5

Russia

1.2

1.0

Spain

9.0

8.5

Switzerland

11.8

13.8

Turkey

3.9

4.5

Other

3.5

4.1


  


Sector Breakdown

% at 30 September 2009

% at 30 June 2009

Basic Materials

24.4

17.3

Business Providers

9.9

10.4

Consumer Goods

14.6

10.1

Financials

21.9

21.3

Industrial Goods

6.7

9.9

Natural Resources

10.8

15.9

Retail Providers

0.7

0.7

Technology

11.0

14.4



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 an up to date NAV and share price information, can be found at www.treuropeangrowth.com



Audley Twiston-Davies

Chairman



For further information, please contact:


Stephen Peak

Fund Manager

TR European Growth Trust PLC

Telephone: 020 7818 4334


James de Sausmarez

Head of Investment Trusts

Henderson Global Investors

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
 
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