Information  X 
Enter a valid email address

UK Select Trust Ld (UKT)

  Print      Mail a friend

Friday 18 November, 2011

UK Select Trust Ld

Interim Management Statement

RNS Number : 3844S
UK Select Trust Limited
18 November 2011
 



UK Select Trust Limited

 

Interim Management Statement

 

This interim management statement ("IMS") relates to the period from 1 July 2011 to 30 September 2011, and contains information that covers the period up to the date of publication of this IMS, unless otherwise specified.  It has been produced for the sole purpose of providing the information to the Company's shareholders in accordance with the requirements of the UK Listing Authority's Disclosure and Transparency Rules.  It should not be relied upon by any other party or for any other purpose.

 

Investment Objective

 

To provide a total return to shareholders in excess of that of the FTSE All-Share index and pay a progressive dividend.

 

Share Price and NAV Performance*

 


30 September

2011

30 June

2011

%

movement

Ordinary Shares




NAV (p)

141.47p

167.46p

-15.52%

Share Price (p)

120.5p

137.5p

-12.36%

Discount (%)

14.82%

17.89%

-17.15%

Total net assets (£'000)

£29,343

£34,820

-15.73%





FTSE All-Share Index

2,654.38

3,096.72

-14.28%

 

*Past performance is not a guide to the future. The value of an investment and any income from it is not guaranteed and can go up and down depending on investment performance.

 

The Fund underperformed its benchmark over the period.  The main driver of underperformance was an underweight position in the more defensive sectors, such as tobacco and utilities.

 

At a stock specific level, the holding in Essar Energy continued to be affected by uncertainty over the timing of approval to begin development of its own coal mines, while Lloyds Banking Group's shares fell significantly over the quarter amid the escalating European sovereign debt crisis.

 

 A strong positive contribution came from iEnergizer, a business outsourcing firm. Its maiden full-year results were ahead of expectations and demonstrated that the business had delivered strong top-line growth while maintaining healthy operating margins.

 

Financial Position

During the period, the Company's investment in mining stocks moved from a significant overweight position to an equally significant underweight position during a short lived sector rally towards the end of August. Proceeds were reinvested in companies with attractive dividend yields backed by strong balance sheets and resilient earnings streams. These included AstraZeneca, GlaxoSmithKline and National Grid.

 

 

Gearing

Although the Company has a borrowing facility of £2,000,000, it did not utilise any borrowings during the period from 30 June 2011 to the date of publication of this IMS.

 

 

Material Events

There were no significant events or transactions which have occurred during the period from 30 June 2011 to the date of publication of the IMS which would have a material impact on the Company.

Dividend

An interim dividend of 0.95p per share was declared by the Board of Directors on 17 August 2011 for the 6 months ended 30 June 2011, payable on 4 November 2011.  Shares were marked ex-dividend on 24 August 2011 and the record date for the interim dividend was 26 August 2011. 

 

Material Transactions

On 25 August 2011 25,000 shares were bought back and placed in treasury, at a price of 120 pence per share.

The reference price of a share under the scrip dividend option in relation to the interim dividend was set at 120.42p on 16 September 2011.  This is the average of the Company's middle market closing prices for the three consecutive dealing dates commencing on the ex-dividend date of 24 August 2011.  Accordingly, a shareholder electing for the scrip dividend option rather than cash would receive 1 new share for every 126.754 shares held registered in their name at the close of business on the record date (being 26 August 2011) in respect of which they have elected for the scrip dividend option.

On 22 September 2011 25,000 shares were bought back and placed in treasury, at a price of 119.5 pence per share.

On 17 October 2011 24,000 shares were bought back and placed in treasury, at a price of 122 pence per share.

On 21 October 2011 25,000 shares were bought back and placed in treasury, at a price of 121 pence per share.

On 27 October 2011, 74,121 ordinary shares of 10p each were issued to shareholders who elected to receive shares instead of cash in respect of the interim dividend for the period ended 30 June 2011. The shares were issued to shareholders from shares held in treasury on 4 November 2011. 



 

 

Top 10 Holdings

Company

% of net assets as at 30 September 2011

% of net assets as at 30 June 2011

Resolution Limited

6.39%

6.97%

Reed Elsevier PLC

6.26%

5.17%

BP PLC

5.82%

5.46%

AstraZeneca PLC

5.48%

-

Berkeley Group Holdings

4.93%

4.49%

GlaxoSmithKline  PLC

4.69%

-

Smiths Group PLC

4.58%

4.21%

Glencore International PLC

4.20%

4.33%

Indus Gas Limited

3.42%

5.53%

BG Group PLC

3.16%

4.40%

 

 

Further information

Further information regarding the Company, including factsheets, can be found at the investment manager's website www.swip.com.

 

Enquiries:

 

Secretary

Kleinwort Benson (Channel Islands) Fund Services Limited

Telephone 01481 727111

 


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