Stake Moment Inv Tst

Interim Management Statement

Stakeholders' Momentum Investment Trust plc

Interim Management Statement for the period 1 January 2010 to 30 April 2010

Investment Policy

The investment policy of the Stakeholders' Momentum Investment Trust plc (the
"Company" or "SMIT") is to achieve returns for shareholders, primarily through
capital appreciation, by investing in companies listed on regulated investment
exchanges in the United Kingdom. The policy will be achieved through investment
in companies identified as having patterns of directors' dealing on the premise
that following such signals may lead to superior investment performance.

Recommended Offer for the Company

  * On 28 April 2010, the Board of Directors were pleased to announce a
    proposed merger of the Company and Manchester and London Investment Trust
    plc ("MLIT") to be effected by a recommended offer to be made by MLIT to
    acquire the entire issued and to be issued share capital of the Company.
  * The consideration will comprise of new MLIT shares (the "Basic Offer"), the
    number of which will be determined by reference to a formula based on the
    net assets per share of both MLIT and SMIT as at the date at which the
    offer becomes unconditional as to acceptances. There will be a cash
    alternative 217.5p per share, which is not recommended.
  * Based on the "offer illustration" as set out in the offer document dated 28
    April 2010, the recommended Basic Offer values a SMIT share at
    approximately 286p, representing a premium of 4.1 per cent to the closing
    price of 274.5p per SMIT share on 23 April 2010 (being the last practicable
    date prior to the publication of the announcement).
  * All documents with regards to this transaction may be inspected at the
    Document Viewing Facility of the FSA.
Other Material Events

  * On 23 March 2010, SMIT received correspondence from a firm of solicitors
    acting for Knox D'Arcy Asset Management Limited ("KDAM"). KDAM is the
    former investment manager of SMIT. KDAM is alleging that it has not
    received all management fees and warrants to which it had been entitled on
    termination of their management agreement with the Company. SMIT had
    terminated the management agreement with KDAM with effect from 11 December
    2009 thereby crystallising KDAM's entitlement to warrants under the
    management warrants deed also entered into between KDAM and the Company.
On 1 April 2010, SMIT received a claim form from KDAM seeking a mandatory
injunction arising from a breach of the Management Warrants Deed and in
particular claiming that SMIT issue 51,602 warrants to KDAM. On 28 April 2010,
SMIT received an application for summary judgment in relation to this claim.

SMIT has sought legal advice and disputes the claims made by KDAM and KDAM's
interpretation of the terms of the management agreement and the management
warrants deed.

  * In addition, there are further contingent liabilities with regards to an
    insurance company associated with KDAM and a VAT claim against a former
    investment manager.
  * For further details of these contingent liabilities refer to Notes 9 and 10
    in the Interim Results for the period ended 31 December 2009, released on
    26 February 2010.
Financial Position

  * During the period, major investments have been made in Standard Chartered
    plc, Vedanta Resources plc, Jardine Matheson, Diageo plc and Charter
    International plc.
  * During the period, major divestments have been made in UK Treasury Gilts,
    Zetar plc, RPC Group plc, Opsec Security Group plc and Aggreko plc.
  * During the period, the Legacy Portfolio has been reduced from £3.6m to £
  * Since the appointment date of Midas as Investment Manager for the Company
    on 4 December 2009, the weighted average market capitalisation of the
    portfolio has increased from £417m to £8,935m.
                                  As at 30 April 2010     As at 31 December 2009                          
Net Assets (£m)                                  21.1                      19.7
Share Price (p)                                274.00                    241.00
Net Asset Value per Share                       367.8                     344.5
Discount (per cent)                              25.5                      30.0

Financial Performance

  * Since the appointment of Midas, the Company's performance has exceeded that
    of FTSE All-Share Index by 2.23 per cent.
                                          3 Months    1 Year   3 Years   5 Years         
NAV (per cent)                                 8.2      21.5    (23.1)     13.0
FTSE All-Share Index (per cent)                7.6      31.8    (14.7)     19.4
Overperformance/(underperformance) (per        0.6    (10.3)     (8.4)    (6.4)

Top Ten Holdings as at 30 April 2010

Stock Name                              Proportion of       Sector             
Standard Chartered                      11.3                Banks              
Vedanta Resources                       7.8                 Mining             
Britvic                                 7.8                 Beverages          
Rank Group                              7.8                 Travel & Leisure   
Diageo                                  7.3                 Beverages          
Jardine Matheson                        6.6                 Property           
Charter International                   6.3                 Industrial         
Afren                                   5.6                 Oil & Gas Producers
Halfords                                5.5                 General Retailers  
Burberry                                5.4                 Personal Goods     

Portfolio Analysis

Sector                                  Proportion of Portfolio                
Beverages                               15.1                                   
Banks                                   11.3                                   
General Retailers                       10.8                                   
Mining                                  7.9                                    
Travel & Leisure                        7.8                                    
Personal Goods                          7.7                                    
Real Estate Investment & Services       7.3                                    
Property                                6.6                                    
Industrial Engineering                  6.3                                    
Oil & Gas Producers                     6.2                                    
Household Goods & Home Construction     4.9                                    
Non-equity Investment Instruments       3.7                                    
Equity Investment Instruments           3.3                                    
Aerospace & Defence                     0.8                                    
Sundry                                  0.3                                    
Total                                   100.0                                  

This interim management statement and up to date NAV will be available on the
Company's website,

For further information, please contact:

Midas Investment Management Ltd

Tel: 0161 228 1709