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 [email protected] in the first instance.

 Information  X 
Enter a valid email address

3i UK Select Trust (UKT)

  Print      Mail a friend

Wednesday 28 February, 2001

3i UK Select Trust

Final Results

3i UK Select Trust Ld
28 February 2001


The unaudited figures for the year ended 31 December 2000 are as follows:

                                       31 December 2000  31 December 1999
                                            £'000's           £'000's

Dividends and interest                      2,199             2,498
Commissions                                     4                 4
Revenue                                     1,733             2,053
Amount absorbed by dividends               (1,566)           (1,764)
Amount transferred to revenue
reserves -                                    167               289

Interim and final (special 1999)
dividend per ordinary share                 2.77p             3.06p
Earnings per ordinary share                 3.04p             3.56p

                                       31 December 2000  31 December 1999
                                           £'000's           £'000's

Market value of investments                83,703            86,036
Total net assets                           76,008            84,635
Net asset value per ordinary share at
10p                                        134.2p            146.9p
each (ex dividend)

The directors propose that ordinary shareholders should be offered the right 
to elect to receive new ordinary shares in lieu of the cash final dividend.

The Chairman, Advocate JM Le Pelley commented as follows:

Equity markets produced their weakest returns for over a decade in 2000.
Negative returns were seen worldwide and were the result of several factors.
Firstly, the very high valuations of technology stocks began to decline in 
the spring and acted as a depressant on investor sentiment for the remainder 
of the year. Secondly, fears of the impact of interest rate increases on
profitability acted as a cap on markets through the middle of the year. 
Finally evidence of a sharp and unexpected economic slow down in the United
States appeared in the final quarter driving markets in that country to lows 
for the year.

During  the  year  your  company's  portfolio  produced  a  total  return,
combining capital and income, of -6.5%. This may be compared to the  total
return  of  the FTSE All-Share Index of -5.9%. The portfolio  outperformed
the  market over the last nine months of the year following the  start  of
the decline in technology stocks.

In common with most investment trusts the price at which shares  in  your
company  trade stands at a discount to the net asset value of the  shares.
At  the  end  of December 2000 the discount had narrowed slightly  to  15%
from  the 16% recorded at the end of December 1999. This improvement means
that  after  accounting  for dividends paid during the  year  shareholders
received  a  total return of -4.2%. In the course of the year,  and  after
adjusting  for  shares  issued as scrip dividends, a million  shares  were
bought for cancellation. The Board's policy remains to buy-in at least  as
many  shares as are issued as scrip dividends and to buy more  should  the
discount become excessive.

Earnings  per share were 3.04p down from 3.56p in 1999. The reduction  had
three principal causes: a sharp fall in the number  and  size  of  special
dividends;  a  reduction  in  the yield of the portfolio  as  low-yielding
shares  with  growth prospects were bought; and dividend cuts  from   some
large  companies.  These factors are discussed at greater  length  in  the
fund  manager's  report.  Against this background the Board  recommend  a
final  ordinary  dividend of 1.94p, an increase of 3.2%. If  the  proposed
final  dividend is approved by shareholders dividends for  the  year  will
total 2.77p, an increase of 2.2% over last year.

The  Board has decided to change registrars and from the end of  May  2001
shareholders  will  receive share certificates and dividend  payments from
Capita  IRG (CI) Limited. This change will allow shareholders who so  wish
to  have  their shareholdings registered with the London Stock  Exchange's
CREST system.

For  the third year in a row I have to report on a volatile start  to  the
new  year in equity markets. At the end of 2000 pessimism developed as the
US  economy  appeared  to  be slowing sharply.  In  January  the  American
authorities  cut interest rates twice and began moves to reduce  taxation.
Rates  were  cut  in  the  UK  in February. Initially  these  developments
boosted   equity  markets  but  they  have  since  drifted  back.  Although
sentiment  is  currently depressed by the impact of the  economic  slowing
the  benefits  of monetary and fiscal easing should be seen later  in  the

The  directors  have decided to declare a final dividend of  1.94p  (1999:
1.88p)  for  the  year ended 31 December 2000 making a total  dividend  of
2.77p, (1999: 3.06p including a special dividend of 0.35p).

The final dividend will be payable on 4 May 2001 on such of the ordinary
shares in respect of which the holders had not, prior to 10 April 2001,
elected to receive an allotment of new ordinary shares.

The record date for the final dividend in respect of the year ended 31
December 2000 is 9 March 2001.


a d v e r t i s e m e n t