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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.

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We store and use information you provide as follows:

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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.

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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.

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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.


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UK Select Trust Ld (UKT)

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Friday 05 March, 2004

UK Select Trust Ld

Final Results & Div -Amendmnt

UK Select Trust Limited
05 March 2004

The following amendment has been made to Final Results and Dividend announcement 
released on 3 March 2004 at 13:44 under RNS No 0937W.



The unaudited figures for the year ended 31 December 2003 are as follows:

                                          31 December 2003    31 December 2002
                                                   £'000's             £'000's

Dividends and interest                               1,500               1,733
Commissions                                              -                   2
Revenue                                              1,130               1,276
Amount absorbed by dividends                        (1,190)             (1,171)
Amount transferred (from) to
revenue reserves -                                     (60)                105

Interim and final dividend per ordinary
share                                                                     2.80p
Earnings per ordinary share                           2.69p               2.72p

                                          31 December 2003    31 December 2002
                                                   £'000's             £'000's

Market value of investments                         43,727              35,836
Total net assets (ex-dividend)                      38,127              31,845
Net asset value per ordinary share
10p each (ex dividend)                               90.71p              76.10p

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 Directors have decided to declare a final dividend of 2.00p (2002: 1.97p)
for the year ended 31 December 2003, making a total dividend of 2.83p (2002:

The final dividend will be payable on 27 April 2004 on such of the ordinary
shares in respect of which the holders had not, prior to 12 April 2004, elected
to receive an allotment of new ordinary shares.

The record date for the final dividend in respect of the year ended 31 December
2003 is 12 March 2004.


I am pleased to report to shareholders that 2003 was a successful year for the
Company, which produced a net asset total return of 23.51%. This compared
favourably to the FTSE All-Share Index, which posted a 20.9% rise over the year
on a total return basis. The Company benefited from both the strong performance
of its underlying equity portfolio and from the positive effect of financial
gearing in a rising stock market.

The discount at which shares in the Company trade relative to their net asset
value narrowed over the period, closing the year at 9.1% and has narrowed still
further since the year end. During the year the Investment Manager bought back
748,000 shares at an average discount of 9.53%, and it remains the policy of the
Board to buy back for cancellation at least as many shares as are issued each
year for the scrip dividend should suitable opportunities arise.

Earnings per share for the year amounted to 2.69p2(2002: 2.72p) and, , I am
pleased to recommend a final dividend of 2.00p (2002: 1.97p).

The Investment Manager continued to reduce the number of holdings within the
Company during the year. The Board is supportive of this policy of gradual
migration toward a more concentrated portfolio, which is consistent with the
'select' nature of the Trust.

The first quarter of 2003 was dominated by the escalating crisis in Iraq, with
the spectre of military conflict weighing heavily on investor sentiment towards
equity markets. However, as it became clear that the full-scale military action
would be less protracted than many market commentators had feared, equity prices
started to rally.

This recovery continued to gather momentum through the spring and summer,
fuelled by improving economic and corporate news flow. Against this background,
the more economically sensitive areas of the market such as Media, Technology
and Leisure generated the strongest returns for investors. This reflected the
belief that earnings in companies exposed to the economic cycle were set for a
rebound from their depressed levels. The final quarter of the year saw a sharp
increase in merger and acquisition activity providing renewed impetus for equity

Following the sharp rise in UK equity indices over the last year, share prices
in many sectors are already discounting a significant recovery in earnings. A
continued improvement in both corporate and economic data releases will be
required to sustain this upward trajectory in equity prices. However, the Board
remains confident that the Company is well positioned to exploit long-term
investment opportunities.


3 March 2004

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

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