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.

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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.

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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.

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.

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City of London IT (CTY)

  Print      Mail a friend       Annual reports

Friday 12 October, 2007

City of London IT

Interim Management Statement

City of London Investment Trust PLC
12 October 2007



12 OCTOBER 2007


                          Interim Management Statement

           Review of the period from 1 July 2007 to 30 September 2007


Portfolio:  during the period there was net investment of £5.52m, although the
number of holdings in the portfolio decreased from 96 to 93.  The stocks that
were sold were Biffa, Corio, Enel,  Johnston Press and Mitchells & Butlers.
There are two new stocks in the portfolio:  BSkyB and Deutsche Telekom.

Gearing:  during the quarter gearing increased from 5.5% (at 30 June) to 7.0%
(at 30 September).

Dividends:  a fourth interim dividend of 2.62p per ordinary Share, in respect of
the year ending 30 June 2007, was paid on 31 August 2007 to holders registered
on 27 July 2007.  On 29 August 2007, the Company declared a first interim
dividend of 2.84p per ordinary share, in respect of the year ending 30 June
2008, to be paid on 30 November 2007 to holders registered at the close of
business on 26 October 2007.

Discount:  the share price discount to net asset value (with debt at par value)
narrowed over the period from 12.6% to 9.7%.

Changes to Board:  Mr Mark Nicholls resigned from the Board at the conclusion of
the AGM on 10 October.  On 24 September, it was announced that Mr Richard
Hextall would be appointed a director of the Company with effect from 1 November

Share Capital:  during the quarter the Company bought back 355,172 ordinary
shares at a cost of £1.38m.

There are no other material events or transactions to report.


Total Return Performance at 30 September 2007
                                                                  3 months    1 year      3 years      5 years
Net Asset Value per ordinary share                                   -2.1%    +11.7%       +64.9%      +126.2%
FTSE All-Share Index - 4% capped *  +                                -1.8%    +13.1%       +67.8%      +128.2%
FTSE All-Share Index +                                               -1.8%    +12.2%       +60.6%      +117.0%
Average UK Growth & Income Investment Trust Net Asset
                                                                     -4.0%     +9.8%       +61.5%      +122.5%

Sources:  AIC Services Limited /  * Datastream

+  since 1 July 2005 the benchmark is the total return of the FTSE All-Share
Index - adjusted for a maximum 4% cap for any single stock.  Prior to this, it
was the total return of the FTSE All-Share Index.

Financial Position
                                                   at 30 September 2007                   at 30 June 2007
Net assets                                                      £689.3m                           £718.7m
Net asset value                                                 332.06p                           345.62p
Ordinary share price                                            300.00p                           302.00p
Discount                                                           9.7%                             12.6%
Gearing                                                            7.0%                              5.5%
Yield                                                              3.4%                              3.4%
Total Expense Ratio                                               0.44%                             0.42%


Top 10 Investments                                  % of total assets                   % of total assets
                                                   at 30 September 2007                   at 30 June 2007
Vodafone                                                            4.8                               4.4
BP                                                                  4.5                               4.7
British American Tobacco                                            4.5                               4.3
HSBC                                                                4.4                               4.2

Royal Dutch Shell                                                   4.1                               3.9
Diageo                                                              3.9                               3.6

GlaxoSmithKline                                                     3.5                               3.0
BT                                                                  3.5                               3.6
Lloyds TSB                                                          3.1                               3.1
Barclays                                                            3.0                               3.2
Top 10 =                                                           39.3                              38.0

Sector Breakdown                                 % at 30 September 2007                 % at 30 June 2007
Financials                                                         24.2                              25.0
Consumer Goods                                                     17.5                              18.4
Oil & Gas                                                          10.9                              10.7
Consumer Services                                                  10.0                              10.3
Industrials                                                         9.2                               9.5
Telecommunications                                                  8.9                               8.1
Utilities                                                           8.1                               7.6
Basic Materials                                                     7.3                               7.0
Health Care                                                         3.9                               3.4

The objective of The City of London Investment Trust plc is to provide long-term
growth in income and capital, principally by investment in UK equities.  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

For further information, please contact:

Job Curtis                                              James de Sausmarez
Portfolio Manager                                       Head of Investment Trusts
The City of London Investment Trust plc                 Henderson Global Investors
Telephone: 020 7818 4367                                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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