Interim Management Statement

RNS Number : 4184I

Shires Smaller Companies PLC

18 November 2008

 



Shires Smaller Companies plc

Interim Management Statement - 3 months to 30 September 2008

To the members of Shires Smaller Companies plc

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant 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.

This interim management statement relates to the period from 1 July 2008 to 30 September 2008, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To provide a high and growing dividend and capital growth from a portfolio invested principally in the ordinary shares of small companies and UK fixed income securities.

Benchmark

FTSE SmallCap Index (ex Investment Companies) total return

Material events 

Shareholders are referred to the separate announcement of even date issued by the Company 'Future dividends and gearing'.

Ten largest equity holdings at 30 September 2008

	% of net assets
Highway Insurance	2.8
Chesnara	2.6
ATH Resources	2.5
Fisher (James)	2.4
Diploma	2.1
Menzies (J)	1.9
Brit Insurance	1.7
XP Power	1.7
Interserve	1.6
Zotefoams	1.6
Total	20.9
Total number of investments	70

Sector allocation as at 30 September 2008

	%
Industrials	46.5
Financials	30.7
Basic Materials	9.1
Consumer Services	7.3
Consumer Goods	5.0
Technology	1.5
Total	100.0

General description of Company's financial position and performance as at 30 September 2008

	£m
Gross Assets	57.8
Net assets	26.9
Equity Gearing	(9.8)%
Total Gearing	76.9%

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	30/09/2008
Share Price	109.0p	-9.5	-24.1	-25.1	-51.6	-49.9	-12.0
NAV	122.1p	-18.5	-21.0	-31.7	-49.6	-41.2	-6.1
FTSE SmallCap ex IC		-15.0	-14.9	-20.8	-38.4	-25.7	0.5

Discrete performance (%)

	30/09/2008	30/09/2007	30/09/2006	30/09/2005	30/09/2004
Share Price	-51.6	4.8	-1.2	47.9	18.9
NAV A	-49.6	6.5	9.6	36.9	16.7
FTSE SmallCap ex IC	-38.4	4.8	14.9	23.4	9.7

Total Return; NAV to NAV net income reinvested. GBP. Share price total return is on a mid-to-mid basis. 

Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at par.

Source: Aberdeen Asset Managers Limited, Factset, Financial Times and Fundamental Data.

A Excluding current year revenue.

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 30 September 2008 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.shiressmallercompanies.co.uk.

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise. Investors may not get back the amount they originally invested.

For Shires Smaller Companies plc

Aberdeen Asset Management PLC, Secretary

18 November 2008

 

END

 

 

IMSMGMMMVRZGRZM