Interim Management Statement

RNS Number : 6155L

Standard Life UK Small.Co's Tst PLC

10 May 2010

 



Standard Life UK Smaller Companies Trust plc

Interim Management Statement

Three months ended 31 March 2010

To the members of Standard Life UK Smaller Companies Trust plc ('the Company')

This Interim Management Statement ('IMS') 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 IMS relates to the period from 1 January 2010 to 31 March 2010 and contains information that covers this period, and up to the date of publication of this IMS, unless otherwise specified.

Investment objective

The objective of Standard Life UK Smaller Companies Trust plc is to achieve long term capital growth by investment in UK quoted smaller companies.

Benchmark

Hoare Govett Smaller Companies Index (excluding Investment Trusts).

Material events

The Company announced on 14 January 2010 that, further to a draw down of £1m on 12 January 2010, the Company had increased its aggregate borrowings to £10m, the maximum amount available under its current bank facility.

The Company announced on 14 April 2010 that the Court of Session had granted the Company's application to cancel its share premium account and capital redemption reserve.

As part of the Company's discount control policy, set out in its prospectus dated 23 December 2008, the Board stated its intention on a six monthly basis commencing in June 2010 to offer shareholders the opportunity to exit some or all of their investment in the Company (the "Periodic Tender Offer"). The Company published, on 23 April 2010 a circular ("the Circular") setting out terms of the first Periodic Tender Offer together with details of how Shareholders can tender Shares if they wish to do so. The Circular may be downloaded from the Company's website.

Largest Ten holdings and Transactions in Period

Ranking as at 31 March 2010	Transaction in period	Ranking as at 31 December 2009	Investment	Market Value at 31 March 2010 (£)	Total Market Value (%)
1	-	1	ABCAM PLC	4,537,562	4.3
2	Sale	2	ASOS	4,169,492	4.0
3	-	3	PADDY POWER	3,369,329	3.2
4	-	4	DOMINOS PIZZA	3,277,564	3.1
5	-	8	COMPUTACENTER	2,916,500	2.8
6	-	5	TELECITY	2,867,300	2.7
7	-	6	CHEMRING	2,849,380	2.7
8	-	7	HARGREAVES LANSDOWN	2,779,500	2.7
9	-	-	FIRST QUANTUM MINERALS	2,613,600	2.5
10	-	10	FIDESSA GROUP	2,550,903	2.4
			Assets in largest ten holdings		30.4

Net assets breakdown as at 31 March 2010

	%
Consumer Services	27.3
Technology	21.2
Financials	13.4
Industrials	13.0
Consumer Goods	12.2
Healthcare	10.9
Basic Materials	5.2
Oil & Gas	3.7
Telecoms	2.3
Utilities	1.2
Cash/(Net borrowings)	(10.4)
Total	100.0

General description of Company's financial position and performance as at 31 March 2010

Gross Assets	£103.8m
Share Price	136.5p
Net Asset Value	148.42p
Premium/(Discount)	(8.1%)
Yield (net) *	1.5%
Current equity gearing *	10.0%

* The levels of yield and gearing change daily.

Source: Standard Life Investments.

Performance - Capital

	Q1 2010 (%)	1 year (%)	2 years (%)	3 years (%)	4 years (%)	5 years (%)
Share price	7.9	56.5	22.7	9.0	36.8	98.6
Net asset value	7.9	53.6	14.4	2.0	21.9	76.0
HGSC (ex Investment Companies)	7.8	63.9	2.8	-17.9	-2.5	27.1

Source: Thomson Datastream - The percentage growth figures are calculated over periods to 31 March 2010 on a mid to mid basis.

For the Manager's current Investment Review & Outlook, please refer to the latest Trust Quarterly Update which is available via the Company's website, www.standardlifeinvestments.com/its

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 Standard Life UK Smaller Companies Trust plc

Aberdeen Asset Management PLC, Secretaries

10 May 2010

 

END

 

 

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