Interim Management Statement

RNS Number : 3160G

Standard Life UK Small.Co's Tst PLC

10 May 2011

 



Standard Life UK Smaller Companies Trust PLC

Interim Management Statement

Three months ended 31 March 2011

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 2011 to 31 March 2011 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 the Company 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 conducted its second periodic tender offer on 31 December 2010. On 12 January 2011, the Company announced that 512,076 ordinary shares, or 0.8% of the Company's issued share capital, were validly tendered and repurchased into treasury by the Company at a price of 193.4p per share. On 31 January 2011, the Company sold 512,076 ordinary shares from treasury at a price per share of 209.0p. On 5 May 2011 and 9 May 2011, the Company issued 75,000 new ordinary shares and 125,000 new ordinary shares, respectively, all at a price per ordinary share of 234.00p.

Following the implementation of the periodic tender offer, the subsequent purchase into treasury and sale from treasury of 512,076 ordinary shares, and the issue of 200,000 new ordinary shares, the Company's issued ordinary share capital comprised 63,922,556 ordinary shares in issue, with voting rights, as at the date of this IMS.

The Company announced on 2 March 2011 that it was publishing a prospectus containing proposals to raise up to £25 million through a placing and open offer of 3.5 per cent. Convertible Unsecured Loan Stock 2018 ("CULS") at 100p per £1 nominal unit. The prospectus contained a Notice of a General Meeting to be held at 11am on 28 March 2011.

The Company announced on 28 March 2011 that valid applications for CULS, under the placing and open offer, had been received for approximately £25 million of CULS. The Company further announced that the Resolution put to a General Meeting of the Company held on 28 March 2011, in connection with the Company's proposal to issue CULS and amend the Company's investment policy, was duly passed on a show of hands.  Dealings in the CULS commenced at 8.00 a.m. on 29 March 2011. The Conversion price of the CULS was announced as 237.2542 pence nominal of CULS for one ordinary share.  This equated to a 10 per cent. premium to the published (unaudited) NAV per ordinary share (including income) of 215.6856 pence at close of business on 23 March 2011 and was in accordance with the terms of the CULS Issue.

On 28 February 2011, the Company announced its Half-Yearly Financial Report for the 6 months ended 31 December 2010.

An interim dividend of 1.00 pence per Ordinary share was paid on 18 March 2011 to those shareholders on the register as at 11 March 2011 with an associated ex-dividend date of 9 March 2011.

On 29 March 2011, the Company repaid in full its borrowings under a revolving credit facility with BNP Paribas.

Largest Ten holdings and Transactions in Period

Ranking as at 31 March 2011	Transaction in period (P - Purchase: S - Sale)	Ranking as at 31 December 2010	Investment	Market Value at 31 March 2010 (£)	Total Market Value (%)
1	-	1	ASOS	7,954	5.2
2	-	3	Abcam	6,417	4.2
3	P	2	Hargreaves Lansdown	6,405	4.2
4	P	5	New Britain Palm Oil	5,031	3.3
5	-	6	Paddy Power	4,739	3.1
6	-	9	Renishaw	4,713	3.1
7	-	8	First Quantum Minerals	4,446	2.9
8	-	4	Domino's Pizza UK & Ireland	4,153	2.7
9	S	7	Mulberry Group	4,121	2.7
10	P	-	Kentz	3,578	2.4
			% age of assets in largest ten holdings		33.8

Net assets breakdown as at 31 March 2011

	%
Consumer Services	28.0
Industrials	19.4
Technology	18.0
Financials	12.9
Consumer Goods	10.8
Health Care	8.4
Basic Materials	5.6
Oil &Gas	5.4
Telecommunications	2.5
Net Borrowings	(11.0)
Total	100.0

General description of Company's financial position and performance as at 31 March 2011

Gross Assets	£161.3m
Ordinary Share Price	213.0p
Ordinary Share Net Asset Value	212.5p
Premium of Ordinary Share Price to Net Asset Value	0.2%
3.5% Convertible Unsecured Loan Stock 2018 Conversion Price	237.2542p
3.5% Convertible Unsecured Loan Stock 2018 Price	108.5p
Yield (net) *	1.2%
Current equity gearing *	11.0%

* The figures for yield and gearing change daily.

Source: Standard Life Investments.

Performance - Capital

	Q1 2011 (%)	1 year (%)	2 years (%)	3 years (%)	4 years (%)	5 years (%)
Share price	0.5	56.0	144.1	91.5	70.1	113.6
Net asset value	3.1	43.2	120.0	63.9	46.1	74.6
HGSC (ex Investment Companies)	1.2	17.5	92.5	20.8	(3.6)	14.5

Source: Thomson Datastream - The percentage growth figures are calculated over periods to 31 March 2011 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 2011

 

END

 

 

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