Interim Management Statement

RNS Number : 7785C

Standard Life UK Small.Co's Tst PLC

08 May 2012

 



Standard Life UK Smaller Companies Trust PLC

Interim Management Statement

Three months ended 31 March 2012

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 2012 to 31 March 2012 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

Numis Smaller Companies Index (excluding investment companies), formerly known as RBS Hoare Govett Smaller Companies Index (excluding investment companies).

Material events

On 23 February 2012, the Company announced its Half-Yearly Financial Report for the 6 months ended 31 December 2011.

An interim dividend of 1.00 pence per Ordinary share was paid on 30 March 2012 to those shareholders on the register as at 9 March 2012 with an associated ex-dividend date of 7 March 2012.

On 3 April 2012, the Company issued 5,346 new Ordinary issues further to the conversion date of 31 March 2012 in relation to the CULS 2018 which resulted in a capital structure, as at date of this IMS, comprising £24,935,071 nominal amount of CULS and 64,999,905 Ordinary shares in issue, with voting rights.

Largest Ten holdings and Transactions in Period

Ranking as at 31 March 2012	Transaction in period (P - Purchase: S - Sale)	Ranking as at 31 December 2011	Investment	Market Value at 31 March 2012 (£)	Total Investments (%)
1	-	5	ASOS	7,140,456	4.6
2	-	2	Paddy Power	6,818,052	4.4
3	-	4	Rightmove	6,098,400	3.9
4	-	3	Abcam	5,940,155	3.8
5	-	1	Telecom Plus	5,903,016	3.8
6	-	9	New Britain Palm Oil	4,942,131	3.2
7	-	7	Hargreaves Lansdown	4,871,000	3.1
8	S	8	Mulberry	4,408,800	2.8
9	-	6	Andor Technology	3,837,495	2.5
10	P	-	Diploma	3,805,596	2.5
		% age of Total investments in largest ten holdings			34.6

Net assets breakdown as at 31 March 2012

	%
Consumer Services	27.9
Industrials	25.9
Information Technology	14.8
Consumer Goods	9.6
Health Care	8.0
Financials	7.6
Oil & Gas	6.7
Telecommunications	4.2
Basic Materials	4.2
Net Borrowings	(8.9)
Total	100.0

General description of Company's financial position and performance as at 31 March 2012

Gross Assets	£165.1m
Ordinary Share Price	209.0p
Ordinary Share Net Asset Value	218.0p
(Discount)/Premium of Ordinary Share Price to Net Asset Value	(4.1)%
Yield (net) *	1.3%
Current equity gearing *	8.9%
3.5% Convertible Unsecured Loan Stock 2018 Conversion Price	237.2542p
3.5% Convertible Unsecured Loan Stock 2018 Price	107.0p

* The figures for yield and gearing change daily.

Source: Standard Life Investments.

Performance

	Q1 2012 (%)	1 year (%)	2 years (%)	3 years (%)	4 years (%)	5 years (%)
Share price	14.6	(1.9)	53.1	139.5	87.9	66.9
Net asset value	13.0	1.2	44.9	122.6	65.8	47.8
NSCI (ex Investment Companies)	17.7	2.7	20.6	97.7	24.1	(1.0)

Source: Thomson Datastream, capital returns. The percentage growth figures above are calculated over periods to 31 March 2012 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 web-page at 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

8 May 2012

 

END

 

 

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