Interim Management Statement

RNS Number : 9994N

Artemis Alpha Trust PLC

13 September 2013

 

Artemis Alpha Trust plc (the "Company")

Interim management statement - 3 months ended 31 July 2013

Introduction 

The Company has prepared this interim management statement to meet the requirements of the UK Listing Authority's Disclosure Rules and Transparency Rules.  It covers the three month period ended 31 July 2013, together with relevant information up to the date of publication. 

Investment objective 

Artemis Alpha Trust plc aims to achieve above average rates of total return over the longer term and to achieve a growing dividend stream.

Material events & transactions

The Company announced its results for the year ended 30 April 2013 during the period, including the declaration of a second interim dividend for the year to 30 April 2013 of 1.85p per ordinary share. This dividend was paid on 16 August 2013.

During the period, the Company purchased 2,201,300 ordinary shares at an average discount of 10.0%. All shares repurchased are currently being held in treasury. In addition, 150 subscription shares were converted into ordinary shares at the conversion price of 345.0p per share. A further 622,500 ordinary shares were purchased into treasury since the period end.

During the period, 666,448 ordinary shares held in treasury were cancelled in accordance with the Company's policy of holding shares in treasury for one year.

At 12 September 2013, the Company's issued share capital comprises 47,869,690 ordinary shares, of which 4,004,528 are held in treasury and 6,865,466 subscription shares (which carry no voting rights).  Therefore the total number of shares with voting rights in the Company will be 43,865,162 ordinary shares.  

As at the close of business on 12 September 2013, the net asset value per share was 318.12p per share, and the share price was 285.00p. The discount to net asset value at which the Company's shares trade was 10.4%.

General financial information

	31 July 2013	30 April 2013
Net asset value	300.46p	296.32p
Share price	274.38p	293.00p
Net assets	£133.7 million	£138.3 million
Market capitalisation	£122.1 million	£136.8 million
Ordinary shares in issue	44,487,662	46,688,812
Ordinary shares in treasury	3,382,028	1,847,176
Subscription shares in issue	6,865,466	6,865,616

Ten largest equity investments

Investment	% of portfolio 31 July 2013	% of portfolio 30 April 2013
Hurricane Energy	4.9%	4.7%
The Hut Group	4.7%	4.7%
Polar Capital Holdings	4.2%	3.6%
Africa Oil	4.1%	3.1%
All the Worlds Entertainment	3.8%	1.6%
Brewin Dolphin	3.7%	2.6%
Providence Resources	3.7%	5.6%
Liontrust Asset Management	3.3%	2.6%
Emis Group	2.8%	2.8%
Telford Homes	2.7%	2.5%

Sector analysis

Sector	% of portfolio 31 July 2013	% of portfolio 30 April 2013
Oil & Gas Producers	26.2%	30.7%
Financial Services	18.5%	15.0%
General Retailers	6.1%	5.8%
Software & Computer Services	5.6%	5.4%
Food Producers	5.0%	6.3%
Media	4.4%	2.1%
Aerospace & Defence	4.3%	4.1%
Household Goods & Home Construction	4.2%	4.1%
Pharmaceuticals & Biotechnology	3.7%	3.5%
Travel & Leisure	3.1%	2.2%
Other	18.9%	20.8%

Performance

	3 months	1 year	3 years	Since 1 June 2003 **
Net asset value *	2.0	1.3	22.1	369.7
Share price *	(5.7)	0.9	20.3	343.5
FTSE All-Share Index *	4.4	24.3	43.4	153.2

*Source: Artemis Investment Management LLP/Datastream. All figures are to 31 July 2013 and are total returns.

** The date of Artemis' appointment as investment manager.

A copy of the interim management statement and further information about the Company can be found on the investment manager's website at artemis.co.uk.

Artemis Investment Management LLP

Company Secretary

Tel:  [phone]  

 

END

 

 

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