Interim Management Statement

RNS Number : 4522E

Edinburgh Dragon Trust plc

21 December 2009

 



Edinburgh Dragon Trust plc - Interim management statement

To the members of Edinburgh Dragon Trust 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 September 2009 to 18 December 2009, and contains information that covers this period, up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To achieve long term capital growth through investment in the Far East. The Company's benchmark is the MSCI All Country Asia (ex Japan) Index. Investments are made in stockmarkets in the region, with the exception of Japan and Australasia, principally in large companies. When appropriate, the trust will utilise gearing to maximise long term returns.

Benchmark

MSCI All Country Asia (ex Japan)

Material events and their impact on the Trust

On 5 November 2009, the Company announced its annual results for the year to 31 August 2009 and its intention to propose a tender offer for up to 15 per cent. of the Company's issued shares at a discount of 3 per cent. to the formula asset value (being the net asset value less the costs of the tender) on the calculation date, which will be at the end of the tender offer process.   A document setting out the terms of the tender offer was sent to shareholders on 16 December 2009.  The record date for the tender offer is the close of business on 10 November 2009. The tender offer is expected to be conducted, following the necessary shareholder approval, in early 2010.  

On 9 December 2009 the Company held its Annual General Meeting at which all resolutions, including the three-yearly continuation vote, were passed. The special business included resolutions to allow the Company to issue shares (up to 5% of the issued share capital without pre-emption), to buy back shares (up to 14.99% of the issued share capital) and to update its articles of association to take account of the provisions of the Companies Act 2006 and the EU Shareholders' Rights Directive.

Material transactions and their impact on the Trust's financial position

Over the three month period to 30 November 2009 the Company's net asset value rose 10.8% on a total return basis compared to a rise of 10.4% in the MSCI AC Asia (ex Japan) Index. The Company did not buy back shares for the period from 1 September 2009 to 18 December 2009.  

For latest NAV and share price information, please refer to the Trust's website, www.edinburghdragon.co.uk.

Ten largest equity holdings as at 30 November 2009 

Holding	%
Jardine Strategic	4.4
Oversea-Chinese Banking Corp.	4.3
Samsung Electronics Pref.	4.3
Swire Pacific 'B'	4.0
HDFC	3.6
United Overseas Bank	3.5
Singapore Technologies Engineering	3.3
CNOOC	3.1
Infosys Technologies	3.0
PTT Exploration & Production	2.9
Total	36.4

Country allocation as at 30 November 2009

Country
Singapore	25.5
Hong Kong	18.6
India	16.0
South Korea	8.5
China	7.3
Thailand	5.6
Taiwan	5.0
Malaysia	4.9
Philippines	2.6
Indonesia	2.2
Sri Lanka	1.3
Cash	2.5
Total	100.0

Assets at 30 November 2009

Investments	£440.9m
Cash	£10.2m
Total gross assets	£451.1m
No of shares in issue	230,954,375
Net asset value	195.3p
Discount	(8.2%)

Cumulative performance (%) (At 30 November 2009)

	as at	3 months	6 months	1 year	3 years	5 years
	30/11/09
Share Price	179.4	8.1	18.3	67.6	38.1	136.6
NAV	195.3	10.8	22.3	61.5	42.6	128.7
MSCI AC Asia ex Japan		10.4	19.0	69.9	38.7	119.5

Discrete performance (%)

	30/11/2009	30/11/2008	30/11/2007	30/11/2006	30/11/2005
Share Price	67.6	-28.0	14.4	19.5	43.4
NAV	61.5	-30.0	26.0	18.2	35.7
MSCI AC Asia ex Japan	69.9	-42.0	40.7	19.8	32.1

Total Return; NAV to NAV, Net Income Reinvested, GBP

NAV returns based on NAVs excluding income and with debt valued at par

Source: Aberdeen Asset Managers Limited, Factset and Fundamental Data

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 and may be affected by exchange rate movements. Investors may not get back the amount they originally invested.

For Edinburgh Dragon Trust plc

Aberdeen Asset Managers Limited, Secretary

 

END

 

 

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