Final Results
Merrill Lynch Br. SmallerCo Tst PLC
25 April 2007
25 April 2007
MERRILL LYNCH BRITISH SMALLER COMPANIES TRUST plc
Preliminary announcement of results in respect of the year
ended 28 February 2007
Consistent strong outperformance
Performance to 28 February 2007 1 year 3 years 5 years
(calculated on capital only basis)
Net asset value per share +25.6% +93.4% +114.5%
Ordinary share price +25.9% +114.6% +131.1%
FTSE SmallCap Index (ex Investment Companies) +12.7% +42.6% +58.9%
Sources: BlackRock, Datastream
• Strong performance ensures that the Company maintains upper quartile
ranking in its sector over the three months, six months, one year, three
year and five year periods to 28 February 2007.
• Net asset value per share at 28 February 2007 was 453.78p (2006:
361.17p), a rise of 25.6%.
• Company outperformed the benchmark index by 12.9%.
• Increased final dividend of 2.93p per share, making a total dividend
for the year of 4.76p, a rise of 3.0%.
For further information please contact:
Jonathan Ruck Keene, Managing Director Investment Trusts - 020 7743 2178
Mike Prentis, Fund Manager - 020 7743 2312
Nigel Webb, Director Media & Communications - 020 7743 5938
BlackRock Investment Management (UK) Limited
Or
William Clutterbuck
The Maitland Consultancy - 020 7379 5151
The Chairman, Richard Brewster, comments:
Review of the year to 28 February 2007
'I am pleased to report that the Company finished its year with an increase in
net asset value ('NAV') of 25.6%, more than double that of its benchmark, the
FTSE SmallCap Index excluding Investment Companies, which rose by 12.7%. The
discount contracted slightly as the share price increased by 25.9% over the same
period.
Earnings and dividends
'Earnings per share for the year amounted to 5.61p compared with 4.46p for the
previous year, the rise being attributable to increases in the profitability of
portfolio investments leading to higher dividend rates.
'The Board is recommending a final dividend of 2.93p per share (2006: 2.83p)
making a total for the year of 4.76p (2006: 4.62p), a 3.0% increase on last
year.
Gearing
'The Company maintained net borrowing in the range of £15 million to £22 million
(7.6% to 9.7% of shareholders' funds), reflecting our favourable view of the
sector and equity markets as a whole for most of the year. Net borrowing at 28
February 2007 stood at £22 million. Gearing is reviewed regularly with the
Investment Manager and currently stands at 9.5% of shareholders' funds.
Discount and share buy backs
'During the year the Company's shares traded at an average discount to NAV of
14.6%. The discount at the year end was 13.4%.
'The Company bought back 570,000 shares for cancellation in the period,
representing 1.1% of the share capital in issue at the start of the year. These
were bought in at an average discount of 12.5%. The Board will continue to work
with the Investment Manager in order to manage the discount as effectively as
possible.
Investment Manager
'Our Investment Manager has maintained a strong performance so that over the
three months, six months, one year, three years and five years ended 28 February
2007, the Company's net asset growth has been in the upper quartile of the
smaller companies investment trust sector. The Board, working closely with the
Investment Manager, will maintain an investment policy that seeks to continue to
outperform its benchmark.
'Reflecting the excellent performance, our Investment Manager again earned a
performance fee in the year which reached the cap of 0.25% of average net asset
value. The total expense ratio of 1.1% compares favourably with the Company's
peer group, with the increase from 0.9% in the prior year mainly due to the base
fee holiday enjoyed in that period as a result of the change in Investment
Manager.
Directors
'After nine years Robert Ffoulkes-Jones will be stepping down as a Director at
the forthcoming Annual General Meeting. John Davies will take over his role as
Senior Independent Director. Robert has been a very valuable member of the
Board and a supportive colleague whose contribution has been of particular help
when difficult decisions have been needed. We wish him a long and happy
retirement. The Board is recruiting a new Director who will be able to bring new
skills and contacts to the Company.
Company Name
'Following the completion of the merger of Merrill Lynch Investment Managers
with BlackRock, the name of the Company continues to be kept under review and we
hope to put forward proposals on this matter to shareholders in the near future.
Outlook
'The equity market volatility in evidence across the globe recently may become a
more regular feature of 2007. However, most of the companies in our investment
portfolio continue to perform well and many of the uncertainties in the world
economy should have little impact on their trading prospects. We expect our
portfolio to have another positive year.'
Commenting upon the outlook for the Company, Mike Prentis of BlackRock
Investment Management (UK) Limited, the Investment Manager, notes:
Outlook
'Whilst markets have been strong, we have seen a few sharp setbacks during the
last year. The main reasons for the recent setbacks appear to be concerns about
the strength of the US economy and worries about UK inflation.
'Many of the companies in which we invest are very international in their
operations and it is comforting to note that global GDP growth remains strong.
US growth is slowing, but Continental European GDP growth is strengthening and
Chinese and other Far Eastern economic growth generally remain at high levels.
For these reasons, markets have rebounded strongly since the February setback.
The delicate balance between economic growth, inflation and interest rates,
where further rises may be necessary, particularly in the UK, means that the
prospects for economies and markets are finely poised.
'Our focus on growth companies benefiting from themes where there are strong
demand drivers gives us confidence that many of the uncertainties in the world
economy, most notably the potential weakness of US consumer discretionary
spending, should have little impact on the trading prospects of the Company's
portfolio. Most management teams we have met in recent weeks remain confident
about the outlook for their companies.
'Despite small caps outperforming large caps for some time, small caps still
look reasonable value. The FTSE SmallCap Index excluding Investment Companies
trades on a 2007 prospective P/E ratio very similar to both the FTSE 250 Index
and the FTSE 100 Index, ignoring the top 20 generally low growth megacaps.
Forecast earnings growth is higher for the FTSE SmallCap Index excluding
Investment Companies, and whilst these forecasts will prove to be too optimistic
for some, our own portfolio experience is that market forecasts are generally
being met or beaten, although not by the same margins as last year. This also
remains a time of high acquisition activity, both by strategic trade buyers and
cash rich private equity groups and many more small caps are likely to be
targeted this year.
'In conclusion, we believe there is a good prospect of further growth in the
Company's net asset value per share in the current financial year.'
INCOME STATEMENT
for the year ended 28 February 2007
Revenue return Capital return Total
2007 2006 2007 2006 2007 2006
Notes £'000 £'000 £'000 £'000 £'000 £'000
(audited) (audited) (audited) (audited) (audited) (audited)
Gains on investments held at fair value
through profit or loss - - 48,182 40,509 48,182 40,509
Income from investments held at fair value
through profit or loss 3 3,729 2,962 - - 3,729 2,962
Other income 3 90 119 - - 90 119
Investment management fees 4 (336) (197) (1,649) (1,099) (1,985) (1,296)
Operating expenses 5 (299) (243) - - (299) (243)
------- ------- ------- ------- ------- -------
Net return before finance costs and
taxation 3,184 2,641 46,533 39,410 49,717 42,051
Finance costs 6 (360) (383) (874) (795) (1,234) (1,178)
------- ------- ------- ------- ------- -------
Return on ordinary activities before
taxation 2,824 2,258 45,659 38,615 48,483 40,873
Taxation on ordinary activities - - - - - -
------- ------- ------- ------- ------- -------
Return on ordinary activities after
taxation 2,824 2,258 45,659 38,615 48,483 40,873
===== ===== ===== ===== ===== =====
Return per ordinary share 8 5.61p 4.46p 90.65p 76.31p 96.26p 80.77p
===== ===== ===== ===== ===== =====
The total column of this statement represents the profit and loss account of the
Company. The supplementary revenue and capital return columns are both prepared
under guidance published by the Association of Investment Companies. The
Company had no recognised gains or losses other than those disclosed in the
Income Statement and the Reconciliation of Movements in Shareholders' Funds.
All items in the above statement derive from continuing operations. No
operations were acquired or discontinued during the year.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the year ended 28 February 2007
Share Share Capital Capital Revenue Total
capital premium redemption reserve reserve
account reserve
£'000 £'000 £'000 £'000 £'000 £'000
For the year ended 28 February 2006
At 28 February 2005 12,791 38,952 1,689 87,848 4,220 145,500
Return for the year - - - 38,615 2,258 40,873
Shares purchased and cancelled (150) - 150 (1,446) - (1,446)
Dividends paid and declared (see (a) below) - - - - (2,306) (2,306)
---------- ---------- ---------- ---------- ---------- ----------
At 28 February 2006 12,641 38,952 1,839 125,017 4,172 182,621
---------- ---------- ---------- ---------- ---------- ----------
For the year ended 28 February 2007
At 28 February 2006 12,641 38,952 1,839 125,017 4,172 182,621
Return for the year - - - 45,659 2,824 48,483
Shares purchased and cancelled (143) - 143 (1,888) - (1,888)
Dividends paid and declared (see (b) below) - - - - (2,356) (2,356)
---------- ---------- ---------- ---------- ---------- ----------
At 28 February 2007 12,498 38,952 1,982 168,788 4,640 226,860
===== ===== ===== ===== ===== =====
(a) Final dividend of 2.77p per share for the year ended 28 February 2005,
declared on 21 April 2005 and paid on 10 June 2005 and interim dividend of
1.79p per share for the six months ended 31 August 2005, declared on 10
October 2005 and paid on 7 November 2005.
(b) Final dividend of 2.83p per share for the year ended 28 February 2006,
declared on 28 April 2006 and paid on 13 June 2006 and interim dividend of
1.83p per share for the six months ended 31 August 2006, declared on 9
October 2006 and paid on 6 November 2006.
BALANCE SHEET
as at 28 February 2007
Notes 2007 2006
£'000 £'000
(audited) (audited)
Non-current assets
Investments held at fair value through profit or loss 249,835 195,077
Current assets
Debtors 1,567 1,820
Cash - 2,166
---------- ----------
1,567 3,986
Creditors - amounts falling due within one year (9,766) (1,681)
---------- ----------
Net current (liabilities)/assets (8,199) 2,305
---------- ----------
Total assets less current liabilities 241,636 197,382
Creditors - amounts falling due after more than one year (14,776) (14,761)
----------- -----------
Net assets 226,860 182,621
======= =======
Capital and reserves
Share capital 10 12,498 12,641
Share premium account 38,952 38,952
Capital redemption reserve 1,982 1,839
Retained earnings:
Capital reserve - realised 93,551 70,016
Capital reserve - unrealised 75,237 55,001
Revenue reserve 4,640 4,172
----------- ----------
Total equity shareholders' funds 226,860 182,621
======= =======
Net asset value per ordinary share 11 453.78p 361.17p
====== ======
CASH FLOW STATEMENT
for the year ended 28 February 2007
Notes 2007 2006
£'000 £'000
(audited) (audited)
Net cash inflow from operating activities 5(b) 1,523 1,167
--------- ---------
Servicing of finance (1,219) (1,163)
Tax received/(paid) - -
Capital expenditure and financial investment
Purchase of investments (136,841) (100,478)
Proceeds from sale of investments 131,186 104,848
--------- ---------
Net cash (outflow)/inflow from capital expenditure (5,655) 4,370
and financial investment
--------- ---------
Equity dividends paid (2,356) (2,306)
--------- ---------
Net cash (outflow)/inflow before financing (7,707) 2,068
--------- ---------
Financing
Purchase of ordinary shares (1,888) (1,446)
--------- ---------
Net cash outflow from financing (1,888) (1,446)
--------- ---------
(Decrease)/increase in cash in the year 9 (9,595) 622
===== =====
NOTES TO THE PRELIMINARY RESULTS
1. Principal activity
The principal activity of the Company is that of an investment trust company
within the meaning of section 842 of the Income and Corporation Taxes Act 1988.
2. Accounting policies
The policies set out below have been applied consistently throughout the year.
(a) Basis of preparation
The Company's financial statements have been prepared in accordance with UK
Generally Accepted Accounting Practice ('UK GAAP') and with the Statement of
Recommended Practice 'Financial Statements of Investment Trust Companies'
('SORP') issued in December 2005. All of the Company's operations are of a
continuing nature.
The Company's financial statements are presented in sterling, which is the
currency of the primary economic environment in which the Company operates. All
values are rounded to the nearest thousand pounds (£'000) except where otherwise
indicated.
(b) Presentation of Income Statement
In order to better reflect the activities of an investment trust company and in
accordance with guidance issued by the Association of Investment Companies
('AIC'), supplementary information which analyses the Income Statement between
items of a revenue and capital nature has been presented alongside the Income
Statement. In accordance with the Company's status as a UK investment company
under section 266 of the Companies Act 1985, net capital returns may not be
distributed by way of dividend.
(c) Investments held at fair value through profit or loss
The Company's investments are classified as held at fair value through profit or
loss in accordance with FRS 26 - Financial Instruments: Recognition and
Measurement and are managed and evaluated on a fair value basis in accordance
with its investment strategy.
All investments are designated upon initial recognition as held at fair value
through profit or loss. The sales of assets are recognised at the trade date of
the disposal. Proceeds will be measured at fair value, which will be regarded as
the proceeds of sale less any transaction costs.
The fair value of the financial instruments is based on their quoted bid price
at the balance sheet date, without deduction for any of the estimated future
selling costs. Unquoted investments are valued by the Directors at fair value
using International Private Equity and Venture Capital Association Guidelines.
This policy applies to all current and non current asset investments of the
Company.
Changes in the value of investments held at fair value through profit or loss
and gains and losses on disposal are recognised in the Income Statement as
'Gains or losses on investments held at fair value through profit or loss'. Also
included within this heading are transaction costs in relation to the purchase
or sale of investments.
(d) Segmental reporting
The Directors are of the opinion that the Company is engaged in a single segment
of business being investment business.
(e) Income
Dividends receivable on equity shares are treated as revenue for the year on an
ex-dividend basis. Where no ex-dividend date is available, dividends receivable
on or before the year end are treated as revenue for the year. Provision is made
for any dividends not expected to be received. Fixed returns on non equity
securities are recognised on a time apportionment basis. Interest income and
expenses are accounted for on an accruals basis.
(f) Expenses
All expenses are accounted for on an accruals basis. Expenses have been treated
as revenue except as follows:
- expenses which are incidental to the acquisition of an investment are
included with the cost of the investment;
- the investment management fee has been allocated 75% to capital reserve -
realised and 25% to the revenue account in line with the Board's expected
long term split of returns, in the form of capital gains and income
respectively, from the investment portfolio;
- performance fees have been allocated 100% to capital reserve - realised, as
performance has been predominantly generated through capital returns of the
investment portfolio.
(g) Finance costs
Finance costs are accounted for on an accruals basis. Finance costs are
allocated, insofar as they relate to the financing of the Company's investments,
75% to capital reserve - realised and 25% to the revenue account, in line with
the Board's expected long term split of returns, in the form of capital gains
and income respectively, from the investment portfolio.
(h) Taxation
Deferred tax is recognised in respect of all temporary differences at the
balance sheet date, where transactions or events that result in an obligation to
pay more tax in the future or right to pay less tax in the future have occurred
at the balance sheet date. This is subject to deferred tax assets only being
recognised if it is considered more likely than not that there will be suitable
profits from which the future reversal of the temporary differences can be
deducted.
(i) Dividends payable
Under FRS 21 interim dividends should not be accrued in the financial statements
unless they have been paid. Final dividends are recognised only after they have
been approved by shareholders.
(j) Cash and cash equivalents
Cash comprises cash in hand and demand deposits. Cash equivalents are short
term, highly liquid investments, that are readily convertible to known amounts
of cash and that are subject to an insignificant risk of change in value.
(k) Foreign currency translation
All transactions in foreign currencies are translated into sterling at the rates
of exchange ruling on the dates of such transactions.
Foreign currency assets and liabilities at the balance sheet date are translated
into sterling at the exchange rates ruling at that date. Exchange differences
arising on the revaluation of investments held as fixed assets are included in
capital reserve - unrealised. Exchange differences arising on the translation of
foreign currency assets and liabilities are taken to capital reserve - realised.
3. Income Year ended Year ended
28 February 28 February
2007 2006
£'000 £'000
(audited) (audited)
Investment income:
UK listed dividends 3,667 2,775
Bond interest 35 33
Overseas listed dividends 27 154
-------- --------
3,729 2,962
-------- --------
Other operating income:
Deposit interest 69 117
Underwriting commission 21 2
-------- --------
90 119
-------- --------
Total income 3,819 3,081
===== =====
Total income comprises:
Dividends 3,694 2,929
Bond interest 35 33
Other income 90 119
-------- --------
3,819 3,081
===== =====
4. Investment Management fees
2007 2006
Revenue Capital Revenue Capital
return return Total return return Total
£'000 £'000 £'000 £'000 £'000 £'000
(audited) (audited) (audited) (audited) (audited) (audited)
Investment management fees 286 859 1,145 169 506 675
Performance fees - 546 546 - 434 434
Irrecoverable VAT 50 244 294 28 159 187
------ ------- ------- ------ ------- -------
336 1,649 1,985 197 1,099 1,296
==== ==== ==== ==== ==== ====
The investment management fee is calculated based on 0.65% in respect of the
first £50 million of the Company's total assets less current liabilities,
reducing to 0.5% thereafter. A performance fee is payable at the rate of 10% of
the annualised excess performance in the two previous financial years, applied
to the average of the total assets less current liabilities of the Company.
The fee is payable annually in April and is capped at 0.25% of the average of
the total assets less current liabilities.
The increase in the base fee this year reflects the six month fee holiday
enjoyed by the Company in respect of the prior year due to the change in
Investment Manager.
Performance fees have been allocated wholly to capital reserve - realised as the
performance has been predominately generated through capital returns of the
investment portfolio. A performance fee of £546,000 (excluding VAT) is payable
to the Investment Manager (2006: £434,000 excluding VAT).
5. Operating activities Year ended Year ended
28 February 28 February
2007 2006
£'000 £'000
(a) Operating expenses (audited) (audited)
Auditor's remuneration:
- audit services 16 14
- non audit services 10 11
Registrar's fee 22 18
Directors' remuneration* 91 89
Other administrative costs 160 111
----- -----
299 243
=== ===
The Company's total expense ratio ('TER'), calculated as a percentage of
average net assets and using expenses, excluding interest costs, after
relief for taxation was:
1.1% 0.9%
(b) Reconciliation of net return before finance costs and taxation to net £'000 £'000
cash flow from operating activities
Net return before finance costs and taxation 3,184 2,641
Investment management and performance fees capitalised (1,649) (1,099)
Increase in accrued income (147) (49)
Increase in debtors (8) (11)
Increase/(decrease) in creditors 143 (315)
------ ------
Net cash inflow from operating activities 1,523 1,167
==== ====
*The aggregate remuneration of the Directors, excluding VAT, where applicable,
for the year ended 28 February 2007 was £91,000 (2006: £89,000). The emoluments
of the Chairman, who was also the highest paid Director, were £24,000 (2006:
£20,730). The Company does not have a share option scheme or any incentive
scheme. No pension contributions were made in respect of the Directors. There
were no employees other than the Directors.
6. Finance Costs
2007 2006
Revenue Capital Revenue Capital
return return Total return return Total
£'000 £'000 £'000 £'000 £'000 £'000
7.75% Debenture stock interest 340 822 1,162 380 783 1,163
Bank overdraft and interest 17 40 57 - - -
Amortised Debenture stock 3 12 15 3 12 15
issue expenses
------ ------ ------ ------ ------- ------
360 874 1,234 383 795 1,178
==== ==== ==== ==== ==== ====
The allocation of finance cost between revenue and capital reflects the level of
funds on deposit during the year. It takes into account the fact that such
funds on deposit are only capable of earning a revenue return. The remaining
finance costs have been allocated in the ratio 75:25 between revenue and capital
in line with the Directors' expected long term split of returns from the
investment portfolio.
7. Dividends
Year ended Year ended
28 February 28 February
2007 2006
£'000 £'000
Dividends paid on equity shares: Register date Payment date (audited) (audited)
2005 final of 2.77p 29 April 2005 10 June 2005 - 1,401
2005 interim of 1.79p 21 October 2005 7 November 2005 - 905
2006 final of 2.83p 5 May 2006 13 June 2006 1,431 -
2006 interim of 1.83p 20 October 2006 6 November 2006 925 -
-------- --------
2,356 2,306
===== =====
The Directors have proposed a final dividend of 2.93p per share in respect of
the year ended 28 February 2007. The dividend will be paid on 15 June 2007,
subject to shareholders' approval on 8 June 2007, to shareholders on the
Company's register on 4 May 2007. The proposed final dividend has not been
included as a liability in these financial statements as final dividends are
only recognised in the financial statements when they have been approved by
shareholders.
The total dividends payable in respect of the year which form the basis of
determining retained income for the purposes of section 842 of the Income and
Corporation Taxes Act 1988 are set out below:
Year ended Year ended
28 February 28 February
2007 2006
£'000 £'000
Dividends paid or proposed on equity shares:
Interim paid 1.83p (2006: 1.79p) 925 905
Final proposed of 2.93p* (2006: 2.83p) 1,465 1,431
------- -------
2,390 2,336
===== =====
*Based on 49,993,523 ordinary shares in issue on 24 April 2007.
8. Return per ordinary share
Revenue and capital returns per share are shown below and have been calculated
using the following:
Year ended Year ended
28 February 28 February
2007 2006
Net revenue return attributable to ordinary shareholders (£'000) 2,824 2,258
Net capital return attributable to ordinary shareholders (£'000) 45,659 38,615
---------- ----------
Total return (£'000) 48,483 40,873
---------- ----------
Equity shareholders' funds (£'000) 226,860 182,621
---------- ----------
2007 2006
The weighted average number of ordinary shares in issue during each year, on 50,365,660 50,602,153
which the return per ordinary share was calculated, was:
The actual number of ordinary shares in issue at the end of each year, on which 49,993,523 50,563,523
the net asset value was calculated, was:
2007 2006
Revenue Capital Revenue Capital
return return Total return return Total
p p p p p p
Returns per share
Calculated on weighted average 5.61 90.65 96.26 4.46 76.31 80.77
number of shares
Calculated on actual number of 5.65 91.33 96.98 4.47 76.37 80.84
shares
------ ------ -------- ------ ------ --------
Net asset value per share - - 453.78 - - 361.17
==== ==== ====== ==== ==== ======
9. Movement in net funds/(debt)
Year ended Year ended
28 February 28 February
2007 2006
£'000 £'000
(a) Reconciliation of net cash flow to movement in net funds/(debt)
(Decrease)/increase in cash in the year (9,595) 622
Foreign exchange movements (2) (2)
Amortised Debenture stock issue expenses (15) (15)
--------- ---------
Change in net (debt)/funds (9,612) 605
Net debt at the beginning of the year (12,595) (13,200)
--------- ---------
Net debt at the end of the year (22,207) (12,595)
====== ======
(b) Analysis of change in net debt At Cash flows Foreign Amortised At
exchange issue
1 March 2006 £'000 movements expenses 28 February 2007
£'000 £'000 £'000 £'000
Cash, short term deposits and money 2,166 (2,164) (2) - -
market funds
Bank overdrafts - (7,431) - - (7,431)
Debt due after more than one year (14,761) - - (15) (14,776)
--------- --------- --------- --------- ---------
Net debt at the end of the year (12,595) (9,595) (2) (15) (22,207)
====== ====== ====== ====== ======
10. Share Capital
2007 2006
Number £'000 Number £'000
Authorised share capital comprised:
Ordinary shares of 25p each 800,000,000 20,000 800,000,000 20,000
Allotted, issued and fully paid:
Ordinary shares of 25p each 50,563,523 12,641 51,163,523 12,791
Shares purchased and cancelled (570,000) (143) (600,000) (150)
49,993,523 12,498 50,563,523 12,641
During the year 570,000 ordinary shares were purchased and cancelled (2006:
600,000). The total cost of purchasing these shares was £1,888,000 (2006:
£1,446,000). The number of ordinary shares in issue at the year end was
49,993,523 (2006: 50,563,523).
11. Net asset value and price per ordinary share
Year ended Year ended
28 February 28 February
2007 2006
Net assets attributable to ordinary shareholders (£'000) 226,860 182,621
The actual number of ordinary shares in issue at the end of each year, 49,993,523 50,563,523
on which the net asset value per ordinary share was calculated, was:
Net asset value per ordinary share 453.78p 361.17p
Ordinary share price 392.75p 312.00p
12. Publication of non-statutory accounts
The financial information contained in this preliminary statement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985.
The figures set out above have been reported upon by the auditor. The
comparative figures are extracts from the audited financial statements of
Merrill Lynch British Smaller Companies Trust plc for the year ended 28 February
2006, which have been filed with the Registrar of Companies. The report of the
auditor for the years ended 28 February 2006 and 28 February 2007 contain no
qualification or statement under section 237(2) or (3) of the Companies Act
1985.
The 2007 annual report will be filed with the Registrar of Companies after the
Annual General Meeting.
Copies of the annual report will be sent to members shortly and will be
available from the registered office, c/o The Company Secretary, Merrill Lynch
British Smaller Companies Trust plc, 33 King William Street, London EC4R 9AS.
This report will also be available on the BlackRock Investment Manager's
website at www.blackrock.co.uk/its
The Annual General Meeting of the Company will be held at 33 King William
Street, London EC4R 9AS on 8 June 2007 at 10: 30 a.m.
25 April 2007
33 King William Street
London EC4R 9AS
This information is provided by RNS
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