Half-year Report

RNS Number : 9921P

Montanaro UK Smlr Cos Inv Tst PLC

24 November 2016

 

Montanaro UK Smaller Companies Investment Trust PLC ("MUSCIT" or the "Company")

Half-Yearly Report for the six months to 30 September 2016

MUSCIT was launched in March 1995 and is a closed-ended investment trust with shares premium listed on the London Stock Exchange ("LSE").

Investment Objective

MUSCIT's investment objective is capital appreciation through investing in small quoted companies listed on the LSE or traded on the Alternative Investment Market ("AIM") and to achieve relative outperformance of its benchmark, the Numis Smaller Companies Index (excluding investment companies) ("NSCI").

No unquoted investments are permitted.

Investment Policy

The Company seeks to achieve its objective and to manage risk by investing in a diversified portfolio of quoted UK small companies. At the time of initial investment, the Manager focuses on the smaller end of the NSCI; a potential investee company must be profitable and no bigger than the largest constituent of the NSCI, which represents the smallest 10% of the UK Stock Market by value. At the start of 2016, this was any company below £1.3 billion in size.

In order to manage risk, the Manager limits any one holding to a maximum of 4% of the Company's investments at the time of initial investment. The portfolio weighting of each investment is closely monitored to reflect the underlying liquidity of the particular company. The Company's AIM exposure is also closely monitored by the Board and is limited to 30% of total investments, with Board approval required for exposure above 25%. The Company currently has a small exposure to investments in companies traded on AIM.

The Manager is focused on identifying high-quality, niche companies operating in growth markets. This typically leads the Manager to invest in companies that enjoy high barriers to entry, pricing power, a sustainable competitive advantage and strong management teams. The portfolio is therefore constructed on a "bottom-up" basis.

The Alternative Investment Fund Manager ("AIFM"), in consultation with the Board, is responsible for determining the gearing levels of the Company and has determined that the Company's borrowings should be limited to 25% of shareholders' funds. Gearing is used to enhance returns when the timing is considered appropriate. The Company currently has credit facilities of £30 million with ING Bank, of which £25 million was drawn down as at 30 September 2016 (amounting to net gearing of 10.5%).

Highlights

for the six months to 30 September 2016

Results

	As at    30 September    2016	As at    31 March    2016	% Change
Ordinary share price	466.5p	461.0p	1.2
Net asset value ("NAV") per Ordinary share	598.0p	570.6p	4.8
NAV (excluding current period revenue) per Ordinary share	591.2p	558.4p	5.9
Discount to NAV (excluding current period revenue)	21.1%	17.4%
NSCI*	7,039.1	6,674.2	5.5

* Capital only.

	As at    30 September    2016	As at    31 March    2016	% Change
Gross assets	£225.6m	£219.6m	2.7
Net assets	£200.2m	£191.0m	4.8
Market capitalisation	£156.2m	£154.3m	1.2
Net gearing employed*	10.5%	9.9%
Ongoing charges	1.3%	1.2%
Portfolio turnover**	19.5%	16.5%

*   Borrowing net of cash.

** Calculated using average transactions as a percentage of the average total investments at fair value during the period.

Performance

Capital Return Percentage	6 months	1 year	3 year	5 year	10 year	Since launch
Share Price	1.2	-7.1	-4.0	43.1	81.2	391.1
NAV (excluding current period revenue)	5.9	3.4	9.9	53.0	97.5	499.7
Benchmark*	5.5	5.7	14.9	77.7	16.6	137.3
Total Return Percentage	6 months	1 year	3 year	5 year	10 year	Since launch
Share Price**	3.4	-4.8†	1.6†	57.0†	120.2†	475.4
NAV**	6.6	5.3†	15.3†	65.4†	130.9†	587.8
Benchmark*	7.3	8.6	25.0	105.1	57.8	345.0

*     The Benchmark is a composite index comprising the FTSE SmallCap Index (excluding investment companies) until 31 March 2013 and the NSCI Index from 1 April 2013 onwards.

**    Returns have been adjusted for dividends paid.

†     Source: The Association of Investment Companies ("AIC").

Capital Structure

As at 30 September 2016 and the date of this report, the Company had 33,475,958 Ordinary shares of 10p each in issue (none of which were held in Treasury). Holders of Ordinary shares have unrestricted voting rights of one vote per share at all general meetings of the Company.

Change of Broker

On 17 October 2016, the Company appointed Cenkos Securities plc as its corporate broker and financial adviser.

Manager's Review

The last six months will undoubtedly be defined by the United Kingdom's historic decision to leave the European Union. The immediate impact on financial markets was dramatic: sterling fell to a 31 year low against the US dollar; UK Government bond yields established record lows; and in June, the NSCI recorded its worst monthly performance relative to the FTSE All-Share Index in more than 26 years. Not even the aftermath of 9/11 or Lehman Brothers was as bad. It was a truly remarkable period. 

So what happened? The primary reason for these market moves was an aggressive rotation by investors wanting to capitalise on a weaker pound by shifting into the most globally exposed companies. This came at the expense of those businesses more reliant on the UK domestic economy. It was no surprise, therefore, that the NSCI's 5.5% return for the period under review was significantly lower than that of the FTSE All-Share Index, which returned 10.6%. 

Over the same period, the Company's NAV (excluding current period revenue) increased by 5.9%, slightly ahead of the benchmark index.

These positive returns demonstrate the resilience of markets post the Brexit shock - the "Brexit Blues" were cast aside with a surprising swiftness. This caught many investors off guard, particularly those who had fled the SmallCap market altogether.      

With politics stealing the headlines, the summer period was even quieter than usual in the City of London.  Mixed macroeconomic data - the largest slide in UK consumer confidence for more than 26 years was offset by August's manufacturing activity, which recorded the largest month-on-month increase in 25 years - provided few clues to the long-term trajectory of the UK economy.  We gleaned more from meeting company management teams who, by and large, saw no change in the business environment. In particular, our recent meetings with the house builders within the portfolio have been reassuring; after the initial post-Brexit lull, business has returned to normal.

Outlook

A fundamental shift appears to be taking place across the globe. With unorthodox monetary policies across the developed world under increased scrutiny, the spotlight is slowly shifting towards reinvigorated fiscal policies. Japan has led the way, with Prime Minister Shinzo Abe launching a $45 billion stimulus package to "invest in the future". Other countries are following suit. The UK is looking at ways to boost investment post-Brexit, while a fiscal response may be the antidote to rising Euroscepticism on the continent. The post Credit Crunch "Age of Austerity" - so championed by Messrs Cameron and Osborne - has seemingly been replaced by the fiscal pragmatism of Prime Minister May and Chancellor Hammond. This may be good news for domestically-focused UK SmallCap. 

A further positive for the asset class is that UK SmallCap now trades on its widest discount to UK LargeCap since 2002. This suggests that the asset class has room to continue to perform well. A key indicator of how the market may fare over the near term will be the upcoming earnings season. If companies deliver reasonable earnings growth, then the last three months of the year could prove fruitful for investors. After all, UK SmallCap traditionally does well in the run-up to Christmas.

Montanaro Asset Management Limited

23 November 2016

Investment Portfolio

as at 30 September 2016

Holding	Sector	Value £'000	Market cap £m	% of portfolio 30 September 2016	% of portfolio 31 March 2016
NCC Group	Software and Computer Services	9,466	968	4.3	3.7
Dechra Pharmaceuticals	Pharmaceuticals and Biotechnology	8,358	1,292	3.8	3.7
Dignity	General Retailers	7,708	1,391	3.5	3.6
Hilton Food Group	Food Producers	7,095	451	3.2	2.7
Domino's Pizza Group	Travel and Leisure	6,723	1,844	3.0	3.3
Big Yellow Group	Real Estate/Real Estate Investment Trusts	6,630	1,231	3.0	3.7
Consort Medical	Health Care, Equipment and Services	6,498	532	2.9	4.2
Marshalls	Construction and Materials	6,132	569	2.8	3.8
Cranswick	Food Producers	5,845	1,176	2.6	2.9
Shaftesbury	Real Estate/Real Estate Investment Trusts	5,820	2,702	2.6	3.0
Cineworld Group	Travel and Leisure	5,800	1,541	2.6	3.5
James Fisher and Sons	Industrial Transportation	5,702	817	2.6	2.2
Ricardo	Support Services	5,305	510	2.4	1.9
Mears Group	Support Services	5,278	471	2.4	2.0
Diploma	Support Services	5,274	995	2.4	2.2
Renishaw	Electronic and Electrical Equipment	5,274	1,919	2.4	1.8
Bovis Homes Group	Household Goods and Home Construction	5,250	1,177	2.4	3.0
Jupiter Fund Management	Financial Services	4,892	1,947	2.2	2.4
Restaurant Group	Travel and Leisure	4,804	773	2.2	1.8
Ascential	Media	4,777	1,126	2.2	1.4
Twenty Largest Holdings		122,631		55.5
Arrow Global Group	Financial Services	4,712	514	2.1	1.9
Rathbone Brothers	Financial Services	4,575	885	2.1	2.8
4Imprint Group	Media	4,555	492	2.1	-
Entertainment One	Media	4,528	972	2.0	2.1
Halma	Electronic and Electrical Equipment	4,196	3,978	1.9	2.1
Clarkson	Industrial Transportation	4,192	634	1.9	2.3
McCarthy and Stone	Household Goods and Home Construction	4,173	897	1.9	2.8
Victrex	Chemicals	3,920	1,341	1.8	2.9
St. Modwen Properties	Real Estate/Real Estate Investment Trusts	3,749	652	1.7	1.8
AG Barr	Beverages	3,591	599	1.6	1.9
Polypipe Group	Construction and Materials	3,510	557	1.6	-
Ted Baker	Personal Goods	3,080	1,085	1.4	1.9
Galliford Try	Household Goods and Home Construction	2,957	1,099	1.3	1.5
Eco Animal Health	Pharmaceuticals and Biotechnology	2,909	307	1.3	-
Sanne Group	Support Services	2,855	529	1.3	-
Dialight	Electronic and Electrical Equipment	2,796	227	1.3	1.2
Savills	Real Estate/Real Estate Investment Trusts	2,685	1,001	1.2	-
Restore	Support Services	2,588	387	1.2	-
Dunelm Group	General Retailers	2,556	1,717	1.1	1.1
AVEVA Group	Software and Computer Services	2,495	1,277	1.1	1.7
Helical Bar	Real Estate/Real Estate Investment Trusts	2,434	320	1.1	1.9
RPS Group	Support Services	2,422	386	1.1	1.6
Brewin Dolphin Holdings	Financial Services	2,374	747	1.1	0.9
Senior	Aerospace and Defence	2,291	961	1.0	1.0
CVS Group	General Retailers	2,212	531	1.0	-
FDM Group	Software and Computer Services	2,142	658	1.0	-
Workspace Group	Real Estate/Real Estate Investment Trusts	2,094	1,139	0.9	1.8
ADV Medical Solutions	Health Care, Equipment and Services	2,052	480	0.9	-
GB Group	Software and Computer Services	1,682	452	0.8	-
EMIS Group	Software and Computer Services	1,503	595	0.7	-
Accesso Technology	Software and Computer Services	1,450	322	0.7	-
BCA Marketplace	Support Services	1,440	1,404	0.7	-
Tracsis	Software and Computer Services	1,288	143	0.6	-
Fevertree Drinks	Beverages	1,213	1,118	0.5	-
Abcam	Pharmaceuticals and Biotechnology	1,134	1,704	0.5	-
Total Portfolio		220,984		100.0

Breakdown by Index (Ex Cash)

Classification	% of portfolio as at 30 September 2016	% of portfolio as at 31 March 2016
FTSE 100	-	-
FTSE 250*	28%	33%
NSCI	64%	67%
AIM	8%	-

* Represents those holdings that are in the FTSE 250 and are above the threshold for the NSCI.

Interim Management Report and Responsibility Statement

Interim Management Report

The important events that have occurred during the period under review and the key factors influencing the financial statements are set out in the Manager's Review.

The principal risks facing the Company are unchanged since the date of the Annual Report and Accounts for the year ended 31 March 2016 and continue to be as set out in that report on page 11 and pages 41 to 43. These include, but are not limited to, liquidity and discount management, corporate ownership and management structure of Montanaro, poor investment performance, risk oversight, key man risk, operational risk and breach of regulation. The principal financial risks include, but are not limited to, credit risk, market price risk, interest rate risk, liquidity risk, gearing and use of derivatives.

Responsibility Statement

The Directors confirm that to the best of their knowledge:

·     The condensed set of financial statements, which has been neither reviewed nor audited by the external Auditor, has been prepared in accordance with Financial Reporting Standard ("FRS") 104 'Interim Financial Reporting' and gives a true and fair view of the assets, liabilities, financial position and profit of the Company; and

·      This Half-Yearly Report includes a fair review of the information required by:

o  DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

o  DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Company during that period, and any changes in the related party transactions described in the last Annual Report that could do so.

This Half-Yearly Report was approved by the Board of Directors on 23 November 2016 and the above Responsibility Statement was signed on its behalf by Roger Cuming, Chairman.

Income Statement (unaudited)

for the six months to 30 September 2016

	6 months to 30 September 2016			6 months to 30 September 2015			Year to 31 March 2016
	Revenue   £'000	Capital   £'000	Total  £'000	Revenue   £'000	Capital   £'000	Total   £'000	Revenue   £'000	Capital   £'000	Total  £'000
Gains on investments at fair value	-	11,219	11,219	-	6,358	6,358	-	2,779	2,779
Dividends and interest	2,858	-	2,858	2,849	-	2,849	5,249	-	5,249
Management fee	(237)	(711)	(948)	(238)	(715)	(953)	(480)	(1,439)	(1,919)
Other expenses	(250)	-	(250)	(252)	-	(252)	(515)	-	(515)
Movement in fair value of derivative financial instruments	-	69	69	-	63	63	-	123	123
Return on ordinary activities before finance costs and taxation	2,371	10,577	12,948	2,359	5,706	8,065	4,254	1,463	5,717
Interest payable and similar charges	(106)	(318)	(424)	(86)	(257)	(343)	(187)	(562)	(749)
Return on ordinary activities before taxation	2,265	10,259	12,524	2,273	5,449	7,722	4,067	901	4,968
Taxation (Note 3)	(4)	-	(4)	(3)	-	(3)	(3)	-	(3)
Return for the period, being total comprehensive income for the period	2,261	10,259	12,520	2,270	5,449	7,719	4,064	901	4,965
Return per Ordinary share	6.8p	30.6p	37.4p	6.8p	16.3p	23.1p	12.1p	2.7p	14.8p

The total column of this statement is the Statement of Total Comprehensive Income of the Company prepared in accordance with FRS 102 and 104. The supplementary revenue return and capital return columns are prepared in accordance with the Statement of Recommended Practice issued in November 2014 by the AIC ("AIC SORP").

All items in the above statement derive from continuing operations.

No Statement of Total Recognised Gains and Losses has been prepared as all such gains and losses are shown in the Income Statement.

No operations were acquired or discontinued in the period.

Statement of Changes in Equity (unaudited)

for the six months to 30 September 2016

6 months to 30 September 2016	Called-up share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Special  reserve* £'000	Capital  reserve* £'000	Distributable  revenue  reserve* £'000	Total  equity  shareholders' funds  £'000
As at 1 April 2016	3,348	19,307	1,362	4,642	155,743	6,607	191,009
Fair value movement of investments	-	-	-	-	11,219	-	11,219
Costs allocated to capital	-	-	-	-	(1,029)	-	(1,029)
Dividends paid in the period (note 4)	-	-	-	-	-	(3,348)	(3,348)
Movement in fair value of derivative financial instruments	-	-	-	-	69	-	69
Net revenue for the period	-	-	-	-	-	2,261	2,261
As at 30 September 2016	3,348	19,307	1,362	4,642	166,002	5,520	200,181
6 months to 30 September 2015
As at 1 April 2015	3,348	19,307	1,362	4,642	154,842	5,522	189,023
Fair value movement of investments	-	-	-	-	6,358	-	6,358
Costs allocated to capital	-	-	-	-	(972)	-	(972)
Dividends paid in the period	-	-	-	-	-	(2,979)	(2,979)
Movement in fair value of derivative financial instruments	-	-	-	-	63	-	63
Net revenue for the period	-	-	-	-	-	2,270	2,270
As at 30 September 2015	3,348	19,307	1,362	4,642	160,291	4,813	193,763
Year to 31 March 2016
As at 1 April 2015	3,348	19,307	1,362	4,642	154,842	5,522	189,023
Fair value movement of investments	-	-	-	-	2,779	-	2,779
Costs allocated to capital	-	-	-	-	(2,001)	-	(2,001)
Dividends paid in the year (note 4)	-	-	-	-	-	(2,979)	(2,979)
Movement in fair value of derivative financial instruments	-	-	-	-	123	-	123
Net revenue for the year	-	-	-	-	-	4,064	4,064
As at 31 March 2016	3,348	19,307	1,362	4,642	155,743	6,607	191,009

*    These reserves are distributable, excluding any unrealised gains in unrealised capital reserve. The special reserve can be used for the repurchase of the Company's own shares.

Balance Sheet (unaudited)

as at 30 September 2016

	As at   30 September   2016   £'000	As at   30 September   2015   £'000	As at    31 March    2016    £'000
Fixed assets
Investments at fair value (note 5)	220,984	207,527	209,502
Current assets
Debtors	650	1,635	988
Cash at bank	4,009	5,145	9,061
	4,659	6,780	10,049
Creditors: amounts falling due within one year
Other creditors	(390)	(343)	(401)
Revolving credit facility (note 5)	(25,000)	(20,000)	(28,000)
Interest rate swap (note 5)	(72)	-	(141)
	(25,462)	(20,343)	(28,542)
Net current liabilities	(20,803)	(13,563)	(18,493)
Total assets less current liabilities	200,181	193,964	191,009
Creditors: amounts falling due after more than one year
Interest rate swap	-	(201)	-
Net assets	200,181	193,763	191,009
Share capital and reserves
Called-up share capital	3,348	3,348	3,348
Share premium account	19,307	19,307	19,307
Capital redemption reserve	1,362	1,362	1,362
Special reserve	4,642	4,642	4,642
Capital reserve	166,002	160,291	155,743
Distributable revenue reserve	5,520	4,813	6,607
Total equity shareholders' funds	200,181	193,763	191,009
Net asset value per Ordinary share	598.0p	578.8p	570.6p
Number of Ordinary shares in issue	33,475,958	33,475,958	33,475,958

Notes to the Financial Statements

as at 30 September 2016

1 Financial Information

The condensed financial statements for the six months ended 30 September 2016 comprise the statements together with the related notes. The Company applies FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' in its annual financial statements and the AIC SORP issued in November 2014. The condensed financial statements for the six months to 30 September 2016 have been prepared in accordance with FRS 104. The financial statements have been prepared on the basis of the same accounting policies as set out in the Company's Annual Report and Accounts for the year ended 31 March 2016.

The Company has elected to remove its cash flow statement, as permitted by FRS 102 paragraph 7.1.A. As stated in the Annual Report, the Company has early adopted the amendments made to FRS 102 paragraph 34.22.

The financial information contained in this Half-Yearly Report does not constitute full statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the six months to 30 September 2016 and 30 September 2015 has not been audited or reviewed by the Company's Auditor pursuant to the Auditing Practices Board guidance on such reviews.

The information for the year ended 31 March 2016 has been extracted from the latest published Annual Report and Accounts, which have been filed with the Registrar of Companies. The Report of the Auditors on those financial statements was unqualified and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.

2 Management Expenses and Finance Costs

Management fees and finance costs are allocated 75% to the capital reserve and 25% to the revenue account. Costs arising on early settlement of debt are allocated 100% to capital, in accordance with the requirements of the AIC SORP. All other expenses are allocated in full to the revenue account.

3 Tax Credit/Charge on Ordinary Activities

The tax charge for the six months to 30 September 2016 is £4,000 (six months to 30 September 2015: £3,000; year to 31 March 2016: £3,000). The tax charge comprises a corporation tax charge for the six months to 30 September 2016 of £nil (six months to 30 September 2015: £nil; year to 31 March 2016: £nil) and irrecoverable withholding tax suffered of £4,000 (six months to 30 September 2015: £3,000; year to 31 March 2016: £3,000).

The corporation tax charge is based on an estimated effective tax rate of 0% as investment gains are exempt from tax owing to the Company's status as an investment trust and there is expected to be an excess of management expenses over taxable income.

4 Dividends

	6 months to 30 September 2016 £'000	Year to 31 March 2016 £'000
Paid 2016 Final dividend of 10.00p (2015: 8.90p) per Ordinary share	3,348	2,979

5 Fair Value Hierarchy

In accordance with FRS 104, the Company must disclose the fair value hierarchy of financial instruments.

The fair value hierarchy consists of the following three levels:

·	level 1	-	The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date;
·	level 2	-	Inputs other than quoted prices included within level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
·	level 3	-	Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

For financial instruments (within the scope of FRS 102), which are measured at fair value in the Balance Sheet, an entity shall disclose the following for each class of financial instruments:

·     the level in the fair value hierarchy into which the fair value measurements are categorised in their entirety;

·     any significant transfers between level 1 and level 2 of the fair value hierarchy and the reasons for those transfers; and

·     for fair value measurements in level 3 of the hierarchy, transfers into or out of level 3 and the reasons for those transfers.

The table below sets out fair value measurements of financial assets in accordance with the FRS 102 fair value hierarchy:

	30 September 2016			31 March 2016
	Level 1 £'000	Level 2 £'000	Total £'000	Level 1 £'000	Level 2 £'000	Total £'000
Equity investments	220,984	-	220,984	209,502	-	209,502
	220,984	-	220,984	209,502	-	209,502

The table below sets out fair value measurements of financial liabilities in accordance with the FRS 102 fair value hierarchy system:

	30 September 2016			31 March 2016
	Level 1 £'000	Level 2 £'000	Total £'000	Level 1 £'000	Level 2 £'000	Total £'000
Revolving Credit Loan Facility	-	25,000	25,000	-	28,000	28,000
Derivative financial instruments	-	72	72	-	141	141
	-	25,072	25,072	-	28,141	28,141

There were no level 3 investments.

6 Going Concern

The Company has adequate financial resources to meet its investment commitments and as a consequence, the Directors believe that the Company is well placed to manage its business risks. After making appropriate enquiries and due consideration of the Company's cash balances, the liquidity of the Company's investment portfolio and the cost base of the Company, the Directors have a reasonable expectation that the Company has adequate available financial resources to continue in operational existence for the foreseeable future and accordingly have concluded that it is appropriate to continue to adopt the going concern basis in preparing the Half-Yearly Report, consistent with previous years.

7 Segmental Reporting

The Company has one reportable segment, investing in UK businesses.

8 Related Party Transactions

Under the Listing Rules, the Manager is regarded as a related party of the Company. However, the existence of an independent Board of Directors demonstrates that the Company is free to pursue its own financial and operating policies and therefore, in terms of FRS 102, the Manager is not considered a related party. The relationship between the Company, its Directors and the Manager is disclosed in the Directors' Report in the Annual Report and Accounts for the year ended 31 March 2016.

The amounts charged by the Manager during the period were £948,000 (six months to 30 September 2015: £953,000; year to 31 March 2016: £1,919,000). At 30 September 2016, the amount due to the Manager, included in creditors, was £164,000.

Directors

Roger Cuming (Chairman)

Kate Bolsover

Kathryn Matthews

James Robinson

Principal Advisers

AIFM and Manager	Depositary
Montanaro Asset Management Limited 53 Threadneedle Street London EC2R 8AR Tel: [phone] Fax: [phone] www.montanaro.co.uk [e-mail]	BNY Mellon Trust & Depositary (UK) Limited BNY Mellon Centre 160 Queen Victoria Street London EC4V  4LA
	Custodian
	Bank of New York Mellon SA/NV London Branch One Canada Square London E14 5AL
Company Secretary, Administrator and Registered Office
Capita Sinclair Henderson Limited Beaufort House 51 New North Road Exeter EX4 4EP Tel: [phone] Fax: [phone]
	Banker
	ING Bank N.V. London Branch 60 London Wall London EC2M 5TQ
Registrar	Broker
Capita Asset Services Shareholder Services Department The Registry 34 Beckenham Road Beckenham Kent BR3 4TU Tel: [phone] (calls will cost 12p per minute plus network charges) [e-mail] www.capitaregistrars.com	Cenkos Securities plc 6-8 Tokenhouse Yard London EC2R 7AS
	Auditor
	Ernst & Young LLP 25 Churchill Place Canary Wharf London E14 5EY
Montanaro UK Smaller Companies Investment Trust PLC Registered in England and Wales No. 3004101 An investment company as defined under section 833 of the Companies Act 2006

Sources of Further Information

Information on the Company, including this Half-Yearly Report is available on the Company's website: www.montanaro.co.uk/muscit.

Key Dates

March	Company year end
June	Annual results
July	Annual General Meeting
August	Dividend payable
November	Half-yearly results

Frequency of NAV Publication

The Company's NAV is released to the LSE on a daily basis.

ISA Status

The Company is fully eligible for inclusion in ISAs.

AIC

The Company is a member of the AIC.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on this announcement (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

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