Interim Management Statement

RNS Number : 3440U

Scottish Oriental Smlr Co Tst PLC

20 December 2011

 

The Scottish Oriental Smaller Companies Trust PLC

Interim Management Statement

For the Three Month Period from 31 August 2011 to 30 November 2011

Investment Objective

Scottish Oriental aims to achieve long term capital growth by investing in smaller Asian quoted companies with market capitalisations under US$1,000m, or the equivalent thereof, at the time of first investment.  Asia is deemed to include the Indian subcontinent but excludes Japan and Australasia.

Performance Summary#

	As at  30 November  2011	As at 31 August 2011	Movement
Net asset value per share ("NAV")	568.8p	607.2p	(6.3%)
Share price	526.0p	600.0p	(12.3%)
Discount to NAV	7.5%	1.2%	-
Shares in issue	30,213,650	30,213,650	-
Shareholders' funds	£171.9m	£183.4m	(6.3%)
Market capitalisation	£158.9m	£181.3m	(12.3%)

# The information provided above is based on unaudited, capital only figures.

Period Review and Material Events

Scottish Oriental's NAV fell by 6.3% over the period compared to decreases of 7.7% in the MSCI AC Asia ex Japan Index and 13.0% in the MSCI AC Asia ex Japan Small Cap Index.

The Trust's outperformance relative to the MSCI AC Asia ex Japan Index was largely due to strong returns from a number of its holdings in Indonesia, Malaysia and South Korea.

The share price fell by 12.3% to 526.0p over the period resulting in a widening of the discount to net asset value to 7.5%.

Additional Information

Up to date NAV and share price information is available from the Company's website www.scottishoriental.co.uk.

For further information please contact Susie Rippingall at First State Investments in Hong Kong by telephone [phone]) or email ([e-mail])

 

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