Interim Management Statement

RNS Number : 2858I

Scottish Oriental Smlr Co Tst PLC

01 July 2013

 

The Scottish Oriental Smaller Companies Trust PLC

Interim Management Statement

For the Three Month Period from 1 March 2013 to 31 May 2013

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  31 May  2013	As at 28 February 2013	Movement
Net asset value per share	885.96p	867.83p	2.1%
Share price	895.25p	905.00p	(1.1%)
Discount to NAV	1.05%	4.28%	-
Shares in issue	31,643,650	31,333,650	-
Shareholders' funds	£280.3m	£271.9m	3.1%
Market capitalisation	£283.3m	£283.6m	(0.1%)

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

Period Review and Material Events

Scottish Oriental's net asset value (NAV) rose by 2.1% over the period compared to a fall of 1.4% in the MSCI AC Asia ex Japan Index and a rise of 4.7% 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 performance by smaller companies over the period.  Also of note was the Trust's performance in Malaysia with particularly strong returns from four of its holdings - Aeon Company, Aeon Credit Services, Eastern & Oriental and Media Prima.

The share price fell by 1.1% to 895.25p over the period resulting in a narrowing of the premium to net asset value to 1.05%.

Over the quarter ended 31 May 2013 the Company issued 310,000 Ordinary shares for a total consideration of £2.8 million.

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 Angus Tulloch at First State Investments in by telephone [phone]) or email ([e-mail])

 

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