Replacement - Interim Managem

RNS Number : 1217W

Standard Life UK Small.Co's Tst PLC

12 November 2010

 



AMENDMENT

Please note that the announcement today released at 12:51hrs (RNS No 1054W) showed two incorrect dates.

The "Largest Ten Holding and Transactions In Period" showed the "Market Value at 31 March 2010".  This should read "Market Value at 30 September 2010".

The "Net assets breakdown" showed the "Sector at 20 September 2010".  This should read "Sector at 30 September 2010".

Please see below the updated announcement.  All other information remains unchanged.

Standard Life UK Smaller Companies Trust plc

Interim Management Statement

Three months ended 30 September 2010

To the members of Standard Life UK Smaller Companies Trust plc ('the Company')

This Interim Management Statement ('IMS') 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 IMS relates to the period from 1 July 2010 to 30 September 2010 and contains information that covers this period, and up to the date of publication of this IMS, unless otherwise specified.

Investment objective

The objective of Standard Life UK Smaller Companies Trust plc is to achieve long term capital growth by investment in UK quoted smaller companies.

Benchmark

Hoare Govett Smaller Companies Index (excluding Investment Trusts) ("HGSC")

Material events

On 7 July 2010, the Company announced the result of the periodic tender offer, the details of which were included in a circular to shareholders dated 23 April 2010; the tender price was confirmed as 144.84p per Ordinary 25p share ('the Shares').

4,731,822 Shares (representing approximately 7.5 per cent. of the Company's issued share capital) were tendered and, in accordance with the terms of the tender offer, the total number of Shares to be bought back under the tender offer was 3,158,167 Shares, representing 5 per cent. of the Shares in issue on the Record Date and excess tenders were scaled back accordingly. The Shares tendered were bought back into treasury. Following the implementation of the periodic tender offer, the Company's issued shares capital comprised 63,722,556 Shares in issue of which 60,005,214 Shares had voting rights with an additional 3,717,342 Shares held in treasury.

On 7, 13, 17 and 20 September 2010, the Company sold out of treasury 100,000, 350,000, 150,000 and 3,117,342 Shares at prices per share of 166.5p, 168.5p, 170.75p and 170.75p, respectively.

Accordingly, as at 30 September 2010 and the date of this IMS, the Company had a total of 63,722,556 Shares in issue, all of which had voting rights and no Shares were held in treasury.

Largest Ten holdings and Transactions in Period

Ranking as at 30 September 2010	Transaction in period	Ranking as at 30 June 2010	Investment	Market Value at 30 September 2010 (£)	Total Assets (%)
1	Sale	1	ASOS ORD GBP0.035	6,420,684	5.5
2	-	2	ABCAM PLC ORD GBP0.01	5,878,881	5.1
3	-	3	DOMINOS PIZZA UK & IRELAND ORD GBP0.05	4,557,726	3.9
4	Purchase	7	HARGREAVES LANSDOWN ORD GBP0.004	3,960,000	3.4
5	-	5	PADDY POWER ORD EUR0.1	3,199,199	2.8
6	-	8	VICTREX ORD GBP0.01	3,016,872	2.6
7	-	-	RENISHAW ORD GBP0.2	3,011,984	2.6
8	-	-	ANDOR TECHNOLOGY ORD GBP0.02	2,912,894	2.5
9	-	-	AVEVA GROUP ORD GBP0.0333	2,890,288	2.5
10	-	9	TELECOM PLUS ORD GBP0.05	2,844,184	2.4
			Total		33.3

(Source: Standard Life Investments)

Net assets breakdown - Sector 30 September 2010

	%
Consumer Services	26.2
Industrials	16.5
Technology	14.3
Consumer Goods	11.1
Healthcare	8.8
Financials	8.4
Basic Materials	5.5
Oil & Gas	4.3
Telecoms	2.4
Utilities	0.8
Cash/(Net borrowings)	1.7

(Source: Standard Life Investments)

General description of Company's financial position and performance as at 30 September 2010

Trust Managers	Standard Life Investments (Since 01/09/2003)
Gross Assets	£115.7m (30/9/2010 Source: Standard Life Investments)
Share Price	173.9p (30/9/2010 Source: Standard Life Investments)
Net Asset Value (capital only)	180.3p (30/9/2010 Source: Standard Life Investments)
Discount	Current: -2.8% (30/9/2010 Source: Thomson Datastream)
	12 Month High: -1.4% (30/9/2010 Source: Thomson Datastream)
	12 Month Low: -14.0% (30/9/2010 Source: Thomson Datastream)
Trust Annual Management Fee	0.65% on equity holdings; 0.20% on cash holdings
Launch Date	1993
SEDOL	0295958
Reuters	SLS.L
Yield (Net)	1.4 % (30/9/2010 Source: Thomson Datastream)
Current Equity Gearing	-1.7 % (30/9/2010 Source: Thomson Datastream)

Performance - Capital

	3 months (%)	1 year (%)	2 years (%)	3 years (%)	4 years (%)	5 years (%)
Share price	28.4	50.4	75.3	48.2	66.9	127.6
Net asset value	18.2	37.7	49.7	31.8	46.7	92.3
HGSC (ex Investment Companies)	13.4	13.0	39.0	-5.9	1.7	21.7

Source: Thomson Datastream - the percentage growth figures are calculated over periods to 30 September 2010 on a mid to mid basis.

For the Manager's current Investment Review & Outlook, please refer to the latest factsheet which is available via the Company's website, www.standardlifeinvestments.com/its

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.  Investors may not get back the amount they originally invested.

For Standard Life UK Smaller Companies Trust plc

Aberdeen Asset Management PLC, Secretaries

11 November 2010

 

END

 

 

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