Interim Management Statement

RNS Number : 0972D

Artemis Alpha Trust PLC

16 March 2011

 

Artemis Alpha Trust plc (the "Company")

Interim management statement - 3 months ended 31 January 2011

Introduction 

The Company has prepared this interim management statement to meet the requirements of the UK Listing Authority's Disclosure Rules and Transparency Rules.  It covers the three month period ended 31 January 2011, together with relevant information up to the date of publication. 

Investment objective 

Artemis Alpha Trust plc aims to achieve above average rates of total return over the longer term and to achieve a growing dividend stream.

Material events & transactions

As set out in the Half-Yearly Financial Report, the main event during the period was the merger of the Company with Gartmore Growth Opportunities plc ("GGO"), which had the following changes to the Company:

·      18,274,563 new shares issued to the continuing GGO shareholders and the manager warrant 
holders.

·      All shareholders received a bonus issue of subscription shares, on the basis of one for every seven ordinary shares held, which can be exercised on 30 June and 31 December each year to 31 December 2017 at a price of 345p.

·      As the manager warrants were exercised, the continued incentivisation of the Investment Manager is through a performance fee element to the remuneration arrangements.

·      The next continuation vote for the Company will be held at the AGM in 2018.

·      The Company increased its borrowing facilities with the Royal Bank of Scotland to £26.5 million.

The Company also paid a first interim dividend for the year ended 30 April 2011 of 1.20p per share on 4 February 2011, to those shareholders on the register on 26 November 2010.

On 11 March 2011, the Company sold from treasury, 551,500 ordinary shares at a price of 332.0p per share, which was a 2% premium to the net asset value at the time of sale.

Subsequent to the reporting period end there has been a revaluation of the Company's unlisted investment portfolio.  This change is reflected in the latest financial information set out below.

General financial information

	15 March 2011	31 January 2011	31 October 2010
Net asset value	311.63p	325.22p	295.64p
Share price	317.00p	322.00p	269.50p
Net assets	£152.2m	£157.0m	£100.0m
Market capitalisation	£154.8m	£154.5m	£80.8m
Ordinary shares in issue	48,825,239	48,273,739	29,991,203
Ordinary shares in treasury	-	551,500	551,500
Manager Warrants in issue Subscription Shares in issue	- 6,886,365	- 6,886,365	6,533,982 -

Ten largest equity investments

Investment	% of portfolio at 15 March 2011	% of portfolio at 31 January 2011	% of portfolio at 31 October 2010
Vostok Energy	7.4	7.4	9.1
Hurricane Exploration	6.8	3.6	6.1
Eland Oil & Gas	3.9	0.6	-
Lynton Holding Asia	3.4	3.4	5.5
Salamander Energy	3.2	3.3	4.0
New Britain Palm Oil	3.0	3.0	4.0
R.E.A. Holdings	2.3	2.5	2.8
Ideal Shopping Direct	2.3	2.5	3.4
Africa Oil	2.2	2.6	1.6
Asian Plantations	2.2	1.6	1.3

Sector analysis

Sector	% of portfolio at 15 March 2011	% of portfolio at 31 January 2011	% of portfolio at 31 October 2010
Oil & Gas Producers	34.8	29.9	37.2
Food Producers	7.4	7.1	8.2
Support Services	7.0	8.3	2.5
Financial Services	6.5	7.5	8.5
Aerospace & Defence	4.8	4.8	7.8
Real Estate Investment & Services	3.9	3.8	5.8
General Retailers	3.8	4.3	7.4
Software & Computer Services	3.6	3.5	2.5
Mining	3.6	2.8	3.2
Travel & Leisure	3.0	1.8	2.2
Other	21.6	26.2	14.7

Performance

	3 months	1 year	3 years	Since 1 June 2003 **
Net Asset Value *	10.5	33.2	58.6	395.7
Share price *	20.0	42.5	42.5	406.5
FTSE All-Share Index	4.2	18.1	13.7	100.5

*Source: Artemis Investment Management LLP/Datastream. All figures are to 31 January 2011 and are total returns.

** The date of Artemis' appointment as investment manager.

A copy of the interim management statement and further information about the Company can be found on the investment manager's website at www.artemisonline.co.uk .

Artemis Investment Management LLP

Company Secretary

Tel:  [phone]  

 

END

 

 

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