Interim Management Statement

RNS Number : 6246Z

Schroder UK Growth Fund PLC

24 September 2009

SCHRODER UK GROWTH FUND PLC

Interim Management Statement for the Quarter ended 31 July 2009

The Board of Schroder UK Growth Fund Plc ('the Company') announces its first Interim Management Statement for the year ending 30 April 2010, as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 May 2009 to 31 July 2009.

Investment Objective

The Company's principal investment objective is to achieve capital growth predominantly from investment in UK equities, with the aim of providing a total return in excess of the FTSE All-Share Index.

Material Events or Transactions

Annual General Meeting

The Annual General Meeting of the Company was held on 6 August 2009 with all resolutions being passed by shareholders including resolution 8 relating to the continuation of the Company as an investment trust for a further five years.

Issue of Subscription Shares

A total of 31,374,859 Subscription Shares have been allotted to Ordinary Shareholders on the register at 5.00 p.m. on 5 August 2009, by way of a bonus issue on the basis of one Subscription Share for every five Ordinary Shares held at that date.

The subscription share rights conferred by the Subscription Shares will be exercisable on each of 31 January and 31 July between 31 January 2010 and 31 July 2012 (both dates inclusive).

The Subscription Price, as defined in the Prospectus and equal to the Published unaudited NAV per Ordinary Share as at 5.00 p.m. on 5 August 2009 (including current period revenue) of 102.69 pence per share (the 'Unaudited NAV') plus a percentage premium to such amount, rounded up to the nearest whole penny, is as follows:

If Subscription Share Rights are exercised on either 31 January 2010 or 31 July 2010, 113 pence, being a 10 per cent. premium to the Unaudited NAV.

If Subscription Share Rights are exercised on either 31 January 2011 or 31 July 2011, 119 pence, being a 15 per cent. premium to the Unaudited NAV.

If Subscription Share Rights are exercised on either 31 January 2012 or 31 July 2012, 129 pence, being a 25 per cent. premium to the Unaudited NAV.

Terms used and not defined in this announcement shall bear the meanings given to them in the Prospectus dated 9 July 2009.

VAT on Investment Management Fee

The Company has now made a further provision in respect of back dated VAT recoverable which will increase the NAV by 0.62 pence per share from the date of this report.

Company Statistics as at 31 July 2009

Gross Assets	£191.2 million
Net Asset Value per Ordinary Share	99.54p
Share Price	95.75p
Premium/(Discount)	(3.81%)
Number of Holdings	34
Net Effective Gearing	10.5%
Yield	4.0%

% Cumulative Performance to 31 July 2009

Performance over	3m	6m	1yr
Share Price (Total Return)	17.5	40.2	(17.4)
Net Asset Value (Total Return)	15.7	47.0	(16.9)
FTSE All Share Total Return Index	9.4	16.2	(10.5)

All Performance Data Source: Fundamental Data

Portfolio Information as at 31 July 2009

Ten Largest Holdings

Stock Name	Sector Classification	Market Value (£)	Percentage of NAV
Xstrata	Basic Materials	8,839,119	5.10
Barclays	Financials	7,974,567	4.60
3I Group	Financials	7,834,936	4.52
BG Group	Oil & Gas	7,322,190	4.22
Invensys	Technology	7,185,399	4.14
Burberry Group	Consumer Goods	6,518,467	3.76
Standard Chartered	Financials	6,488,457	3.74
Experian	Industrials	6,378,436	3.68
BHP Billiton	Basic Materials	6,167,141	3.56
Royal Dutch Shell B	Oil & Gas	6,061,563	3.49

Sector Allocation

Sector		Percentage of NAV
Financials	29.22
Consumer Services	17.22
Technology	13.93
Basic Materials Oil & Gas Industrials	13.37 12.12 10.09
Consumer Goods	7.00
Healthcare Utilities	6.05 1.11

Changes to Share Capital during the Quarter ended 31 July 2009

None - there remain a total of 156,876,900 ordinary shares of 25p each in issue.

A total of 31,374,859 Subscription Shares were issued on 6 August 2009.

Company Information as at 31 July 2009

SEDOL Code	0791348
Sector	Equity Investment Instruments
Launch Date	25 April 1994
Financial Year End	30 April
Next Dividend Payment	31 January 2010
Last Ex Dividend Date	15 July 2009