Interim Management Statement

RNS Number : 7238V

North Atlantic Smlr Co Inv Tst PLC

17 December 2013

NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

INTERIM MANAGEMENT STATEMENT FOR THE PERIOD ENDED 31 OCTOBER 2013

To the members of North Atlantic Smaller Companies Investment Trust PLC

This interim management statement has been produced solely to provide additional information to shareholders as a body in accordance with 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 interim management statement relates to the period from 1 August 2013 to 31 October 2013, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment Objective

The objective of North Atlantic Smaller Companies Investment Trust PLC ("the Company") is to provide capital appreciation through investment in a portfolio of smaller companies principally based in countries bordering the North Atlantic Ocean.

Financial Highlights

	Cumulative performance
	As at 31 October 2013	3 months %	6 months %	1 year %	3 years %	5 years %


Diluted NAV*	1,864p	2.2	8.4	25.7	36.7	84.9

Mid-market price	1,588p	6.4	13.8	38.0	52.0	146.2

Discount to diluted NAV *	14.8%

Standard & Poor's 500 Composite Index **	1,095.1	(1.2)	6.5	25.1	48.4	81.7
Russell 2000 **	685.9	(0.2)	12.4	35.1	56.4	105.1
FTSE All-Share Index	3,585.3	2.2	5.8	18.6	22.1	64.2
US Dollar/Sterling exchange rate	1.6066	(6.0)	(3.2)	0.3	(0.5)	0.6

* Following the conversion of the Loan Notes the performance is shown on the diluted NAV, excluding retained revenue for the period, only. The Board considers that this accurately reflects the underlying performance of the Company

** Sterling adjusted.

Material Events and Transactions during the Period

During the period under review, the Company's holdings in Bionostics and Orthoproducts were sold at a good uplift to the year-end valuation and at a significant premium to cost. As a result, the Company now has cash or near cash balances of circa £80 million.

Transactions in Own Shares

On 26 September 2013, 1,450 Ordinary shares were bought back for cancellation, at a total cost to the Company of £22,000.

Since 31 October 2013, a further 13,483 Ordinary shares were bought back for cancellation, in two tranches, at the beginning of December 2013, at a total cost of £208,000.

Following these purchases the Company's issued share capital consists of 15,897,501 Ordinary shares.

TEN LARGEST INVESTMENTS AT 31 OCTOBER 2013

Gleeson (MJ) Group	UK Listed	11.5
US Treasury Bills	US Treasury Bills	18.8
Oryx International Growth Fund Limited *	UK Listed	11.5
Trident Private Equity Fund III LLP	UK Unquoted	8.3
Hampton Investment Properties Limited	UK Unquoted	5.2
Bioquell	UK Listed	4.7
Guinness Peat Group **	UK Listed	4.5
Celsis AG	US Unquoted	3.5
AssetCo PLC	UK Listed	2.8
Goals Soccer Centres	UK Listed	2.6


% of total portfolio		73.4

* incorporated in Guernsey

** incorporated in New Zealand

SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 31 OCTOBER 2013

	United	United		Total
	States	Kingdom	Europe	%
	%	%	%
Investment Companies		20.5		20.5
Treasury Bills	18.8			18.8
Construction & Materials		11.5		11.5
Real Estate	0.2	7.6	0.4	8.2
Support Services	1.0	5.1		6.1
Industrial Engineering	5.1			5.1
Health Care, Equipment & Services	0.2	4.7		4.9
Financial Services		4.5		4.5
Travel & Leisure		3.5		3.5
Media		3.2		3.2
Banks	3.1			3.1
Escrows	1.7	0.4		2.1
Oil & Gas Producers	1.2	0.8		2.0
General Retailers		1.7		1.7
Technology Hardware & Equipment	1.5			1.5
Food Producers	1.3			1.3
Industrial Transportation		1.3		1.3
Business Services		0.7		0.7