Gartmore Growth Opps

Interim Management Statement


Interim Management Statement (unaudited)

Corporate action proposal

As shareholders will be aware the Board announced on 27 September 2010 that it
had reached agreement in principle with Artemis Alpha Trust plc ("ATS") for a
merger of the assets of Gartmore Growth Opportunities plc (the "Company") and
ATS to be effected through a scheme of reconstruction and winding up of the
Company (the "Proposals").

Under the Proposals, which are to be recommended by the respective Boards of
both companies, the Company's shareholders will be offered a choice between:-

  * continuing their investment in a tax efficient manner in a strong
    performing UK domiciled investment trust managed by Artemis Investment
    Management Limited, by receiving such number of ordinary shares in ATS as
    shall equal 98.5% of the Formula Asset Value ("FAV") of the shares in the
    Company that are rolled over; and
  * an immediate cash exit at 95% of FAV on the approval of the Proposals, for
    up to 30% of the Company's issued share capital as at the effective date of
    the Proposals (the "Cash Option"). Elections by shareholders to receive in
    excess of 30% of their holdings for cash will be accepted to the extent
    that other shareholders have not made any elections for cash or have made
    elections for cash for less than 30% of their respective holdings. The Cash
    Option will only be available to Shareholders who were recorded on the
    register of members at the close of business on 24 September 2010.
Shareholders electing to rollover into ATS, together with existing ATS
shareholders, will also receive one subscription share in ATS for every seven
ATS shares held or issued pursuant to the Proposals.

The Company expects to post a circular to shareholders providing full details
of the Proposals on or around 10 November 2010. A general meeting to approve
the Proposals is scheduled to be held on or around 29 November 2010 and a
further general meeting is scheduled to be held on or around 10 December 2010
to place the Company in members voluntary liquidation.

Special interim dividend

The Board intends to declare a special interim dividend for payment to
Shareholders prior to the implementation of the Proposals. Any such special
interim dividend will take into account the group's unaudited distributable
revenue reserves as at 31 October 2010 together with relevant operating
expenses and the relevant costs to be allocated to the Company's revenue
account associated with the Proposals.

On the basis of current revenue reserves and estimated relevant costs the Board
anticipates that the Company will declare a special interim dividend of not
less than 27 pence per Share, subject to the availability of sufficient
distributable reserves at the relevant time. The Company does not intend this
to be a projection or forecast of dividends actually payable or of actual
profit or cash available for distribution.

Payment of the special interim dividend will be conditional upon approval of
the proposals at the general meeting of shareholders which is expected to be
held on or around 29 November 2010. It is currently envisaged that the record
date for payment of any special interim dividend will be 26 November 2010.

A further announcement in relation to the special interim dividend will be made
on or around 8 November 2010.

Suspension of the Redemption Facility

In view of the Proposals, which will enable shareholders to elect for a cash
exit in respect of part or all of their shares, subject to the 30% limit
described above, the Board decided to exercise its discretion not to offer
shareholders the opportunity to redeem their shares in the Company until
further notice. Accordingly, the October 2010 redemption facility was not
available to shareholders.


Following the resignation from Gartmore of the lead fund manager responsible
for the Company's portfolio, the company's investments have continued to be
managed by the Gartmore UK smaller companies team under the supervision of the

Accounting for the dividend paid in September, the Company's Net Asset Value
per Ordinary share increased in the quarter to 30 September 2010 by 5.9% to
515.34 pence per share, underperforming the benchmark FTSE SmallCap (ex
investment companies) Index, which increased by 10.6%. The underperformance
mainly occurred in July and was principally due to stock-specific events among
some of our holdings.

Our largest holding, Nestor Healthcare, was the strongest contributor over the
quarter, both in absolute terms and relative to the benchmark, with its share
price increasing by more than 50% over the quarter. Strong trading results at
the end of June, a broker upgrade, director purchases and an unsolicited bid
for the company all helped to boost the share price.

The next top contributor was Iomart. The IT hosting provider reported its full
year results in July, which showed significant revenue growth, a return to
positive earnings and a dividend increase. New contract wins continue to
generate organic growth and it is adding over 30 contracts per month. We
trimmed the position to realise some of the gains and reduce our exposure.

Unfortunately these examples of strong performance were offset by stocks in the
portfolio that performed less well.

The most significant example of this was flat speaker technology business NXT,
the share price of which slumped on news of a capital raising to address its
weak cash position. Other notable examples included AIM-listed minerals
engineering and project management company, MDM Engineering, whose share price
fell as pre-tax profit for its 2010 financial year declined from the previous
year in addition to expected earnings for 2011 being impacted by project
delays, Phorm and Netplay TV.


10 Largest Investments at 30 September 2010:

                                                               % of
Company                                  Market Value     Portfolio
                                                £'000         Value
Nestor Healthcare                               1,934           3.5
Management Consulting Group                     1,291           2.4
Penna Consulting                                1,168           2.1
Juridica Investments                            1,086           2.0
Oakley Capital Investments                      1,041           1.9
BATM Advanced Communications                    1,037           1.9
Pace                                              929           1.7
Marylebone Warwick 9.75% 30/06/2012               888           1.6
Iomart                                            801           1.5
REA Holdings 9% preference                        453           0.8


Sector Breakdown at 30 September 2009:

                                                               % of
Industrials                                                    29.1
Financials                                                     18.1
Technology                                                     17.7
Health Care                                                     8.8
Consumer Services                                               8.4
Basic Materials                                                 6.2
Consumer Goods                                                  4.0
Oil & Gas                                                       3.2
Utilities                                                       1.6
Telecommunications                                              0.0
Fixed Interest                                                  2.9


Financial Position:                             As at         As at
                                             30.09.10      30.06.10
                                                   £m            £m
Portfolio of Investments                         46.1          47.7
Subsidiary's investments held for                 0.3           0.3
Net current assets including cash                 8.5           6.5
                                                -----         -----
                                                 54.9          54.5
Management Shares                                   -             -
                                                -----         -----
Net Assets attributable to Ordinary              54.9          54.5
                                                =====         =====

During September and to date in October the Company has bought back at a
discount to the prevailing NAV per share 701,500 ordinary shares for
cancellation leaving 10,368,975 ordinary shares in issue.



                                   At 3 months  1 year 3 years 5 years 10 years
Net Asset Value per            507.9p   +23.6%  +58.2%  +40.2%  +79.3%  +178.6%
Ordinary share                                                                 
FTSE SmallCap (ex                       +34.0%  +20.5%  -26.5%   -0.4%    -4.5%
investment companies) Index                                                    
Share Price - Ordinary         488.0p   +28.5%  +64.7%  +40.8%  +96.4%  +240.1%
Discount                           4%                                          

*Source: Thomson Reuters Datastream/Gartmore.


Price and Performance Information:

The Company's Ordinary shares are listed on the London Stock Exchange and the
prices are published in the Financial Times under `Investment Companies'.

Real-time share price information is available on 09058 171 690. BT land line
calls are charged at 75p per minute at all times.

The Company's Net Asset Value is calculated daily and can be viewed on the
London Stock Exchange website at and via a
link from the Gartmore web site at .

Information on the Company is available on the Gartmore internet site, http:// The Company's discrete area on the site can be accessed via
the "Fund range" menu or directly using or This information includes the latest annual
and interim reports, fact sheets and corporate governance documents such as
committee terms of reference that can be downloaded, together with access to
the latest regulatory news announcements and net asset values.

Further information can be obtained from Gartmore as follows:

Free investor helpline: 0800-289 336

Internet address:

email address: [email protected]


Gartmore Investment Limited


26 October 2010