covering the period 1st April 2011 to 31st July 2011
All resolutions were approved at the Company's AGM held on Monday 1st August 2011. There are no other material events to report in the period under review.
There has been no significant or strategic alteration to the portfolio or investment strategy in the period under review. The top ten equity holdings, the top ten absolute return vehicles and bond holdings and the Company's currency, market and sector exposures are detailed in the Company's updating Newsletter for the month of July 2011 available on the Company's web pages which can be accessed through the web-site of the Company's Investment Manager, BDT Invest LLP, at:
The gross assets of the Company stood at £41.55mn at the end of July 2011 and the net assets stood at £41.55mn. This represents a decrease of 0.6% and 0.6% respectively from 31st March 2011. Gearing stood at 0.0% at the end of July 2011 compared to 0.0% at 31st March 2011.
A final dividend of 2.4p per share will be paid on 5th August 2011 (ex-dividend 13th July 2011) to shareholders on the register at the close of business on 15th July 2011.
General description of financial performance
The share price fell from 185p at 31st March 2011 to 176p at 31st July 2011, a decrease of 4.9%. The net asset value fell from 208.94p to 207.77, a decrease of 0.6%, over the same period. Including dividends paid, the total return of the share price and the net asset value was -3.6% and +0.6% respectively. The discount thus widened from 11.5% to 15.3%. For comparative purposes the FTSE APCIMS Private Investor Series Balanced Portfolio Total Return Index rose 0.2% over the same period.
Phoenix Administration Services Limited - Company Secretary
4 August 2011
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