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North Atlantic Smaller Companies is an Investment Trust

To provide capital appreciation through investment in a portfolio of smaller companies principally based in countries bordering the North Atlantic Ocean.

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Interim Management Statement

18 Jun 2013 15:01

RNS Number : 3195H
North Atlantic Smlr Co Inv Tst PLC
18 June 2013
 



NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

 

INTERIM MANAGEMENT STATEMENT FOR THE PERIOD ENDED 31 MAY 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 February 2013 to 31 May 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 May 2013

3 months %

6 months %

1 year %

3 years %

5 years %

Diluted NAV*

1,749p

1.6

8.7

22.7

43.5

50.0

Mid-market price

1,440p 

3.3

17.6

55.7

70.8

41.9

Discount to diluted NAV *

17.7% 

Standard & Poor's 500 Composite Index **

1,073.0

7.4

21.3

26.2

43.2

51.9

Russell 2000 **

647.5

7.8

26.1

30.1

42.3

91.9

FTSE All-Share Index

5,090.8

5.0

15.3

30.1

44.1

35.2

US Dollar/Sterling exchange rate

1.5161

0.1

5.4

1.5

(4.4)

23.5

 

* Following the conversion of the Loan Stock, 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 Convertible Unsecured Loan Stock 2013 ("the Loan Stock") was all either converted voluntarily by the Loan Stockholders themselves, or was then compulsorily converted by the Trustee of the Loan Stock and subsequently sold with the proceeds from that sale then being distributed rateably to Stockholders. Following this, the Company no longer has any Loan Stock.

 

There have been no material transactions during the quarter ended 31 May 2013.

 

Transaction in Own Shares

 

There have been no transactions in the Company's own shares during the quarter ended 31 May 2013.

 

 

TEN LARGEST INVESTMENTS AT 31 MAY 2013 Percentage of Portfolio

Gleeson (MJ) Group

UK Listed

11.0

US Treasury Bills

US Treasury Bills

10.5

Oryx International Growth Fund Limited *

UK Listed

9.6

Bionostics Holdings Limited

US Unquoted

8.8

Trident Private Equity Fund III LLP

UK Unquoted

7.8

Hampton Investment Properties Limited

UK Unquoted

5.1

Celsis AG

US Unquoted

4.7

Bioquell

UK Listed

3.4

Guinness Peat Group **

UK Listed

3.4

AssetCo PLC

UK Listed

3.3

% of total portfolio

67.6

 

* incorporated in Guernsey

** incorporated in New Zealand

 

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

 

United 

United 

Total 

States 

Kingdom 

Europe 

Investment Companies

10.1

9.6

19.7

Health Care, Equipment & Services

0.2

11.1

11.3

Construction & Materials

11.0

11.0

Treasury Bills

10.5

10.5

Manufacturing

8.8

8.8

Real Estate

7.5

0.4

7.9

General Financials

4.3

4.3

Support Services

1.3

2.6

3.9

Financial Services

3.4

3.4

Industrial Engineering

3.3

3.3

General Industrials

1.2

1.5

2.7

General Retailers

2.7

2.7

Transportation

2.6

2.6

Media

0.5

1.8

2.3

Travel & Leisure

2.1

2.1

Oil & Gas Producers

1.1

0.8

1.9

Technology Hardware & Equipment

1.6

1.6

 

The financial information for the period ended 31 May 2013 contained within this Interim Management Statement has not been audited.

 

By order of the Board

 

 

Bonita Guntrip

Company Secretary

18 June 2013

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IMSKMGMVFRLGFZM
Date   Source Headline
23rd Oct 20069:30 amRNSHolding(s) in Company
11th Oct 200610:03 amRNSInterim Results
9th Oct 20063:08 pmRNSNet Asset Value(s)
9th Oct 200611:38 amRNSDirector/PDMR Shareholding
2nd Oct 20067:01 amRNSPortfolio Update
13th Sep 20069:35 amRNSHolding(s) in Company
15th Aug 20062:59 pmRNSHolding(s) in Company
2nd Aug 200612:03 pmRNSPortfolio Update
28th Jul 200610:36 amRNSNotifiable Interest
12th Jul 20064:07 pmRNSAdditional Listing
7th Jul 20063:47 pmRNSAGM Statement
22nd Jun 20064:13 pmRNSHolding(s) in Company
12th Jun 20065:40 pmRNSAnnual Information Update
8th Jun 20065:10 pmRNSHolding(s) in Company
7th Jun 20062:20 pmRNSAnnual Report and Accounts
26th May 200611:53 amRNSDirector/PDMR Shareholding
24th May 20066:29 pmRNSFinal Results
16th May 20066:04 pmRNSDirectorate Change
3rd May 20064:33 pmRNSListing Rule 15.4.11(1)
29th Mar 20065:55 pmRNSDirectorate Change
2nd Mar 20063:09 pmRNSHolding(s) in Company
28th Feb 20069:27 amRNSHolding(s) in Company
16th Feb 20062:41 pmRNSHolding(s) in Company
2nd Feb 20064:27 pmRNSStatement re Listing Rule 15.
23rd Jan 20063:00 pmRNSHolding(s) in Company
16th Nov 20054:26 pmRNScancellation of culs
11th Nov 200511:26 amRNSDoc re. Interim Report
3rd Nov 20053:41 pmRNSre cancellation of CULS
1st Nov 20052:28 pmRNSPortfolio Update
31st Oct 200512:46 pmRNSHolding(s) in Company
27th Oct 20054:51 pmRNSInterim Results
19th Oct 20053:36 pmRNSHolding(s) in Company
27th Sep 200510:06 amRNSHolding(s) in Company
20th Sep 200512:44 pmRNSHolding(s) in Company
20th Sep 20059:56 amRNSHolding(s) in Company
1st Sep 200511:22 amRNSSAR 3 - North Atlantic Smller
1st Sep 200511:06 amRNSDirector/PDMR Shareholding
2nd Aug 20053:35 pmRNSPortfolio Update
26th Jul 20053:40 pmRNSDirector/PDMR Shareholding
1st Jul 20055:35 pmRNSAdditional Listing
28th Jun 20055:54 pmRNSAGM Statement
10th Jun 200511:49 amRNSDirector Shareholding
27th May 200512:36 pmRNSAnnual Report and Accounts
20th May 20053:06 pmRNSDirector Shareholding
18th May 20055:23 pmRNSFinal Results
4th May 20052:46 pmRNSPortfolio Update
2nd Feb 20054:21 pmRNSListing Rule 21.20
14th Jan 20057:00 amRNSHolding(s) in Company

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