North Atl.smlr Regulatory News (NAS)

15 Jun 2007 11:35

North Atlantic Smlr Co Inv Tst PLC15 June 2007 NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 30 APRIL 2007 Investment Objective The objective of North Atlantic Smaller Companies Investment Trust PLC ("theCompany") is to provide capital appreciation through investment in a portfolioof smaller companies principally based in countries bordering the North AtlanticOcean. Financial Highlights Cumulative performance As at 30 3 months 6 months 1 year 3 years 5 years April 2007 % % % % % NAV * Basic 1,770p 0.9 2.1 4.9 40.3 36.4 Diluted 1,226p 0.7 3.1 9.3 58.4 70.3 Mid-market price 1,140.0p (1.1) 1.5 9.3 80.8 94.0 Discount to diluted NAV * 7.0% Standard & Poor's 500 741.2 0.9 2.6 2.8 18.7 0.3Composite Index **Russell 2000 ** 407.3 (0.4) 1.3 (3.2) 29.0 16.2FTSE All-Share Index 3,355.6 4.5 6.9 9.2 50.0 33.6US Dollar/Sterling exchange 1.9999 (2.2) (4.9) (10.0) (12.8) (37.2)rate * Excluding retained revenue for the period. ** Sterling adjusted. Material Events There were no material events to report during the period under review. Material Transactions The Board consider the following transactions that occurred during the quarterended 30 April 2007 to be material: On 23 February 2007, one of the Company's subsidiaries, American OpportunityTrust PLC ("AOT") merged with Oryx International Growth Fund Limited ("Oryx") byway of a Scheme of Arrangement under Section 425 of the Companies Act 1985.Under the Scheme of Arrangement, Oryx acquired AOT and is the continuingcompany. All of the assets and liabilities of AOT have been transferred intoOryx. North Atlantic Value LLP, the Company's Joint Manager, also acts asmanager to Oryx and Christopher Mills, the Company's Chief Executive, sits onthe Board of Oryx. In March 2007, AssetCo Group Limited announced a reverse takeover by AIM quotedAsfare Group Plc, to be renamed AssetCo plc, and a concurrent placing of newshares. The Acquisition and Placing were completed on 30 March 2007. The Placingwas at a 25% premium to our holding cost and the shares have performed well inthe after market. There were no other material transactions during the quarter ended 30 April2007. TWENTY LARGEST INVESTMENTS AT 30 APRIL 2007 %Oryx International Growth Fund Limited * UK Listed 10.6DM Technical Services Limited UK Unquoted 8.4W-H Energy Services Inc. USA Listed 7.4Nationwide Accident Repair Services PLC UK Quoted on AIM 7.0Gleeson (MJ) Group PLC UK Listed 4.6Georgica PLC UK Quoted on AIM 4.4Inspired Gaming Group PLC UK Quoted on AIM 3.9Hampton Trust Group UK Unquoted 3.4Whatman PLC UK Listed 3.2Sterling Construction Inc. USA Listed 3.1Worldport Communications Inc. USA Unquoted 3.0BBA Aviation Group PLC UK Listed 2.7LESCO, Inc. USA Listed 2.6Motherwell Bridge Limited UK Unquoted 2.2Cardpoint PLC UK Quoted on AIM 1.8Trident Private Equity II LP Cayman Islands Unquoted 1.7AssetCo PLC UK Quoted on AIM 1.7Communisis PLC UK Listed 1.6RPC Group PLC UK Listed 1.4Primesco Inc. USA Unquoted 1.4 % of total portfolio 76.1 * Incorporated in Guernsey SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 30 APRIL 2007 United United States Kingdom Europe Total % % % %Investment Companies 0.2 13.6 - 13.8Support Services 0.9 10.4 - 11.3General Industrials - 9.8 - 9.8Travel & Leisure - 8.3 - 8.3Oil & Gas 7.4 0.8 - 8.2Construction & Materials 3.0 4.6 - 7.6Real Estate - 6.0 0.3 6.3Industrial Engineering 0.7 5.0 - 5.7Healthcare, Equipment & Services 0.6 4.6 - 5.2General Financial 4.8 0.3 - 5.1Industrial Transportation - 2.7 - 2.7Wholesale Trade 2.6 - - 2.6Media - 1.3 - 1.3Technology Hardware & Equipment 0.9 - - 0.9Banking 0.4 - - 0.4Food Producers - 0.2 - 0.2Manufacturing 0.1 0.1 - 0.2 21.6 67.7 0.3 89.6Treasury Bills 10.4 - - 10.4 Total at 30 April 2007 32.0 67.7 0.3 100.0 The financial information for the quarter ended 30 April 2007 contained withinthis Interim Management Statement has not been audited. Annual General Meeting The next Annual General Meeting of the Company will be held on Wednesday 27 June2007 at 12 noon in the Board Room, Ground Floor, Ryder Court, 14 Ryder Street,London SW1Y 6QB. By order of the Board Bonita Guntrip, for and on behalf ofJ O Hambro Capital Management Limited as Company Secretary 15 June 2007 This information is provided by RNS The company news service from the London Stock Exchange