RIT Capital Partners Regulatory News (RCP)

5 Jul 2007 12:43

RIT Capital Partners PLC05 July 2007 RIT CAPITAL PARTNERS PLC Interim Management Statement - 3 months ended 30 June 2007 RIT Capital Partners is a self-managed investment trust whose corporateobjective is "to deliver long-term capital growth, while preservingshareholders' capital; to invest without the constraints of a formal benchmark,but to deliver for shareholders increases in capital value in excess of therelevant indices over time." Its policy is "to invest in a widely diversified, international portfolio acrossa range of asset classes, both quoted and unquoted; to allocate part of theportfolio to exceptional managers in order to ensure access to the best externaltalent available." This statement is released to comply with Disclosure and Transparency Rule 4.3of the Financial Services Authority, and covers the period from the beginning ofthe Company's current financial year on 1 April 2007 to 30 June 2007. It isdivided into two sections, the first being a summary of the material events andtransactions during the period and subsequently to the date of publication ofthis statement. The second section is a general description of the financialperformance of the Company in the quarter to 30 June 2007. 1. Material events and transactions during the period and subsequently •Activation of a new €22.5 million account managed by Uttrup Investment Management investing throughout Europe with a Scandinavian bias. •Activation of a new US$30 million account managed by PAW Capital Partners LP investing in high technology companies based in the United States. •Borrowing of £150 million from National Australia Bank on a three year fixed basis, fully drawn, 50% in US Dollars and 50% in Japanese Yen at fixed interest rates of 5.59% and 1.745% per annum respectively. •Commitment of US$50 million to a retail property investment fund in India. •Announcement of the Company's results for the financial year ended 31 March 2007, final dividend and the date of the Company's Annual General Meeting to be held on 19 July 2007. •As announced on 28 June 2007, Christopher Hohn has served notice of his resignation as a director of the Company, with effect from 19 July 2007. •The Company has repurchased 1,141,585 ordinary shares for cancellation. 2. Financial performance during the period The financial performance of the Company may be assessed by reference to some orall of the following comparatives: 31 March 2007 30 June 2007 ChangeNet Asset Value (NAV) per share 1,047.3p 1,114.8p +6.4%Share price 1,000.0p 1,024.0p +2.4%Share price discount to NAV 4.5% 8.1% n/aMorgan Stanley Capital InternationalIndex (in £) +3.5%FTSE All-Share Index +3.7%Investment Trust Net Assets Index +3.8% This information is provided by RNS The company news service from the London Stock Exchange