Last checked at 
15 Aug 2008 15:35
SVM UK Emerging Fund plc
Interim Management Statement
This interim management statement covers the period from 1 April 2008 to 30 June 2008. It has been produced for the sole purpose of providing information to the Company's shareholders in accordance with the 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.
Investment Objective
SVM UK Emerging Fund's investment objective is long term capital growth from investments in smaller UK companies with a particular focus on the Alternative Investment Market (AIM)
BenchmarkFTSE AIM IndexDividend
The Fund does not pay a dividend.
Material Events
The Fund posted its Annual Report for the year to 31 March 2008 and Notice of Annual General Meeting to shareholders on 13 June 2008.
At the Annual General Meeting held on 18 July 2008, all of the resolutions put to shareholders were passed, including Special Resolutions which allow the Company to:
1. repurchase up to 900,750 of its own shares, representing approximately 15% of the Fund's issued share capital;
2. allot new shares up to an aggregate nominal amount of ‚£300,000, representing approximately 100% of the Fund's issued share capital.
Largest Investments as at 30 June 2008 Sector Analysis as at 30 June 2008
% % 1 Hydrodec 8.1 Basic Materials 44.8 2 China Pub Company 7.6 Industrials 7.2 3 Kirkland Lake Gold 5.4 Oil & Gas 15.7 4 Petra Diamond 5.2 Consumer Goods 0.0 5 Petrel Resources 4.6 Consumer Services 20.5 6 AMZ Holdings 4.6 Healthcare 3.5 7 Borders & Southern 4.5 Telecoms 0.0 Petroleum 8 Archipelago Resources 4.3 Technology 4.1 9 AT Communications 4.3 Financials 4.2 10 Mantle Diamonds 4.2 Utilities 0.0 -------- -------- Total 52.8 100.0 -------- --------Financial Position As at As at 30 Jun 2008 31 Mar 2008 (unaudited) (unaudited) ‚£'000 ‚£'000 Investments 3,680 3,692 Net current assets / ( 262 251liabilities) ---------- ---------- Net assets 3,942 3,933 ---------- ---------- NAV per share 65.65p 65.50p Changes to Share Capital Issued
As at 1 April 2008 6,005,000
Ordinary shares bought 0back Ordinary shares issued 0 -------------- As at 30 June 2008 6,005,000 --------------Performance 3 months 1 year 3 years Remit change (*) % % % % Share price +0.2 -9.7 +79.8 +104.1 Net asset value +3.0 -4.1 +120.6 +172.5 FTSE AIM Index +0.6 -19.9 -0.7 +8.3
* - investment remit changed September 2004
Source: SVM/Lipper Hindsight, capital return to 30/06/2008
Kindly note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise. Investors may not get back the amount they originally invested.
We are not aware of any significant events or transactions which have occurred between 30 June 2007 and the date of publication of this interim management statement which would have a material impact on the financial position of the Fund.
Further Information
Further information regarding the Fund, including annual reports, interim reports and monthly factsheets, can be found at the Manager's website: at www.svmonline.co.uk.
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