14 Dec 2007 11:40
The Zero Preference Growth Trust PLC
Interim Management Statement for the Quarter ended 31 October 2007
Investment Objective
The Company seeks to achieve capital growth from a portfolio substantially invested in zero dividend preference shares (zeros). The Company seeks to enhance capital returns for shareholders by utilising gearing in the form of a flexible revolving credit bank facility. The Directors manage the gearing actively in response to market conditions.
Financial Highlights 31 October 31 July % change 2007 2007
Zero Dividend Preference share NAV 68.43p 66.43p 3.01 %
Mid price 70.50p 68.50p 2.91 % Growth share NAV 5.84p 6.22p (6.11)% Mid price 3.85p 4.50p (14.44)% Ordinary unit NAV 74.27p 72.65p 2.23 % Mid price 74.00p 73.25p 1.02 %
FD/AIC Zero Dividend Preference 173.34 170.29 1.79 % Share Index
Material Events and Transactions
Revolving Credit Bank Facility
On 23 August 2007, the Company decreased the total amount drawn down under the Bank of Scotland facility by ‚£500,000 to ‚£2,620,000.
On 6 September 2007, the Company decreased the total amount drawn down under the Bank of Scotland facility by ‚£400,000 to ‚£2,220,000.
On 28 September 2007, the Company increased the total amount drawn down under the Bank of Scotland facility by ‚£500,000 to ‚£2,720,000.
The Company is currently eligible to draw down a maximum of ‚£4,000,000 under the loan facility. At 31 October 2007, the total amount of the loan drawn down was ‚£2,720,000.
Annual General Meeting
At the Annual General Meeting held on 27 November 2007, Ordinary Resolutions 1,2,3,4 and Special Resolutions 7 and 8 were passed. Special Resolutions 5, 6 and 9 (in respect of authority to issue shares under Sections 80 and 95 of the Companies Act 1985, and the Listing Rules of the United Kingdom Listing Authority) were withdrawn.
LargestHoldings(% of Gross Assets)
Royal London UK Equity & Income Trust Zero 10.7% JZ Equity Partners Zero 10.3% New Star Financial Opportunities Trust Zero 10.2% Real Estate Opportunities Zero 7.2% M&G Income Investment Company Zero 6.7% Bear Stearns Private Equity (Guernsey) Zero 5.0% M&G Recovery Investment Company Zero 4.9% EPIC Securities Zero 4.2% Jupiter Second Split Trust Zero 3.7% Barclays Bank Eurostoxx 50 Ladder Bond 3.3%
Close European Accelerated Return Fund Participating 3.1%
US Special Opportunities Trust Zero 3.0% Premier Absolute Growth & Income Trust Zero 3.0% Aberdeen Development Capital Units (1 ZDP2010, 2.8% 1 ZDP2012) Jupiter Second Enhanced Income Trust Zero 2.4% Accelerated Return Fund Ordinary 2.1% Investec High Income Securities Zero 2.1% Invesco Perpetual Recovery Trust Zero 2.0% Aberdeen Development Capital Zero 2012 1.5% US Traded Life Interests Fund Part Red Pref 1.5%
The Board is not aware of any significant events or transactions which have occurred since 31 October 2007 up to the date of the publication of this statement which would have a material impact on the financial position of the Company.
Further Information
Daily prices, Company announcements, Report and Accounts and monthly fact sheets are available via www.premierassetmanagement.co.uk.
ZERO PREFERENCE GROWTH TRUST PLC