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6 Jun 2008 12:28
The Zero Preference Growth Trust PLC
Interim Management Statement for the period ended 30 April 2008.
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 30 April 31 July % change 2008 2007
Zero Dividend Preference share NAV 72.59p 66.43p 9.27 %
Mid price 71.75p 68.50p 4.74 % Growth share NAV 4.03p 6.22p (35.21)% Mid price 3.28p 4.50p (27.11)% Ordinary unit NAV 76.62p 72.65p 5.46 % Mid price 73.25p 73.25p 0.00 %
FD/AIC Zero Dividend Preference 173.30 170.29 1.77 %Share Index
Material Events and Transactions
Revolving Credit Bank Facility
On 29 November 2007, the Company decreased the total amount drawn down under the Bank of Scotland facility by βΒ£500,000 to βΒ£2,220,000.
On 19 December 2007, the Company decreased the total amount drawn down under the Bank of Scotland facility by βΒ£900,000 to βΒ£1,320,000.
On 19 May 2008, the Company decreased the total amount drawn down under the Bank of Scotland facility by βΒ£750,000 to βΒ£570,000.
On 2 June 2008, the Company decreased the total amount drawn down under the Bank of Scotland facility by βΒ£570,000 to nil.
Up until 15 May 2008 the Company was eligible to draw down a maximum of βΒ£ 4,000,000 under the loan facility. At 30 April 2008, the total amount of the loan drawn down was βΒ£1,320,000. From 15 May 2008 the maximum draw down was reduced to βΒ£1,500,000.
LargestHoldings(% of Gross Assets)
JZ Equity Partners Zero 11.8% Royal London UK Equity & Income Trust Zero 10.5% Reo Securities Zero 8.0% M&G Income Investment Company Zero 7.5% M&G Recovery Investment Company Zero 6.5% Bear Stearns Private Equity (Guernsey) Zero 5.8% EPIC Securities Zero 4.8% Investec Capital Accumulator Trust Ordinary 4.7% Barclays Bank Eurostoxx 50 Ladder Bond 3.7% US Special Opportunities Trust Zero 3.5% Jupiter Second Split Trust Zero 3.3%
Close European Accelerated Return Fund Participating 3.1%
Investec High Income Securities Zero 3.0% Jupiter Second Enhanced Income Trust Zero 2.7% Accelerated Return Fund Ordinary 2.4% SociΖΒ©tΖΒ© GΖΒ©nΖΒ©rale Double Opportunity Autocallable 2.4% FTSE 100 Warrant Utilico Finance 2014 Zero 1.9% Aberdeen Development Capital Zeros Units 1.7% Symphony Defensive Euro Autocall 1.6% Alternative Asset Opportunities 1.6%
The Board is not aware of any significant events or transactions which have occurred between 30 April 2008 and 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.
6 June 2008
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