17 Dec 2013 09:08
NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC
INTERIM MANAGEMENT STATEMENT FOR THE PERIOD ENDED 31 OCTOBER 2013
To the members of North Atlantic Smaller Companies Investment Trust PLC
This interim management statement has been produced solely to provide additional information to shareholders as a body in accordance with the relevant 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.
This interim management statement relates to the period from 1 August 2013 to 31 October 2013, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.
Investment Objective
The objective of North Atlantic Smaller Companies Investment Trust PLC ("the Company") is to provide capital appreciation through investment in a portfolio of smaller companies principally based in countries bordering the North Atlantic Ocean.
Financial Highlights
Cumulative performance | ||||||
As at 31 October 2013 | 3 months % | 6 months % | 1 year % | 3 years % | 5 years % | |
Diluted NAV* | 1,864p | 2.2 | 8.4 | 25.7 | 36.7 | 84.9 |
Mid-market price | 1,588p | 6.4 | 13.8 | 38.0 | 52.0 | 146.2 |
Discount to diluted NAV * | 14.8% | |||||
Standard & Poor's 500 Composite Index ** | 1,095.1 | (1.2) | 6.5 | 25.1 | 48.4 | 81.7 |
Russell 2000 ** | 685.9 | (0.2) | 12.4 | 35.1 | 56.4 | 105.1 |
FTSE All-Share Index | 3,585.3 | 2.2 | 5.8 | 18.6 | 22.1 | 64.2 |
US Dollar/Sterling exchange rate | 1.6066 | (6.0) | (3.2) | 0.3 | (0.5) | 0.6 |
* Following the conversion of the Loan Notes the performance is shown on the diluted NAV, excluding retained revenue for the period, only. The Board considers that this accurately reflects the underlying performance of the Company
** Sterling adjusted.
Material Events and Transactions during the Period
During the period under review, the Company's holdings in Bionostics and Orthoproducts were sold at a good uplift to the year-end valuation and at a significant premium to cost. As a result, the Company now has cash or near cash balances of circa £80 million.
Transactions in Own Shares
On 26 September 2013, 1,450 Ordinary shares were bought back for cancellation, at a total cost to the Company of £22,000.
Since 31 October 2013, a further 13,483 Ordinary shares were bought back for cancellation, in two tranches, at the beginning of December 2013, at a total cost of £208,000.
Following these purchases the Company's issued share capital consists of 15,897,501 Ordinary shares.
TEN LARGEST INVESTMENTS AT 31 OCTOBER 2013
Gleeson (MJ) Group | UK Listed | 11.5 |
US Treasury Bills | US Treasury Bills | 18.8 |
Oryx International Growth Fund Limited * | UK Listed | 11.5 |
Trident Private Equity Fund III LLP | UK Unquoted | 8.3 |
Hampton Investment Properties Limited | UK Unquoted | 5.2 |
Bioquell | UK Listed | 4.7 |
Guinness Peat Group ** | UK Listed | 4.5 |
Celsis AG | US Unquoted | 3.5 |
AssetCo PLC | UK Listed | 2.8 |
Goals Soccer Centres | UK Listed | 2.6 |
% of total portfolio | 73.4 |
* incorporated in Guernsey
** incorporated in New Zealand
SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 31 OCTOBER 2013
United | United | Total | ||
States | Kingdom | Europe | % | |
% | % | % | ||
Investment Companies | 20.5 | 20.5 | ||
Treasury Bills | 18.8 | 18.8 | ||
Construction & Materials | 11.5 | 11.5 | ||
Real Estate | 0.2 | 7.6 | 0.4 | 8.2 |
Support Services | 1.0 | 5.1 | 6.1 | |
Industrial Engineering | 5.1 | 5.1 | ||
Health Care, Equipment & Services | 0.2 | 4.7 | 4.9 | |
Financial Services | 4.5 | 4.5 | ||
Travel & Leisure | 3.5 | 3.5 | ||
Media | 3.2 | 3.2 | ||
Banks | 3.1 | 3.1 | ||
Escrows | 1.7 | 0.4 | 2.1 | |
Oil & Gas Producers | 1.2 | 0.8 | 2.0 | |
General Retailers | 1.7 | 1.7 | ||
Technology Hardware & Equipment | 1.5 | 1.5 | ||
Food Producers | 1.3 | 1.3 | ||
Industrial Transportation | 1.3 | 1.3 | ||
Business Services | 0.7 | 0.7 | ||
The financial information for the period ended 31 October 2013 contained within this Interim Management Statement has not been audited.
By order of the Board
Bonita Guntrip
Company Secretary
17 December 2013
North Atl.smlr (NAS)