TIDMMTE
RNS Number : 6627D
Montanaro European Smaller C.TstPLC
23 June 2023
Montanaro European Smaller Companies Trust Plc
(Incorporated in Scotland)
Company Number: SC074677
ISIN: GB00BM8H3X05
LEI: 213800CWSC5B8BG3RS21
('Montanaro European Smaller Companies Trust', or the
'Company')
Montanaro EUROPEAN Smaller Companies trust PLC
2023 ANNUAL RESULTS ANNOUNCEMENT
and
notice of annual general meeting
Montanaro European Smaller Companies Trust PLC announces its
annual results for the year ended 31 March 2023 and the publication
of its annual report and accounts for the same period, which
includes the notice of its 2023 annual general meeting.
Highlights
For the year ended 31 March 2023
Performance
Capital Returns%(1) 1 year 3 year 5 year 10 year MAM*(2)
--------------------------------------------- -------- ------ ------ ------- -------
Ordinary share price (18.1%)^ 56.4% 72.0% 165.0% 331.1%
--------------------------------------------- -------- ------ ------ ------- -------
Net Asset Value ('NAV') per Ordinary share** (7.6%)^ 65.6% 75.9% 183.1% 363.4%
--------------------------------------------- -------- ------ ------ ------- -------
Benchmark ** (5.5%) 50.4% 19.7% 131.4% 178.0%
--------------------------------------------- -------- ------ ------ ------- -------
Total Returns%(1) 1 year 3 year 5 year 10 year MAM*(2)
------------------------- -------- ------ ------ ------- -------
Ordinary share price (17.6%)^ 59.2% 78.4% 193.5% 424.5%
------------------------- -------- ------ ------ ------- -------
NAV per Ordinary share** (7.1%)^ 68.7% 82.2% 212.1% 452.5%
------------------------- -------- ------ ------ ------- -------
Benchmark ** (3.2%) 58.7% 31.3% 177.1% 278.6%
------------------------- -------- ------ ------ ------- -------
Sources: Morningstar Direct, Association of Investment Companies
('AIC'), Montanaro Asset Management ("MAM").
As at As at
31 March 31 March 12 month
2023 2022 % change
------------------------------------ ---------- ---------- -----------
Ordinary share price 137.6p 168.0p (18.1%)
------------------------------------ ---------- ---------- -----------
NAV per Ordinary share** 158.4p 171.5p (7.6%)
------------------------------------ ---------- ---------- -----------
Discount to NAV (1) (13.1%) (2.0%)
------------------------------------ ---------- ---------- -----------
Net assets** (GBP'000s) 299,975 324,905 (7.7%)
------------------------------------ ---------- ---------- -----------
Market capitalisation** (GBP'000s) 260,652 318,238 (18.1%)
------------------------------------ ---------- ---------- -----------
Net gearing employed (1) 3.3% 4.6%
------------------------------------ ---------- ---------- -----------
Year Year
ended ended
31 March 31 March 12 month
2023 2022 % change
----------------------------------- ---------- ---------- -----------
Revenue return per Ordinary share 1.10p 0.96p 14.6%
----------------------------------- ---------- ---------- -----------
Dividend per Ordinary share 0.970p 0.925p 4.9%
----------------------------------- ---------- ---------- -----------
Ongoing charges (1) 1.0% 1.1%
----------------------------------- ---------- ---------- -----------
Portfolio turnover** 14% 11%
----------------------------------- ---------- ---------- -----------
* From 5 September 2006, when MAM was appointed as Investment Manager.
** Details provided in the Glossary on pages 68 and 69 of the
full annual report and accounts.
(1) Refer to Alternative Performance Measures on pages 66 and 67
of the full annual report and accounts .
(2) From 5 September 2006, the benchmark was the MSCI Europe
SmallCap Index. The benchmark was changed on 1 June 2009 to the
MSCI Europe ex-UK SmallCap Index (in sterling terms).
^ Alternative Performance Measures Calculations provided on page
66 of the full annual report and accounts.
ChairMAN's statement
For the year ended 31 March 2023
Results
The MSCI Europe (ex-UK) Small Cap Index (in Sterling terms) fell
by -5.5% during the financial year ended 31 March 2023. In
comparison, the Net Asset Value ("NAV") of your Trust fell by -7.6%
to 158.4p per share. Over this period, the share price widened from
a discount to NAV of -2% to a discount of -13.1%. As a result, the
share price total return of the Trust was -17.6%. The Board
recognises that while it is not out of line with the peer group,
this change in discount is significant for shareholders: we
continue to monitor it closely.
As discussed in the interim report, inflationary pressures and
subsequent monetary tightening by central banks increased the cost
of capital globally. Such increases disproportionately affected
quality growth stocks: high quality companies underperformed low
quality companies in Europe; and growth companies underperformed
"value" companies. These style shifts created headwinds for the
Trust as the Manager invests exclusively in high quality, growth
companies that were out of favour. As a result, in the first half
of the year the NAV total return of your Trust was -27.3%, versus
-19.3% for the benchmark.
The second half of the year saw these headwinds fade as bond
yields stabilised and inflationary pressures began to lessen. It
was therefore pleasing to see strong returns in both absolute and
relative terms during the 6-month period to 31 March 2023: the NAV
total return was 27.8%, 7.9% ahead of the benchmark.
Short term fluctuations aside, over 5 and 10 years your Trust
has delivered NAV total returns of 82.2% and 212.1%, outperforming
the benchmark by 50.9% and 35.0% respectively. Since Montanaro were
appointed in September 2006 the NAV total return has been 452.5%,
173.9% ahead of the benchmark and 2.5% ahead of the benchmark on a
per annum basis.
Earnings and Dividends
Revenue earnings per share rose to 1.10p in the period (2022:
0.96p). An interim dividend of 0.20p per share was paid on 5
January 2023. The Board recommends the payment of a final dividend
of 0.77p per share payable on 15 September 2023 to shareholders on
the register on 18 August 2023. Subject to shareholder approval,
this would bring the total dividends for the year to 0.97p per
share. The overall dividend increase of 5% over last year's
dividend reflects the underlying performance of our investments and
is made out of this year's revenue reserves.
The Trust also holds substantial revenue reserves available for
distribution, which gives the Board the ability to smooth any
short-term income volatility. Moreover, the companies in the
portfolio continue to have strong balance sheets and therefore do
not face the prospect of having significant levels of cash flow
diverted to cover increased interest payments.
ESG
Montanaro believe there is a clear correlation between how well
a business fares on Environmental, Social and Corporate Governance
grounds and the value it creates for its shareholders. This is why
ESG considerations have formed an integral part of their assessment
of a company's "Quality" and have been fully integrated into their
investment process for many years.
The depth of Montanaro's commitment is perhaps best exemplified
by the fact that they are one of the few UK asset managers to be a
certified B Corporation. Certified B Corporations are businesses
that meet the highest standards of verified social and
environmental performance, public transparency and legal
accountability to balance profit and purpose. It is a certification
Montanaro have held since 2019 and which was renewed for a further
three years in 2023. Montanaro's score rose from 81.8 to 105.5 (a
strong result), demonstrating their commitment to continual
improvement.
An ESG Report is included on pages 8 to 9 of the full Annual
Report. It covers the developments in Montanaro's approach and
commitment to ESG as well as how they are interacting with investee
companies.
Borrowings
The Board, in discussion with the Alternative Investment Fund
Manager ("AIFM"), regularly reviews the gearing strategy of the
Trust and approves any gearing facility. Gearing increases (or
decreases) the returns from underlying profits or losses generated
by the investment portfolio.
The Board has set a maximum limit on borrowing (net of cash) of
30% of shareholders' funds at the time of borrowing. At the end of
the fiscal year, the Trust had borrowings (net of cash) of 3.3%
compared to 4.6% at the beginning of the year. The Trust currently
has borrowings in the form of a EUR10 million fixed rate loan and a
partially drawn down EUR15 million revolving credit facility, both
of which are due to mature on 13 September 2023. The Board expect
to replace these with new borrowings upon maturity.
Shares
The Board actively tracks the level of NAV discount for the
Trust relative to its peers over the short and medium term and how
it compares with the average discount for the whole investment
trust sector. We recognise the discount is significant at the year
end and has been around this level since the shift in market
sentiment against our quality growth investment style. It is not
out of line with our peer group at this time and we have made
neither share buy backs nor share issuances in line with our stated
policies which are set out in our Annual Report on pages 27 and 28.
In line with those policies, the Board will seek to renew the
Trust's share buyback and issuance authorities at the forthcoming
Annual General Meeting.
Administrator and Company Secretary
The Company has appointed, with effect from 1 July 2023, Juniper
Partners Limited as Company Secretary and Administrator, in place
of Link Company Matters Limited and Link Alternative Fund
Administrators Limited respectively. On behalf of the Board and the
Manager, I would like to thank the entire team at Link for their
service and commitment to the Trust.
Communication with Shareholders
Over the past few years, the composition of our shareholder base
has changed significantly with an increasing number of individual
investors coming onto the register via investment platforms. We
continue to explore how best to communicate with all our
shareholders irrespective of how they access us. We are keen to
find ways to encourage an open dialogue to keep all shareholders up
to date with key developments. Our website -
www.montanaro.co.uk/trust/mesct - is continually updated with
factsheets, reports, presentations, webinar recordings and
commentaries as well as more details about the Manager, investment
philosophy and process. We encourage shareholders to visit
regularly and welcome any feedback and suggestions.
Annual General Meeting
The AGM will be held at the offices of Montanaro Asset
Management Limited, 53 Threadneedle Street, London EC2R 8AR, on 7
September 2023 at 11.00 am. Shareholders are encouraged to attend
the Meeting where there will be an opportunity to meet and ask
questions of the Board and the Manager.
Outlook
The last few years have been extraordinary. The aftershocks of
Covid-19 continue to be felt across the world and indeed by the
companies in the portfolio. Fractured politics both within and
between countries show, sometimes tragically, little sign of
improving. Banks on both sides of the Atlantic have once again
needed to be rescued. It should be little surprise then that stock
markets have been so volatile. The stock market indices do not tell
the full story: beneath the surface, we have witnessed some of the
biggest style and factor swings in history.
Perhaps we should take a moment to reflect. No-one at the end of
2019 could have predicted the combination of a global pandemic, a
Russian invasion of Ukraine, soaring inflation and rising interest
rates. Yet they have been major drivers of stock markets since.
Montanaro believe that, rather than attempting such predictions,
investors are best served by long-term ownership of high quality
businesses that can thrive and grow irrespective of the general
macroeconomic or political environment.
Although the pandemic has come to an end and inflation is
showing signs of easing, investors remain relatively cautious. The
forward P/E of the MSCI Europe ex-UK Small Cap Index has fallen
below its long-term average and sits at a 15% discount to LargeCap.
Meanwhile, the forward P/E of your portfolio declined by more than
a third since its peak in August 2021 to the end of March 2023.
This is more than the fall in NAV over this period, highlighting
the difference we have seen between the progress of the underlying
businesses in the portfolio and their share prices.
While doubtless the world will again change in ways we cannot
imagine in the coming years, we believe that current valuations
offer an attractive entry point for long-term investors. Together
with the Manager's disciplined investment process, experienced
team, and strong track record since being appointed in 2006, this
allows us to look forward to the future with confidence.
R M CURLING
Chairman
22 June 2023
Manager's Report
The Attractions of Quoted European Smaller Companies
('SmallCap')
The key attraction of investing in smaller companies is their
long-term record of delivering higher returns to investors than
large companies. In the UK, over the last 68 years, this has
amounted to an average of 3.1% per annum ("the SmallCap Effect").
GBP1 invested in UK large companies on 1 January 1955 would now be
worth GBP1,255, whereas the same GBP1 invested in smaller companies
would now be worth over GBP8,300 - nearly seven times more.
There is less comprehensive data on Europe - it only goes back
to 2000. However, this suggests that the SmallCap Effect is even
more pronounced on the Continent: as the chart in the full annual
report and accounts illustrates, European "small" companies have
outperformed by 4.8% p.a. Moreover, while European LargeCaps have
underperformed their US counterparts, the same is not true for
SmallCaps. Since 2000, the MSCI Europe (ex-UK) Small Cap Index has
delivered gross USD returns of 9.4% p.a. - ahead of the MSCI USA
Small Cap Index at 9.3% p.a.
The market for European smaller companies is inefficient. While
some large companies are analysed by more than 50 brokers, many
smaller companies in Europe have little or no coverage at all. This
makes it easier for those with a high level of internal resources
to identify attractive, undervalued investment opportunities that
are undiscovered by the wider investing community. This in turn
makes it possible to deliver long-term performance over and above
that of the benchmark.
Montanaro
Montanaro was established in 1991. We have one of the largest
and most experienced specialist teams in the UK dedicated
exclusively to researching and investing in quoted small companies.
Our team of 38 includes 14 analysts and 12 nationalities, which
gives us the breadth of resources and diversity of experience to
conduct thorough fundamental research internally.
At 31 March 2023, we were looking after GBP3.7 billion of client
assets. We have been the Investment Manager for your Trust since
September 2006.
Investment Philosophy and Approach
We specialise in researching and investing in quoted small
companies. We have a disciplined, two-stage investment process
which is applied to all the products we manage, including your
Trust.
In the first stage, we identify "good businesses" within our
investable universe. We look for high quality companies in markets
that are growing. They must be profitable; have good and
experienced management; deliver sustainably high returns on capital
employed; enjoy high and ideally growing profit margins reflecting
pricing power and a strong market position; and provide goods and
services that are in demand and likely to remain so. We prefer
companies that can deliver self-funded organic growth and remain
focused on their core areas of expertise, rather than businesses
that spend a lot of time on acquisitions.
Conversely, we avoid those with stretched balance sheets; poor
free cash flow generation; incomprehensible or heavily adjusted
accounts; unproven or unreliable management; or that face
structurally challenged business models with stiff competition.
A company must also pass our stringent quality and ESG
checklists. ESG has been integrated into our disciplined investment
process for almost two decades.
When we have found a company that we believe is high quality,
has structural growth and is well managed from a business and ESG
perspective, it must be approved by the Investment Committee before
it can be added to the Montanaro "Approved List".
We then determine the intrinsic value of each company on the
Approved List, typically through a proprietary discounted cashflow
analysis, to ensure they will make a "good investment" ("good
businesses" and "good investments" are not always the same).
Companies that are on the Approved List and which we also believe
are attractively valued are then eligible for inclusion in your
portfolio.
We have an investment team of 17, including 14 sector and ESG
specialists covering many languages. Utilising their industry
knowledge and a range of proprietary screens, they are continually
searching for new ideas. With thousands of quoted companies from
which to choose, we are spoiled for choice.
We believe that a deep understanding of a company's business
model and the way it is managed are essential. We visit our
investee companies on a regular basis. We examine management's past
track record in detail as we seek to understand their goals and
aspirations. In smaller companies, the decisions of the
entrepreneurial management can make or break a company, which is
why meeting them is so important. We look closely at the board
structure; the level of insider ownership; and examine remuneration
and corporate governance policies.
Once a company has been added to the portfolio, our team
conducts ongoing analysis. We will sell a holding if we believe
that the company's underlying quality is deteriorating or if there
has been a fundamental change to the investment case or
management.
In summary, we invest in well managed, high quality, growing
companies bought at sensible valuations. We keep turnover and
transaction costs low and follow our companies closely over many
years. We would rather pay more for a higher quality, more
predictable company that can be valued with greater certainty.
Finally, we align our interests with our investors by investing
meaningful amounts of our own money alongside yours. We are
significant shareholders in the Trust.
The Portfolio
At 31 March 2023, the portfolio consisted of 49 companies of
which the top ten holdings represented 39%. Sector and country
distribution within the portfolio is driven by stock selection.
Although weightings relative to the market are monitored,
overweight and underweight positions are held based on where the
greatest value and upside are perceived to be.
Performance Attribution
The year to 31 March 2023 saw strong performances from some of
our largest investments:
Kitron is an Electronics Manufacturing Services (EMS) business
with its headquarters in Norway. The company had an excellent year
as supply chain constraints in the electronics industry eased,
allowing Kitron to deliver orders that had built up during the
pandemic.
Brunello Cucinelli is an Italian luxury goods company that is
particularly famous for its cashmere products. Its focus on "quiet
luxury" and a resurgence in luxury sales worldwide led to the
company raising its financial guidance repeatedly during the year,
buoying the share price as a result.
Fortnox Fortnox provides cloud-based accounting systems to
companies in Sweden. The stock performed well on news of further
price increases combined with continued success in attracting new
customers. It has now been a top three contributor for three years
in a row.
The year was not without some stock price falls as well. Our
three largest detractors are detailed below:
MIPS develops patented inserts for helmets, which protects the
brain against rotational motion in a fall. After many years of
strong performance, destocking by helmet retailers led to a weaker
year for the company, particularly in the cycling market.
QT Group is a Finnish company that provides software tools used
to design and build graphical user interfaces. The company saw a
slowdown in developer license sales as customers pushed out the
timing of new projects. We grew concerned that the competitive
environment was also worsening and as a result we sold the
position.
ChemoMetec is a globally leading developer of cell counters that
are used in the development of cell therapies. The share price
declined due to a slowdown in new instrument sales as the funding
environment for cell-based therapy R&D became more restrictive.
Consumable and service sales nevertheless continued to grow.
Portfolio Changes
We try to keep portfolio turnover as low as possible. However,
we typically make a few changes each year as we identify new
investment ideas that we expect will provide stronger long-term
returns than existing holdings. Companies that become too large,
are acquired or where the investment case deteriorates are also
replaced with new ideas from our Approved List.
In the year to 31 March 2023, we exited positions in companies
including Vitrolife, the developer of media and consumables for IVF
treatment, after the company made an expensive acquisition and saw
the departure of key executives. Endor , which sells hardware used
for sim racing, was sold as new competitors entered the market.
Nolato , a third-party manufacturer of plastic components, was sold
as the company grew its tobacco heat-not-burn sales to levels that
we deem to be too high to pass our ethical exclusion tests.
Technoprobe , the Italian developer of probe cards used in the
testing of semiconductors and Bachem , the Swiss peptide contract
manufacturer, were additions to the portfolio.
Continual Improvement
Each year we take time to look back at our successes and
mistakes to assess how our systems and processes can be
improved.
Our Investment Committee has for many years played an important
role as "gatekeeper" to the Approved List: no company can be added
to the Approved List or, therefore, bought, until the Investment
Committee has agreed that it meets our stringent quality and growth
thresholds. This is the first stage of our process. The second
stage is valuation, where the analysts determine whether the
companies on the Approved List are currently good investments. This
year we have introduced Investment Committee oversight and approval
for this second stage too. We believe this will help to ensure
consistency across the team with respect to forecast assumptions as
well as improving communication between analysts and fund managers
on this critical topic.
From a systems perspective we have made some significant
developments. We identified the need for a system to help us better
manage and internally communicate the large amounts of research
that we produce. At the end of 2022 we successfully moved our
entire research team from a legacy on-premise folder based system
to a cloud based system built within Microsoft Teams. This new
system has better functionality, organisation and security, as well
as being globally accessible from anywhere with an internet
connection. Moreover, having all our files in the cloud has opened
up possibilities to collaborate and cross-reference which were not
available before - we are scratching the surface of this at the
moment but already developing some interesting tools as a result.
Looking ahead, we are keeping abreast of recent developments in AI
and exploring how we can best utilise these tools to improve our
processes.
The systems overhaul has not been confined to the research team.
Significant IT investments mean we now have 24/7 threat monitoring
and management and continuous staff training including simulated
phishing attacks, on top of a state-of-the-art software stack,
throughout the company.
Gearing
The Alternative Investment Fund Manager ("AIFM"), in
consultation with the Board, is responsible for determining the net
gearing level of the Trust. The Trust ended the fiscal year with
gearing of 3.3% (31 March 2022: 4.6%).
How to invest
We have invested a great deal of time to make the Trust readily
available to all investors. We have continued to grow our presence
across the UK's investment platforms and are delighted to see a
steady increase, year after year, in the Trust's retail following.
With the Board, we have appointed Marten & Co to provide
sponsored research - you can find the initiation report published
in March 2019 here:
https://www.montanaro.co.uk/mesct-quality-business/ and an update
report published in March 2022 here:
https://quoteddata.com/research/montanaro-european-smaller-companies-unfazed-by-market-turmoil-mc/
For further details about how to invest, please refer to the
website: www.montanaro.co.uk/trust/mesct
MONTANARO ASSET MANAGEMENT LIMITED
22 June 2023
Twenty Largest Holdings
as at 31 March 2023
1. NCAB
is a global full-service supplier of printed circuit boards
(PCBs).
2. MTU Aero Engines
manufactures and maintains aircraft engines and components.
3. Kitron
is a leading Scandinavian Electronics Manufacturing Services
(EMS) company.
4. Fortnox
is Sweden's leading provider of cloud-based applications for
accounting, invoicing and payroll administration.
5. Melexis
is a leading designer of sensors, with a particular focus on
automotive applications.
6. Brunello Cucinelli
is a luxury fashion company, particularly famous for its
cashmere products.
7. IMCD
is one of the world's largest speciality chemical
distributors.
8. Brembo
is a global leader in the design and production of high end
automotive braking systems.
9. VZ Holding
is a Swiss independent financial consultant and wealth
manager.
10. Amadeus FiRe
is a leading personnel service company in Germany, with
integrated training and further education offerings.
11. CTS Eventim
is the market leading ticketing company in Europe, providing an
online platform from which to sell tickets to a range of events
such as operas and pop concerts.
12. Sartorius Stedim
is a world leading supplier of equipment and technologies used
to produce biopharmaceuticals.
13. Bachem
is a leading manufacturer of peptides and oligonucleotides.
14. Atoss Software
develops and sells workforce management software in Europe.
15. Christian Hansen
is a leading developer of microbial solutions for the food,
beverage, nutritional, pharmaceutical and agricultural
industries.
16. Tecan
develops automated instruments and solutions that are used in
laboratories.
17. Viscofan
Is a global leader in production of casings for meat
products.
18. Belimo Holding
develops and manufactures electrical motorised control devices
(actuators) for air and water. These are predominantly used in
large buildings with sophisticated Heating, Ventilation and Air
Conditioning ('HVAC') systems.
19. MIPS
develops patented inserts for helmets, which protects the brain
against rotational motion.
20. Reply
is an Italian IT services company.
31 March
31 March 31 March 2023 % of 31 March 31 March
2023 Value 2022 Value investment 2023 % of 2023 Market
Holding Country GBP'000 GBP'000 portfolio net assets cap GBPm
----------------- ---------------------- ----------- ----------- --------------- --------------- ---------------
NCAB Sweden 15,643 18,810 5.0 5.2 887
MTU Aero Engines Germany 14,192 12,444 4.6 4.7 10,840
Kitron Norway 14,173 7,873 4.6 4.7 560
Fortnox Sweden 12,479 14,196 4.0 4.2 3,382
Melexis Belgium 12,144 5,678 3.9 4.0 3,767
Brunello
Cucinelli Italy 12,016 6,730 3.9 4.0 5,437
IMCD Netherlands 11,235 10,494 3.6 3.8 7,518
Brembo Italy 9,972 6,394 3.2 3.3 3,910
VZ Holding Switzerland 9,933 10,837 3.2 3.3 2,648
Amadeus FiRe Germany 9,758 8,224 3.2 3.3 696
CTS Eventim Germany 9,356 8,395 3.0 3.1 4,846
Sartorius Stedim France 8,674 13,205 2.8 2.9 22,802
Bachem Switzerland 8,091 - 2.6 2.7 6,066
Atoss Software Germany 8,014 9,115 2.6 2.7 1,157
Christian Hansen Denmark 7,999 5,355 2.6 2.7 8,110
Tecan Switzerland 7,948 7,584 2.6 2.6 4,497
Viscofan Spain 7,250 5,682 2.3 2.4 2,692
Belimo Holdings Switzerland 7,222 7,515 2.3 2.4 4,800
MIPS Sweden 7,142 15,030 2.3 2.4 1,069
Reply Italy 6,951 8,238 2.2 2.3 3,708
----------------- ---------------------- ----------- ----------- --------------- --------------- ---------------
Twenty Largest Holdings 200,192 64.5 66.7
----------------------------------------- ----------- ----------- --------------- --------------- ---------------
FURTHER INFORMATION
Montanaro European Smaller Companies Investment Trust PLC's
annual report and accounts for the year ended 31 March 2023 (which
includes the notice of meeting for the Company's AGM) is available
at
http://www.rns-pdf.londonstockexchange.com/rns/6627D_1-2023-6-22.pdf
and will be available today on
https://montanaro.co.uk/trust/montanaro-european-smaller-companies-trust/
It has also been submitted in full unedited text to the
Financial Conduct Authority's National Storage Mechanism and is
available for inspection at
data.fca.org.uk/#/nsm/nationalstoragemechanism in accordance with
DTR 6.3.5(1A) of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACSFTMMTMTITTAJ
(END) Dow Jones Newswires
June 23, 2023 02:00 ET (06:00 GMT)
Montanaro European Small... (LSE:MTE)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Montanaro European Small... (LSE:MTE)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024